Company: SFB
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000950170-25-027702
Chunk: 443

Company: STIFEL FINANCIAL CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 443
---
160

    (18.9
    )

    69.9

    Acquisition-related

    37,974

    31,058

    27,933

    22.3

    11.2

    Total other operating expenses

    244,946

    286,195

    178,093

    (14.4
    )

    60.7

    Total non-interest expenses

    596,425

    583,895

    466,143

    2.1

    25.3

    Loss before income taxes
     
    $
    (502,898
    )
     
    $
    (511,230
    )
     
    $
    (436,587
    )

    (1.6
    )%

    17.1
    %

For the year ended December 31, 2024, non-interest expenses increased 2.1% to $596.4 million from $583.9 million in 2023. The increase is primarily attributable to an increase in variable compensation and the recording of severance costs during 2024 associated with workforce reductions in certain subsidiaries, partially offset by lower provisions for legal and regulatory matters. During the year ended December 31, 2023, we recorded $67.0 million related to provisions for legal and regulatory matters.

The expenses relating to the Company’s acquisition strategy are primarily 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 ongoing business.

For the year ended December 31, 2024, non-interest expenses related to our acquisition strategy, included in the numbers presented in the table above, increased 12.0% to $70.8 million from $63.2 million in 2023.

Analysis of Financial Condition

Our company’s consolidated statements of financial condition consist primarily of cash and cash equivalents, receivables, financial instruments owned, bank loans, investments, goodwill, loans and advances to financial advisors, bank deposits, and payables. Total assets of $39.9 billion at December 31, 2024, were up 5.7% over December 31, 2023. Our broker-dealer subsidiary’s