Stifel Financial Corporation · NYSE:SF
Stifel Financial — Q1 2022 Earnings Presentation
17 slides from Stifel Financial's earnings presentation, Apr 27, 2022
Slide 1: First Quarter 2022 Financial Results Presentation
First Quarter 2022 Financial Results Presentation April 27, 2022 Quarterly Earnings Report
Slide 2: First Quarter Snapshot
First Quarter Snapshot 1Q22 RESULTS millions, except per share and ratios NET REVENUE NET EARNINGS EPS GAAP & NON-GAAP $1,117 GAAP $164 NON-GAAP $176 GAAP $1.39 NON-GAAP $1.49 ANNUALIZED ROCE ANNUALIZED ROTCE* BOOK VALUE PER SHARE GAAP 15.1% NON-GAAP 16.2% GAAP 22.3% NON-GAAP 23.8% TBV $27.91 BV $40
Slide 3: First Quarter Results
First Quarter Results FINANCIAL RESULTS FIRST QUARTER HIGHLIGHTS millions 1Q22 1Q21 Y/Y Change ■ Record Global Wealth Management Revenue of $681 million, up 8% Y/Y Global Wealth Management $682 $631 8% ■ Record Asset Management Revenue of $342 million, up 23% Y/Y Institutional 431 506 -15% ■ Record
Slide 4: Global Wealth Management
Global Wealth Management GLOBAL WEALTH MANAGEMENT REVENUE HIGHLIGHTS millions 1Q22 1Q21 Y/Y Change ■ Record Quarterly Revenue of $682 million, up 8% Y/Y Transactional $176 $201 -12% ■ Record Quarterly Asset Management Revenue of $342 million, up 23% Y/Y Asset Management 342 278 23% ■ Record Net Inte
Slide 5: Wealth Management Metrics
Wealth Management Metrics RECRUITING DRIVES REVENUE GROWTH INCREASING PERCENTAGE OF RECURRING $400 450 REVENUE $350 400 100% $300 350 27% 80% 34% 32% 33% 32% Financial Advisors 46% 39% 300 51% $250 millions 250 60% $200 200 $150 40% 73% 150 60% 66% 66% 64% 66% 47% 53% $100 100 20% $50 50 0% $- 0 201
Slide 6: Institutional Group
Institutional Group INSTITUTIONAL GROUP REVENUE HIGHLIGHTS millions 1Q22 1Q21 Y/Y Change ■ Record First Quarter Advisory Revenue Advisory $181 $130 39% ■ Record First Quarter Transactional Revenue Capital Raising $68 $195 -65% ■ Second Highest First Quarter Institutional Revenue Transactional $179 $
Slide 7: Institutional Equities & Fixed Income
Institutional Equities & Fixed Income INSTITUTIONAL EQUITIES REVENUE INSTITUTIONAL FIXED INCOME REVENUE millions 1Q22 1Q21 Y/Y Change millions 1Q22 1Q21 Y/Y Change Transactional $57 $79 -29% Transactional $122 $98 24% Capital Raising $29 $147 -80% Capital Raising $39 $48 -19% Total Equities $86 $226
Slide 8: Investment Banking Revenue
Investment Banking Revenue INVESTMENT BANKING REVENUE HIGHLIGHTS millions 1Q22 1Q21 Y/Y Change ■ Second Highest First Quarter Investment Banking Revenue Capital Raising:* ■ Record First Quarter Advisory Revenue Surpassed Prior Record by 39% (1Q21) Equity $33 $160 -80% ■ Strongest verticals were Fina
Slide 9: Net Interest Income
Net Interest Income CONDENSED NET INTEREST INCOME NET INTEREST COMMENTARY 1Q22 Y/Y Change Sequential Change ■ 1Q22 Net Interest Income Increased 38% Y/Y. Average Average Average Average Average Average Balance Interest Balance Interest Balance Interest ■ Average Interest Earning Assets Increased by
Slide 10: Stifel Bancorp Inc. Loan & Investment Portfolio
Stifel Bancorp Inc. Loan & Investment Portfolio LOAN PORTFOLIO COMMERCIAL PORTFOLIO BY MAJOR SECTOR % of Total millions 1Q22 Portfolio Residential Real Estate $6,009 28% Fund (PE/VC Capital Call Lines) $3,075 14% Securities Based Lending 2,954 14% Industrials 958 4% Home Equity lines of Credit & Oth
Slide 11: CECL & Credit Metrics
CECL & Credit Metrics ASSUMPTIONS Economic Economic Economic Economic Economic Factors & Factors & Factors & Factors & Factors & Portfolio Portfolio Portfolio Portfolio Portfolio Changes Changes Changes Changes Changes • Moody’s Forecast • 40% Baseline (gradual recovery) • 30% Downside (double dip r
Slide 12: Capital & Liquidity
Capital & Liquidity FIRM-WIDE ASSETS & CAPITAL RATIOS HIGHLIGHTS $36,000 $35,088 ■ Balance Sheet Growth of More than $1 billion in 1Q22 $34,050 $34,000 Capital Ratios Remained Strong 30.0% ■ $32,000 $30,820 ■ Substantial Liquidity for Bank Growth $29,745 $30,000 25.0% $28,142 $87 million of Share Re
Slide 13: Expenses
Expenses NON-GAAP EXPENSES & PRE-TAX INCOME Non-GAAP EXPENSE RATIOS 65% 25% millions 1Q22 1Q21 Y/Y Change Non-compensation Ratio 63% 20% Compensation Ratio Compensation $664 $692 -4% 61% 15% Non-compensation Expense, 59% $197 $184 7% 60.9% 59.5% Ex. IB Gross Up & Credit Loss 59.5% 10% 57% 58.2% 57.5
Slide 14: Outlook for 2022
Outlook for 2022 6 yr. avg. Annual Annualized Guidance (millions) 2015 2016 2017 2018 2019 2020 2021 Growth 1Q22 1Q22 2022 1 Total net revenue $2,335 $2,580 $2,928 $3,025 $3,337 $3,752 $4,737 13% $1,117 $4,468 $4,900 - $5,200 growth 10% 13% 3% 10% 12% 26% -6% 3% - 10% Global Wealth Management $1,377
Slide 15: Concluding Remarks
Concluding Remarks Quarterly Earnings Report
Slide 16: First Quarter 2022 Financial Results Presentation
First Quarter 2022 Financial Results Presentation April 27, 2022 Quarterly Earnings Report
Slide 17: Disclaimer
Disclaimer Forward-Looking Statements This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks, assumptions, and uncertainties, including statements relating to the market opportunity and futu