EX-99.1 2 sf-ex991_6.htm EX-99.1 sf-ex991_6.htm

Exhibit 99.1

 

July 30, 2019

FOR IMMEDIATE RELEASE

Media Contact:  Neil Shapiro (212) 271-3447

Investor Contact:  Joel Jeffrey  (212) 271-3610

www.stifel.com/investor-relations

 

STIFEL REPORTS SECOND QUARTER 2019 FINANCIAL RESULTS

 

•

Net revenues of $800.8 million, increased 7.8% compared with the year-ago quarter.

 

•

Record net revenues in Global Wealth Management.

 

•

Net income available to common shareholders of $103.8 million, or $1.31 per diluted common share.

 

•

Non-GAAP net income available to common shareholders of $111.4 million, or $1.41 per diluted common share.

 

•

Record client assets of $305.2 billion, increased 9.9% compared with the year-ago quarter.

 

•

Non-GAAP return on tangible common equity of 23.1%.

 

•

Repurchased approximately 1.3 million shares of the Company’s common stock at an average price of $56.32.

ST. LOUIS, MO – Stifel Financial Corp. (NYSE: SF) today reported net income available to common shareholders of $103.8 million, or $1.31 per diluted common share on net revenues of $800.8 million for the three months ended June 30, 2019, compared with net income available to common shareholders of $84.9 million, or $1.04 per diluted common share, on net revenues of $742.7 million for the second quarter of 2018.

For the three months ended June 30, 2019, the Company reported non-GAAP net income available to common shareholders of $111.4 million, or $1.41 per diluted common share. The Company’s reported GAAP net income for the three months ended June 30, 2019 was primarily impacted by merger-related expenses. Details discussed below and in the “Non-GAAP Financial Matters” section.

Chairman’s Comments

“I’m very pleased with our second quarter results. The $801 million in net revenue in the second quarter was the second highest quarterly revenue in our history and, through the first half of 2019, we have generated a record $1.6 billion of net revenue. In addition to our revenue growth, our expense discipline contributed to margins of nearly 20% in the quarter which drove non-GAAP return on tangible common equity of 23% and non-GAAP earnings per share of $1.41, up nearly 16% over 2018. We repurchased approximately 2.3 million shares in the first half of the year while maintaining our commitment to growing our business both organically and through accretive acquisitions. In the first half of 2019, we recruited 80 financial advisors and our pipeline remains very strong. Additionally, we announced two acquisitions in the first half of 2019 and closed another. As I look forward, I am optimistic about the second half of 2019 as well as our longer-term future,” stated Ronald J. Kruszewski, Chairman and Chief Executive Officer of Stifel.

 

Financial Highlights (Unaudited)

 

Three Months Ended

 

($ in 000s, except per share data)

 

GAAP 6/30/19

 

 

GAAP 6/30/18

 

 

% Change

 

 

GAAP 3/31/19

 

 

% Change

 

 

 

Non-GAAP (1) 6/30/19

 

 

Non-GAAP (1) 6/30/18

 

 

% Change

 

Net revenues

 

$

800,787

 

 

$

742,732

 

 

 

7.8

 

 

$

770,420

 

 

 

3.9

 

 

 

$

800,787

 

 

$

742,541

 

 

 

7.8

 

Net income applicable to Stifel Financial Corp.

 

$

109,085

 

 

$

87,287

 

 

 

25.0

 

 

$

99,207

 

 

 

10.0

 

 

 

$

116,659

 

 

$

101,131

 

 

 

15.4

 

Preferred dividend

 

 

5,288

 

 

 

2,344

 

 

 

125.6

 

 

 

2,344

 

 

 

125.6

 

 

 

 

5,288

 

 

 

2,344

 

 

 

125.6

 

Net income available to common shareholders

 

$

103,797

 

 

$

84,943

 

 

 

22.2

 

 

$

96,863

 

 

 

7.2

 

 

 

$

111,371

 

 

$

98,787

 

 

 

12.7

 

Earnings per diluted common share

 

$

1.38

 

 

$

1.07

 

 

 

29.0

 

 

$

1.25

 

 

 

10.4

 

 

 

$

1.48

 

 

$

1.24

 

 

 

19.4

 

Earnings per diluted common share available to common shareholders

 

$

1.31

 

 

$

1.04

 

 

 

26.0

 

 

$

1.22

 

 

 

7.4

 

 

 

$

1.41

 

 

$

1.22

 

 

 

15.6

 

Compensation ratio

 

 

58.3

%

 

 

59.5

%

 

 

 

 

 

 

59.5

%

 

 

 

 

 

 

 

57.9

%

 

 

59.0

%

 

 

 

 

Non-compensation ratio

 

 

23.2

%

 

 

24.5

%

 

 

 

 

 

 

22.6

%

 

 

 

 

 

 

 

22.3

%

 

 

22.5

%

 

 

 

 

Pre-tax operating margin (2)

 

 

18.5

%

 

 

16.0

%

 

 

 

 

 

 

17.9

%

 

 

 

 

 

 

 

19.8

%

 

 

18.5

%

 

 

 

 

 

1

 

 

For six months ended June 30, 2019, the Company reported net income available to common shareholders of $200.7 million, or $2.53 per diluted common share on net revenues of $1.6 billion, compared with net income available to common shareholders of $171.4 million, or $2.10 per diluted common share, on net revenues of $1.5 billion for the six months ended June 30, 2018.

For the six months ended June 30, 2019, the Company reported non-GAAP net income available to common shareholders of $215.9 million, or $2.73 per diluted common share.

Financial Highlights (Unaudited)

 

Six Months Ended

 

($ in 000s, except per share data)

 

GAAP 6/30/19

 

 

GAAP 6/30/18

 

 

% Change

 

 

 

Non-GAAP (1) 6/30/19

 

 

Non-GAAP (1) 6/30/18

 

 

% Change

 

Net revenues

 

$

1,571,207

 

 

$

1,493,090

 

 

 

5.2

 

 

 

$

1,571,207

 

 

$

1,493,090

 

 

 

5.2

 

Net income applicable to Stifel Financial Corp.

 

$

208,292

 

 

$

176,048

 

 

 

18.3

 

 

 

$

223,523

 

 

$

197,278

 

 

 

13.3

 

Preferred dividend

 

 

7,632

 

 

 

4,688

 

 

 

62.8

 

 

 

 

7,632

 

 

 

4,688

 

 

 

62.8

 

Net income available to common shareholders

 

$

200,660

 

 

$

171,360

 

 

 

17.1

 

 

 

$

215,891

 

 

$

192,590

 

 

 

12.1

 

Earnings per diluted common share

 

$

2.63

 

 

$

2.16

 

 

 

21.8

 

 

 

$

2.82

 

 

$

2.42

 

 

 

16.5

 

Earnings per diluted common share available to common shareholders

 

$

2.53

 

 

$

2.10

 

 

 

20.5

 

 

 

$

2.73

 

 

$

2.36

 

 

 

15.7

 

Compensation ratio

 

 

58.9

%

 

 

60.3

%

 

 

 

 

 

 

 

58.4

%

 

 

59.8

%

 

 

 

 

Non-compensation ratio

 

 

22.9

%

 

 

23.8

%

 

 

 

 

 

 

 

22.2

%

 

 

22.4

%

 

 

 

 

Pre-tax operating margin (3)

 

 

18.2

%

 

 

15.9

%

 

 

 

 

 

 

 

19.4

%

 

 

17.8

%

 

 

 

 

 

Brokerage Revenues

Brokerage revenues, defined as commissions and principal transactions, were $261.4 million, a 2.2% increase compared with the second quarter of 2018 and a 0.8% increase compared with the first quarter of 2019.

 

 

Three Months Ended

 

($ in 000s)

 

6/30/19

 

 

6/30/18

 

 

% Change

 

 

3/31/19

 

 

% Change

 

Global Wealth Management

 

$

162,388

 

 

$

159,290

 

 

 

1.9

 

 

$

153,194

 

 

 

6.0

 

Institutional brokerage:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity capital markets

 

 

40,670

 

 

 

45,266

 

 

 

(10.2

)

 

 

38,881

 

 

 

4.6

 

Fixed income capital markets

 

 

58,387

 

 

 

51,330

 

 

 

13.7

 

 

 

67,406

 

 

 

(13.4

)

Total institutional brokerage

 

 

99,057

 

 

 

96,596

 

 

 

2.5

 

 

 

106,287

 

 

 

(6.8

)

Total brokerage revenues

 

$

261,445

 

 

$

255,886

 

 

 

2.2

 

 

$

259,481

 

 

 

0.8

 

 

•

Global Wealth Management brokerage revenues were $162.4 million, a 1.9% increase compared with the second quarter of 2018 and a 6.0% increase compared with the first quarter of 2019.

 

•

Institutional equity brokerage revenues were $40.7 million, a 10.2% decrease compared with the second quarter of 2018 and a 4.6% increase compared with the first quarter of 2019.

 

•

Institutional fixed income brokerage revenues were $58.4 million, a 13.7% increase compared with the second quarter of 2018 and a 13.4% decrease compared with the first quarter of 2019.


 

2

 

Investment Banking Revenues

Investment banking revenues were $179.6 million, an 11.5% increase compared with the second quarter of 2018 and an 11.0% increase compared with the first quarter of 2019.

 

 

Three Months Ended

 

($ in 000s)

 

6/30/19

 

 

 

 

6/30/18

 

 

 

 

% Change

 

 

3/31/19

 

 

% Change

 

Capital raising:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Wealth Management

 

$

10,559

 

 

 

 

$

7,968

 

 

 

 

 

32.5

 

 

$

8,223

 

 

 

28.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity capital markets

 

 

59,156

 

 

 

 

 

44,087

 

 

 

 

 

34.2

 

 

 

27,859

 

 

 

112.3

 

Fixed income capital markets

 

 

26,997

 

 

 

 

 

22,025

 

 

 

 

 

22.6

 

 

 

20,863

 

 

 

29.4

 

Institutional Group

 

 

86,153

 

 

 

 

 

66,112

 

 

 

 

 

30.3

 

 

 

48,722

 

 

 

76.8

 

Total capital raising (4)

 

 

96,712

 

 

 

 

 

74,080

 

 

 

 

 

30.6

 

 

 

56,945

 

 

 

69.8

 

Advisory fees (4)

 

 

82,905

 

 

 

 

 

87,004

 

 

 

 

 

(4.7

)

 

 

104,895

 

 

 

(21.0

)

Total investment banking (4)

 

$

179,617

 

 

 

 

$

161,084

 

 

 

 

 

11.5

 

 

$

161,840

 

 

 

11.0

 

 

•

Global Wealth Management capital raising revenues were $10.6 million, a 32.5% increase compared with the second quarter of 2018 and a 28.4% increase compared with the first quarter of 2019.

 

•

Institutional equity capital raising revenues were $59.2 million, a 34.2% increase compared with the second quarter of 2018 and a 112.3% increase compared with the first quarter of 2019.

 

•

Institutional fixed income capital raising revenues were $27.0 million, a 22.6% increase compared with the second quarter of 2018 and a 29.4% increase compared with the first quarter of 2019.

 

•

Advisory fee revenues were $82.9 million, a 4.7% decrease compared with the second quarter of 2018 and a 21.0% decrease compared with the first quarter of 2019.

 

Asset Management and Service Fee Revenues

Asset management and service fee revenues were $211.2 million, a 5.8% increase compared with the second quarter of 2018 and an 8.1% increase compared with the first quarter of 2019. See Asset Management and Service Fee Break-down table.

Net Interest Income

Net interest income of $135.0 million, a 15.3% increase compared with the second quarter of 2018 and a 4.6% decrease compared with the first quarter of 2019. See Net Interest Income Analysis table.

 

•

Interest income was $187.9 million, a 21.7% increase compared with the second quarter of 2018 and a 1.6% decrease compared with the first quarter of 2019.

 

•

Interest expense was $52.9 million, a 41.9% increase compared with the second quarter of 2018 and a 7.0% increase compared with the first quarter of 2019.


 

3

 

Compensation and Benefits Expenses

For the quarter ended June 30, 2019, compensation and benefits expenses were $466.9 million, which included $3.3 million of merger-related and severance expenses (non-GAAP adjustments). This compares with $442.2 million in the second quarter of 2018 and $458.1 million in the first quarter of 2019. Excluding the non-GAAP adjustments, compensation and benefits as a percentage of net revenues were 57.9% in the second quarter of 2019 (non-GAAP measure).

 

 

Three Months Ended

 

 

Six Months Ended

 

($ in 000s)

 

6/30/19

 

 

6/30/18

 

 

6/30/19

 

 

6/30/18

 

GAAP compensation and benefits

 

$

466,861

 

 

$

442,170

 

 

$

924,975

 

 

$

900,063

 

As a percentage of net revenues

 

 

58.3

%

 

 

59.5

%

 

 

58.9

%

 

 

60.3

%

Non-GAAP adjustments: (5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Merger-related and severance

 

 

(3,304

)

 

 

(4,075

)

 

 

(7,236

)

 

 

(7,814

)

Non-GAAP compensation and benefits

 

$

463,557

 

 

$

438,095

 

 

$

917,739

 

 

$

892,249

 

As a percentage of non-GAAP net revenues

 

 

57.9

%

 

 

59.0

%

 

 

58.4

%

 

 

59.8

%

Non-Compensation Operating Expenses

For the quarter ended June 30, 2019, non-compensation operating expenses were $185.9 million, which included $6.9 million of merger-related and litigation-related expenses (non-GAAP adjustments). This compares with $182.2 million in the second quarter of 2018 and $174.5 million in the first quarter of 2019. Excluding the non-GAAP adjustments, non-compensation operating expenses as a percentage of net revenues for the quarter ended June 30, 2019 were 22.3% (non-GAAP measure).

 

 

Three Months Ended

 

 

Six Months Ended

 

($ in 000s)

 

6/30/19

 

 

6/30/18

 

 

6/30/19

 

 

6/30/18

 

GAAP non-compensation expenses

 

$

185,944

 

 

$

182,215

 

 

$

360,441

 

 

$

355,126

 

As a percentage of net revenues

 

 

23.2

%

 

 

24.5

%

 

 

22.9

%

 

 

23.8

%

Non-GAAP adjustments: (5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Merger-related

 

 

(3,417

)

 

 

(8,892

)

 

 

(7,676

)

 

 

(14,915

)

Litigation-related

 

 

(3,507

)

 

 

(6,000

)

 

 

(3,507

)

 

 

(6,000

)

 

 

 

(6,924

)

 

 

(14,892

)

 

 

(11,183

)

 

 

(20,915

)

Non-GAAP non-compensation expenses

 

$

179,020

 

 

$

167,323

 

 

$

349,258

 

 

$

334,211

 

As a percentage of non-GAAP net revenues

 

 

22.3

%

 

 

22.5

%

 

 

22.2

%

 

 

22.4

%

Provision for Income Taxes

The GAAP effective income tax rate for the quarter ended June 30, 2019 was 25.9%. This compares with an effective income tax rate of 26.2% for the second quarter of 2018 and 27.9% for the first quarter of 2019. The adjusted non-GAAP effective income tax rate for the quarter ended June 30, 2019 was 25.9%.

 

 

Three Months Ended

 

 

Six Months Ended

 

($ in 000s)

 

6/30/19

 

 

6/30/18

 

 

6/30/19

 

 

6/30/18

 

GAAP provision for income taxes

 

$

38,225

 

 

$

31,060

 

 

$

76,595

 

 

$

61,853

 

GAAP effective tax rate

 

 

25.9

%

 

 

26.2

%

 

 

26.9

%

 

 

26.0

%

Non-GAAP adjustments: (5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Merger-related, litigation-related, and severance

 

 

2,752

 

 

 

5,102

 

 

 

4,955

 

 

 

7,814

 

Other

 

 

(98

)

 

 

(170

)

 

 

(1,767

)

 

 

(315

)

 

 

 

2,654

 

 

 

4,932

 

 

 

3,188

 

 

 

7,499

 

Non-GAAP provision for income taxes

 

$

40,879

 

 

$

35,992

 

 

$

79,783

 

 

$

69,352

 

Non-GAAP effective tax rate

 

 

25.9

%

 

 

26.2

%

 

 

26.3

%

 

 

26.0

%

 

 


 

4

 

Conference Call Information

Stifel Financial Corp. will host its second quarter 2019 financial results conference call on Tuesday, July 30, 2019, at 8:00 a.m. Eastern time. The conference call may include forward-looking statements.

All interested parties are invited to listen to Stifel’s Chairman and CEO, Ronald J. Kruszewski, by dialing (877) 876-9938 and referencing conference ID #8069647. 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’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated; Keefe Bruyette & Woods, Inc.; Miller Buckfire & Co., LLC; and Century Securities Associates, Inc., and in the United Kingdom and Europe through Stifel Nicolaus Europe Limited. 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 and Stifel Bank offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, 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.

 

 

5

 

Summary Results of Operations (Unaudited)

 

 

 

Three Months Ended

 

 

 

 

Six Months Ended

 

($ in 000s, except per share amounts)

 

6/30/19

 

 

 

 

6/30/18

 

 

 

 

% Change

 

 

 

 

3/31/19

 

 

 

 

% Change

 

 

 

 

6/30/19

 

 

 

 

6/30/18

 

 

 

 

% Change

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commissions

 

$

164,981

 

 

 

 

$

166,902

 

 

 

 

 

(1.2

)

 

 

 

$

155,449

 

 

 

 

 

6.1

 

 

 

 

$

320,430

 

 

 

 

$

332,677

 

 

 

 

 

(3.7

)

Principal transactions

 

 

96,464

 

 

 

 

 

88,984

 

 

 

 

 

8.4

 

 

 

 

 

104,032

 

 

 

 

 

(7.3

)

 

 

 

 

200,496

 

 

 

 

 

186,766

 

 

 

 

 

7.4

 

Brokerage revenues

 

 

261,445

 

 

 

 

 

255,886

 

 

 

 

 

2.2

 

 

 

 

 

259,481

 

 

 

 

 

0.8

 

 

 

 

 

520,926

 

 

 

 

 

519,443

 

 

 

 

 

0.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advisory fees

 

 

82,911

 

 

 

 

 

87,004

 

 

 

 

 

(4.7

)

 

 

 

 

104,890

 

 

 

 

 

(21.0

)

 

 

 

 

187,801

 

 

 

 

 

184,676

 

 

 

 

 

1.7

 

Capital raising

 

 

96,706

 

 

 

 

 

74,059

 

 

 

 

 

30.6

 

 

 

 

 

56,950

 

 

 

 

 

69.8

 

 

 

 

 

153,656

 

 

 

 

 

152,749

 

 

 

 

 

0.6

 

Investment banking

 

 

179,617

 

 

 

 

 

161,063

 

 

 

 

 

11.5

 

 

 

 

 

161,840

 

 

 

 

 

11.0

 

 

 

 

 

341,457

 

 

 

 

 

337,425

 

 

 

 

 

1.2

 

Asset management and service fees

 

 

211,171

 

 

 

 

 

199,568

 

 

 

 

 

5.8

 

 

 

 

 

195,267

 

 

 

 

 

8.1

 

 

 

 

 

406,438

 

 

 

 

 

395,369

 

 

 

 

 

2.8

 

Other income

 

 

13,505

 

 

 

 

 

9,073

 

 

 

 

 

48.8

 

 

 

 

 

12,209

 

 

 

 

 

10.6

 

 

 

 

 

25,714

 

 

 

 

 

12,430

 

 

 

 

 

106.9

 

Operating revenues

 

 

665,738

 

 

 

 

 

625,590

 

 

 

 

 

6.4

 

 

 

 

 

628,797

 

 

 

 

 

5.9

 

 

 

 

 

1,294,535

 

 

 

 

 

1,264,667

 

 

 

 

 

2.4

 

Interest revenue

 

 

187,940

 

 

 

 

 

154,421

 

 

 

 

 

21.7

 

 

 

 

 

191,071

 

 

 

 

 

(1.6

)

 

 

 

 

379,011

 

 

 

 

 

292,155

 

 

 

 

 

29.7

 

Total revenues

 

 

853,678

 

 

 

 

 

780,011

 

 

 

 

 

9.4

 

 

 

 

 

819,868

 

 

 

 

 

4.1

 

 

 

 

 

1,673,546

 

 

 

 

 

1,556,822

 

 

 

 

 

7.5

 

Interest expense

 

 

52,891

 

 

 

 

 

37,279

 

 

 

 

 

41.9

 

 

 

 

 

49,448

 

 

 

 

 

7.0

 

 

 

 

 

102,339

 

 

 

 

 

63,732

 

 

 

 

 

60.6

 

Net revenues

 

 

800,787

 

 

 

 

 

742,732

 

 

 

 

 

7.8

 

 

 

 

 

770,420

 

 

 

 

 

3.9

 

 

 

 

 

1,571,207

 

 

 

 

 

1,493,090

 

 

 

 

 

5.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

466,861

 

 

 

 

 

442,170

 

 

 

 

 

5.6

 

 

 

 

 

458,114

 

 

 

 

 

1.9

 

 

 

 

 

924,975

 

 

 

 

 

900,063

 

 

 

 

 

2.8

 

Occupancy and equipment rental

 

 

61,055

 

 

 

 

 

53,596

 

 

 

 

 

13.9

 

 

 

 

 

58,862

 

 

 

 

 

3.7

 

 

 

 

 

119,917

 

 

 

 

 

111,191

 

 

 

 

 

7.8

 

Communication and office supplies

 

 

35,069

 

 

 

 

 

36,639

 

 

 

 

 

(4.3

)

 

 

 

 

35,697

 

 

 

 

 

(1.8

)

 

 

 

 

70,766

 

 

 

 

 

70,138

 

 

 

 

 

0.9

 

Commissions and floor brokerage

 

 

11,008

 

 

 

 

 

10,095

 

 

 

 

 

9.0

 

 

 

 

 

10,956

 

 

 

 

 

0.5

 

 

 

 

 

21,964

 

 

 

 

 

19,460

 

 

 

 

 

12.9

 

Provision for loan losses

 

 

2,353

 

 

 

 

 

4,277

 

 

 

 

 

(45.0

)

 

 

 

 

2,283

 

 

 

 

 

3.1

 

 

 

 

 

4,636

 

 

 

 

 

6,320

 

 

 

 

 

(26.6

)

Other operating expenses

 

 

76,459

 

 

 

 

 

77,608

 

 

 

 

 

(1.5