Company: SFB
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000950170-25-027702
Chunk: 427

Company: STIFEL FINANCIAL CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 427
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2023, other operating expenses increased 21.7% to $141.7 million from $116.4 million in 2022. The increase is primarily attributable to increases in FDIC-insurance expense, travel and conference-related expenses, legal costs, and subscription expense, partially offset by lower advertising expense and professional fees.

INCOME BEFORE INCOME TAXES

For the year ended December 31, 2023, income before income taxes increased 13.9% to $1.2 billion from $1.1 billion in 2022. Profit margins (income before income taxes as a percent of net revenues) increased to 39.9% for the year ended December 31, 2023, from 37.8% in 2022. The improved profit margin is a result of strong revenue growth and our continued expense discipline, as well as a change in the composition of revenue (higher net interest income). 

42

I.	Distribution of Assets, Liabilities, and Shareholders’ Equity; Interest Rates and Interest Differential

The following tables present average balance data and operating interest revenue and expense data for Stifel Bancorp, as well as related interest yields for the periods indicated (in thousands, except rates): 

    For the Year Ended

    December 31, 2024

    December 31, 2023

    AverageBalance

    InterestIncome/Expense

    AverageInterestRate

    AverageBalance

    InterestIncome/Expense

    AverageInterestRate

    Assets:

    Interest-bearing cash and federal funds sold
     
    $
    2,045,304

    $
    112,835

    5.52
    %
     
    $
    1,358,817

    $
    74,486

    5.48
    %

    U.S. government agencies

    2,390

    50

    2.11

    2,359

    49

    2.10

    State and municipal securities (tax-exempt) (1)

    2,350

    71

    3.00

    2,350

    71

    3.00

    Mortgage-backed securities

    993,619

    26,368

    2.65

    963,414

    21,355

    2.22

    Corporate fixed income securities

    564,101