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In many cases, the end of the year gives you time to step back and take stock of the last 12 months. This is when many of us take a hard look at what worked and what did not, complete performance reviews, and formulate plans for the coming year. For me, it is all of those things plus a time when I u...
SYS-CON.TV
Stifel Financial Corp. Reports Third Quarter 2012 Financial Results
Record Net Revenues for the Three Months Ended September 30, 2012

ST. LOUIS, MO -- (Marketwire) -- 11/05/12 --


Highlights for the three months ended September 30, 2012:

  • Record net revenues of $420.1 million.
  • Net income of $37.7 million, or $0.60 per diluted share.
  • Stockholders' equity was $1.43 billion and book value per share was $26.62.

Highlights for the nine months ended September 30, 2012:

  • Record net revenues of $1.2 billion increased 13% from the comparable period in 2011.
  • Record net income of $98.6 million, or $1.57 per diluted share.

Stifel Financial Corp. (NYSE: SF) today reported unaudited net income of $37.7 million, or $0.60 per diluted share, on record net revenues of $420.1 million for the three months ended September 30, 2012, compared with net income of $22.3 million, or $0.35 per diluted share, on net revenues of $334.2 million for the third quarter of 2011.

For the nine months ended September 30, 2012, the Company reported record net income of $98.6 million, or $1.57 per diluted share, on net revenues of $1.2 billion, compared with net income of $57.1 million, or $0.90 per diluted share(1), on net revenues of $1.1 billion during the comparable period in 2011. Included in net revenues for the three and nine months ended September 30, 2012 is $25.6 million in realized and unrealized gains recognized on the Company's investment in Knight Capital Group, Inc. The after-tax impact of these gains was $0.09 per diluted share.

"I am pleased with our third quarter results, which included record net revenues, as well as with our record net revenues and net income for the first nine months of 2012. Our results highlight the soundness of our balanced business model, particularly against a challenging economic backdrop. In the quarter, both the Global Wealth Management and Institutional Group segments performed well," commented Ronald J. Kruszewski, Chairman, President and CEO of Stifel Financial. "We continue to invest in businesses that expand our client services, and which we believe will return shareholder value. Opportunities drive our growth. Today's announcement of our merger with KBW furthers our goal of creating the premier middle-market investment bank with a specialized focus on the financial services industry."



                 Summary Results of Operations (Unaudited)
                 -----------------------------------------
                                            Three Months Ended
                               --------------------------------------------
                                                      %                 %
(in 000s)                       9/30/12   9/30/11  Change   6/30/12  Change
                               --------- --------- ------  --------- ------
  Net revenues                 $ 420,080 $ 334,214   25.7  $ 374,407   12.2
  Net income                   $  37,710 $  22,304   69.1  $  26,136   44.3
Earnings per share:
  Basic                        $    0.70 $    0.43   62.8  $    0.49   42.9
  Diluted                      $    0.60 $    0.35   71.4  $    0.42   42.9

Weighted average number of common shares outstanding:
  Basic                           53,601    52,367    2.4     53,569    0.1
  Diluted                         63,054    63,152   (0.2)    62,678    0.6




                                            Nine Months Ended
                                     ------------------------------
                                                                %
       (in 000s)                       9/30/12     9/30/11   Change
                                     ----------- ----------- ------
         Net revenues                $ 1,194,820 $ 1,059,684   12.8
         Net income                  $    98,619 $    57,118   72.7
       Earnings per share:
         Basic                       $      1.84 $      1.09   68.8
         Diluted                     $      1.57 $      0.90   74.4

       Weighted average number of
        common shares outstanding:
         Basic                            53,471      52,610    1.6
         Diluted                          62,817      63,174   (0.6)



Business Segment Results



                    Summary Segment Results (Unaudited)
                    -----------------------------------
                                         Three Months Ended
                         -------------------------------------------------
                                                                       %
(in 000s)                 9/30/12    9/30/11   % Change   6/30/12   Change
                         ---------  ---------  --------  ---------  ------
Net revenues:
  Global Wealth
   Management            $ 251,728  $ 219,498      14.7  $ 240,029     4.9
  Institutional Group
   (2)                     169,679    113,259      49.8    135,297    25.4
  Other                     (1,327)     1,457    (191.1)      (919)  (44.4)
                         ---------  ---------  --------  ---------  ------
                         $ 420,080  $ 334,214      25.7  $ 374,407    12.2
                         ---------  ---------  --------  ---------  ------
Pre-tax operating
 income:
  Global Wealth
   Management            $  68,370  $  55,612      22.9  $  61,353    11.4
  Institutional Group
   (2)                      33,427      9,152     265.2     17,546    90.5
  Other (3)                (40,120)   (25,741)     55.9    (35,025)   14.5
                         ---------  ---------  --------  ---------  ------
                         $  61,677  $  39,023      58.1  $  43,874    40.6
                         ---------  ---------  --------  ---------  ------



                                         Nine Months Ended
                                 --------------------------------
                                                              %
         (in 000s)                 9/30/12      9/30/11    Change
                                 -----------  -----------  ------
         Net revenues:
           Global Wealth
            Management           $   740,105  $   683,589     8.3
           Institutional Group
            (2)                      453,480      373,168    21.5
           Other                       1,235        2,927   (57.8)
                                 -----------  -----------  ------
                                 $ 1,194,820  $ 1,059,684    12.8
                                 -----------  -----------  ------
         Pre-tax operating
          income:
           Global Wealth
            Management           $   198,901  $   172,510    15.3
           Institutional Group
            (2)                       74,677       52,496    42.3
           Other (3)                (108,773)    (131,424)  (17.2)
                                 -----------  -----------  ------
                                 $   164,805  $    93,582    76.1
                                 -----------  -----------  ------


Global Wealth Management

For the quarter ended September 30, 2012, the Global Wealth Management ("GWM") segment generated pre-tax operating income of $68.4 million, compared with $55.6 million in the third quarter of 2011 and $61.4 million in the second quarter of 2012. Net revenues for the quarter were $251.7 million, compared with $219.5 million in the third quarter of 2011, and $240.0 million in the second quarter of 2012. The increase in net revenues over the comparable period in 2011 is primarily attributable to: (1) higher principal transactions revenues, offset by a decrease in commissions revenue; (2) higher sales credits from investment banking underwritings; (3) growth in asset management and service fees as a result of an increase in assets under management and positive gains in market performance; and (4) increased net interest revenues as a result of the growth of net interest-earning assets at Stifel Bank. The increase in net revenues from the second quarter of 2012 was primarily attributable to: (1) higher sales credits from investment banking underwritings; (2) an increase in principal transactions revenues; and (3) increased net interest revenues as a result of the growth of net interest-earning assets at Stifel Bank.

  • The Private Client Group reported net revenues of $229.4 million, a 14% increase compared with the third quarter of 2011 and a 4% increase compared with the second quarter of 2012.
  • Stifel Bank reported net revenues of $22.3 million, a 27% increase compared with the third quarter of 2011 and a 17% increase compared with the second quarter of 2012.

Institutional Group

For the quarter ended September 30, 2012, the Institutional Group segment generated pre-tax operating income of $33.4 million, compared with $9.2 million in the third quarter of 2011 and $17.5 million in the second quarter of 2012. Net revenues for the quarter were $169.7 million, compared with $113.3 million in the third quarter of 2011 and $135.3 million in the second quarter of 2012. The increase in net revenues from the comparable period in 2011 was driven by: (1) an increase in advisory fees; (2) an increase in fixed income capital raising revenues; (3) higher fixed income institutional brokerage revenues; and (4) the realized and unrealized gains recognized on the Company's investment in Knight Capital Group, Inc. Offsetting these increases was a decrease in equity institutional brokerage revenues. The increase in net revenues from the second quarter of 2012 was primarily attributable to: (1) an increase in fixed income institutional brokerage revenues; and (2) the realized and unrealized gains recognized on the Company's investment in Knight Capital Group, Inc.

Institutional brokerage revenues were $82.8 million, a 5% increase compared with the third quarter of 2011 and a 10% increase compared with the second quarter of 2012.

  • Equity brokerage revenues were $38.0 million, a 20% decrease compared with the third quarter of 2011 and a 1% decrease compared with the second quarter of 2012.
  • Fixed income brokerage revenues were $44.8 million, a 41% increase compared with the third quarter of 2011 and a 23% increase compared with the second quarter of 2012.

Investment banking revenues were $59.6 million, a 76% increase compared with the third quarter of 2011 and a 1% increase compared with the second quarter of 2012.

  • Equity capital raising revenues were $17.5 million, a 7% increase compared with the third quarter of 2011 and a 1% decrease compared with the second quarter of 2012.
  • Fixed income capital raising revenues were $14.9 million, a 194% increase compared with the third quarter of 2011 and a 2% increase compared with the second quarter of 2012.
  • Advisory fee revenues were $27.2 million, a 118% increase compared with the third quarter of 2011 and a 2% increase compared with the second quarter of 2012.

Consolidated Compensation and Benefits Expenses

For the quarter ended September 30, 2012, compensation and benefits expenses were $267.7 million, compared with $210.6 million in the third quarter of 2011 and $239.4 million in the second quarter of 2012.

Compensation and benefits as a percentage of net revenues was 64% in the third quarter of 2012, compared with 63% in the third quarter of 2011 and 64% in the second quarter of 2012. Transition pay, which primarily consists of amortization of upfront notes, signing bonuses and retention awards, as a percentage of net revenues was 5% in the third quarter of 2012, consistent with the third quarter of 2011 and the second quarter of 2012.

Consolidated Non-Compensation Operating Expenses

For the quarter ended September 30, 2012, non-compensation operating expenses were $90.8 million, compared to $84.6 million in the third quarter of 2011 and $91.2 million in the second quarter of 2012.

Non-compensation operating expenses as a percentage of net revenues for the quarter ended September 30, 2012 was 22% compared with 25% in the third quarter of 2011 and 24% in the second quarter of 2012. The lower ratio in the third quarter of 2012 was driven by the impact of higher revenues.

Provision for Income Taxes

The effective income tax rate for the quarter ended September 30, 2012 was 39% compared with 43% in the third quarter of 2011 and 40% in the second quarter of 2012.

Statement of Financial Condition (Unaudited)

Total assets increased 24% to $6.1 billion as of September 30, 2012 from $4.9 billion as of September 30, 2011. The increase is primarily attributable to growth of Stifel Bank, the Company's bank subsidiary, which as of September 30, 2012 has grown its assets to $3.2 billion from $2.3 billion as of September 30, 2011. As of September 30, 2012, Stifel Bank's investment portfolio of $2.1 billion has increased 45% from September 30, 2011, with more than 99% of the investment portfolio comprised of investment grade securities, of which more than 71% were Government-Sponsored Enterprise guaranteed MBS or AAA-rated investments. The Company's broker-dealer subsidiary's gross assets and liabilities, including trading inventory, stock loan/borrow, receivables and payables from/to brokers, dealers and clearing organizations and clients, fluctuate with business levels and overall market conditions.

Total stockholders' equity as of September 30, 2012 increased $165.4 million, or 13%, to $1.427 billion from $1.262 billion as of September 30, 2011. Book value per share was $26.62 as of September 30, 2012. The Company repurchased $9.1 million, or 0.3 million shares, of its common stock pursuant to existing Board repurchase authorizations during the nine months ended September 30, 2012.

As of September 30, 2012, the Company reported total securities owned and investments at fair value of $2.4 billion, which included securities categorized as Level 3 of $214.5 million. The Company's Level 3 assets include auction rate securities with a fair value of $162.8 million, and private equity and other fixed income securities with a fair value $51.7 million as of September 30, 2012.

Conference Call Information

Stifel Financial Corp. will host its third quarter 2012 financial results conference call on Monday, November 5, 2012, at 8:30 a.m. Eastern time. The conference call may include forward-looking statements.

All interested parties are invited to listen to the Company's Chairman, President, and CEO, Ronald J. Kruszewski, by dialing (800) 651-2240 and referencing conference ID #64728788. A live audio webcast of the call, as well as a presentation highlighting the Company's results, will be available through the Company's web site, www.stifel.com. For those who cannot listen to the live broadcast, a replay of the broadcast will be available through the above-referenced web site beginning approximately one hour following the completion of the call.

Company Information

Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel clients are served through Stifel, Nicolaus & Company, Incorporated in the U.S., through Stifel Nicolaus Canada Inc. in Canada, and through Stifel Nicolaus Europe Limited in the United Kingdom and Europe. The Company's broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank & Trust offers a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. offers trust and related services. To learn more about Stifel Financial, please visit the Company's web site at www.stifel.com.

Forward-Looking Statements

This earnings release contains certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this earnings release not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements in this earnings release are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among other things, the following possibilities: the ability to successfully integrate acquired companies or the branch offices and financial advisors; a material adverse change in financial condition; the risk of borrower, depositor, and other customer attrition; a change in general business and economic conditions; changes in the interest rate environment, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation and regulation; other economic, competitive, governmental, regulatory, geopolitical, and technological factors affecting the companies' operations, pricing, and services; and other risk factors referred to from time to time in filings made by Stifel Financial Corp. with the Securities and Exchange Commission. Forward-looking statements speak only as to the date they are made. Stifel Financial Corp. disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.



                 Summary Results of Operations (Unaudited)
                 ------------------------------------------
                                           Three Months Ended
                              --------------------------------------------
(in thousands, except per                            %                 %
 share amounts)                9/30/12   9/30/11  Change   6/30/12  Change
                              --------- --------- ------  --------- ------
Revenues:
  Commissions                 $ 127,966 $ 143,243  (10.7) $ 127,427    0.4
  Principal transactions        102,979    76,650   34.4     91,564   12.5
  Investment banking             72,938    37,673   93.6     67,363    8.3
  Asset management and
   service fees                  62,881    58,253    7.9     65,311   (3.7)
  Other income                   31,922       540      *      5,418  489.2
                              --------- --------- ------  --------- ------
    Operating revenues          398,686   316,359   26.0    357,083   11.7
  Interest revenue               27,306    24,161   13.0     27,181    0.5
                              --------- --------- ------  --------- ------
    Total revenues              425,992   340,520   25.1    384,264   10.9
  Interest expense                5,912     6,306   (6.2)     9,857  (40.0)
                              --------- --------- ------  --------- ------
    Net revenues                420,080   334,214   25.7    374,407   12.2
                              --------- --------- ------  --------- ------

Non-interest expenses:
  Compensation and benefits     267,652   210,573   27.1    239,374   11.8
  Occupancy and equipment
   rental                        33,061    30,914    6.9     32,320    2.3
  Communications and office
   supplies                      19,976    18,838    6.0     20,797   (3.9)
  Commission and floor
   brokerage                      8,031     7,400    8.5      7,747    3.7
  Other operating expenses       29,683    27,466    8.1     30,295   (2.0)
                              --------- --------- ------  --------- ------
    Total non-interest
     expenses                   358,403   295,191   21.4    330,533    8.4

Income before income taxes       61,677    39,023   58.1     43,874   40.6
  Provision for income taxes     23,967    16,719   43.4     17,738   35.1
                              --------- --------- ------  --------- ------
Net income                    $  37,710 $  22,304   69.1  $  26,136   44.3
                              --------- --------- ------  --------- ------

Earnings per share:
  Basic                       $    0.70 $    0.43   62.8  $    0.49   42.9
  Diluted                     $    0.60 $    0.35   71.4  $    0.42   42.9

Weighted average number of common shares
 outstanding:
  Basic                          53,601    52,367    2.4     53,569    0.1
  Diluted                        63,054    63,152   (0.2)    62,678    0.6

-------------------------------
* Percentage not meaningful.



                                            Nine Months Ended
                                     ------------------------------
        (in thousands, except per                               %
         share amounts)                9/30/12     9/30/11   Change
                                     ----------- ----------- ------
        Revenues:
          Commissions                $   378,696 $   437,344  (13.4)
          Principal transactions         310,776     249,250   24.7
          Investment banking             210,739     143,509   46.8
          Asset management and
           service fees                  189,010     172,914    9.3
          Other income                    50,634      11,352  346.0
                                     ----------- ----------- ------
            Operating revenues         1,139,855   1,014,369   12.4
          Interest revenue                79,744      64,246   24.1
                                     ----------- ----------- ------
            Total revenues             1,219,599   1,078,615   13.1
          Interest expense                24,779      18,931   30.9
                                     ----------- ----------- ------
            Net revenues               1,194,820   1,059,684   12.8
                                     ----------- ----------- ------

        Non-interest expenses:
          Compensation and benefits      761,730     671,678   13.4
          Occupancy and equipment
           rental                         96,172      89,962    6.9
          Communications and office
           supplies                       61,146      56,198    8.8
          Commission and floor
           brokerage                      23,390      20,943   11.7
          Other operating expenses        87,577     127,321  (31.2)
                                     ----------- ----------- ------
            Total non-interest
             expenses                  1,030,015     966,102    6.6

        Income before income taxes       164,805      93,582   76.1
          Provision for income taxes      66,186      36,464   81.5
                                     ----------- ----------- ------
        Net income                   $    98,619 $    57,118   72.7
                                     ----------- ----------- ------

        Earnings per share:
          Basic                      $      1.84 $      1.09   68.8
          Diluted                    $      1.57 $      0.90   74.4

        Weighted average number of
         common shares outstanding:
          Basic                           53,471      52,610    1.6
          Diluted                         62,817      63,174   (0.6)

        -----------------------------
        * Percentage not meaningful.




       (in thousands, except per share, employee and location amounts)
                                                    %                    %
                        9/30/12       9/30/11    Change    6/30/12    Change
                     ------------- ------------- ------ ------------- ------
Statistical
 Information:
  Book value per
   share             $       26.62 $       24.48    8.7 $       25.63    3.9
  Financial advisors
   (4)                       2,042         1,961    4.1         2,028    0.7
  Full-time
   associates                5,266         4,942    6.6         5,196    1.3
  Locations                    338           313    8.0           332    1.8
  Total client
   assets (5)        $ 136,015,000 $ 110,797,000   22.8 $ 131,026,000    3.8




    Global Wealth Management Summary Results of Operations (Unaudited)
                                           Three Months Ended
                              --------------------------------------------
                                                     %                 %
(in 000s)                      9/30/12   9/30/11  Change   6/30/12  Change
                              --------- --------- ------  --------- ------
Revenues:
  Commissions                 $  89,393 $  92,029   (2.9) $  88,423    1.1
  Principal transactions         58,801    48,836   20.4     55,628    5.7
  Asset management and
   service fees                  62,871    58,007    8.4     65,169   (3.5)
  Net interest                   22,283    15,016   48.4     18,233   22.2
  Investment banking             13,347     3,737  257.2      8,531   56.5
  Other income                    5,033     1,873  168.7      4,045   24.4
                              --------- --------- ------  --------- ------
    Net revenues                251,728   219,498   14.7    240,029    4.9
                              --------- --------- ------  --------- ------
Non-interest expenses:
  Compensation and benefits     146,882   128,244   14.5    140,984    4.2
  Non-compensation operating
   expenses                      36,476    35,642    2.3     37,692   (3.2)
                              --------- --------- ------  --------- ------
    Total non-interest
     expenses                   183,358   163,886   11.9    178,676    2.6
                              --------- --------- ------  --------- ------
Income before income taxes    $  65,921 $  55,612   22.9  $  61,353   11.4
                              --------- --------- ------  --------- ------

As a percentage of net
 revenues:
  Compensation and benefits        58.3      58.4              58.7
  Non-compensation operating
   expenses                        14.5      16.3              15.7
  Income before income taxes       27.2      25.3              25.6



                                           Nine Months Ended
                                     -----------------------------
                                                              %
        (in 000s)                      9/30/12    9/30/11   Change
                                     ---------- ---------- -------
        Revenues:
          Commissions                $  268,839 $  287,384    (6.5)
          Principal transactions        173,474    156,262    11.0
          Asset management and
           service fees                 188,626    172,354     9.4
          Net interest                   58,163     39,586    46.9
          Investment banking             34,348     16,460   108.7
          Other income                   16,655     11,543    44.3
                                     ---------- ---------- -------
            Net revenues                740,105    683,589     8.3
                                     ---------- ---------- -------
        Non-interest expenses:
          Compensation and benefits     431,623    403,782     6.9
          Non-compensation operating
           expenses                     109,581    107,297     2.1
                                     ---------- ---------- -------
            Total non-interest
             expenses                   541,204    511,079     5.9
                                     ---------- ---------- -------
        Income before income taxes   $  198,901 $  172,510    15.3
                                     ---------- ---------- -------

        As a percentage of net
         revenues:
          Compensation and benefits        58.3       59.1
          Non-compensation operating
           expenses                        14.8       15.7
          Income before income taxes       26.9       25.2




                       Stifel Bank & Trust (Unaudited)
                         Key Statistical Information
----------------------------------------------------------------------------
(in 000s, except                                     %                   %
 percentages)             9/30/12      9/30/11    Change   6/30/12    Change
                        -----------  -----------  ------ -----------  ------
Other information:
  Assets                $ 3,228,021  $ 2,311,371    39.7 $ 3,058,971     5.5
  Investment securities   2,133,494    1,470,812    45.1   1,849,622    15.3
  Retained loans, net       746,120      567,341    31.5     709,079     5.2
  Loans held for sale       209,358      114,452    82.9     117,166    78.7
  Deposits                2,923,671    2,120,763    37.9   2,776,684     5.3

  Allowance as a
   percentage of loans         0.85%        0.67%               0.88%
  Non-performing assets
   as a percentage of
   total assets                0.07%        0.08%               0.08%




       Institutional Group Summary Results of Operations (Unaudited)
                                           Three Months Ended
                              --------------------------------------------
                                                     %                 %
(in 000s)                      9/30/12   9/30/11  Change   6/30/12  Change
                              --------- --------- ------  --------- ------
Revenues:
  Commissions                 $  38,574 $  51,214  (24.7) $  39,004   (1.1)
  Principal transactions         44,178    27,815   58.8     35,936   22.9

  Capital raising                32,386    21,436   51.1     32,202    0.6
  Advisory fees                  27,205    12,500  117.6     26,630    2.2
                              --------- --------- ------  --------- ------
  Investment banking             59,591    33,936   75.6     58,832    1.3
  Other (6)                      27,336       294      *      1,525      *
                              --------- --------- ------  --------- ------
    Net revenues                169,679   113,259   49.8    135,297   25.4
                              --------- --------- ------  --------- ------
Non-interest expenses:
  Compensation and benefits     104,913    74,813   40.2     84,754   23.8
  Non-compensation operating
   expenses                      31,339    29,294    7.0     32,997   (5.0)
                              --------- --------- ------  --------- ------
    Total non-interest
     expenses                   136,252   104,107   30.9    117,751   15.7
                              --------- --------- ------  --------- ------
Income before income taxes    $  33,427 $   9,152  265.2  $  17,546   90.5
                              --------- --------- ------  --------- ------

As a percentage of net
 revenues:
  Compensation and benefits        61.8      66.0              62.6
  Non-compensation operating
   expenses                        18.5      25.9              24.4
  Income before income taxes       19.7       8.1              13.0

-------------------------------
* Percentage not meaningful.



                                            Nine Months Ended
                                       --------------------------
                                                              %
          (in 000s)                     9/30/12   9/30/11  Change
                                       --------- --------- ------
          Revenues:
            Commissions                $ 109,858 $ 149,960  (26.7)
            Principal transactions       137,302    92,988   47.7

            Capital raising              106,951    80,654   32.6
            Advisory fees                 69,440    46,395   49.7
                                       --------- --------- ------
            Investment banking           176,391   127,049   38.8
            Other (6)                     29,929     3,171      *
                                       --------- --------- ------
              Net revenues               453,480   373,168   21.5
                                       --------- --------- ------
          Non-interest expenses:
            Compensation and benefits    283,691   234,006   21.2
            Non-compensation operating
             expenses                     95,112    86,666    9.7
                                       --------- --------- ------
              Total non-interest
               expenses                  378,803   320,672   18.1
                                       --------- --------- ------
          Income before income taxes   $  74,677 $  52,496   42.3
                                       --------- --------- ------

          As a percentage of net
           revenues:
            Compensation and benefits       62.6      62.7
            Non-compensation operating
             expenses                       20.9      23.2
            Income before income taxes      16.5      14.1

          -----------------------------
          * Percentage not meaningful.




  Institutional Group Brokerage & Investment Banking Revenues (Unaudited)
                                           Three Months Ended
                              --------------------------------------------
                                                     %                 %
(in 000s)                      9/30/12   9/30/11  Change   6/30/12  Change
                              --------- --------- ------  --------- ------
Institutional brokerage:
  Equity                      $  37,956 $  47,185  (19.6) $  38,466   (1.3)
  Fixed income                   44,796    31,844   40.7     36,474   22.8
                              --------- --------- ------  --------- ------
Institutional brokerage          82,752    79,029    4.7     74,940   10.4

Investment banking:
  Capital raising:
    Equity                       17,527    16,382    7.0     17,651   (0.7)
    Fixed income                 14,859     5,054  194.0     14,551    2.1
                              --------- --------- ------  --------- ------
      Capital raising            32,386    21,436   51.1     32,202    0.6
  Advisory fees                  27,205    12,500  117.6     26,630    2.2
                              --------- --------- ------  --------- ------
Investment banking            $  59,591 $  33,936   75.6  $  58,832    1.3
                              --------- --------- ------  --------- ------



                                            Nine Months Ended
                                       --------------------------
                                                              %
          (in 000s)                     9/30/12   9/30/11  Change
                                       --------- --------- ------
          Institutional brokerage:
            Equity                     $ 120,594 $ 141,278  (14.6)
            Fixed income                 126,566   101,670   24.5
                                       --------- --------- ------
          Institutional brokerage        247,160   242,948    1.7

          Investment banking:
            Capital raising:
              Equity                      66,728    67,386   (1.0)
              Fixed income                40,223    13,268  203.2
                                       --------- --------- ------
                Capital raising          106,951    80,654   32.6
            Advisory fees                 69,440    46,395   49.7
                                       --------- --------- ------
          Investment banking           $ 176,391 $ 127,049   38.8
                                       --------- --------- ------


(1) Included in the results for the nine months ended September 30, 2011 were the estimated costs of settlement and litigation-related expenses of $29.4 million after tax, or $0.47 per diluted share, respectively, associated with the civil lawsuit and related regulatory investigation in connection with the previously disclosed matter involving five Southeastern Wisconsin school districts and certain merger-related expenses.

(2) Results for the three and nine months ended September 30, 2012 include $25.6 million in realized and unrealized gains recognized on the Company's investment in Knight Capital Group, Inc.

(3) Results for the nine months ended September 30, 2011 include litigation-related charges and merger-related expenses of $47.5 million pre-tax.

(4) Includes 154, 160 and 156 independent contractors at September 30, 2012 and 2011 and June 30, 2012, respectively.

(5) Includes money market and FDIC-insured balances. Prior period amounts have been adjusted to conform to the current period presentation.

(6) Includes net interest and other income. Other income for the three and nine months ended September 30, 2012 include $25.6 million in realized and unrealized gains recognized on the Company's investment in Knight Capital Group, Inc.

Investor Relations Contact
Sarah Anderson
(415) 364-2500
Email Contact

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