Company: SFB
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000950170-25-027702
Chunk: 285

Company: STIFEL FINANCIAL CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 3
Chunk 285
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 collateral by asset class is as follows (in thousands):

    December 31, 2024

    December 31, 2023

    Contractual

    Contingent

    Contractual

    Contingent

    Cash and cash equivalents
     
    $
    142,901

    $
    —

    $
    185,195

    $
    —

    Financial instruments owned at fair value

    657,984

    657,984

    417,644

    417,644

    Investment portfolio (AFS & HTM)

    —

    3,019,850

    —

    2,076,717

    $
    800,885

    $
    3,677,834

    $
    602,839

    $
    2,494,361

53

Liquidity Available From Subsidiaries

Liquidity is principally available to our company from Stifel and Stifel Bancorp. 

Stifel is required to maintain net capital equal to the greater of $1 million or two percent of aggregate debit items arising from client transactions. Covenants in the Company’s committed financing facilities require the excess net capital of Stifel, our principal broker-dealer subsidiary, to be above a defined amount. At December 31, 2024, Stifel’s excess net capital exceeded the minimum requirement, as defined. There are also limitations on the amount of dividends that may be declared by a broker-dealer without FINRA approval. See Note 19 of the Notes to Consolidated Financial Statements for more information on the capital restrictions placed on our broker-dealer subsidiaries.

Stifel Bancorp may pay dividends to the parent company without prior approval by its regulator as long as the dividend does not exceed the sum of Stifel Bancorp’s current calendar year and the previous two calendar years’ retained net income and Stifel Bancorp maintains its targeted capital to risk-weighted assets ratios. 

Although we have liquidity available to us from our other subsidiaries, the available amounts are not as significant as the amounts described above and, in certain instances, may be subject to regulatory requirements.

Capital Management

We have an ongoing authorization from the Board of Directors to repurchase our common stock in the open market or in negotiated transactions. At December 31, 2024, the maximum number of shares that may yet be purchased under this plan was 10.1 million. We utilize the share rep