STIFEL FINANCIAL CORP
For the period ended Jun 30, 2025. Filed Aug 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 6, 2025
SF$71.35-0.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-07.
0000950170-25-065599
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-06.
0000950170-25-103991
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 220 previous paragraphs and 243 current paragraphs.
123 unchanged; 69 reworded; 41 added; 26 removed; 2 previous and 10 current paragraphs rearranged.
Tables are not compared: 13 previous and 17 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (41)
Current report
On July 4, 2025, the United States enacted into law new tax legislation, the One Big Beautiful Bill Act (OBBBA). The OBBBA includes provisions modifying the corporate income tax code, including the immediate expensing of domestic research and development expenditures for tax purposes, 100% bonus depreciation for qualified assets, and reinstating favorable treatment for certain business tax items. The legislation is retroactive and effective for the 2025 tax year. The Company is still assessing the impact of the OBBBA on their results of operations, financial condition, and cash flows.
Current report
Our revenue growth was primarily attributable to higher transactional revenues, asset management revenues, net interest income, and capital-raising revenues, partially offset by lower advisory and other revenues during the quarter.
Current report
For the six months ended June 30, 2025, net revenues increased 6.7% to $2.5 billion compared to $2.4 billion during the comparable period in 2024. Net income available to common shareholders decreased 38.9% to $189.4 million, or $1.73 per diluted common share for the six months ended June 30, 2025, compared to $310.2 million, or $2.82 per diluted common share during the comparable period in 2024.
Current report
For the three months ended June 30, 2025, commission revenues increased 9.5% to $200.7 million from $183.3 million in the comparable period in 2024. For the six months ended June 30, 2025, commission revenues increased 6.9% to $394.3 million from $368.8 million in the comparable period in 2024.
Current report
For the three months ended June 30, 2025, principal transactions revenues increased 12.4% to $172.6 million from $153.6 million in the comparable period in 2024. For the six months ended June 30, 2025, principal transactions revenues increased 7.4% to $314.3 million from $292.6 million in the comparable period in 2024.
Current report
Capital-raising revenues increased 4.2% to $106.2 million for the three months ended June 30, 2025 from $101.9 million in the comparable period in 2024. For the three months ended June 30, 2025, equity capital-raising revenues decreased 4.9% to $48.7 million from $51.3 million in the comparable period in 2024 driven by lower volumes during the quarter. For the three months ended June 30, 2025, fixed income capital-raising revenues increased 13.4% to $57.5 million from $50.6 million in the comparable period in 2024 driven by higher bond issuances during the quarter.
Current report
Advisory revenues decreased 3.1% to $127.3 million for the three months ended June 30, 2025 from $131.4 million in the comparable period in 2024. The decrease is primarily attributable to lower levels of completed advisory transactions during the quarter.
Current report
For the six months ended June 30, 2025, investment banking revenues increased 5.4% to $471.4 million from $447.2 million in the comparable period in 2024.
Current report
Capital-raising revenues increased 5.1% to $206.6 million for the six months ended June 30, 2025 from $196.6 million in the comparable period in 2024. For the six months ended June 30, 2025, equity capital-raising revenues increased 7.3% to $100.4 million from $93.6 million in the comparable period in 2024 driven by higher volumes. For the six months ended June 30, 2025, fixed income capital-raising revenues increased 3.1% to $106.2 million from $103.0 million in the comparable period in 2024 driven by higher bond issuances.
Current report
For the six months ended June 30, 2025, interest revenue decreased 5.2% to $952.7 million from $1.0 billion in the comparable period in 2024, principally as a result of a decrease in interest rates, partially offset by higher interest-earning assets. The average interest-earning assets of Stifel Bancorp increased to $31.1 billion during the six months ended June 30, 2025 compared to $29.7 billion during the comparable period in 2024 at average interest rates of 5.62% and 6.19%, respectively.
Current report
For the three months ended June 30, 2025, interest expense decreased 16.4% to $206.8 million from $247.3 million during the comparable period in 2024. The decrease is primarily attributable to lower interest rates, partially offset by higher interest-bearing liabilities. The average interest-bearing liabilities of Stifel Bancorp increased to $28.6 billion during the three months ended June 30, 2025 compared to $26.8 billion during the comparable period in 2024 at average interest rates of 2.65% and 3.31%, respectively.
Current report
Compensation and benefits expense as a percentage of net revenues was 60.3% and 59.3% for the three and six months ended June 30, 2025, respectively, compared to 59.3% and 58.9% for the three and six months ended June 30, 2024, respectively. The increase is primarily attributable to higher compensable revenues.
Current report
For the three months ended June 30, 2025, other operating expenses increased 12.0% to $126.5 million from $112.9 million during the comparable period in 2024. The increase is primarily attributable to higher legal-related expenses, professional fees, insurance expenses, travel and conference-related expenses, subscriptions, licensing fees, bank service charges, and advertising, partially offset by lower investment banking transaction expenses.
Current report
Commissions – For the three months ended June 30, 2025, commission revenues increased 5.5% to $128.2 million from $121.5 million in the comparable period in 2024. For the six months ended June 30, 2025, commission revenues increased 4.7% to $254.0 million from $242.7 million in the comparable period in 2024.
Current report
Principal transactions – For the three months ended June 30, 2025, principal transactions revenues decreased 2.5% to $54.5 million from $55.8 million in the comparable period in 2024. For the six months ended June 30, 2025, principal transactions revenues decreased 1.2% to $115.0 million from $116.4 million in the comparable period in 2024.
Current report
Other income – For the three months ended June 30, 2025, other income decreased 195.3% to a loss of $1.0 million from $1.0 million in the comparable period in 2024. The decrease is primarily attributable to losses on the sale of investments, partially offset by an increase in loan origination fees during the quarter. For the six months ended June 30, 2025, other income increased 25.8% to $2.2 million from $1.8 million during the comparable period in 2024. The increase is primarily attributable to lower investment losses, partially offset by a decrease in loan origination fees.
Current report
For the six months ended June 30, 2025, interest revenue of $875.3 million was generated from average interest-earning assets of $31.1 billion at an average interest rate of 5.62%. Interest revenue of $919.9 million for the comparable period in 2024 was generated from average interest-earning assets of $29.7 billion at an average interest rate of 6.19%.
Current report
For the three months ended June 30, 2025, Global Wealth Management non-interest expenses increased 7.5% to $539.6 million from $502.0 million for the comparable period in 2024. For the six months ended June 30, 2025, Global Wealth Management non-interest expenses increased 26.2% to $1.3 billion from $1.0 billion for the comparable period in 2024.
Current report
Compensation and benefits expense as a percentage of net revenues was 49.7% and 49.7% for the three and six months ended June 30, 2025, respectively, compared to 49.0% and 49.2% for the comparable periods in 2024. The increase is primarily attributable to higher compensable revenues over the comparable periods in 2024.
Current report
Other operating expenses – For the three months ended June 30, 2025, other operating expenses increased 6.3% to $41.7 million from $39.2 million during the comparable period in 2024. The increase is primarily attributable to increases in insurance expense, travel-related expenses, subscription costs, bank service charges, and professional fees, partially offset by lower legal-related expenses and advertising.
Current report
For the three months ended June 30, 2025, income before income taxes increased 2.3% to $306.1 million from $299.2 million during the comparable period in 2024. For the six months ended June 30, 2025, income before income taxes decreased 26.7% to $432.5 million from $589.9 million during the comparable period in 2024.
Current report
For the three months ended June 30, 2025, Institutional Group net revenues increased 7.4% to $419.8 million from $390.7 million for the comparable period in 2024. The increase in net revenues is primarily attributable to higher transactional revenues and capital-raising revenues partially offset by lower advisory revenues.
Current report
For the six months ended June 30, 2025, Institutional Group net revenues increased 8.4% to $804.7 million from $742.1 million during the comparable period in 2024. The increase in net revenues is primarily attributable to higher transactional revenues, advisory revenues, and capital-raising revenues.
Current report
Commissions – For the three months ended June 30, 2025, commission revenues increased 17.2% to $72.5 million from $61.9 million in the comparable period in 2024. For the six months ended June 30, 2025, commission revenues increased 11.3% to $140.3 million from $126.1 million in the comparable period in 2024.
Current report
Transactional revenues –For the three months ended June 30, 2025, transactional revenues increased 19.4% to $190.6 million from $159.6 million in the comparable period in 2024. For the six months ended June 30, 2025, transactional revenues increased 12.3% to $339.5 million from $302.3 million in the comparable period in 2024.
Current report
For the three months ended June 30, 2025, capital-raising revenues increased 4.0% to $99.9 million from $96.1 million in the comparable period in 2024. For the six months ended June 30, 2025, capital-raising revenues increased 4.3% to $194.5 million from $186.5 million in the comparable period in 2024.
Current report
For the three months ended June 30, 2025, equity capital-raising revenues decreased 3.7% to $46.2 million from $47.9 million during the comparable period in 2024 driven by lower volumes during the quarter. For the six months ended June 30, 2025, equity capital-raising revenues increased 7.9% to $95.2 million from $88.2 million during the comparable period in 2024. The increase is primarily attributable to higher volumes over the comparable period in 2024.
Current report
For the three months ended June 30, 2025, fixed income capital-raising revenues increased 11.6% to $53.7 million from $48.1 million during the comparable period in 2024. For the six months ended June 30, 2025, fixed income capital-raising revenues increased 1.1% to $99.3 million from $98.3 million during the comparable period in 2024. The increase is primarily attributable to higher bond issuances over the comparable periods in 2024.
Current report
For the three months ended June 30, 2025, advisory revenues decreased 3.1% to $127.3 million from $131.4 million in the comparable period in 2024. The decrease is primarily attributable to lower levels of completed advisory transactions during the quarter. For the six months ended June 30, 2025, advisory revenues increased 5.6% to $264.8 million from $250.7 million in the comparable period in 2024. The increase is primarily attributable to higher levels of completed advisory transactions over the comparable period in 2024.
Current report
Interest – For the three months ended June 30, 2025, interest increased 20.3% to $11.0 million from $9.2 million in the comparable period in 2024. For the six months ended June 30, 2025, interest increased 29.6% to $20.1 million from $15.5 million in the comparable period in 2024.
Current report
Interest expense – For the three months ended June 30, 2025, interest expense decreased 14.5% to $13.4 million from $15.7 million in the comparable period in 2024. For the six months ended June 30, 2025, interest expense decreased 2.3% to $26.1 million from $26.7 million in the comparable period in 2024. The decrease is primarily attributable to lower interest rates over the comparable periods in 2024.
Current report
For the three months ended June 30, 2025, Institutional Group non-interest expenses increased 4.9% to $358.7 million from $341.9 million for the comparable period in 2024. For the six months ended June 30, 2025, Institutional Group non-interest expenses increased 9.2% to $716.2 million from $656.2 million during the comparable period in 2024.
Current report
Compensation and benefits expense as a percentage of net revenues was 61.4% and 63.4% for the three and six months ended June 30, 2025, respectively, compared to 61.2% and 61.3% for the comparable periods in 2024. The increase is primarily attributable to higher compensable revenues over the comparable periods in 2024.
Current report
Commissions and floor brokerage – For the three months ended June 30, 2025, commissions and floor brokerage expense increased 25.1% to $9.9 million from $7.9 million during the comparable period in 2024. For the six months ended June 30, 2025, commissions and floor brokerage expense increased 13.0% to $19.5 million from $17.2 million during the comparable period in 2024. The increase is primarily attributable to higher ECN trading costs, trading and clearing expenses, and transaction fees over the comparable periods in 2024.
Current report
For the three months ended June 30, 2025, income before income taxes for the Institutional Group segment increased 25.0% to $61.0 million from $48.8 million during the comparable period in 2024. For the six months ended June 30, 2025, income before income taxes for the Institutional Group segment increased 3.0% to $88.5 million from $85.9 million during the comparable period in 2024.
Current report
For the three and six months ended June 30, 2025, non-interest expenses increased 17.0% and 1.8%, to $172.2 million and $282.6 million, respectively. The increases are primarily attributable to increased provisions for legal and regulatory matters, an increase in variable compensation, and the recording of severance costs associated with workforce reductions in certain of our foreign subsidiaries.
Current report
Recently Issued Accounting Guidance
Current report
Income Taxes
Current report
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 240): Improvements to Income Tax Disclosures,” which requires additional disclosure and disaggregated information in the Income Tax Rate reconciliation using both percentages and reporting currency amounts, with additional qualitative explanations of individually significant reconciling items. The updated guidance also requires disclosure of the amount of income taxes paid (net of refunds received) disaggregated by jurisdictional categories (federal (national), state, and foreign). The accounting update is effective for annual periods beginning after December 15, 2024 (January 1, 2025 for our company), with early adoption permitted. The adoption of the accounting update will only impact income tax disclosures with no material impact to our consolidated financial statements.
Current report
Income Statement Expenses
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Removed paragraphs (26)
Previous report
For the three months ended March 31, 2025, commission revenues increased 4.4% to $193.7 million from $185.5 million in the comparable period in 2024.
Previous report
For the three months ended March 31, 2025, principal transactions revenues increased 1.9% to $141.7 million from $139.0 million in the comparable period in 2024.
Previous report
For the three months ended March 31, 2025, investment banking revenues increased 11.2% to $237.9 million from $213.9 million in the comparable period in 2024.
Previous report
Capital-raising revenues increased 6.1% to $100.5 million for the three months ended March 31, 2025 from $94.7 million in the comparable period in 2024. For the three months ended March 31, 2025, equity capital-raising revenues increased 22.2% to $51.7 million from $42.3 million in the comparable period in 2024 driven by higher volumes. For the three months ended March 31, 2025, fixed income capital-raising revenues decreased 6.9% to $48.8 million from $52.4 million in the comparable period in 2024 driven by lower bond issuances during the first quarter of 2025.
Previous report
Advisory revenues increased 15.3% to $137.5 million for the three months ended March 31, 2025 from $119.3 million in the comparable period in 2024. The increase is primarily attributable to higher completed advisory transactions.
Previous report
Compensation and benefits expense as a percentage of net revenues was 58.3% for the three months ended March 31, 2025, compared to 58.4% for the three months ended March 31, 2024. The decrease is primarily attributable to higher revenues over the comparable period in 2024.
Previous report
Commissions – For the three months ended March 31, 2025, commission revenues increased 3.8% to $125.8 million from $121.2 million in the comparable period in 2024.
Previous report
Other income – For the three months ended March 31, 2025, other income increased 329.9% to $3.2 million from $0.7 million in the comparable period in 2024. The increase is primarily attributable to lower investment losses in the first quarter of 2025, partially offset by lower loan origination fees.
Previous report
For the three months ended March 31, 2025, Global Wealth Management non-interest expenses increased 44.9% to $724.2 million from $499.8 million for the comparable period in 2024.
Previous report
Compensation and benefits expense as a percentage of net revenues was 49.6% for the three months ended March 31, 2025, compared to 49.3% for the comparable period in 2024. The increase is primarily attributable to higher compensable revenues over the comparable period in 2024.
Previous report
For the three months ended March 31, 2025, income before income taxes decreased 56.5% to $126.4 million from $290.7 million during the comparable period in 2024.
Previous report
For the three months ended March 31, 2025, Institutional Group net revenues increased 9.5% to $384.9 million from $351.4 million for the comparable period in 2024. The increase in net revenues was primarily attributable to higher advisory, capital-raising, and transactional revenues.
Previous report
Commissions – For the three months ended March 31, 2025, commission revenues increased 5.6% to $67.8 million from $64.3 million in the comparable period in 2024.
Previous report
Transactional revenues –For the three months ended March 31, 2025, institutional transactional revenues increased 4.3% to $148.9 million from $142.7 million in the comparable period in 2024.
Previous report
For the three months ended March 31, 2025, capital-raising revenues increased 4.6% to $94.6 million from $90.4 million in the comparable period in 2024.
Previous report
For the three months ended March 31, 2025, equity capital-raising revenues increased 21.6% to $49.0 million from $40.3 million during the comparable period in 2024 driven by higher volumes.
Previous report
For the three months ended March 31, 2025, fixed income capital-raising revenues decreased 9.1% to $45.6 million from $50.1 million during the comparable period in 2024. The decrease is primarily attributable to lower bond issuances.
Previous report
Interest – For the three months ended March 31, 2025, interest increased 43.0% to $9.1 million from $6.3 million in the comparable period in 2024.
Previous report
Interest expense – For the three months ended March 31, 2025, interest expense increased 15.1% to $12.7 million from $11.0 million in the comparable period in 2024. The increase is primarily attributable to an increase in inventory levels.
Previous report
For the three months ended March 31, 2025, Institutional Group non-interest expenses increased 13.8% to $357.5 million from $314.3 million for the comparable period in 2024.
Previous report
Compensation and benefits expense as a percentage of net revenues was 65.6% for the three months ended March 31, 2025, compared to 61.4% for the comparable period in 2024. The increase is primarily attributable to higher fixed compensation expenses in our international operations.
Previous report
Commissions and floor brokerage – For the three months ended March 31, 2025, commissions and floor brokerage expense increased 2.8% to $9.6 million from $9.3 million during the comparable period in 2024. The increase is primarily attributable to higher transaction fees.
Previous report
For the three months ended March 31, 2025, income before income taxes for the Institutional Group segment decreased 26.1% to $27.4 million from $37.1 million during the comparable period in 2024.
Previous report
For the three months ended March 31, 2025, non-interest expenses decreased 15.2% to $110.5 million from $130.3 million in 2024. The decrease is primarily attributable to a decrease in variable compensation.
Previous report
Recent Accounting Pronouncements
Previous report
See Note 2 of the Notes to Consolidated Financial Statements for information regarding the effect of new accounting pronouncements on our consolidated financial statements.
Reworded paragraphs (69)
Previous wording
On January 6, 2025, the Company announced it signed a definitive agreement to acquire Bryan, Garnier & Co. (“Bryan Garnier”), an independent full-service investment bank focused on European technology and healthcare companies. Bryan Garnier’s product suite includes mergers & acquisitions advisory, private and public growth financing solutions, and institutional sales and execution. Bryan Garnier is headquartered in Europe with offices in Paris, London, Amsterdam, Munich, Oslo, Stockholm, and New York. The transaction is expected to close in the second quarter of 2025.
Current wording
On June 2, 2025, the Company completed the acquisition of Bryan, Garnier & Co. (“Bryan Garnier”), an independent full-service investment bank focused on European technology and healthcare companies. Bryan Garnier’s product suite includes mergers & acquisitions advisory, private and public growth financing solutions, and institutional sales and execution. Bryan Garnier is headquartered in Europe with offices in Paris, London, Amsterdam, Munich, Oslo, Stockholm, and New York.
Previous wording
Results for the three months ended March 31, 2025
Current wording
Results for the three and six months ended June 30, 2025
Previous wording
For the three months ended March 31, 2025, net revenues increased 7.9% to $1.3 billion from $1.2 billion during the comparable period in 2024. Net income available to common shareholders decreased 71.7% to $43.7 million, or $0.39 per diluted common share for the three months ended March 31, 2025, compared to $154.3 million, or $1.40 per diluted common share during the comparable period in 2024. Net income available to common shareholders for the three months ended March 31, 2025 was negatively impacted by elevated provisions for legal matters related to a recent FINRA Arbitration Panel.
Current wording
For the three months ended June 30, 2025, net revenues increased 5.4% to $1.3 billion from $1.2 billion during the comparable period in 2024. Net income available to common shareholders decreased 6.6% to $145.7 million, or $1.34 per diluted common share for the three months ended June 30, 2025, compared to $156.0 million, or $1.41 per diluted common share during the comparable period in 2024.
Previous wording
Our revenue growth was primarily attributable to higher asset management revenues, investment banking revenues, transactional revenues, and net interest income during the quarter.
Current wording
Our revenue growth was primarily attributable to higher transactional revenues, asset management revenues, net interest income, and investment banking revenues.
Previous wording
Transactional revenues – For the three months ended March 31, 2025, transactional revenues increased 3.3% to $335.3 million from $324.5 million in the comparable period in 2024 as a result of an increase in client activity.
Current wording
Transactional revenues – For the three months ended June 30, 2025, transactional revenues increased 10.8% to $373.3 million from $336.9 million in the comparable period in 2024. For the six months ended June 30, 2025, transactional revenues increased 7.1% to $708.6 million from $661.4 million in the comparable period in 2024 as a result of an increase in client activity.
Previous wording
Principal transactions – For the three months ended March 31, 2025, principal transactions revenues increased 0.1% to $60.6 million from $60.5 million in the comparable period in 2024.
Current wording
For the three months ended June 30, 2025, investment banking revenues increased 0.1% to $233.5 million from $233.3 million in the comparable period in 2024.
Previous wording
For the three months ended March 31, 2025, advisory revenues increased 15.3% to $137.5 million from $119.3 million in the comparable period in 2024. The increase is primarily attributable to higher levels of completed advisory transactions over the comparable period in 2024.
Current wording
Advisory revenues increased 5.6% to $264.8 million for the six months ended June 30, 2025 from $250.7 million in the comparable period in 2024. The increase is primarily attributable to higher levels of completed advisory transactions.
Previous wording
For the three months ended March 31, 2025, asset management revenues increased 11.4% to a record $409.5 million from $367.5 million in the comparable period in 2024. Please refer to “Asset management” in the Global Wealth Management segment discussion for information on the changes in asset management revenues.
Current wording
For the three months ended June 30, 2025, asset management revenues increased 6.0% to $403.6 million from $380.8 million in the comparable period in 2024. For the six months ended June 30, 2025, asset management revenues increased 8.7% to $813.1 million from $748.2 million in the comparable period in 2024. Please refer to “Asset management” in the Global Wealth Management segment discussion for information on the changes in asset management revenues.
Previous wording
Other income – Other income primarily includes investment gains and losses, rental income, and loan originations fees. For the three months ended March 31, 2025, other income increased 113.8% to $10.6 million from $5.0 million during the comparable period in 2024. The increase is primarily attributable to rental income generated from our aircraft engine leasing business, partially offset by lower loan origination fees.
Current wording
Other income – Other income primarily includes investment gains and losses, rental income, and loan originations fees. For the three months ended June 30, 2025, other income decreased 77.2% to $3.7 million from $16.2 million during the comparable period in 2024. For the six months ended June 30, 2025, other income decreased 32.5% to $14.3 million from $21.1 million during the comparable period in 2024. The decrease is primarily attributable to reduced rental income generated from our aircraft engine leasing business due to the sale of engines and lower investment gains, partially offset by an increase in loan origination fees from the comparable periods in 2024.
Previous wording
The following table presents average balance data and operating interest revenue and expense data, as well as related interest yields for the periods indicated (in thousands, except rates):
Current wording
The following tables present average balance data and operating interest revenue and expense data, as well as related interest yields for the periods indicated (in thousands, except rates):
Previous wording
Net interest income – Net interest income is the difference between interest earned on interest-earning assets and interest paid on funding sources. Net interest income is affected by changes in the volume and mix of these assets and liabilities, as well as by fluctuations in interest rates and portfolio management strategies. For the three months ended March 31, 2025, net interest income increased 3.9% to $262.1 million from $252.2 million during the comparable period in 2024.
Current wording
Net interest income – Net interest income is the difference between interest earned on interest-earning assets and interest paid on funding sources. Net interest income is affected by changes in the volume and mix of these assets and liabilities, as well as by fluctuations in interest rates and portfolio management strategies. For the three months ended June 30, 2025, net interest income increased 7.7% to $270.3 million from $250.8 million during the comparable period in 2024. For the six months ended June 30, 2025, net interest income increased 5.8% to $532.3 million from $503.0 million during the comparable period in 2024.
Previous wording
For the three months ended March 31, 2025, interest revenue decreased 6.2% to $475.6 million from $506.8 million in the comparable period in 2024, principally as a result of a decrease in interest rates, partially offset by higher interest-earning assets. The average interest-earning assets of Stifel Bancorp increased to $31.3 billion during the three months ended March 31, 2025 compared to $30.2 billion during the comparable period in 2024 at average interest rates of 5.58% and 6.16%, respectively.
Current wording
For the three months ended June 30, 2025, interest revenue decreased 4.2% to $477.1 million from $498.2 million in the comparable period in 2024, principally as a result of a decrease in interest rates, partially offset by higher interest-earning assets. The average interest-earning assets of Stifel Bancorp increased to $31.0 billion during the three months ended June 30, 2025 compared to $29.2 billion during the comparable period in 2024 at average interest rates of 5.66% and 6.22%, respectively.
Previous wording
For the three months ended March 31, 2025, interest expense decreased 16.1% to $213.6 million from $254.7 million during the comparable period in 2024. The decrease is primarily attributable to lower interest rates, partially offset by higher interest-bearing liabilities. The average interest-bearing liabilities of Stifel Bancorp increased to $28.7 billion during the three months ended March 31, 2025 compared to $27.7 billion during the comparable period in 2024 at average interest rates of 2.71% and 3.34%, respectively.
Current wording
For the six months ended June 30, 2025, interest expense decreased 16.3% to $420.4 million from $502.0 million in the comparable period in 2024. The decrease is primarily attributable to lower interest rates, partially offset by higher interest-bearing liabilities. The average interest-bearing liabilities of Stifel Bancorp increased to $28.7 billion during the six months ended June 30, 2025 compared to $27.3 billion during the comparable period in 2024 at average interest rates of 2.68% and 3.32%, respectively.
Previous wording
For the three months ended March 31, 2025, compensation and benefits expense increased 7.7% to $732.2 million from $679.7 million during the comparable period in 2024. The increase in compensation and benefits expenses is primarily attributable to higher compensable revenues.
Current wording
For the three months ended June 30, 2025, compensation and benefits expense increased 7.2% to $774.9 million from $722.7 million during the comparable period in 2024. For the six months ended June 30, 2025, compensation and benefits expense increased 7.5% to $1.5 billion from $1.4 billion during the comparable period in 2024. The increase in compensation and benefits expenses is primarily attributable to higher compensable revenues over the comparable periods in 2024.
Previous wording
Occupancy and equipment rental – For the three months ended March 31, 2025, occupancy and equipment rental expense increased 2.3% to $90.8 million from $88.7 million during the comparable period in 2024. The increase is primarily attributable to higher data processing expense and occupancy costs associated with an increase in business activity.
Current wording
Occupancy and equipment rental – For the three months ended June 30, 2025, occupancy and equipment rental expense increased 6.5% to $95.7 million from $89.9 million during the comparable period in 2024. For the six months ended June 30, 2025, occupancy and equipment rental expense increased 4.4% to $186.4 million from $178.6 million during the comparable period in 2024. The increase is primarily attributable to higher data processing and occupancy costs associated with an increase in business activity over the comparable periods in 2024.
Previous wording
Communications and office supplies – Communications expense includes costs for telecommunication and data communication, primarily for obtaining third-party market data information. For the three months ended March 31, 2025, communications and office supplies expense increased 4.5% to $49.5 million from $47.4 million during the comparable period in 2024. The increase is primarily attributable to higher communication and quote equipment expenses associated with the continued growth of our business.
Current wording
Communications and office supplies – Communications expense includes costs for telecommunication and data communication, primarily for obtaining third-party market data information. For the three months ended June 30, 2025, communications and office supplies expense decreased 0.7% to $47.8 million from $48.2 million during the comparable period in 2024. For the six months ended June 30, 2025, communications and office supplies expense increased 1.9% to $97.4 million from $95.5 million during the comparable period in 2024. The increase is primarily attributable to higher communication and quote expenses associated with the continued growth of our business.
Previous wording
Commissions and floor brokerage – For the three months ended March 31, 2025, commissions and floor brokerage expense increased 6.6% to $16.8 million from $15.8 million during the comparable period in 2024. The increase is primarily attributable to higher processing expenses and trading and clearing costs.
Current wording
Commissions and floor brokerage – For the three months ended June 30, 2025, commissions and floor brokerage expense increased 19.2% to $17.1 million from $14.4 million during the comparable period in 2024. For the six months ended June 30, 2025, commissions and floor brokerage expense increased 12.6% to $34.0 million from $30.2 million during the comparable period in 2024. The increase is primarily attributable to higher electronic communication network (“ECN”) trading costs, processing expenses, and trading and clearing costs.
Previous wording
Provision for credit losses –For the three months ended March 31, 2025, provision for credit losses increased 128.2% to $12.0 million from $5.3 million during the comparable period in 2024. The increase is primarily attributable to an increase in reserves driven by loan growth and changes in the outlook for macroeconomic conditions.
Current wording
Provision for credit losses –For the three months ended June 30, 2025, provision for credit losses increased 181.9% to $8.3 million from $3.0 million during the comparable period in 2024. For the six months ended June 30, 2025, provision for credit losses increased 147.5% to $20.3 million from $8.2 million during the comparable period in 2024. The increase is primarily attributable to specific reserves on individual credits and overall loan growth in the retained portfolio.
Previous wording
For the three months ended March 31, 2025, other operating expenses increased 170.4% to $290.8 million from $107.5 million during the comparable period in 2024. The increase is primarily attributable to increases in legal-related expenses, advertising, subscriptions, licensing fees, conference-related expenses, and investment banking transaction expenses, partially offset by lower bank service charges and professional fees. During the first quarter of 2025, we recorded $180.0 million related to provisions for legal-related matters.
Current wording
For the six months ended June 30, 2025, other operating expenses increased 89.3% to $417.3 million from $220.5 million during the comparable period in 2024. The increase is primarily attributable to higher legal-related expenses, advertising, licensing fees, professional fees, subscriptions, travel and conference-related expenses, and investment banking transaction expenses, partially offset by lower bank service charges. During the first quarter of 2025, we recorded $180.0 million related to provisions for legal-related matters.
Previous wording
Provision for income taxes – For the three months ended March 31, 2025, our provision for income taxes was $10.4 million, representing an effective tax rate of 16.4%, compared to $55.1 million for the comparable period in 2024, representing an effective tax rate of 25.2%. The tax rate was primarily impacted by the excess tax benefit related to stock-based compensation.
Current wording
Provision for income taxes – For the three and six months ended June 30, 2025, our provision for income taxes was $58.8 million and $69.1 million, representing an effective tax rate of 27.5% and 24.9%, respectively, compared to $61.6 million and $116.7 million for the comparable periods in 2024, representing an effective tax rate of 27.1% and 26.2%, respectively.
Previous wording
For the three months ended March 31, 2025, Global Wealth Management net revenues increased 7.6% to $850.6 million from $790.5 million for the comparable period in 2024. The increase in net revenues over the comparable period in 2024 is primarily attributable to higher asset management revenues, net interest income, and transactional revenues.
Current wording
For the three months ended June 30, 2025, Global Wealth Management net revenues increased 5.6% to $845.6 million from $801.1 million for the comparable period in 2024. For the six months ended June 30, 2025, Global Wealth Management net revenues increased 6.6% to a record $1.7 billion from $1.6 billion for the comparable period in 2024. The increase in net revenues over the comparable periods in 2024 is primarily attributable to higher asset management revenues, net interest income, commission revenues, and investment banking revenues, partially offset by lower principal transactions revenues.
Previous wording
Transactional revenues – For the three months ended March 31, 2025, transactional revenues increased 2.6% to $186.4 million from $181.8 million in the comparable period in 2024 as a result of an increase in client activity.
Current wording
Transactional revenues – For the three months ended June 30, 2025, transactional revenues increased 3.0% to $182.7 million from $177.3 million in the comparable period in 2024. For the six months ended June 30, 2025, transactional revenues increased 2.8% to $369.1 million from $359.1 million in the comparable period in 2024 as a result of an increase in client activity.
Previous wording
Asset management – For the three months ended March 31, 2025, asset management revenues increased 11.4% to $409.5 million from $367.5 million in the comparable period in 2024. The increase is primarily attributable to higher asset values and net new asset growth. Fee-based account revenues are primarily billed based on asset values at the end of the prior quarter.
Current wording
Asset management – For the three months ended June 30, 2025, asset management revenues increased 6.0% to $403.6 million from $380.7 million in the comparable period in 2024. For the six months ended June 30, 2025, asset management revenues increased 8.7% to $813.1 million from $748.2 million in the comparable period in 2024. The increase is primarily attributable to higher asset values and net new assets. Fee-based account revenues are primarily billed based on asset values at the end the prior quarter.
Previous wording
Investment banking – Investment banking, which represents sales credits for investment banking underwritings, increased 38.0% to $5.9 million for the three months ended March 31, 2025 from $4.3 million during the comparable period in 2024. Please refer to “Investment banking” in the Institutional Group segment discussion for information on the changes in net revenues.
Current wording
Investment banking – Investment banking, which represents sales credits for investment banking underwritings, increased 7.7% to $6.2 million for the three months ended June 30, 2025 from $5.8 million during the comparable period in 2024. For the six months ended June 30, 2025, investment banking revenues increased 20.6% to $12.1 million from $10.1 million during the comparable period in 2024. Please refer to “Investment banking” in the Institutional Group segment discussion for information on the changes in net revenues.
Previous wording
Interest revenue – For the three months ended March 31, 2025, interest revenue decreased 6.0% to $451.5 million from $480.4 million in the comparable period in 2024. The decrease is primarily attributable to lower interest rates, partially offset by higher interest-earning assets. Please refer to “Net Interest Income – Stifel Bancorp” below for a further discussion of the changes in net interest income.
Current wording
Interest revenue – For the three months ended June 30, 2025, interest revenue decreased 3.0% to $456.4 million from $470.4 million in the comparable period in 2024. For the six months ended June 30, 2025, interest revenue decreased 4.5% to $907.9 million from $950.7 million during the comparable period in 2024. The decrease is primarily attributable to lower interest rates, partially offset by higher interest-earning assets. Please refer to “Net Interest Income – Stifel Bancorp” below for a further discussion of the changes in net interest income.
Previous wording
Interest expense – For the three months ended March 31, 2025, interest expense decreased 15.6% to $206.0 million from $244.1 million in the comparable period in 2024. The decrease is primarily attributable to lower interest rates, partially offset by higher interest-bearing liabilities. Please refer to “Net Interest Income – Stifel Bancorp” below for a further discussion of the changes in net interest income.
Current wording
Interest expense – For the three months ended June 30, 2025, interest expense decreased 13.6% to $202.3 million from $234.1 in the comparable period in 2024. For the six months ended June 30, 2025, interest expense decreased 14.6% to $408.2 million from $478.2 million during the comparable period in 2024. The decrease is primarily attributable to lower interest rates, partially offset by higher interest-bearing liabilities. Please refer to “Net Interest Income – Stifel Bancorp” below for a further discussion of the changes in net interest income.
Previous wording
The following table sets forth an analysis of the effect on net interest income of volume and rate changes for the three months ended March 31, 2025 compared to the three months ended March 31, 2024(in thousands):
Current wording
The following table sets forth an analysis of the effect on net interest income of volume and rate changes for the three and six month periods ended June 30, 2025 compared to the three and six month periods ended June 30, 2024(in thousands):
Previous wording
Net interest income – Net interest income is the difference between interest earned on interest-earning assets and interest paid on funding sources. Net interest income is affected by changes in the volume and mix of these assets and liabilities, as well as by fluctuations in interest rates and portfolio management strategies. Increases in short-term interest rates have had a positive impact on our results, in particular on our net interest income.
Current wording
Net interest income – Net interest income is the difference between interest earned on interest-earning assets and interest paid on funding sources. Net interest income is affected by changes in the volume and mix of these assets and liabilities, as well as by fluctuations in interest rates and portfolio management strategies.
Previous wording
For the three months ended March 31, 2025, interest revenue of $436.7 million was generated from average interest-earning assets of $31.3 billion at an average interest rate of 5.58%. Interest revenue of $465.0 million for the comparable period in 2024 was generated from average interest-earning assets of $30.2 billion at an average interest rate of 6.16%.
Current wording
For the three months ended June 30, 2025, interest revenue of $438.6 million was generated from average interest-earning assets of $31.0 billion at an average interest rate of 5.66%. Interest revenue of $454.9 million for the comparable period in 2024 was generated from average interest-earning assets of $29.2 billion at an average interest rate of 6.22%.
Previous wording
Interest expense represents interest on customer money market accounts, interest on time deposits, Federal Home Loan Bank advances, and other interest expense. For the three months ended March 31, 2025, interest expense of $194.5 million was incurred from average interest-bearing liabilities of $28.7 billion at an average interest rate of 2.71%. Interest expense of $231.1 million for the comparable period in 2024 was incurred from average interest-bearing liabilities of $27.7 billion at an average interest rate of 3.34%.
Current wording
Interest expense represents interest on customer money market accounts, interest on time deposits, Federal Home Loan Bank advances, and other interest expense. For the three months ended June 30, 2025, interest expense of $189.5 million was incurred from average interest-bearing liabilities of $28.6 billion at an average interest rate of 2.65%. Interest expense of $222.0 million for the comparable period in 2024 was incurred from average interest-bearing liabilities of $26.8 billion at an average interest rate of 3.31%.
Previous wording
Compensation and benefits – For the three months ended March 31, 2025, compensation and benefits expense increased 8.4% to $422.3 million from $389.5 million during the comparable period in 2024. The increase is primarily attributable to higher variable compensation expense.
Current wording
Compensation and benefits – For the three months ended June 30, 2025, compensation and benefits expense increased 6.9% to $420.2 million from $392.9 million during the comparable period in 2024. For the six months ended June 30, 2025, compensation and benefits expense increased 7.7% to $842.5 million from $782.5 million during the comparable period in 2024. The increase is primarily attributable to increased variable compensation over the comparable periods in 2024.
Previous wording
Occupancy and equipment rental – For the three months ended March 31, 2025, occupancy and equipment rental expense increased 2.8% to $44.5 million from $43.3 million during the comparable period in 2024. The increase is primarily attributable to higher data processing expense, occupancy costs, and furniture and equipment expenses associated with an increase in business activity.
Current wording
Occupancy and equipment rental – For the three months ended June 30, 2025, occupancy and equipment rental expense increased 4.4% to $46.1 million from $44.2 million during the comparable period in 2024. For the six months ended June 30, 2025, occupancy and equipment rental expense increased 3.6% to $90.6 million from $87.5 million during the comparable period in 2024. The increase is primarily attributable to higher data processing expense, occupancy costs, and furniture and equipment expenses over the comparable periods in 2024 associated with an increase in business activity.
Previous wording
Communications and office supplies – For the three months ended March 31, 2025, communications and office supplies expense decreased 1.0% to $16.4 million from $16.5 million during the comparable period in 2024. The decrease is primarily attributable to lower telecommunication expenses, partially offset by higher postage and shipping expenses.
Current wording
Communications and office supplies – For the three months ended June 30, 2025, communications and office supplies expense decreased 1.6% to $16.0 million from $16.2 million during the comparable period in 2024. For the six months ended June 30, 2025, communications and office supplies expense decreased 1.3% to $32.3 million from $32.8 million during the comparable period in 2024. The decrease is primarily attributable to lower telecommunication expenses, partially offset by higher postage and shipping expenses.
Previous wording
Commissions and floor brokerage – For the three months ended March 31, 2025, commissions and floor brokerage expense increased 12.1% to $7.2 million from $6.4 million during the comparable period in 2024. The increase is primarily attributable to higher processing fees and clearing expenses.
Current wording
Commissions and floor brokerage – For the three months ended June 30, 2025, commissions and floor brokerage expense increased 12.0% to $7.3 million from $6.5 million during the comparable period in 2024. For the six months ended June 30, 2025, commissions and floor brokerage expense increased 12.1% to $14.5 million from $12.9 million during the comparable period in 2024. The increase is primarily attributable to higher processing fees and clearing expenses.
Previous wording
Provision for credit losses –For the three months ended March 31, 2025, provision for credit losses increased 141.9% to $12.0 million from $5.0 million during the comparable period in 2024. The increase is primarily attributable to an increase in reserves driven by loan growth and changes in the outlook for macroeconomic conditions.
Current wording
Provision for credit losses –For the three months ended June 30, 2025, provision for credit losses increased 181.9% to $8.3 million from $3.0 million during the comparable period in 2024. For the six months ended June 30, 2025, provision for credit losses increased 156.9% to $20.3 million from $7.9 million during the comparable period in 2024. The increase is primarily attributable to specific reserves on individual credits and overall loan growth in the retained portfolio.
Previous wording
Other operating expenses – For the three months ended March 31, 2025, other operating expenses increased 469.1% to $221.7 million from $39.0 million during the comparable period in 2024. The increase is primarily attributable to increases in legal-related expenses, subscription costs, and professional fees, partially offset by lower bank service charges, insurance expenses, and travel-related expenses. During the first quarter of 2025, we recorded $180.0 million related to provisions for legal-related matters.
Current wording
For the six months ended June 30, 2025, other operating expenses increased 237.0% to $263.4 million from $78.2 million during the comparable period in 2024. The increase is primarily attributable to increases in legal-related expenses, subscription costs, insurance expenses, travel-related expenses, and professional fees, partially offset by lower bank service charges. During the first quarter of 2025, we recorded $180.0 million related to provisions for legal-related matters.
Previous wording
Profit margins (income before income taxes as a percent of net revenues) have decreased to 14.9% for the three months ended March 31, 2025, from 36.8% during the comparable period in 2024, primarily due to elevated reserves for legal matters and higher provisions for credit losses recorded in the first quarter of 2025.
Current wording
Profit margins (income before income taxes as a percent of net revenues) have decreased to 36.2% and 25.5% for the three and six months ended June 30, 2025, respectively, from 37.3% and 37.1% during the comparable periods in 2024. Profit margins were negatively impacted by higher provisions for credit losses and elevated reserves for legal matters recorded in the first quarter of 2025.
Previous wording
Principal transactions – For the three months ended March 31, 2025, principal transactions revenues increased 3.3% to $81.1 million from $78.5 million in the comparable period in 2024.
Current wording
Principal transactions – For the three months ended June 30, 2025, principal transactions revenues increased 20.9% to $118.1 million from $97.7 million in the comparable period in 2024. For the six months ended June 30, 2025, principal transactions revenues increased 13.1% to $199.2 million from $176.2 million in the comparable period in 2024.
Previous wording
For the three months ended March 31, 2025, fixed income institutional transactional revenues increased 0.8% to $89.3 million from $88.6 million in the comparable period in 2024. The increase in fixed income institutional transactional revenues is primarily attributable to increased activity in securitized products, partially offset by lower levels of activity in credit products.
Current wording
For the three months ended June 30, 2025, fixed income transactional revenues increased 21.0% to $129.1 million from $106.7 million in the comparable period in 2024. For the six months ended June 30, 2025, fixed income transactional revenues increased 11.8% to $218.5 million from $195.3 million in the comparable period in 2024. The increase in fixed income institutional transactional revenues is primarily attributable to increased activity in securitized products, partially offset by lower levels of activity in credit products over the comparable periods in 2024.
Previous wording
For the three months ended March 31, 2025, equity institutional transactional revenues increased 10.2% to $59.6 million from $54.1 million during the comparable period in 2024. The increase in equity institutional transactional revenues is primarily attributable to higher volumes due to increased market volatility.
Current wording
For the three months ended June 30, 2025, equity transactional revenues increased 16.2% to $61.5 million from $52.9 million in the comparable period in 2024. For the six months ended June 30, 2025, equity transactional revenues increased 13.2% to $121.1 million from $107.0 million during the comparable period in 2024. The increase in equity institutional transactional revenues is primarily attributable to higher volumes due to increased market volatility over the comparable periods in 2024.
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Rearranged current paragraphs (10)
Current report — wording carried from elsewhere
The following table presents consolidated financial information for the periods indicated(in thousands, except percentages):
Current report — wording carried from elsewhere
The following table presents consolidated financial information for the Global Wealth Management segment for the periods indicated(in thousands, except percentages):
Current report — wording carried from elsewhere
The following tables present average balance data and operating interest revenue and expense data for Stifel Bancorp, as well as related interest yields for the periods indicated(in thousands, except rates):
Current report — wording carried from elsewhere
Due to immaterial amount of income recognized on tax-exempt securities, yields were not calculated on a tax-equivalent basis.
Current report — wording carried from elsewhere
Loans on nonaccrual status are included in average balances.
Current report — wording carried from elsewhere
Please refer to the Net Interest Income table included in “Results of Operations” for additional information on our company’s average balances and operating interest and expenses.
Current report — wording carried from elsewhere
For the six months ended June 30, 2025, interest expense of $384.0 million was incurred from average interest-bearing liabilities of $28.7 billion at an average interest rate of 2.68%. Interest expense of $453.1 million for the comparable period in 2024 was incurred from average interest-bearing liabilities of $27.3 billion at an average interest rate of 3.32%.
Current report — wording carried from elsewhere
The following table presents consolidated financial information for the Institutional Group segment for the periods indicated(in thousands, except percentages):
Current report — wording carried from elsewhere
For the six months ended June 30, 2025, non-interest expenses related to our acquisition strategy, included in the numbers presented in the table above, increased 67.0% to $60.0 million from $35.9 million in 2024.
Current report — wording carried from elsewhere
On June 2, 2025, the Company completed the acquisition of Bryan, Garnier & Co. (“Bryan Garnier”), an independent full-service investment bank focused on European technology and healthcare companies. Bryan Garnier’s product suite includes mergers & acquisitions advisory, private and public growth financing solutions, and institutional sales and execution. Bryan Garnier is headquartered in Europe with offices in Paris, London, Amsterdam, Munich, Oslo, Stockholm, and New York. Consideration for this transaction consisted of cash from operations.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Note 16 of the Notes to Consolidated Financial Statements for more information on the capital restrictions placed on our broker-dealer subsidiaries.
Previous report — wording carried elsewhere
December 31, 2024. Our core deposits are primarily comprised of money market deposit accounts, non-interest-bearing deposits, and CDs.