Company: SFB
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000950170-25-027702
Chunk: 154

Company: STIFEL FINANCIAL CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1B
Chunk 154
---
    106,661

    108,848

    Diluted

    110,975

    113,453

    117,540

See accompanying Notes to Consolidated Financial Statements.

71

STIFEL FINANCIAL CORP.

Consolidated Statements of Comprehensive Income

    Year Ended December 31,

    (in thousands)
     
    2024

    2023

    2022

    Net income
     
    $
    731,379

    $
    522,536

    $
    662,155

    Other comprehensive income/(loss), net of tax: (1)

    Changes in unrealized gains/(losses) on available-for-sale securities, net of tax (2)

    4,713

    38,180

    (177,731
    )

    Foreign currency translation adjustment, net of tax (3)

    (6,025
    )

    5,454

    55,053

    Total other comprehensive income/(loss), net of tax

    (1,312
    )

    43,634

    (122,678
    )

    Comprehensive income
     
    $
    730,067

    $
    566,170

    $
    539,477

(1)Net of a tax benefit of $0.4 million, tax expense of $15.4 million, and tax benefit of $41.3 million for the years ended December 31, 2024, 2023, and 2022, respectively.

(2)There were no reclassifications to earnings for the year ended December 31, 2024. Net of reclassifications to earnings of realized losses of $5.6 million for the year ended December 31, 2023. There were no reclassifications to earnings for the year ended December 31, 2022.

(3)During the year ended December 31, 2022, we closed our derivative instruments used to hedge the foreign exchange risk related to our equity investment in non-U.S. Dollar functional currency foreign subsidiaries, primarily the British Pound and Euro. The net gain recorded on these hedges was $75.0 million, which included $23.3 million in tax expense.

See accompanying Notes to Consolidated Financial Statements.

72

STIFEL FINANCIAL CORP.

Consolidated Statements of Changes in Shareholders’ Equity

    Year ended December