Stifel Financial (SF) reported quarterly net income of $21.1 million, or $0.60 per share, on net revenues of $328.0 million for the quarter ended June 30, 2010, compared to $15.8 million, or $0.51 per share, on net revenues of $261.5 million in the same year-ago period.
Results were affected by merger-related expenses of $0.09 per share related to its recent merger with Thomas Weisel Partners Group.
Excluding the merger-related charges, net income was $24.1 million, or $0.69 per share.
“The merger with Thomas Weisel Partners closed on July 1, 2010, and we are confident that through the synergies of the combined company we can build the premier middle-market investment bank,” said Chairman and CEO Ronald J. Kruszewski in a press release.
In a conference call on August 10, however, Kruszewski said Stifel is changing its retirement plan to make it fit requirements in Thomas Weisel’s deferred share-based compensation, according to the Associated Press. As a result, Stifel will add about 62 million shares to outstanding equity and take a charge of $105 million, or 21 cents to 22 cents for the third quarter, Kruszewski told equity analysts and reporters.
The company now has 1,940 financial advisors vs. 1,562 last year.