Stifel Financial Corp. (NYSE:SF) Q1 2022 Earnings Conference Call April 27, 2022 9:30 AM ET

Company Participants

Joel Jeffrey - Head of Investor Relations

Ron Kruszewski - Chairman, Chief Executive Officer

Victor Nesi - Co-President

Jim Zemlek - Co-President

Jim Marischen - Chief Financial Officer

Conference Call Participants

Steven Chubak - Wolfe Research

Alex Blostein - Goldman Sachs

Chris Allen - Compass Point

Operator

Good day, and thank you for standing by. Welcome to the First Quarter Earnings Call 2022. At this time all participants are in a listen-only mode. After the speakers presentation there will be a question-and-answer session [Operator Instructions]. Please be advised that today's conference is being recorded. [Operator Instructions]

I would now like to hand the conference over to your speaker today, Mr. Joel Jeffrey, Head of Investor Relations. Please go ahead sir.

Joel Jeffrey

Thank you, operator. I'd like to welcome everyone to Stifel Financials First Quarter Financial Results Conference Call. I'm joined on the call today by our Chairman and CEO, Ron Kruszewski; our Co-Presidents, Victor Nesi and Jim Zemlek; and our CFO, Jim Marischen.

Earlier this morning we issued an earnings release and posted a slide deck and financial supplement to our website, which can be found on the Investor Relations page at www.stifel.com.

I would note that some of the numbers that we state throughout our presentation are presented on a non-GAAP basis, and I would refer to our reconciliation of GAAP to non-GAAP as disclosed in our press release. I would also remind listeners to refer to our earnings release, financial supplement and slide presentation for information on forward-looking statements and non-GAAP measures. This audio cast is copyrighted material by Stifel Financial Corp. and may not be duplicated, reproduced or rebroadcast without the consent of Stifel Financial Corp.

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

Ron Kruszewski

Thanks, Joel. To our guests, good morning and thank you for taking the time to listen to our first quarter results. 2022 is off to an interesting start to say the least. The war in Ukraine, surging inflation and the post-COVID reopening have resulted in increased volatility, higher rates, lower equity markets and a favorable recession in the United States.

This contrasts markedly with 2021 when the yield on the 10-year treasury was 1.6%, oil was $60 a barrel. The VIX was 18 and the Fed's dot [ph] forecasted zero rate hikes in 2022. Last year, we generated record revenue and earnings per share led by our institutional business and more specifically, our investment banking businesses.