Knowledge to Shape the Future · D.A. Davidson Companies LETTER FROM OUR LEADERSHIP As I reflect on my years with D.A. Davidson, I am particularly proud of this time, as our company

D . A . D AV I D S O N C O M PA N I E S

2019 Annual Report

Knowledge to Shape the Future

B E H I N D T H E T H E M E

Knowledge to Shape

the FutureEverything we do at D.A. Davidson starts with a clear purpose: helping others on their path to a brighter future. Whether we are advising a CEO on the sale of her business, readying a couple for their newborn’s eventual college bills or helping a school board finance construction, we are dedicated to preparing our clients for what comes next. And we go further,

shaping opportunities into solutions that suit our clients’ hopes, desires, situations and business needs. We combine our intellectual capital with dynamic technology, powerful resources and a distinctly personal touch. These are the characteristics that make D.A. Davidson stand apart — and make us a uniquely strong partner for the future.

2019 Annual Report

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D.A. Davidson Companies

L E T T E R F R O M O U R L E A D E R S H I P

As I reflect on my years with D.A. Davidson,

I am particularly proud of this time, as our

company stands on the brink of its 85th year

in business. While we are a company that

rarely looks backward — preferring to focus

on our future — an anniversary of this

magnitude is exceptional in the business

world. In considering both where we have

been and the opportunities that lie before

us, I believe we at D.A. Davidson have

barely scratched the surface of possibilities.

Our firm is uniquely positioned to continue

its history of long-term business success

while guiding our clients to shape their

own, personal financial successes.

Dear Shareholders, Clients and Associates:

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2019 Annual Report

J A M E S P. K E R R Chairman and Chief Executive Officer

L E T T E R F R O M O U R L E A D E R S H I P

We begin 2020 with a foundation of significant investments in each of our business units and in leadership, reinforcing the work we complete together. In 2019, we expanded into new markets, grew within existing markets and continued to accelerate investments in two of our most important assets — our professionals and our technology. The Wealth Management group benefited from a major platform investment, which enhanced the technological tools that our financial advisors use to assist our clients. Our Wealth Management team ended the year with solid recruiting success, allowing that group to post record revenues once again. Similarly, our Trust team completed an exceptional year by adding two Midwest offices, growing its private trust presence and delivering record revenues and profits.

Our Equity Capital Markets group also added to its talent pool, bringing on professionals in offices from coast to coast and particularly expanding the group’s footprint along the East Coast. While our Fixed Income group grew through significant new hires, the team additionally acquired Wells Nelson & Associates, a public finance and wealth management firm, to extend D.A. Davidson’s fixed income presence across Oklahoma and Texas. In the spring, we welcomed Marc Dispense, who serves as our new President of Fixed Income Capital Markets. We thank Sam Doyle, the team’s longtime previous President, for his work on ensuring a smooth transition, and we look forward to Marc’s leadership as he continues Sam’s legacy of vision, strategy and passion for the business.

One of my favorite aspects of the past year has been a less tangible advancement: more widespread recognition of our firm and strengthening of its reputation. You may have seen or heard D.A. Davidson’s experts on your favorite broadcast network, in a print publication or on a podcast. Our professionals are now solidly among our industry’s most sought-after commentators and thought leaders, appearing in nationally recognized media outlets every week to discuss topics ranging from market fluctuations to personal finance and from investing ideas to global economics.

As we look to 2020, I want to thank Tom Nelson, our firm’s longtime Chief Financial Officer, as he plans for his upcoming retirement. Tom’s contributions to our firm have been exceptional. And we are pleased with the transition of his role to Scott Witeby, whose analytical skills and broad understanding of our industry make him an ideal CFO during this important period for our company.

The whole of our leadership team, and deep bench of talent across D.A. Davidson, will be the driving force behind our firm’s future successes. Our associates are responsible not only for ensuring that our firm pursues its strategy and focus but also for doing so with our clients as our top priority. D.A. Davidson operates in a deeply personal space, helping clients to navigate the intersection between their own lives and finances and, for some, their businesses. We have the opportunity and obligation to help our clients understand that relationship as we help them create their own bright futures.

I recognize that the coming years are likely to bring an increase in market volatility, political strife and global changes. My pledge to each of you is that we will navigate these challenges with the same attention to doing what is right that has allowed D.A. Davidson to reach its 85th year. As an employee-owned firm, we are able to continue approaching our work with the same long-term view that has brought us this far and that provides the best dividends for our clients.

In closing, I would like to express my deep appreciation and gratitude for our leadership team and employees. I am thankful every day for their capabilities, character and passion for their work, which represent the foundation of our firm’s future.

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2019 Total Assets

$527.1M

2019 Assets Under Administration

$51.7B

2019 Shareholders’ Equity

$263.7M2019 Net Revenue

$482.4M

1,400

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2019 D.A. Davidson Associates

2019 Office Locations

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Asset Management and Trust


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B U S I N E S S U N I T S

Wealth Management

D.A. Davidson Wealth Management offers individually tailored solutions, delivered with personalized service, to help clients nationwide build,

protect and pass on wealth for generations.

Growing Presence, Growing Resources

We hired key professionals, significantly within our Advisor Solutions Team, to enhance our support network.

The Wealth Management group ended the year with record revenues and assets under administration.

As part of our continued investment in smart technology, we converted to a sophisticated new platform to provide our advisors with expanded capabilities and access to best-in-class industry technology.

Our Wealth Management group expanded into five new markets spanning the United States with the addition of a number of individual advisors, teams and offices.

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2019 Annual Report


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Asset Management and Trust

Our Asset Management and Trust group helps clients work toward financial goals today while shaping legacies for the future, through a combination

of investment management, personal trust and retirement services.

Growing Wealth and Expanding Relationships

for Generations

We increased our emphasis on the important area of special needs trusts in order to provide the critical, specialized guidance that families need as they plan for the long-term care of loved ones.

The Asset Management and Trust group completed the year with record pre-tax profits and the highest profit margin of our business units, helping to strengthen D.A. Davidson as a whole.

Our asset management firm, Davidson Investment Advisors, built upon its expertise with the addition of new professionals.

D.A. Davidson Trust established two Midwest trust offices in 2019, expanding the firm’s footprint to offer its full fiduciary powers to clients across the region.

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2019 Annual Report


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Our Equity Capital Markets group unites a suite of equity capital markets services, including research, sales and trading, corporate services, underwriting, and

investment banking.

Thought Leaders Providing a National Perspective

and In-Depth Analysis

Equity Capital Markets

A dozen new hires during the year strengthened the intellectual capital of our financial institutions group while broadening our geographic footprint. Our new additions included specialists devoted to deal origination, sales and trading, and large cap bank research coverage.

2019 was a breakout year for our diversified industrials and services industry group, which increased its revenue significantly and expanded its work with private equity firms.

We deepened our expertise in the technology sector, adding tech-focused colleagues to our institutional research, investment banking, and sales and market making teams.

Our institutional research analysts were highly visible in 2019 across a broad spectrum of national and international media. From the Financial Times to The Wall Street Journal, reporters sought our professionals’ analysis and perspectives on important sectors and the public companies driving change.

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D.A. Davidson’s Investment Banking team provides comprehensive investment banking services, from expert advice to execution excellence. Our professionals are passionate

about providing senior-level attention, sector insights and customized solutions to enable our clients to achieve their strategic objectives.

Global Opportunities Facilitated by Local

Trusted Partners

Investment Banking

We solidified our team’s position as one of the nation’s most active M&A advisors and equity underwriters in the financial institutions sector. By strengthening our financial institutions and technology franchises, we delivered industry breadth while maintaining the sector depth that best serves our clients.

We received national recognition during the year for our work from the Americas M&A Atlas Awards, including U.S.A. Private Equity Deal of the Year for Small Markets, U.S.A. Deal of the Year for Middle Markets, and Bank & Services M&A Deal of the Year.

Our financial institutions team extended our geographic footprint by adding veteran investment bankers in the important Southeast region.

Our Investment Banking group continued to build our expertise in 2019 by hiring more than 30 professionals, including seven senior bankers with extensive experience.

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2019 Annual Report


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An Innovative Team Putting Client Service First

Fixed Income Capital Markets

Our Fixed Income Capital Markets group provides investors with access to fixed income markets, delivering a range of value-added investment, underwriting, sales and trading services, strategies and insights. We are a national leader

in raising capital for our clients.

The Fixed Income Capital Markets group ended the year with record revenues, led by the work of our public finance team.

Our CD business nearly doubled during the year.

We completed a successful transition in pivotal management positions as part of a multi-year growth strategy. Leading the team is Marc Dispense, D.A. Davidson’s new President of Fixed Income Capital Markets.

We continued to grow our taxable platform with the hiring of several key sales and trading professionals whose work advances our thought leadership.

We completed the acquisition of Wells Nelson & Associates, a public finance and wealth management firm with offices in Oklahoma and Texas. The new team strengthens our presence in this important region.

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V I S I O N S O F T H E F U T U R E

In the complex world of delivering financial

advice and services, leadership strength

is essential. This intangible characteristic

is unique to the few companies that stand the

test of time and intrinsic to the professionals

who guide such firms. At D.A. Davidson,

we begin our firm’s 85th year having hired some

of the best and brightest minds whose work

will help us take the bold, transformative steps

that pave our way for the future. We are proud

to present the following sampling of insights

from three such executives, each bringing

fresh ideas, deep expertise and sharp, strategic

thinking to our work on behalf of our clients.

We believe D.A. Davidson’s future, and that

of our clients, will shine brightly because of the

skills, knowledge and passion of these leaders.

— Larry Martinez, President of


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2019 Annual Report


M A R C D I S P E N S E ( L E F T ) P A G E 2 2

S C O T T W I T E B Y ( M I D D L E ) P A G E 2 0

G I L L U R I A ( R I G H T ) P A G E 1 8

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Visionsof

Futurethe



Gil Luria, Managing Director,

Head of Institutional

Research, believes

D.A. Davidson’s employee

ownership model, long-

term strategic outlook and

focus on associates’ career

development position the

firm for continued success.

Creating Clarity for Clients by Providing Thoughtful Advice

for Changing Times

D.A. Davidson has a unique opportunity to attract and develop a highly productive group of professionals and continue building a strong and enduring business. Recruiting these top-tier professionals as the financial services industry is being disrupted will continue to be our main focus.

Complementing our recruiting efforts will be the retention and development of those who are already part of the team. In particular, we are investing significantly in the career development of our younger colleagues through training and mentorship, with an eye to increasing diversity and engagement.

What are your main priorities for 2020?

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2019 Annual Report


Our strategy balances service excellence, sustainable growth and integrity

in a way that allows us to be proud of the business we are building.

We are building a business the right way. Our strategy balances service excellence, sustainable growth and integrity in a way that allows us to be proud of the business we are building. The best part for me is working with a group of colleagues I respect and learn from every day.

Our clients will always need good advice from experienced, knowledgeable and thoughtful leaders. While our competitors in the capital markets business are distracted by challenging markets, increased regulation and changing priorities, we are focused on our customers and providing that valuable advice. The disruption elsewhere creates numerous opportunities for us to gain additional market

share and add the most talented professionals.

What excites you the most when you think about the future of D.A. Davidson?

What opportunities do you see in the capital markets and how does that fit with the firm’s overall strategy?

D.A. Davidson’s differentiation comes from our character as an employee-owned firm. We are not managed to short-term goals by a global financial conglomerate or managed for the benefit of one family or a single proprietor. We make decisions based on the long-term health of a business we all own. This sense of ownership allows us to stay focused on excellent service without compromising our integrity, a combination that has become increasingly rare among our peers.

Our reputation has been built over decades of providing valuable advice and doing the right thing for our customers.

It is our responsibility to extend that well-deserved reputation to how we conduct ourselves every day.

The sense of stability afforded by our long history is important to our clients — they can be confident we will be around for the long term and will be a worthwhile partner. This stability has been instrumental in our ability to recruit top talent from firms that lack our track record and the commitment we have shown to each of our businesses.

Our longevity and ownership model provide the foundation for another important priority — maintaining and strengthening our ties to our local communities.

What distinguishes D.A. Davidson from its industry peers? How do you plan to build on that?

D.A. Davidson has a rich history. How does that shape your planning?

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Scott Witeby, Senior Vice President, Chief Financial Officer, has a vision for 2020 that includes a high-performing finance team, data transformation and building on D.A. Davidson’s client- and community-focused culture.

One of my former colleagues suggested I come in and meet with (Chairman and CEO) Jim Kerr, (President) Larry Martinez, (President, Davidson Investment Advisors) Andrew Davidson, and the management team. I really enjoyed the meeting and came away feeling like D.A. Davidson

I intend to continue to build out and expand on the capabilities of the Finance department, with an emphasis on:

was the right cultural fit for me, that I could make a positive and meaningful impact, and that I could be a valuable contributor.

You’re relatively new to D.A. Davidson. What attracted you to the firm?

As you look ahead to 2020, what are your main priorities?

From Data Analytics to Efficiency Initiatives, Finance Leads the

Firm into the Future

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2019 Annual Report


Digital transformation and artificial intelligence continue to play

an increasing role in the financial services industry, and financial

advisors will need to think about how to digitize their business.

Data analytics and enhanced financial reporting

Improving the efficacy of financial controls and governance

Finance automation and efficiency initiatives

Creating an environment that facilitates sharing of ideas and best practices

I am excited about D.A. Davidson’s growth trajectory. We’re a regional financial services firm with roots in Montana and we compete with Wall Street. What an amazing backstory! And I truly believe that our company culture is second to none. Today, D.A. Davidson is a $500 million company on track to become a $750 million company . . . a $1 billion company! It’s really remarkable, and I am passionate about working for a company

that is good at what we do, does the right thing and gives back to the community.


Inspire, motivate and bring out the best in my team. Emphasize honesty, trust and integrity. Be authentic, and lead by example. Give 100 percent. Establish credibility and set stretch goals that are challenging but achievable. Have fun and enjoy what we do.

People who work at D.A. Davidson have a good understanding of the firm’s strategic priorities, which is a huge differentiator in the industry. We also have a great company culture. I want to help build on that by leading a high-performing Finance team.

Digital transformation and artificial intelligence (AI) continue to play an increasing role in the financial services industry, and financial advisors will need to think about how to digitize their business. Clients will look to AI to help calculate investment opportunities, interest rates and loan providers, to enhance security and prevent fraud, and to assist in risk management and lending decisions. As a company, we may look to leverage AI for big data analytics and robotic process automation (i.e., bots) to help our associates complete repetitive and labor-intensive tasks.

What is your leadership philosophy?


What are the top trends in financial services and how will they affect clients?

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Marc Dispense, President, Fixed Income Capital Markets, sees 2020 as a year of organic growth, fueled by expansion into new geographic regions, the introduction of new services, and active recruitment of the best talent in the industry.

The incredible people at D.A. Davidson, coupled with the future growth opportunities, make this a desirable firm for anyone to join. In addition, D.A. Davidson offers a unique culture, made up of a rare combination of competence, professionalism, performance,

This will be a year of opportunity as we continue to focus on responsible growth. We see opportunity in expanding organically into new geographic regions, as well as growing

community involvement and employee ownership.

You’re relatively new to D.A. Davidson. What attracted you to the firm?

As you look ahead to 2020, what are your main priorities?

As Fixed Income Industry Transforms, D.A. Davidson Capitalizes on

Fresh Opportunities

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2019 Annual Report


Continuous technology improvements, as part of our strategic plan,

help make the firm better for clients and associates.

the taxable sales and trading platform as a percentage of our secondary business. On the recruiting front, we are connecting with more and more individuals who represent new clients and niches for us and who share D.A. Davidson’s core values.

The fixed income platforms across the globe are in transformative times and we are well positioned to capitalize on changes by being nimble and client-focused. Technology, spread compression and increasing regulatory costs are negatively impacting some firms, while also creating opportunities for firms like D.A. Davidson. We have scale to compete with anyone but are small enough to be nimble and remain true to the producers who built our firm and the clients we serve.


There are many opportunities in fixed income right now. We see fragmented or smaller fixed income-only firms with good clients and employees struggling to absorb increasing industry costs. These firms, or strong producers within these firms, can add value to our platform by diversifying our cyclical revenue streams or introducing D.A. Davidson into new locations.

Technology continues to be a valuable tool for all firms, providing efficiencies, boosting revenue and improving compliance. Continuous technology improvements, as part of our strategic plan, help make the firm better for clients and associates.

A lot of firms will say clients matter the most but that doesn’t always hold up in practice. We truly serve the needs of our clients and communities with a high-quality platform, top-notch people and a genuine commitment to our clients. This strong, ethical base, combined with the advantages of being a private, employee-owned firm, allows us to take a long-term, strategic approach. We continue to invest in organic growth by expanding our services, growing our geographic footprint and recruiting the best people in the industry.

Much of our success today is built upon D.A. Davidson’s history of bringing together strong people and firms over the past decades. This rich history and culture form a strong foundation and continue to guide our strategic planning and evolution as a firm.

What opportunities do you see in fixed income and how does that fit with the firm’s overall strategy?


D.A. Davidson has a rich history. How does that shape your planning?

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G I V I N G R E P O R T

Giving Report

We have long believed in the transformative power of working to build a more just and sustainable world. Improving our world starts with ideas. At D.A. Davidson, our associates’ ideas form the foundation of a corporate giving strategy that touches communities across the United States. We believe we can be most effective when we don’t simply throw money at society’s problems. Instead, we dive in more deeply and help create lasting solutions. Our mission is to help others build the future they choose.

We encourage our associates to take leadership roles in civic and charitable organizations. We work on teams to determine the most effective use of our philanthropic dollars. And through our multi-pronged approach to giving, D.A. Davidson is able to do more and leave a larger impact — putting our people and resources to work in tangible ways that connect our corporate values with the needs of our friends, neighbors and communities. Here are a few highlights of how our firm gave back in 2019.

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2019 Annual Report


Gift Matching Program

D.A. Davidson’s gift matching program allows our associates to tap into our firm’s resources. We match associates’ donations of volunteer hours or cash contributions to eligible nonprofit organizations — doubling the impact of their generosity every year. By focusing on the causes that reflect the personal interests and priorities of our colleagues, our firm’s matching contributions create lasting impact and touch a diverse range of charitable organizations and causes. In 2019, our gift matching program provided funds to 376 organizations whose work stretches across the United States, with many of our associates choosing to strengthen their donations to multiple nonprofits.

Each year we dedicate a significant portion of our company’s pre-tax profits to assist nonprofit organizations and causes that create positive change. Our recently-established regional giving committees work together to determine the appropriate distribution of aid throughout our footprint, amplifying our local impact for those who need assistance most. We also encourage our associates to effect change through their own volunteer work.

Supporting Communities with Values-Driven Philanthropy

Strengthening Our Associates’ Generosity

Corporate Giving

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We believe that through volunteering, we can change lives one hour at a time. For a week in September, our associates step away from their desks, roll up their sleeves and give of their time and talent to designated nonprofits in their communities. We celebrated our firm’s third annual D.A. Davidson Day by partnering with 90 organizations to provide assistance for those who need it most. Our associates’ handiwork included building houses for low-income families, cooking meals at a soup kitchen, harvesting vegetables from a community garden, gathering and sorting school supplies for underprivileged youth, and organizing clothing for those experiencing homelessness. We met and exceeded our goal of 1,000 participants, who volunteered a total of 3,204 hours. We are proud of our associates’ work ethic and the strength of their efforts to better the world around them.

Investing Our Time, Improving Our World

D.A. Davidson Day

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2019 Annual Report


We celebrated our

firm’s third annual

D.A. Davidson Day

by partnering with

90 organizations to

provide assistance for

those who need it most.

Volunteers

1,024

Hours Worked

3,204

Organizations Partnered With

90

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Because the need for assistance doesn’t end when specific campaigns do, our colleagues can be found organizing volunteer events, gathering needed supplies, providing donations and assisting in other ways throughout the year. When the Midwest suffered severe flooding, our Iowa and Nebraska colleagues stepped up to provide major financial gifts. In Los Angeles and Seattle, our associates climbed the stairs of skyscrapers to raise funds for a YMCA and to battle cancer. A group of our Denver professionals cycled miles through the mountains in a fundraiser supporting the Children’s Hospital Colorado Foundation. The list of efforts throughout the year goes on and on — a testament to the spirit of giving that is ingrained in our firm’s culture.

Serving as a Force for Good Throughout the Year

Giving by Our Teams

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2019 Annual Report


When it comes to giving, it may be true that home is where the heart is. Over the years, our corporate headquarters in Great Falls, Montana has served as a major driver of corporate giving initiatives, keeping up a regular drumbeat of deeds that benefit others. Efforts include those that are observed annually (such as serving as the single largest donor to the local United Way) and numerous initiatives supporting specific causes. In 2019, the work of our headquarters colleagues included providing volunteer teams and a sponsorship for Special Olympics Montana’s summer games, raising money, giving holiday gifts to Meals on Wheels recipients, selling raffle tickets to support the local public schools foundation, and gathering funds and groceries to fill a veterans’ food pantry. When it comes to giving, our Great Falls professionals serve as leaders throughout the year.

Headquarters Team Leads in

Community Responsibility

The Start of Our Giving

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Our Student Investment Program offers students a truly hands-on education in portfolio management. We provide real money for teams of upper-level college finance students to invest and manage in a portfolio for a full year, with the guidance of a local D.A. Davidson financial advisor. Student teams gain experience in finance, portfolio management, stock research, leadership, teamwork and communications — a preparation framework for careers in financial professions. Besides its educational value, our Student Investment Program provides a tangible reward: Its 21 participating schools get to keep half of any portfolio returns above 5 percent. Over the years, we have donated over $628,000 to participating institutions. James Ragan, Director of Wealth Management Research and the co-director of the program, says it represents a unique opportunity for aspiring financial professionals. The program also offers lessons that are essential to increasing financial literacy for the next generation.

Among our responsibilities at D.A. Davidson is sharing our knowledge about personal finance with the young people who could benefit the most. With that goal in mind, Andrew Crowell, Vice Chairman of Wealth Management, gathered a team that is now the driving force behind MoneyWise, our signature initiative to improve financial literacy among teenagers — those who will soon be responsible for their own financial futures. We began MoneyWise in 2018 when we created a curriculum, established our partnership with the Metropolitan YMCA of Los Angeles and held classes at three Y locations in Southern California. After the program was deemed a success, we expanded it to 13 locations, serving 200 teenagers in 2019. One of Andrew’s favorite moments from the program: seeing a comprehensive budget created by a student who credited the program for her newfound skills. As we consider such successes, we plan to expand MoneyWise to more Ys in 2020.

Inspiring a Deeper Understanding

of Capital Markets

Providing Access to Important

Financial Skills

Student Investment Program

MoneyWise

Donated to Participating Institutions Over the Years

$628,000

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A W A R D S A N D H O N O R S

Celebrating Colleagues Who Make the World Better

Throughout our history, D.A. Davidson has maintained an unwavering commitment to not only make our world better, but to also support our colleagues who give generously of their time, talents and passion.

To inspire the best in all of us, our firm’s most prestigious employee award celebrates one associate annually who performs substantial volunteer work in his or her community. Mark Davis, Senior Vice President, Director of Private Trust Development in Seattle, received the Bragg Lewis Knutson Community Service Award in 2019. The award recognizes his exceptional work with several causes and initiatives.

We also recognize two associates each year who embody our firm’s core values. The Ian B. Davidson Cultural Excellence Award was given to Jeff Nesset, Senior Vice President, Financial Advisor in Lewiston, Idaho, and Laura Young, Client Associate in Great Falls, Montana. We celebrate these individuals for holding themselves to high standards of ethics and professionalism at work while working tirelessly on behalf of others in their spare time.

We thank each of these colleagues for their contributions and we applaud them for serving as an inspiration to all of us.

2019 Bragg Lewis Knutson

Community Service Award

2019 Ian B. Davidson

Cultural Excellence Award

M A R K D AV I SSenior Vice President, Director of Private Trust Development in Seattle

J E F F N E S S E TSenior Vice President, Financial Advisor in Lewiston, Idaho

L A U R A Y O U N GClient Associate in Great Falls, Montana

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O U R F O O T P R I N T

G E R M A N YHamburg

F I N L A N DHelsinki

E N G L A N DLondon

S W E D E NStockholm

A World of Opportunity for

Our Clients

The objective of every D.A. Davidson professional is to bring a world of

opportunity to our clients, and we do so from an expanding network of offices

stretching across the United States. Together with our European strategic

partner, MCF Corporate Finance, D.A. Davidson’s Investment Banking group

originates and executes M&A transactions under the common brand of

D.A. Davidson MCF International. This allows us to have on-the-ground

expertise and strong relationships across Northern Europe. Our footprint

ensures we deliver the best solutions to our clients everywhere.

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O U R F O O T P R I N T

W A S H I N G T O NAberdeen

Bainbridge Island

Bellevue

Bellingham

Burlington

Edmonds

Everett

Kennewick

Port Angeles

Seattle

Spokane

Vancouver

Walla Walla

Wenatchee

I D A H OBoise

Coeur d’Alene

Idaho Falls

Lewiston

Moscow

Pocatello

Sandpoint

Twin Falls

W Y O M I N GGillette

Sheridan

L O U I S I A N ADestrehan

I L L I N O I SChicago

M O N TA N ABillings

Bozeman

Butte

Great Falls

Hamilton

Havre

Helena

Kalispell

Livingston

Missoula

Whitefish

T E X A SAustin

Dallas

F L O R I D ABoca Raton

Jacksonville

T E N N E S S E EMemphis

O H I ODublin

Independence

Mason

Powell

M A R Y L A N DBaltimore

N E W J E R S E YMillstone Township

Red Bank

Upper Saddle River

N E W Y O R KNew York City

U TA HLogan

Midvale

Salt Lake City

C O L O R A D OColorado Springs

Denver

Fort Collins

O R E G O NBend

Klamath Falls

Lake Oswego

Medford

Pendleton

Portland

Roseburg

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C A L I F O R N I ABig Bear Lake

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Encino

Fresno

Long Beach

Los Angeles

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Roseville

Santa Barbara

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N E VA D AStateline

N E B R A S K AColumbus

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Omaha

K A N S A SOverland Park

O K L A H O M ANorman

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M I S S O U R IKansas City

I O W ADes Moines

M A S S A C H U S E T T SBoston

M I N N E S O TAPlymouth

N O R T H D A K O TAWest Fargo

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Knowledge to Shape the Future · D.A. Davidson Companies LETTER FROM OUR LEADERSHIP As I reflect on my years with D.A. Davidson, I am particularly proud of this time, as our company