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.
In March, St. Louis-based Stifel reached a deal with UBS to acquire up to 55 branches and 320 financial advisors.
In the second quarter, Stifel's global wealth-management unit increased net revenues 47% from the second quarter of 2009 to $199.9 million, and sales remained relatively unchanged from the first quarter of 2010.
The private-client group had net revenues of $191.0 million, a 45% increase from the second quarter of 2009 and a 1% increase from the first quarter of 2010.
Commission revenue increased 53% from the second quarter of 2009, and principal transactions revenue increased 20%. Asset management and service fees revenue jumped 73% from the second quarter of 2009 and increased 7% from the first quarter of 2010.
Nine PCG offices and 43 financial advisors were added during the second quarter of 2010 as part of the company's ongoing footprint expansion efforts, the company said.