Company: SFB
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000950170-25-027702
Chunk: 596

Company: STIFEL FINANCIAL CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 3
Chunk 596
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 the Company acquired Torreya Partners LLC (“Torreya”), an independent M&A and private capital advisory firm that serves the global life sciences industry. Consideration for this acquisition consisted of cash from operations.The acquisition was accounted for under the acquisition method of accounting in accordance with ASC 805 (“ASC Topic 805”), “Business Combinations.” Accordingly, goodwill was measured as the excess of the acquisition-date fair value of the consideration transferred over the amount of acquisition-date identifiable assets acquired net of assumed liabilities. We recorded $55.1 million of goodwill in the consolidated statement of financial condition, which has been allocated to our company’s Institutional Group segment. Identifiable intangible assets purchased by our company consisted of backlog, customer relationships, and non-compete agreements with an acquisition-date fair value of $5.3 million.The goodwill represents the value expected from the synergies created through the operational enhancement benefits that will result from the integration of the Torreya business. A majority of goodwill is expected to be deductible for federal income tax purposes.Pro forma information is not presented because the acquisition is not considered to be material, as defined by the SEC. The results of operations of Torreya have been included in our results prospectively from the date of acquisition.

NOTE 4 – Receivables From and Payables to Brokers, Dealers, and Clearing OrganizationsAmounts receivable from brokers, dealers, and clearing organizations at December 31, 2024 and 2023, included (in thousands):

        December 31,

        2024

        2023

        Deposits paid for securities borrowed
         
        $
        269,831

        $
        215,368

        Receivable from clearing organizations

        201,748

        178,991

        Securities failed to deliver

        14,886

        19,785

        $
        486,465

        $
        414,144

      Amounts payable to brokers, dealers, and clearing organizations at December 31, 2024 and 2023, included (in thousands):

        December 31,

        2024

        2023

        Deposits received from securities loaned
         
        $
        178,928

        $
        135,693

        Securities failed to receive

        25,010

        91,636

        Payable to clearing organizations

        11,311

        4,407

        $
        215,249