(1) Operating Non-Compensation Ratio excludes loan loss provision & investment banking gross up
Original 2020 Guidance Assumptions
Actual 2020 Results
■ Total Net Revenue Increase of 5% - 11%
■ Total Net Revenue Increase of 12%
■ Net Interest Income Growth of 8% - 11%
■ Net Interest Income Declined by 16%
■ Bank Net Interest Margin of 310 - 320 basis points
■ Bank Net Interest Margin Declined to 239 basis points
■ Bank Interest-Earning Asset Growth of $2 - $3 billion
■
Interest Earning Assets Increased by $1.4 billion
■ Incremental Revenue from Acquisitions of $120 - $135 million
■ Incremental Revenue from Acquisitions of $146 million
■ Institutional Group Growth from Investment Banking & Fixed Income
■ Institutional Group Growth from Investment Banking, Fixed Income & Equity
Brokerage
Brokerage
■ Continued Strength in Financial & Technology M&A
■
Strength in Health Care, Consumer, & Diversified Services
■ Comp. Ratio of 57% - 59%
■ Comp. Ratio of 59.9%
■ Operating Non-Comp. Ratio of 19%-21%
■ Operating Non-Comp. Ratio of 18.8%
Quarterly Earnings Report
2
Fourth Quarter Snapshot
4Q20 RESULTS
millions, except per share and ratios
NET REVENUE
NET EARNINGS
EPS
GAAP $1.55 NON-GAAP$1.67
GAAP & NON-GAAP$1,060
GAAP $181 NON-GAAP$195
BOOK VALUE PER SHARE
ANNUALIZED ROE
ANNUALIZED ROTCE
GAAP 20.0% NON-GAAP21.6%
GAAP 30.8% NON-GAAP33.3%
TBV $23.58 BV $35.91
HIGHLIGHTS
Record Quarterly
Announced 32% Increase to Common
Net Revenue
Dividend & 3:2 Stock Split
Record Quarterly
Substantial Growth in
Investment Banking Revenue
Private Client Fee-Based Assets
Record Quarterly
Credit Quality at Stifel Bank
Pre-Tax Income & EPS
Remains Strong
Quarterly Earnings Report
3
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Stifel Financial Corporation published this content on 29 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 January 2021 12:13:06 UTC.
Stifel Financial Corp. is a financial holding company. The Company's principal subsidiary is Stifel, Nicolaus & Company, Incorporated, a full-service retail and institutional wealth management and investment banking company. Its segment includes Global Wealth Management, Institutional Group, and others. Its Global Wealth Management segment consists of two businesses, the Private Client Group and Stifel Bancorp. The Private Client Group provides securities brokerage services, including the sale of equities, mutual funds, fixed income products, and insurance, as well as offering banking products to its private clients through its bank subsidiaries, which provide residential, consumer, commercial lending, and FDIC-insured deposit accounts to customers. The Institutional Group segment includes institutional sales and trading. The Other segment includes interest income from stock borrow activities, unallocated interest expense, interest income and gains and losses from investments.
STIFEL FINANCIAL CORP. 
