Stifel Reports Second Quarter 2025 Results
Stifel Financial (NYSE:SF) reported its best second quarter ever with net revenues of $1.28 billion for Q2 2025, up from $1.2 billion year-over-year. GAAP net income was $145.7 million ($1.34 per share), compared to $156.0 million ($1.41 per share) in Q2 2024. Non-GAAP EPS reached $1.71.
The Global Wealth Management segment achieved record client assets of $516.5 billion, up 9% YoY, with net revenues of $845.6 million. The company added 82 financial advisors during the quarter, including 36 from B. Riley. The Institutional Group reported net revenues of $419.8 million with pre-tax income of $61.0 million.
Key metrics include a non-GAAP pre-tax margin of 20.3%, return on tangible common equity of 21.7%, and tangible book value per share of $33.30, up 4% from prior year.
[ "Best second quarter in company history with $1.28B in net revenues", "Record client assets of $516.5B, up 9% year-over-year", "Added 82 financial advisors, strongest recruiting quarter in 10 years", "Asset management revenues increased 6% year-over-year", "Fixed income transactional revenues up 21% from prior year", "Non-GAAP EPS grew to $1.71 from $1.60 year-over-year" ]Stifel Financial (NYSE:SF) ha registrato il suo miglior secondo trimestre di sempre con ricavi netti di 1,28 miliardi di dollari per il Q2 2025, in crescita rispetto a 1,2 miliardi di dollari dell'anno precedente. L'utile netto GAAP è stato di 145,7 milioni di dollari (1,34 dollari per azione), rispetto a 156,0 milioni di dollari (1,41 dollari per azione) nel Q2 2024. L'EPS non-GAAP ha raggiunto 1,71 dollari.
Il segmento Global Wealth Management ha raggiunto un patrimonio clienti record di 516,5 miliardi di dollari, in crescita del 9% su base annua, con ricavi netti di 845,6 milioni di dollari. La società ha aggiunto 82 consulenti finanziari durante il trimestre, inclusi 36 provenienti da B. Riley. Il gruppo istituzionale ha riportato ricavi netti di 419,8 milioni di dollari con un utile ante imposte di 61,0 milioni di dollari.
Le metriche chiave includono un margine ante imposte non-GAAP del 20,3%, un ritorno sul capitale tangibile comune del 21,7% e un valore contabile tangibile per azione di 33,30 dollari, in crescita del 4% rispetto all'anno precedente.
- Miglior secondo trimestre nella storia della società con 1,28 miliardi di dollari di ricavi netti
- Patrimonio clienti record di 516,5 miliardi di dollari, +9% anno su anno
- Aggiunti 82 consulenti finanziari, il trimestre di reclutamento più forte degli ultimi 10 anni
- I ricavi dalla gestione patrimoniale sono aumentati del 6% anno su anno
- I ricavi da transazioni a reddito fisso sono cresciuti del 21% rispetto all'anno precedente
- L'EPS non-GAAP è cresciuto a 1,71 dollari da 1,60 dollari anno su anno
Stifel Financial (NYSE:SF) reportó su mejor segundo trimestre en la historia con ingresos netos de 1.280 millones de dólares en el segundo trimestre de 2025, un aumento desde 1.200 millones de dólares interanual. La utilidad neta GAAP fue de 145,7 millones de dólares (1,34 dólares por acción), comparado con 156,0 millones de dólares (1,41 dólares por acción) en el Q2 de 2024. Las ganancias por acción no-GAAP alcanzaron 1,71 dólares.
El segmento de Gestión Global de Patrimonios logró activos de clientes récord de 516,5 mil millones de dólares, un aumento del 9% interanual, con ingresos netos de 845,6 millones de dólares. La compañía incorporó 82 asesores financieros durante el trimestre, incluyendo 36 de B. Riley. El Grupo Institucional reportó ingresos netos de 419,8 millones de dólares con un ingreso antes de impuestos de 61,0 millones de dólares.
Las métricas clave incluyen un margen antes de impuestos no-GAAP del 20,3%, retorno sobre el capital tangible común del 21,7% y valor contable tangible por acción de 33,30 dólares, un aumento del 4% respecto al año anterior.
- Mejor segundo trimestre en la historia de la compañía con 1.280 millones de dólares en ingresos netos
- Activos de clientes récord de 516,5 mil millones de dólares, un 9% más interanual
- Se añadieron 82 asesores financieros, el trimestre de contratación más fuerte en 10 años
- Los ingresos por gestión de activos aumentaron un 6% interanual
- Los ingresos por transacciones de renta fija aumentaron un 21% respecto al año anterior
- El EPS no-GAAP creció a 1,71 dólares desde 1,60 dólares interanual
Stifel Financial (NYSE:SF)은 2025년 2분기에 12억 8천만 달러의 순수익을 기록하며 사상 최고의 2분기 실적을 발표했습니다. 이는 전년 동기 12억 달러에서 증가한 수치입니다. GAAP 순이익은 1억 4,570만 달러(주당 1.34달러)로, 2024년 2분기의 1억 5,600만 달러(주당 1.41달러)와 비교됩니다. 비-GAAP 주당순이익은 1.71달러에 달했습니다.
글로벌 자산관리 부문은 5165억 달러의 사상 최대 고객 자산을 기록하며 전년 대비 9% 증가했고, 순수익은 8억 4,560만 달러였습니다. 분기 동안 82명의 금융 자문사를 영입했으며, 이 중 36명은 B. Riley 출신입니다. 기관 그룹은 4억 1,980만 달러의 순수익과 6,100만 달러의 법인세 차감 전 이익을 보고했습니다.
주요 지표로는 비-GAAP 법인세 차감 전 마진이 20.3%, 유형 보통주 자기자본 수익률이 21.7%, 유형 장부가치는 주당 33.30달러로 전년 대비 4% 상승했습니다.
- 회사 역사상 최고의 2분기, 순수익 12억 8천만 달러 기록
- 사상 최대 고객 자산 5165억 달러, 전년 대비 9% 증가
- 82명의 금융 자문사 영입, 10년 만에 가장 강력한 채용 분기
- 자산 관리 수익 전년 대비 6% 증가
- 채권 거래 수익 전년 대비 21% 증가
- 비-GAAP 주당순이익 1.60달러에서 1.71달러로 성장
Stifel Financial (NYSE:SF) a enregistré son meilleur deuxième trimestre jamais réalisé avec des revenus nets de 1,28 milliard de dollars pour le deuxième trimestre 2025, en hausse par rapport à 1,2 milliard de dollars l'année précédente. Le bénéfice net selon les normes GAAP s'est élevé à 145,7 millions de dollars (1,34 dollar par action), contre 156,0 millions de dollars (1,41 dollar par action) au deuxième trimestre 2024. Le BPA non-GAAP a atteint 1,71 dollar.
Le segment Gestion de Patrimoine Global a atteint un actif client record de 516,5 milliards de dollars, en hausse de 9 % en glissement annuel, avec des revenus nets de 845,6 millions de dollars. La société a recruté 82 conseillers financiers au cours du trimestre, dont 36 issus de B. Riley. Le Groupe Institutionnel a déclaré des revenus nets de 419,8 millions de dollars avec un bénéfice avant impôts de 61,0 millions de dollars.
Les indicateurs clés incluent une marge avant impôts non-GAAP de 20,3%, un retour sur capitaux propres tangibles de 21,7% et une valeur comptable tangible par action de 33,30 dollars, en hausse de 4 % par rapport à l'année précédente.
- Meilleur deuxième trimestre de l'histoire de la société avec 1,28 milliard de dollars de revenus nets
- Actifs clients record de 516,5 milliards de dollars, en hausse de 9 % en glissement annuel
- Ajout de 82 conseillers financiers, le trimestre de recrutement le plus fort depuis 10 ans
- Les revenus de la gestion d'actifs ont augmenté de 6 % en glissement annuel
- Les revenus des transactions en revenu fixe ont augmenté de 21 % par rapport à l'année précédente
- Le BPA non-GAAP est passé de 1,60 à 1,71 dollar en glissement annuel
Stifel Financial (NYSE:SF) meldete das beste zweite Quartal in der Firmengeschichte mit Nettoumsätzen von 1,28 Milliarden US-Dollar im zweiten Quartal 2025, ein Anstieg von 1,2 Milliarden US-Dollar im Vorjahresvergleich. Der GAAP-Nettogewinn betrug 145,7 Millionen US-Dollar (1,34 US-Dollar je Aktie) im Vergleich zu 156,0 Millionen US-Dollar (1,41 US-Dollar je Aktie) im zweiten Quartal 2024. Das Non-GAAP-Ergebnis je Aktie erreichte 1,71 US-Dollar.
Der Bereich Global Wealth Management erzielte rekordverdächtige Kundenvermögen von 516,5 Milliarden US-Dollar, ein Anstieg von 9 % im Jahresvergleich, bei Nettoumsätzen von 845,6 Millionen US-Dollar. Das Unternehmen gewann im Quartal 82 Finanzberater hinzu, darunter 36 von B. Riley. Die Institutionelle Gruppe meldete Nettoumsätze von 419,8 Millionen US-Dollar mit einem Vorsteuergewinn von 61,0 Millionen US-Dollar.
Wichtige Kennzahlen umfassen eine Non-GAAP-Vorsteuer-Marge von 20,3%, eine Rendite auf das tangible Eigenkapital von 21,7% und einen tangiblen Buchwert je Aktie von 33,30 US-Dollar, was einem Anstieg von 4 % gegenüber dem Vorjahr entspricht.
- Bestes zweites Quartal in der Firmengeschichte mit 1,28 Milliarden US-Dollar Nettoumsatz
- Rekordkundenvermögen von 516,5 Milliarden US-Dollar, 9 % Wachstum im Jahresvergleich
- 82 neue Finanzberater, stärkstes Rekrutierungsquartal seit 10 Jahren
- Umsätze aus Asset Management stiegen um 6 % im Jahresvergleich
- Transaktionsumsätze im Bereich festverzinsliche Wertpapiere stiegen um 21 % gegenüber dem Vorjahr
- Non-GAAP-Ergebnis je Aktie stieg von 1,60 auf 1,71 US-Dollar im Jahresvergleich
- None.
- GAAP net income declined to $145.7M from $156.0M year-over-year
- GAAP EPS decreased to $1.34 from $1.41 in Q2 2024
- Advisory revenues decreased 3% year-over-year
- Equity capital raising revenues declined 4% from prior year
- Compensation ratio increased to 60.3% from 59.3% year-over-year
Insights
Stifel reports strong Q2 with rising revenues despite EPS decline; record client assets and advisor recruitment highlight growth momentum.
Stifel Financial reported its second quarter 2025 results with
Looking at non-GAAP metrics, which exclude certain charges, the company actually improved performance with non-GAAP EPS rising to
By segment, Global Wealth Management performed well with net revenues of
The Institutional Group showed strong improvement with revenues increasing
Capital allocation remained shareholder-friendly with
A significant highlight was the addition of 82 financial advisors during the quarter, including 36 experienced advisors from B. Riley, which the company described as its strongest recruiting quarter in 10 years. This advisor growth, combined with higher fee-based assets (
The
ST. LOUIS, July 30, 2025 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) today reported net revenues of
Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “We achieved the best second quarter in our history, generating over
Highlights
- The Company reported net revenues of
$1.28 billion , the third best quarter in its history, driven by higher transactional revenues, asset management revenues, net interest income, and capital raising revenues. - Non-GAAP net income available to common shareholders of
$1.71 per diluted common share. - Transactional revenues increased
11% over the year-ago quarter. - Asset management revenues increased
6% over the year-ago quarter. - Capital raising revenues increased
4% over the year-ago quarter. - Record client assets of
$516.5 billion , up9% over the year-ago quarter. - Added 82 financial advisors during the quarter, including 20 experienced employee advisors and 1 experienced independent advisor and 36 experienced advisors from B. Riley.
- Non-GAAP pre-tax margin of
20.3% . - Annualized return on tangible common equity (ROTCE) (5) of
21.7% . - Tangible book value per common share (7) of
$33.30 , up4% from prior year.
Media Contact: Neil Shapiro (212) 271-3447 | Investor Contact: Joel Jeffrey (212) 271- 3610 | www.stifel.com/investor-relations
| Financial Summary (Unaudited) | ||||
| (000s) | 2Q 2025 | 2Q 2024 | 6m 2025 | 6m 2024 |
| GAAP Financial Highlights: | ||||
| Net revenues | ||||
| Net income (1) | ||||
| Diluted EPS (1) | ||||
| Comp. ratio | ||||
| Non-comp. ratio | ||||
| Pre-tax margin | ||||
| Non-GAAP Financial Highlights: | ||||
| Net revenues | ||||
| Net income (1) (2) | ||||
| Diluted EPS (1) (2) | ||||
| Comp. ratio (2) | ||||
| Non-comp. ratio (2) | ||||
| Pre-tax margin (3) | ||||
| ROCE (4) | ||||
| ROTCE (5) | ||||
| Global Wealth Management (assets and loans in millions) | ||||
| Net revenues | ||||
| Pre-tax net income | ||||
| Total client assets | ||||
| Fee-based client assets | ||||
| Bank loans (6) | ||||
| Institutional Group | ||||
| Net revenues | ||||
| Equity | ||||
| Fixed Income | ||||
| Pre-tax net income | ||||
Global Wealth Management
Global Wealth Management reported net revenues of
Highlights
- Ranked No. 1 in Overall Employee Advisor Satisfaction for the third straight year.
- Added 82 financial advisors during the quarter, including 20 experienced employee advisors, and 1 experienced independent advisor, and 36 experienced financial advisors from B. Riley, with a combine total trailing 12 month production of
$50.6 million . - Record client assets of
$516.5 billion , up9% over the year-ago quarter. - Fee-based client assets of
$206.3 billion , up15% over the year-ago quarter.
Net revenues increased
- Transactional revenues increased
3% over the year-ago quarter reflecting an increase in client activity. - Asset management revenues increased
6% over the year-ago quarter reflecting higher asset values and net new asset growth. - Net interest income increased
8% over the year-ago quarter driven by balance sheet growth, partially offset by lower interest rates and changes in the deposit mix.
Total Expenses:
- Compensation expense as a percentage of net revenues increased to
49.7% primarily as a result of higher compensable revenues. - Provision for credit losses was primarily impacted by specific reserves on individual credits and overall loan growth in the retained portfolio.
- Non-compensation operating expenses as a percentage of net revenues increased to
14.1% primarily as a result of an increase in the provision for credit losses, partially offset by revenue growth over the year-ago quarter.
| Summary Results of Operations | |||
| (000s) | 2Q 2025 | 2Q 2024 | |
| Net revenues | $845,631 | ||
| Transactional revenues | 182,666 | 177,308 | |
| Asset management | 403,574 | 380,737 | |
| Net interest income | 254,148 | 236,281 | |
| Investment banking | 6,224 | 5,780 | |
| Other income | (981) | 1,029 | |
| Total expenses | $539,575 | $501,962 | |
| Compensation expense | 420,240 | 392,941 | |
| Provision for credit losses | 8,328 | 2,954 | |
| Non-comp. opex | 111,007 | 106,067 | |
| Pre-tax net income | $306,056 | $299,173 | |
| Compensation ratio | |||
| Non-compensation ratio | |||
| Pre-tax margin | 36.2% | 37.3% | |
Institutional Group
Institutional Group reported net revenues of
Highlights
Investment banking revenues remained consistent with a year ago:
- Advisory revenues decreased
3% from the year-ago quarter driven by lower levels of completed advisory transactions. - Fixed income capital raising revenues increased
12% over the year-ago quarter primarily driven by higher bond issuances. - Equity capital raising revenues decreased
4% from the year-ago quarter driven by lower volumes.
Fixed income transactional revenues increased
- Fixed income transactional revenues increased from the year-ago quarter driven by higher client activity in a more volatile market environment and realized trading gains.
Equity transactional revenues increased
- Equity transactional revenues increased from the year-ago quarter primarily driven by increased client activity.
Total Expenses:
- Compensation expense as a percentage of net revenues increased to
61.4% primarily driven by higher variable compensation expense as a result of an improving operating environment. - Non-compensation operating expenses as a percentage of net revenues decreased to
24.1% primarily as a result of higher revenues.
| Summary Results of Operations | |||
| (000s) | 2Q 2025 | 2Q 2024 | |
| Net revenues | $419,779 | $390,721 | |
| Investment banking | 227,236 | 227,501 | |
| Advisory | 127,305 | 131,411 | |
| Fixed income capital raising | 53,744 | 48,143 | |
| Equity capital raising | 46,187 | 47,947 | |
| Fixed income transactional | 129,117 | 106,685 | |
| Equity transactional | 61,489 | 52,907 | |
| Other | 1,937 | 3,628 | |
| Total expenses | $358,739 | $341,908 | |
| Compensation expense | 257,697 | 239,036 | |
| Non-comp. opex. | 101,042 | 102,872 | |
| Pre-tax net income | $61,040 | $48,813 | |
| Compensation ratio | |||
| Non-compensation ratio | |||
| Pre-tax margin | 14.5% | 12.5% | |
Other Matters
Highlights
- The Company repurchased
$83.0 million of its outstanding common stock during the second quarter. - Weighted average diluted shares outstanding decreased primarily as a result of share repurchases, partially offset by the increase in the Company’s share price.
- The Board of Directors declared a
$0.46 quarterly dividend per share payable on June 16, 2025 to common shareholders of record on June 2, 2025. - The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock payable on June 16, 2025 to shareholders of record on June 2, 2025.
| 2Q 2025 | 2Q 2024 | |
| Common stock repurchases | ||
| Repurchases (000s) | ||
| Number of shares (000s) | 970 | 229 |
| Average price | ||
| Period end shares (000s) | 102,190 | 102,518 |
| Weighted average diluted shares outstanding (000s) | 108,847 | 110,285 |
| Effective tax rate | 27.5% | |
| Stifel Financial Corp. (8) | ||
| Tier 1 common capital ratio | ||
| Tier 1 risk based capital ratio | ||
| Tier 1 leverage capital ratio | ||
| Tier 1 capital (MM) | ||
| Risk weighted assets (MM) | ||
| Average assets (MM) | ||
| Quarter end assets (MM) | ||
| Agency | Rating | Outlook |
| Fitch Ratings | BBB+ | Stable |
| S&P Global Ratings | BBB | Stable |
Conference Call Information
Stifel Financial Corp. will host its second quarter 2025 financial results conference call on Wednesday, July 30, 2025, at 9:30 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 (866) 409-1555 and referencing conference ID 2769458. 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 and Miller Buckfire business divisions; Keefe, Bruyette & Woods, Inc.; 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, 2024. 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.
| Summary Results of Operations (Unaudited) | ||||||||
| Three Months Ended | Six Months Ended | |||||||
| (000s, except per share amounts) | 6/30/2025 | 6/30/2024 | % Change | 3/31/2025 | % Change | 6/30/2025 | 6/30/2024 | % Change |
| Revenues: | ||||||||
| Commissions | $ 200,669 | 9.5 | 3.6 | $ 394,339 | 6.9 | |||
| Principal transactions | 172,603 | 153,574 | 12.4 | 141,660 | 21.8 | 314,263 | 292,588 | 7.4 |
| Investment banking | 233,460 | 233,281 | 0.1 | 237,942 | (1.9) | 471,402 | 447,230 | 5.4 |
| Asset management | 403,608 | 380,757 | 6.0 | 409,541 | (1.4) | 813,149 | 748,233 | 8.7 |
| Other income | 3,690 | 16,180 | (77.2) | 10,581 | (65.1) | 14,271 | 21,130 | (32.5) |
| Operating revenues | 1,014,030 | 967,109 | 4.9 | 993,394 | 2.1 | 2,007,424 | 1,877,974 | 6.9 |
| Interest revenue | 477,056 | 498,152 | (4.2) | 475,632 | 0.3 | 952,688 | 1,004,980 | (5.2) |
| Total revenues | 1,491,086 | 1,465,261 | 1.8 | 1,469,026 | 1.5 | 2,960,112 | 2,882,954 | 2.7 |
| Interest expense | 206,800 | 247,329 | (16.4) | 213,557 | (3.2) | 420,357 | 501,984 | (16.3) |
| Net revenues | 1,284,286 | 1,217,932 | 5.4 | 1,255,469 | 2.3 | 2,539,755 | 2,380,970 | 6.7 |
| Non-interest expenses: | ||||||||
| Compensation and benefits | 774,936 | 722,719 | 7.2 | 732,220 | 5.8 | 1,507,156 | 1,402,414 | 7.5 |
| Non-compensation operating expenses | 295,530 | 268,319 | 10.1 | 459,885 | (35.7) | 755,415 | 532,971 | 41.7 |
| Total non-interest expenses | 1,070,466 | 991,038 | 8.0 | 1,192,105 | (10.2) | 2,262,571 | 1,935,385 | 16.9 |
| Income before income taxes | 213,820 | 226,894 | (5.8) | 63,364 | 237.4 | 277,184 | 445,585 | (37.8) |
| Provision for income taxes | 58,765 | 61,600 | (4.6) | 10,372 | 466.6 | 69,137 | 116,716 | (40.8) |
| Net income | 155,055 | 165,294 | (6.2) | 52,992 | 192.6 | 208,047 | 328,869 | (36.7) |
| Preferred dividends | 9,321 | 9,321 | 0.0 | 9,320 | 0.0 | 18,641 | 18,641 | 0.0 |
| Net income available to common shareholders | $145,734 | (6.6) | 233.7 | $189,406 | (38.9) | |||
| Earnings per common share: | ||||||||
| Basic | $1.41 | (6.0) | 235.7 | $1.82 | (38.9) | |||
| Diluted | $1.34 | (5.0) | 243.6 | $1.73 | (38.7) | |||
| Cash dividends declared per common share | $0.46 | 9.5 | 0.0 | $0.92 | 9.5 | |||
| Weighted average number of common shares outstanding: | ||||||||
| Basic | 103,349 | 104,150 | (0.8) | 104,764 | (1.4) | 104,049 | 104,217 | (0.2) |
| Diluted | 108,847 | 110,285 | (1.3) | 110,635 | (1.6) | 109,791 | 110,156 | (0.3) |
| Non-GAAP Financial Measures (9) | ||||
| Three Months Ended | Six Months Ended | |||
| (000s, except per share amounts) | 6/30/2025 | 6/30/2024 | 6/30/2025 | 6/30/2024 |
| GAAP net income | $155,055 | $208,047 | ||
| Preferred dividend | 9,321 | 9,321 | 18,641 | 18,641 |
| Net income available to common shareholders | 145,734 | 155,973 | 189,406 | 310,228 |
| Non-GAAP adjustments: | ||||
| Merger-related (10) | 20,376 | 13,821 | 33,037 | 25,975 |
| Restructuring and severance (11) | 27,041 | 9,961 | 27,041 | 9,961 |
| Provision for income taxes (12) | (7,525) | (3,185) | (9,622) | (6,248) |
| Total non-GAAP adjustments | 39,892 | 20,597 | 50,456 | 29,688 |
| Non-GAAP net income available to common shareholders | $185,626 | $239,862 | ||
| Weighted average diluted shares outstanding | 108,847 | 110,285 | 109,791 | 110,156 |
| GAAP earnings per diluted common share | $1.42 | $1.90 | ||
| Non-GAAP adjustments | 0.37 | 0.19 | 0.45 | 0.27 |
| Non-GAAP earnings per diluted common share | $1.79 | $2.35 | ||
| GAAP earnings per diluted common share available to common shareholders | $1.34 | $1.73 | ||
| Non-GAAP adjustments | 0.37 | 0.19 | 0.45 | 0.27 |
| Non-GAAP earnings per diluted common share available to common shareholders | $1.71 | $2.18 | ||
| GAAP to Non-GAAP Reconciliation (9) | ||||
| Three Months Ended | Six Months Ended | |||
| (000s) | 6/30/2025 | 6/30/2024 | 6/30/2025 | 6/30/2024 |
| GAAP compensation and benefits | ||||
| As a percentage of net revenues | ||||
| Non-GAAP adjustments: | ||||
| Merger-related (10) | (2,946) | (5,764) | (7,002) | (11,297) |
| Restructuring and severance (11) | (27,041) | (9,961) | (27,041) | (9,961) |
| Total non-GAAP adjustments | (29,987) | (15,725) | (34,043) | (21,258) |
| Non-GAAP compensation and benefits | ||||
| As a percentage of non-GAAP net revenues | ||||
| GAAP non-compensation expenses | ||||
| As a percentage of net revenues | ||||
| Non-GAAP adjustments: | ||||
| Merger-related (10) | (17,338) | (8,048) | (25,957) | (14,669) |
| Non-GAAP non-compensation expenses | ||||
| As a percentage of non-GAAP net revenues | ||||
| Total adjustments | $47,417 | $23,782 | $60,078 | $35,936 |
| Footnotes | ||
| (1) | Represents available to common shareholders. | |
| (2) | Reconciliations of the Company’s GAAP results to these non-GAAP measures are discussed within and under “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.” | |
| (3) | Non-GAAP pre-tax margin is calculated by adding total non-GAAP adjustments and dividing it by non-GAAP net revenues. See “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.” | |
| (4) | Return on average common equity (“ROCE”) is calculated by dividing annualized net income applicable to common shareholders by average common shareholders’ equity or, in the case of non-GAAP ROCE, calculated by dividing non-GAAP net income applicable to commons shareholders by average common shareholders’ equity. | |
| (5) | Return on average tangible common equity (“ROTCE”) is calculated by dividing annualized net income applicable to common shareholders by average tangible shareholders’ equity or, in the case of non-GAAP ROTCE, calculated by dividing non-GAAP net income applicable to common shareholders by average tangible common equity. Tangible common equity, also a non-GAAP financial measure, equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets. Average deferred taxes on goodwill and intangible assets were | |
| (6) | Includes loans held for sale. | |
| (7) | Tangible book value per common share represents shareholders’ equity (excluding preferred stock) divided by period end common shares outstanding. Tangible common shareholders’ equity equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets. | |
| (8) | Capital ratios are estimates at the time of the Company’s earnings release, July 30, 2025. | |
| (9) | The Company prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States (U.S. GAAP). The Company may disclose certain “non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude, or include, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by the Company are provided as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing the Company’s financial condition or operating results. These measures are not in accordance with, or a substitute for U.S. GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever the Company refers to a non-GAAP financial measure, it will also define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the non-GAAP financial measure it references and such comparable U.S. GAAP financial measure. | |
| (10) | Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of restricted stock awards, debentures, and promissory notes issued as retention, additional earn-out expense, 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. | |
| (11) | The Company recorded severance costs associated with workforce reductions in certain of its foreign subsidiaries. | |
| (12) | Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments. | |
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