STIFEL FINANCIAL CORP - FORM 8-K - EX-99.1 - May 12, 2015

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8-K - 8-K - STIFEL FINANCIAL CORPd924490d8k.htm
1   Quarter 2015
Financial Results Presentation
May 11, 2015
st
Exhibit 99.1

1
Disclaimer
Forward-Looking
Statements
Use
of
Non-GAAP
Financial
Measures
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
future
business
prospects
of
Stifel
Financial
Corp.,
as
well
as
Stifel,
Nicolaus
&
Company,
Incorporated
and
its
subsidiaries
(collectively,
“SF”
or
the
“Company”).
These
statements
can
be
identified
by
the
use
of
the
words
“may,”
“will,”
“should,”
“could,”
“would,”
“plan,”
“potential,”
“estimate,”
“project,”
“believe,”
“intend,”
“anticipate,”
“expect,”
and
similar
expressions.
In
particular,
these
statements
may
refer
to
our
goals,
intentions,
and
expectations,
our
business
plans
and
growth
strategies,
our
ability
to
integrate
and
manage
our
acquired
businesses,
estimates
of
our
risks
and
future
costs
and
benefits,
and
forecasted
demographic
and
economic
trends
relating
to
our
industry.
You
should
not
place
undue
reliance
on
any
forward-looking
statements,
which
speak
only
as
of
the
date
they
were
made.
We
will
not
update
these
forward-looking
statements,
even
though
our
situation
may
change
in
the
future,
unless
we
are
obligated
to
do
so
under
federal
securities
laws.  
Actual
results
may
differ
materially
and
reported
results
should
not
be
considered
as
an
indication
of
future
performance.
Factors
that
could
cause
actual
results
to
differ
are
included
in
the
Company’s
annual
and
quarterly
reports
and
from
time
to
time
in
other
reports
filed
by
the
Company
with
the
Securities
and
Exchange
Commission
and
include,
among
other
things,
changes
in
general
economic
and
business
conditions,
actions
of
competitors,
regulatory
and
legal
actions,
changes
in
legislation,
and
technology
changes.
The
Company
utilized
non-GAAP
calculations
of
presented
net
revenues,
compensation
and
benefits,
non-compensation
operating
expenses,
income
from
continuing
operations
before
income
taxes,
provision
for
income
taxes,
net
income
from
continuing
operations,
net
income,
compensation
and
non-compensation
operating
expense
ratios,
pre-tax
margin
and
diluted
earnings
per
share
as
an
additional
measure
to
aid
in
understanding
and
analyzing
the
Company’s
financial
results
for
the
three
months
ended
March
31,
2015.
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
periods
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
financial
performance.

2
Chairman’s Comments
“We
are
pleased
with
our
first
quarter
results,
which
represent
our
third
best
revenue
quarter.
That
said,
while
investment
banking
was
a
good
quarter,
results
can
and
will
be
lumpy,
especially
as
we
continue
to
build-out
our
capabilities.
Looking
forward,
we
are
optimistic
about
the
continued
growth
in
our
business.
In
today’s
environment,
we
see
ample
opportunities
to
continue
to
build
the
premier
investment
banking
and
wealth
management
firm.”

Market Overview
3
Note:
Volumes
are
in
million
$,
except
trading
volumes
which
are
in
million
shares.
Source:
Dealogic,
SIFMA,
Bloomberg,
Strategic
Insight
Simfund
and
KBW
Research.
Active
Domestic
Passive
Domestic
Total
Domestic
Active
International
Passive
International
Total
International
Cumulative
Total
2015 Q1
(37,765)
    
35,078
      
(2,687)
      
18,090
           
11,231
           
29,321
           
26,634
           
2014 Q4
(44,054)
    
19,660
      
(24,394)
    
(10,151)
          
13,982
           
3,831
              
(20,563)
          
2014 Q1
(754)
          
21,072
      
20,318
      
32,938
           
8,406
              
41,345
           
61,663
           
Active
Domestic
Passive
Domestic
Total
Domestic
Active
International
Passive
International
Total
International
Cumulative
Total
2015 Q1
(37,694)
    
56,696
      
19,002
      
18,121
           
48,403
           
66,524
           
85,526
           
2014 Q4
(44,014)
    
63,658
      
19,644
      
(10,065)
          
16,780
           
6,715
              
26,359
           
2014 Q1
(695)
          
29,723
      
29,028
      
32,946
           
9,637
              
42,584
           
71,611
           
Net Flows - Mutual Funds ($ millions)
Net Flows - Mutual Funds + ETFs ($ millions)
Rates
S&P 500
Dow
U.S. 10yr
Yield
VIX
Equity
ADV
Corporate
Bond ADV
U.S. ECM
($)
U.S. DCM
($)
Municipal
Bond DCM
($)
U.S.
Announced
M&A ($)
U.S.
Completed
M&A ($)
2015 Q1
2,068
17,776
1.92%
15.3
6,916
24,777
89,751
599,168
105,903
393,899
405,581
2014 Q4
2,059
17,823
2.17%
15.7
7,004
20,489
62,086
487,339
102,942
384,614
392,033
2014 Q1
1,872
16,458
2.72%
13.9
6,944
21,854
60,285
548,025
64,331
314,454
353,662
1Q/4Q
0%
0%
-25 bps
-3%
-1%
21%
45%
23%
3%
2%
3%
1Q/1Q
10%
8%
-79 bps
10%
0%
13%
49%
9%
65%
25%
15%
Underwriting Volumes and M&A
Volatility / Volumes
Market Valuations

Financial
Results

Stifel Financial Corp. Results
Three months ended March 31, 2015
5
($ in thousands, except per share amounts)
Non-GAAP
Non-Core
GAAP
3/31/14
% Change
12/31/14
% Change
Total revenues
574,001
$       
-
$                 
574,001
$       
557,342
$       
3.0%
590,673
$    
(2.8%)
Interest expense
10,307
           
2,712
              
13,019
           
8,897
              
15.8%
12,604
        
(18.2%)
Net revenues
563,694
         
(2,712)
            
560,982
         
548,445
         
2.8%
578,069
      
(2.5%)
Compensation and benefits
352,283
         
3,410
              
355,693
         
344,705
         
2.2%
355,584
      
(0.9%)
Non-comp operating expenses
130,602
         
4,621
              
135,223
         
119,867
         
9.0%
133,052
      
(1.8%)
Total non-interest expenses
482,885
         
8,031
              
490,916
         
464,572
         
3.9%
488,636
      
(1.2%)
Income before income taxes
80,809
           
(10,743)
          
70,066
           
83,873
           
(3.7%)
89,433
        
(9.6%)
Provision for income taxes
30,869
           
(3,900)
            
26,969
           
32,436
           
(4.8%)
31,299
        
(1.4%)
Net income
49,940
$         
(6,843)
$          
43,097
$         
51,437
$         
(2.9%)
58,134
$      
(14.1%)
Earnings per diluted common share
0.65
$              
(0.09)
$            
0.56
$              
0.68
$              
(4.4%)
0.75
$           
(13.3%)
Weighted average number of shares outstanding:
Diluted
77,359
75,691
2.2%
77,540
(0.2%)
Ratios to net revenues :
Compensation and benefits
62.5%
63.4%
62.9%
61.5%
Non-comp operating expenses
23.2%
24.1%
21.9%
23.0%
Income before income taxes
14.3%
12.5%
15.2%
15.5%
Three Months Ended March 31, 2015
Three Months Ended
(1)
Non-core adjustments consist of merger-related revenues and expenses associated with our acquisitions. and the write-off of debt issuance costs as a result of the redemption of our
6.70% senior notes in January 2015.
(2)
Results for the three months ended March 31, 2014 and December 31, 2014 are Core (non-GAAP).
_________________________________________________________
(1)
(2)
(2)

6
Q1 2015 Core Results vs. Estimates

Source of Revenues
7
($ in thousands)
3/31/15
3/31/14
%
Change
12/31/14
%
Change
Commissions
180,302
$   
172,243
$   
4.7%
174,990
$       
3.0%
Principal transactions
100,205
     
110,360
     
(9.2%)
94,109
           
6.5%
Brokerage revenues
280,507
     
282,603
     
(0.7%)
269,099
         
4.2%
Capital raising
75,646
       
76,811
       
(1.5%)
71,175
           
6.3%
Advisory
49,443
       
58,773
       
(15.9%)
103,423
         
(52.2%)
Investment banking
125,089
     
135,584
     
(7.7%)
174,598
         
(28.4%)
Asset mgt and service fees
113,869
     
89,170
       
27.7%
105,962
         
7.5%
Other
11,800
       
5,238
          
125.3%
(3,960)
            
398.0%
    Total operating revenues
531,265
     
512,595
     
3.6%
545,699
         
(2.6%)
Interest revenue
42,736
       
42,836
       
(0.2%)
44,935
           
(4.9%)
    Total revenues
574,001
     
555,431
     
3.3%
590,634
         
(2.8%)
Interest expense
13,019
       
8,675
          
50.1%
12,604
           
3.3%
    Net revenues
560,982
$   
546,756
$   
2.6%
578,030
$       
(2.9%)
Three Months Ended

Brokerage & Investment Banking Revenues
($ in thousands)
3/31/15
3/31/14
% Change
12/31/14
% Change
Global Wealth Management
157,995
$  
160,151
$  
(1.3%)
160,022
$  
(1.3%)
Institutional Group
Equity brokerage
61,803
      
64,456
      
(4.1%)
67,273
      
(8.1%)
Fixed income brokerage
60,709
      
57,995
      
4.7%
41,804
      
45.2%
Total Institutional Group
122,512
    
122,451
    
0.0%
109,077
    
12.3%
Total brokerage revenues
280,507
    
282,602
    
(0.7%)
269,099
    
4.2%
Investment Banking:
Capital raising
Equity
48,931
      
60,429
      
(19.0%)
49,863
      
(1.9%)
Fixed income
26,715
      
16,382
      
63.1%
21,312
      
25.4%
Total capital raising
75,646
      
76,811
      
(1.5%)
71,175
      
6.3%
Advisory fees
49,443
      
58,773
      
(15.9%)
103,423
    
(52.2%)
Total Investment banking
125,089
$  
135,584
$  
(7.7%)
174,598
$  
(28.4%)
Three Months Ended
8

Core Non-Interest Expenses
Three months ended March 31, 2015
($ in thousands)
3/31/15
(1)
3/31/14
% Change
12/31/14
% Change
3/31/15
(1)
3/31/14
12/31/14
Net revenues
563,694
$     
548,445
$     
2.8%
578,069
$     
(2.5%)
100.0%
100.0%
100.0%
Compensation and benefits
329,228
       
321,253
       
2.5%
332,364
       
(0.9%)
58.4%
58.6%
57.5%
Transition pay
(2)
23,055
         
23,452
         
(1.7%)
23,220
         
(0.7%)
4.1%
4.3%
4.0%
Total compensation and benefits
352,283
       
344,705
       
2.2%
355,584
       
(0.9%)
62.5%
62.9%
61.5%
Occupancy and equipment rental
43,158
         
39,820
         
8.4%
42,798
         
0.8%
7.7%
7.3%
7.4%
Communication and office supplies
28,755
         
24,821
         
15.8%
28,450
         
1.1%
5.1%
4.5%
4.9%
Commissions and floor brokerage
9,800
           
9,029
           
8.5%
8,308
           
18.0%
1.7%
1.6%
1.4%
Other operating expenses
48,889
         
46,197
         
5.8%
53,496
         
(8.6%)
8.7%
8.4%
9.3%
Total non-comp operating expenses
130,602
       
119,867
       
9.0%
133,052
       
(1.8%)
23.2%
21.9%
23.0%
Total non-interest expense
482,885
       
464,572
       
3.9%
488,636
       
(1.2%)
85.7%
84.7%
84.5%
Income before income taxes
80,809
         
83,873
         
(3.7%)
89,433
         
(9.6%)
14.3%
15.3%
15.5%
Provision for income taxes
30,869
         
32,436
         
(4.8%)
31,299
         
(1.4%)
5.5%
5.9%
5.4%
Non-GAAP net income
49,940
$       
51,437
$       
(2.9%)
58,134
$       
(14.1%)
8.9%
9.4%
10.1%
Non-core expenses (after-tax)
(6,843)
(4,055)
              
(12,952)
            
GAAP net income
43,097
$       
47,382
$       
45,182
$       
Three Months Ended
% of Net revenues
9
_________________________________________________________
(1)
Excludes non-core  adjustments consisting of merger-related revenues and expenses associated with our acquisitions and the write-off of debt issuance costs as a result of the redemption of our
6.70% senior notes in January 2015.
(2)
Transition pay includes amortization of retention awards, signing bonuses, and upfront notes.

Segment Comparison -
Core
10
(1)
Excludes the Other segment.
_________________________________________________________
($ in thousands)
3/31/15
3/31/14
% Change
12/31/14
%
Change
Net revenues:
Global Wealth Management
329,410
$  
297,183
$  
10.8%
310,980
$  
5.9%
Institutional Group
238,607
    
249,987
    
(4.6%)
272,686
    
(12.5%)
Other
(4,323)
      
1,275
        
nm
(5,597)
      
(22.8%)
563,694
$  
548,445
$  
2.8%
578,069
$  
(2.5%)
Operating contribution:
Global Wealth Management
98,847
$    
79,676
$    
24.1%
84,178
$    
17.4%
Institutional Group
32,331
      
44,923
      
(28.0%)
34,787
      
(7.1%)
Other
(50,369)
    
(40,726)
    
23.7%
(29,532)
    
70.6%
80,809
$    
83,873
$    
(3.7%)
89,433
$    
(9.6%)
Operating contribution
Global Wealth Management
30.0
          
26.8
          
27.1
          
Institutional Group
13.6
          
18.0
          
12.8
          
14.3
          
15.2
          
15.5
          
As a percentage of net revenues:
Three Months Ended
(1)

Global Wealth Management
($ in thousands)
3/31/15
3/31/14
% Change
12/31/14
% Change
Commissions
116,214
$   
112,997
$   
2.8%
115,351
$   
0.7%
Principal transactions
41,781
       
47,154
       
(11.4%)
44,671
       
(6.5%)
Asset management & service fees
113,666
     
89,130
       
27.5%
105,511
     
7.7%
Net interest
37,924
       
35,262
       
7.5%
40,236
       
(5.7%)
Investment banking
10,326
       
11,280
       
(8.5%)
9,811
         
5.2%
Other income
9,499
         
1,360
         
598.3%
(4,600)
        
nm
Net revenues
329,410
     
297,183
     
10.8%
310,980
     
5.9%
Compensation and benefits
183,243
     
174,168
     
5.2%
180,491
     
1.5%
Non-comp operating expenses
47,320
       
43,339
       
9.2%
46,311
       
2.2%
Total non-interest expenses
230,563
     
217,507
     
6.0%
226,802
     
1.7%
Income before income taxes
98,847
$     
79,676
$     
24.1%
84,178
$     
17.4%
Ratios to net revenues :
Compensation and benefits
55.6%
58.6%
58.0%
Non-comp operating expenses
14.4%
14.6%
14.9%
Income before income taxes
30.0%
26.8%
27.1%
Three Months Ended
11

Stifel Bank & Trust
(an operating unit of GWM)
12
Note:  Actual amounts presented above are as of period-end and yields are based off of quarter-to-date averages.
(1)
Investment securities includes available-for-sale and held-to-maturity securities.
(2)
Includes loans held for sale.
_________________________________________________________

Institutional Group
($ in thousands)
3/31/15
3/31/14
% Change
12/31/14
% Change
Net revenues
238,607
$   
249,987
$   
(4.6%)
272,686
$   
(12.5%)
Compensation and benefits
149,411
     
154,234
     
(3.1%)
176,897
     
(15.5%)
Non-comp operating expenses
56,865
       
50,830
       
11.9%
61,002
       
(6.8%)
Total non-interest expenses
206,276
     
205,064
     
0.6%
237,899
     
(13.3%)
Income before income taxes
32,331
$     
44,923
$     
(28.0%)
34,787
$     
(7.1%)
Ratios to net revenues :
Compensation and benefits
62.6%
61.7%
64.9%
Non-comp operating expenses
23.8%
20.3%
22.3%
Income before income taxes
13.6%
18.0%
12.8%
Three Months Ended
13

Financial
Condition

Capital Structure
(in thousands, except ratios)
15
_________________________________________________________
As of
($ in thousands)
3/31/15
3/31/14
12/31/14
Total Assets
9,373,137
$
9,387,814
$
9,518,151
$
Stockholders' Equity
2,363,244
  
2,100,140
  
2,322,038
  
4.250% senior notes, due 2024
300,000
$   
-
$           
300,000
$   
5.375% senior notes, due 2022
150,000
     
150,000
     
150,000
     
4.250% senior notes, due 2024
-
             
175,000
     
175,000
     
Debentures to Stifel Financial Capital Trusts II, III, & IV
82,500
       
82,500
       
82,500
       
Total Capitalization
2,895,744
$
2,507,640
$
3,029,538
$
Ratios:
Debt to Equity
(1)
22.5%
19.4%
30.5%
Tier 1 Leverage Ratio
17.5%
15.1%
16.5%
Tier 1 Risk Based Capital Ratio
29.9%
25.7%
25.0%
As of
(1)
Debt
to
equity
ratio
includes
the
debentures
to
Stifel
Financial
Capital
Trusts
and
Senior
Notes
divided
by
stockholders’equity.

Historical Asset Balances
(in thousands)
16

As of
3/31/15
3/31/14
% Change
12/31/14
% Change
Total assets (000s):
Stifel Nicolaus & Stifel Financial
4,083,788
$          
4,376,827
$       
(6.7%)
4,280,181
$       
(4.6%)
Stifel Bank
5,289,349
            
5,010,987
         
5.6%
5,237,970
         
1.0%
Total assets
9,373,137
            
9,387,814
$       
(0.2%)
9,518,151
         
(1.5%)
Total shareholders' equity (000s):
Stifel Nicolaus & Stifel Financial
1,967,874
$          
1,748,450
$       
12.5%
1,916,019
$       
2.7%
Stifel Bank
395,370
               
351,690
             
12.4%
406,019
             
(2.6%)
Total shareholders' equity
2,363,244
            
2,100,140
$       
12.5%
2,322,038
         
1.8%
Leverage ratio:
Stifel Nicolaus & Stifel Financial
1.6
                          
2.0
                       
(20.3%)
1.6
                       
(1.3%)
Stifel Bank
13.4
                       
14.2
                     
(6.1%)
12.9
                     
4.0%
Total leverage ratio
3.2
                          
3.7
                       
(14.3%)
3.1
                       
2.1%
Book value per share
34.83
$                   
32.09
$               
8.5%
35.00
$               
(0.5%)
Financial advisors
(1)
2,097
                     
2,081
                  
0.8%
2,103
                  
(0.3%)
Full-time associates
6,274
                     
5,831
                  
7.6%
6,223
                  
0.8%
Locations
368
                        
359
                      
2.5%
367
                      
0.3%
Total client assets (000s)
188,616,000
$     
168,899,000
$  
11.7%
186,558,000
$  
1.1%
As of
17
Other Financial Data
(1)
Includes 134, 141, and 138 independent contractors as of March 31, 2015, March 31, 2014, and December 31, 2014.
_________________________________________________________

Acquisition
Updates

To build
the premier investment banking and wealth management firm
Over 2,800
financial advisors
in 353 branches
with $200 billion in
client assets¹
Private Client
Asset
Management
Bank
$20B in total
assets managed
through various
strategies
Equities Sales
+ Trading
$5.3B in assets
funded by client
deposits
Global Wealth Management
Institutional
Fixed Income
Sales +
Trading
Investment
Banking
Research
Experienced sales
force with
extensive
distribution
capabilities
Comprehensive
platform including
research, strategy
and DCM teams
Over 350
professionals with
extensive
experience across
all products and
industry verticals
Largest research
platform with over
1,400 U.S. and 120
European stocks
covered
Strategic Vision
¹Includes pro forma for Sterne Agee.

20
Organic vs. Acquisition Growth
Organic growth has accounted for approximately 45% and
acquisitions have accounted for approximately 55% of Stifel’s growth since 2004
Outlook on acquisitions: Position Stifel to take advantage of opportunities
Revenues
Total
Private Client
Asset Mgmt
Bank
Equities Sales
+ Trading
Fixed Income
Sales +
Trading
Investment
Banking
2004
$247
191
$9
$7
$40
Acquisitions
$1,445
$470
$80
$20
$235
$265
$375
% of Growth
55%
40%
89%
15%
89%
80%
60%
Organic
$1,170
$700
$10
$110
$30
$65
$255
% of Growth
45%
60%
11%
85%
11%
20%
40%
Pro Forma
$2,615
$1,170
$90
$130
$265
$330
$630
Acquisitions include: Legg Mason (2005), Ryan Beck (2007), First Service/Stifel Bank (2007), Butler Wick (2008), 56 UBS branches (2009), Thomas Weisel 
Partners (2010), Stone & Youngberg (2011), Miller Buckfire (2012), KBW (2013), Knight (2013), Ziegler (2013), Acacia (2013), De La Rosa (2014), Oriel 
(2014), 1919 Investment Counsel (2014), Merchant (2015), Sterne Agee (2015). Estimated acquired revenues expected to be realized at date of 
acquisition. 

21
Sterne Agee Acquisition Update
Expected to close on or around the end of May 2015
100% retention of Sterne Agee’s traditional financial advisors
Stifel and Sterne Agee sold Sterne Agee’s Institutional Equities business, including
Equity Sales, Trading and Research to CRT Capital Group
Accomplished our goal of keeping approximately 170 professionals together so
they can continue their careers as a team
Stifel, Sterne Agee and Stephens reached an agreement whereby five Managing
Directors in the Depository Investment Banking Group of Sterne Agee will join Stephens
Stifel and Sterne Agee have agreed with the founders of the FBC
Mortgage business to
sell the business back to them.
Acquired business lines (Private Client, Independent Advisors, Fixed Income, Trust and
Clearing) are expected to add $300 -
$325 million in annual gross revenues

22
($ in thousands)
Actual
Estimate
6/30/15
9/30/15
12/31/15
3/31/16
6/30/16
Existing acquisitions
Duplicative operating expenses:
Acacia Federal Savings Bank
-
         
-
         
-
         
-
         
-
         
-
         
-
          
De La Rosa & Co., Inc.
86
          
120
        
120
        
120
        
-
         
-
         
-
          
Keefe, Bruyette & Woods, Inc.
-
         
-
         
-
         
-
         
-
         
-
         
-
          
Knight Fixed Income
1,903
     
2,600
     
2,600
     
2,600
     
2,600
     
2,600
     
-
          
1919 Investment Counsel
848
        
300
        
300
        
200
        
200
        
-
         
-
          
Miller Buckfire & Co., LLC
1,056
     
1,400
     
1,400
     
-
         
-
         
-
         
-
          
Oriel Securities Holding Limited
1,596
     
1,000
     
1,000
     
500
        
-
         
-
         
-
          
Ziegler Capital Management
-
         
-
         
-
         
-
         
-
         
-
         
-
          
Merchant Capital
62
          
-
         
-
         
-
         
-
         
-
         
-
          
Debt issuance cost write-off
2,711
     
-
         
-
         
-
         
-
         
-
         
-
          
Intangible amortization
2,260
     
1,600
     
2,200
     
2,200
     
2,200
     
2,200
     
2,200
      
Sterne Agee
Signing and recruiting
221
        
-
         
Stock-based compensation
-
         
-
         
32,000
   
-
         
-
         
-
         
-
          
Duplicative operating expenses
-
         
-
         
20,000
   
18,700
   
15,200
   
11,700
   
8,200
      
Total Deal Costs (pre-tax)
10,743
   
7,020
     
59,620
   
24,320
   
20,200
   
16,500
   
10,400
    
Total Deal Costs (after-tax) (1)
6,843
$   
4,212
$   
35,772
$ 
14,592
$ 
12,120
$ 
9,900
$   
6,240
$    
Three months ended
Estimate
3/31/15
Non-Core Deal Costs
_________________________________________________________
(1)
Assumes an effective income tax rate of 40.0%.

Q&A

STIFEL FINANCIAL CORP Reports