Stifel Financial Corp. (NYSE:SF) Q1 2016 Earnings Conference Call - Final Transcript

May 09, 2016 • 05:00 pm ET


Stifel Financial Corp. (NYSE:SF) Q1 2016 Earnings Conference Call - Final Transcript


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Good evening. My name is Blair, I'll be your conference operator today. At this time, I'd like to welcome everyone to the First Quarter 2016 Earnings Conference Call. [Operator Instructions]

Thank you. James M. Zemlyak, CFO, you may begin your call.

James M. Zemlyak

Thank you, operator. Good afternoon. This is Jim Zemlyak, CFO of Stifel. I would like to welcome everyone to our conference call today to discuss our first quarter 2016 financial results. Please note that this conference call is recorded. If you'd like a copy of today's presentation, you may download the slides from our website at

Before we begin today's call, I would like to remind the listeners of this presentation may contain forward-looking statements within the meaning of the private securities litigation Reform Act from 1995. These statements are not statements of fact or guarantees of performance. They may include statements regarding, among other things, our ability to successfully integrate acquired companies or branch offices and financial advisors, general economic, political, regulatory and market conditions, investment banking and brokerage industries, our objectives and results and also may include our belief regarding the effects of various regulatory matters, legal proceedings, management expectations, or liquidity and funding sources, counterparty risk or other similar items -- matters. As such, they are subject to risks, uncertainties and other factors that may cause actual future results to differ materially from those discussed in the statements.

To supplement our financial statements presented in accordance with GAAP, we may use certain non GAAP measures of financial performance and liquidity. These non GAAP measures should only be considered together with the Company's GAAP results. To the extent we discuss non GAAP measures, the reconciliation to GAAP is available on our website at

And finally, for discussion of risks and uncertainties in our business play, see the business factors affecting the Company in the financial services industry in the Company's annual report on Form 10-K, and MD&A results in the Company's quarterly reports on forms 10-Q.

I will now turn the call over to our Chairman and CEO of Stifel, Ron Kruszewski.

Ronald J. Kruszewski

Thank you, Jim, and good afternoon, everyone, and thank you for taking the time to listen to our first quarter 2016 results. After the market closed we released our first quarter results and posted a slide deck on our website. First, I will run through our financial results for the quarter, as well as the progress we've made on growing our balance sheet. I will then touch on some of the key industry drivers unpacking Stifel such as the DOL fiduciary rule and interest rate sensitivity before opening up the call for questions.

So with that, let's start with my opening comments and some of the highlights for the quarter. The diversity of Stifel's business model that has evolved through both organic growth and acquisitions was highlighted in the quarter as the firm generated record quarterly revenue and sequential improvement in EPS. The growth in our private clients business, Stifel Bank & Trust, and