Siebert Financial Corp. (NASDAQ: SIEB) (“Siebert”), a mission-driven provider of financial services, today reported financial results for the third quarter ended September 30, 2022.

Third Quarter 2022 Financial Highlights

• Revenue of $14.3 million compared to $17.1 million in the third quarter of 2021
• Operating income* of $1.4 million compared to operating income of $1.1 million in the third quarter of 2021
• Operating margin of 10.0% compared to 6.7% in the third quarter of 2021
• Net income available to common stockholders of $1.1 million compared to net income available to common stockholders of $0.9 million in the third quarter of 2021
• Earnings per share of $0.03 compared to $0.03 in the third quarter of 2021

Management Commentary

“We’ve made significant progress this year building the foundation for future growth and the diversity of our business offerings helped to deliver another strong quarter despite the volatile environment,” said Gloria E. Gebbia, controlling shareholder and board member of Siebert. “Siebert’s mission-driven culture and client-focused approach has enabled our success over the years and allowed us to overcome a myriad of obstacles and challenges. Our efforts to build a stronger, more diversified business are already showing momentum and we will continue to evolve as a company. We are well-positioned to capitalize on the evolving needs of our clients as a mission-driven company with a robust offering and strong financial position to execute on our growth strategy.”

Andrew Reich, CFO of Siebert, commented: “We delivered another quarter of solid financial results as our business has adapted to challenging market conditions. Strong performance in our Securities Finance division and higher interest income helped partially counter weaker revenues related to commissions and fees, principal transactions, and market making relative to the prior year period. Our Securities Finance division continues to be a key growth driver for Siebert and achieved another record quarter delivering year-over-year revenue growth of 21% in the third quarter and 58% year-to-date relative to the first nine month of 2021. We delivered an improvement to both our operating income and margins in the third quarter as we continue to improve profitability. Operating income for the third quarter grew 27% year-over-year and included a temporary unrealized loss of $1.4 million on our U.S. government securities portfolio compared to $0.6 million in the second quarter of 2022. Looking ahead, we remain focused on sustained growth and continue to benefit from the rising interest rate environment and expect that trend to continue in the fourth quarter and throughout 2023.” **

*Operating income represents the line item captioned “Income (loss) before provision for (benefit from) income taxes” in the statements of operations in Siebert’s 2022 Q3 10-Q.

**Refer to Siebert’s 2022 Q3 10-Q, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Notice to Investors

This communication is provided for informational purposes only and is neither an offer to sell nor a solicitation of an offer to buy any securities in the United States or elsewhere.

About Siebert Financial Corp.

Siebert is a diversified financial services company that has been in business and a member of the NYSE since 1967 when Muriel Siebert became the first woman to own a seat on the NYSE and the first to head one of its member firms.

Siebert operates through its subsidiaries Muriel Siebert & Co., Inc., Siebert AdvisorNXT, Inc., Park Wilshire Companies, Inc., Rise Financial Services, LLC, Siebert Technologies, LLC and StockCross Digital Solutions, Ltd. Through these entities, Siebert provides a full range of brokerage and financial advisory services including securities brokerage, investment advisory and insurance offerings, prime brokerage, capital intro, and corporate stock plan administration solutions. For over 50 years, Siebert has been a mission-driven company that values its clients, shareholders, and employees. More information is available at www.siebert.com.

Cautionary Note Regarding Forward-Looking Statements

The statements contained in this press release, that are not historical facts, including statements about our beliefs and expectations, are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements preceded by, followed by or that include the words “may,” “could,” “would,” “should,” “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project,” “intend” and similar words or expressions. In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances are forward-looking statements.

These forward-looking statements, which reflect our management’s beliefs, objectives, and expectations as of the date hereof, are based on the best judgement of our management. All forward-looking statements speak only as of the date on which they are made. Such forward-looking statements are subject to certain risks, uncertainties and assumptions relating to factors that could cause actual results to differ materially from those anticipated in such statements, including, without limitation, the following: economic, social and political conditions, global economic downturns resulting from extraordinary events such as the COVID-19 pandemic and other securities industry risks; interest rate risks; liquidity risks; credit risk with clients and counterparties; risk of liability for errors in clearing functions; systemic risk; systems failures, delays and capacity constraints; network security risks; competition; reliance on external service providers; new laws and regulations affecting our business; net capital requirements; extensive regulation, regulatory uncertainties and legal matters; failure to maintain relationships with employees, customers, business partners or governmental entities; the inability to achieve synergies or to implement integration plans and other consequences associated with risks and uncertainties detailed in our filings with the SEC, including our most recent filings on Forms 10-K and 10-Q.

We caution that the foregoing list of factors is not exclusive, and new factors may emerge, or changes to the foregoing factors may occur, that could impact our business. We undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise, except to the extent required by the federal securities laws.

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