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Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Stifel Reports Third Quarter 2019 Financial Results

October 30, 2019

-- Record net revenues of $821.6 million, increased 11.3% compared with the year-ago quarter. -- Record net revenues in Global Wealth Management. -- Net income available to common shareholders of $104.6 million, or $1.34 per diluted common share. -- Non-GAAP net income available to common shareholders of $117.1 million, or $1.50 per diluted common share. -- Record client assets of $311.8 billion, increased 7.8% compared with the year-ago quarter. -- Non-GAAP return on tangible common equity of 24.2%. -- Repurchased approximately 1.0 million shares of the Company’s common stock at an average price of $55.43.

ST. LOUIS, Mo., Oct. 30, 2019 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) today reported net income available to common shareholders of $104.6 million, or $1.34 per diluted common share on record net revenues of $821.6 million for the three months ended September 30, 2019, compared with net income available to common shareholders of $101.5 million, or $1.25 per diluted common share, on net revenues of $738.3 million for the third quarter of 2018.

For the three months ended September 30, 2019, the Company reported non-GAAP net income available to common shareholders of $117.1 million, or $1.50 per diluted common share. The Company’s reported GAAP net income for the three months ended September 30, 2019 was primarily impacted by merger-related expenses. Details discussed below and in the “Non-GAAP Financial Matters” section.

Chairman’s Comments

“I am pleased with our performance in the third quarter. We generated record net revenue of $822 million, a pre-tax margin greater than 20%, and return on tangible common equity of more than 24%. Our record results and the growth in the business validate of our long-term strategy to build a diversified financial services firm that can consistently generate strong performance in various market conditions. This was illustrated by our record wealth management revenue and our second strongest institutional revenues in our history despite less than optimal market conditions. As I look forward, I am optimistic about our business as the investments we’ve made in our firm will continue to drive revenue growth,” stated Ronald J. Kruszewski, Chairman and Chief Executive Officer of Stifel.

Financial Highlights Three Months Ended (Unaudited) ------------------------------------------------------------------------------------------ ($ in 000s, GAAP GAAP % GAAP % Non-GAAP Non-GAAP % except per share 9/30/19 9/30/18 Change 6/30/19 Change (1) (1) Change data) 9/30/19 9/30/18 --------- --------- ------ --------- ----- --------- --------- ------ Net revenues $ 821,572 $ 738,342 11.3 $ 800,787 2.6 $ 821,572 $ 738,367 11.3 Net income applicable to $ 109,414 $ 103,858 5.3 $ 109,085 0.3 $ 121,990 $ 112,405 8.5 Stifel Financial Corp. Preferred 4,844 2,343 106.7 5,288 (8.4 ) 4,844 2,343 106.7 dividends - ------- - ------- ----- - ------- ---- - ------- - ------- ----- Net income available to $ 104,570 $ 101,515 3.0 $ 103,797 0.7 $ 117,146 $ 110,062 6.4 common shareholders Earnings per diluted common $ 1.40 $ 1.27 10.2 $ 1.38 1.4 $ 1.56 $ 1.38 13.0 share Earnings per diluted common share available $ 1.34 $ 1.25 7.2 $ 1.31 2.3 $ 1.50 $ 1.35 11.1 to common shareholders Compensation 59.2 % 57.2 % 58.3 % 58.1 % 56.5 % ratio Non-compensation 22.5 % 23.8 % 23.2 % 21.7 % 22.9 % ratio Pre-tax operating 18.3 % 19.0 % 18.5 % 20.2 % 20.6 % margin (2)

For nine months ended September 30, 2019, the Company reported net income available to common shareholders of $305.2 million, or $3.87 per diluted common share on record net revenues of $2.4 billion, compared with net income available to common shareholders of $272.9 million, or $3.35 per diluted common share, on net revenues of $2.2 billion for the nine months ended September 30, 2018.

For the nine months ended September 30, 2019, the Company reported non-GAAP net income available to common shareholders of $333.0 million, or $4.22 per diluted common share.

Financial Highlights (Unaudited) Nine Months Ended -------------------------------------------------------------------------- ($ in 000s, except per share GAAP GAAP % Non-GAAP Non-GAAP % data) 9/30/19 9/30/18 Change (1) 9/30/19 (1) 9/30/18 Change ----------- ----------- ----- ----------- ----------- ----- Net revenues $ 2,392,779 $ 2,231,432 7.2 $ 2,392,779 $ 2,231,457 7.2 Net income applicable to Stifel $ 317,706 $ 279,906 13.5 $ 345,513 $ 309,683 11.6 Financial Corp. Preferred dividends 12,476 7,031 77.4 12,476 7,031 77.4 - --------- - --------- ---- - --------- - --------- ---- Net income available to common $ 305,230 $ 272,875 11.9 $ 333,037 $ 302,652 10.0 shareholders Earnings per diluted common share $ 4.03 $ 3.44 17.2 $ 4.38 $ 3.80 15.3 Earnings per diluted common share $ 3.87 $ 3.35 15.5 $ 4.22 $ 3.72 13.4 available to common shareholders Compensation ratio 59.0 % 59.3 % 58.3 % 58.7 % Non-compensation ratio 22.8 % 23.8 % 22.1 % 22.5 % Pre-tax operating margin (3) 18.2 % 16.9 % 19.6 % 18.8 %

Brokerage Revenues

Brokerage revenues, defined as commissions and principal transactions, were $261.8 million, an 8.5% increase compared with the third quarter of 2018 and a 0.1% increase compared with the second quarter of 2019.

Three Months Ended -------------------------------------------------- ($ in 000s) 9/30/19 9/30/18 % 6/30/19 % Change Change --------- --------- ----- --------- ----- Global Wealth Management $ 160,117 $ 158,818 0.8 $ 162,388 (1.4 ) Institutional brokerage: Equity capital markets 41,037 43,904 (6.5 ) 40,670 0.9 Fixed income capital markets 60,613 38,446 57.7 58,387 3.8 - ------- - ------- ---- - ------- ---- Total institutional brokerage 101,650 82,350 23.4 99,057 2.6 - ------- - ------- ---- - ------- ---- Total brokerage revenues $ 261,767 $ 241,168 8.5 $ 261,445 0.1 - ------- - ------- ---- - ------- ----

-- Global Wealth Management brokerage revenues were $160.1 million, a 0.8% increase compared with the third quarter of 2018 and a 1.4% decrease compared with the second quarter of 2019. -- Institutional equity brokerage revenues were $41.0 million, a 6.5% decrease compared with the third quarter of 2018 and a 0.9% increase compared with the second quarter of 2019. -- Institutional fixed income brokerage revenues were $60.6 million, a 57.7% increase compared with the third quarter of 2018 and a 3.8% increase compared with the second quarter of 2019.

Investment Banking Revenues

Investment banking revenues were $198.8 million, a 17.6% increase compared with the third quarter of 2018 and a 10.7% increase compared with the second quarter of 2019.

Three Months Ended ---------------------------------------------------- ($ in 000s) 9/30/19 9/30/18 % 6/30/19 % Change Change --------- --------- ------ --------- ------ Capital raising: Global Wealth Management $ 9,855 $ 7,722 27.6 $ 10,559 (6.7 ) Equity capital markets 53,006 65,000 (18.5 ) 59,156 (10.4 ) Fixed income capital markets 31,082 20,553 51.2 26,997 15.1 - ------- - ------- ----- - ------- ----- Institutional Group 84,088 85,553 (1.7 ) 86,153 (2.4 ) - ------- - ------- ----- - ------- ----- Total capital raising (4) 93,943 93,275 0.7 96,712 (2.9 ) Advisory fees (4) 104,847 75,717 38.5 82,905 26.5 - ------- - ------- ----- - ------- ----- Total investment banking (4) $ 198,790 $ 168,992 17.6 $ 179,617 10.7 - ------- - ------- ----- - ------- -----

-- Global Wealth Management capital raising revenues were $9.9 million, a 27.6% increase compared with the third quarter of 2018 and a 6.7% decrease compared with the second quarter of 2019. -- Institutional equity capital raising revenues were $53.0 million, an 18.5% decrease compared with the third quarter of 2018 and a 10.4% decrease compared with the second quarter of 2019. -- Institutional fixed income capital raising revenues were $31.1 million, a 51.2% increase compared with the third quarter of 2018 and a 15.1% increase compared with the second quarter of 2019. -- Advisory fee revenues were $104.8 million, a 38.5% increase compared with the third quarter of 2018 and a 26.5% increase compared with the second quarter of 2019.

Asset Management and Service Fee Revenues

Asset management and service fee revenues were $217.6 million, an 8.4% increase compared with the third quarter of 2018 and a 3.1% increase compared with the second quarter of 2019. See Asset Management and Service Fee Break-down table.

Net Interest Income

Net interest income of $134.7 million, an 11.0% increase compared with the third quarter of 2018 and a 0.3% decrease compared with the second quarter of 2019. See Net Interest Income Analysis table.

-- Interest income was $178.8 million, a 5.3% increase compared with the third quarter of 2018 and a 4.9% decrease compared with the second quarter of 2019. -- Interest expense was $44.1 million, an 8.9% decrease compared with the third quarter of 2018 and a 16.5% decrease compared with the second quarter of 2019.

Compensation and Benefits Expenses

For the quarter ended September 30, 2019, compensation and benefits expenses were $486.2 million, which included $8.8 million of merger-related and severance expenses (non-GAAP adjustments). This compares with $422.3 million in the third quarter of 2018 and $466.9 million in the second quarter of 2019. Excluding the non-GAAP adjustments, compensation and benefits as a percentage of net revenues were 58.1% in the third quarter of 2019 (non-GAAP measure).

Three Months Ended Nine Months Ended ---------------------- -------------------------- ($ in 000s) 9/30/19 9/30/18 9/30/19 9/30/18 --------- --------- ----------- ----------- GAAP compensation and benefits $ 486,160 $ 422,324 $ 1,411,135 $ 1,322,387 As a percentage of net revenues 59.2 % 57.2 % 59.0 % 59.3 % Non-GAAP adjustments:(5) Merger-related and severance (8,827 ) (5,475 ) (16,063 ) (13,289 ) - ------- - ------- - --------- - --------- Non-GAAP compensation and benefits $ 477,333 $ 416,849 $ 1,395,072 $ 1,309,098 - ------- - ------- - --------- - --------- As a percentage of non-GAAP net revenues 58.1 % 56.5 % 58.3 % 58.7 %

Non-Compensation Operating Expenses

For the quarter ended September 30, 2019, non-compensation operating expenses were $184.7 million, which included $6.0 million of merger-related expenses (non-GAAP adjustments). This compares with $175.5 million in the third quarter of 2018 and $185.9 million in the second quarter of 2019. Excluding the non-GAAP adjustments, non-compensation operating expenses as a percentage of net revenues for the quarter ended September 30, 2019 were 21.7% (non-GAAP measure).

Three Months Ended Nine Months Ended ---------------------- ---------------------- ($ in 000s) 9/30/19 9/30/18 9/30/19 9/30/18 --------- --------- --------- --------- GAAP non-compensation expenses $ 184,658 $ 175,488 $ 545,099 $ 530,614 As a percentage of net revenues 22.5 % 23.8 % 22.8 % 23.8 % Non-GAAP adjustments:(5) Merger-related (6,023 ) (5,277 ) (13,699 ) (20,192 ) Litigation-related — (774 ) (3,507 ) (6,774 ) - ------- - ------- - ------- - ------- (6,023 ) (6,051 ) (17,206 ) (26,966 ) - ------- - ------- - ------- - ------- Non-GAAP non-compensation expenses $ 178,635 $ 169,437 $ 527,893 $ 503,648 - ------- - ------- - ------- - ------- As a percentage of non-GAAP net revenues 21.7 % 22.9 % 22.1 % 22.5 %

Provision for Income Taxes

The GAAP effective income tax rate for the quarter ended September 30, 2019 was 27.1%. This compares with an effective income tax rate of 26.1% for the third quarter of 2018 and 25.9% for the second quarter of 2019. The adjusted non-GAAP effective income tax rate for the quarter ended September 30, 2019 was 26.0%.

Three Months Ended Nine Months Ended -------------------- ---------------------- ($ in 000s) 9/30/19 9/30/18 9/30/19 9/30/18 -------- -------- --------- --------- GAAP provision for income taxes $ 40,632 $ 36,672 $ 117,227 $ 98,525 GAAP effective tax rate 27.1 % 26.1 % 27.0 % 26.0 % Non-GAAP adjustments:(5) Merger-related, litigation-related, and severance 3,994 3,166 8,949 10,980 Other (1,720 ) (162 ) (3,487 ) (477 ) - ------ - ------ - ------- - ------- 2,274 3,004 5,462 10,503 - ------ - ------ - ------- - ------- Non-GAAP provision for income taxes $ 42,906 $ 39,676 $ 122,689 $ 109,028 - ------ - ------ - ------- - ------- Non-GAAP effective tax rate 26.0 % 26.1 % 26.2 % 26.0 %

Conference Call Information

Stifel Financial Corp. will host its third quarter 2019 financial results conference call on Wednesday, October 30, 2019, at 8:00 a.m. Eastern time. The conference call may include forward-looking statements.

All interested parties are invited to listen to Stifel’s Chairman and CEO, Ronald J. Kruszewski, by dialing (888) 676-3684 and referencing conference ID #1347575. 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; Keefe Bruyette & Woods, Inc.; Miller Buckfire & Co., LLC; and Century Securities Associates, Inc., and in the United Kingdom and Europe through Stifel Nicolaus Europe Limited. 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 web site at www.stifel.com.

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. Forward-looking statements speak only as to the date they are made. Stifel Financial Corp. 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.

Summary Results of Operations (Unaudited) Three Months Ended Nine Months Ended ---------------------------------------------------- ---------------------------------- ($ in 000s, % % % except per share 9/30/19 9/30/18 Change 6/30/19 Change 9/30/19 9/30/18 Change amounts) --------- --------- ------ --------- ------ ----------- ----------- ------ Revenues: Commissions $ 163,920 $ 158,016 3.7 $ 164,981 (0.6 ) $ 484,350 $ 490,693 (1.3 ) Principal 97,847 83,152 17.7 96,464 1.4 298,343 269,918 10.5 transactions - ------- - ------- ----- - ------- ----- - --------- - --------- ----- Brokerage 261,767 241,168 8.5 261,445 0.1 782,693 760,611 2.9 revenues Advisory fees 104,847 75,717 38.5 82,911 26.5 292,648 260,393 12.4 Capital raising 93,943 93,295 0.7 96,706 (2.9 ) 247,599 246,044 0.6 - ------- - ------- ----- - ------- ----- - --------- - --------- ----- Investment 198,790 169,012 17.6 179,617 10.7 540,247 506,437 6.7 banking Asset management 217,628 200,743 8.4 211,171 3.1 624,066 596,112 4.7 and service fees Other income 8,747 6,127 42.8 13,505 (35.2 ) 34,461 18,557 85.7 - ------- - ------- ----- - ------- ----- - --------- - --------- ----- Operating 686,932 617,050 11.3 665,738 3.2 1,981,467 1,881,717 5.3 revenues Interest revenue 178,784 169,760 5.3 187,940 (4.9 ) 557,795 461,915 20.8 - ------- - ------- ----- - ------- ----- - --------- - --------- ----- Total revenues 865,716 786,810 10.0 853,678 1.4 2,539,262 2,343,632 8.3 Interest expense 44,144 48,468 (8.9 ) 52,891 (16.5 ) 146,483 112,200 30.6 - ------- - ------- ----- - ------- ----- - --------- - --------- ----- Net revenues 821,572 738,342 11.3 800,787 2.6 2,392,779 2,231,432 7.2 - ------- - ------- ----- - ------- ----- - --------- - --------- ----- Non-interest expenses: Compensation and 486,160 422,324 15.1 466,861 4.1 1,411,135 1,322,387 6.7 benefits Occupancy and 58,649 54,035 8.5 61,055 (3.9 ) 178,566 165,226 8.1 equipment rental Communication and office 36,817 33,330 10.5 35,069 5.0 107,583 103,468 4.0 supplies Commissions and 10,542 11,338 (7.0 ) 11,008 (4.2 ) 32,506 30,798 5.5 floor brokerage Provision for 929 6,924 (86.6 ) 2,353 (60.5 ) 5,565 13,244 (58.0 ) loan losses Other operating 77,721 69,861 11.3 76,459 1.7 220,879 217,878 1.4 expenses - ------- - ------- ----- - ------- ----- - --------- - --------- ----- Total non-interest 670,818 597,812 12.2 652,805 2.8 1,956,234 1,853,001 5.6 expenses - ------- - ------- ----- - ------- ----- - --------- - --------- ----- Income before 150,754 140,530 7.3 147,982 1.9 436,545 378,431 15.4 income taxes Provision for 40,632 36,672 10.8 38,225 6.3 117,227 98,525 19.0 income taxes - ------- - ------- ----- - ------- ----- - --------- - --------- ----- Net income 110,122 103,858 6.0 109,757 0.3 319,318 279,906 14.1 Net income applicable to 708 — n/m 672 5.4 1,612 — n/m non-controlling interests - ------- - ------- ------ - ------- ----- - --------- - --------- ------ Net income applicable to 109,414 103,858 5.3 109,085 0.3 317,706 279,906 13.5 Stifel Financial Corp. Preferred 4,844 2,343 106.7 5,288 (8.4 ) 12,476 7,031 77.4 dividends - ------- - ------- ----- - ------- ----- - --------- - --------- ----- Net income available to $ 104,570 $ 101,515 3.0 $ 103,797 0.7 $ 305,230 $ 272,875 11.9 common shareholders - ------- - ------- ----- - ------- ----- - --------- - --------- ----- Earnings per common share: Basic $ 1.47 $ 1.41 4.3 $ 1.43 2.8 $ 4.21 $ 3.80 10.8 Diluted $ 1.34 $ 1.25 7.2 $ 1.31 2.3 $ 3.87 $ 3.35 15.5 Cash dividends declared per $ 0.15 $ 0.12 25.0 $ 0.15 — $ 0.45 $ 0.36 25.0 common share Weighted average number of common shares outstanding: Basic 71,197 71,919 (1.0 ) 72,519 (1.8 ) 72,512 71,824 1.0 Diluted 78,144 81,484 (4.1 ) 79,079 (1.2 ) 78,826 81,425 (3.2 )

Summary Segment Results (Unaudited) Three Months Ended Nine Months Ended ------------------------------------------------------ ----------------------------------- ($ in 000s) 9/30/19 9/30/18 % 6/30/19 % 9/30/19 9/30/18 % Change Change Change ---------- --------- ----- --------- ------ ----------- ----------- ----- Net revenues: Global Wealth $ 534,571 $ 498,161 7.3 $ 532,433 0.4 $ 1,577,614 $ 1,481,063 6.5 Management Institutional 290,222 245,952 18.0 270,602 7.3 822,110 768,855 6.9 Group Other (3,221 ) (5,771 ) 44.2 (2,248 ) (43.3 ) (6,945 ) (18,486 ) 62.4 - -------- - ------- ---- - ------- ----- - --------- - --------- ---- Total net $ 821,572 $ 738,342 11.3 $ 800,787 2.6 $ 2,392,779 $ 2,231,432 7.2 revenues Operating expenses: Global Wealth $ 331,748 $ 314,784 5.4 $ 340,081 (2.5 ) $ 987,949 $ 933,020 5.9 Management Institutional 241,599 211,647 14.2 231,300 4.5 701,981 653,956 7.3 Group Other 97,471 71,381 36.6 81,424 19.7 266,304 266,025 0.1 - -------- - ------- ---- - ------- ----- - --------- - --------- ---- Total operating $ 670,818 $ 597,812 12.2 $ 652,805 2.8 $ 1,956,234 $ 1,853,001 5.6 expenses Operating contribution: Global Wealth $ 202,823 $ 183,377 10.6 $ 192,352 5.4 $ 589,665 $ 548,043 7.6 Management Institutional 48,623 34,305 41.7 39,302 23.7 120,129 114,899 4.6 Group Other (100,692 ) (77,152 ) 30.5 (83,672 ) 20.3 (273,249 ) (284,511 ) (4.0 ) - -------- - ------- ---- - ------- ----- - --------- - --------- ---- Income before $ 150,754 $ 140,530 7.3 $ 147,982 1.9 $ 436,545 $ 378,431 15.4 income taxes - -------- - ------- ---- - ------- ----- - --------- - --------- ---- As a percentage of net revenues: Compensation and benefits Global Wealth 49.0 48.5 49.3 48.9 48.7 Management Institutional 59.1 59.4 57.6 59.2 59.2 Group Non-comp. operating expenses Global Wealth 13.1 14.7 14.6 13.7 14.3 Management Institutional 24.1 26.7 27.9 26.2 25.9 Group Income before income taxes Global Wealth 37.9 36.8 36.1 37.4 37.0 Management Institutional 16.8 13.9 14.5 14.6 14.9 Group - -------- - ------- - ------- - --------- - --------- Consolidated pre-tax 18.3 19.0 18.5 18.2 16.9 margin - -------- - ------- - ------- - --------- - ---------

Financial metrics (unaudited): As of and For the Three Months Ended ------------------------------------------ ($ in 000s, except percentages and per share amounts) 9/30/19 9/30/18 6/30/19 ------------ ------------ ------------ Total assets $ 24,160,777 $ 23,760,048 $ 24,343,597 Total Stifel Financial shareholders’ equity 3,501,715 3,161,569 3,429,126 Book value per common share (6) $ 46.34 $ 41.25 $ 44.68 Return on common equity (7) 13.2 % 13.8 % 13.4 % Non-GAAP return on common equity (1) (7) 14.8 % 15.0 % 14.3 % Return on tangible common equity (8) 21.6 % 22.4 % 21.5 % Non-GAAP return on tangible common equity (1) (8) 24.2 % 24.3 % 23.1 % Tier 1 common capital ratio (9) 15.6 % 16.6 % 15.6 % Tier 1 risk based capital ratio (9) 18.1 % 17.9 % 18.0 % Tier 1 leverage capital ratio (9) 10.0 % 9.6 % 10.0 % Pre-tax margin on net revenues 18.3 % 19.0 % 18.5 % Non-GAAP pre-tax margin on net revenues (1) (2) 20.2 % 20.6 % 19.8 % Effective tax rate 27.1 % 26.1 % 25.9 % Non-GAAP effective tax rate (1) 26.0 % 26.1 % 25.9 %

Statistical Information (unaudited): As of and For the Three Months Ended ------------------------------------------------------------- ($ in 000s, except financial advisors and % % locations) 9/30/19 9/30/18 Change 6/30/19 Chang e ------------- ------------- ----- ------------- ---- Financial advisors (10) 2,097 2,045 2.5 2,097 — Independent contractors 96 104 (7.7 ) 96 — - ----------- - ----------- ---- - ----------- --- Total financial advisors 2,193 2,149 2.0 2,193 — Locations 426 404 5.4 413 3.1 Total client assets $ 311,819,000 $ 289,136,000 7.8 $ 305,233,000 2.2 Fee-based client assets $ 108,138,000 $ 96,008,000 12.6 $ 103,824,000 4.2 Client money market and insured product $ 14,246,000 $ 15,121,000 (5.8 ) $ 13,674,000 4.2 Secured client lending (11) $ 3,299,359 $ 3,185,710 3.6 $ 3,251,723 1.5

Asset Management and Service Fee Break-down (unaudited) ------------------------------------------------------- Asset Management and Service Fee Revenues: Three Months Ended ------------------------------------------------------- ($ in 000s) 9/30/19 9/30/18 % 6/30/19 % Change Change --------- --------- ------ --------- ------ Private Client Group (12) $ 172,124 $ 152,021 13.2 $ 164,554 4.6 Asset Management 30,650 27,555 11.2 29,485 4.0 Third-party Bank Sweep Program 4,907 11,029 (55.5 ) 6,869 (28.6 ) Other (13) 9,947 10,138 (1.9 ) 10,263 (3.1 ) - ------- - ------- ----- - ------- ----- Total asset management and service fee revenues $ 217,628 $ 200,743 8.4 $ 211,171 3.1 - ------- - ------- ----- - ------- ----- Fee-based Assets: Three Months Ended ------------------------------------------------------- ($ in millions) 9/30/19 9/30/18 % 6/30/19 % Change Change --------- --------- ------ --------- ------ Private Client Group (12) $ 85,163 $ 71,463 19.2 $ 80,983 5.2 Asset Management 33,698 31,091 8.4 33,156 1.6 Elimination (14) (10,723 ) (6,546 ) 63.8 (10,315 ) 4.0 - ------- - ------- ----- - ------- ----- Total fee-based assets $ 108,138 $ 96,008 12.6 $ 103,824 4.2 - ------- - ------- ----- - ------- ----- Individual Program Banks $ 1,225 $ 2,953 (58.5 ) $ 1,459 (16.0 ) ROA (bps) (15) Private Client Group (12) 85.0 89.7 89.5 Asset Management 36.4 35.5 35.6 Individual Program Banks 145.3 134.0 163.6

Consolidated Net Interest Income Analysis (Unaudited): Three Months Ended -------------------------------------------------------------------------------------------- September 30, 2019 September 30, 2018 June 30, 2019 ---------------------------- ---------------------------- ---------------------------- Averag Averag Averag ($ in millions, Average Interest e Average Interest e Average Interest e except percentages) Balance Income/ Intere Balance Income/ Intere Balance Income/ Intere Expense st Expense st Expense st Rate Rate Rate ---------- ------- ----- ---------- ------- ----- ---------- ------- ----- Interest-earning assets: Cash and federal $ 1,056.3 $ 5.7 2.15 % $ 387.8 $ 2.3 2.35 % $ 750.4 $ 4.3 2.31 % funds sold Financial 1,157.8 5.7 1.96 1,171.4 5.7 1.96 1,320.5 6.4 1.94 instruments owned Margin balances 1,308.3 13.3 4.08 1,324.0 13.1 3.95 1,291.5 13.7 4.23 Investments: Asset-backed 4,367.8 42.4 3.88 4,967.2 48.2 3.88 4,508.4 46.0 4.08 securities Mortgage-backed 1,253.4 6.6 2.10 1,668.4 9.1 2.18 1,470.9 8.6 2.33 securities Corporate fixed 743.7 5.7 3.06 1,286.7 9.2 2.85 915.0 6.9 3.02 income securities State and municipal 34.3 0.2 2.27 73.2 0.3 1.99 48.0 0.2 1.85 securities Other 4.5 — 5.98 8.7 — 1.48 — — — - -------- - ----- ---- - -------- - ----- ---- - -------- - ----- ---- Total Investments 6,403.7 54.9 3.43 8,004.2 66.8 3.34 6,942.3 61.7 3.56 Loans: Commercial and 3,330.2 39.7 4.77 2,950.2 34.1 4.62 3,337.4 41.3 4.95 industrial Residential real 3,003.8 23.2 3.08 2,753.7 19.8 2.88 2,953.7 22.5 3.05 estate Securities-based 1,959.3 19.9 4.06 1,848.2 18.2 3.94 1,916.3 20.2 4.21 loans Commercial real 377.2 5.2 5.52 192.4 2.4 4.98 354.3 5.0 5.63 estate Loans held for sale 209.7 1.7 3.21 224.5 2.5 4.38 178.6 1.8 4.02 Other 444.9 5.7 5.23 142.5 1.8 5.12 377.9 5.1 5.38 - -------- - ----- ---- - -------- - ----- ---- - -------- - ----- ---- Total Loans 9,325.1 95.4 4.09 8,111.5 78.8 3.88 9,118.2 95.9 4.21 Other interest-bearing 678.7 3.8 2.19 747.4 3.1 1.66 831.6 5.9 2.86 assets - -------- - ----- ---- - -------- - ----- ---- - -------- - ----- ---- Total interest-earning 19,929.9 178.8 3.59 19,746.3 169.8 3.44 20,254.5 187.9 3.71 assets/interest income Interest-bearing liabilities: Short-term 21.0 0.1 2.63 35.3 0.3 2.89 29.8 0.2 3.16 borrowings Senior notes 1,016.6 11.1 4.38 1,015.7 11.2 4.43 1,016.2 11.1 4.38 Deposits 14,926.2 24.8 0.67 14,003.2 25.9 0.74 14,660.7 29.3 0.80 FHLB 270.1 1.1 1.70 1,028.8 4.2 1.65 550.2 2.9 2.12 Other interest-bearing 1,673.0 7.0 1.66 1,591.7 6.9 1.73 1,764.4 9.4 2.10 liabilities - -------- - ----- ---- - -------- - ----- ---- - -------- - ----- ---- Total interest-bearing $ 17,906.9 $ 44.1 0.99 % $ 17,674.7 $ 48.5 1.10 % $ 18,021.3 $ 52.9 1.17 % liabilities/interest expense - ----- ---- - ----- ---- - ----- ---- Net interest $ 134.7 2.70 % $ 121.3 2.46 % $ 135.0 2.67 % income/margin - ----- ---- - ----- ---- - ----- ----

Stifel Bancorp, Inc. (16) Net Interest Income Analysis (Unaudited): Three Months Ended -------------------------------------------------------------------------------------------- September 30, 2019 September 30, 2018 June 30, 2019 ---------------------------- ---------------------------- ---------------------------- Averag Averag Averag ($ in millions, Average Interest e Average Interest e Average Interest e except percentages) Balance Income/ Intere Balance Income/ Intere Balance Income/ Intere Expense st Expense st Expense st Rate Rate Rate ---------- ------- ----- ---------- ------- ----- ---------- ------- ----- Interest-earning assets: Cash and federal $ 540.8 $ 3.2 2.36 % $ 29.4 $ 0.2 2.06 % $ 330.6 $ 1.8 2.15 % funds sold Investments 6,403.7 54.9 3.43 8,004.2 66.8 3.34 6,942.3 61.7 3.56 Loans 9,325.1 95.4 4.09 8,111.5 78.8 3.88 9,118.2 95.9 4.21 Other interest-bearing 46.7 0.4 3.04 73.9 0.7 4.19 57.2 0.6 4.38 assets - -------- - ----- ---- - -------- - ----- ---- - -------- - ----- ---- Total interest-earning 16,316.3 153.9 3.77 16,219.0 146.5 3.61 16,448.3 160.0 3.89 assets/interest income Interest-bearing liabilities: Deposits 14,926.2 24.8 0.67 14,003.2 25.9 0.74 14,660.7 29.3 0.80 FHLB 270.1 1.1 1.70 1,028.8 4.2 1.65 550.2 2.9 2.12 Other interest-bearing 1.7 0.1 6.49 28.1 0.2 3.17 1.7 0.1 6.73 liabilities - -------- - ----- ---- - -------- - ----- ---- - -------- - ----- ---- Total interest-bearing $ 15,198.0 26.0 0.68 % $ 15,060.1 30.3 0.81 % $ 15,212.6 32.3 0.85 % liabilities/interest expense - ----- ---- - ----- ---- - ----- ---- Net interest $ 127.9 3.14 % $ 116.2 2.87 % $ 127.7 3.11 % income/margin - ----- ---- - ----- ---- - ----- ----

Stifel Bancorp, Inc.(16) - a component of Global Wealth Management Selected operating data Three Months Ended Nine Months Ended (unaudited): ------------------------------------------------------- -------------------------------- ($ in 000s, % % % except 9/30/19 9/30/18 Change 6/30/19 Change 9/30/19 9/30/18 Change percentages) --------- - --------- ------ --------- ------ --------- - --------- ------ Net interest $ 127,942 $ 116,204 10.1 $ 127,714 0.2 $ 390,220 $ 338,031 15.4 income Bank loan loss 929 6,924 (86.6 ) 2,353 (60.5 ) 5,565 13,244 (58.0 ) provision Charge-offs 56 — n/m 54 3.7 166 14 n/m Net interest 3.14 % 2.87 % 27 bps 3.11 % 3 bps 3.14 % 2.91 % 23 bps margin

Financial Metrics (unaudited): As of -------------------------------------------- ($ in 000s, except percentages) 9/30/19 9/30/18 6/30/19 ------------ ------------ ------------ Total assets $ 16,442,707 $ 17,005,070 $ 16,645,984 Total shareholders’ equity 1,234,932 1,200,250 1,236,318 Total loans, net (includes loans held for sale) 9,367,233 8,516,052 9,127,836 Total deposits 14,836,646 14,502,952 14,901,061 Available-for-sale securities, at fair value 3,448,207 3,347,819 2,702,211 Held-to-maturity securities, at amortized cost 2,878,516 4,562,021 3,957,629 Commercial and industrial 3,315,706 3,127,435 3,338,127 Residential real estate 3,043,271 2,792,269 2,984,725 Securities-based loans 1,986,339 1,836,450 1,962,528 Commercial real estate 387,868 328,814 367,283 Loans held for sale 265,330 262,063 163,511 Stifel Bank & Trust: Common equity tier 1 capital ratio (9) 13.1 % 14.2 % 13.4 % Tier 1 capital ratio (9) 13.1 % 14.2 % 13.4 % Total capital ratio (9) 14.3 % 15.2 % 14.5 % Tier 1 leverage ratio (9) 7.3 % 7.0 % 7.2 % Stifel Bank: Common equity tier 1 capital ratio (9) 17.9 % 13.8 % 17.7 % Tier 1 capital ratio (9) 17.9 % 13.8 % 17.7 % Total capital ratio (9) 19.1 % 15.0 % 18.9 % Tier 1 leverage ratio (9) 7.0 % 12.5 % 7.3 % Credit Metrics: Allowance for loan losses $ 91,360 $ 80,700 $ 90,472 Allowance as a percentage of retained loans 0.99 % 0.97 % 1.00 % Net charge-offs as a percentage of average loans 0.00 % 0.00 % 0.00 % Total nonperforming assets $ 18,031 $ 24,352 $ 21,111 Nonperforming assets as % of total assets 0.11 % 0.14 % 0.13 %

Global Wealth Management Summary Results of Operations (Unaudited) Three Months Ended Nine Months Ended ---------------------------------------------------- ---------------------------------- ($ in 000s) 9/30/19 9/30/18 % 6/30/19 % 9/30/19 9/30/18 % Change Change Change --------- --------- ------ --------- ------ ----------- ----------- ------ Revenues: Commissions $ 118,061 $ 117,795 0.2 $ 120,284 (1.8 ) $ 348,272 $ 355,129 (1.9 ) Principal 42,056 41,023 2.5 42,104 (0.1 ) 127,427 125,713 1.4 transactions - ------- - ------- ----- - ------- ----- - --------- - --------- ----- Brokerage 160,117 158,818 0.8 162,388 (1.4 ) 475,699 480,842 (1.1 ) revenues Asset management 217,616 200,735 8.4 211,156 3.1 624,025 596,081 4.7 and service fees Net interest 137,937 127,341 8.3 137,599 0.2 420,831 370,783 13.5 Investment 9,855 7,722 27.6 10,559 (6.7 ) 28,637 23,459 22.1 banking Other income 9,046 3,545 155.2 10,731 (15.7 ) 28,422 9,898 187.1 - ------- - ------- ----- - ------- ----- - --------- - --------- ----- Net revenues 534,571 498,161 7.3 532,433 0.4 1,577,614 1,481,063 6.5 - ------- - ------- ----- - ------- ----- - --------- - --------- ----- Non-interest expenses: Compensation and 261,681 241,713 8.3 262,321 (0.2 ) 771,475 721,352 6.9 benefits Non-compensation operating 70,067 73,071 (4.1 ) 77,760 (9.9 ) 216,474 211,668 2.3 expenses - ------- - ------- ----- - ------- ----- - --------- - --------- ----- Total non-interest 331,748 314,784 5.4 340,081 (2.5 ) 987,949 933,020 5.9 expenses - ------- - ------- ----- - ------- ----- - --------- - --------- ----- Income before $ 202,823 $ 183,377 10.6 $ 192,352 5.4 $ 589,665 $ 548,043 7.6 income taxes - ------- - ------- ----- - ------- ----- - --------- - --------- ----- As a percentage of net revenues: Compensation and 49.0 48.5 49.3 48.9 48.7 benefits Non-compensation operating 13.1 14.7 14.6 13.7 14.3 expenses Income before 37.9 36.8 36.1 37.4 37.0 income taxes

Institutional Group Summary Results of Operations (Unaudited) Three Months Ended Nine Months Ended ------------------------------------------------------- ------------------------------ ($ in 000s) 9/30/19 9/30/18 % 6/30/19 % 9/30/19 9/30/18 % Change Change Change --------- --------- ------- --------- ------- --------- --------- ------ Revenues: Commissions $ 45,859 $ 40,220 14.0 $ 44,697 2.6 $ 136,078 $ 135,563 0.4 Principal 55,791 42,130 32.4 54,360 2.6 170,916 144,206 18.5 transactions - ------- - ------- ------ - ------- ------ - ------- - ------- ----- Brokerage 101,650 82,350 23.4 99,057 2.6 306,994 279,769 9.7 revenues Advisory fees 104,847 75,717 38.5 82,905 26.5 292,647 260,312 12.4 Capital raising 84,088 85,553 (1.7 ) 86,153 (2.4 ) 218,963 222,666 (1.7 ) - ------- - ------- ------ - ------- ------ - ------- - ------- ----- Investment 188,935 161,270 17.2 169,058 11.8 511,610 482,978 5.9 banking Other (17) (363 ) 2,332 (115.6 ) 2,487 (114.6 ) 3,506 6,108 (42.6 ) - ------- - ------- ------ - ------- ------ - ------- - ------- ----- Net revenues 290,222 245,952 18.0 270,602 7.3 822,110 768,855 6.9 - ------- - ------- ------ - ------- ------ - ------- - ------- ----- Non-interest expenses: Compensation and 171,534 146,187 17.3 155,779 10.1 486,724 455,515 6.9 benefits Non-compensation operating 70,065 65,460 7.0 75,521 (7.2 ) 215,257 198,441 8.5 expenses - ------- - ------- ------ - ------- ------ - ------- - ------- ----- Total non-interest 241,599 211,647 14.2 231,300 4.5 701,981 653,956 7.3 expenses - ------- - ------- ------ - ------- ------ - ------- - ------- ----- Income before $ 48,623 $ 34,305 41.7 $ 39,302 23.7 $ 120,129 $ 114,899 4.6 income taxes - ------- - ------- ------ - ------- ------ - ------- - ------- ----- As a percentage of net revenues: Compensation and 59.1 59.4 57.6 59.2 59.2 benefits Non-compensation operating 24.1 26.7 27.9 26.2 25.9 expenses Income before 16.8 13.9 14.5 14.6 14.9 income taxes

Non-GAAP Financial Measures

The Company utilized certain non-GAAP calculations as additional measures to aid in understanding and analyzing the Company’s financial results for the three months ended September 30, 2019 and 2018, and June 30, 2019. Specifically, the Company believes that the non-GAAP measures provide useful information by excluding certain items that may not be indicative of the Company’s core operating results and business outlook. The Company believes that these non-GAAP measures will allow for a better evaluation of the operating performance of the business and facilitate a meaningful comparison of the Company’s results in the current period to those in prior and future periods. Reference to these non-GAAP measures should not be considered as a substitute for results that are presented in a manner consistent with GAAP. These non-GAAP measures are provided to enhance investors’ overall understanding of the Company’s current financial performance. The non-GAAP financial information should be considered in addition to, not as a substitute for or as being superior to, operating income, cash flows, or other measures of financial performance prepared in accordance with GAAP. These non-GAAP measures primarily exclude expenses which management believes are, in some instances, non-recurring and not representative of on-going business.

A limitation of utilizing these non-GAAP measures is that the GAAP accounting effects of these charges do, in fact, reflect the underlying financial results of the Company’s business and these effects should not be ignored in evaluating and analyzing its financial results. Therefore, the Company believes that GAAP measures and the same respective non-GAAP measures of the Company’s financial performance should be considered together.

The following table provides details with respect to reconciling net income and earnings per diluted common share on a GAAP basis for the three and nine months ended September 30, 2019 and 2018, and the three months ended June 30, 2019 to net income and earnings per diluted common share on a non-GAAP basis for the same period.

Three Months Ended Nine Months Ended ----------------------------------- ---------------------- ($ in 000s) 9/30/19 9/30/18 6/30/19 9/30/19 9/30/18 --------- --------- --------- --------- --------- GAAP net income applicable to Stifel $ 109,414 $ 103,858 $ 109,085 $ 317,706 $ 279,906 Financial Corp. Preferred dividend 4,844 2,343 5,288 12,476 7,031 - ------- - ------- - ------- - ------- - ------- Net income available to common shareholders 104,570 101,515 103,797 305,230 272,875 Non-GAAP adjustments: Merger-related and severance (18) 14,850 10,777 6,721 29,762 33,506 Litigation-related (19) — 774 3,507 3,507 6,774 Provision for income taxes (20) (2,274 ) (3,004 ) (2,654 ) (5,462 ) (10,503 ) - ------- - ------- - ------- - ------- - ------- Total non-GAAP adjustments 12,576 8,547 7,574 27,807 29,777 - ------- - ------- - ------- - ------- - ------- Non-GAAP net income available to common $ 117,146 $ 110,062 $ 111,371 $ 333,037 $ 302,652 shareholders - ------- - ------- - ------- - ------- - ------- Weighted average diluted shares outstanding 78,144 81,484 79,079 78,826 81,425 GAAP earnings per diluted common share $ 1.40 $ 1.27 $ 1.38 $ 4.03 $ 3.44 Non-GAAP adjustments 0.16 0.11 0.10 0.35 0.36 - ------- - ------- - ------- - ------- - ------- Non-GAAP earnings per diluted common share $ 1.56 $ 1.38 $ 1.48 $ 4.38 $ 3.80 - ------- - ------- - ------- - ------- - ------- GAAP earnings per diluted common share $ 1.34 $ 1.25 $ 1.31 $ 3.87 $ 3.35 available to common shareholders Non-GAAP adjustments 0.16 0.10 0.10 0.35 0.37 - ------- - ------- - ------- - ------- - ------- Non-GAAP earnings per diluted common share $ 1.50 $ 1.35 $ 1.41 $ 4.22 $ 3.72 available to common shareholders - ------- - ------- - ------- - ------- - -------

Footnotes

(1) Reconciliations of the Company’s GAAP results to these non-GAAP measures are discussed within and under “Non-GAAP Financial Measures.”(2) Non-GAAP pre-tax margin for the three months ended September 30, 2019 of 20.2% is calculated by adding non-GAAP adjustments of $14.8 million to our GAAP income before income taxes of $150.8 million and dividing it by non-GAAP net revenues for the quarter of $821.6 million. Reconciliations of the Company’s GAAP results to certain non-GAAP measures is discussed within and under “Non-GAAP Financial Measures.”(3) Non-GAAP pre-tax margin for the nine months ended September 30, 2019 of 19.6% is calculated by adding non-GAAP adjustments of $33.3 million to our GAAP income before income taxes of $436.5 million and dividing it by non-GAAP net revenues of $2.4 billion. Reconciliations of the Company’s GAAP results to certain non-GAAP measures is discussed within and under “Non-GAAP Financial Measures.”(4) Excludes revenue included in the Other segment.(5) See further discussion of non-GAAP adjustments under “Non-GAAP Financial Measures.”(6) Book value per common share represents shareholders’ equity (excluding preferred stock and non-controlling interests) divided by period end common shares outstanding.(7) Computed by dividing annualized net income by average common shareholders’ equity or, in the case of non-GAAP return on common equity, computed by dividing non-GAAP net income by average common shareholders’ equity.(8) Computed by dividing annualized net income by average tangible shareholders’ equity or, in the case of non-GAAP return on tangible common equity, computed by dividing non-GAAP net income by average tangible shareholders’ equity. Tangible common shareholders’ equity equals total common shareholders’ equity less goodwill and identifiable intangible assets.(9) Capital ratios are estimates at time of the Company’s earnings release.(10) Reflects change in the definition of producing brokers as of January 1, 2019. Prior period amounts have been restated to conform with current period presentation.(11) Includes client margin balances held by our broker-dealer subsidiaries and securities-based loans held at our bank subsidiaries.(12) Includes Private Client Group and Trust Business.(13) Includes fund networking fees, retirement fees, transaction/handling fees, and ACAT fees.(14) Asset management assets managed in Private Client Group or Trust accounts.(15) Return on assets (ROA) is calculated based on prior period-end balances for Private Client Group, period-end balances for Asset Management, and average quarterly balances for Individual Program Banks.(16) Includes Stifel Bank & Trust and Stifel Bank, formerly known as The Business Bank of St. Louis, which was acquired on August 31, 2018, and Stifel Trust Company, N.A.(17) Includes net interest, asset management and service fees, and other income.(18) Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of restricted stock awards and promissory notes issued as retention, professional fees, and amortization of intangible assets acquired. These costs were directly related to acquisitions of certain businesses and are not representative of the costs of running the Company’s on-going business.(19) Primarily related to costs associated with Company’s legal matters.(20) See details of non-GAAP adjustments under “Provision for Income Taxes.”

Media Contact: Neil Shapiro (212) 271-3447Investor Contact: Joel Jeffrey (212) 271-3610 www.stifel.com/investor-relations