2021 3rd Quarter Earnings

ST. LOUIS, MO, October 27, 2021 - Stifel Financial Corp. (NYSE: SF) today reported net income available to common shareholders of $182.7 million, or $1.54 per diluted common share on net revenues of $1.1 billion for the three months ended September 30, 2021, compared with net income available to common shareholders of $110.6 million, or $0.97 per diluted common share (1) on net revenues of $883.3 million for the third quarter of 2020. For the three months ended September 30, 2021, the Company reported non-GAAP net income available to common shareholders of $195.7 million, or $1.65 per diluted common share.

Ronald J. Kruszewski, Chairman and Chief Executive Officer, said "The third quarter's net revenue and EPS were the second highest in our history as both operating segments, Global Wealth Management and Institutional Group, generated strong results. We are on track to generate the 26th consecutive year of record revenue and, through three quarters, we have already surpassed our full year record EPS, set last year. Our success is driven by the continued reinvestment in the business. Based on the strength of our recruiting and investment banking pipelines, as well as our leverage to higher interest rates, Stifel remains well positioned to continue and build upon our decades long growth."

Highlights

Net revenues of $1.1 billion, increased 30% compared with the year-ago quarter. Year-to- date record net revenues of $3.4 billion, increased 28% over the comparable period last year.

Net income available to common shareholders of $1.54 per diluted common share, or $1.65 per diluted common share excluding the impact of merger-related expenses, up 59% over the year-ago quarter.

Year-to-date record net income available to common shareholders of $4.54 per diluted common share, or $4.85 per diluted common share excluding the impact of merger-related expenses, up 75% over the comparable period last year.

Record client assets of $407.0 billion, increased 25% compared with the year-ago quarter.

Annualized return on average tangible shareholders' equity (ROTCE) (6) was 26%, or 28% excluding the impact of merger-related expenses.

Tangible book value per common share of $27.35 (8), up 27% compared with the year ago quarter.

Segment Highlights

Global Wealth Management reported record quarterly net revenues, up 24% over the comparable period last year reflecting growth in fee-based assets and client activity.

Institutional Group quarterly net revenues up 36% over the comparable period last year as a result of strong advisory fee and capital raising revenues.

Financial Summary (Unaudited)

($ in 000s)	3Q 2021	3Q 2020	9m 2021	9m 2020
GAAP Financial Highlights:
Net revenues	$1,144,938	$883,300	$3,432,863	$2,692,151
Net income (2)	$182,687	$110,630	$537,201	$295,419
Diluted EPS (1) (2)	$1.54	$0.97	$4.54	$2.60
Comp. ratio	58.7%	60.4%	60.1%	61.6%
Non-comp. ratio	18.9%	21.7%	18.1%	22.9%
Pre-tax margin	22.4%	17.9%	21.8%	15.5%
Non-GAAP Financial Highlights:
Net revenues	$1,144,938	$883,300	$3,433,016	$2,692,330
Net income (2) (3)	$195,653	$120,525	$574,145	$327,793
Diluted EPS (1) (2) (3)	$1.65	$1.06	$4.85	$2.89
Comp. ratio (3)	58.2%	59.6%	59.5%	60.7%
Non-comp. ratio (3)	17.9%	21.0%	17.3%	22.2%
Pre-tax margin (4)	23.9%	19.4%	23.2%	17.1%
ROCE (5)	19.2%	14.0%	19.5%	13.1%
ROTCE (6)	27.7%	22.2%	28.9%	21.4%

Global Wealth Management (assets and loans in millions)

	Net revenues	$655,533	$526,836	$1,924,595	$1,615,574
	Pre-tax net income		$232,119		$178,930		$682,655	$529,422
	Total client assets	$406,959	$325,159
	Fee-based client		$150,472		$115,162
	assets
	Bank loans, net (7)	$13,659		$10,932
	Institutional Group
	Net revenues	$492,284		$363,365		$1,519,176	$1,093,699
	Equity		$330,014		$199,253		$1,011,094	$605,625
	Fixed Income	$162,270		$164,112		$508,082	$488,074
	Pre-tax net income		$125,092		$76,841		$383,774	$201,630

Media Contact: Neil Shapiro [phone]| Investor Contact: Joel Jeffrey (212) 271- 3610 | www.stifel.com/investor-relations

Global Wealth Management

Global Wealth Management reported record net revenues of $655.5 million for the three months ended September 30, 2021 compared with $526.8 million during the third quarter of 2020. Pre-tax net income was $232.1 million compared with $178.9 million in the third quarter of 2020.

Highlights

Recruited 46 financial advisors, including 41 experienced advisors, with total trailing 12 month production of $35 million.

Record client assets of $407.0 billion, up 25% over the year-ago quarter.

Fee-based client assets of $150.5 billion, up 31% over the year-ago quarter.

Bank loans of $13.7 billion, up 25% over the year-ago quarter.

Net revenues increased 24% from a year ago:

Asset management revenues increased 36% over the year-ago quarter reflecting higher asset values and strong fee-based asset flows.

Brokerage revenues increased 13% over the year-ago quarter reflecting strong client activity during the quarter.

Net interest income increased 21% over the year-ago quarter driven by higher bank lending partially offset by the impact of lower interest rates.

Total Expenses:

Compensation expense increased over the year-ago quarter primarily driven by higher revenues.

Provision for credit losses was impacted by growth in the loan portfolio as well as changes in the outlook for macroeconomic conditions.

Non-compensation operating expenses increased over the year-ago quarter primarily as a result of higher data processing expense, subscription expense, and professional fees. The increase was partially offset by lower net provisions for litigation matters.

Summary Results of Operations

($ in 000s)	3Q 2021	3Q 2020
Net revenues	$655,533	$526,836
Asset management and service fees	313,838	230,765
Brokerage revenues	184,072	162,627
Net interest income	130,341	108,181
Investment banking	11,580	8,113
Other income	15,702	17,150
Total expenses	$423,414	$347,906
Compensation expense	342,792	277,903
Provision for credit losses	(660)	(1,353)
Non-comp. opex	81,282	71,356
Pre-tax net income	$232,119	$178,930
Compensation ratio	52.3%	52.7%
Non-compensation ratio	12.3%	13.3%
Pre-tax margin	35.4%	34.0%

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Institutional Group

Institutional Group reported net revenues of $492.3 million for the three months ended September 30, 2021 compared with $363.4 million during the third quarter of 2020. Pre-tax net income was $125.1 million compared with $76.8 million in the third quarter of 2020.

Highlights

Investment banking pipeline at record levels.

Pre-tax margin of 25%, up from 21% in the year-ago quarter.

Investment banking revenues increased 72% from a year ago:

Advisory fee revenues increased 158% over the year- ago quarter on higher completed advisory transactions.

Equity capital raising revenues increased 20% over the year-ago quarter driven by higher volumes.

Fixed income capital raising revenues increased 16% over the year-ago quarter driven by an increase in public finance, as well as an increase in our corporate debt issuance business.

Equity brokerage revenues decreased 11% from a year ago:

Equity brokerage revenues declined from the year-ago quarter due to declines in cash equities driven by lower volatility and volumes.

Fixed income brokerage revenues decreased 22% from a year ago:

Fixed income brokerage revenues declined from the year-ago quarter due to lower volatility as well as tighter credit spreads.

Total Expenses:

Compensation expense increased over the year-ago quarter primarily driven by higher compensable revenues.

Non-compensation expenses increased over the year- ago quarter primarily as a result of higher travel and entertainment costs, increased litigation-related expenses, and higher conference-related expenses.

Summary Results of Operations

($ in 000s)	3Q 2021	3Q 2020
Net revenues	$492,284	$363,365
Investment banking	360,699	210,021
Advisory fee revenue	208,218	80,842
Equity capital raising	93,764	78,462
Fixed income capital raising	58,717	50,717
Equity brokerage	48,307	54,204
Fixed income brokerage	75,838	96,706
Other	7,440	2,434

Total expenses	$367,192	$286,524
Compensation expense	283,063	210,754
Non-comp. opex.	84,129	75,770
Pre-tax net income	$125,092	$76,841
Compensation ratio	57.5%	58.0%
Non-compensation ratio	17.1%	20.9%
Pre-tax margin	25.4%	21.1%

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Other Segment

Highlights

Total assets increased $5.3 billion, or 21%, over the year-ago quarter.

The Company repurchased $44.8 million of its outstanding common stock during the third quarter.

Tier 1 leverage ratio increased 0.7% over the year-ago quarter.

The Board of Directors declared a $0.15 quarterly dividend per share payable on September 15, 2021 to common shareholders of record on September 1, 2021.

The Board of Directors declared a quarterly dividend on the outstanding shares of the Company's preferred stock payable on September 15, 2021 to shareholders of record on September 1, 2021.

($ in millions)	3Q 2021	3Q 2020
Net revenues ($ in 000s)	$ (2,879)	$ (6,901)
Pre-tax net loss ($ in 000s)	$ (100,709)	$ (97,378)
Stifel Financial Corp.
Tier 1 common capital ratio (9)	16.6%	15.4%
Tier 1 risk based capital ratio (9)	20.6%	19.2%
Tier 1 leverage capital ratio (9)	12.0%	11.3%
Tier 1 capital (9)	$3,502	$2,733
Risk weighted assets (9)	$16,993	$14,227
Average assets (9)	$29,123	$24,290
Quarter end assets	$30,820	$25,549
Common stock repurchases
Repurchases ($ in 000s)	$44,793	NM
Number of shares (000s)	671	NM
Average price	$66.74	NM
Period end shares (000s) (1)	104,263	102,916
Effective tax rate	25.0%	23.9%
Agency	Rating	Outlook
Fitch Ratings	BBB	Positive
S&P Global Ratings	BBB-	Positive

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Conference Call Information

Stifel Financial Corp. will host its third quarter 2021 financial results conference call on Wednesday, October 27, 2021, at 9:30 a.m. Eastern Time. The conference call may include forward-lookingstatements.

All interested parties are invited to listen to Stifel's Chairman and CEO, Ronald J. Kruszewski, by dialing [phone] and referencing conference ID 4980899. A live audio webcast of the call, as well as a presentation highlighting the Company's results, will be available through the Company's web site, www.stifel.com. For those who cannot listen to the live broadcast, a replay of the broadcast will be available through the above-referenced web site beginning approximately one hour following the completion of the call.

Company Information

Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel's broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners business division; Keefe, Bruyette & Woods, Inc.; Miller Buckfire & Co., LLC; and Stifel Independent Advisors, LLC. The Company's broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company's website at www.stifel.com. For global disclosures, please visit www.stifel.com/investor-relations/press-releases.

A financial summary follows. Financial, statistical and business-related information, as well as information regarding business and segment trends, is included in the financial supplement. Both the earnings release and the financial supplement are available online in the Investor Relations section at www.stifel.com/investor-relations.

The information provided herein and in the financial supplement, including information provided on the Company's earnings conference calls, may include certain non-GAAP financial measures. The definition of such measures or reconciliation of such measures to the comparable U.S. GAAP figures are included in this earnings release and the financial supplement, both of which are available online in the Investor Relations section at www.stifel.com/investor-relations.

Cautionary Note Regarding Forward-Looking Statements

This earnings release contains certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this earnings release not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements in this earnings release are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among other things, the following possibilities: the ability to successfully integrate acquired companies or the branch offices and financial advisors; a material adverse change in financial condition; the risk of borrower, depositor, and other customer attrition; a change in general business and economic conditions; changes in the interest rate environment, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation and regulation; other economic, competitive, governmental, regulatory, geopolitical, and technological factors affecting the companies' operations, pricing, and services; and other risk factors referred to from time to time in filings made by Stifel Financial Corp. with the Securities and Exchange Commission. For information about the risks and important factors that could affect the Company's future results, financial condition and liquidity, see "Risk Factors" in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2020. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Statements about the effects of the COVID-19 pandemic on the Company's business, results, financial position and liquidity may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected.

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