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Stifel Financial's net income drops YOY in Q1

Stifel FinancialCorp. reported first-quarter net income of $27.1 million, or 36 centsper share, down from $43.1 million, or 56 cents per share, in the first quarterof 2015.

Non-GAAP net income for the quarter was $43.4 million, or 57cents per share, compared with $49.9 million, or 65 cents per share, in the year-agoperiod. Non-GAAP results exclude expenses associated with the company's acquisitions.

The S&P Capital IQ consensus normalized EPS estimate forthe quarter was 51 cents.

Net revenues for the quarter increased to $620.0 million, from$561.0 million in the prior-year quarter. Revenues from commissions were $197.9million for the quarter, up from $180.3 million in the prior-year quarter. Revenuefrom principal transactions came in at $120.9 million, compared with $100.2 milliona year earlier. Investment banking revenues fell to $100.7 million, from $125.1million in the year-ago quarter.