STIFEL FINANCIAL CORP
For the period ended Mar 31, 2026. Filed May 4, 2026.
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.
Mar 31, 2026 · Filed May 4, 2026
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 2025-09-30; filed 2025-11-05.
0001193125-25-266891
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-04.
0001193125-26-202795
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 247 previous paragraphs and 220 current paragraphs.
98 unchanged; 78 reworded; 40 added; 64 removed; 7 previous and 4 current paragraphs rearranged.
Tables are not compared: 17 previous and 11 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 (40)
Current report
On January 26, 2026, our Board declared a 50% stock dividend, in the form of a three-for-two stock split, of our common stock payable on February 26, 2026, to shareholders of record as of February 12, 2026. All share and per share information has been retroactively adjusted to reflect the stock split.
Current report
On February 2, 2026, the Company sold Stifel Independent Advisors, LLC (“SIA”), a wholly owned subsidiary and independent contractor broker-dealer, to an affiliate of Equitable, a financial services organization and principal franchise of Equitable Holdings, Inc. We recognized a gain on the sale of $49.8 million that is included in other income in the accompanying consolidated statements of operations. The results of operations of SIA have been included in our results up to the date of disposition.
Current report
For the three months ended March 31, 2026, principal transactions revenues increased 6.0% to $150.2 million from $141.7 million in the comparable period in 2025. The increase is primarily attributable to increased client activity.
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For the three months ended March 31, 2026, investment banking revenues increased 43.5% to $341.4 million from $237.9 million in the comparable period in 2025.
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Advisory revenues increased 58.9% to $218.4 million for the three months ended March 31, 2026 from $137.5 million in the comparable period in 2025. The increase is primarily attributable to higher completed advisory transactions.
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For the three months ended March 31, 2026, interest expense decreased 12.2% to $187.5 million from $213.6 million during the comparable period in 2025. 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 $29.3 billion during the three months ended March 31, 2026 compared to $28.7 billion during the comparable period in 2025 at average interest rates of 2.09% and 2.71%, respectively.
Current report
Compensation and benefits expense as a percentage of net revenues was 57.4% for the three months ended March 31, 2026, compared to 58.3% for the three months ended March 31, 2025. The decrease is primarily attributable to to revenue growth,
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partially offset by higher revenue-related compensation over the comparable period in 2025.
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Commissions and floor brokerage – For the three months ended March 31, 2026, commissions and floor brokerage expense decreased 10.5% to $15.0 million from $16.8 million during the comparable period in 2025. The decrease is primarily attributable to lower clearing expenses and processing expenses.
Current report
Provision for credit losses –For the three months ended March 31, 2026, provision for credit losses decreased 45.6% to $6.5 million from $12.0 million during the comparable period in 2025. The decrease is primarily attributable to modest improvement in
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credits.
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(1) Total client assets as of March 31, 2025 and December 31, 2025, include $9.0 billion and $10.5 billion, respectively, and fee-based client assets include $4.2 billion and $4.9 billion, respectively, of client assets from the SIA business that was sold on February 2, 2026.
Current report
Interest revenue – For the three months ended March 31, 2026, interest revenue decreased 4.9% to $429.2 million from $451.5 million in the comparable period in 2025. The decrease is primarily attributable to lower interest rates, partially offset by higher interest-earning assets.
Current report
Other income – For the three months ended March 31, 2026, other income decreased 112.5% to a loss of $0.4 million from $3.2 million in the comparable period in 2025. The decrease is primarily attributable to investment losses during the quarter, partially offset by higher loan origination fees.
Current report
Interest expense – For the three months ended March 31, 2026, interest expense decreased 20.0% to $164.9 million from $206.0 million in the comparable period in 2025. The decrease is primarily attributable to lower interest rates, partially offset by higher interest-bearing liabilities.
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For the three months ended March 31, 2026, Global Wealth Management non-interest expenses decreased 17.0% to $601.4 million from $724.2 million for the comparable period in 2025.
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Compensation and benefits – For the three months ended March 31, 2026, compensation and benefits expense increased 11.9% to $472.5 million from $422.3 million during the comparable period in 2025. Compensation and benefits expense as a percentage of net revenues was 50.7% for the three months ended March 31, 2026, compared to 49.6% for the comparable period in 2025. The increase is primarily attributable to higher variable compensation expense and deferred compensation costs during the quarter.
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credits.
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For the three months ended March 31, 2026, income before income taxes increased 161.6% to $330.7 million from $126.4 million during the comparable period in 2025.
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Transactional revenues –For the three months ended March 31, 2026, institutional transactional revenues increased 4.3% to $155.4 million from $148.9 million in the comparable period in 2025.
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For the three months ended March 31, 2026, fixed income institutional transactional revenues increased 12.0% to $100.0 million from $89.3 million in the comparable period in 2025. The increase was primarily attributable to increased client activity due to the continued normalization of the yield curve.
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For the three months ended March 31, 2026, equity institutional transactional revenues decreased 7.1% to $55.4 million from $59.6 million during the comparable period in 2025. The decrease was primarily attributable to the restructuring of our European Equities business.
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For the three months ended March 31, 2026, capital-raising revenues increased 23.6% to $116.9 million from $94.6 million in the comparable period in 2025.
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For the three months ended March 31, 2026, equity capital-raising revenues increased 37.3% to $67.3 million from $49.0 million during the comparable period in 2025 driven by higher volumes and larger deal sizes.
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For the three months ended March 31, 2026, fixed income capital-raising revenues increased 8.9% to $49.6 million from $45.6 million during the comparable period in 2025. The increase is primarily attributable to higher bond issuances reflecting a more favorable financing environment.
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Interest – For the three months ended March 31, 2026, interest increased 15.5% to $10.5 million from $9.1 million in the comparable period in 2025.
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Interest expense – For the three months ended March 31, 2026, interest expense decreased 10.0% to $11.4 million from $12.7 million in the comparable period in 2025. The decrease is primarily attributable to lower interest rates.
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For the three months ended March 31, 2026, Institutional Group non-interest expenses increased 11.1% to $397.3 million from $357.5 million for the comparable period in 2025.
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Compensation and benefits expense as a percentage of net revenues was 59.7% for the three months ended March 31, 2026, compared to 65.6% for the comparable period in 2025. The decrease is primarily attributable to revenue growth, partially offset by higher revenue-related compensation.
Current report
Occupancy and equipment rental – For the three months ended March 31, 2026, occupancy and equipment rental expense of $20.8 million was consistent with the comparable period in 2025.
Current report
Commissions and floor brokerage – For the three months ended March 31, 2026, commissions and floor brokerage expense decreased 20.2% to $7.7 million from $9.6 million during the comparable period in 2025. The decrease is primarily attributable to lower clearing expenses, processing expenses, and transaction fees.
Current report
Other operating expenses – For the three months ended March 31, 2026, other operating expenses decreased 2.2% to $46.5 million from $47.5 million during the comparable period in 2025. The decrease is primarily attributable to lower litigation-related expenses, licensing costs, and conference-related expenses, partially offset by higher professional fees, dues and assessment expenses, subscription costs, bank service charges, and advertising.
Current report
For the three months ended March 31, 2026, income before income taxes for the Institutional Group segment increased 256.9% to $97.9 million from $27.4 million during the comparable period in 2025.
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For the three months ended March 31, 2026, net revenues increased 154.1% to $50.8 million from $20.0 million in 2025. The increase is primarily attributable to the recognition of a gain on the sale of SIA during the quarter.
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For the three months ended March 31, 2026, non-interest expenses increased 38.8% to $153.3 million from $110.5 million in 2025. The increase is primarily attributable to an increase in variable compensation.
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We entered into an uncommitted, unsecured $100.0 million line of credit with UMB Bank during the first quarter of 2026. Our peak daily borrowing was $35.0 million during the three months ended March 31, 2026. At March 31, 2026, we had an outstanding balance of $35.0 million, included in accounts payable and accrued expenses in the accompanying consolidated statement of financial condition.
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Credit Losses Purchased Loans
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In November 2025, the FASB issued ASU 2025-08, Financial Instruments – Credit Losses (Topic 326) – Purchased Loans, which expands the population of purchased financial assets subject to the gross-up approach in Topic 326. As a result of this update, loans (excluding credit cards) acquired without credit deterioration and deemed “seasoned” as defined in the accounting update will follow the gross-up approach at acquisition, and the initial allowance for credit losses at acquisition is added to the amortized cost basis of the loans. The accounting update is effective for annual reporting periods beginning after December 15, 2026 (January 1, 2027, for our company), including interim periods within those fiscal years with early adoption permitted. The accounting update will be applied using a prospective transition approach. We are currently evaluating the impact of the accounting update on our consolidated financial statements.
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Interim Reporting
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In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies interim disclosure requirements and provides additional required interim disclosure guidance. The accounting update is effective for annual reporting periods beginning after December 15, 2027 (January 1, 2028, for our company) with early adoption permitted and can be applied either prospectively or retrospectively. We are currently evaluating the impact of the accounting update on our consolidated financial statements.
Removed paragraphs (64)
Previous report
On April 7, 2025, the Company completed the acquisition of a portion of B. Riley Financial, Inc.’s traditional wealth management business, a deal that added 36 advisors with approximately $4 billion in assets under management.
Previous report
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.
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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 our results of operations, financial condition, and cash flows.
Previous report
On October 27, 2025, the Company announced that it had entered into a definitive agreement with an affiliate of Equitable, a financial services organization and principal franchise of Equitable Holdings, Inc., to sell Stifel Independent Advisors, LLC, a wholly owned subsidiary with total assets of approximately $13.4 million at September 30, 2025. The transaction is expected to close in the first quarter of 2026, subject to regulatory approvals.
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For the nine months ended September 30, 2025, net revenues increased 10.1% to $4.0 billion compared to $3.6 billion during the comparable period in 2024. Net income available to common shareholders decreased 14.8% to $391.5 million, or $3.56 per diluted common share for the nine months ended September 30, 2025, compared to $459.4 million, or $4.16 per diluted common share during the comparable period in 2024.
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Interest Rate Environment
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During the third quarter of 2025, the Federal Reserve announced a 25 basis point reduction in the federal funds rate target range to 4.00% to 4.25%, as the labor market shows signs of softening while acknowledging inflation and economic outlook uncertainty remain somewhat elevated. In October 2025, the Federal Reserve announced an additional 25 basis point reduction, setting the federal funds rate target range to 3.75% to 4.00%. In addition, the Federal Reserve announced that it will end the balance sheet reduction program, which began in 2022, effective December 1, 2025. The Federal Reserve noted that it will continue to monitor economic data and adjust its stance on monetary policy if risks emerge that could negatively impact the attainment of its goal of maximum employment and inflation at 2% over the long term.
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Potential decreases to the federal funds rate may impact our interest-based revenues. While decreases in interest rates will lower fees the Company earns from FDIC-insured deposits of clients through a program offered by the Company, such decreases may be offset to a degree if the cash sweep balances increase as clients find fewer higher-yielding alternatives to deploy these balances. Future rate decreases will also reduce the rates the Company charges on customer margin loans, which will have a negative impact on our earnings.
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For the three months ended September 30, 2025, investment banking revenues increased 33.0% to $323.5 million from $243.2 million in the comparable period in 2024.
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Advisory revenues increased 31.0% to $179.3 million for the three months ended September 30, 2025 from $136.9 million in the comparable period in 2024. The increase is primarily attributable to higher levels of completed advisory transactions during the quarter.
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For the nine months ended September 30, 2025, investment banking revenues increased 15.1% to $794.9 million from $690.4 million in the comparable period in 2024.
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Capital-raising revenues increased 15.8% to $350.8 million for the nine months ended September 30, 2025 from $302.9 million in the comparable period in 2024. For the nine months ended September 30, 2025, equity capital-raising revenues increased 23.0% to $182.2 million from $148.2 million in the comparable period in 2024 driven by higher volumes. For the nine months ended September 30, 2025, fixed income capital-raising revenues increased 9.0% to $168.6 million from $154.7 million in the comparable period in 2024 driven by higher bond issuances.
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Advisory revenues increased 14.6% to $444.0 million for the nine months ended September 30, 2025 from $387.5 million in the comparable period in 2024. The increase is primarily attributable to higher levels of completed advisory transactions.
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For the nine months ended September 30, 2025, other income decreased 28.5% to $28.5 million from $39.8 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, lower investment gains, and a decrease in loan origination fees from the comparable period in 2024.
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Please refer to the Net Interest Income table included in “Results of Operations – Global Wealth Management” for additional information on Stifel Bancorp’s average balances and interest income and expense.
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For the nine months ended September 30, 2025, interest revenue decreased 5.4% to $1.4 billion from $1.5 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 nine months ended September 30, 2025 compared to $29.8 billion during the comparable period in 2024 at average interest rates of 5.65% and 6.22%, respectively.
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For the three months ended September 30, 2025, interest expense decreased 18.3% to $205.2 million from $251.2 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 September 30, 2025 compared to $27.6 billion during the comparable period in 2024 at average interest rates of 2.66% and 3.35%, respectively.
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For the nine months ended September 30, 2025, interest expense decreased 16.9% to $625.5 million from $753.2 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 $28.6 billion during the nine months ended September 30, 2025 compared to $27.4 billion during the comparable period in 2024 at average interest rates of 2.67% and 3.33%, respectively.
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Compensation and benefits expense as a percentage of net revenues was 58.8% and 59.1% for the three and nine months ended September 30, 2025, respectively, compared to 58.6% and 58.8% for the three and nine months ended September 30, 2024, respectively.
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Commissions and floor brokerage – For the three months ended September 30, 2025, commissions and floor brokerage expense decreased 2.7% to $15.8 million from $16.2 million during the comparable period in 2024. The decrease is primarily attributable to lower transaction fees, trading and clearing costs, and electronic communication network (“ECN”) trading costs, partially offset by higher processing expenses. For the nine months ended September 30, 2025, commissions and floor brokerage expense increased 7.3% to $49.8 million from $46.4 million during the comparable period in 2024. The increase is primarily attributable to higher ECN trading costs, processing expenses, and trading and clearing costs.
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For the three months ended September 30, 2025, other operating expenses increased 3.8% to $134.9 million from $129.9 million during the comparable period in 2024. The increase is primarily attributable to higher investment banking expenses, professional fees, advertising, travel-related expenses, insurance expenses, bank service charges, subscriptions, and licensing fees, partially offset by lower legal-related expenses.
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Principal transactions – For the three months ended September 30, 2025, principal transactions revenues decreased 3.6% to $61.2 million from $63.5 million in the comparable period in 2024. For the nine months ended September 30, 2025, principal transactions revenues decreased 2.0% to $176.2 million from $179.9 million in the comparable period in 2024. The decrease is primarily attributable to lower realized trading gains and decreased client activity over the comparable periods in 2024.
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Interest revenue – For the three months ended September 30, 2025, interest revenue decreased 5.0% to $460.1 million from $484.2 million in the comparable period in 2024. For the nine months ended September 30, 2025, interest revenue decreased 4.7% to $1.37 billion from $1.43 billion during the comparable period in 2024. The decrease is primarily attributable to lower interest rates, partially offset by higher interest-earning assets. A significant amount of interest revenue is generated by the interest-earning assets held at Stifel Bancorp. Please refer to “Net Interest Income” below for a further discussion of the changes in net interest income.
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Other income – For the three months ended September 30, 2025, other income increased 81.5% to $9.1 million from $5.0 million in the comparable period in 2024. For the nine months ended September 30, 2025, other income increased 67.0% to $11.4 million from $6.8 million during the comparable period in 2024. The increase is primarily attributable to higher investment gains, partially offset by a decrease in loan origination fees during the comparable periods in 2024.
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Interest expense – For the three months ended September 30, 2025, interest expense decreased 16.7% to $202.7 million from $243.3 in the comparable period in 2024. For the nine months ended September 30, 2025, interest expense decreased 15.3% to $611.0 million from $721.5 million during the comparable period in 2024. The decrease is primarily attributable to lower interest rates, partially offset by higher interest-bearing liabilities. A significant amount of interest expense is generated by the interest-bearing liabilities held at Stifel Bancorp. Please refer to “Net Interest Income” below for a further discussion of the changes in net interest income.
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NET INTEREST INCOME
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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):
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Due to immaterial amount of income recognized on tax-exempt securities, yields were not calculated on a tax-equivalent basis.
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Loans on nonaccrual status are included in average balances.
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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.
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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):
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Due to immaterial amount of income recognized on tax-exempt securities, yields were not calculated on a tax-equivalent basis.
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Loans on nonaccrual status are included in average balances.
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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.
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For the three months ended September 30, 2025, interest revenue of $443.5 million was generated from average interest-earning assets of $31.0 billion at an average interest rate of 5.72%. Interest revenue of $469.1 million for the comparable period in 2024 was generated from average interest-earning assets of $30.0 billion at an average interest rate of 6.26%.
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For the nine months ended September 30, 2025, interest revenue of $1.3 billion was generated from average interest-earning assets of $31.1 billion at an average interest rate of 5.65%. Interest revenue of $1.4 billion for the comparable period in 2024 was generated from average interest-earning assets of $29.8 billion at an average interest rate of 6.22%.
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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 September 30, 2025, interest expense of $189.9 million was incurred from average interest-bearing liabilities of $28.6 billion at an average interest rate of 2.66%. Interest expense of $231.4 million for the comparable period in 2024 was incurred from average interest-bearing liabilities of $27.6 billion at an average interest rate of 3.35%.
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For the nine months ended September 30, 2025, interest expense of $573.8 million was incurred from average interest-bearing liabilities of $28.6 billion at an average interest rate of 2.67%. Interest expense of $684.4 million for the comparable period in 2024 was incurred from average interest-bearing liabilities of $27.4 billion at an average interest rate of 3.33%.
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Please refer to “Net Interest Income” above for more information regarding average balances, interest income and expense, and average interest rate yields.
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For the three months ended September 30, 2025, Global Wealth Management non-interest expenses increased 7.5% to $564.8 million from $525.4 million for the comparable period in 2024. For the nine months ended September 30, 2025, Global Wealth Management non-interest expenses increased 19.7% to $1.8 billion from $1.5 billion for the comparable period in 2024.
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Reworded paragraphs (78)
Previous wording
We plan to maintain our focus on revenue growth with a continued appreciation for the development of quality client relationships. Within our private client business, our efforts will be focused on recruiting experienced financial advisors with established client relationships. Within our capital markets business, our focus continues to be on providing quality client management and product diversification. In executing our growth strategy, we will continue to seek out opportunities that allow us to take advantage of the consolidation among middle-market firms, whereby allowing us to increase market share in our private client and institutional group businesses.
Current wording
We plan to maintain our focus on revenue growth with a continued appreciation for the development of quality client relationships. Within our private client business, our efforts will be focused on recruiting experienced financial advisors with established client relationships. Within our capital markets business, our focus continues to be on providing quality client management and product diversification. In executing our growth strategy, we will continue to seek out opportunities that allow us to take advantage of consolidation, whereby allowing us to increase market share in our private client and institutional group businesses.
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Results for the three and nine months ended September 30, 2025
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Results for the three months ended March 31, 2026
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For the three months ended September 30, 2025, net revenues increased 16.7% to $1.4 billion from $1.2 billion during the comparable period in 2024. Net income available to common shareholders increased 35.4% to $202.1 million, or $1.84 per diluted common share for the three months ended September 30, 2025, compared to $149.2 million, or $1.34 per diluted common share during the comparable period in 2024.
Current wording
For the three months ended March 31, 2026, net revenues increased 17.7% to $1.5 billion from $1.3 billion during the comparable period in 2025. Net income available to common shareholders increased 454.4% to $242.1 million, or $1.48 per diluted common share for the three months ended March 31, 2026, compared to $43.7 million, or $0.26 per diluted common share during the comparable period in 2025. Net income available to common shareholders for the three months ended March 31, 2025 was negatively impacted by elevated provisions for legal matters.
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Our revenue growth was primarily attributable to higher investment banking revenues, transactional revenues, asset management revenues, and net interest income.
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Our revenue growth was primarily attributable to higher investment banking revenues, asset management revenues, transactional revenues, net interest income, and the recognition of a gain on the sale of SIA during the quarter.
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We currently operate in a challenging and uncertain economic environment. Results in the businesses in which we operate are highly correlated to general economic conditions and, more specifically, to the direction of the U.S. equity and fixed income markets. Market volatility, overall market conditions, interest rates, economic, political, and regulatory trends, and industry competition are among the factors which could affect us and which are unpredictable and beyond our control. These factors affect the financial decisions made by market participants who include investors and competitors, impacting their level of participation in the financial markets. In addition, in periods of reduced financial market activity, profitability is likely to be adversely affected because certain expenses remain relatively fixed, including salaries and related costs, as well as portions of communications costs and occupancy expenses. Accordingly, earnings for any period should not be considered representative of earnings to be expected for any other period.
Current wording
Results in the businesses in which we operate are highly correlated to general economic conditions and, more specifically, to the direction of the U.S. equity and fixed income markets. Market volatility, overall market conditions, interest rates, economic, political, and regulatory trends, and industry competition are among the factors which could affect us and which are unpredictable and beyond our control. These factors affect the financial decisions made by market participants who include investors and competitors, impacting their level of participation in the financial markets. In addition, in periods of reduced financial market activity, profitability is likely to be adversely affected because certain expenses remain relatively fixed, including salaries and related costs, as well as portions of communications costs and occupancy expenses. Accordingly, earnings for any period should not be considered representative of earnings to be expected for any other period.
Previous wording
For the three months ended September 30, 2025, commission revenues increased 12.3% to $206.1 million from $183.4 million in the comparable period in 2024. For the nine months ended September 30, 2025, commission revenues increased 8.7% to $600.4 million from $552.2 million in the comparable period in 2024. The increase is primarily attributable to higher volumes due to increased market volatility over the comparable periods in 2024.
Current wording
For the three months ended March 31, 2026, commission revenues increased 7.3% to $207.8 million from $193.7 million in the comparable period in 2025. The increase is primarily attributable to higher volumes due to increased market volatility.
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Capital-raising revenues increased 35.6% to $144.2 million for the three months ended September 30, 2025 from $106.3 million in the comparable period in 2024. For the three months ended September 30, 2025, equity capital-raising revenues increased 49.7% to $81.8 million from $54.6 million in the comparable period in 2024 driven by higher volumes during the quarter. For the three months ended September 30, 2025, fixed income capital-raising revenues increased 20.8% to $62.4 million from $51.7 million in the comparable period in 2024 driven by higher bond issuances during the quarter.
Current wording
Capital-raising revenues increased 22.4% to $123.0 million for the three months ended March 31, 2026 from $100.5 million in the comparable period in 2025. For the three months ended March 31, 2026, equity capital-raising revenues increased 35.9% to $70.2 million from $51.7 million in the comparable period in 2025 driven by higher volumes. For the three months ended March 31, 2026, fixed income capital-raising revenues increased 8.1% to $52.8 million from $48.8 million in the comparable period in 2025 driven by higher bond issuances during the first quarter of 2026.
Previous wording
For the three months ended September 30, 2025, asset management revenues increased 12.7% to $431.4 million from $382.6 million in the comparable period in 2024. For the nine months ended September 30, 2025, asset management revenues increased 10.1% to $1.2 billion from $1.1 billion 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 March 31, 2026, asset management revenues increased 12.2% to a record $459.5 million from $409.5 million in the comparable period in 2025. Please refer to “Asset management” in the Global Wealth Management segment discussion for information on the changes in asset management revenues.
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Other income – Other income primarily includes investment gains and losses, rental income, and loan originations fees. For the three months ended September 30, 2025, other income decreased 23.9% to $14.2 million from $18.7 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 loan origination fees, partially offset by increases in investment gains from the comparable period in 2024.
Current wording
Other income – Other income primarily includes investment gains and losses, rental income, and loan originations fees. For the three months ended March 31, 2026, other income increased 426.2% to $55.7 million from $10.6 million during the comparable period in 2025. The increase is primarily attributable to the recognition of a gain on the sale of SIA and higher loan origination fees during the quarter.
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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):
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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):
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The following table sets forth an analysis of the effect on net interest income of volume and rate changes for the three and nine month periods ended September 30, 2025 compared to the three and nine month periods ended September 30, 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 months ended March 31, 2026 compared to the three months ended March 31, 2025(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. For the three months ended September 30, 2025, net interest income increased 6.4% to $276.3 million from $259.6 million during the comparable period in 2024. For the nine months ended September 30, 2025, net interest income increased 6.0% to $808.7 million from $762.6 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 March 31, 2026, net interest income increased 0.6% to $263.6 million from $262.1 million during the comparable period in 2025.
Previous wording
For the three months ended September 30, 2025, interest revenue decreased 5.7% to $481.5 million from $510.8 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 $31.0 billion during the three months ended September 30, 2025 compared to $30.0 billion during the comparable period in 2024 at average interest rates of 5.72% and 6.26%, respectively.
Current wording
For the three months ended March 31, 2026, interest revenue decreased 5.2% to $451.0 million from $475.6 million in the comparable period in 2025, 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 $31.8 billion during the three months ended March 31, 2026 compared to $31.3 billion during the comparable period in 2025 at average interest rates of 5.14% and 5.58%, respectively.
Previous wording
Compensation and benefits – Compensation and benefits expenses, which are the largest component of our expenses, include salaries, bonuses, transition pay, benefits, amortization of stock-based compensation, employment taxes and other employee-related costs. A significant portion of compensation expense is comprised of production-based variable compensation, including discretionary bonuses, which fluctuates in proportion to the level of business activity, increasing with higher revenues and operating profits. Other compensation costs, including base salaries, stock-based compensation amortization, and benefits, are more fixed in nature.
Current wording
Compensation and benefits – Compensation and benefits expenses, which are the largest component of our expenses, include salaries, bonuses, transition pay, benefits, amortization of stock-based compensation, employment taxes, and other associate-related costs. A significant portion of compensation expense is comprised of production-based variable compensation, including discretionary bonuses, which fluctuates in proportion to the level of business activity, increasing with higher revenues and operating profits. Other compensation costs, including base salaries, stock-based compensation amortization, and benefits, are more fixed in nature.
Previous wording
For the three months ended September 30, 2025, compensation and benefits expense increased 17.0% to $839.8 million from $718.1 million during the comparable period in 2024. For the nine months ended September 30, 2025, compensation and benefits expense increased 10.7% to $2.3 billion from $2.1 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.
Current wording
For the three months ended March 31, 2026, compensation and benefits expense increased 15.9% to $848.3 million from $732.2 million during the comparable period in 2025. The increase in compensation and benefits expenses is primarily attributable to higher variable compensation costs.
Previous wording
Occupancy and equipment rental – For the three months ended September 30, 2025, occupancy and equipment rental expense increased 6.7% to $95.6 million from $89.6 million during the comparable period in 2024. For the nine months ended September 30, 2025, occupancy and equipment rental expense increased 5.2% to $282.0 million from $268.2 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.
Current wording
Occupancy and equipment rental – For the three months ended March 31, 2026, occupancy and equipment rental expense increased 9.8% to $99.7 million from $90.8 million during the comparable period in 2025. The increase is primarily attributable to higher data processing expense and occupancy costs associated with an increase in business activity.
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 September 30, 2025, communications and office supplies expense of $48.9 million remained consistent with the comparable period in 2024. For the nine months ended September 30, 2025, communications and office supplies expense increased 1.3% to $146.3 million from $144.4 million during the comparable period in 2024. The increase is primarily attributable to higher communication and quote equipment expenses and postage and shipping expenses associated with the continued growth of our business, partially offset by lower internet costs.
Current wording
Communications and office supplies – Communications expense includes costs for telecommunication and data transmission, primarily for obtaining third-party market data information. For the three months ended March 31, 2026, communications and office supplies expense increased 3.0% to $51.0 million from $49.5 million during the comparable period in 2025. The increase is primarily attributable to higher communication and quote expenses associated with the continued growth of our business.
Previous wording
For the nine months ended September 30, 2025, other operating expenses increased 140.1% to $308.7 million from $128.6 million during the comparable period in 2024. The increase is primarily attributable to increases in legal-related expenses, subscription costs, insurance expenses, and travel and conference-related expenses. During the first quarter of 2025, we recorded $180.0 million related to provisions for legal-related matters.
Current wording
For the three months ended March 31, 2026, other operating expenses decreased 54.8% to $131.5 million from $290.8 million during the comparable period in 2025. The decrease is primarily attributable to decreases in legal-related expenses and dues and assessments during the quarter, partially offset by higher amortization of identifiable intangible assets, professional fees, bank service charges, advertising, travel and conference-related expenses, and subscriptions. 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 and nine months ended September 30, 2025, our provision for income taxes was $74.7 million and $143.8 million, representing an effective tax rate of 26.1% and 25.5%, respectively, compared to $58.2 million and $174.9 million for the comparable periods in 2024, representing an effective tax rate of 26.8% and 26.4%, respectively.
Current wording
Provision for income taxes – For the three months ended March 31, 2026, our provision for income taxes was $74.7 million, representing an effective tax rate of 22.9%, compared to $10.4 million for the comparable period in 2025, representing an effective tax rate of 16.4%. The tax rate was primarily impacted by the excess tax benefit related to stock-based compensation.
Previous wording
Our Global Wealth Management segment consists of two businesses, the Private Client Group and Stifel Bancorp. The Private Client Group includes branch offices and independent contractor offices of our broker-dealer subsidiaries located throughout the United States. These branches provide securities brokerage services, including the sale of equities, mutual funds, fixed income products, and insurance, as well as offering banking products to their private clients through Stifel Bancorp, which provide residential, consumer, and commercial lending, as well as FDIC-insured deposit accounts to customers of our broker-dealer subsidiaries and to the general public.
Current wording
Our Global Wealth Management segment consists of two businesses, the Private Client Group and Stifel Bancorp. The Private Client Group includes branch offices and, from the period January 1, 2026 through February 2, 2026, independent contractor offices of our broker-dealer subsidiaries located throughout the United States. These branches provide securities brokerage services, including the sale of equities, mutual funds, fixed income products, and insurance, as well as offering banking products to their private clients through our bank subsidiaries, which provide residential, consumer, and commercial lending, as well as FDIC-insured deposit accounts to customers of our broker-dealer subsidiaries and to the general public.
Previous wording
The success of our Global Wealth Management segment is dependent upon the quality of our products, services, financial advisors, and support personnel, including our ability to attract, retain, and motivate a sufficient number of these associates. We face competition for qualified associates from major financial services companies, including other brokerage firms, insurance companies, banking institutions, and discount brokerage firms. Segment revenue growth, operating income, and segment pre-tax operating margin are used to evaluate and measure segment performance by our management team in deciding how to allocate resources and in assessing performance.
Current wording
The success of our Global Wealth Management segment is dependent upon the quality of our products, services, financial advisors, and support personnel, including our ability to attract, retain, and motivate a sufficient number of these associates. We face competition for qualified associates from major financial services companies, including other brokerage firms, insurance companies, banking institutions, and discount brokerage firms. Segment net revenues and operating income are used to evaluate and measure segment performance by management in assessing performance and deciding how to allocate resources.
Previous wording
The success of our Institutional Group segment is dependent upon the quality of our personnel, the quality and selection of our investment products and services, pricing (such as execution pricing and fee levels), and reputation. Segment operating income and segment pre-tax operating margin are used to evaluate and measure segment performance by our management team in deciding how to allocate resources and in assessing performance.
Current wording
The success of our Institutional Group segment is dependent upon the quality of our personnel, the quality and selection of our investment products and services, pricing (such as execution pricing and fee levels), and reputation. Segment net revenues and operating income are used to evaluate and measure segment performance by management in assessing performance and deciding how to allocate resources.
Previous wording
The Other segment includes interest income from stock borrow activities, unallocated interest expense, interest income and gains and losses from investments held, amortization of stock-based awards, and all unallocated overhead cost associated with the execution of orders; processing of securities transactions; custody of client securities; receipt, identification, and delivery of funds and securities; compliance with regulatory and legal requirements; internal financial accounting and controls; and general administration and acquisition charges.
Current wording
The Other segment includes interest income and expense from stock borrow activities, unallocated interest expense, interest income and gains and losses from investments held, amortization of stock-based awards, and all unallocated overhead cost associated with the execution of orders; processing of securities transactions; custody of client securities; receipt, identification, and delivery of funds and securities; compliance with regulatory and legal requirements; internal financial accounting and controls; and general administration and acquisition charges.
Previous wording
For the three months ended September 30, 2025, Global Wealth Management net revenues increased 9.7% to a record $907.4 million from $827.1 million for the comparable period in 2024. For the nine months ended September 30, 2025, Global Wealth Management net revenues increased 7.6% to a record $2.6 billion from $2.4 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.
Current wording
For the three months ended March 31, 2026, Global Wealth Management net revenues increased 9.6% to $932.1 million from $850.6 million for the comparable period in 2025. The increase in net revenues over the comparable period in 2025 is primarily attributable to higher asset management revenues, net interest income, and transactional revenues.
Previous wording
Commissions – For the three months ended September 30, 2025, commission revenues increased 9.8% to $141.9 million from $129.2 million in the comparable period in 2024. For the nine months ended September 30, 2025, commission revenues increased 6.4% to $395.9 million from $371.9 million in the comparable period in 2024. The increase is primarily attributable to higher volumes due to increased market volatility over the comparable periods in 2024.
Current wording
Commissions – For the three months ended March 31, 2026, commission revenues increased 11.3% to $140.1 million from $125.8 million in the comparable period in 2025. The increase is primarily attributable to higher volumes over the comparable period in 2025.
Previous wording
For the three months ended September 30, 2025, principal transactions revenues increased 29.8% to $177.9 million from $137.1 million in the comparable period in 2024. For the nine months ended September 30, 2025, principal transactions revenues increased 14.5% to $492.1 million from $429.7 million in the comparable period in 2024. The increase is primarily attributable to higher realized trading gains and increased client activity over the comparable periods in 2024.
Current wording
Principal transactions – For the three months ended March 31, 2026, principal transactions revenues increased 3.3% to $62.6 million from $60.6 million in the comparable period in 2025. The increase is primarily attributable to an increase in client activity.
Previous wording
Asset management – For the three months ended September 30, 2025, asset management revenues increased 12.8% to $431.4 million from $382.3 million in the comparable period in 2024. For the nine months ended September 30, 2025, asset management revenues increased 10.1% to $1.2 billion from $1.1 billion 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.
Current wording
Asset management – For the three months ended March 31, 2026, asset management revenues increased 12.2% to $459.4 million from $409.5 million in the comparable period in 2025. 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.
Previous wording
Client asset metrics as of the periods indicated(in thousands, except number of accounts and percentages):
Current wording
Client asset metrics as of the periods indicated(in thousands, except for number of accounts):
Previous wording
The increase in the value of our client assets and fee-based assets was primarily attributable to improved market conditions and asset growth resulting from our recruiting efforts.
Current wording
The increase in the value of our client assets and fee-based assets was primarily attributable to improved market conditions and asset growth resulting from our recruiting efforts, partially offset by the sale of the SIA business during the quarter.
Previous wording
Investment banking – Investment banking, which represents sales credits for investment banking underwritings, increased 5.0% to $6.5 million for the three months ended September 30, 2025 from $6.2 million during the comparable period in 2024. For the nine months ended September 30, 2025, investment banking revenues increased 14.6% to $18.7 million from $16.3 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 2.8% to $6.1 million for the three months ended March 31, 2026 from $5.9 million during the comparable period in 2025. Please refer to “Investment banking” in the Institutional Group segment discussion for information on the changes in net revenues.
Previous wording
Occupancy and equipment rental – For the three months ended September 30, 2025, occupancy and equipment rental expense increased 7.1% to $46.2 million from $43.1 million during the comparable period in 2024. For the nine months ended September 30, 2025, occupancy and equipment rental expense increased 4.8% to $136.8 million from $130.6 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.
Current wording
Occupancy and equipment rental – For the three months ended March 31, 2026, occupancy and equipment rental expense increased 7.4% to $47.8 million from $44.5 million during the comparable period in 2025. The increase is primarily attributable to higher occupancy costs, furniture and equipment expenses, and data processing expense associated with an increase in business activity.
Previous wording
Communications and office supplies – For the three months ended September 30, 2025, communications and office supplies expense of $26.8 million remained consistent with the comparable period in 2024. For the nine months ended September 30, 2025, communications and office supplies expense increased 2.1% to $79.7 million from $78.1 million during the comparable period in 2024. The increase is primarily attributable to higher communication and quote expenses, partially offset by lower telecommunication expenses.
Current wording
Communications and office supplies – For the three months ended March 31, 2026, communications and office supplies expense increased 11.4% to $18.2 million from $16.4 million during the comparable period in 2025. The increase is primarily attributable to higher communication and quote expenses, postage and shipping expenses, and office supplies expenses associated with the continued growth of our business, partially offset by lower telecommunication expenses.
Previous wording
Commissions and floor brokerage – For the three months ended September 30, 2025, commissions and floor brokerage expense increased 1.9% to $7.1 million from $7.0 million during the comparable period in 2024. For the nine months ended September 30, 2025, commissions and floor brokerage expense increased 8.5% to $21.6 million from $19.9 million during the comparable period in 2024. The increase is primarily attributable to higher clearing expenses and processing fees.
Current wording
Commissions and floor brokerage – For the three months ended March 31, 2026, commissions and floor brokerage expense increased 2.4% to $7.4 million from $7.2 million during the comparable period in 2025. The increase is primarily attributable to higher clearing expenses.
Previous wording
Provision for credit losses –For the three months ended September 30, 2025, provision for credit losses increased 57.3% to $8.3 million from $5.3 million during the comparable period in 2024. For the nine months ended September 30, 2025, provision for credit losses increased 112.2% to $28.7 million from $13.5 million during the comparable period in 2024. The increase is primarily attributable to overall loan growth in the retained portfolio and specific reserves on individual credits.
Current wording
Provision for credit losses –For the three months ended March 31, 2026, provision for credit losses decreased 45.6% to $6.5 million from $12.0 million during the comparable period in 2025. The decrease is primarily attributable to a modest improvement in macroeconomic conditions, partially offset by loan growth in the retained portfolio and specific reserves on individual
Previous wording
For the nine months ended September 30, 2025, other operating expenses increased 57.6% to $552.2 million from $350.4 million during the comparable period in 2024. The increase is primarily attributable to higher legal-related expenses, professional fees, advertising, investment banking expenses, travel and conference-related expenses, insurance expenses, subscriptions, and licensing fees. During the first quarter of 2025, we recorded $180.0 million related to provisions for legal-related matters.
Current wording
Other operating expenses – For the three months ended March 31, 2026, other operating expenses decreased 77.9% to $49.0 million from $221.7 million during the comparable period in 2025. The decrease is primarily attributable to lower legal-related expenses and dues and assessments, partially offset by higher travel-related expenses, bank service charges, insurance expenses, subscription costs, professional fees, advertising, and conference-related expenses. During the first quarter of 2025, we recorded $180.0 million related to provisions for legal-related matters.
Previous wording
For the three months ended September 30, 2025, income before income taxes increased 13.6% to $342.7 million from $301.7 million during the comparable period in 2024. Profit margins (income before income taxes as a percent of net revenues) increased to 37.8% for the three months ended September 30, 2025, from 36.5% during the comparable period in 2024. The profit margin for the three months ended September 30, 2025 was positively impacted by revenue growth.
Current wording
Profit margins (income before income taxes as a percent of net revenues) have increased to 35.5% for the three months ended March 31, 2026, from 14.9% during the comparable period in 2025, primarily due to higher revenues. The profit margin for the three months ended March 31, 2025 was negatively impacted by elevated reserves for legal matters.
Previous wording
For the three months ended September 30, 2025, Institutional Group net revenues increased 34.4% to $500.4 million from $372.4 million for the comparable period in 2024. For the nine months ended September 30, 2025, Institutional Group net revenues increased 17.1% to $1.3 billion from $1.1 billion during the comparable period in 2024. The increase in net revenues is primarily attributable to higher transactional revenues, advisory revenues, and capital-raising revenues over the comparable periods in 2024.
Current wording
For the three months ended March 31, 2026, Institutional Group net revenues increased 28.7% to $495.3 million from $384.9 million for the comparable period in 2025. The increase in net revenues was primarily attributable to higher advisory, capital-raising, and principal transactions revenues.
Previous wording
Investment banking– For the three months ended September 30, 2025, investment banking revenues increased 33.8% to $317.0 million from $237.0 million during the comparable period in 2024. For the nine months ended September 30, 2025, investment banking revenues increased 15.1% to $776.2 million from $674.1 million during the comparable period in 2024.
Current wording
Investment banking– For the three months ended March 31, 2026, investment banking revenues increased 44.5% to $335.3 million from $232.0 million during the comparable period in 2025.
Previous wording
For the three months ended September 30, 2025, advisory revenues increased 31.0% to $179.3 million from $136.9 million in the comparable period in 2024. The increase is primarily attributable to higher levels of completed advisory transactions during the quarter. For the nine months ended September 30, 2025, advisory revenues increased 14.6% to $444.0 million from $387.5 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
For the three months ended March 31, 2026, advisory revenues increased 58.9% to $218.4 million from $137.5 million in the comparable period in 2025. The increase is primarily attributable to higher levels of completed advisory transactions over the comparable period in 2025.
Previous wording
Other income – For the three months ended September 30, 2025, other income decreased 71.4% to $3.7 million from $12.9 million in the comparable period in 2024. For the nine months ended September 30, 2025, other income decreased 41.7% to $15.6 million from $26.7 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.
Current wording
Other income – For the three months ended March 31, 2026, other income decreased 27.9% to $5.5 million from $7.6 million in the comparable period in 2025. The decrease is primarily attributable to reduced lease income generated from our aircraft engine leasing business due to the sale of engines.
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Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
macroeconomic conditions, partially offset by loan growth in the retained portfolio and specific reserves on individual
Current report — wording carried from elsewhere
We seek to manage capital levels to support execution of our business strategy, provide financial strength to our subsidiaries, and maintain sustained access to the capital markets, while at the same time meeting our regulatory capital requirements, and conservative internal management targets.
Current report — wording carried from elsewhere
Note 16 of the Notes to Consolidated Financial Statements for more information on the capital restrictions placed on our broker-dealer subsidiaries.
Current report — wording carried from elsewhere
December 31, 2025. Our core deposits are primarily comprised of money market deposit accounts, non-interest-bearing deposits, and CDs. Total estimated uninsured deposits were $5.6 billion and $4.9 billion at March 31, 2026 and December 31, 2025, respectively. The weighted-average interest rate on deposits was 2.07% and 2.58% at March 31, 2026 and December 31, 2025, respectively.
Rearranged previous paragraphs (7)
Previous report — wording carried elsewhere
The following table presents consolidated financial information for the periods indicated(in thousands, except percentages):
Previous report — wording carried elsewhere
The following table presents consolidated financial information for the Global Wealth Management segment for the periods indicated(in thousands, except percentages):
Previous report — wording carried elsewhere
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 report — wording carried elsewhere
Provision for credit losses –For the three months ended September 30, 2025, provision for credit losses increased 57.3% to $8.3 million from $5.3 million during the comparable period in 2024. For the nine months ended September 30, 2025, provision for credit losses increased 117.0% to $28.7 million from $13.2 million during the comparable period in 2024. The increase is primarily attributable to overall loan growth in the retained portfolio and specific reserves on individual credits.
Previous report — wording carried elsewhere
The following table presents consolidated financial information for the Institutional Group segment for the periods indicated(in thousands, except percentages):
Previous report — wording carried elsewhere
Transactional revenues – Transactional revenues include: (i) commission revenues that are primarily generated from agency transactions in OTC and listed equity securities, insurance products and options. In addition, commission revenues also include distribution fees for promoting and distributing mutual funds, and (ii) principal transaction revenues representing gains and losses on secondary trading, principally fixed income transactional revenues.
Previous report — wording carried elsewhere
For the nine months ended September 30, 2025, non-interest expenses related to our acquisition strategy, included in the numbers presented in the table above, increased 40.9% to $76.7 million from $54.5 million in 2024.