QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF | |||||
THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF | |||||
THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from | to |
Florida | ||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, $.01 par value | RJF | New York Stock Exchange |
Large accelerated filer | x | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
INDEX | |||||||||||
PAGE | |||||||||||
PART I | |||||||||||
Item 1. | |||||||||||
Condensed Consolidated Statements of Financial Condition | |||||||||||
Condensed Consolidated Statements of Income and Comprehensive Income | |||||||||||
Condensed Consolidated Statements of Changes in Shareholders’ Equity | |||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||
Note 1 - Organization and basis of presentation | |||||||||||
Note 2 - Update of significant accounting policies | |||||||||||
Note 3 - Acquisitions | |||||||||||
Note 4 - Fair value | |||||||||||
Note 5 - Available-for-sale securities | |||||||||||
Note 6 - Derivative | |||||||||||
Note 7 - Collateralized agreements and financings | |||||||||||
Note 8 - Bank loans, net | |||||||||||
Note 9 - Loans to financial advisors, net | |||||||||||
Note 10 - Variable interest entities | |||||||||||
Note 11 - | |||||||||||
Note 12 - | |||||||||||
Note 13 - Income taxes | |||||||||||
Note 14 - Commitments, contingencies and guarantees | |||||||||||
Note 15 - Accumulated other comprehensive income/(loss) | |||||||||||
Note 16 - Revenues | |||||||||||
Note 17 - Interest income and interest expense | |||||||||||
Note | |||||||||||
Note | |||||||||||
Note | |||||||||||
Note | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
PART II | |||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | Mine Safety | ||||||||||
Item 5. | |||||||||||
Item 6. | |||||||||||
$ in millions, except per share amounts | December 31, 2020 | September 30, 2020 | ||||||||||||
Assets: | ||||||||||||||
Cash and cash equivalents | $ | 5,377 | $ | 5,390 | ||||||||||
Assets segregated pursuant to regulations ($2,749 and $0, at fair value) | 8,768 | 4,244 | ||||||||||||
Collateralized agreements | 533 | 422 | ||||||||||||
Financial instruments, at fair value: | ||||||||||||||
Trading assets ($268 and $265 pledged as collateral) | 386 | 513 | ||||||||||||
Available-for-sale securities ($22 and $23 pledged as collateral) | 8,000 | 7,650 | ||||||||||||
Derivative assets | 368 | 438 | ||||||||||||
Other investments ($37 and $37 pledged as collateral) | 863 | 334 | ||||||||||||
Brokerage client receivables, net | 2,286 | 2,435 | ||||||||||||
Other receivables, net | 850 | 927 | ||||||||||||
Bank loans, net | 21,957 | 21,195 | ||||||||||||
Loans to financial advisors, net | 976 | 1,012 | ||||||||||||
Property and equipment, net | 534 | 535 | ||||||||||||
Deferred income taxes, net | 262 | 262 | ||||||||||||
Goodwill and identifiable intangible assets, net | 834 | 600 | ||||||||||||
Other assets | 1,663 | 1,525 | ||||||||||||
Total assets | $ | 53,657 | $ | 47,482 | ||||||||||
Liabilities and shareholders’ equity: | ||||||||||||||
Bank deposits | $ | 27,790 | $ | 26,801 | ||||||||||
Collateralized financings | 297 | 250 | ||||||||||||
Financial instrument liabilities, at fair value: | ||||||||||||||
Trading liabilities | 152 | 240 | ||||||||||||
Derivative liabilities | 310 | 393 | ||||||||||||
Brokerage client payables | 11,918 | 6,792 | ||||||||||||
Accrued compensation, commissions and benefits | 1,135 | 1,384 | ||||||||||||
Other payables | 1,710 | 1,513 | ||||||||||||
Other borrowings | 862 | 888 | ||||||||||||
Senior notes payable | 2,045 | 2,045 | ||||||||||||
Total liabilities | 46,219 | 40,306 | ||||||||||||
Commitments and contingencies (see Note 14) | 0 | 0 | ||||||||||||
Shareholders’ equity | ||||||||||||||
Preferred stock; $.10 par value; 10,000,000 shares authorized; -0- shares issued and outstanding | 0 | 0 | ||||||||||||
Common stock; $.01 par value; 350,000,000 shares authorized; 159,127,724 and 159,007,158 shares issued as of December 31, 2020 and September 30, 2020, respectively, and 137,378,992 and 136,556,559 shares outstanding as of December 31, 2020 and September 30, 2020, respectively | 2 | 2 | ||||||||||||
Additional paid-in capital | 1,996 | 2,007 | ||||||||||||
Retained earnings | 6,702 | 6,484 | ||||||||||||
Treasury stock, at cost; 21,748,732 and 22,450,599 common shares as of December 31, 2020 and September 30, 2020, respectively | (1,354) | (1,390) | ||||||||||||
Accumulated other comprehensive income | 17 | 11 | ||||||||||||
Total equity attributable to Raymond James Financial, Inc. | 7,363 | 7,114 | ||||||||||||
Noncontrolling interests | 75 | 62 | ||||||||||||
Total shareholders’ equity | 7,438 | 7,176 | ||||||||||||
Total liabilities and shareholders’ equity | $ | 53,657 | $ | 47,482 |
$ in thousands, except per share amounts | December 31, 2017 | September 30, 2017 | ||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 3,897,529 | $ | 3,669,672 | ||||
Assets segregated pursuant to regulations and other segregated assets | 3,569,414 | 3,476,085 | ||||||
Securities purchased under agreements to resell | 307,742 | 404,462 | ||||||
Securities borrowed | 184,971 | 138,319 | ||||||
Financial instruments, at fair value: | ||||||||
Trading instruments (includes $302,713 and $357,099 pledged as collateral) | 597,579 | 564,263 | ||||||
Available-for-sale securities | 2,393,321 | 2,188,282 | ||||||
Derivative assets | 292,140 | 318,775 | ||||||
Private equity investments | 189,033 | 198,779 | ||||||
Other investments (includes $38,591 and $6,640 pledged as collateral) | 265,170 | 220,980 | ||||||
Brokerage client receivables, net | 2,666,268 | 2,766,771 | ||||||
Receivables from brokers, dealers and clearing organizations | 219,036 | 268,021 | ||||||
Other receivables | 642,542 | 652,769 | ||||||
Bank loans, net | 17,697,298 | 17,006,795 | ||||||
Loans to financial advisors, net | 890,072 | 873,272 | ||||||
Investments in real estate partnerships held by consolidated variable interest entities | 110,662 | 111,743 | ||||||
Property and equipment, net | 454,115 | 437,374 | ||||||
Deferred income taxes, net | 199,507 | 313,486 | ||||||
Goodwill and identifiable intangible assets, net | 651,339 | 493,183 | ||||||
Other assets | 857,161 | 780,425 | ||||||
Total assets | $ | 36,084,899 | $ | 34,883,456 | ||||
Liabilities and equity: | ||||||||
Bank deposits | $ | 18,725,545 | $ | 17,732,362 | ||||
Securities sold under agreements to repurchase | 229,036 | 220,942 | ||||||
Securities loaned | 290,307 | 383,953 | ||||||
Financial instruments sold but not yet purchased, at fair value: | ||||||||
Trading instruments | 213,024 | 221,449 | ||||||
Derivative liabilities | 356,505 | 356,964 | ||||||
Brokerage client payables | 5,820,347 | 5,411,829 | ||||||
Payables to brokers, dealers and clearing organizations | 189,144 | 172,714 | ||||||
Accrued compensation, commissions and benefits | 793,687 | 1,059,996 | ||||||
Other payables | 582,548 | 567,045 | ||||||
Other borrowings | 1,532,826 | 1,514,012 | ||||||
Senior notes payable | 1,548,975 | 1,548,839 | ||||||
Total liabilities | 30,281,944 | 29,190,105 | ||||||
Commitments and contingencies (see Note 14) | ||||||||
Equity | ||||||||
Preferred stock; $.10 par value; 10,000,000 shares authorized; -0- shares issued and outstanding | — | — | ||||||
Common stock; $.01 par value; 350,000,000 shares authorized; 155,497,352 and 154,228,235 shares issued as of December 31, 2017 and September 30,2017, respectively, and 145,153,686 and 144,096,521 shares outstanding as of December 31, 2017 and September 30, 2017, respectively | 1,555 | 1,542 | ||||||
Additional paid-in capital | 1,705,308 | 1,645,397 | ||||||
Retained earnings | 4,420,368 | 4,340,054 | ||||||
Treasury stock, at cost; 10,311,191 and 10,084,038 common shares as of December 31, 2017 and September 30, 2017, respectively | (410,029 | ) | (390,081 | ) | ||||
Accumulated other comprehensive loss | (20,454 | ) | (15,199 | ) | ||||
Total equity attributable to Raymond James Financial, Inc. | 5,696,748 | 5,581,713 | ||||||
Noncontrolling interests | 106,207 | 111,638 | ||||||
Total equity | 5,802,955 | 5,693,351 | ||||||
Total liabilities and equity | $ | 36,084,899 | $ | 34,883,456 |
Three months ended December 31, | ||||||||
$ in thousands, except per share amounts | 2017 | 2016 | ||||||
Revenues: | ||||||||
Securities commissions and fees | $ | 1,103,566 | $ | 984,385 | ||||
Investment banking | 64,902 | 61,425 | ||||||
Investment advisory and related administrative fees | 142,023 | 108,243 | ||||||
Interest | 231,729 | 182,782 | ||||||
Account and service fees | 184,301 | 148,791 | ||||||
Net trading profit | 19,870 | 20,555 | ||||||
Other | 19,201 | 22,587 | ||||||
Total revenues | 1,765,592 | 1,528,768 | ||||||
Interest expense | (39,431 | ) | (35,966 | ) | ||||
Net revenues | 1,726,161 | 1,492,802 | ||||||
Non-interest expenses: | ||||||||
Compensation, commissions and benefits | 1,152,767 | 1,006,467 | ||||||
Communications and information processing | 83,731 | 72,161 | ||||||
Occupancy and equipment costs | 49,814 | 46,052 | ||||||
Business development | 33,793 | 35,362 | ||||||
Investment sub-advisory fees | 22,321 | 19,295 | ||||||
Bank loan loss provision/(benefit) | 1,016 | (1,040 | ) | |||||
Acquisition-related expenses | 3,927 | 12,666 | ||||||
Other | 67,108 | 94,324 | ||||||
Total non-interest expenses | 1,414,477 | 1,285,287 | ||||||
Income including noncontrolling interests and before provision for income taxes | 311,684 | 207,515 | ||||||
Provision for income taxes | 192,401 | 59,812 | ||||||
Net income including noncontrolling interests | 119,283 | 147,703 | ||||||
Net income attributable to noncontrolling interests | 441 | 1,136 | ||||||
Net income attributable to Raymond James Financial, Inc. | $ | 118,842 | $ | 146,567 | ||||
Earnings per common share – basic | $ | 0.82 | $ | 1.03 | ||||
Earnings per common share – diluted | $ | 0.80 | $ | 1.00 | ||||
Weighted-average common shares outstanding – basic | 144,469 | 142,110 | ||||||
Weighted-average common and common equivalent shares outstanding – diluted | 148,261 | 145,675 | ||||||
Net income attributable to Raymond James Financial, Inc. | $ | 118,842 | $ | 146,567 | ||||
Other comprehensive income/(loss), net of tax: (1) | ||||||||
Unrealized loss on available-for-sale securities and non-credit portion of other-than-temporary impairment losses | (11,953 | ) | (4,146 | ) | ||||
Unrealized gain/(loss) on currency translations, net of the impact of net investment hedges | (187 | ) | 1,001 | |||||
Unrealized gain on cash flow hedges | 6,885 | 25,738 | ||||||
Total comprehensive income | $ | 113,587 | $ | 169,160 |
Three months ended December 31, | ||||||||||||||||||||||||||
in millions, except per share amounts | 2020 | 2019 | ||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Asset management and related administrative fees | $ | 1,067 | $ | 955 | ||||||||||||||||||||||
Brokerage revenues: | ||||||||||||||||||||||||||
Securities commissions | 381 | 363 | ||||||||||||||||||||||||
Principal transactions | 147 | 97 | ||||||||||||||||||||||||
Total brokerage revenues | 528 | 460 | ||||||||||||||||||||||||
Account and service fees | 145 | 178 | ||||||||||||||||||||||||
Investment banking | 261 | 141 | ||||||||||||||||||||||||
Interest income | 203 | 297 | ||||||||||||||||||||||||
Other | 56 | 29 | ||||||||||||||||||||||||
Total revenues | 2,260 | 2,060 | ||||||||||||||||||||||||
Interest expense | (38) | (51) | ||||||||||||||||||||||||
Net revenues | 2,222 | 2,009 | ||||||||||||||||||||||||
Non-interest expenses: | ||||||||||||||||||||||||||
Compensation, commissions and benefits | 1,500 | 1,351 | ||||||||||||||||||||||||
Non-compensation expenses: | ||||||||||||||||||||||||||
Communications and information processing | 99 | 94 | ||||||||||||||||||||||||
Occupancy and equipment | 57 | 57 | ||||||||||||||||||||||||
Business development | 23 | 44 | ||||||||||||||||||||||||
Investment sub-advisory fees | 28 | 26 | ||||||||||||||||||||||||
Professional fees | 30 | 21 | ||||||||||||||||||||||||
Bank loan provision/(benefit) for credit losses | 14 | (2) | ||||||||||||||||||||||||
Acquisition-related expenses | 2 | 0 | ||||||||||||||||||||||||
Other | 70 | 59 | ||||||||||||||||||||||||
Total non-compensation expenses | 323 | 299 | ||||||||||||||||||||||||
Total non-interest expenses | 1,823 | 1,650 | ||||||||||||||||||||||||
Pre-tax income | 399 | 359 | ||||||||||||||||||||||||
Provision for income taxes | 87 | 91 | ||||||||||||||||||||||||
Net income | $ | 312 | $ | 268 | ||||||||||||||||||||||
Earnings per common share – basic | $ | 2.27 | $ | 1.93 | ||||||||||||||||||||||
Earnings per common share – diluted | $ | 2.23 | $ | 1.89 | ||||||||||||||||||||||
Weighted-average common shares outstanding – basic | 136.8 | 138.3 | ||||||||||||||||||||||||
Weighted-average common and common equivalent shares outstanding – diluted | 139.7 | 141.5 | ||||||||||||||||||||||||
Net income | $ | 312 | $ | 268 | ||||||||||||||||||||||
Other comprehensive income/(loss), net of tax: | ||||||||||||||||||||||||||
Available-for-sale securities | (17) | (1) | ||||||||||||||||||||||||
Currency translations, net of the impact of net investment hedges | 18 | 9 | ||||||||||||||||||||||||
Cash flow hedges | 5 | 10 | ||||||||||||||||||||||||
Total other comprehensive income, net of tax | 6 | 18 | ||||||||||||||||||||||||
Total comprehensive income | $ | 318 | $ | 286 |
Three months ended December 31, | ||||||||||||||||||||||||||
$ in millions, except per share amounts | 2020 | 2019 | ||||||||||||||||||||||||
Common stock, par value $.01 per share: | ||||||||||||||||||||||||||
Balance beginning of period | $ | 2 | $ | 2 | ||||||||||||||||||||||
Share issuances | 0 | 0 | ||||||||||||||||||||||||
Balance end of period | 2 | 2 | ||||||||||||||||||||||||
Additional paid-in capital: | ||||||||||||||||||||||||||
Balance beginning of period | 2,007 | 1,938 | ||||||||||||||||||||||||
Employee stock purchases | 6 | 6 | ||||||||||||||||||||||||
Exercise of stock options and vesting of restricted stock units, net of forfeitures | (59) | (63) | ||||||||||||||||||||||||
Restricted stock, stock option and restricted stock unit expense | 42 | 41 | ||||||||||||||||||||||||
Balance end of period | 1,996 | 1,922 | ||||||||||||||||||||||||
Retained earnings: | ||||||||||||||||||||||||||
Balance beginning of period | 6,484 | 5,874 | ||||||||||||||||||||||||
Cumulative adjustments for changes in accounting principles | (35) | 0 | ||||||||||||||||||||||||
Net income attributable to Raymond James Financial, Inc. | 312 | 268 | ||||||||||||||||||||||||
Cash dividends declared (see Note 20) | (59) | (56) | ||||||||||||||||||||||||
Balance end of period | 6,702 | 6,086 | ||||||||||||||||||||||||
Treasury stock: | ||||||||||||||||||||||||||
Balance beginning of period | (1,390) | (1,210) | ||||||||||||||||||||||||
Purchases/surrenders | (18) | (19) | ||||||||||||||||||||||||
Exercise of stock options and vesting of restricted stock units, net of forfeitures | 54 | 66 | ||||||||||||||||||||||||
Balance end of period | (1,354) | (1,163) | ||||||||||||||||||||||||
Accumulated other comprehensive income/(loss): | ||||||||||||||||||||||||||
Balance beginning of period | 11 | (23) | ||||||||||||||||||||||||
Other comprehensive income, net of tax | 6 | 18 | ||||||||||||||||||||||||
Balance end of period | 17 | (5) | ||||||||||||||||||||||||
Total equity attributable to Raymond James Financial, Inc. | $ | 7,363 | $ | 6,842 | ||||||||||||||||||||||
Noncontrolling interests: | ||||||||||||||||||||||||||
Balance beginning of period | $ | 62 | $ | 62 | ||||||||||||||||||||||
Net income/(loss) attributable to noncontrolling interests | 13 | (1) | ||||||||||||||||||||||||
Balance end of period | 75 | 61 | ||||||||||||||||||||||||
Total shareholders’ equity | $ | 7,438 | $ | 6,903 |
Three months ended December 31, | ||||||||
$ in thousands, except per share amounts | 2017 | 2016 | ||||||
Common stock, par value $.01 per share: | ||||||||
Balance, beginning of year | $ | 1,542 | $ | 1,513 | ||||
Share issuances | 13 | 17 | ||||||
Balance, end of period | 1,555 | 1,530 | ||||||
Additional paid-in capital: | ||||||||
Balance, beginning of year | 1,645,397 | 1,498,921 | ||||||
Employee stock purchases | 5,522 | 4,743 | ||||||
Exercise of stock options and vesting of restricted stock units, net of forfeitures | 20,953 | 18,969 | ||||||
Restricted stock, stock option and restricted stock unit expense | 33,373 | 30,971 | ||||||
Other | 63 | (322 | ) | |||||
Balance, end of period | 1,705,308 | 1,553,282 | ||||||
Retained earnings: | ||||||||
Balance, beginning of year | 4,340,054 | 3,834,781 | ||||||
Net income attributable to Raymond James Financial, Inc. | 118,842 | 146,567 | ||||||
Cash dividends declared | (38,417 | ) | (34,274 | ) | ||||
Other | (111 | ) | — | |||||
Balance, end of period | 4,420,368 | 3,947,074 | ||||||
Treasury stock: | ||||||||
Balance, beginning of year | (390,081 | ) | (362,937 | ) | ||||
Purchases/surrenders | (7,183 | ) | (8,474 | ) | ||||
Exercise of stock options and vesting of restricted stock units, net of forfeitures | (12,765 | ) | (16,458 | ) | ||||
Balance, end of period | (410,029 | ) | (387,869 | ) | ||||
Accumulated other comprehensive loss: (1) | ||||||||
Balance, beginning of year | (15,199 | ) | (55,733 | ) | ||||
Net change in unrealized loss on available-for-sale securities and non-credit portion of other-than-temporary impairment losses, net of tax | (11,953 | ) | (4,146 | ) | ||||
Net change in currency translations and net investment hedges, net of tax | (187 | ) | 1,001 | |||||
Net change in cash flow hedges, net of tax | 6,885 | 25,738 | ||||||
Balance, end of period | (20,454 | ) | (33,140 | ) | ||||
Total equity attributable to Raymond James Financial, Inc. | $ | 5,696,748 | $ | 5,080,877 | ||||
Noncontrolling interests: | ||||||||
Balance, beginning of year | $ | 111,638 | $ | 146,431 | ||||
Net income attributable to noncontrolling interests | 441 | 1,136 | ||||||
Capital contributions | — | 4,998 | ||||||
Distributions | (5,977 | ) | (26,557 | ) | ||||
Other | 105 | (2,284 | ) | |||||
Balance, end of period | 106,207 | 123,724 | ||||||
Total equity | $ | 5,802,955 | $ | 5,204,601 |
Three months ended December 31, | ||||||||||||||
$ in millions | 2020 | 2019 | ||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income | $ | 312 | $ | 268 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | 32 | 30 | ||||||||||||
Deferred income taxes | 18 | 16 | ||||||||||||
Premium and discount amortization on available-for-sale securities and loss on other investments | (1) | 8 | ||||||||||||
Provisions for credit losses and legal and regulatory proceedings | 16 | 1 | ||||||||||||
Share-based compensation expense | 43 | 43 | ||||||||||||
Unrealized gain on company-owned life insurance policies, net of expenses | (83) | (35) | ||||||||||||
Other | 22 | 9 | ||||||||||||
Net change in: | ||||||||||||||
Assets segregated pursuant to regulations excluding cash and cash equivalents | (2,749) | 0 | ||||||||||||
Collateralized agreements, net of collateralized financings | (62) | 21 | ||||||||||||
Loans provided to financial advisors, net of repayments | 5 | (12) | ||||||||||||
Brokerage client receivables and other accounts receivable, net | 254 | 188 | ||||||||||||
Trading instruments, net | 22 | 4 | ||||||||||||
Derivative instruments, net | (9) | 52 | ||||||||||||
Other assets | (530) | (81) | ||||||||||||
Brokerage client payables and other accounts payable | 4,953 | 465 | ||||||||||||
Accrued compensation, commissions and benefits | (253) | (340) | ||||||||||||
Purchases and originations of loans held for sale, net of proceeds from sales of securitizations and loans held for sale | (86) | (91) | ||||||||||||
Net cash provided by operating activities | 1,904 | 546 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Additions to property and equipment | (25) | (36) | ||||||||||||
Increase in bank loans, net | (704) | (365) | ||||||||||||
Proceeds from sales of loans held for investment | 16 | 25 | ||||||||||||
Purchases of available-for-sale securities | (1,243) | (314) | ||||||||||||
Available-for-sale securities maturations, repayments and redemptions | 544 | 206 | ||||||||||||
Proceeds from sales of available-for-sale securities | 519 | 0 | ||||||||||||
Business acquisitions, net of cash acquired | (218) | 0 | ||||||||||||
Other investing activities, net | (12) | (18) | ||||||||||||
Net cash used in investing activities | (1,123) | (502) | ||||||||||||
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | ||||||||
Three months ended December 31, | ||||||||
$ in thousands | 2017 | 2016 | ||||||
Cash flows from operating activities: | ||||||||
Net income attributable to Raymond James Financial, Inc. | $ | 118,842 | $ | 146,567 | ||||
Net income attributable to noncontrolling interests | 441 | 1,136 | ||||||
Net income including noncontrolling interests | 119,283 | 147,703 | ||||||
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 23,289 | 19,941 | ||||||
Deferred income taxes | 121,273 | 10,928 | ||||||
Premium and discount amortization on available-for-sale securities and unrealized gain on other investments | (496 | ) | (10,185 | ) | ||||
Provisions for loan losses, legal and regulatory proceedings and bad debts | 9,265 | 33,017 | ||||||
Share-based compensation expense | 34,417 | 32,572 | ||||||
Compensation expense payable in common stock of an acquiree | 3,925 | 7,973 | ||||||
Unrealized gain on company owned life insurance, net of expenses | (16,859 | ) | (5,088 | ) | ||||
Other | 5,693 | (5,724 | ) | |||||
Net change in: | ||||||||
Assets segregated pursuant to regulations and other segregated assets | (96,759 | ) | 1,006,933 | |||||
Securities purchased under agreements to resell, net of securities sold under agreements to repurchase | 104,290 | 120,393 | ||||||
Securities loaned, net of securities borrowed | (140,229 | ) | (232,438 | ) | ||||
Loans provided to financial advisors, net of repayments | (21,928 | ) | (14,554 | ) | ||||
Brokerage client receivables and other accounts receivable, net | 123,512 | 83,887 | ||||||
Trading instruments, net | (46,547 | ) | 152,474 | |||||
Derivative instruments, net | 30,449 | 38,447 | ||||||
Other assets | (18,799 | ) | 84,289 | |||||
Brokerage client payables and other accounts payable | 466,763 | (481,542 | ) | |||||
Accrued compensation, commissions and benefits | (266,453 | ) | (216,889 | ) | ||||
Proceeds from sales of securitizations and loans held for sale, net of purchases and originations of loans held for sale | (108,470 | ) | 35,162 | |||||
Net cash provided by operating activities | 325,619 | 807,299 | ||||||
Cash flows from investing activities: | ||||||||
Additions to property, buildings and equipment, including software | (35,949 | ) | (78,371 | ) | ||||
Increase in bank loans, net | (645,197 | ) | (774,376 | ) | ||||
Proceeds from sales of loans held for investment | 21,580 | 54,163 | ||||||
Purchases of available-for-sale securities | (339,580 | ) | (377,235 | ) | ||||
Available-for-sale securities maturations, repayments and redemptions | 114,139 | 56,647 | ||||||
Proceeds from sales of available-for-sale securities | — | 7,308 | ||||||
Business acquisition, net of cash acquired | (159,200 | ) | — | |||||
Other investing activities, net | (29,669 | ) | 17,124 | |||||
Net cash used in investing activities | (1,073,876 | ) | (1,094,740 | ) | ||||
(continued on next page) | ||||||||
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited). |
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (continued from previous page) | ||||||||
Three months ended December 31, | ||||||||
$ in thousands | 2017 | 2016 | ||||||
Cash flows from financing activities: | ||||||||
Proceeds from borrowings on the RJF Credit Facility | 300,000 | — | ||||||
Proceeds from/(repayments of) short-term borrowings, net | (280,000 | ) | 208,400 | |||||
Proceeds from Federal Home Loan Bank advances | — | 100,000 | ||||||
Repayments of Federal Home Loan Bank advances and other borrowed funds | (1,186 | ) | (1,138 | ) | ||||
Exercise of stock options and employee stock purchases | 25,954 | 24,143 | ||||||
Increase in bank deposits | 993,183 | 927,243 | ||||||
Purchases of treasury stock | (20,243 | ) | (26,058 | ) | ||||
Dividends on common stock | (32,499 | ) | (31,255 | ) | ||||
Distributions to noncontrolling interests, net | (5,977 | ) | (26,557 | ) | ||||
Net cash provided by financing activities | 979,232 | 1,174,778 | ||||||
Currency adjustment: | ||||||||
Effect of exchange rate changes on cash | (3,118 | ) | (9,514 | ) | ||||
Net increase in cash and cash equivalents | 227,857 | 877,823 | ||||||
Cash and cash equivalents at beginning of year | 3,669,672 | 1,650,452 | ||||||
Cash and cash equivalents at end of period | $ | 3,897,529 | $ | 2,528,275 | ||||
Supplemental disclosures of cash flow information: | ||||||||
Cash paid for interest | $ | 28,026 | $ | 32,442 | ||||
Cash paid for income taxes | $ | 8,515 | $ | 13,710 |
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | ||||||||||||||
Three months ended December 31, | ||||||||||||||
$ in millions | 2020 | 2019 | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Proceeds from short-term borrowings, net | 0 | 6 | ||||||||||||
Proceeds from Federal Home Loan Bank advances | 0 | 850 | ||||||||||||
Repayments of Federal Home Loan Bank advances and other borrowed funds | (26) | (851) | ||||||||||||
Exercise of stock options and employee stock purchases | 18 | 25 | ||||||||||||
Increase in bank deposits | 989 | 694 | ||||||||||||
Purchases of treasury stock | (18) | (19) | ||||||||||||
Dividends on common stock | (55) | (51) | ||||||||||||
Net cash provided by financing activities | 908 | 654 | ||||||||||||
Currency adjustment: | ||||||||||||||
Effect of exchange rate changes on cash | 73 | 21 | ||||||||||||
Net increase in cash and cash equivalents, including those segregated pursuant to regulations | 1,762 | 719 | ||||||||||||
Cash and cash equivalents, including those segregated pursuant to regulations at beginning of year | 9,634 | 5,971 | ||||||||||||
Cash and cash equivalents, including those segregated pursuant to regulations at end of period | $ | 11,396 | $ | 6,690 | ||||||||||
Cash and cash equivalents | $ | 5,377 | $ | 4,109 | ||||||||||
Cash and cash equivalents segregated pursuant to regulations | 6,019 | 2,581 | ||||||||||||
Total cash and cash equivalents, including those segregated pursuant to regulations at end of period | $ | 11,396 | $ | 6,690 | ||||||||||
Supplemental disclosures of cash flow information: | ||||||||||||||
Cash paid for interest | $ | 35 | $ | 39 | ||||||||||
Cash paid for income taxes, net | $ | 67 | $ | 9 | ||||||||||
Cash outflows for lease liabilities | $ | 27 | $ | 23 | ||||||||||
Non-cash right-of-use (“ROU”) assets recorded for new and modified leases | $ | 50 | $ | 12 |
Three months ended December 31, | ||||||||
$ in thousands | 2017 | 2016 | ||||||
Legal and regulatory | $ | 2,281 | $ | 553 | ||||
Severance | 990 | 4,803 | ||||||
Information systems integration costs | 162 | 1,205 | ||||||
Acquisition and integration-related incentive compensation costs | — | 5,474 | ||||||
Early termination costs of assumed contracts | — | 1,324 | ||||||
Post-closing purchase price contingency | — | (2,251 | ) | |||||
All other | 494 | 1,558 | ||||||
Total acquisition-related expenses | $ | 3,927 | $ | 12,666 |
$ in millions | Level 1 | Level 2 | Level 3 | Netting adjustments | Balance as of December 31, 2020 | |||||||||||||||||||||||||||
Assets at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||
Assets segregated pursuant to regulations | $ | 2,749 | $ | 0 | $ | 0 | $ | — | $ | 2,749 | ||||||||||||||||||||||
Trading assets | ||||||||||||||||||||||||||||||||
Municipal and provincial obligations | 0 | 32 | 0 | — | 32 | |||||||||||||||||||||||||||
Corporate obligations | 11 | 31 | 0 | — | 42 | |||||||||||||||||||||||||||
Government and agency obligations | 16 | 91 | — | — | 107 | |||||||||||||||||||||||||||
Agency MBS and agency CMOs | 0 | 146 | 0 | — | 146 | |||||||||||||||||||||||||||
Total debt securities | 27 | 300 | 0 | — | 327 | |||||||||||||||||||||||||||
Equity securities | 14 | 5 | 0 | — | 19 | |||||||||||||||||||||||||||
Brokered certificates of deposit | 0 | 37 | 0 | — | 37 | |||||||||||||||||||||||||||
Other | 0 | 0 | 3 | — | 3 | |||||||||||||||||||||||||||
Total trading assets | 41 | 342 | 3 | — | 386 | |||||||||||||||||||||||||||
Available-for-sale securities (1) | 16 | 7,984 | 0 | — | 8,000 | |||||||||||||||||||||||||||
Derivative assets | ||||||||||||||||||||||||||||||||
Interest rate - matched book | 0 | 273 | 0 | — | 273 | |||||||||||||||||||||||||||
Interest rate - other | 34 | 189 | 0 | (128) | 95 | |||||||||||||||||||||||||||
Total derivative assets | 34 | 462 | 0 | (128) | 368 | |||||||||||||||||||||||||||
Other investments - private equity - not measured at net asset value (“NAV”) | — | — | 52 | — | 52 | |||||||||||||||||||||||||||
All other investments: | ||||||||||||||||||||||||||||||||
Government and agency obligations (2) | 603 | 0 | 0 | — | 603 | |||||||||||||||||||||||||||
Other | 100 | 1 | 22 | — | 123 | |||||||||||||||||||||||||||
Total all other investments | 703 | 1 | 22 | — | 726 | |||||||||||||||||||||||||||
Subtotal | 3,543 | 8,789 | 77 | (128) | 12,281 | |||||||||||||||||||||||||||
Other investments - private equity - measured at NAV | 85 | |||||||||||||||||||||||||||||||
Total assets at fair value on a recurring basis | $ | 3,543 | $ | 8,789 | $ | 77 | $ | (128) | $ | 12,366 | ||||||||||||||||||||||
Liabilities at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||
Trading liabilities | ||||||||||||||||||||||||||||||||
Municipal and provincial obligations | $ | 1 | $ | 0 | $ | 0 | $ | — | $ | 1 | ||||||||||||||||||||||
Corporate obligations | 1 | 3 | 0 | — | 4 | |||||||||||||||||||||||||||
Government and agency obligations | 61 | 0 | 0 | — | 61 | |||||||||||||||||||||||||||
Total debt securities | 63 | 3 | 0 | — | 66 | |||||||||||||||||||||||||||
Equity securities | 79 | 7 | 0 | — | 86 | |||||||||||||||||||||||||||
Total trading liabilities | 142 | 10 | 0 | — | 152 | |||||||||||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||||||||||
Interest rate - matched book | 0 | 273 | 0 | — | 273 | |||||||||||||||||||||||||||
Interest rate - other | 37 | 124 | 0 | (138) | 23 | |||||||||||||||||||||||||||
Foreign exchange | 0 | 11 | 0 | — | 11 | |||||||||||||||||||||||||||
Other | 0 | 2 | 1 | — | 3 | |||||||||||||||||||||||||||
Total derivative liabilities | 37 | 410 | 1 | (138) | 310 | |||||||||||||||||||||||||||
Total liabilities at fair value on a recurring basis | $ | 179 | $ | 420 | $ | 1 | $ | (138) | $ | 462 |
$ in thousands | Quoted prices in active markets for identical instruments (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Netting adjustments | Balance as of December 31, 2017 | |||||||||||||||
Assets at fair value on a recurring basis | ||||||||||||||||||||
Trading instruments | ||||||||||||||||||||
Municipal and provincial obligations | $ | 122 | $ | 197,580 | $ | — | $ | — | $ | 197,702 | ||||||||||
Corporate obligations | 11,069 | 33,723 | — | — | 44,792 | |||||||||||||||
Government and agency obligations | 6,376 | 17,929 | — | — | 24,305 | |||||||||||||||
Agency mortgage-backed securities (“MBS”) and collateralized mortgage obligations (“CMOs”) | 2,128 | 214,680 | — | — | 216,808 | |||||||||||||||
Non-agency CMOs and asset-backed securities (“ABS”) | — | 52,244 | 5 | — | 52,249 | |||||||||||||||
Total debt securities | 19,695 | 516,156 | 5 | — | 535,856 | |||||||||||||||
Equity securities | 18,497 | 803 | — | — | 19,300 | |||||||||||||||
Brokered certificates of deposit | — | 32,173 | — | — | 32,173 | |||||||||||||||
Other | 27 | 7,511 | 2,712 | — | 10,250 | |||||||||||||||
Total trading instruments | 38,219 | 556,643 | 2,717 | — | 597,579 | |||||||||||||||
Available-for-sale securities | ||||||||||||||||||||
Agency MBS and CMOs | — | 2,285,051 | — | — | 2,285,051 | |||||||||||||||
Other securities | 787 | — | — | — | 787 | |||||||||||||||
Auction rate securities (“ARS”) preferred securities | — | — | 107,483 | — | 107,483 | |||||||||||||||
Total available-for-sale securities | 787 | 2,285,051 | 107,483 | — | 2,393,321 | |||||||||||||||
Derivative assets | ||||||||||||||||||||
Interest rate contracts | ||||||||||||||||||||
Matched book | — | 263,851 | — | — | 263,851 | |||||||||||||||
Other | — | 58,660 | — | (30,375 | ) | 28,285 | ||||||||||||||
Foreign exchange contracts | — | 4 | — | — | 4 | |||||||||||||||
Total derivative assets | — | 322,515 | — | (30,375 | ) | 292,140 | ||||||||||||||
Private equity investments (1) | ||||||||||||||||||||
Not measured at NAV | — | — | 88,810 | — | 88,810 | |||||||||||||||
Measured at NAV | 100,223 | |||||||||||||||||||
Total private equity investments | — | — | 88,810 | — | 189,033 | |||||||||||||||
Other investments (2) | 263,978 | 859 | 333 | — | 265,170 | |||||||||||||||
Total assets at fair value on a recurring basis | $ | 302,984 | $ | 3,165,068 | $ | 199,343 | $ | (30,375 | ) | $ | 3,737,243 | |||||||||
Assets at fair value on a nonrecurring basis | ||||||||||||||||||||
Bank loans, net | ||||||||||||||||||||
Impaired loans | $ | — | $ | 16,347 | $ | 23,418 | $ | — | $ | 39,765 | ||||||||||
Loans held for sale (3) | — | 69,057 | — | — | 69,057 | |||||||||||||||
Total assets at fair value on a nonrecurring basis | $ | — | $ | 85,404 | $ | 23,418 | $ | — | $ | 108,822 | ||||||||||
(continued on next page) |
$ in millions | Level 1 | Level 2 | Level 3 | Netting adjustments | Balance as of September 30, 2020 | |||||||||||||||||||||||||||
Assets at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||
Trading assets | ||||||||||||||||||||||||||||||||
Municipal and provincial obligations | $ | 5 | $ | 120 | $ | 0 | $ | — | $ | 125 | ||||||||||||||||||||||
Corporate obligations | 11 | 45 | 0 | — | 56 | |||||||||||||||||||||||||||
Government and agency obligations | 13 | 131 | 0 | — | 144 | |||||||||||||||||||||||||||
Agency MBS and agency CMOs | 0 | 130 | 0 | — | 130 | |||||||||||||||||||||||||||
Non-agency CMOs and asset-backed securities (“ABS”) | 0 | 13 | 0 | — | 13 | |||||||||||||||||||||||||||
Total debt securities | 29 | 439 | 0 | — | 468 | |||||||||||||||||||||||||||
Equity securities | 11 | 5 | 0 | — | 16 | |||||||||||||||||||||||||||
Brokered certificates of deposit | 0 | 17 | 0 | — | 17 | |||||||||||||||||||||||||||
Other | 0 | 0 | 12 | — | 12 | |||||||||||||||||||||||||||
Total trading assets | 40 | 461 | 12 | — | 513 | |||||||||||||||||||||||||||
Available-for-sale securities (1) | 16 | 7,634 | 0 | — | 7,650 | |||||||||||||||||||||||||||
Derivative assets | ||||||||||||||||||||||||||||||||
Interest rate - matched book | 0 | 333 | 0 | — | 333 | |||||||||||||||||||||||||||
Interest rate - other | 16 | 224 | 0 | (135) | 105 | |||||||||||||||||||||||||||
Total derivative assets | 16 | 557 | 0 | (135) | 438 | |||||||||||||||||||||||||||
Other investments - private equity - not measured at NAV | — | — | 37 | — | 37 | |||||||||||||||||||||||||||
All other investments: | ||||||||||||||||||||||||||||||||
Government and agency obligations (2) | 103 | 0 | 0 | — | 103 | |||||||||||||||||||||||||||
Other | 92 | 1 | 22 | — | 115 | |||||||||||||||||||||||||||
Total all other investments | 195 | 1 | 22 | — | 218 | |||||||||||||||||||||||||||
Subtotal | 267 | 8,653 | 71 | (135) | 8,856 | |||||||||||||||||||||||||||
Other investments - private equity - measured at NAV | 79 | |||||||||||||||||||||||||||||||
Total assets at fair value on a recurring basis | $ | 267 | $ | 8,653 | $ | 71 | $ | (135) | $ | 8,935 | ||||||||||||||||||||||
Liabilities at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||
Trading liabilities | ||||||||||||||||||||||||||||||||
Municipal and provincial obligations | $ | 1 | $ | 0 | $ | 0 | $ | — | $ | 1 | ||||||||||||||||||||||
Corporate obligations | 0 | 5 | 0 | — | 5 | |||||||||||||||||||||||||||
Government and agency obligations | 136 | 0 | 0 | — | 136 | |||||||||||||||||||||||||||
Non-agency CMOs and ABS | 0 | 2 | 0 | — | 2 | |||||||||||||||||||||||||||
Total debt securities | 137 | 7 | 0 | — | 144 | |||||||||||||||||||||||||||
Equity securities | 96 | 0 | 0 | — | 96 | |||||||||||||||||||||||||||
Total trading liabilities | 233 | 7 | 0 | — | 240 | |||||||||||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||||||||||
Interest rate - matched book | 0 | 333 | 0 | — | 333 | |||||||||||||||||||||||||||
Interest rate - other | 16 | 145 | 0 | (112) | 49 | |||||||||||||||||||||||||||
Foreign exchange | 0 | 5 | 0 | — | 5 | |||||||||||||||||||||||||||
Other | 0 | 1 | 5 | — | 6 | |||||||||||||||||||||||||||
Total derivative liabilities | 16 | 484 | 5 | (112) | 393 | |||||||||||||||||||||||||||
Total liabilities at fair value on a recurring basis | $ | 249 | $ | 491 | $ | 5 | $ | (112) | $ | 633 |
(continued from previous page) | ||||||||||||||||||||
$ in thousands | Quoted prices in active markets for identical instruments (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Netting adjustments | Balance as of December 31, 2017 | |||||||||||||||
Liabilities at fair value on a recurring basis | ||||||||||||||||||||
Trading instruments sold but not yet purchased | ||||||||||||||||||||
Municipal and provincial obligations | $ | 742 | $ | 3,082 | $ | — | $ | — | $ | 3,824 | ||||||||||
Corporate obligations | 608 | 7,394 | — | — | 8,002 | |||||||||||||||
Government obligations | 183,510 | — | — | — | 183,510 | |||||||||||||||
Agency MBS and CMOs | 328 | — | — | — | 328 | |||||||||||||||
Non-agency MBS and CMOs | — | — | — | — | — | |||||||||||||||
Total debt securities | 185,188 | 10,476 | — | — | 195,664 | |||||||||||||||
Equity securities | 16,294 | 4 | — | — | 16,298 | |||||||||||||||
Other | 4 | — | 1,058 | — | 1,062 | |||||||||||||||
Total trading instruments sold but not yet purchased | 201,486 | 10,480 | 1,058 | — | 213,024 | |||||||||||||||
Derivative liabilities | ||||||||||||||||||||
Interest rate contracts | ||||||||||||||||||||
Matched book | — | 263,851 | — | — | 263,851 | |||||||||||||||
Other | — | 86,815 | — | (42,284 | ) | 44,531 | ||||||||||||||
Foreign exchange contracts | — | 19,710 | — | — | 19,710 | |||||||||||||||
Deutsche Bank restricted stock unit (“DBRSU”) obligation (equity) | — | 28,413 | — | — | 28,413 | |||||||||||||||
Total derivative liabilities | — | 398,789 | — | (42,284 | ) | 356,505 | ||||||||||||||
Total liabilities at fair value on a recurring basis | $ | 201,486 | $ | 409,269 | $ | 1,058 | $ | (42,284 | ) | $ | 569,529 |
$ in thousands | Quoted prices in active markets for identical instruments (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Netting adjustments | Balance as of September 30, 2017 | |||||||||||||||
Assets at fair value on a recurring basis | ||||||||||||||||||||
Trading instruments | ||||||||||||||||||||
Municipal and provincial obligations | $ | 83 | $ | 221,884 | $ | — | $ | — | $ | 221,967 | ||||||||||
Corporate obligations | 9,361 | 81,577 | — | — | 90,938 | |||||||||||||||
Government and agency obligations | 6,354 | 28,977 | — | — | 35,331 | |||||||||||||||
Agency MBS and CMOs | 913 | 133,070 | — | — | 133,983 | |||||||||||||||
Non-agency CMOs and ABS | — | 28,442 | 5 | — | 28,447 | |||||||||||||||
Total debt securities | 16,711 | 493,950 | 5 | — | 510,666 | |||||||||||||||
Equity securities | 16,090 | 389 | — | — | 16,479 | |||||||||||||||
Brokered certificates of deposit | — | 31,492 | — | — | 31,492 | |||||||||||||||
Other | 32 | — | 5,594 | — | 5,626 | |||||||||||||||
Total trading instruments | 32,833 | 525,831 | 5,599 | — | 564,263 | |||||||||||||||
Available-for-sale securities | ||||||||||||||||||||
Agency MBS and CMOs | — | 2,081,079 | — | — | 2,081,079 | |||||||||||||||
Other securities | 1,032 | — | — | — | 1,032 | |||||||||||||||
ARS preferred securities | — | — | 106,171 | — | 106,171 | |||||||||||||||
Total available-for-sale securities | 1,032 | 2,081,079 | 106,171 | — | 2,188,282 | |||||||||||||||
Derivative assets | ||||||||||||||||||||
Interest rate contracts | ||||||||||||||||||||
Matched book | — | 288,035 | — | — | 288,035 | |||||||||||||||
Other | — | 86,436 | — | (55,728 | ) | 30,708 | ||||||||||||||
Foreign exchange contracts | — | 32 | — | — | 32 | |||||||||||||||
Total derivative assets | — | 374,503 | — | (55,728 | ) | 318,775 | ||||||||||||||
Private equity investments (1) | ||||||||||||||||||||
Not measured at NAV | — | — | 88,885 | — | 88,885 | |||||||||||||||
Measured at NAV | 109,894 | |||||||||||||||||||
Total private equity investments | — | — | 88,885 | — | 198,779 | |||||||||||||||
Other investments (2) | 220,312 | 332 | 336 | — | 220,980 | |||||||||||||||
Total assets at fair value on a recurring basis | $ | 254,177 | $ | 2,981,745 | $ | 200,991 | $ | (55,728 | ) | $ | 3,491,079 | |||||||||
Assets at fair value on a nonrecurring basis | ||||||||||||||||||||
Bank loans, net | ||||||||||||||||||||
Impaired loans | $ | — | $ | 17,474 | $ | 23,994 | $ | — | $ | 41,468 | ||||||||||
Loans held for sale (3) | — | 11,285 | — | — | 11,285 | |||||||||||||||
Total bank loans, net | — | 28,759 | 23,994 | — | 52,753 | |||||||||||||||
Other assets: other real estate owned | — | 880 | — | — | 880 | |||||||||||||||
Total assets at fair value on a nonrecurring basis | $ | — | $ | 29,639 | $ | 23,994 | $ | — | $ | 53,633 | ||||||||||
(continued on next page) |
(continued from previous page) | ||||||||||||||||||||
$ in thousands | Quoted prices in active markets for identical instruments (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Netting adjustments | Balance as of September 30, 2017 | |||||||||||||||
Liabilities at fair value on a recurring basis | ||||||||||||||||||||
Trading instruments sold but not yet purchased | ||||||||||||||||||||
Municipal and provincial obligations | $ | 304 | $ | — | $ | — | $ | — | $ | 304 | ||||||||||
Corporate obligations | 1,286 | 35,272 | — | — | 36,558 | |||||||||||||||
Government obligations | 167,622 | — | — | — | 167,622 | |||||||||||||||
Agency MBS and CMOs | 2,477 | — | — | — | 2,477 | |||||||||||||||
Non-agency MBS and CMOs | — | 5,028 | — | — | 5,028 | |||||||||||||||
Total debt securities | 171,689 | 40,300 | — | — | 211,989 | |||||||||||||||
Equity securities | 8,118 | 1,342 | — | — | 9,460 | |||||||||||||||
Total trading instruments sold but not yet purchased | 179,807 | 41,642 | — | — | 221,449 | |||||||||||||||
Derivative liabilities | ||||||||||||||||||||
Interest rate contracts | ||||||||||||||||||||
Matched book | — | 288,035 | — | — | 288,035 | |||||||||||||||
Other | — | 101,893 | — | (59,410 | ) | 42,483 | ||||||||||||||
Foreign exchange contracts | — | 646 | — | — | 646 | |||||||||||||||
DBRSU obligation (equity) | — | 25,800 | — | — | 25,800 | |||||||||||||||
Total derivative liabilities | — | 416,374 | — | (59,410 | ) | 356,964 | ||||||||||||||
Total liabilities at fair value on a recurring basis | $ | 179,807 | $ | 458,016 | $ | — | $ | (59,410 | ) | $ | 578,413 |
Three months ended December 31, 2020 Level 3 instruments at fair value | ||||||||||||||||||||||||||||||||
Financial assets | Financial liabilities | |||||||||||||||||||||||||||||||
Trading assets | Other investments | Derivative liabilities | ||||||||||||||||||||||||||||||
$ in millions | Other | Private equity investments | All other | Other | ||||||||||||||||||||||||||||
Fair value beginning of period | $ | 12 | $ | 37 | $ | 22 | $ | (5) | ||||||||||||||||||||||||
Total gains/(losses) included in earnings | 2 | 15 | 0 | 4 | ||||||||||||||||||||||||||||
Purchases and contributions | 6 | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Sales and distributions | (17) | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Transfers: | ||||||||||||||||||||||||||||||||
Into Level 3 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Out of Level 3 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Fair value end of period | $ | 3 | $ | 52 | $ | 22 | $ | (1) | ||||||||||||||||||||||||
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period | $ | 3 | $ | 15 | $ | 0 | $ | 3 |
Three months ended December 31, 2019 Level 3 instruments at fair value | ||||||||||||||||||||||||||
Financial assets | Financial liabilities | |||||||||||||||||||||||||
Trading assets | Other investments | Trading liabilities | ||||||||||||||||||||||||
$ in millions | Other | Private equity investments | All other | Other | ||||||||||||||||||||||
Fair value beginning of period | $ | 3 | $ | 63 | $ | 24 | $ | (1) | ||||||||||||||||||
Total gains/(losses) included in earnings | (1) | 0 | 0 | 0 | ||||||||||||||||||||||
Purchases and contributions | 31 | 0 | 0 | 1 | ||||||||||||||||||||||
Sales and distributions | (14) | (1) | 0 | (1) | ||||||||||||||||||||||
Transfers: | ||||||||||||||||||||||||||
Into Level 3 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
Out of Level 3 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
Fair value end of period | $ | 19 | $ | 62 | $ | 24 | $ | (1) | ||||||||||||||||||
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period | $ | 0 | $ | 0 | $ | 0 | $ | 0 |
Three months ended December 31, 2017 Level 3 instruments at fair value | ||||||||||||||||||||||||
Financial assets | Financial liabilities | |||||||||||||||||||||||
Trading instruments | Available-for-sale securities | Private equity and other investments | Trading instruments | |||||||||||||||||||||
$ in thousands | Non-agency CMOs & ABS | Other | ARS - preferred securities | Private equity investments | Other investments | Other | ||||||||||||||||||
Fair value beginning of period | $ | 5 | $ | 5,594 | $ | 106,171 | $ | 88,885 | $ | 336 | $ | — | ||||||||||||
Total gains/(losses) for the period | ||||||||||||||||||||||||
Included in earnings | — | (1,207 | ) | — | 2 | (3 | ) | (1,058 | ) | |||||||||||||||
Included in other comprehensive income | — | — | 1,312 | — | — | — | ||||||||||||||||||
Purchases and contributions | — | 20,279 | — | — | — | — | ||||||||||||||||||
Sales | — | (21,954 | ) | — | (77 | ) | — | — | ||||||||||||||||
Distributions | — | — | — | — | — | — | ||||||||||||||||||
Transfers | ||||||||||||||||||||||||
Into Level 3 | — | — | — | — | — | — | ||||||||||||||||||
Out of Level 3 | — | — | — | — | — | — | ||||||||||||||||||
Fair value end of period | $ | 5 | $ | 2,712 | $ | 107,483 | $ | 88,810 | $ | 333 | $ | (1,058 | ) | |||||||||||
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period | $ | — | $ | (243 | ) | $ | 1,312 | $ | — | $ | (3 | ) | $ | (1,058 | ) |
Three months ended December 31, 2016 Level 3 instruments at fair value | ||||||||||||||||||||||||||||
Financial assets | Financial liabilities | |||||||||||||||||||||||||||
Trading instruments | Available-for-sale securities | Private equity and other investments | Trading instruments | |||||||||||||||||||||||||
$ in thousands | Non-agency CMOs & ABS | Other | ARS – municipals obligations | ARS - preferred securities | Private equity investments | Other investments | Other | |||||||||||||||||||||
Fair value beginning of period | $ | 7 | $ | 6,020 | $ | 25,147 | $ | 100,018 | $ | 83,165 | $ | 441 | $ | — | ||||||||||||||
Total gains/(losses) for the period | ||||||||||||||||||||||||||||
Included in earnings | — | (2,589 | ) | — | 1 | 301 | (8 | ) | (1,792 | ) | ||||||||||||||||||
Included in other comprehensive income | — | — | 217 | 3,857 | — | — | — | |||||||||||||||||||||
Purchases and contributions | — | 18,683 | — | — | — | — | — | |||||||||||||||||||||
Sales | — | (11,062 | ) | — | (23 | ) | — | (15 | ) | — | ||||||||||||||||||
Distributions | — | — | — | — | — | — | — | |||||||||||||||||||||
Transfers | ||||||||||||||||||||||||||||
Into Level 3 | — | — | — | — | — | — | — | |||||||||||||||||||||
Out of Level 3 | — | — | — | — | — | (195 | ) | — | ||||||||||||||||||||
Fair value end of period | $ | 7 | $ | 11,052 | $ | 25,364 | $ | 103,853 | $ | 83,466 | $ | 223 | $ | (1,792 | ) | |||||||||||||
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period | $ | — | $ | (124 | ) | $ | 217 | $ | 3,856 | $ | 301 | $ | — | $ | (1,792 | ) |
$ in thousands | Net trading profit | Other revenues | Other comprehensive income | |||||||||
For the three months ended December 31, 2017 | ||||||||||||
Total gains/(losses) included in earnings | $ | (2,265 | ) | $ | (1 | ) | $ | 1,312 | ||||
Unrealized gains/(losses) for assets held at the end of the reporting period | $ | (1,301 | ) | $ | (3 | ) | $ | 1,312 | ||||
For the three months ended December 31, 2016 | ||||||||||||
Total gains/(losses) included in earnings | $ | (4,381 | ) | $ | 294 | $ | 4,074 | |||||
Unrealized gains/(losses) for assets held at the end of the reporting period | $ | (1,916 | ) | $ | 301 | $ | 4,073 |
Recurring measurements $ in millions | Fair value at December 31, 2020 | Valuation technique(s) | Unobservable input | Range (weighted-average) | ||||||||||||||||||||||
Other investments - private equity investments (not measured at NAV) | $ | 52 | Discounted cash flow, transaction price or other investment-specific events | Discount rate | 25% | |||||||||||||||||||||
Terminal earnings before interest, tax, depreciation and amortization (“EBITDA”) multiple | 9.0x | |||||||||||||||||||||||||
Terminal year | 2021 - 2042 (2022) | |||||||||||||||||||||||||
Fair value at September 30, 2020 | ||||||||||||||||||||||||||
Other investments - private equity investments (not measured at NAV) | $ | 37 | Discounted cash flow, transaction price or other investment-specific events | Discount rate | 25% | |||||||||||||||||||||
Terminal EBITDA multiple | 9.0x | |||||||||||||||||||||||||
Terminal year | 2021 - 2042 (2023) |
Level 3 financial instrument $ in thousands | Fair value at December 31, 2017 | Valuation technique(s) | Unobservable input | Range (weighted-average) | ||||||
Recurring measurements | ||||||||||
ARS preferred securities | $ | 107,483 | Discounted cash flow | Average discount rate | 5.76% - 7.03% (6.32%) | |||||
Average interest rates applicable to future interest income on the securities (1) | 2.97% - 3.96% (3.12%) | |||||||||
Prepayment year (2) | 2018 - 2021 (2021) | |||||||||
Private equity investments (not measured at NAV) | $ | 68,454 | Income or market approach | |||||||
Scenario 1 - income approach - discounted cash flow | Discount rate | 13% - 25% (22.4%) | ||||||||
Terminal growth rate of cash flows | 3% - 3% (3%) | |||||||||
Terminal year | 2020 - 2042 (2021) | |||||||||
Scenario 2 - market approach - market multiple method | EBITDA Multiple | 5.25 - 7.0 (5.8) | ||||||||
Weighting assigned to outcome of scenario 1/scenario 2 | 87%/13% | |||||||||
$ | 20,356 | Transaction price or other investment-specific events (3) | Not meaningful (3) | Not meaningful (3) | ||||||
Nonrecurring measurements | ||||||||||
Bank loans: impaired loans - residential | $ | 20,421 | Discounted cash flow | Prepayment rate | 7 yrs - 12 yrs (10.3 yrs) | |||||
Bank loans: impaired loans - corporate | $ | 2,997 | Appraisal or discounted cash flow value (4) | Not meaningful (4) | Not meaningful (4) |
Level 3 financial instrument $ in thousands | Fair value at September 30, 2017 | Valuation technique(s) | Unobservable input | Range (weighted-average) | ||||||
Recurring measurements | ||||||||||
ARS preferred securities | $ | 106,171 | Discounted cash flow | Average discount rate | 5.46% - 6.81% (6.03%) | |||||
Average interest rates applicable to future interest income on the securities (1) | 2.58% - 3.44% (2.72%) | |||||||||
Prepayment year (2) | 2017 - 2021 (2021) | |||||||||
Private equity investments (not measured at NAV) | $ | 68,454 | Income or market approach: | |||||||
Scenario 1 - income approach - discounted cash flow | Discount rate | 13% - 25% (22.4%) | ||||||||
Terminal growth rate of cash flows | 3% - 3% (3%) | |||||||||
Terminal year | 2020 - 2042 (2021) | |||||||||
Scenario 2 - market approach - market multiple method | EBITDA Multiple | 5.25 - 7.0 (5.8) | ||||||||
Weighting assigned to outcome of scenario 1/scenario 2 | 87%/13% | |||||||||
$ | 20,431 | Transaction price or other investment-specific events (3) | Not meaningful (3) | Not meaningful (3) | ||||||
Nonrecurring measurements | ||||||||||
Bank loans: impaired loans - residential | $ | 20,736 | Discounted cash flow | Prepayment rate | 7 yrs. - 12 yrs. (10.4 yrs.) | |||||
Bank loans: impaired loans - corporate | $ | 3,258 | Appraisal or discounted cash flow value (4) | Not meaningful (4) | Not meaningful (4) |
$ in millions | Recorded value | Unfunded commitment | ||||||||||||
December 31, 2020 | ||||||||||||||
Private equity investments measured at NAV | $ | 85 | $ | 9 | ||||||||||
Private equity investments not measured at NAV | 52 | |||||||||||||
Total private equity investments | $ | 137 | ||||||||||||
September 30, 2020 | ||||||||||||||
Private equity investments measured at NAV | $ | 79 | $ | 9 | ||||||||||
Private equity investments not measured at NAV | 37 | |||||||||||||
Total private equity investments | $ | 116 |
Unfunded commitment | ||||||||||||||||
$ in thousands | Recorded value | RJF | Noncontrolling interests | Total | ||||||||||||
December 31, 2017 | ||||||||||||||||
Private equity investments measured at NAV | $ | 100,223 | $ | 20,739 | $ | 2,256 | $ | 22,995 | ||||||||
Private equity investments not measured at NAV | 88,810 | |||||||||||||||
Total private equity investments | $ | 189,033 | ||||||||||||||
September 30, 2017 | ||||||||||||||||
Private equity investments measured at NAV | $ | 109,894 | $ | 20,973 | $ | 2,273 | $ | 23,246 | ||||||||
Private equity investments not measured at NAV | 88,885 | |||||||||||||||
Total private equity investments | $ | 198,779 |
$ in millions | Level 2 | Level 3 | Total fair value | Valuation technique(s) | Unobservable input | Range (weighted-average) | ||||||||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Bank loans: | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 4 | $ | 12 | $ | 16 | Collateral or discounted cash flow (1) | Prepayment rate | 7 yrs. - 12 yrs. (10.6 yrs.) | |||||||||||||||||||||||||||||||||||
Corporate loans | $ | 0 | $ | 14 | $ | 14 | Collateral or discounted cash flow (1) | Not meaningful (1) | Not meaningful (1) | |||||||||||||||||||||||||||||||||||
Loans held for sale | $ | 104 | $ | 0 | $ | 104 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||
September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Bank loans: | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 4 | $ | 13 | $ | 17 | Collateral or discounted cash flow (1) | Prepayment rate | 7 yrs. - 12 yrs. (10.6 yrs.) | |||||||||||||||||||||||||||||||||||
Corporate loans | $ | 0 | $ | 15 | $ | 15 | Collateral or discounted cash flow (1) | Not meaningful (1) | Not meaningful (1) | |||||||||||||||||||||||||||||||||||
Loans held for sale | $ | 38 | $ | 0 | $ | 38 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||
Other assets: other real estate owned | $ | 1 | $ | 0 | $ | 1 | N/A | N/A | N/A |
$ in millions | Level 2 | Level 3 | Total estimated fair value | Carrying amount | ||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Bank loans, net | $ | 105 | $ | 21,737 | $ | 21,842 | $ | 21,823 | ||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Bank deposits - certificates of deposit | $ | 0 | $ | 946 | $ | 946 | $ | 912 | ||||||||||||||||||||||||
Senior notes payable | $ | 2,572 | $ | 0 | $ | 2,572 | $ | 2,045 | ||||||||||||||||||||||||
September 30, 2020 | ||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Bank loans, net | $ | 72 | $ | 21,119 | $ | 21,191 | $ | 21,125 | ||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Bank deposits - certificates of deposit | $ | 0 | $ | 1,056 | $ | 1,056 | $ | 1,017 | ||||||||||||||||||||||||
Senior notes payable | $ | 2,504 | $ | 0 | $ | 2,504 | $ | 2,045 |
$ in thousands | Quoted prices in active markets for identical instruments (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total estimated fair value | Carrying amount | |||||||||||||||
December 31, 2017 | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Bank loans, net | $ | — | $ | 104,044 | $ | 17,353,626 | $ | 17,457,670 | $ | 17,588,476 | ||||||||||
Loans to financial advisors, net | $ | — | $ | — | $ | 704,853 | $ | 704,853 | $ | 879,929 | ||||||||||
Financial liabilities: | ||||||||||||||||||||
Bank deposits | $ | — | $ | 18,392,535 | $ | 329,977 | $ | 18,722,512 | $ | 18,725,545 | ||||||||||
Other borrowings | $ | — | $ | 28,030 | $ | — | $ | 28,030 | $ | 27,627 | ||||||||||
Senior notes payable | $ | — | $ | 1,693,153 | $ | — | $ | 1,693,153 | $ | 1,548,975 | ||||||||||
September 30, 2017 | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Bank loans, net | $ | — | $ | 23,001 | $ | 16,836,745 | $ | 16,859,746 | $ | 16,954,042 | ||||||||||
Loans to financial advisors, net | $ | — | $ | — | $ | 698,862 | $ | 698,862 | $ | 863,647 | ||||||||||
Financial liabilities: | ||||||||||||||||||||
Bank deposits | $ | — | $ | 17,417,678 | $ | 313,359 | $ | 17,731,037 | $ | 17,732,362 | ||||||||||
Other borrowings | $ | — | $ | 29,278 | $ | — | $ | 29,278 | $ | 28,813 | ||||||||||
Senior notes payable | $ | — | $ | 1,647,696 | $ | — | $ | 1,647,696 | $ | 1,548,839 |
$ in millions | Cost basis | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||
Agency residential MBS | $ | 4,421 | $ | 72 | $ | (3) | $ | 4,490 | ||||||||||||||||||
Agency commercial MBS | 1,161 | 17 | (4) | 1,174 | ||||||||||||||||||||||
Agency CMOs | 2,308 | 17 | (5) | 2,320 | ||||||||||||||||||||||
Other securities | 15 | 1 | 0 | 16 | ||||||||||||||||||||||
Total available-for-sale securities | $ | 7,905 | $ | 107 | $ | (12) | $ | 8,000 | ||||||||||||||||||
September 30, 2020 | ||||||||||||||||||||||||||
Agency residential MBS | $ | 4,064 | $ | 74 | $ | (3) | $ | 4,135 | ||||||||||||||||||
Agency commercial MBS | 948 | 22 | (1) | 969 | ||||||||||||||||||||||
Agency CMOs | 2,504 | 27 | (1) | 2,530 | ||||||||||||||||||||||
Other securities | 15 | 1 | 0 | 16 | ||||||||||||||||||||||
Total available-for-sale securities | $ | 7,531 | $ | 124 | $ | (5) | $ | 7,650 |
$ in thousands | Cost basis | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||||
December 31, 2017 | ||||||||||||||||
Agency MBS and CMOs | $ | 2,309,741 | $ | 180 | $ | (24,870 | ) | $ | 2,285,051 | |||||||
Other securities | 1,575 | — | (788 | ) | 787 | |||||||||||
Total RJ Bank available-for-sale securities | 2,311,316 | 180 | (25,658 | ) | 2,285,838 | |||||||||||
ARS preferred securities | 101,674 | 5,809 | — | 107,483 | ||||||||||||
Total available-for-sale securities | $ | 2,412,990 | $ | 5,989 | $ | (25,658 | ) | $ | 2,393,321 | |||||||
September 30, 2017 | ||||||||||||||||
Agency MBS and CMOs | $ | 2,089,153 | $ | 1,925 | $ | (9,999 | ) | $ | 2,081,079 | |||||||
Other securities | 1,575 | — | (543 | ) | 1,032 | |||||||||||
Total RJ Bank available-for-sale securities | 2,090,728 | 1,925 | (10,542 | ) | 2,082,111 | |||||||||||
ARS preferred securities | 101,674 | 4,497 | — | 106,171 | ||||||||||||
Total available-for-sale securities | $ | 2,192,402 | $ | 6,422 | $ | (10,542 | ) | $ | 2,188,282 |
December 31, 2020 | ||||||||||||||||||||||||||||||||
$ in millions | Within one year | After one but within five years | After five but within ten years | After ten years | Total | |||||||||||||||||||||||||||
Agency residential MBS | ||||||||||||||||||||||||||||||||
Amortized cost | $ | 0 | $ | 37 | $ | 1,639 | $ | 2,745 | $ | 4,421 | ||||||||||||||||||||||
Carrying value | $ | 0 | $ | 38 | $ | 1,669 | $ | 2,783 | $ | 4,490 | ||||||||||||||||||||||
Agency commercial MBS | ||||||||||||||||||||||||||||||||
Amortized cost | $ | 25 | $ | 148 | $ | 845 | $ | 143 | $ | 1,161 | ||||||||||||||||||||||
Carrying value | $ | 25 | $ | 151 | $ | 853 | $ | 145 | $ | 1,174 | ||||||||||||||||||||||
Agency CMOs | ||||||||||||||||||||||||||||||||
Amortized cost | $ | 0 | $ | 1 | $ | 63 | $ | 2,244 | $ | 2,308 | ||||||||||||||||||||||
Carrying value | $ | 0 | $ | 1 | $ | 64 | $ | 2,255 | $ | 2,320 | ||||||||||||||||||||||
Other securities | ||||||||||||||||||||||||||||||||
Amortized cost | $ | 0 | $ | 7 | $ | 8 | $ | 0 | $ | 15 | ||||||||||||||||||||||
Carrying value | $ | 0 | $ | 7 | $ | 9 | $ | 0 | $ | 16 | ||||||||||||||||||||||
Total available-for-sale securities | ||||||||||||||||||||||||||||||||
Amortized cost | $ | 25 | $ | 193 | $ | 2,555 | $ | 5,132 | $ | 7,905 | ||||||||||||||||||||||
Carrying value | $ | 25 | $ | 197 | $ | 2,595 | $ | 5,183 | $ | 8,000 | ||||||||||||||||||||||
Weighted-average yield | 2.13 | % | 2.06 | % | 1.44 | % | 1.28 | % | 1.35 | % |
December 31, 2017 | ||||||||||||||||||||
$ in thousands | Within one year | After one but within five years | After five but within ten years | After ten years | Total | |||||||||||||||
Agency MBS and CMOs: | ||||||||||||||||||||
Amortized cost | $ | — | $ | 143,299 | $ | 745,234 | $ | 1,421,208 | $ | 2,309,741 | ||||||||||
Carrying value | — | 142,159 | 737,410 | 1,405,482 | 2,285,051 | |||||||||||||||
Weighted-average yield | — | 2.09 | % | 1.94 | % | 2.01 | % | 1.99 | % | |||||||||||
Other securities: | ||||||||||||||||||||
Amortized cost | $ | — | $ | — | $ | — | $ | 1,575 | $ | 1,575 | ||||||||||
Carrying value | — | — | — | 787 | 787 | |||||||||||||||
Weighted-average yield | — | — | — | — | — | |||||||||||||||
Sub-total agency MBS and CMOs and other securities: | ||||||||||||||||||||
Amortized cost | $ | — | $ | 143,299 | $ | 745,234 | $ | 1,422,783 | $ | 2,311,316 | ||||||||||
Carrying value | — | 142,159 | 737,410 | 1,406,269 | 2,285,838 | |||||||||||||||
Weighted-average yield | — | 2.09 | % | 1.94 | % | 2.01 | % | 1.99 | % | |||||||||||
ARS Preferred securities: | ||||||||||||||||||||
Amortized cost | $ | — | $ | — | $ | — | $ | 101,674 | $ | 101,674 | ||||||||||
Carrying value | — | — | — | 107,483 | 107,483 | |||||||||||||||
Weighted-average yield | — | — | — | 2.52 | % | 2.52 | % | |||||||||||||
Total available-for-sale securities: | ||||||||||||||||||||
Amortized cost | $ | — | $ | 143,299 | $ | 745,234 | $ | 1,524,457 | $ | 2,412,990 | ||||||||||
Carrying value | — | 142,159 | 737,410 | 1,513,752 | 2,393,321 | |||||||||||||||
Weighted-average yield | — | 2.09 | % | 1.94 | % | 2.05 | % | 2.01 | % |
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||||||||||||||||
$ in millions | Estimated fair value | Unrealized losses | Estimated fair value | Unrealized losses | Estimated fair value | Unrealized losses | ||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Agency residential MBS | $ | 827 | $ | (3) | $ | 0 | $ | 0 | $ | 827 | $ | (3) | ||||||||||||||||||||||||||
Agency commercial MBS | 493 | (4) | 0 | 0 | 493 | (4) | ||||||||||||||||||||||||||||||||
Agency CMOs | 1,042 | (5) | 0 | 0 | 1,042 | (5) | ||||||||||||||||||||||||||||||||
Total | $ | 2,362 | $ | (12) | $ | 0 | $ | 0 | $ | 2,362 | $ | (12) | ||||||||||||||||||||||||||
September 30, 2020 | ||||||||||||||||||||||||||||||||||||||
Agency residential MBS | $ | 966 | $ | (3) | $ | 0 | $ | 0 | $ | 966 | $ | (3) | ||||||||||||||||||||||||||
Agency commercial MBS | 177 | (1) | 0 | 0 | 177 | (1) | ||||||||||||||||||||||||||||||||
Agency CMOs | 410 | (1) | 0 | 0 | 410 | (1) | ||||||||||||||||||||||||||||||||
Total | $ | 1,553 | $ | (5) | $ | 0 | $ | 0 | $ | 1,553 | $ | (5) |
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
$ in thousands | Estimated fair value | Unrealized losses | Estimated fair value | Unrealized losses | Estimated fair value | Unrealized losses | ||||||||||||||||||
December 31, 2017 | ||||||||||||||||||||||||
Agency MBS and CMOs | $ | 1,691,798 | $ | (14,157 | ) | $ | 535,183 | $ | (10,713 | ) | $ | 2,226,981 | $ | (24,870 | ) | |||||||||
Other securities | — | — | 787 | (788 | ) | 787 | (788 | ) | ||||||||||||||||
Total | $ | 1,691,798 | $ | (14,157 | ) | $ | 535,970 | $ | (11,501 | ) | $ | 2,227,768 | $ | (25,658 | ) |
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
$ in thousands | Estimated fair value | Unrealized losses | Estimated fair value | Unrealized losses | Estimated fair value | Unrealized losses | ||||||||||||||||||
September 30, 2017 | ||||||||||||||||||||||||
Agency MBS and CMOs | $ | 1,119,715 | $ | (5,621 | ) | $ | 295,528 | $ | (4,378 | ) | $ | 1,415,243 | $ | (9,999 | ) | |||||||||
Other securities | — | — | 1,032 | (543 | ) | 1,032 | (543 | ) | ||||||||||||||||
Total | $ | 1,119,715 | $ | (5,621 | ) | $ | 296,560 | $ | (4,921 | ) | $ | 1,416,275 | $ | (10,542 | ) |
Three months ended December 31, | ||||||||
$ in thousands | 2017 | 2016 | ||||||
Amount related to credit losses on securities we held at the beginning of the period | $ | — | $ | 8,107 | ||||
Decreases to the amount related to credit losses for securities sold during the period | — | (2,353 | ) | |||||
Amount related to credit losses on securities we held at the end of the period | $ | — | $ | 5,754 |
December 31, 2020 | September 30, 2020 | |||||||||||||||||||||||||||||||||||||
$ in millions | Derivative assets | Derivative liabilities | Notional amount | Derivative assets | Derivative liabilities | Notional amount | ||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||||||||||
Interest rate - matched book | $ | 273 | $ | 273 | $ | 1,985 | $ | 333 | $ | 333 | $ | 2,174 | ||||||||||||||||||||||||||
Interest rate - other (1) | 223 | 161 | 17,017 | 240 | 161 | 19,206 | ||||||||||||||||||||||||||||||||
Foreign exchange | 0 | 4 | 645 | 0 | 2 | 605 | ||||||||||||||||||||||||||||||||
Other | 0 | 3 | 582 | 0 | 6 | 608 | ||||||||||||||||||||||||||||||||
Subtotal | 496 | 441 | 20,229 | 573 | 502 | 22,593 | ||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||||||||||||||||
Interest rate | 0 | 0 | 850 | 0 | 0 | 850 | ||||||||||||||||||||||||||||||||
Foreign exchange | 0 | 7 | 895 | 0 | 3 | 866 | ||||||||||||||||||||||||||||||||
Subtotal | 0 | 7 | 1,745 | 0 | 3 | 1,716 | ||||||||||||||||||||||||||||||||
Total gross fair value/notional amount | 496 | 448 | $ | 21,974 | 573 | 505 | $ | 24,309 | ||||||||||||||||||||||||||||||
Offset on the Condensed Consolidated Statements of Financial Condition | ||||||||||||||||||||||||||||||||||||||
Counterparty netting | (41) | (41) | (40) | (40) | ||||||||||||||||||||||||||||||||||
Cash collateral netting | (87) | (97) | (95) | (72) | ||||||||||||||||||||||||||||||||||
Total amounts offset | (128) | (138) | (135) | (112) | ||||||||||||||||||||||||||||||||||
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 368 | 310 | 438 | 393 | ||||||||||||||||||||||||||||||||||
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition | ||||||||||||||||||||||||||||||||||||||
Financial instruments (2) | (289) | (273) | (349) | (333) | ||||||||||||||||||||||||||||||||||
Total | $ | 79 | $ | 37 | $ | 89 | $ | 60 |
December 31, 2017 | September 30, 2017 | |||||||||||||||||||||||
$ in thousands | Derivative assets | Derivative liabilities | Notional amount | Derivative assets | Derivative liabilities | Notional amount | ||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||
Matched book | $ | 263,851 | $ | 263,851 | $ | 2,687,828 | $ | 288,035 | $ | 288,035 | $ | 2,766,488 | ||||||||||||
Other | 58,660 | 85,579 | 5,093,255 | 86,436 | 100,503 | 4,931,809 | ||||||||||||||||||
Foreign exchange contracts | 4 | 7,032 | 529,000 | 3 | 530 | 437,783 | ||||||||||||||||||
DBRSU obligation (equity) (1) | — | 28,413 | 28,413 | — | 25,800 | 25,800 | ||||||||||||||||||
Subtotal | 322,515 | 384,875 | 8,338,496 | 374,474 | 414,868 | 8,161,880 | ||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||
Interest rate contracts | — | 1,236 | 850,000 | — | 1,390 | 850,000 | ||||||||||||||||||
Foreign exchange contracts | — | 12,678 | 893,317 | 29 | 116 | 1,048,646 | ||||||||||||||||||
Subtotal | — | 13,914 | 1,743,317 | 29 | 1,506 | 1,898,646 | ||||||||||||||||||
Total gross fair value/notional amount | 322,515 | 398,789 | $ | 10,081,813 | 374,503 | 416,374 | $ | 10,060,526 | ||||||||||||||||
Offset in the Statements of Financial Condition | ||||||||||||||||||||||||
Counterparty netting | (6,471 | ) | (6,471 | ) | (6,045 | ) | (6,045 | ) | ||||||||||||||||
Cash collateral netting | (23,904 | ) | (35,813 | ) | (49,683 | ) | (53,365 | ) | ||||||||||||||||
Total amounts offset | (30,375 | ) | (42,284 | ) | (55,728 | ) | (59,410 | ) | ||||||||||||||||
Net amounts presented in the Statements of Financial Condition | 292,140 | 356,505 | 318,775 | 356,964 | ||||||||||||||||||||
Gross amounts not offset in the Statements of Financial Condition | ||||||||||||||||||||||||
Financial instruments (2) | (267,938 | ) | (263,851 | ) | (293,340 | ) | (288,035 | ) | ||||||||||||||||
Total | $ | 24,202 | $ | 92,654 | $ | 25,435 | $ | 68,929 |
Three months ended December 31, | ||||||||||||||||||||||||||
$ in millions | 2020 | 2019 | ||||||||||||||||||||||||
Interest rate (cash flow hedges) | $ | 5 | $ | 10 | ||||||||||||||||||||||
Foreign exchange (net investment hedges) | (29) | (13) | ||||||||||||||||||||||||
Total gains/(losses) in AOCI, net of taxes | $ | (24) | $ | (3) |
Three months ended December 31, | ||||||||
$ in thousands | 2017 | 2016 | ||||||
Interest rate contracts (cash flow hedges) | $ | 6,885 | $ | 25,738 | ||||
Foreign exchange contracts (net investment hedges) | 5,573 | 11,326 | ||||||
Total gains recognized in AOCI, net of taxes | $ | 12,458 | $ | 37,064 |
$ in millions | Three months ended December 31, | |||||||||||||||||||||||||||||||
Location of gain/(loss) | 2020 | 2019 | ||||||||||||||||||||||||||||||
Interest rate | Principal transactions/other revenues | $ | 4 | $ | 5 | |||||||||||||||||||||||||||
Foreign exchange | Other revenues | $ | (26) | $ | (11) | |||||||||||||||||||||||||||
Other | Principal transactions | $ | 4 | $ | 0 | |||||||||||||||||||||||||||
$ in thousands | Location of gain/(loss) included in the Condensed Consolidated Statements of Income and Comprehensive Income | Gain/(loss) recognized during the period | ||||||||
Three months ended December 31, | ||||||||||
2017 | 2016 | |||||||||
Interest rate contracts: | ||||||||||
Matched book | Other revenues | $ | 38 | $ | (26 | ) | ||||
Other | Net trading profit | $ | 1,562 | $ | 2,229 | |||||
Foreign exchange contracts | Other revenues | $ | (1,366 | ) | $ | 7,914 | ||||
DBRSUs | Compensation, commissions and benefits expense | $ | (2,613 | ) | $ | (6,725 | ) | |||
DBRSUs | Acquisition-related expenses | $ | — | $ | 350 |
Collateralized agreements | Collateralized financings | |||||||||||||||||||||||||||||||||||||
$ in millions | Reverse repurchase agreements | Securities borrowed | Total | Repurchase agreements | Securities loaned | Total | ||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Gross amounts of recognized assets/liabilities | $ | 162 | $ | 371 | $ | 533 | $ | 233 | $ | 64 | $ | 297 | ||||||||||||||||||||||||||
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 162 | 371 | 533 | 233 | 64 | 297 | ||||||||||||||||||||||||||||||||
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition | (162) | (355) | (517) | (233) | (58) | (291) | ||||||||||||||||||||||||||||||||
Net amounts | $ | 0 | $ | 16 | $ | 16 | $ | 0 | $ | 6 | $ | 6 | ||||||||||||||||||||||||||
September 30, 2020 | ||||||||||||||||||||||||||||||||||||||
Gross amounts of recognized assets/liabilities | $ | 207 | $ | 215 | $ | 422 | $ | 165 | $ | 85 | $ | 250 | ||||||||||||||||||||||||||
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 207 | 215 | 422 | 165 | 85 | 250 | ||||||||||||||||||||||||||||||||
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition | (207) | (209) | (416) | (165) | (79) | (244) | ||||||||||||||||||||||||||||||||
Net amounts | $ | 0 | $ | 6 | $ | 6 | $ | 0 | $ | 6 | $ | 6 |
Assets | Liabilities | |||||||||||||||
$ in thousands | Reverse repurchase agreements | Securities borrowed | Repurchase agreements | Securities loaned | ||||||||||||
December 31, 2017 | ||||||||||||||||
Gross amounts of recognized assets/liabilities | $ | 307,742 | $ | 184,971 | $ | 229,036 | $ | 290,307 | ||||||||
Gross amounts offset in the Condensed Consolidated Statements of Financial Condition | — | — | — | — | ||||||||||||
Net amounts presented in the Condensed Consolidated Statements of Financial Condition | 307,742 | 184,971 | 229,036 | 290,307 | ||||||||||||
Gross amounts not offset in the Condensed Consolidated Statements of Financial Condition | (307,742 | ) | (178,524 | ) | (229,036 | ) | (277,154 | ) | ||||||||
Net amount | $ | — | $ | 6,447 | $ | — | $ | 13,153 | ||||||||
September 30, 2017 | ||||||||||||||||
Gross amounts of recognized assets/liabilities | $ | 404,462 | $ | 138,319 | $ | 220,942 | $ | 383,953 | ||||||||
Gross amounts offset in the Condensed Consolidated Statements of Financial Condition | — | — | — | — | ||||||||||||
Net amounts presented in the Condensed Consolidated Statements of Financial Condition | 404,462 | 138,319 | 220,942 | 383,953 | ||||||||||||
Gross amounts not offset in the Condensed Consolidated Statements of Financial Condition | (404,462 | ) | (134,304 | ) | (220,942 | ) | (373,132 | ) | ||||||||
Net amount | $ | — | $ | 4,015 | $ | — | $ | 10,821 |
$ in millions | December 31, 2020 | September 30, 2020 | ||||||||||||
Collateral we received that was available to be delivered or repledged | $ | 3,064 | $ | 2,869 | ||||||||||
Collateral that we delivered or repledged | $ | 793 | $ | 788 |
$ in thousands | December 31, 2017 | September 30, 2017 | ||||||
Collateral we received that is available to be delivered or repledged | $ | 2,891,841 | $ | 3,030,736 | ||||
Collateral that we delivered or repledged | $ | 957,943 | $ | 1,068,912 |
$ in millions | December 31, 2020 | September 30, 2020 | ||||||||||||
Had the right to deliver or repledge | $ | 327 | $ | 325 | ||||||||||
Did not have the right to deliver or repledge | $ | 65 | $ | 65 | ||||||||||
Bank loans, net pledged at Federal Home Loan Bank (“FHLB”) and the Federal Reserve Bank of Atlanta | $ | 5,359 | $ | 5,367 |
$ in thousands | December 31, 2017 | September 30, 2017 | ||||||
Financial instruments owned, at fair value, pledged to counterparties that: | ||||||||
Had the right to deliver or repledge | $ | 341,304 | $ | 363,739 | ||||
Did not have the right to deliver or repledge | $ | 129,260 | $ | 44,930 |
$ in millions | Overnight and continuous | Up to 30 days | 30-90 days | Greater than 90 days | Total | |||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||
Repurchase agreements: | ||||||||||||||||||||||||||||||||
Government and agency obligations | $ | 127 | $ | 0 | $ | 0 | $ | 0 | $ | 127 | ||||||||||||||||||||||
Agency MBS and agency CMOs | 106 | 0 | 0 | 0 | 106 | |||||||||||||||||||||||||||
Total repurchase agreements | 233 | 0 | 0 | 0 | 233 | |||||||||||||||||||||||||||
Securities loaned: | ||||||||||||||||||||||||||||||||
Equity securities | 64 | 0 | 0 | 0 | 64 | |||||||||||||||||||||||||||
Total collateralized financings | $ | 297 | $ | 0 | $ | 0 | $ | 0 | $ | 297 | ||||||||||||||||||||||
September 30, 2020 | ||||||||||||||||||||||||||||||||
Repurchase agreements: | ||||||||||||||||||||||||||||||||
Government and agency obligations | $ | 87 | $ | 0 | $ | 0 | $ | 0 | $ | 87 | ||||||||||||||||||||||
Agency MBS and agency CMOs | 78 | 0 | 0 | 0 | 78 | |||||||||||||||||||||||||||
Total repurchase agreements | 165 | 0 | 0 | 0 | 165 | |||||||||||||||||||||||||||
Securities loaned: | ||||||||||||||||||||||||||||||||
Equity securities | 85 | 0 | 0 | 0 | 85 | |||||||||||||||||||||||||||
Total collateralized financings | $ | 250 | $ | 0 | $ | 0 | $ | 0 | $ | 250 | ||||||||||||||||||||||
$ in thousands | Overnight and continuous | Up to 30 days | 30-90 days | Greater than 90 days | Total | |||||||||||||||
As of December 31, 2017: | ||||||||||||||||||||
Repurchase agreements | ||||||||||||||||||||
Government and agency obligations | $ | 48,281 | $ | — | $ | — | $ | — | $ | 48,281 | ||||||||||
Agency MBS and CMOs | 180,755 | — | — | — | 180,755 | |||||||||||||||
Total Repurchase Agreements | 229,036 | — | — | — | 229,036 | |||||||||||||||
Securities loaned | ||||||||||||||||||||
Equity securities | 290,307 | — | — | — | 290,307 | |||||||||||||||
Total | $ | 519,343 | $ | — | $ | — | $ | — | $ | 519,343 | ||||||||||
Gross amounts of recognized liabilities for repurchase agreements and securities loaned included in the table within this footnote | $ | 519,343 | ||||||||||||||||||
Amounts related to repurchase agreements and securities loaned not included in the table within this footnote | $ | — | ||||||||||||||||||
As of September 30, 2017: | ||||||||||||||||||||
Repurchase agreements | ||||||||||||||||||||
Government and agency obligations | $ | 107,284 | $ | — | $ | — | $ | — | $ | 107,284 | ||||||||||
Agency MBS and CMOs | 113,658 | — | — | — | 113,658 | |||||||||||||||
Total Repurchase Agreements | 220,942 | — | — | — | 220,942 | |||||||||||||||
Securities loaned | ||||||||||||||||||||
Equity securities | 383,953 | — | — | — | 383,953 | |||||||||||||||
Total | $ | 604,895 | $ | — | $ | — | $ | — | $ | 604,895 | ||||||||||
Gross amounts of recognized liabilities for repurchase agreements and securities loaned included in the table within this footnote | $ | 604,895 | ||||||||||||||||||
Amounts related to repurchase agreements and securities loaned not included in the table within this footnote | $ | — |
December 31, 2020 | September 30, 2020 | |||||||||||||||||||||||||
$ in millions | Balance | % | Balance | % | ||||||||||||||||||||||
C&I loans | $ | 7,499 | 33 | % | $ | 7,421 | 34 | % | ||||||||||||||||||
CRE loans | 2,664 | 12 | % | 2,489 | 12 | % | ||||||||||||||||||||
REIT loans | 1,254 | 6 | % | 1,210 | 5 | % | ||||||||||||||||||||
Tax-exempt loans | 1,237 | 6 | % | 1,259 | 6 | % | ||||||||||||||||||||
Residential mortgage loans | 4,928 | 22 | % | 4,973 | 23 | % | ||||||||||||||||||||
SBL and other | 4,544 | 20 | % | 4,087 | 19 | % | ||||||||||||||||||||
Total loans held for investment | 22,126 | 99 | % | 21,439 | 99 | % | ||||||||||||||||||||
Held for sale loans | 209 | 1 | % | 110 | 1 | % | ||||||||||||||||||||
Total loans held for sale and investment | 22,335 | 100 | % | 21,549 | 100 | % | ||||||||||||||||||||
Allowance for credit losses | (378) | (354) | ||||||||||||||||||||||||
Bank loans, net | $ | 21,957 | $ | 21,195 | ||||||||||||||||||||||
Accrued interest receivable on bank loans | $ | 46 | $ | 45 |
December 31, 2017 | September 30, 2017 | |||||||||||||
$ in thousands | Balance | % | Balance | % | ||||||||||
Loans held for investment: | ||||||||||||||
C&I loans | $ | 7,490,219 | 42 | % | $ | 7,385,910 | 43 | % | ||||||
CRE construction loans | 164,847 | 1 | % | 112,681 | 1 | % | ||||||||
CRE loans | 3,136,101 | 18 | % | 3,106,290 | 18 | % | ||||||||
Tax-exempt loans | 1,136,468 | 6 | % | 1,017,791 | 6 | % | ||||||||
Residential mortgage loans | 3,270,780 | 18 | % | 3,148,730 | 18 | % | ||||||||
SBL | 2,530,521 | 14 | % | 2,386,697 | 14 | % | ||||||||
Total loans held for investment | 17,728,936 | 17,158,099 | ||||||||||||
Net unearned income and deferred expenses | (30,231 | ) | (31,178 | ) | ||||||||||
Total loans held for investment, net | 17,698,705 | 17,126,921 | ||||||||||||
Loans held for sale, net | 189,862 | 1 | % | 70,316 | — | |||||||||
Total loans held for sale and investment | 17,888,567 | 100 | % | 17,197,237 | 100 | % | ||||||||
Allowance for loan losses | (191,269 | ) | (190,442 | ) | ||||||||||
Bank loans, net | $ | 17,697,298 | $ | 17,006,795 |
$ in millions | $ in millions | C&I loans | Residential mortgage loans | Total | ||||||||||||||||||||||||||||||||||||||
Three months ended December 31, 2020 | Three months ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Purchases | Purchases | $ | 122 | $ | 46 | $ | 168 | |||||||||||||||||||||||||||||||||||
Sales | Sales | $ | 5 | $ | 0 | $ | 5 | |||||||||||||||||||||||||||||||||||
$ in thousands | C&I | CRE | Residential mortgage | Total | ||||||||||||||||||||||||||||||||||||||
Three months ended December 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||
Three months ended December 31, 2019 | Three months ended December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||
Purchases | $ | 147,442 | $ | 20,087 | $ | 45,011 | $ | 212,540 | Purchases | $ | 67 | $ | 158 | $ | 225 | |||||||||||||||||||||||||||
Sales | $ | 31,143 | $ | — | $ | — | $ | 31,143 | Sales | $ | 20 | $ | 0 | $ | 20 | |||||||||||||||||||||||||||
Three months ended December 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||
Purchases | $ | 114,649 | $ | 38,980 | $ | 81,662 | $ | 235,291 | ||||||||||||||||||||||||||||||||||
Sales | $ | 81,579 | $ | — | $ | — | $ | 81,579 |
$ in millions | 30-89 days and accruing | 90 days or more and accruing | Total past due and accruing | Nonaccrual with allowance | Nonaccrual with no allowance | Current and accruing | Total loans held for investment | |||||||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
C&I loans | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 7,499 | $ | 7,499 | ||||||||||||||||||||||||||||||
CRE loans | 0 | 0 | 0 | 0 | 14 | 2,650 | 2,664 | |||||||||||||||||||||||||||||||||||||
REIT loans | 0 | 0 | 0 | 0 | 0 | 1,254 | 1,254 | |||||||||||||||||||||||||||||||||||||
Tax-exempt loans | 0 | 0 | 0 | 0 | 0 | 1,237 | 1,237 | |||||||||||||||||||||||||||||||||||||
Residential mortgage loans | 3 | 0 | 3 | 9 | 5 | 4,911 | 4,928 | |||||||||||||||||||||||||||||||||||||
SBL and other | 0 | 0 | 0 | 0 | 0 | 4,544 | 4,544 | |||||||||||||||||||||||||||||||||||||
Total loans held for investment | $ | 3 | $ | 0 | $ | 3 | $ | 9 | $ | 19 | $ | 22,095 | $ | 22,126 | ||||||||||||||||||||||||||||||
September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
C&I loans | $ | 0 | $ | 0 | $ | 0 | $ | 2 | $ | 0 | $ | 7,419 | $ | 7,421 | ||||||||||||||||||||||||||||||
CRE loans | 0 | 0 | 0 | 0 | 14 | 2,475 | 2,489 | |||||||||||||||||||||||||||||||||||||
REIT loans | 0 | 0 | 0 | 0 | 0 | 1,210 | 1,210 | |||||||||||||||||||||||||||||||||||||
Tax-exempt loans | 0 | 0 | 0 | 0 | 0 | 1,259 | 1,259 | |||||||||||||||||||||||||||||||||||||
Residential mortgage loans | 0 | 0 | 0 | 3 | 11 | 4,959 | 4,973 | |||||||||||||||||||||||||||||||||||||
SBL and other | 0 | 0 | 0 | 0 | 0 | 4,087 | 4,087 | |||||||||||||||||||||||||||||||||||||
Total loans held for investment | $ | 0 | $ | 0 | $ | 0 | $ | 5 | $ | 25 | $ | 21,409 | $ | 21,439 |
$ in thousands | 30-89 days and accruing | 90 days or more and accruing | Total past due and accruing | Nonaccrual (1) | Current and accruing | Total loans held for investment (2) | ||||||||||||||||||
As of December 31, 2017: | ||||||||||||||||||||||||
C&I loans | $ | 113 | $ | — | $ | 113 | $ | 4,843 | $ | 7,485,263 | $ | 7,490,219 | ||||||||||||
CRE construction loans | — | — | — | — | 164,847 | 164,847 | ||||||||||||||||||
CRE loans | — | — | — | — | 3,136,101 | 3,136,101 | ||||||||||||||||||
Tax-exempt loans | — | — | — | — | 1,136,468 | 1,136,468 | ||||||||||||||||||
Residential mortgage loans: | ||||||||||||||||||||||||
First mortgage loans | 5,886 | — | 5,886 | 32,364 | 3,205,513 | 3,243,763 | ||||||||||||||||||
Home equity loans/lines | 75 | — | 75 | 126 | 26,816 | 27,017 | ||||||||||||||||||
SBL | 66 | — | 66 | — | 2,530,455 | 2,530,521 | ||||||||||||||||||
Total loans held for investment, net | $ | 6,140 | $ | — | $ | 6,140 | $ | 37,333 | $ | 17,685,463 | $ | 17,728,936 | ||||||||||||
As of September 30, 2017: | ||||||||||||||||||||||||
C&I loans | $ | — | $ | — | $ | — | $ | 5,221 | $ | 7,380,689 | $ | 7,385,910 | ||||||||||||
CRE construction loans | — | — | — | — | 112,681 | 112,681 | ||||||||||||||||||
CRE loans | — | — | — | — | 3,106,290 | 3,106,290 | ||||||||||||||||||
Tax-exempt loans | — | — | — | — | 1,017,791 | 1,017,791 | ||||||||||||||||||
Residential mortgage loans: | ||||||||||||||||||||||||
First mortgage loans | 1,853 | — | 1,853 | 33,718 | 3,086,701 | 3,122,272 | ||||||||||||||||||
Home equity loans/lines | 248 | — | 248 | 31 | 26,179 | 26,458 | ||||||||||||||||||
SBL | — | — | — | — | 2,386,697 | 2,386,697 | ||||||||||||||||||
Total loans held for investment, net | $ | 2,101 | $ | — | $ | 2,101 | $ | 38,970 | $ | 17,117,028 | $ | 17,158,099 |
December 31, 2017 | September 30, 2017 | |||||||||||||||||||||||
$ in thousands | Gross recorded investment | Unpaid principal balance | Allowance for losses | Gross recorded investment | Unpaid principal balance | Allowance for losses | ||||||||||||||||||
Impaired loans with allowance for loan losses: | ||||||||||||||||||||||||
C&I loans | $ | 4,843 | $ | 5,910 | $ | 1,846 | $ | 5,221 | $ | 6,160 | $ | 1,963 | ||||||||||||
Residential - first mortgage loans | 22,663 | 29,403 | 2,375 | 23,977 | 31,100 | 2,504 | ||||||||||||||||||
Total | 27,506 | 35,313 | 4,221 | 29,198 | 37,260 | 4,467 | ||||||||||||||||||
Impaired loans without allowance for loan losses: | ||||||||||||||||||||||||
CRE loans | — | — | — | — | — | — | ||||||||||||||||||
Residential - first mortgage loans | 16,480 | 24,096 | — | 16,737 | 24,899 | — | ||||||||||||||||||
Total | 16,480 | 24,096 | — | 16,737 | 24,899 | — | ||||||||||||||||||
Total impaired loans | $ | 43,986 | $ | 59,409 | $ | 4,221 | $ | 45,935 | $ | 62,159 | $ | 4,467 |
Three months ended December 31, | ||||||||
$ in thousands | 2017 | 2016 | ||||||
Average impaired loan balance: | ||||||||
C&I loans | $ | 4,966 | $ | 32,808 | ||||
CRE loans | — | 2,776 | ||||||
Residential - first mortgage loans | 39,935 | 46,533 | ||||||
Total | $ | 44,901 | $ | 82,117 | ||||
Interest income recognized: | ||||||||
Residential - first mortgage loans | $ | 287 | $ | 333 | ||||
Total | $ | 287 | $ | 333 |
$ in millions | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
C&I loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 66 | $ | 991 | $ | 1,109 | $ | 1,493 | $ | 1,121 | $ | 1,591 | $ | 709 | $ | 7,080 | ||||||||||||||||||||||||||||||||||||||||
Special mention | 0 | 0 | 44 | 102 | 12 | 0 | 43 | 201 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 28 | 78 | 78 | 0 | 34 | 0 | 218 | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total C&I loans | $ | 66 | $ | 1,019 | $ | 1,231 | $ | 1,673 | $ | 1,133 | $ | 1,625 | $ | 752 | $ | 7,499 |
$ in thousands | Pass | Special mention | Substandard | Doubtful | Total | |||||||||||||||
December 31, 2017 | ||||||||||||||||||||
C&I | $ | 7,343,153 | $ | 35,606 | $ | 111,460 | $ | — | $ | 7,490,219 | ||||||||||
CRE construction | 164,847 | — | — | — | 164,847 | |||||||||||||||
CRE | 3,097,041 | 38,933 | 127 | — | 3,136,101 | |||||||||||||||
Tax-exempt | 1,136,468 | — | — | — | 1,136,468 | |||||||||||||||
Residential mortgage: | ||||||||||||||||||||
First mortgage | 3,194,572 | 6,914 | 42,277 | — | 3,243,763 | |||||||||||||||
Home equity | 26,525 | 315 | 177 | — | 27,017 | |||||||||||||||
SBL | 2,530,521 | — | — | — | 2,530,521 | |||||||||||||||
Total | $ | 17,493,127 | $ | 81,768 | $ | 154,041 | $ | — | $ | 17,728,936 | ||||||||||
September 30, 2017 | ||||||||||||||||||||
C&I | $ | 7,232,777 | $ | 63,964 | $ | 89,169 | $ | — | $ | 7,385,910 | ||||||||||
CRE construction | 112,681 | — | — | — | 112,681 | |||||||||||||||
CRE | 3,048,847 | 57,315 | 128 | — | 3,106,290 | |||||||||||||||
Tax-exempt | 1,017,791 | — | — | — | 1,017,791 | |||||||||||||||
Residential mortgage: | ||||||||||||||||||||
First mortgage | 3,068,290 | 8,467 | 45,515 | — | 3,122,272 | |||||||||||||||
Home equity | 26,352 | 75 | 31 | — | 26,458 | |||||||||||||||
SBL | 2,386,697 | — | — | — | 2,386,697 | |||||||||||||||
Total | $ | 16,893,435 | $ | 129,821 | $ | 134,843 | $ | — | $ | 17,158,099 |
CRE loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 133 | $ | 406 | $ | 599 | $ | 653 | $ | 225 | $ | 210 | $ | 60 | $ | 2,286 | ||||||||||||||||||||||||||||||||||||||||
Special mention | 0 | 45 | 103 | 49 | 0 | 47 | 0 | 244 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 0 | 14 | 68 | 8 | 44 | 0 | 134 | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total CRE loans | $ | 133 | $ | 451 | $ | 716 | $ | 770 | $ | 233 | $ | 301 | $ | 60 | $ | 2,664 |
REIT loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 121 | $ | 49 | $ | 164 | $ | 98 | $ | 82 | $ | 344 | $ | 322 | $ | 1,180 | ||||||||||||||||||||||||||||||||||||||||
Special mention | 0 | 0 | 0 | 0 | 18 | 0 | 27 | 45 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 0 | 22 | 0 | 4 | 0 | 3 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total REIT loans | $ | 121 | $ | 49 | $ | 186 | $ | 98 | $ | 104 | $ | 344 | $ | 352 | $ | 1,254 |
Tax-exempt loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 9 | $ | 59 | $ | 123 | $ | 211 | $ | 279 | $ | 556 | $ | 0 | $ | 1,237 | ||||||||||||||||||||||||||||||||||||||||
Special mention | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total tax-exempt loans | $ | 9 | $ | 59 | $ | 123 | $ | 211 | $ | 279 | $ | 556 | $ | 0 | $ | 1,237 |
Residential mortgage loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 376 | $ | 1,551 | $ | 877 | $ | 550 | $ | 605 | $ | 920 | $ | 21 | $ | 4,900 | ||||||||||||||||||||||||||||||||||||||||
Special mention | 0 | 0 | 0 | 0 | 0 | 6 | 0 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 1 | 21 | 0 | 22 | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total residential mortgage loans | $ | 376 | $ | 1,551 | $ | 877 | $ | 550 | $ | 606 | $ | 947 | $ | 21 | $ | 4,928 |
SBL and other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 0 | $ | 46 | $ | 12 | $ | 0 | $ | 0 | $ | 0 | $ | 4,486 | $ | 4,544 | ||||||||||||||||||||||||||||||||||||||||
Special mention | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total SBL and other | $ | 0 | $ | 46 | $ | 12 | $ | 0 | $ | 0 | $ | 0 | $ | 4,486 | $ | 4,544 |
Loans held for investment | ||||||||||||||||||||||||||||
$ in thousands | C&I | CRE construction | CRE | Tax-exempt | Residential mortgage | SBL | Total | |||||||||||||||||||||
Three months ended December 31, 2017 | ||||||||||||||||||||||||||||
Balance at beginning of period | $ | 119,901 | $ | 1,421 | $ | 41,749 | $ | 6,381 | $ | 16,691 | $ | 4,299 | $ | 190,442 | ||||||||||||||
Provision/(benefit) for loan losses | 2,337 | 686 | (1,104 | ) | 537 | (1,699 | ) | 259 | 1,016 | |||||||||||||||||||
Net (charge-offs)/recoveries: | ||||||||||||||||||||||||||||
Charge-offs | (603 | ) | — | — | — | (95 | ) | — | (698 | ) | ||||||||||||||||||
Recoveries | — | — | — | — | 604 | — | 604 | |||||||||||||||||||||
Net (charge-offs)/recoveries | (603 | ) | — | — | — | 509 | — | (94 | ) | |||||||||||||||||||
Foreign exchange translation adjustment | (66 | ) | — | (29 | ) | — | — | — | (95 | ) | ||||||||||||||||||
Balance at end of period | $ | 121,569 | $ | 2,107 | $ | 40,616 | $ | 6,918 | $ | 15,501 | $ | 4,558 | $ | 191,269 | ||||||||||||||
Three months ended December 31, 2016 | ||||||||||||||||||||||||||||
Balance at beginning of period | $ | 137,701 | $ | 1,614 | $ | 36,533 | $ | 4,100 | $ | 12,664 | $ | 4,766 | $ | 197,378 | ||||||||||||||
Provision/(benefit) for loan losses | (1,243 | ) | 581 | (2,010 | ) | 393 | 997 | 242 | (1,040 | ) | ||||||||||||||||||
Net (charge-offs)/recoveries: | ||||||||||||||||||||||||||||
Charge-offs | (3,389 | ) | — | — | — | (87 | ) | — | (3,476 | ) | ||||||||||||||||||
Recoveries | — | — | 5,013 | — | 65 | — | 5,078 | |||||||||||||||||||||
Net (charge-offs)/recoveries | (3,389 | ) | — | 5,013 | — | (22 | ) | — | 1,602 | |||||||||||||||||||
Foreign exchange translation adjustment | (164 | ) | (92 | ) | (4 | ) | — | — | — | (260 | ) | |||||||||||||||||
Balance at end of period | $ | 132,905 | $ | 2,103 | $ | 39,532 | $ | 4,493 | $ | 13,639 | $ | 5,008 | $ | 197,680 |
$ in millions | December 31, 2020 | September 30, 2020 | ||||||||||||
FICO score: | ||||||||||||||
Below 600 | $ | 67 | $ | 67 | ||||||||||
600 - 699 | 380 | 363 | ||||||||||||
700 - 799 | 3,424 | 3,463 | ||||||||||||
800 + | 1,052 | 1,076 | ||||||||||||
FICO score not available | 5 | 4 | ||||||||||||
Total | $ | 4,928 | $ | 4,973 | ||||||||||
LTV ratio: | ||||||||||||||
Below 80% | $ | 3,812 | $ | 3,852 | ||||||||||
80%+ | 1,116 | 1,121 | ||||||||||||
Total | $ | 4,928 | $ | 4,973 |
$ in millions | C&I loans | CRE loans | REIT loans | Tax-exempt loans | Residential mortgage loans | SBL and other | Total | |||||||||||||||||||||||||||||||||||||
Three months ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 200 | $ | 81 | $ | 36 | $ | 14 | $ | 18 | $ | 5 | $ | 354 | ||||||||||||||||||||||||||||||
Impact of CECL adoption | 19 | (11) | (9) | (12) | 24 | (2) | 9 | |||||||||||||||||||||||||||||||||||||
Provision/(benefit) for credit losses | (22) | 42 | 3 | 0 | (9) | 0 | 14 | |||||||||||||||||||||||||||||||||||||
Net (charge-offs)/recoveries: | ||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Recoveries | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Net (charge-offs)/recoveries | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Foreign exchange translation adjustment | 1 | 0 | 0 | 0 | 0 | 0 | 1 | |||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 198 | $ | 112 | $ | 30 | $ | 2 | $ | 33 | $ | 3 | $ | 378 | ||||||||||||||||||||||||||||||
Three months ended December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 139 | $ | 34 | $ | 15 | $ | 9 | $ | 16 | $ | 5 | $ | 218 | ||||||||||||||||||||||||||||||
Provision/(benefit) for credit losses | 0 | 2 | (3) | (1) | 1 | (1) | (2) | |||||||||||||||||||||||||||||||||||||
Net (charge-offs)/recoveries: | ||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Recoveries | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Net (charge-offs)/recoveries | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Foreign exchange translation adjustment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 139 | $ | 36 | $ | 12 | $ | 8 | $ | 17 | $ | 4 | $ | 216 | ||||||||||||||||||||||||||||||
Loans held for investment | ||||||||||||||||||||||||
Allowance for loan losses | Recorded investment | |||||||||||||||||||||||
$ in thousands | Individually evaluated for impairment | Collectively evaluated for impairment | Total | Individually evaluated for impairment | Collectively evaluated for impairment | Total | ||||||||||||||||||
December 31, 2017 | ||||||||||||||||||||||||
C&I | $ | 1,846 | $ | 119,723 | $ | 121,569 | $ | 4,843 | $ | 7,485,376 | $ | 7,490,219 | ||||||||||||
CRE construction | — | 2,107 | 2,107 | — | 164,847 | 164,847 | ||||||||||||||||||
CRE | — | 40,616 | 40,616 | — | 3,136,101 | 3,136,101 | ||||||||||||||||||
Tax-exempt | — | 6,918 | 6,918 | — | 1,136,468 | 1,136,468 | ||||||||||||||||||
Residential mortgage | 2,389 | 13,112 | 15,501 | 44,429 | 3,226,351 | 3,270,780 | ||||||||||||||||||
SBL | — | 4,558 | 4,558 | — | 2,530,521 | 2,530,521 | ||||||||||||||||||
Total | $ | 4,235 | $ | 187,034 | $ | 191,269 | $ | 49,272 | $ | 17,679,664 | $ | 17,728,936 | ||||||||||||
September 30, 2017 | ||||||||||||||||||||||||
C&I | $ | 1,963 | $ | 117,938 | $ | 119,901 | $ | 5,221 | $ | 7,380,689 | $ | 7,385,910 | ||||||||||||
CRE construction | — | 1,421 | 1,421 | — | 112,681 | 112,681 | ||||||||||||||||||
CRE | — | 41,749 | 41,749 | — | 3,106,290 | 3,106,290 | ||||||||||||||||||
Tax-exempt | — | 6,381 | 6,381 | — | 1,017,791 | 1,017,791 | ||||||||||||||||||
Residential mortgage | 2,506 | 14,185 | 16,691 | 47,368 | 3,101,362 | 3,148,730 | ||||||||||||||||||
SBL | — | 4,299 | 4,299 | — | 2,386,697 | 2,386,697 | ||||||||||||||||||
Total | $ | 4,469 | $ | 185,973 | $ | 190,442 | $ | 52,589 | $ | 17,105,510 | $ | 17,158,099 |
$ in millions | December 31, 2020 | September 30, 2020 | ||||||||||||
Currently affiliated with the firm (1) | $ | 989 | $ | 1,001 | ||||||||||
No longer affiliated with the firm (2) | 16 | 15 | ||||||||||||
Total loans to financial advisors | 1,005 | 1,016 | ||||||||||||
Allowance for credit losses | (29) | (4) | ||||||||||||
Loans to financial advisors, net | $ | 976 | $ | 1,012 | ||||||||||
Accrued interest receivable on loans to financial advisors | $ | 4 | $ | 4 |
$ in millions | Aggregate assets | Aggregate liabilities | ||||||||||||
December 31, 2020 | ||||||||||||||
Private Equity Interests | $ | 48 | $ | 4 | ||||||||||
LIHTC funds | 165 | 68 | ||||||||||||
Restricted Stock Trust Fund | 21 | 21 | ||||||||||||
Total | $ | 234 | $ | 93 | ||||||||||
September 30, 2020 | ||||||||||||||
Private Equity Interests | $ | 39 | $ | 4 | ||||||||||
LIHTC funds | 168 | 76 | ||||||||||||
Restricted Stock Trust Fund | 14 | 14 | ||||||||||||
Total | $ | 221 | $ | 94 |
$ in thousands | Aggregate assets | Aggregate liabilities | ||||||
December 31, 2017 | ||||||||
Private Equity Interests | $ | 97,475 | $ | 3,614 | ||||
LIHTC Fund in which RJ Bank is an investor member | 56,556 | 1,154 | ||||||
Guaranteed LIHTC Fund | 50,870 | 2,943 | ||||||
Other LIHTC Funds | 7,519 | 2,915 | ||||||
Restricted Stock Trust Fund | 17,951 | 17,951 | ||||||
Total | $ | 230,371 | $ | 28,577 | ||||
September 30, 2017 | ||||||||
Private Equity Interests | $ | 104,414 | $ | 3,851 | ||||
LIHTC Fund in which RJ Bank is an investor member | 57,719 | 1,055 | ||||||
Guaranteed LIHTC Fund | 51,400 | 2,872 | ||||||
Other LIHTC Funds | 7,418 | 2,544 | ||||||
Restricted Stock Trust Fund | 12,122 | 12,122 | ||||||
Total | $ | 233,073 | $ | 22,444 |
$ in thousands | December 31, 2017 | September 30, 2017 | ||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 2,343 | $ | 2,052 | ||||
Assets segregated pursuant to regulations and other segregated assets | 4,242 | 4,590 | ||||||
Other receivables | 79 | 168 | ||||||
Intercompany receivables | 443 | 454 | ||||||
Other investments | 94,610 | 101,905 | ||||||
Investments in real estate partnerships held by consolidated variable interest entities | 110,662 | 111,743 | ||||||
Trust fund investment in RJF common stock | 17,949 | 12,120 | ||||||
Other assets | 43 | 41 | ||||||
Total assets | $ | 230,371 | $ | 233,073 | ||||
Liabilities and equity: | ||||||||
Other payables | $ | 11,968 | $ | 9,667 | ||||
Intercompany payables | 22,302 | 16,520 | ||||||
Total liabilities | 34,270 | 26,187 | ||||||
RJF equity | 96,968 | 101,445 | ||||||
Noncontrolling interests | 99,133 | 105,441 | ||||||
Total equity | 196,101 | 206,886 | ||||||
Total liabilities and equity | $ | 230,371 | $ | 233,073 |
$ in millions | December 31, 2020 | September 30, 2020 | ||||||||||||
Assets: | ||||||||||||||
Cash and cash equivalents and assets segregated pursuant to regulations | $ | 8 | $ | 9 | ||||||||||
Other investments | 46 | 37 | ||||||||||||
Other receivables | 5 | 0 | ||||||||||||
Other assets | 158 | 164 | ||||||||||||
Total assets | $ | 217 | $ | 210 | ||||||||||
Liabilities: | ||||||||||||||
Other payables | $ | 69 | $ | 76 | ||||||||||
Total liabilities | $ | 69 | $ | 76 | ||||||||||
Noncontrolling interests | $ | 72 | $ | 62 |
December 31, 2020 | September 30, 2020 | |||||||||||||||||||||||||||||||||||||
$ in millions | Aggregate assets | Aggregate liabilities | Our risk of loss | Aggregate assets | Aggregate liabilities | Our risk of loss | ||||||||||||||||||||||||||||||||
Private Equity Interests | $ | 7,255 | $ | 98 | $ | 73 | $ | 7,738 | $ | 96 | $ | 67 | ||||||||||||||||||||||||||
LIHTC funds | 6,754 | 2,058 | 26 | 6,516 | 1,993 | 66 | ||||||||||||||||||||||||||||||||
Other | 305 | 169 | 7 | 227 | 136 | 6 | ||||||||||||||||||||||||||||||||
Total | $ | 14,314 | $ | 2,325 | $ | 106 | $ | 14,481 | $ | 2,225 | $ | 139 |
Three months ended December 31, | ||||||||||||||||||||||||||
$ in millions | 2020 | 2019 | ||||||||||||||||||||||||
Lease costs | $ | 27 | 23 | |||||||||||||||||||||||
Variable lease costs | $ | 6 | 8 |
Fiscal year ended September 30, | $ in millions | |||||||
Remainder of 2021 | $ | 74 | ||||||
2022 | 90 | |||||||
2023 | 72 | |||||||
2024 | 54 | |||||||
2025 | 40 | |||||||
Thereafter | 86 | |||||||
Gross lease payments | 416 | |||||||
Less: interest | (44) | |||||||
Present value of lease liabilities | $ | 372 |
December 31, 2017 | September 30, 2017 | |||||||||||||||||||||||
$ in thousands | Aggregate assets | Aggregate liabilities | Our risk of loss | Aggregate assets | Aggregate liabilities | Our risk of loss | ||||||||||||||||||
Private Equity Interests | $ | 9,270,590 | $ | 177,780 | $ | 71,048 | $ | 10,485,611 | $ | 174,354 | $ | 73,457 | ||||||||||||
LIHTC Funds | 5,432,342 | 2,129,756 | 86,098 | 5,372,367 | 2,134,600 | 60,959 | ||||||||||||||||||
NMTC Funds | 30,196 | 115 | 9 | 30,297 | 105 | 9 | ||||||||||||||||||
Other | 169,462 | 88,615 | 3,535 | 169,462 | 88,615 | 3,163 | ||||||||||||||||||
Total | $ | 14,902,590 | $ | 2,396,266 | $ | 160,690 | $ | 16,057,737 | $ | 2,397,674 | $ | 137,588 |
$ in thousands | December 31, 2017 | September 30, 2017 | ||||||
Goodwill | $ | 479,775 | $ | 410,723 | ||||
Identifiable intangible assets, net | 171,564 | 82,460 | ||||||
Total goodwill and identifiable intangible assets, net | $ | 651,339 | $ | 493,183 |
Segment | ||||||||||||||||
$ in thousands | Private Client Group | Capital Markets | Asset Management | Total | ||||||||||||
For the three months ended December 31, 2017 | ||||||||||||||||
Goodwill as of beginning of period | $ | 276,713 | $ | 134,010 | $ | — | $ | 410,723 | ||||||||
Additions | — | — | 69,234 | 69,234 | ||||||||||||
Foreign currency translation | (179 | ) | (3 | ) | — | (182 | ) | |||||||||
Goodwill as of end of period | $ | 276,534 | $ | 134,007 | $ | 69,234 | $ | 479,775 | ||||||||
For the three months ended December 31, 2016 | ||||||||||||||||
Goodwill as of beginning of period | $ | 275,521 | $ | 132,551 | $ | — | $ | 408,072 | ||||||||
Additions | — | — | — | — | ||||||||||||
Foreign currency translation | (537 | ) | (1,038 | ) | — | (1,575 | ) | |||||||||
Goodwill as of end of period | $ | 274,984 | $ | 131,513 | $ | — | $ | 406,497 |
Segment | ||||||||||||||||
$ in thousands | Private Client Group | Capital Markets | Asset Management | Total | ||||||||||||
For the three months ended December 31, 2017 | ||||||||||||||||
Net identifiable intangible assets as of beginning of period | $ | 47,026 | $ | 23,077 | $ | 12,357 | $ | 82,460 | ||||||||
Additions | — | — | 92,290 | 92,290 | ||||||||||||
Amortization expense | (1,496 | ) | (769 | ) | (871 | ) | (3,136 | ) | ||||||||
Foreign currency translation | (9 | ) | — | (41 | ) | (50 | ) | |||||||||
Net identifiable intangible assets as of end of period | $ | 45,521 | $ | 22,308 | $ | 103,735 | $ | 171,564 | ||||||||
For the three months ended December 31, 2016 | ||||||||||||||||
Net identifiable intangible assets as of beginning of period | $ | 52,936 | $ | 27,937 | $ | 14,101 | $ | 94,974 | ||||||||
Additions | — | — | — | — | ||||||||||||
Amortization expense | (1,520 | ) | (1,565 | ) | (498 | ) | (3,583 | ) | ||||||||
Foreign currency translation | (45 | ) | (38 | ) | (132 | ) | (215 | ) | ||||||||
Net identifiable intangible assets as of end of period | $ | 51,371 | $ | 26,334 | $ | 13,471 | $ | 91,176 |
Weighted average useful life (in years) | Amount acquired (in thousands) | |||||
Customer relationships | 13 | $ | 34,900 | |||
Trade name | 20 | 3,590 | ||||
Developed technology | 10 | 1,800 | ||||
Intangible assets subtotal | 13 | $ | 40,290 | |||
Non-amortizing customer relationships | Indefinite | 52,000 | ||||
Total intangible assets acquired | $ | 92,290 |
December 31, 2017 | September 30, 2017 | |||||||||||||||
$ in thousands | Gross carrying value | Accumulated amortization | Gross carrying value | Accumulated amortization | ||||||||||||
Customer relationships | $ | 133,610 | $ | (32,275 | ) | $ | 99,749 | $ | (31,098 | ) | ||||||
Non-amortizing customer relationships | 52,000 | — | — | — | ||||||||||||
Trade name | 11,854 | (2,387 | ) | 8,366 | (2,076 | ) | ||||||||||
Developed technology | 3,430 | (809 | ) | 1,630 | (706 | ) | ||||||||||
Intellectual property | 538 | (144 | ) | 542 | (131 | ) | ||||||||||
Non-compete agreements | 2,902 | (1,347 | ) | 3,336 | (1,551 | ) | ||||||||||
Seller relationship agreements | 5,300 | (1,108 | ) | 5,300 | (901 | ) | ||||||||||
Total | $ | 209,634 | $ | (38,070 | ) | $ | 118,923 | $ | (36,463 | ) |
December 31, 2020 | September 30, 2020 | |||||||||||||||||||||||||
$ in millions | Balance | Weighted-average rate | Balance | Weighted-average rate | ||||||||||||||||||||||
Savings and money market accounts | $ | 26,702 | 0.01 | % | $ | 25,604 | 0.01 | % | ||||||||||||||||||
Certificates of deposit | 912 | 1.93 | % | 1,017 | 1.94 | % | ||||||||||||||||||||
NOW accounts | 158 | 1.90 | % | 156 | 1.92 | % | ||||||||||||||||||||
Demand deposits (non-interest-bearing) | 18 | 0 | 24 | 0 | ||||||||||||||||||||||
Total bank deposits | $ | 27,790 | 0.08 | % | $ | 26,801 | 0.09 | % |
December 31, 2017 | September 30, 2017 | |||||||||||||
$ in thousands | Balance | Weighted-average rate | Balance | Weighted-average rate | ||||||||||
Savings and money market accounts | $ | 18,377,271 | 0.14 | % | $ | 17,391,091 | 0.14 | % | ||||||
Certificates of deposit | 333,010 | 1.64 | % | 314,685 | 1.60 | % | ||||||||
NOW accounts | 5,982 | 0.01 | % | 5,197 | 0.01 | % | ||||||||
Demand deposits (non-interest-bearing) | 9,282 | — | 21,389 | — | ||||||||||
Total bank deposits | $ | 18,725,545 | 0.17 | % | $ | 17,732,362 | 0.17 | % |
December 31, 2020 | September 30, 2020 | |||||||||||||||||||||||||
$ in millions | Denominations greater than or equal to $100,000 | Denominations less than $100,000 | Denominations greater than or equal to $100,000 | Denominations less than $100,000 | ||||||||||||||||||||||
Three months or less | $ | 37 | $ | 22 | $ | 59 | $ | 76 | ||||||||||||||||||
Over three through six months | 16 | 9 | 26 | 18 | ||||||||||||||||||||||
Over six through twelve months | 17 | 103 | 19 | 26 | ||||||||||||||||||||||
Over one through two years | 54 | 210 | 43 | 206 | ||||||||||||||||||||||
Over two through three years | 69 | 171 | 67 | 170 | ||||||||||||||||||||||
Over three through four years | 19 | 160 | 37 | 165 | ||||||||||||||||||||||
Over four through five years | 7 | 18 | 7 | 98 | ||||||||||||||||||||||
Total certificates of deposit | $ | 219 | $ | 693 | $ | 258 | $ | 759 |
December 31, 2017 | September 30, 2017 | |||||||||||||||
$ in thousands | Denominations greater than or equal to $100,000 | Denominations less than $100,000 | Denominations greater than or equal to $100,000 | Denominations less than $100,000 | ||||||||||||
Three months or less | $ | 11,405 | $ | 5,583 | $ | 8,704 | $ | 4,132 | ||||||||
Over three through six months | 5,251 | 4,146 | 4,692 | 3,894 | ||||||||||||
Over six through twelve months | 42,837 | 16,649 | 34,005 | 11,865 | ||||||||||||
Over one through two years | 37,836 | 20,950 | 38,713 | 20,019 | ||||||||||||
Over two through three years | 49,602 | 27,797 | 48,082 | 27,847 | ||||||||||||
Over three through four years | 9,462 | 7,281 | 21,819 | 12,761 | ||||||||||||
Over four through five years | 62,534 | 31,677 | 50,805 | 27,347 | ||||||||||||
Total | $ | 218,927 | $ | 114,083 | $ | 206,820 | $ | 107,865 |
Three months ended December 31, | ||||||||||||||||||||||||||
$ in millions | 2020 | 2019 | ||||||||||||||||||||||||
Savings, money market, and NOW accounts | $ | 1 | $ | 12 | ||||||||||||||||||||||
Certificates of deposit | 5 | 4 | ||||||||||||||||||||||||
Total interest expense on deposits | $ | 6 | $ | 16 |
Three months ended December 31, | ||||||||
$ in thousands | 2017 | 2016 | ||||||
Certificates of deposit | $ | 1,272 | $ | 1,135 | ||||
Savings, money market, and NOW accounts | 6,237 | 1,648 | ||||||
Total interest expense on deposits | $ | 7,509 | $ | 2,783 |
$ in thousands | December 31, 2017 | September 30, 2017 | ||||||
FHLB advances | $ | 875,000 | $ | 875,000 | ||||
RJF Credit Facility | 300,000 | — | ||||||
Secured lines of credit | 180,000 | 260,000 | ||||||
Unsecured lines of credit | 150,000 | 350,000 | ||||||
Mortgage notes payable and other | 27,826 | 29,012 | ||||||
Total other borrowings | $ | 1,532,826 | $ | 1,514,012 |
$ in millions | December 31, 2020 | September 30, 2020 | ||||||||||||
Open-end consumer lines of credit (primarily SBL) | $ | 13,120 | $ | 12,148 | ||||||||||
Commercial lines of credit | $ | 1,560 | $ | 1,482 | ||||||||||
Unfunded loan commitments | $ | 566 | $ | 532 | ||||||||||
Standby letters of credit | $ | 31 | $ | 33 |
$ in thousands | December 31, 2017 | September 30, 2017 | ||||||
Standby letters of credit | $ | 38,436 | $ | 39,670 | ||||
Open-end consumer lines of credit (primarily SBL) | $ | 5,782,262 | $ | 5,323,003 | ||||
Commercial lines of credit | $ | 1,723,429 | $ | 1,673,272 | ||||
Unfunded loan commitments | $ | 521,676 | $ | 386,950 |
Three months ended December 31, | ||||||||
$ in thousands | 2017 | 2016 | ||||||
Unrealized loss on available-for-sale securities and non-credit portion of other-than-temporary impairment losses | $ | (11,953 | ) | $ | (4,146 | ) | ||
Unrealized gain/(loss) on currency translations, net of the impact of net investment hedges | (187 | ) | 1,001 | |||||
Unrealized gain on cash flow hedges | 6,885 | 25,738 | ||||||
Net other comprehensive income/(loss) | $ | (5,255 | ) | $ | 22,593 |
$ in millions | Net investment hedges | Currency translations | Subtotal: net investment hedges and currency translations | Available- for-sale securities | Cash flow hedges | Total | ||||||||||||||||||||||||||||||||
Three months ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
AOCI as of beginning of period | $ | 115 | $ | (140) | $ | (25) | $ | 89 | $ | (53) | $ | 11 | ||||||||||||||||||||||||||
OCI: | ||||||||||||||||||||||||||||||||||||||
OCI before reclassifications and taxes | (38) | 45 | 7 | (18) | 3 | (8) | ||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI, before tax | 0 | 2 | 2 | (5) | 4 | 1 | ||||||||||||||||||||||||||||||||
Pre-tax net OCI | (38) | 47 | 9 | (23) | 7 | (7) | ||||||||||||||||||||||||||||||||
Income tax effect | 9 | 0 | 9 | 6 | (2) | 13 | ||||||||||||||||||||||||||||||||
OCI for the period, net of tax | (29) | 47 | 18 | (17) | 5 | 6 | ||||||||||||||||||||||||||||||||
AOCI as of end of period | $ | 86 | $ | (93) | $ | (7) | $ | 72 | $ | (48) | $ | 17 | ||||||||||||||||||||||||||
Three months ended December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
AOCI as of beginning of period | $ | 110 | $ | (135) | $ | (25) | $ | 21 | $ | (19) | $ | (23) | ||||||||||||||||||||||||||
OCI: | ||||||||||||||||||||||||||||||||||||||
OCI before reclassifications and taxes | (17) | 22 | 5 | (2) | 14 | 17 | ||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI, before tax | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Pre-tax net OCI | (17) | 22 | 5 | (2) | 14 | 17 | ||||||||||||||||||||||||||||||||
Income tax effect | 4 | 0 | 4 | 1 | (4) | 1 | ||||||||||||||||||||||||||||||||
OCI for the period, net of tax | (13) | 22 | 9 | (1) | 10 | 18 | ||||||||||||||||||||||||||||||||
AOCI as of end of period | $ | 97 | $ | (113) | $ | (16) | $ | 20 | $ | (9) | $ | (5) | ||||||||||||||||||||||||||
$ in thousands | Net investment hedges | Currency translations | Sub-total: net investment hedges and currency translations | Available- for-sale securities | Cash flow hedges | Total | ||||||||||||||||||
Three months ended December 31, 2017 | ||||||||||||||||||||||||
Accumulated other comprehensive income/(loss) as of the beginning of the period | $ | 60,201 | $ | (79,677 | ) | $ | (19,476 | ) | $ | (2,472 | ) | $ | 6,749 | $ | (15,199 | ) | ||||||||
Other comprehensive income/(loss) before reclassifications and taxes | 7,607 | (5,760 | ) | 1,847 | (15,549 | ) | 6,774 | (6,928 | ) | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income, before tax | — | — | — | — | 1,409 | 1,409 | ||||||||||||||||||
Pre-tax net other comprehensive income/(loss) | 7,607 | (5,760 | ) | 1,847 | (15,549 | ) | 8,183 | (5,519 | ) | |||||||||||||||
Income tax effect | (2,034 | ) | — | (2,034 | ) | 3,596 | (1,298 | ) | 264 | |||||||||||||||
Net other comprehensive income/(loss) for the period, net of tax | 5,573 | (5,760 | ) | (187 | ) | (11,953 | ) | 6,885 | (5,255 | ) | ||||||||||||||
Accumulated other comprehensive income/(loss) as of end of period | $ | 65,774 | $ | (85,437 | ) | $ | (19,663 | ) | $ | (14,425 | ) | $ | 13,634 | $ | (20,454 | ) | ||||||||
Three months ended December 31, 2016 | ||||||||||||||||||||||||
Accumulated other comprehensive income/(loss) as of the beginning of the period | $ | 86,482 | $ | (121,576 | ) | $ | (35,094 | ) | $ | (4,156 | ) | $ | (16,483 | ) | $ | (55,733 | ) | |||||||
Other comprehensive income/(loss) before reclassifications and taxes | 18,098 | (17,756 | ) | 342 | (6,858 | ) | 39,941 | 33,425 | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income/(loss), before tax | — | 6,537 | 6,537 | (12 | ) | 1,572 | 8,097 | |||||||||||||||||
Pre-tax net other comprehensive income/(loss) | 18,098 | (11,219 | ) | 6,879 | (6,870 | ) | 41,513 | 41,522 | ||||||||||||||||
Income tax effect | (6,772 | ) | 894 | (5,878 | ) | 2,724 | (15,775 | ) | (18,929 | ) | ||||||||||||||
Net other comprehensive income/(loss) for the period, net of tax | 11,326 | (10,325 | ) | 1,001 | (4,146 | ) | 25,738 | 22,593 | ||||||||||||||||
Accumulated other comprehensive income/(loss) as of end of period | $ | 97,808 | $ | (131,901 | ) | $ | (34,093 | ) | $ | (8,302 | ) | $ | 9,255 | $ | (33,140 | ) |
Accumulated other comprehensive income/(loss) components: $ in thousands | Increase/(decrease) in amounts reclassified from accumulated other comprehensive income/(loss) | Affected line items in income statement | ||||
Three months ended December 31, 2017 | ||||||
RJ Bank cash flow hedges | $ | 1,409 | Interest expense | |||
1,409 | Total before tax | |||||
Income tax effect | (402 | ) | Provision for income taxes | |||
Total reclassifications for the period | $ | 1,007 | Net of tax | |||
Three months ended December 31, 2016 | ||||||
RJ Bank available-for-sale securities | $ | (12 | ) | Other revenue | ||
RJ Bank cash flow hedges | 1,572 | Interest expense | ||||
Currency translations | 6,537 | Other expense | ||||
8,097 | Total before tax | |||||
Income tax effect | (3,076 | ) | Provision for income taxes | |||
Total reclassifications for the period | $ | 5,021 | Net of tax |
Three months ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
$ in millions | Private Client Group | Capital Markets | Asset Management | RJ Bank | Other and intersegment eliminations | Total | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Asset management and related administrative fees | $ | 885 | $ | 2 | $ | 188 | $ | 0 | $ | (8) | $ | 1,067 | ||||||||||||||||||||||||||
Brokerage revenues: | ||||||||||||||||||||||||||||||||||||||
Securities commissions: | ||||||||||||||||||||||||||||||||||||||
Mutual and other fund products | 148 | 2 | 2 | 0 | (1) | 151 | ||||||||||||||||||||||||||||||||
Insurance and annuity products | 98 | 0 | 0 | 0 | 0 | 98 | ||||||||||||||||||||||||||||||||
Equities, ETFs and fixed income products | 95 | 37 | 0 | 0 | 0 | 132 | ||||||||||||||||||||||||||||||||
Subtotal securities commissions | 341 | 39 | 2 | 0 | (1) | 381 | ||||||||||||||||||||||||||||||||
Principal transactions (1) | 12 | 134 | 0 | 1 | 0 | 147 | ||||||||||||||||||||||||||||||||
Total brokerage revenues | 353 | 173 | 2 | 1 | (1) | 528 | ||||||||||||||||||||||||||||||||
Account and services fees: | ||||||||||||||||||||||||||||||||||||||
Mutual fund and annuity service fees | 94 | 0 | 0 | 0 | 0 | 94 | ||||||||||||||||||||||||||||||||
RJBDP fees | 64 | 0 | 0 | 0 | (43) | 21 | ||||||||||||||||||||||||||||||||
Client account and other fees | 32 | 2 | 4 | 0 | (8) | 30 | ||||||||||||||||||||||||||||||||
Total account and service fees | 190 | 2 | 4 | 0 | (51) | 145 | ||||||||||||||||||||||||||||||||
Investment banking: | ||||||||||||||||||||||||||||||||||||||
Merger & acquisition and advisory | 0 | 149 | 0 | 0 | 0 | 149 | ||||||||||||||||||||||||||||||||
Equity underwriting | 6 | 60 | 0 | 0 | 0 | 66 | ||||||||||||||||||||||||||||||||
Debt underwriting | 0 | 46 | 0 | 0 | 0 | 46 | ||||||||||||||||||||||||||||||||
Total investment banking | 6 | 255 | 0 | 0 | 0 | 261 | ||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||
Tax credit fund revenues | 0 | 16 | 0 | 0 | 0 | 16 | ||||||||||||||||||||||||||||||||
All other (1) | 5 | 3 | 1 | 9 | 22 | 40 | ||||||||||||||||||||||||||||||||
Total other | 5 | 19 | 1 | 9 | 22 | 56 | ||||||||||||||||||||||||||||||||
Total non-interest revenues | 1,439 | 451 | 195 | 10 | (38) | 2,057 | ||||||||||||||||||||||||||||||||
Interest income (1) | 30 | 3 | 0 | 168 | 2 | 203 | ||||||||||||||||||||||||||||||||
Total revenues | 1,469 | 454 | 195 | 178 | (36) | 2,260 | ||||||||||||||||||||||||||||||||
Interest expense | (2) | (2) | 0 | (11) | (23) | (38) | ||||||||||||||||||||||||||||||||
Net revenues | $ | 1,467 | $ | 452 | $ | 195 | $ | 167 | $ | (59) | $ | 2,222 |
Three months ended December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
$ in millions | Private Client Group | Capital Markets | Asset Management | RJ Bank | Other and intersegment eliminations | Total | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Asset management and related administrative fees | $ | 782 | $ | 2 | $ | 176 | $ | 0 | $ | (5) | $ | 955 | ||||||||||||||||||||||||||
Brokerage revenues: | ||||||||||||||||||||||||||||||||||||||
Securities commissions: | ||||||||||||||||||||||||||||||||||||||
Mutual and other fund products | 144 | 3 | 2 | 0 | (1) | 148 | ||||||||||||||||||||||||||||||||
Insurance and annuity products | 101 | 0 | 0 | 0 | 0 | 101 | ||||||||||||||||||||||||||||||||
Equities, ETFs and fixed income products | 85 | 30 | 0 | 0 | (1) | 114 | ||||||||||||||||||||||||||||||||
Subtotal securities commissions | 330 | 33 | 2 | 0 | (2) | 363 | ||||||||||||||||||||||||||||||||
Principal transactions (1) | 17 | 82 | 0 | 0 | (2) | 97 | ||||||||||||||||||||||||||||||||
Total brokerage revenues | 347 | 115 | 2 | 0 | (4) | 460 | ||||||||||||||||||||||||||||||||
Account and services fees: | ||||||||||||||||||||||||||||||||||||||
Mutual fund and annuity service fees | 90 | 0 | 1 | 0 | (1) | 90 | ||||||||||||||||||||||||||||||||
RJBDP fees | 105 | 0 | 0 | 0 | (47) | 58 | ||||||||||||||||||||||||||||||||
Client account and other fees | 29 | 1 | 4 | 0 | (4) | 30 | ||||||||||||||||||||||||||||||||
Total account and service fees | 224 | 1 | 5 | 0 | (52) | 178 | ||||||||||||||||||||||||||||||||
Investment banking: | ||||||||||||||||||||||||||||||||||||||
Merger & acquisition and advisory | 0 | 60 | 0 | 0 | 0 | 60 | ||||||||||||||||||||||||||||||||
Equity underwriting | 11 | 39 | 0 | 0 | 0 | 50 | ||||||||||||||||||||||||||||||||
Debt underwriting | 0 | 31 | 0 | 0 | 0 | 31 | ||||||||||||||||||||||||||||||||
Total investment banking | 11 | 130 | 0 | 0 | 0 | 141 | ||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||
Tax credit fund revenues | 0 | 18 | 0 | 0 | 0 | 18 | ||||||||||||||||||||||||||||||||
All other (1) | 9 | 0 | 0 | 6 | (4) | 11 | ||||||||||||||||||||||||||||||||
Total other | 9 | 18 | 0 | 6 | (4) | 29 | ||||||||||||||||||||||||||||||||
Total non-interest revenues | 1,373 | 266 | 183 | 6 | (65) | 1,763 | ||||||||||||||||||||||||||||||||
Interest income (1) | 49 | 8 | 1 | 231 | 8 | 297 | ||||||||||||||||||||||||||||||||
Total revenues | 1,422 | 274 | 184 | 237 | (57) | 2,060 | ||||||||||||||||||||||||||||||||
Interest expense | (8) | (6) | 0 | (21) | (16) | (51) | ||||||||||||||||||||||||||||||||
Net revenues | $ | 1,414 | $ | 268 | $ | 184 | $ | 216 | $ | (73) | $ | 2,009 |
Three months ended December 31, | ||||||||||||||||||||||||||
$ in millions | 2020 | 2019 | ||||||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 4 | $ | 17 | ||||||||||||||||||||||
Assets segregated pursuant to regulations | 3 | 11 | ||||||||||||||||||||||||
Available-for-sale securities | 23 | 18 | ||||||||||||||||||||||||
Brokerage client receivables | 18 | 27 | ||||||||||||||||||||||||
Bank loans, net of unearned income and deferred expenses | 145 | 206 | ||||||||||||||||||||||||
All other | 10 | 18 | ||||||||||||||||||||||||
Total interest income | $ | 203 | $ | 297 | ||||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||
Bank deposits | $ | 6 | $ | 16 | ||||||||||||||||||||||
Brokerage client payables | 1 | 3 | ||||||||||||||||||||||||
Other borrowings | 5 | 5 | ||||||||||||||||||||||||
Senior notes payable | 24 | 18 | ||||||||||||||||||||||||
All other | 2 | 9 | ||||||||||||||||||||||||
Total interest expense | 38 | 51 | ||||||||||||||||||||||||
Net interest income | 165 | 246 | ||||||||||||||||||||||||
Bank loan (provision)/benefit for credit losses | (14) | 2 | ||||||||||||||||||||||||
Net interest income after bank loan (provision)/benefit for credit losses | $ | 151 | $ | 248 |
Three months ended December 31, | ||||||||
$ in thousands | 2017 | 2016 | ||||||
Interest income: | ||||||||
Margin balances | $ | 24,095 | $ | 19,981 | ||||
Assets segregated pursuant to regulations and other segregated assets | 12,122 | 7,170 | ||||||
Bank loans, net of unearned income | 160,020 | 135,525 | ||||||
Available-for-sale securities | 10,715 | 3,400 | ||||||
Trading instruments | 5,138 | 5,006 | ||||||
Securities loaned | 3,058 | 2,732 | ||||||
Loans to financial advisors | 3,502 | 3,308 | ||||||
Corporate cash and all other | 13,079 | 5,660 | ||||||
Total interest income | $ | 231,729 | $ | 182,782 | ||||
Interest expense: | ||||||||
Brokerage client liabilities | $ | 2,529 | $ | 676 | ||||
Bank deposits | 7,509 | 2,783 | ||||||
Trading instruments sold but not yet purchased | 1,706 | 1,328 | ||||||
Securities borrowed | 1,479 | 1,228 | ||||||
Borrowed funds | 5,865 | 3,719 | ||||||
Senior notes | 18,180 | 24,699 | ||||||
Other | 2,163 | 1,533 | ||||||
Total interest expense | 39,431 | 35,966 | ||||||
Net interest income | 192,298 | 146,816 | ||||||
Bank loan loss (provision)/benefit | (1,016 | ) | 1,040 | |||||
Net interest income after bank loan loss provision | $ | 191,282 | $ | 147,856 |
Three months ended December 31, | ||||||||
$ in thousands | 2017 | 2016 | ||||||
Total share-based expense | $ | 3,112 | $ | 4,176 | ||||
Income tax benefit related to share-based expense | 307 | 545 |
Pre-tax expense not yet recognized | Remaining weighted-average amortization period | |||||
(in thousands) | (in years) | |||||
Employees | $ | 12,757 | 2.4 | |||
Independent contractor financial advisors | 4,431 | 3.5 |
Three months ended December 31, | ||||||||
$ in thousands | 2017 | 2016 | ||||||
Total share-based expense | $ | 30,477 | $ | 27,650 | ||||
Income tax benefit related to share-based expense | 8,090 | 10,035 |
Three months ended December 31, | ||||||||
$ in thousands | 2017 | 2016 | ||||||
Amortization of DBRSU prepaid compensation asset | $ | 1,312 | $ | 1,542 | ||||
Increase in fair value of derivative liability | 2,613 | 6,375 | ||||||
Net expense before tax | $ | 3,925 | $ | 7,917 | ||||
Income tax benefit | $ | 1,104 | $ | 2,920 |
Actual | Requirement for capital adequacy purposes | To be well-capitalized under regulatory provisions | ||||||||||||||||||||||||||||||||||||
$ in millions | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||
RJF as of December 31, 2020: | ||||||||||||||||||||||||||||||||||||||
CET1 | $ | 6,538 | 23.4 | % | $ | 1,255 | 4.5 | % | $ | 1,813 | 6.5 | % | ||||||||||||||||||||||||||
Tier 1 capital | $ | 6,538 | 23.4 | % | $ | 1,674 | 6.0 | % | $ | 2,232 | 8.0 | % | ||||||||||||||||||||||||||
Total capital | $ | 6,860 | 24.6 | % | $ | 2,232 | 8.0 | % | $ | 2,790 | 10.0 | % | ||||||||||||||||||||||||||
Tier 1 leverage | $ | 6,538 | 12.9 | % | $ | 2,028 | 4.0 | % | $ | 2,535 | 5.0 | % | ||||||||||||||||||||||||||
RJF as of September 30, 2020: | ||||||||||||||||||||||||||||||||||||||
CET1 | $ | 6,490 | 24.2 | % | $ | 1,208 | 4.5 | % | $ | 1,744 | 6.5 | % | ||||||||||||||||||||||||||
Tier 1 capital | $ | 6,490 | 24.2 | % | $ | 1,610 | 6.0 | % | $ | 2,147 | 8.0 | % | ||||||||||||||||||||||||||
Total capital | $ | 6,804 | 25.4 | % | $ | 2,147 | 8.0 | % | $ | 2,684 | 10.0 | % | ||||||||||||||||||||||||||
Tier 1 leverage | $ | 6,490 | 14.2 | % | $ | 1,824 | 4.0 | % | $ | 2,280 | 5.0 | % |
Actual | Requirement for capital adequacy purposes | To be well capitalized under regulatory provisions | |||||||||||||||||||
$ in thousands | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
RJF as of December 31, 2017: | |||||||||||||||||||||
CET1 | $ | 5,052,629 | 22.3 | % | $ | 1,018,048 | 4.5 | % | $ | 1,470,513 | 6.5 | % | |||||||||
Tier 1 capital | $ | 5,052,629 | 22.3 | % | $ | 1,357,397 | 6.0 | % | $ | 1,809,862 | 8.0 | % | |||||||||
Total capital | $ | 5,266,339 | 23.3 | % | $ | 1,809,862 | 8.0 | % | $ | 2,262,328 | 10.0 | % | |||||||||
Tier 1 leverage | $ | 5,052,629 | 14.4 | % | $ | 1,400,054 | 4.0 | % | $ | 1,750,068 | 5.0 | % | |||||||||
RJF as of September 30, 2017: | |||||||||||||||||||||
CET1 | $ | 5,081,335 | 23.0 | % | $ | 994,950 | 4.5 | % | $ | 1,437,150 | 6.5 | % | |||||||||
Tier 1 capital | $ | 5,081,335 | 23.0 | % | $ | 1,326,600 | 6.0 | % | $ | 1,768,800 | 8.0 | % | |||||||||
Total capital | $ | 5,293,331 | 23.9 | % | $ | 1,768,800 | 8.0 | % | $ | 2,211,000 | 10.0 | % | |||||||||
Tier 1 leverage | $ | 5,081,335 | 15.0 | % | $ | 1,359,168 | 4.0 | % | $ | 1,698,960 | 5.0 | % |
Actual | Requirement for capital adequacy purposes | To be well-capitalized under regulatory provisions | ||||||||||||||||||||||||||||||||||||
$ in millions | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||
RJ Bank, N.A. as of December 31, 2020: | ||||||||||||||||||||||||||||||||||||||
CET1 | $ | 2,340 | 13.1 | % | $ | 803 | 4.5 | % | $ | 1,160 | 6.5 | % | ||||||||||||||||||||||||||
Tier 1 capital | $ | 2,340 | 13.1 | % | $ | 1,071 | 6.0 | % | $ | 1,428 | 8.0 | % | ||||||||||||||||||||||||||
Total capital | $ | 2,565 | 14.4 | % | $ | 1,428 | 8.0 | % | $ | 1,784 | 10.0 | % | ||||||||||||||||||||||||||
Tier 1 leverage | $ | 2,340 | 7.5 | % | $ | 1,251 | 4.0 | % | $ | 1,563 | 5.0 | % | ||||||||||||||||||||||||||
RJ Bank, N.A. as of September 30, 2020: | ||||||||||||||||||||||||||||||||||||||
CET1 | $ | 2,279 | 13.0 | % | $ | 788 | 4.5 | % | $ | 1,138 | 6.5 | % | ||||||||||||||||||||||||||
Tier 1 capital | $ | 2,279 | 13.0 | % | $ | 1,051 | 6.0 | % | $ | 1,401 | 8.0 | % | ||||||||||||||||||||||||||
Total capital | $ | 2,500 | 14.3 | % | $ | 1,401 | 8.0 | % | $ | 1,751 | 10.0 | % | ||||||||||||||||||||||||||
Tier 1 leverage | $ | 2,279 | 7.7 | % | $ | 1,183 | 4.0 | % | $ | 1,479 | 5.0 | % |
Actual | Requirement for capital adequacy purposes | To be well capitalized under regulatory provisions | |||||||||||||||||||
$ in thousands | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
RJ Bank as of December 31, 2017: | |||||||||||||||||||||
CET1 | $ | 1,825,550 | 12.2 | % | $ | 674,617 | 4.5 | % | $ | 974,446 | 6.5 | % | |||||||||
Tier 1 capital | $ | 1,825,550 | 12.2 | % | $ | 899,489 | 6.0 | % | $ | 1,199,319 | 8.0 | % | |||||||||
Total capital | $ | 2,013,120 | 13.4 | % | $ | 1,199,319 | 8.0 | % | $ | 1,499,148 | 10.0 | % | |||||||||
Tier 1 leverage | $ | 1,825,550 | 8.6 | % | $ | 852,884 | 4.0 | % | $ | 1,066,105 | 5.0 | % | |||||||||
RJ Bank as of September 30, 2017: | |||||||||||||||||||||
CET1 | $ | 1,821,306 | 12.5 | % | $ | 654,901 | 4.5 | % | $ | 945,968 | 6.5 | % | |||||||||
Tier 1 capital | $ | 1,821,306 | 12.5 | % | $ | 873,201 | 6.0 | % | $ | 1,164,268 | 8.0 | % | |||||||||
Total capital | $ | 2,003,461 | 13.8 | % | $ | 1,164,268 | 8.0 | % | $ | 1,455,335 | 10.0 | % | |||||||||
Tier 1 leverage | $ | 1,821,306 | 8.9 | % | $ | 816,304 | 4.0 | % | $ | 1,020,379 | 5.0 | % |
$ in millions | December 31, 2020 | September 30, 2020 | ||||||||||||
Raymond James & Associates, Inc.: | ||||||||||||||
(Alternative Method elected) | ||||||||||||||
Net capital as a percent of aggregate debit items | 59.9 | % | 48.0 | % | ||||||||||
Net capital | $ | 1,498 | $ | 1,245 | ||||||||||
Less: required net capital | (50) | (52) | ||||||||||||
Excess net capital | $ | 1,448 | $ | 1,193 |
As of | ||||||||
$ in thousands | December 31, 2017 | September 30, 2017 | ||||||
Raymond James & Associates, Inc.: | ||||||||
(Alternative Method elected) | ||||||||
Net capital as a percent of aggregate debit items | 25.37 | % | 21.37 | % | ||||
Net capital | $ | 694,733 | $ | 589,420 | ||||
Less: required net capital | (54,758 | ) | (55,164 | ) | ||||
Excess net capital | $ | 639,975 | $ | 534,256 |
As of | ||||||||
$ in thousands | December 31, 2017 | September 30, 2017 | ||||||
Raymond James Financial Services, Inc.: | ||||||||
(Alternative Method elected) | ||||||||
Net capital | $ | 23,489 | $ | 34,488 | ||||
Less: required net capital | (250 | ) | (250 | ) | ||||
Excess net capital | $ | 23,239 | $ | 34,238 |
As of | ||||||||
$ in thousands | December 31, 2017 | September 30, 2017 | ||||||
Raymond James Ltd.: | ||||||||
Risk adjusted capital before minimum | $ | 77,869 | $ | 108,985 | ||||
Less: required minimum capital | (250 | ) | (250 | ) | ||||
Risk adjusted capital | $ | 77,619 | $ | 108,735 |
Three months ended December 31, | ||||||||||||||||||||||||||
in millions, except per share amounts | 2020 | 2019 | ||||||||||||||||||||||||
Income for basic earnings per common share: | ||||||||||||||||||||||||||
Net income | $ | 312 | $ | 268 | ||||||||||||||||||||||
Less allocation of earnings and dividends to participating securities | (1) | (1) | ||||||||||||||||||||||||
Net income attributable to RJF common shareholders | $ | 311 | $ | 267 | ||||||||||||||||||||||
Income for diluted earnings per common share: | ||||||||||||||||||||||||||
Net income | $ | 312 | $ | 268 | ||||||||||||||||||||||
Less allocation of earnings and dividends to participating securities | (1) | (1) | ||||||||||||||||||||||||
Net income attributable to RJF common shareholders | $ | 311 | $ | 267 | ||||||||||||||||||||||
Common shares: | ||||||||||||||||||||||||||
Average common shares in basic computation | 136.8 | 138.3 | ||||||||||||||||||||||||
Dilutive effect of outstanding stock options and certain RSUs | 2.9 | 3.2 | ||||||||||||||||||||||||
Average common shares used in diluted computation | 139.7 | 141.5 | ||||||||||||||||||||||||
Earnings per common share: | ||||||||||||||||||||||||||
Basic | $ | 2.27 | $ | 1.93 | ||||||||||||||||||||||
Diluted | $ | 2.23 | $ | 1.89 | ||||||||||||||||||||||
Stock options and certain RSUs excluded from weighted-average diluted common shares because their effect would be antidilutive | 1.4 | 1.5 |
Three months ended December 31, | ||||||||
$ in thousands, except per share amounts | 2017 | 2016 | ||||||
Income for basic earnings per common share: | ||||||||
Net income attributable to RJF | $ | 118,842 | $ | 146,567 | ||||
Less allocation of earnings and dividends to participating securities | (185 | ) | (310 | ) | ||||
Net income attributable to RJF common shareholders | $ | 118,657 | $ | 146,257 | ||||
Income for diluted earnings per common share: | ||||||||
Net income attributable to RJF | $ | 118,842 | $ | 146,567 | ||||
Less allocation of earnings and dividends to participating securities | (182 | ) | (303 | ) | ||||
Net income attributable to RJF common shareholders | $ | 118,660 | $ | 146,264 | ||||
Common shares: | ||||||||
Average common shares in basic computation | 144,469 | 142,110 | ||||||
Dilutive effect of outstanding stock options and certain RSUs | 3,792 | 3,565 | ||||||
Average common shares used in diluted computation | 148,261 | 145,675 | ||||||
Earnings per common share: | ||||||||
Basic | $ | 0.82 | $ | 1.03 | ||||
Diluted | $ | 0.80 | $ | 1.00 | ||||
Stock options and certain RSUs excluded from weighted-average diluted common shares because their effect would be antidilutive | 1,355 | 2,127 |
Three months ended December 31, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Dividends per common share - declared | $ | 0.39 | $ | 0.37 | |||||||||||||||||||
Dividends per common share - paid | $ | 0.37 | $ | 0.34 |
Three months ended December 31, | |||||||
2017 | 2016 | ||||||
Dividends per common share - declared | $ | 0.25 | $ | 0.22 | |||
Dividends per common share - paid | $ | 0.22 | $ | 0.20 |
Three months ended December 31, | ||||||||||||||||||||||||||
$ in millions | 2020 | 2019 | ||||||||||||||||||||||||
Net revenues: | ||||||||||||||||||||||||||
Private Client Group | $ | 1,467 | $ | 1,414 | ||||||||||||||||||||||
Capital Markets | 452 | 268 | ||||||||||||||||||||||||
Asset Management | 195 | 184 | ||||||||||||||||||||||||
RJ Bank | 167 | 216 | ||||||||||||||||||||||||
Other | 4 | (8) | ||||||||||||||||||||||||
Intersegment eliminations | (63) | (65) | ||||||||||||||||||||||||
Total net revenues | $ | 2,222 | $ | 2,009 | ||||||||||||||||||||||
Pre-tax income/(loss): | ||||||||||||||||||||||||||
Private Client Group | $ | 140 | $ | 153 | ||||||||||||||||||||||
Capital Markets | 129 | 29 | ||||||||||||||||||||||||
Asset Management | 83 | 73 | ||||||||||||||||||||||||
RJ Bank | 71 | 135 | ||||||||||||||||||||||||
Other | (24) | (31) | ||||||||||||||||||||||||
Total pre-tax income | $ | 399 | $ | 359 |
Three months ended December 31, | ||||||||
$ in thousands | 2017 | 2016 | ||||||
Revenues: | ||||||||
Private Client Group | $ | 1,238,040 | $ | 1,043,316 | ||||
Capital Markets | 222,534 | 236,982 | ||||||
Asset Management | 150,611 | 114,096 | ||||||
RJ Bank | 178,141 | 144,517 | ||||||
Other | 16,383 | 15,459 | ||||||
Intersegment eliminations | (40,117 | ) | (25,602 | ) | ||||
Total revenues | $ | 1,765,592 | $ | 1,528,768 | ||||
Income/(loss) excluding noncontrolling interests and before provision for income taxes: | ||||||||
Private Client Group | $ | 155,063 | $ | 73,358 | ||||
Capital Markets | 4,807 | 21,444 | ||||||
Asset Management | 57,399 | 41,909 | ||||||
RJ Bank | 114,155 | 104,121 | ||||||
Other | (20,181 | ) | (34,453 | ) | ||||
Pre-tax income excluding noncontrolling interests | 311,243 | 206,379 | ||||||
Net income attributable to noncontrolling interests | 441 | 1,136 | ||||||
Income including noncontrolling interests and before provision for income taxes | $ | 311,684 | $ | 207,515 |
Three months ended December 31, | ||||||||
$ in thousands | 2017 | 2016 | ||||||
Net interest income/(expense): | ||||||||
Private Client Group | $ | 38,487 | $ | 30,387 | ||||
Capital Markets | 1,456 | 2,508 | ||||||
Asset Management | 330 | 63 | ||||||
RJ Bank | 163,039 | 134,272 | ||||||
Other | (11,014 | ) | (20,414 | ) | ||||
Net interest income | $ | 192,298 | $ | 146,816 |
Three months ended December 31, | ||||||||||||||||||||||||||
$ in millions | 2020 | 2019 | ||||||||||||||||||||||||
Net interest income/(expense): | ||||||||||||||||||||||||||
Private Client Group | $ | 28 | $ | 41 | ||||||||||||||||||||||
Capital Markets | 1 | 2 | ||||||||||||||||||||||||
Asset Management | 0 | 1 | ||||||||||||||||||||||||
RJ Bank | 157 | 210 | ||||||||||||||||||||||||
Other | (21) | (8) | ||||||||||||||||||||||||
Net interest income | $ | 165 | $ | 246 |
$ in millions | December 31, 2020 | September 30, 2020 | ||||||||||||
Total assets: | ||||||||||||||
Private Client Group | $ | 17,998 | $ | 12,574 | ||||||||||
Capital Markets | 1,960 | 2,336 | ||||||||||||
Asset Management | 388 | 380 | ||||||||||||
RJ Bank | 31,352 | 30,356 | ||||||||||||
Other | 1,959 | 1,836 | ||||||||||||
Total | $ | 53,657 | $ | 47,482 |
$ in thousands | December 31, 2017 | September 30, 2017 | ||||||
Total assets: | ||||||||
Private Client Group | $ | 10,328,475 | $ | 9,967,320 | ||||
Capital Markets | 2,375,078 | 2,396,033 | ||||||
Asset Management | 347,922 | 151,111 | ||||||
RJ Bank | 21,600,312 | 20,611,898 | ||||||
Other | 1,433,112 | 1,757,094 | ||||||
Total | $ | 36,084,899 | $ | 34,883,456 |
$ in millions | December 31, 2020 | September 30, 2020 | ||||||||||||
Goodwill: | ||||||||||||||
Private Client Group (1) | $ | 417 | $ | 277 | ||||||||||
Capital Markets | 120 | 120 | ||||||||||||
Asset Management | 69 | 69 | ||||||||||||
Total | $ | 606 | $ | 466 |
Three months ended December 31, | ||||||||||||||||||||||||||
$ in millions | 2020 | 2019 | ||||||||||||||||||||||||
Net revenues: | ||||||||||||||||||||||||||
U.S. | $ | 2,079 | $ | 1,875 | ||||||||||||||||||||||
Canada | 105 | 95 | ||||||||||||||||||||||||
Europe | 38 | 39 | ||||||||||||||||||||||||
Total | $ | 2,222 | $ | 2,009 | ||||||||||||||||||||||
Pre-tax income/(loss): | ||||||||||||||||||||||||||
U.S. | $ | 396 | $ | 352 | ||||||||||||||||||||||
Canada | 1 | 8 | ||||||||||||||||||||||||
Europe | 2 | (1) | ||||||||||||||||||||||||
Total | $ | 399 | $ | 359 |
Three months ended December 31, | ||||||||
$ in thousands | 2017 | 2016 | ||||||
Revenues: | ||||||||
U.S. | $ | 1,633,022 | $ | 1,416,281 | ||||
Canada | 99,286 | 84,845 | ||||||
Europe | 33,284 | 22,970 | ||||||
Other | — | 4,672 | ||||||
Total | $ | 1,765,592 | $ | 1,528,768 | ||||
Pre-tax income/(loss) excluding noncontrolling interests: | ||||||||
U.S. | $ | 305,289 | $ | 214,205 | ||||
Canada | 8,665 | (1,537 | ) | |||||
Europe | (2,711 | ) | (2,688 | ) | ||||
Other | — | (3,601 | ) | |||||
Total | $ | 311,243 | $ | 206,379 |
$ in millions | December 31, 2020 | September 30, 2020 | ||||||||||||
Total assets: | ||||||||||||||
U.S. | $ | 50,158 | $ | 44,090 | ||||||||||
Canada | 3,380 | 3,260 | ||||||||||||
Europe | 119 | 132 | ||||||||||||
Total | $ | 53,657 | $ | 47,482 |
$ in thousands | December 31, 2017 | September 30, 2017 | ||||||
Total assets: | ||||||||
U.S. | $ | 33,291,193 | $ | 32,200,852 | ||||
Canada | 2,706,114 | 2,592,480 | ||||||
Europe | 78,851 | 81,090 | ||||||
Other | 8,741 | 9,034 | ||||||
Total | $ | 36,084,899 | $ | 34,883,456 |
$ in millions | December 31, 2020 | September 30, 2020 | ||||||||||||
Goodwill: | ||||||||||||||
U.S. (1) | $ | 572 | $ | 433 | ||||||||||
Canada | 25 | 24 | ||||||||||||
Europe | 9 | 9 | ||||||||||||
Total | $ | 606 | $ | 466 |
INDEX | |||||
PAGE | |||||
Factors affecting “forward-looking statements” | |||||
Reconciliation of | |||||
Segments | |||||
Net interest analysis | |||||
Results of Operations | |||||
Private Client Group | |||||
Capital Markets | |||||
Asset Management | |||||
RJ Bank | |||||
Other | |||||
Certain statistical disclosures by bank holding companies | |||||
Liquidity and capital resources | |||||
Statement of financial condition analysis | |||||
Contractual obligations | |||||
Regulatory | |||||
Critical accounting estimates | |||||
Recent accounting developments | |||||
Risk management |
Three months ended December 31, | |||||||||||
$ in thousands | 2017 | 2016 | % change | ||||||||
Total company | |||||||||||
Net revenues | $ | 1,726,161 | $ | 1,492,802 | 16 | % | |||||
Pre-tax income excluding noncontrolling interests | $ | 311,243 | $ | 206,379 | 51 | % | |||||
Private Client Group | |||||||||||
Net revenues | $ | 1,233,051 | $ | 1,040,089 | 19 | % | |||||
Pre-tax income | $ | 155,063 | $ | 73,358 | 111 | % | |||||
Capital Markets | |||||||||||
Net revenues | $ | 216,665 | $ | 233,016 | (7 | )% | |||||
Pre-tax income | $ | 4,807 | $ | 21,444 | (78 | )% | |||||
Asset Management | |||||||||||
Net revenues | $ | 150,600 | $ | 114,082 | 32 | % | |||||
Pre-tax income | $ | 57,399 | $ | 41,909 | 37 | % | |||||
RJ Bank | |||||||||||
Net revenues | $ | 165,185 | $ | 138,015 | 20 | % | |||||
Pre-tax income | $ | 114,155 | $ | 104,121 | 10 | % | |||||
Other | |||||||||||
Net revenues | $ | (2,920 | ) | $ | (9,643 | ) | 70 | % | |||
Pre-tax loss | $ | (20,181 | ) | $ | (34,453 | ) | 41 | % | |||
Intersegment eliminations | |||||||||||
Net revenues | $ | (36,420 | ) | $ | (22,757 | ) |
Three months ended December 31, | ||||||||||||||||||||||||||
$ in millions | 2020 | 2019 | ||||||||||||||||||||||||
Average equity | $ | 7,239 | $ | 6,712 | ||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Average goodwill and identifiable intangible assets, net | 717 | 610 | ||||||||||||||||||||||||
Average deferred tax liabilities, net | (45) | (30) | ||||||||||||||||||||||||
Average tangible common equity | $ | 6,567 | $ | 6,132 | ||||||||||||||||||||||
Return on equity | 17.2 | % | 16.0 | % | ||||||||||||||||||||||
Return on tangible common equity | 19.0 | % | 17.5 | % | ||||||||||||||||||||||
Three months ended December 31, | ||||||||||||||||||||||||||||||||||||||
$ in millions | 2020 | 2019 | % change | |||||||||||||||||||||||||||||||||||
Total company | ||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 2,222 | $ | 2,009 | 11 | % | ||||||||||||||||||||||||||||||||
Pre-tax income | $ | 399 | $ | 359 | 11 | % | ||||||||||||||||||||||||||||||||
Private Client Group | ||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 1,467 | $ | 1,414 | 4 | % | ||||||||||||||||||||||||||||||||
Pre-tax income | $ | 140 | $ | 153 | (8) | % | ||||||||||||||||||||||||||||||||
Capital Markets | ||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 452 | $ | 268 | 69 | % | ||||||||||||||||||||||||||||||||
Pre-tax income | $ | 129 | $ | 29 | 345 | % | ||||||||||||||||||||||||||||||||
Asset Management | ||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 195 | $ | 184 | 6 | % | ||||||||||||||||||||||||||||||||
Pre-tax income | $ | 83 | $ | 73 | 14 | % | ||||||||||||||||||||||||||||||||
RJ Bank | ||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 167 | $ | 216 | (23) | % | ||||||||||||||||||||||||||||||||
Pre-tax income | $ | 71 | $ | 135 | (47) | % | ||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 4 | $ | (8) | NM | |||||||||||||||||||||||||||||||||
Pre-tax loss | $ | (24) | $ | (31) | 23 | % | ||||||||||||||||||||||||||||||||
Intersegment eliminations | ||||||||||||||||||||||||||||||||||||||
Net revenues | $ | (63) | $ | (65) | NM |
Target federal funds rate | ||||||||||||||||||||
Three months ended | Low | High | End of period | |||||||||||||||||
December 31, 2020 | 0.00% | 0.25% | 0% - 0.25% | |||||||||||||||||
December 31, 2019 | 1.50% | 2.00% | 1.50% - 1.75% |
Three months ended December 31, | ||||||||
$ in thousands, except per share amounts | 2017 | 2016 | ||||||
Net income (1) | $ | 118,842 | $ | 146,567 | ||||
Non-GAAP adjustments: | ||||||||
Acquisition-related expenses (2) | 3,927 | 12,666 | ||||||
Jay Peak matter (3) | — | 30,000 | ||||||
Sub-total pre-tax non-GAAP adjustments | 3,927 | 42,666 | ||||||
Tax effect on non-GAAP adjustments above | (1,100 | ) | (12,365 | ) | ||||
Discrete impact of the Tax Act (4) | 117,169 | — | ||||||
Total non-GAAP adjustments, net of tax | 119,996 | 30,301 | ||||||
Adjusted net income | $ | 238,838 | $ | 176,868 | ||||
Earnings per common share: | ||||||||
Basic | $ | 0.82 | $ | 1.03 | ||||
Diluted | $ | 0.80 | $ | 1.00 | ||||
Adjusted earnings per common share: | ||||||||
Adjusted basic | $ | 1.65 | $ | 1.24 | ||||
Adjusted diluted | $ | 1.61 | $ | 1.21 |
Effective tax rate: | |||||||||||
For the three months ended December 31, 2017 ($ in thousands) | Pre-tax income including noncontrolling interests | Provision for income taxes | Effective tax rate | ||||||||
$ | 311,684 | $ | 192,401 | 61.7 | % | ||||||
Less: discrete impact of the Tax Act (4) | 117,169 | ||||||||||
As adjusted for discrete impact of the Tax Act | $ | 75,232 | 24.1 | % |
As of | ||||||||||||
$ in millions | December 31, 2017 | September 30, 2017 | December 31, 2016 | |||||||||
RJBDP | ||||||||||||
RJ Bank | $ | 18,374 | $ | 17,387 | $ | 14,893 | ||||||
Third-party banks | 20,836 | 20,704 | 25,456 | |||||||||
Sub-total RJBDP | 39,210 | 38,091 | 40,349 | |||||||||
Money market | 1,710 | 1,818 | 2,036 | |||||||||
Client interest program | 3,334 | 3,101 | 3,696 | |||||||||
Total domestic client cash balances | $ | 44,254 | $ | 43,010 | $ | 46,081 |
Three months ended December 31, | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||||||||
$ in millions | Average daily balance | Interest | Annualized average rate | Average daily balance | Interest | Annualized average rate | ||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 5,712 | $ | 4 | 0.25 | % | $ | 3,855 | $ | 17 | 1.72 | % | ||||||||||||||||||||||||||
Assets segregated pursuant to regulations | 5,816 | 3 | 0.21 | % | 2,331 | 11 | 1.89 | % | ||||||||||||||||||||||||||||||
Available-for-sale securities | 7,478 | 23 | 1.21 | % | 3,089 | 18 | 2.30 | % | ||||||||||||||||||||||||||||||
Brokerage client receivables | 2,082 | 18 | 3.48 | % | 2,438 | 27 | 4.48 | % | ||||||||||||||||||||||||||||||
Bank loans, net of unearned income and deferred expenses: | ||||||||||||||||||||||||||||||||||||||
Loans held for investment: | ||||||||||||||||||||||||||||||||||||||
C&I loans | 7,535 | 51 | 2.63 | % | 8,061 | 86 | 4.16 | % | ||||||||||||||||||||||||||||||
CRE loans | 2,582 | 17 | 2.59 | % | 2,538 | 27 | 4.14 | % | ||||||||||||||||||||||||||||||
REIT loans | 1,235 | 8 | 2.43 | % | 1,323 | 13 | 3.88 | % | ||||||||||||||||||||||||||||||
Tax-exempt loans | 1,237 | 8 | 3.35 | % | 1,225 | 8 | 3.36 | % | ||||||||||||||||||||||||||||||
Residential mortgage loans | 5,001 | 35 | 2.77 | % | 4,641 | 37 | 3.19 | % | ||||||||||||||||||||||||||||||
SBL and other | 4,286 | 25 | 2.29 | % | 3,337 | 34 | 3.97 | % | ||||||||||||||||||||||||||||||
Loans held for sale | 141 | 1 | 2.94 | % | 161 | 1 | 4.06 | % | ||||||||||||||||||||||||||||||
Total bank loans, net | 22,017 | 145 | 2.62 | % | 21,286 | 206 | 3.85 | % | ||||||||||||||||||||||||||||||
All other interest-earning assets | 2,288 | 10 | 2.00 | % | 2,534 | 18 | 2.82 | % | ||||||||||||||||||||||||||||||
Total interest-earning assets | $ | 45,393 | $ | 203 | 1.78 | % | $ | 35,533 | $ | 297 | 3.33 | % | ||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||
Bank deposits: | ||||||||||||||||||||||||||||||||||||||
Savings, money market and NOW accounts | $ | 26,637 | $ | 1 | 0.02 | % | $ | 21,649 | $ | 12 | 0.21 | % | ||||||||||||||||||||||||||
Certificates of deposit | 952 | 5 | 1.93 | % | 782 | 4 | 2.19 | % | ||||||||||||||||||||||||||||||
Brokerage client payables | 7,324 | 1 | 0.06 | % | 3,197 | 3 | 0.47 | % | ||||||||||||||||||||||||||||||
Other borrowings | 866 | 5 | 2.19 | % | 893 | 5 | 2.15 | % | ||||||||||||||||||||||||||||||
Senior notes payable | 2,045 | 24 | 4.70 | % | 1,550 | 18 | 4.69 | % | ||||||||||||||||||||||||||||||
All other interest-bearing liabilities | 574 | 2 | 1.14 | % | 1,135 | 9 | 2.17 | % | ||||||||||||||||||||||||||||||
Total interest-bearing liabilities | $ | 38,398 | $ | 38 | 0.39 | % | $ | 29,206 | $ | 51 | 0.66 | % | ||||||||||||||||||||||||||
Net interest income | $ | 165 | $ | 246 | ||||||||||||||||||||||||||||||||||
Net interest margin (net yield on interest-earning assets) | 1.45 | % | 2.78 | % |
Three months ended December 31, | ||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||
$ in thousands | Average balance | Interest inc./exp. | Average yield/cost | Average balance | Interest inc./exp. | Average yield/cost | ||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||
Assets segregated pursuant to regulations and other segregated assets | $ | 2,887,422 | $ | 12,122 | 1.68 | % | $ | 3,589,973 | $ | 7,170 | 0.80 | % | ||||||||||
Securities loaned | 361,749 | 3,058 | 3.38 | % | 533,000 | 2,732 | 2.05 | % | ||||||||||||||
Trading instruments | 648,088 | 5,138 | 3.17 | % | 604,749 | 5,006 | 3.31 | % | ||||||||||||||
Available-for-sale securities | 2,275,219 | 10,715 | 1.88 | % | 999,359 | 3,400 | 1.36 | % | ||||||||||||||
Margin loans | 2,484,016 | 24,095 | 3.88 | % | 2,427,230 | 19,981 | 3.29 | % | ||||||||||||||
Bank loans, net of unearned income | ||||||||||||||||||||||
Loans held for investment: | ||||||||||||||||||||||
C&I loans | 7,413,409 | 73,792 | 3.89 | % | 7,477,477 | 71,306 | 3.75 | % | ||||||||||||||
CRE construction loans | 140,472 | 1,723 | 4.80 | % | 132,506 | 1,505 | 4.44 | % | ||||||||||||||
CRE loans | 3,036,603 | 28,759 | 3.71 | % | 2,549,914 | 22,254 | 3.42 | % | ||||||||||||||
Tax-exempt loans | 1,039,814 | 6,706 | 2.58 | % | 808,160 | 5,246 | 2.60 | % | ||||||||||||||
Residential mortgage loans | 3,245,333 | 24,790 | 3.06 | % | 2,559,074 | 18,564 | 2.84 | % | ||||||||||||||
SBL | 2,471,054 | 23,240 | 3.68 | % | 1,951,644 | 15,389 | 3.09 | % | ||||||||||||||
Loans held for sale | 115,882 | 1,010 | 3.46 | % | 180,052 | 1,261 | 2.81 | % | ||||||||||||||
Total bank loans, net | 17,462,567 | 160,020 | 3.65 | % | 15,658,827 | 135,525 | 3.47 | % | ||||||||||||||
Loans to financial advisors | 869,326 | 3,502 | 1.61 | % | 833,760 | 3,308 | 1.59 | % | ||||||||||||||
Corporate cash and all other | 4,330,440 | 13,079 | 1.21 | % | 3,215,887 | 5,660 | 0.69 | % | ||||||||||||||
Total interest-earning assets | $ | 31,318,827 | $ | 231,729 | 2.96 | % | $ | 27,862,785 | $ | 182,782 | 2.62 | % | ||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||
Bank deposits | ||||||||||||||||||||||
Certificates of deposit | $ | 323,503 | $ | 1,272 | 1.56 | % | $ | 303,243 | $ | 1,135 | 1.48 | % | ||||||||||
Savings, money market and NOW accounts | 17,820,706 | 6,237 | 0.15 | % | 14,411,122 | 1,648 | 0.05 | % | ||||||||||||||
Securities borrowed | 122,310 | 1,479 | 4.84 | % | 126,247 | 1,228 | 3.89 | % | ||||||||||||||
Trading instruments sold but not yet purchased | 258,095 | 1,706 | 2.64 | % | 266,206 | 1,328 | 2.00 | % | ||||||||||||||
Brokerage client liabilities | 4,442,992 | 2,529 | 0.23 | % | 4,919,792 | 676 | 0.05 | % | ||||||||||||||
Other borrowings | 1,031,298 | 5,865 | 2.26 | % | 768,178 | 3,719 | 1.94 | % | ||||||||||||||
Senior notes | 1,548,885 | 18,180 | 4.69 | % | 1,680,417 | 24,699 | 5.88 | % | ||||||||||||||
Other | 256,161 | 2,163 | 3.38 | % | 249,595 | 1,533 | 2.46 | % | ||||||||||||||
Total interest-bearing liabilities | $ | 25,803,950 | $ | 39,431 | 0.61 | % | $ | 22,724,800 | $ | 35,966 | 0.63 | % | ||||||||||
Net interest income | $ | 192,298 | $ | 146,816 |
Three months ended December 31, | |||||||||||
$ in thousands | 2017 | 2016 | % change | ||||||||
Revenues: | |||||||||||
Securities commissions and fees: | |||||||||||
Fee-based accounts | $ | 596,259 | $ | 472,899 | 26 | % | |||||
Mutual funds | 163,147 | 158,590 | 3 | % | |||||||
Insurance and annuity products | 110,789 | 95,351 | 16 | % | |||||||
Equity products | 83,220 | 79,436 | 5 | % | |||||||
Fixed income products | 28,337 | 28,952 | (2 | )% | |||||||
New issue sales credits | 9,302 | 17,991 | (48 | )% | |||||||
Sub-total securities commissions and fees | 991,054 | 853,219 | 16 | % | |||||||
Interest | 43,476 | 33,614 | 29 | % | |||||||
Account and service fees: | |||||||||||
Mutual fund and annuity service fees | 80,621 | 68,726 | 17 | % | |||||||
RJBDP fees - third-party banks | 61,007 | 36,564 | 67 | % | |||||||
RJBDP fees - RJ Bank | 21,258 | 11,653 | 82 | % | |||||||
Client account and service fees | 22,754 | 24,697 | (8 | )% | |||||||
Client transaction fees and other | 7,745 | 6,786 | 14 | % | |||||||
Sub-total account and service fees | 193,385 | 148,426 | 30 | % | |||||||
Other | 10,125 | 8,057 | 26 | % | |||||||
Total revenues | 1,238,040 | 1,043,316 | 19 | % | |||||||
Interest expense | (4,989 | ) | (3,227 | ) | 55 | % | |||||
Net revenues | 1,233,051 | 1,040,089 | 19 | % | |||||||
Non-interest expenses: | |||||||||||
Sales commissions | 736,459 | 634,512 | 16 | % | |||||||
Admin & incentive compensation and benefit costs | 198,917 | 171,889 | 16 | % | |||||||
Communications and information processing | 52,800 | 44,017 | 20 | % | |||||||
Occupancy and equipment costs | 37,757 | 35,488 | 6 | % | |||||||
Business development | 21,563 | 23,450 | (8 | )% | |||||||
Jay Peak matter | — | 30,000 | (100 | )% | |||||||
Other | 30,492 | 27,375 | 11 | % | |||||||
Total non-interest expenses | 1,077,988 | 966,731 | 12 | % | |||||||
Pre-tax income | $ | 155,063 | $ | 73,358 | 111 | % |
As of | % change from | |||||||||||||||||
$ in billions | December 31, 2017 | September 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | |||||||||||||
PCG assets under administration | $ | 692.1 | $ | 659.5 | $ | 585.6 | 5 | % | 18 | % | ||||||||
PCG assets in fee-based accounts | $ | 316.7 | $ | 294.5 | $ | 240.2 | 8 | % | 32 | % |
December 31, 2017 | September 30, 2017 | December 31, 2016 | ||||||
Employees | 3,038 | 3,041 | 2,985 | |||||
Independent Contractors | 4,499 | (1) | 4,305 | 4,143 | ||||
Total advisors | 7,537 | 7,346 | 7,128 |
Three months ended December 31, | |||||||||||
$ in thousands | 2017 | 2016 | % change | ||||||||
Revenues: | |||||||||||
Securities commissions and fees: | |||||||||||
Equity | $ | 53,371 | $ | 64,319 | (17 | )% | |||||
Fixed income | 65,201 | 75,374 | (13 | )% | |||||||
Sub-total securities commissions and fees | 118,572 | 139,693 | (15 | )% | |||||||
Equity underwriting fees | 8,956 | 14,509 | (38 | )% | |||||||
Merger & acquisition and advisory fees | 42,998 | 27,174 | 58 | % | |||||||
Fixed income investment banking | 8,132 | 8,478 | (4 | )% | |||||||
Tax credit funds syndication fees | 4,817 | 11,126 | (57 | )% | |||||||
Sub-total investment banking | 64,903 | 61,287 | 6 | % | |||||||
Investment advisory fees | 8,335 | 5,223 | 60 | % | |||||||
Net trading profit | 19,230 | 19,319 | — | ||||||||
Interest | 7,325 | 6,474 | 13 | % | |||||||
Other | 4,169 | 4,986 | (16 | )% | |||||||
Total revenues | 222,534 | 236,982 | (6 | )% | |||||||
Interest expense | (5,869 | ) | (3,966 | ) | 48 | % | |||||
Net revenues | 216,665 | 233,016 | (7 | )% | |||||||
Non-interest expenses: | |||||||||||
Sales commissions | 42,218 | 50,973 | (17 | )% | |||||||
Admin & incentive compensation and benefit costs | 114,322 | 102,867 | 11 | % | |||||||
Communications and information processing | 17,834 | 17,647 | 1 | % | |||||||
Occupancy and equipment costs | 8,384 | 8,455 | (1 | )% | |||||||
Business development | 10,155 | 9,602 | 6 | % | |||||||
Losses and non-interest expenses of real estate partnerships held by consolidated VIEs | 2,666 | 1,796 | 48 | % | |||||||
Other | 18,986 | 22,337 | (15 | )% | |||||||
Total non-interest expenses | 214,565 | 213,677 | — | ||||||||
Income before taxes and including noncontrolling interests | 2,100 | 19,339 | (89 | )% | |||||||
Noncontrolling interests | (2,707 | ) | (2,105 | ) | 29 | % | |||||
Pre-tax income excluding noncontrolling interests | $ | 4,807 | $ | 21,444 | (78 | )% |
Three months ended December 31, | |||||||||||
$ in thousands | 2017 | 2016 | % change | ||||||||
Revenues: | |||||||||||
Investment advisory and related administrative fees: | |||||||||||
Managed programs | $ | 103,845 | $ | 76,308 | 36 | % | |||||
Non-discretionary asset-based administration | 27,068 | 21,194 | 28 | % | |||||||
Sub-total investment advisory and related administrative fees | 130,913 | 97,502 | 34 | % | |||||||
Account and service fees and other | 19,698 | 16,594 | 19 | % | |||||||
Total revenues | 150,611 | 114,096 | 32 | % | |||||||
Interest expense | (11 | ) | (14 | ) | (21 | )% | |||||
Net revenues | 150,600 | 114,082 | 32 | % | |||||||
Non-interest expenses: | |||||||||||
Compensation and benefits | 36,597 | 27,682 | 32 | % | |||||||
Communications and information processing | 8,444 | 6,671 | 27 | % | |||||||
Occupancy and equipment costs | 1,424 | 1,160 | 23 | % | |||||||
Business development | 2,647 | 2,313 | 14 | % | |||||||
Investment sub-advisory fees | 21,694 | 17,384 | 25 | % | |||||||
Other | 19,527 | 15,756 | 24 | % | |||||||
Total non-interest expenses | 90,333 | 70,966 | 27 | % | |||||||
Income before taxes and including noncontrolling interests | 60,267 | 43,116 | 40 | % | |||||||
Noncontrolling interests | 2,868 | 1,207 | 138 | % | |||||||
Pre-tax income excluding noncontrolling interests | $ | 57,399 | $ | 41,909 | 37 | % |
$ in millions | December 31, 2017 | September 30, 2017 | December 31, 2016 | |||||||||
Asset management services division of RJ&A (“AMS”) | $ | 74,607 | $ | 69,962 | $ | 56,524 | ||||||
Carillon Tower Advisers and affiliates (“Carillon Tower”) | 61,245 | 31,831 | 27,933 | |||||||||
Sub-total financial assets under management | 135,852 | 101,793 | 84,457 | |||||||||
Less: Assets managed for affiliated entities | (5,542 | ) | (5,397 | ) | (4,805 | ) | ||||||
Total financial assets under management | $ | 130,310 | $ | 96,396 | $ | 79,652 |
$ in millions | December 31, 2017 | September 30, 2017 | December 31, 2016 | |||||||||
Equity | $ | 57,971 | $ | 48,936 | $ | 40,959 | ||||||
Fixed | 33,806 | 11,814 | 10,920 | |||||||||
Balanced | 44,075 | 41,043 | 32,578 | |||||||||
Total financial assets under management | $ | 135,852 | $ | 101,793 | $ | 84,457 |
Three months ended December 31, | ||||||||
$ in millions | 2017 | 2016 | ||||||
Financial assets under management at beginning of period | $ | 101,793 | $ | 81,729 | ||||
Carillon Tower - net inflows: | ||||||||
Scout group acquisition | 27,087 | — | ||||||
Other | 720 | 88 | ||||||
AMS - net inflows | 2,178 | 1,896 | ||||||
Net market appreciation in asset values | 4,074 | 744 | ||||||
Financial assets under management at end of period | $ | 135,852 | $ | 84,457 |
Three months ended December 31, | |||||||||||
$ in thousands | 2017 | 2016 | % change | ||||||||
Revenues: | |||||||||||
Interest income | $ | 175,995 | $ | 140,774 | 25 | % | |||||
Interest expense | (12,956 | ) | (6,502 | ) | 99 | % | |||||
Net interest income | 163,039 | 134,272 | 21 | % | |||||||
Other income | 2,146 | 3,743 | (43 | )% | |||||||
Net revenues | 165,185 | 138,015 | 20 | % | |||||||
Non-interest expenses: | |||||||||||
Compensation and benefits | 8,876 | 7,724 | 15 | % | |||||||
Communications and information processing | 2,585 | 1,867 | 38 | % | |||||||
Occupancy and equipment costs | 362 | 351 | 3 | % | |||||||
Loan loss provision/(benefit) | 1,016 | (1,040 | ) | NM | |||||||
FDIC insurance premiums | 4,834 | 4,260 | 13 | % | |||||||
Affiliate deposit account servicing fees | 21,258 | 11,653 | 82 | % | |||||||
Other | 12,099 | 9,079 | 33 | % | |||||||
Total non-interest expenses | 51,030 | 33,894 | 51 | % | |||||||
Pre-tax income | $ | 114,155 | $ | 104,121 | 10 | % |
Three months ended December 31, | ||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||
$ in thousands | Average balance | Interest inc./exp. | Average yield/ cost | Average balance | Interest inc./exp. | Average yield/ cost | ||||||||||||||||
Interest-earning banking assets: | ||||||||||||||||||||||
Cash | $ | 1,354,464 | $ | 4,432 | 1.30 | % | $ | 905,877 | $ | 1,244 | 0.54 | % | ||||||||||
Available-for-sale securities | 2,168,610 | 10,143 | 1.87 | % | 872,859 | 3,077 | 1.41 | % | ||||||||||||||
Bank loans, net of unearned income: | ||||||||||||||||||||||
Loans held for investment: | ||||||||||||||||||||||
C&I loans | 7,413,409 | 73,792 | 3.89 | % | 7,477,477 | 71,306 | 3.75 | % | ||||||||||||||
CRE construction loans | 140,472 | 1,723 | 4.80 | % | 132,506 | 1,505 | 4.44 | % | ||||||||||||||
CRE loans | 3,036,603 | 28,759 | 3.71 | % | 2,549,914 | 22,254 | 3.42 | % | ||||||||||||||
Tax-exempt loans | 1,039,814 | 6,706 | 3.42 | % | 808,160 | 5,246 | 3.99 | % | ||||||||||||||
Residential mortgage loans | 3,245,333 | 24,790 | 3.06 | % | 2,559,074 | 18,564 | 2.84 | % | ||||||||||||||
SBL | 2,471,054 | 23,240 | 3.68 | % | 1,951,644 | 15,389 | 3.09 | % | ||||||||||||||
Loans held for sale | 115,882 | 1,010 | 3.46 | % | 180,052 | 1,261 | 2.81 | % | ||||||||||||||
Total loans, net | 17,462,567 | 160,020 | 3.65 | % | 15,658,827 | 135,525 | 3.47 | % | ||||||||||||||
FHLB stock, FRB stock, and other | 130,817 | 1,400 | 4.25 | % | 171,818 | 928 | 2.14 | % | ||||||||||||||
Total interest-earning banking assets | 21,116,458 | $ | 175,995 | 3.32 | % | 17,609,381 | $ | 140,774 | 3.21 | % | ||||||||||||
Non-interest-earning banking assets: | ||||||||||||||||||||||
Unrealized loss on available-for-sale securities | (15,508 | ) | (5,138 | ) | ||||||||||||||||||
Allowance for loan losses | (190,503 | ) | (196,895 | ) | ||||||||||||||||||
Other assets | 402,839 | 358,673 | ||||||||||||||||||||
Total non-interest-earning banking assets | 196,828 | 156,640 | ||||||||||||||||||||
Total banking assets | $ | 21,313,286 | $ | 17,766,021 | ||||||||||||||||||
Interest-bearing banking liabilities: | ||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||
Certificates of deposit | $ | 323,503 | $ | 1,272 | 1.56 | % | $ | 303,243 | $ | 1,135 | 1.48 | % | ||||||||||
Savings, money market, and NOW accounts | 18,065,017 | 6,945 | 0.15 | % | 14,888,763 | 2,156 | 0.06 | % | ||||||||||||||
FHLB advances and other | 989,239 | 4,739 | 1.87 | % | 796,174 | 3,211 | 1.58 | % | ||||||||||||||
Total interest-bearing banking liabilities | 19,377,759 | $ | 12,956 | 0.26 | % | 15,988,180 | $ | 6,502 | 0.16 | % | ||||||||||||
Non-interest-bearing banking liabilities | 93,462 | 86,936 | ||||||||||||||||||||
Total banking liabilities | 19,471,221 | 16,075,116 | ||||||||||||||||||||
Total banking shareholder’s equity | 1,842,065 | 1,690,905 | ||||||||||||||||||||
Total banking liabilities and shareholder’s equity | $ | 21,313,286 | $ | 17,766,021 | ||||||||||||||||||
Excess of interest-earning banking assets over interest-bearing banking liabilities/net interest income | $ | 1,738,699 | $ | 163,039 | $ | 1,621,201 | $ | 134,272 | ||||||||||||||
Bank net interest: | ||||||||||||||||||||||
Spread | 3.06 | % | 3.05 | % | ||||||||||||||||||
Margin (net yield on interest-earning banking assets) | 3.08 | % | 3.06 | % | ||||||||||||||||||
Ratio of interest-earning banking assets to interest-bearing banking liabilities | 108.97 | % | 110.14 | % |
Three months ended December 31, | |||||||||||||||||||||||||||||||||||||||||
2020 compared to 2019 | |||||||||||||||||||||||||||||||||||||||||
Increase/(decrease) due to | |||||||||||||||||||||||||||||||||||||||||
$ in millions | Volume | Rate | Total | ||||||||||||||||||||||||||||||||||||||
Interest income: | |||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 8 | $ | (21) | $ | (13) | |||||||||||||||||||||||||||||||||||
Assets segregated pursuant to regulations | 17 | (25) | (8) | ||||||||||||||||||||||||||||||||||||||
Available-for-sale securities | 25 | (20) | 5 | ||||||||||||||||||||||||||||||||||||||
Brokerage client receivables | (3) | (6) | (9) | ||||||||||||||||||||||||||||||||||||||
Bank loans, net of unearned income and deferred expenses: | |||||||||||||||||||||||||||||||||||||||||
Loans held for investment: | |||||||||||||||||||||||||||||||||||||||||
C&I loans | (6) | (29) | (35) | ||||||||||||||||||||||||||||||||||||||
CRE loans | — | (10) | (10) | ||||||||||||||||||||||||||||||||||||||
REIT loans | (1) | (4) | (5) | ||||||||||||||||||||||||||||||||||||||
Tax-exempt loans | 2 | (2) | — | ||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | 3 | (5) | (2) | ||||||||||||||||||||||||||||||||||||||
SBL and other | 9 | (18) | (9) | ||||||||||||||||||||||||||||||||||||||
Total bank loans, net | 7 | (68) | (61) | ||||||||||||||||||||||||||||||||||||||
All other interest-earning assets | (2) | (6) | (8) | ||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 52 | (146) | (94) | ||||||||||||||||||||||||||||||||||||||
Interest expense: | |||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||
Bank deposits: | |||||||||||||||||||||||||||||||||||||||||
Savings, money market and NOW accounts | 2 | (13) | (11) | ||||||||||||||||||||||||||||||||||||||
Certificates of deposit | 1 | — | 1 | ||||||||||||||||||||||||||||||||||||||
Brokerage client payables | 6 | (8) | (2) | ||||||||||||||||||||||||||||||||||||||
Senior notes payable | 6 | — | 6 | ||||||||||||||||||||||||||||||||||||||
All other interest-bearing liabilities | (6) | (1) | (7) | ||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 9 | (22) | (13) | ||||||||||||||||||||||||||||||||||||||
Change in net interest income | $ | 43 | $ | (124) | $ | (81) |
Three months ended December 31, | ||||||||||||
2017 compared to 2016 | ||||||||||||
Increase/(decrease) due to | ||||||||||||
$ in thousands | Volume | Rate | Total | |||||||||
Interest revenue: | ||||||||||||
Interest-earning banking assets: | ||||||||||||
Cash | $ | 616 | $ | 2,572 | $ | 3,188 | ||||||
Available-for-sale securities | 4,131 | 2,935 | 7,066 | |||||||||
Bank loans, net of unearned income: | ||||||||||||
Loans held for investment: | ||||||||||||
C&I loans | (611 | ) | 3,097 | 2,486 | ||||||||
CRE construction loans | 90 | 128 | 218 | |||||||||
CRE loans | 4,247 | 2,258 | 6,505 | |||||||||
Tax-exempt loans | 1,503 | (43 | ) | 1,460 | ||||||||
Residential mortgage loans | 4,978 | 1,248 | 6,226 | |||||||||
SBL | 4,096 | 3,755 | 7,851 | |||||||||
Loans held for sale | (449 | ) | 198 | (251 | ) | |||||||
Total bank loans, net | 13,854 | 10,641 | 24,495 | |||||||||
FHLB stock, FRB stock, and other | (221 | ) | 693 | 472 | ||||||||
Total interest-earning banking assets | 18,380 | 16,841 | 35,221 | |||||||||
Interest expense: | ||||||||||||
Interest-bearing liabilities: | ||||||||||||
Bank deposits: | ||||||||||||
Certificates of deposit | 76 | 61 | 137 | |||||||||
Money market, savings and NOW accounts | 460 | 4,329 | 4,789 | |||||||||
FHLB advances and other | 779 | 749 | 1,528 | |||||||||
Total interest-bearing liabilities | 1,315 | 5,139 | 6,454 | |||||||||
Change in net interest income | $ | 17,065 | $ | 11,702 | $ | 28,767 |
Three months ended December 31, | ||||||||
$ in thousands | 2017 | 2016 | ||||||
Net loan (charge-offs)/recoveries: | ||||||||
C&I loans | $ | (603 | ) | $ | (3,389 | ) | ||
CRE loans | — | 5,013 | ||||||
Residential mortgage loans | 509 | (22 | ) | |||||
Total | $ | (94 | ) | $ | 1,602 |
Three months ended December 31, | ||||||||||||||||||||||||||||||||||||||
$ in millions | 2020 | 2019 | % change | |||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Asset management and related administrative fees | $ | 885 | $ | 782 | 13 | % | ||||||||||||||||||||||||||||||||
Brokerage revenues: | ||||||||||||||||||||||||||||||||||||||
Mutual and other fund products | 148 | 144 | 3 | % | ||||||||||||||||||||||||||||||||||
Insurance and annuity products | 98 | 101 | (3) | % | ||||||||||||||||||||||||||||||||||
Equities, ETFs and fixed income products | 107 | 102 | 5 | % | ||||||||||||||||||||||||||||||||||
Total brokerage revenues | 353 | 347 | 2 | % | ||||||||||||||||||||||||||||||||||
Account and service fees: | ||||||||||||||||||||||||||||||||||||||
Mutual fund and annuity service fees | 94 | 90 | 4 | % | ||||||||||||||||||||||||||||||||||
RJBDP fees: | ||||||||||||||||||||||||||||||||||||||
Third-party banks | 21 | 58 | (64) | % | ||||||||||||||||||||||||||||||||||
RJ Bank | 43 | 47 | (9) | % | ||||||||||||||||||||||||||||||||||
Client account and other fees | 32 | 29 | 10 | % | ||||||||||||||||||||||||||||||||||
Total account and service fees | 190 | 224 | (15) | % | ||||||||||||||||||||||||||||||||||
Investment banking | 6 | 11 | (45) | % | ||||||||||||||||||||||||||||||||||
Interest income | 30 | 49 | (39) | % | ||||||||||||||||||||||||||||||||||
All other | 5 | 9 | (44) | % | ||||||||||||||||||||||||||||||||||
Total revenues | 1,469 | 1,422 | 3 | % | ||||||||||||||||||||||||||||||||||
Interest expense | (2) | (8) | (75) | % | ||||||||||||||||||||||||||||||||||
Net revenues | 1,467 | 1,414 | 4 | % | ||||||||||||||||||||||||||||||||||
Non-interest expenses: | ||||||||||||||||||||||||||||||||||||||
Financial advisor compensation and benefits | 931 | 857 | 9 | % | ||||||||||||||||||||||||||||||||||
Administrative compensation and benefits | 249 | 247 | 1 | % | ||||||||||||||||||||||||||||||||||
Total compensation, commissions and benefits | 1,180 | 1,104 | 7 | % | ||||||||||||||||||||||||||||||||||
Non-compensation expenses: | ||||||||||||||||||||||||||||||||||||||
Communications and information processing | 62 | 59 | 5 | % | ||||||||||||||||||||||||||||||||||
Occupancy and equipment | 43 | 44 | (2) | % | ||||||||||||||||||||||||||||||||||
Business development | 16 | 27 | (41) | % | ||||||||||||||||||||||||||||||||||
Professional fees | 13 | 8 | 63 | % | ||||||||||||||||||||||||||||||||||
All other | 13 | 19 | (32) | % | ||||||||||||||||||||||||||||||||||
Total non-compensation expenses | 147 | 157 | (6) | % | ||||||||||||||||||||||||||||||||||
Total non-interest expenses | 1,327 | 1,261 | 5 | % | ||||||||||||||||||||||||||||||||||
Pre-tax income | $ | 140 | $ | 153 | (8) | % |
$ in thousands | December 31, 2017 | September 30, 2017 | ||||||
Nonperforming assets: | ||||||||
Nonperforming loans: | ||||||||
C&I loans | $ | 4,843 | $ | 5,221 | ||||
Residential mortgage loans: | ||||||||
Residential first mortgage | 32,364 | 33,718 | ||||||
Home equity loans/lines | 126 | 31 | ||||||
Total nonperforming loans | 37,333 | 38,970 | ||||||
Other real estate owned: | ||||||||
Residential first mortgage | 4,299 | 4,729 | ||||||
Total other real estate owned | 4,299 | 4,729 | ||||||
Total nonperforming assets | $ | 41,632 | $ | 43,699 | ||||
Total nonperforming assets as a % of RJ Bank total assets | 0.19 | % | 0.21 | % | ||||
Total loans: | ||||||||
Loans held for sale, net | $ | 189,862 | $ | 70,316 | ||||
Loans held for investment: | ||||||||
C&I loans | 7,490,219 | 7,385,910 | ||||||
CRE construction loans | 164,847 | 112,681 | ||||||
CRE loans | 3,136,101 | 3,106,290 | ||||||
Tax-exempt loans | 1,136,468 | 1,017,791 | ||||||
Residential mortgage loans | 3,270,780 | 3,148,730 | ||||||
SBL | 2,530,521 | 2,386,697 | ||||||
Net unearned income and deferred expenses | (30,231 | ) | (31,178 | ) | ||||
Total loans held for investment | 17,698,705 | 17,126,921 | ||||||
Total loans | $ | 17,888,567 | $ | 17,197,237 |
As of | ||||||||||||||||||||||||||||||||||||||
$ in billions | December 31, 2020 | September 30, 2020 | December 31, 2019 | September 30, 2019 | ||||||||||||||||||||||||||||||||||
Assets under administration (“AUA”) | $ | 974.2 | $ | 883.3 | $ | 855.2 | $ | 798.4 | ||||||||||||||||||||||||||||||
Assets in fee-based accounts (1) | $ | 532.7 | $ | 475.3 | $ | 444.2 | $ | 409.1 | ||||||||||||||||||||||||||||||
Percent of AUA in fee-based accounts | 54.7 | % | 53.8 | % | 51.9 | % | 51.2 | % |
December 31, 2020 | September 30, 2020 | December 31, 2019 | September 30, 2019 | |||||||||||||||||||||||
Employees | 3,387 | 3,404 | 3,331 | 3,301 | ||||||||||||||||||||||
Independent contractors | 4,846 | 4,835 | 4,729 | 4,710 | ||||||||||||||||||||||
Total advisors | 8,233 | 8,239 | 8,060 | 8,011 |
As of | ||||||||||||||||||||||||||||||||
$ in millions | December 31, 2020 | September 30, 2020 | December 31, 2019 | September 30, 2019 | ||||||||||||||||||||||||||||
RJBDP | ||||||||||||||||||||||||||||||||
RJ Bank | $ | 26,697 | $ | 25,599 | $ | 21,891 | $ | 21,649 | ||||||||||||||||||||||||
Third-party banks | 26,142 | 25,998 | 15,061 | 14,043 | ||||||||||||||||||||||||||||
Subtotal RJBDP | 52,839 | 51,597 | 36,952 | 35,692 | ||||||||||||||||||||||||||||
CIP | 8,769 | 3,999 | 2,528 | 2,022 | ||||||||||||||||||||||||||||
Total clients’ domestic cash sweep balances | $ | 61,608 | $ | 55,596 | $ | 39,480 | $ | 37,714 |
Three months ended December 31, | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||||||||
Average yield on RJBDP - third-party banks | 0.31 | % | 1.64 | % |
December 31, 2017 | September 30, 2017 | |||||||||||||
$ in thousands | Allowance | Loan category as a % of total loans receivable | Allowance | Loan category as a % of total loans receivable | ||||||||||
Loans held for sale | $ | — | 1 | % | $ | — | — | |||||||
C&I loans | 121,569 | 42 | % | 119,901 | 43 | % | ||||||||
CRE construction loans | 2,107 | 1 | % | 1,421 | 1 | % | ||||||||
CRE loans | 40,616 | 18 | % | 41,749 | 18 | % | ||||||||
Tax-exempt loans | 6,918 | 6 | % | 6,381 | 6 | % | ||||||||
Residential mortgage loans | 15,501 | 18 | % | 16,691 | 18 | % | ||||||||
SBL | 4,558 | 14 | % | 4,299 | 14 | % | ||||||||
Total | $ | 191,269 | 100 | % | $ | 190,442 | 100 | % |
Three months ended December 31, | ||||||||||||||||||||||||||||||||||||||
$ in millions | 2020 | 2019 | % change | |||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Brokerage revenues: | ||||||||||||||||||||||||||||||||||||||
Fixed income | $ | 131 | $ | 81 | 62 | % | ||||||||||||||||||||||||||||||||
Equity | 42 | 34 | 24 | % | ||||||||||||||||||||||||||||||||||
Total brokerage revenues | 173 | 115 | 50 | % | ||||||||||||||||||||||||||||||||||
Investment banking: | ||||||||||||||||||||||||||||||||||||||
Merger & acquisition and advisory | 149 | 60 | 148 | % | ||||||||||||||||||||||||||||||||||
Equity underwriting | 60 | 39 | 54 | % | ||||||||||||||||||||||||||||||||||
Debt underwriting | 46 | 31 | 48 | % | ||||||||||||||||||||||||||||||||||
Total investment banking | 255 | 130 | 96 | % | ||||||||||||||||||||||||||||||||||
Interest income | 3 | 8 | (63) | % | ||||||||||||||||||||||||||||||||||
Tax credit fund revenues | 16 | 18 | (11) | % | ||||||||||||||||||||||||||||||||||
All other | 7 | 3 | 133 | % | ||||||||||||||||||||||||||||||||||
Total revenues | 454 | 274 | 66 | % | ||||||||||||||||||||||||||||||||||
Interest expense | (2) | (6) | (67) | % | ||||||||||||||||||||||||||||||||||
Net revenues | 452 | 268 | 69 | % | ||||||||||||||||||||||||||||||||||
Non-interest expenses: | ||||||||||||||||||||||||||||||||||||||
Compensation, commissions and benefits | 252 | 166 | 52 | % | ||||||||||||||||||||||||||||||||||
Non-compensation expenses: | ||||||||||||||||||||||||||||||||||||||
Communications and information processing | 19 | 19 | — | |||||||||||||||||||||||||||||||||||
Occupancy and equipment | 9 | 9 | — | |||||||||||||||||||||||||||||||||||
Business development | 9 | 16 | (44) | % | ||||||||||||||||||||||||||||||||||
Professional fees | 13 | 10 | 30 | % | ||||||||||||||||||||||||||||||||||
All other | 21 | 19 | 11 | % | ||||||||||||||||||||||||||||||||||
Total non-compensation expenses | 71 | 73 | (3) | % | ||||||||||||||||||||||||||||||||||
Total non-interest expenses | 323 | 239 | 35 | % | ||||||||||||||||||||||||||||||||||
Pre-tax income | $ | 129 | $ | 29 | 345 | % |
Three months ended December 31, | ||||||||||||||||||||||||||||||||||||||
$ in millions | 2020 | 2019 | % change | |||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Asset management and related administrative fees: | ||||||||||||||||||||||||||||||||||||||
Managed programs | $ | 129 | $ | 125 | 3 | % | ||||||||||||||||||||||||||||||||
Administration and other | 59 | 51 | 16 | % | ||||||||||||||||||||||||||||||||||
Total asset management and related administrative fees | 188 | 176 | 7 | % | ||||||||||||||||||||||||||||||||||
Account and service fees | 4 | 5 | (20) | % | ||||||||||||||||||||||||||||||||||
All other | 3 | 3 | — | |||||||||||||||||||||||||||||||||||
Net revenues | 195 | 184 | 6 | % | ||||||||||||||||||||||||||||||||||
Non-interest expenses: | ||||||||||||||||||||||||||||||||||||||
Compensation, commissions and benefits | 45 | 45 | — | |||||||||||||||||||||||||||||||||||
Non-compensation expenses: | ||||||||||||||||||||||||||||||||||||||
Communications and information processing | 11 | 11 | — | |||||||||||||||||||||||||||||||||||
Investment sub-advisory fees | 28 | 25 | 12 | % | ||||||||||||||||||||||||||||||||||
All other | 28 | 30 | (7) | % | ||||||||||||||||||||||||||||||||||
Total non-compensation expenses | 67 | 66 | 2 | % | ||||||||||||||||||||||||||||||||||
Total non-interest expenses | 112 | 111 | 1 | % | ||||||||||||||||||||||||||||||||||
Pre-tax income | $ | 83 | $ | 73 | 14 | % |
$ in billions | December 31, 2020 | September 30, 2020 | December 31, 2019 | September 30, 2019 | ||||||||||||||||||||||||||||||||||
AMS (1) | $ | 113.9 | $ | 102.2 | $ | 98.7 | $ | 91.8 | ||||||||||||||||||||||||||||||
Carillon Tower Advisers | 64.9 | 59.5 | 60.6 | 58.5 | ||||||||||||||||||||||||||||||||||
Subtotal financial assets under management | 178.8 | 161.7 | 159.3 | 150.3 | ||||||||||||||||||||||||||||||||||
Less: Assets managed for affiliated entities | (9.2) | (8.6) | (7.6) | (7.2) | ||||||||||||||||||||||||||||||||||
Total financial assets under management | $ | 169.6 | $ | 153.1 | $ | 151.7 | $ | 143.1 |
Three months ended December 31, | ||||||||||||||||||||||||||
$ in billions | 2020 | 2019 | ||||||||||||||||||||||||
Financial assets under management at beginning of period | $ | 161.7 | $ | 150.3 | ||||||||||||||||||||||
Carillon Tower Advisers - net outflows | (0.3) | (0.4) | ||||||||||||||||||||||||
AMS - net inflows | 1.7 | 2.1 | ||||||||||||||||||||||||
Net market appreciation in asset values | 15.7 | 7.3 | ||||||||||||||||||||||||
Financial assets under management at end of period | $ | 178.8 | $ | 159.3 |
$ in billions | December 31, 2020 | Average fee rate for the three months ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||
Equity | $ | 29.3 | 0.54 | % | ||||||||||||||||||||||||||||||||||
Fixed income | 30.1 | 0.18 | % | |||||||||||||||||||||||||||||||||||
Balanced | 5.5 | 0.37 | % | |||||||||||||||||||||||||||||||||||
Total financial assets under management | $ | 64.9 | 0.36 | % |
$ in billions | December 31, 2020 | September 30, 2020 | December 31, 2019 | September 30, 2019 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 313.5 | $ | 280.6 | $ | 251.3 | $ | 229.7 |
$ in billions | December 31, 2020 | September 30, 2020 | December 31, 2019 | September 30, 2019 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 7.6 | $ | 7.1 | $ | 7.2 | $ | 6.6 |
Three months ended December 31, | ||||||||||||||||||||||||||||||||||||||
$ in millions | 2020 | 2019 | % change | |||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Interest income | $ | 168 | $ | 231 | (27) | % | ||||||||||||||||||||||||||||||||
Interest expense | (11) | (21) | (48) | % | ||||||||||||||||||||||||||||||||||
Net interest income | 157 | 210 | (25) | % | ||||||||||||||||||||||||||||||||||
All other | 10 | 6 | 67 | % | ||||||||||||||||||||||||||||||||||
Net revenues | 167 | 216 | (23) | % | ||||||||||||||||||||||||||||||||||
Non-interest expenses: | ||||||||||||||||||||||||||||||||||||||
Compensation and benefits | 12 | 12 | — | |||||||||||||||||||||||||||||||||||
Non-compensation expenses: | ||||||||||||||||||||||||||||||||||||||
Bank loan provision/(benefit) for credit losses | 14 | (2) | NM | |||||||||||||||||||||||||||||||||||
RJBDP fees to PCG | 43 | 47 | (9) | % | ||||||||||||||||||||||||||||||||||
All other | 27 | 24 | 13 | % | ||||||||||||||||||||||||||||||||||
Total non-compensation expenses | 84 | 69 | 22 | % | ||||||||||||||||||||||||||||||||||
Total non-interest expenses | 96 | 81 | 19 | % | ||||||||||||||||||||||||||||||||||
Pre-tax income | $ | 71 | $ | 135 | (47) | % |
Three months ended December 31, | ||||||||||||||||||||||||||||||||||||||
$ in millions | 2020 | 2019 | % change | |||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Interest income | $ | 3 | $ | 12 | (75) | % | ||||||||||||||||||||||||||||||||
Gains/(losses) on private equity investments | 24 | (2) | NM | |||||||||||||||||||||||||||||||||||
All other | 1 | 2 | (50) | % | ||||||||||||||||||||||||||||||||||
Total revenues | 28 | 12 | 133 | % | ||||||||||||||||||||||||||||||||||
Interest expense | (24) | (20) | 20 | % | ||||||||||||||||||||||||||||||||||
Net revenues | 4 | (8) | NM | |||||||||||||||||||||||||||||||||||
Non-interest expenses: | ||||||||||||||||||||||||||||||||||||||
Compensation and all other | 26 | 23 | 13 | % | ||||||||||||||||||||||||||||||||||
Acquisition-related expenses | 2 | — | NM | |||||||||||||||||||||||||||||||||||
Total non-interest expenses | 28 | 23 | 22 | % | ||||||||||||||||||||||||||||||||||
Pre-tax loss | $ | (24) | $ | (31) | 23 | % |
Three months ended December 31, | |||||||||||
$ in thousands | 2017 | 2016 | % change | ||||||||
Revenues: | |||||||||||
Interest income | $ | 8,289 | $ | 4,688 | 77 | % | |||||
Investment advisory fees | 397 | 484 | (18 | )% | |||||||
Other | 7,697 | 10,287 | (25 | )% | |||||||
Total revenues | 16,383 | 15,459 | 6 | % | |||||||
Interest expense | (19,303 | ) | (25,102 | ) | (23 | )% | |||||
Net revenues | (2,920 | ) | (9,643 | ) | 70 | % | |||||
Non-interest expenses: | |||||||||||
Compensation and other | 13,055 | 10,109 | 29 | % | |||||||
Acquisition-related expenses | 3,927 | 12,666 | (69 | )% | |||||||
Total non-interest expenses | 16,982 | 22,775 | (25 | )% | |||||||
Loss before taxes and including noncontrolling interests | (19,902 | ) | (32,418 | ) | 39 | % | |||||
Noncontrolling interests | 279 | 2,035 | 86 | % | |||||||
Pre-tax loss excluding noncontrolling interests | $ | (20,181 | ) | $ | (34,453 | ) | 41 | % |
Three months ended December 31, | ||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||
Return on assets | 2.5% | 2.7% | ||||||||||||||||||||||||
Return on equity | 17.2% | 16.0% | ||||||||||||||||||||||||
Average equity to average assets | 14.3% | 17.0% | ||||||||||||||||||||||||
Dividend payout ratio | 17.5% | 19.6% |
For the three months ended December 31, | ||||
2017 | 2016 | |||
Return on average assets | 1.3% | 1.9% | ||
Return on average equity | 8.4% | 11.7% | ||
Average equity to average assets | 15.9% | 15.8% | ||
Dividend payout ratio | 31.3% | 22.0% |
$ in millions | December 31, 2020 | |||||||
RJF | $ | 480 | ||||||
RJ&A | 2,741 | |||||||
RJ Bank, N.A. | 968 | |||||||
RJ Ltd. | 764 | |||||||
RJFS | 113 | |||||||
Carillon Tower Advisers | 78 | |||||||
Other subsidiaries | 233 | |||||||
Total cash and cash equivalents | $ | 5,377 |
$ in thousands | December 31, 2017 | |||
RJF | $ | 330,258 | ||
RJ&A | 1,506,746 | |||
RJ Bank | 1,276,703 | |||
RJ Ltd. | 440,736 | |||
RJFS | 125,269 | |||
Carillon Tower Advisers | 65,033 | |||
Other subsidiaries | 152,784 | |||
Total cash and cash equivalents | $ | 3,897,529 |
December 31, 2020 | ||||||||||||||||||||||||||||||||
$ in millions | RJ&A | RJF | Total | Total number of arrangements | ||||||||||||||||||||||||||||
Financing arrangement: | ||||||||||||||||||||||||||||||||
Committed secured | $ | 100 | $ | — | $ | 100 | 1 | |||||||||||||||||||||||||
Committed unsecured (1) | 200 | 300 | 500 | 1 | ||||||||||||||||||||||||||||
Total committed financing arrangements | $ | 300 | $ | 300 | $ | 600 | 2 | |||||||||||||||||||||||||
Outstanding borrowing amount: | ||||||||||||||||||||||||||||||||
Committed secured | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Committed unsecured | — | — | — | |||||||||||||||||||||||||||||
Total outstanding borrowing amount | $ | — | $ | — | $ | — |
As of December 31, 2017 | |||||||||||||||
$ in thousands | RJ&A | RJF | Total | Total number of arrangements | |||||||||||
Financing arrangement: | |||||||||||||||
Committed secured | $ | 200,000 | $ | — | $ | 200,000 | 2 | ||||||||
Committed unsecured | — | 300,000 | 300,000 | 1 | |||||||||||
Total committed financing arrangements | $ | 200,000 | $ | 300,000 | $ | 500,000 | 3 | ||||||||
Outstanding borrowing amount: | |||||||||||||||
Committed secured | $ | 70,000 | $ | — | $ | 70,000 | |||||||||
Committed unsecured | — | 300,000 | 300,000 | ||||||||||||
Total outstanding borrowing amount | $ | 70,000 | $ | 300,000 | $ | 370,000 |
$ in millions | December 31, 2020 | |||||||||||||||||||||||||
Outstanding borrowing amount: | ||||||||||||||||||||||||||
Uncommitted secured | $ | 233 | ||||||||||||||||||||||||
Uncommitted unsecured | — | |||||||||||||||||||||||||
Total outstanding borrowing amount | $ | 233 |
$ in thousands | As of December 31, 2017 | |||
Outstanding borrowing amount: | ||||
Uncommitted secured | $ | 339,036 | ||
Uncommitted unsecured | 150,000 | |||
Total outstanding borrowing amount | $ | 489,036 |
Repurchase transactions | Reverse repurchase transactions | |||||||||||||||||||||||||||||||||||||
For the quarter ended: ($ in millions) | Average daily balance outstanding | Maximum month-end balance outstanding during the quarter | End of period balance outstanding | Average daily balance outstanding | Maximum month-end balance outstanding during the quarter | End of period balance outstanding | ||||||||||||||||||||||||||||||||
December 31, 2020 | $ | 211 | $ | 236 | $ | 233 | $ | 204 | $ | 259 | $ | 162 | ||||||||||||||||||||||||||
September 30, 2020 | $ | 140 | $ | 165 | $ | 165 | $ | 199 | $ | 260 | $ | 207 | ||||||||||||||||||||||||||
June 30, 2020 | $ | 222 | $ | 278 | $ | 228 | $ | 168 | $ | 193 | $ | 193 | ||||||||||||||||||||||||||
March 31, 2020 | $ | 218 | $ | 238 | $ | 215 | $ | 283 | $ | 388 | $ | 130 | ||||||||||||||||||||||||||
December 31, 2019 | $ | 184 | $ | 200 | $ | 200 | $ | 355 | $ | 351 | $ | 326 |
Repurchase transactions | Reverse repurchase transactions | |||||||||||||||||||||||
For the quarter ended: ($ in thousands) | Average daily balance outstanding | Maximum month-end balance outstanding during the quarter | End of period balance outstanding | Average daily balance outstanding | Maximum month-end balance outstanding during the quarter | End of period balance outstanding | ||||||||||||||||||
December 31, 2017 | $ | 218,690 | $ | 229,036 | $ | 229,036 | $ | 443,391 | $ | 506,711 | $ | 307,742 | ||||||||||||
September 30, 2017 | 241,365 | 247,048 | 220,942 | 463,618 | 503,462 | 404,462 | ||||||||||||||||||
June 30, 2017 | 231,378 | 226,972 | 226,972 | 479,653 | 540,823 | 483,820 | ||||||||||||||||||
March 31, 2017 | 204,623 | 222,476 | 222,476 | 410,678 | 535,224 | 535,224 | ||||||||||||||||||
December 31, 2016 | 219,095 | 241,773 | 203,378 | 424,548 | 445,646 | 358,493 |
Rating Agency | Rating | Outlook | ||||||||||||
Standard & Poor’s Ratings Services | BBB+ | Stable | ||||||||||||
Moody’s Investors Services | Baa1 | Stable |
Three months ended December 31, 2020 | Period-end VaR | Three months ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions | High | Low | December 31, 2020 | September 30, 2020 | $ in millions | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||
Daily VaR | $ | 10 | $ | 3 | $ | 3 | $ | 8 | Average daily VaR | $ | 6 | $ | 1 |
Three months ended December 31, 2017 | Period end VaR | Daily average VaR | ||||||||||||||||||||||||||
$ in thousands | High | Low | December 31, 2017 | September 30, 2017 | December 31, 2017 | September 30, 2017 | December 31, 2016 | |||||||||||||||||||||
Daily VaR | $ | 2,256 | $ | 848 | $ | 848 | $ | 1,427 | $ | 1,601 | $ | 1,827 | $ | 1,670 |
Instantaneous changes in rate | Net interest income ($ in thousands) | Projected change in net interest income | Instantaneous changes in rate | Net interest income ($ in millions) | Projected change in net interest income | |||||||||||||
+200 | $734,185 | (0.53)% | +200 | $874 | 35.3% | |||||||||||||
+100 | $765,382 | 3.69% | +100 | $823 | 27.4% | |||||||||||||
0 | $738,110 | — | 0 | $646 | — | |||||||||||||
-100 | $599,527 | (18.78)% | ||||||||||||||||
-25 | -25 | $617 | (4.5)% |
Due in | ||||||||||||||||||||||||||
$ in millions | One year or less | > One year – five years | > Five years | Total | ||||||||||||||||||||||
C&I loans | $ | 219 | $ | 4,402 | $ | 2,878 | $ | 7,499 | ||||||||||||||||||
CRE loans | 727 | 1,403 | 534 | 2,664 | ||||||||||||||||||||||
REIT loans | 83 | 1,096 | 75 | 1,254 | ||||||||||||||||||||||
Tax-exempt loans | 1 | 71 | 1,165 | 1,237 | ||||||||||||||||||||||
Residential mortgage loans | 1 | 4 | 4,923 | 4,928 | ||||||||||||||||||||||
SBL and other | 4,509 | 35 | — | 4,544 | ||||||||||||||||||||||
Total loans held for investment | 5,540 | 7,011 | 9,575 | 22,126 | ||||||||||||||||||||||
Held for sale loans | — | 1 | 208 | 209 | ||||||||||||||||||||||
Total loans | $ | 5,540 | $ | 7,012 | $ | 9,783 | $ | 22,335 |
Due in | ||||||||||||||||
$ in thousands | One year or less | > One year – five years | > 5 years | Total | ||||||||||||
Loans held for investment: | ||||||||||||||||
C&I loans | $ | 152,551 | $ | 3,826,227 | $ | 3,511,441 | $ | 7,490,219 | ||||||||
CRE construction loans | 11,612 | 153,235 | — | 164,847 | ||||||||||||
CRE loans | 509,914 | 2,014,252 | 611,935 | 3,136,101 | ||||||||||||
Tax-exempt loans | — | 22,630 | 1,113,838 | 1,136,468 | ||||||||||||
Residential mortgage loans | 1,016 | 2,739 | 3,267,025 | 3,270,780 | ||||||||||||
SBL | 2,527,003 | 3,518 | — | 2,530,521 | ||||||||||||
Total loans held for investment | 3,202,096 | 6,022,601 | 8,504,239 | 17,728,936 | ||||||||||||
Loans held for sale | — | 17,098 | 161,592 | 178,690 | ||||||||||||
Total loans | $ | 3,202,096 | $ | 6,039,699 | $ | 8,665,831 | $ | 17,907,626 |
Interest rate type | ||||||||||||||||||||
$ in millions | Fixed | Adjustable | Total | |||||||||||||||||
C&I loans | $ | 257 | $ | 7,023 | $ | 7,280 | ||||||||||||||
CRE loans | 122 | 1,815 | 1,937 | |||||||||||||||||
REIT loans | — | 1,171 | 1,171 | |||||||||||||||||
Tax-exempt loans | 1,236 | — | 1,236 | |||||||||||||||||
Residential mortgage loans | 183 | 4,744 | 4,927 | |||||||||||||||||
SBL and other | — | 35 | 35 | |||||||||||||||||
Total loans held for investment | 1,798 | 14,788 | 16,586 | |||||||||||||||||
Held for sale loans | 3 | 206 | 209 | |||||||||||||||||
Total loans | $ | 1,801 | $ | 14,994 | $ | 16,795 |
Interest rate type | ||||||||||||
$ in thousands | Fixed | Adjustable | Total | |||||||||
Loans held for investment: | ||||||||||||
C&I loans | $ | 1,700 | $ | 7,335,968 | $ | 7,337,668 | ||||||
CRE construction loans | 4,588 | 148,647 | 153,235 | |||||||||
CRE loans | 43,732 | 2,582,455 | 2,626,187 | |||||||||
Tax-exempt loans | 1,104,568 | 31,900 | 1,136,468 | |||||||||
Residential mortgage loans | 230,142 | 3,039,622 | 3,269,764 | |||||||||
SBL | 3,518 | — | 3,518 | |||||||||
Total loans held for investment | 1,388,248 | 13,138,592 | 14,526,840 | |||||||||
Loans held for sale | 5,650 | 173,040 | 178,690 | |||||||||
Total loans | $ | 1,393,898 | $ | 13,311,632 | $ | 14,705,530 |
Three months ended December 31, | ||||||||
$ in thousands | 2017 | 2016 | ||||||
Allowance for loan losses, beginning of year | $ | 190,442 | $ | 197,378 | ||||
Provision for loan losses | 1,016 | (1,040 | ) | |||||
Charge-offs: | ||||||||
C&I loans | (603 | ) | (3,389 | ) | ||||
Residential mortgage loans | (95 | ) | (87 | ) | ||||
Total charge-offs | (698 | ) | (3,476 | ) | ||||
Recoveries: | ||||||||
CRE loans | — | 5,013 | ||||||
Residential mortgage loans | 604 | 65 | ||||||
Total recoveries | 604 | 5,078 | ||||||
Net (charge-offs)/recoveries | (94 | ) | 1,602 | |||||
Foreign exchange translation adjustment | (95 | ) | (260 | ) | ||||
Allowance for loan losses, end of period | $ | 191,269 | $ | 197,680 | ||||
Allowance for loan losses to bank loans outstanding | 1.08 | % | 1.25 | % |
Three months ended December 31, | ||||||||||||||
2017 | 2016 | |||||||||||||
$ in thousands | Net loan (charge-off)/recovery amount | % of avg. outstanding loans | Net loan (charge-off)/recovery amount | % of avg. outstanding loans | ||||||||||
C&I loans | $ | (603 | ) | 0.03 | % | $ | (3,389 | ) | 0.18 | % | ||||
CRE loans | — | — | 5,013 | 0.79 | % | |||||||||
Residential mortgage loans | 509 | 0.06 | % | (22 | ) | — | ||||||||
Total | $ | (94 | ) | — | $ | 1,602 | 0.04 | % |
December 31, 2017 | September 30, 2017 | |||||||||||||||
$ in thousands | Nonperforming loan balance | Allowance for loan losses balance | Nonperforming loan balance | Allowance for loan losses balance | ||||||||||||
Loans held for investment: | ||||||||||||||||
C&I loans | $ | 4,843 | $ | (121,569 | ) | $ | 5,221 | $ | (119,901 | ) | ||||||
CRE construction loans | — | (2,107 | ) | — | (1,421 | ) | ||||||||||
CRE loans | — | (40,616 | ) | — | (41,749 | ) | ||||||||||
Tax-exempt loans | — | (6,918 | ) | — | (6,381 | ) | ||||||||||
Residential mortgage loans | 32,490 | (15,501 | ) | 33,749 | (16,691 | ) | ||||||||||
SBL | — | (4,558 | ) | — | (4,299 | ) | ||||||||||
Total | $ | 37,333 | $ | (191,269 | ) | $ | 38,970 | $ | (190,442 | ) | ||||||
Total nonperforming loans as a % of RJ Bank total loans | 0.21 | % | 0.23 | % |
December 31, 2020 | September 30, 2020 | |||||||||||||||||||||||||
$ in millions | Nonperforming loan balance | Allowance for credit losses balance | Nonperforming loan balance | Allowance for credit losses balance | ||||||||||||||||||||||
C&I loans | $ | — | $ | 198 | $ | 2 | $ | 200 | ||||||||||||||||||
CRE loans | 14 | 112 | 14 | 81 | ||||||||||||||||||||||
REIT loans | — | 30 | — | 36 | ||||||||||||||||||||||
Tax-exempt loans | — | 2 | — | 14 | ||||||||||||||||||||||
Residential mortgage loans | 14 | 33 | 14 | 18 | ||||||||||||||||||||||
SBL and other | — | 3 | — | 5 | ||||||||||||||||||||||
Total nonperforming loans held for investment | $ | 28 | $ | 378 | $ | 30 | $ | 354 | ||||||||||||||||||
Total nonperforming loans as a % of RJ Bank total loans | 0.13 | % | 0.14 | % |
Amount of delinquent residential loans | Delinquent residential loans as a percentage of outstanding loan balances | |||||||||||||||||||||||||||||||||||||
$ in millions | 30-89 days | 90 days or more | Total | 30-89 days | 90 days or more | Total | ||||||||||||||||||||||||||||||||
December 31, 2020 | $ | 5 | $ | 7 | $ | 12 | 0.10 | % | 0.14 | % | 0.24 | % | ||||||||||||||||||||||||||
September 30, 2020 | $ | 3 | $ | 7 | $ | 10 | 0.06 | % | 0.14 | % | 0.20 | % |
Amount of delinquent residential loans | Delinquent residential loans as a percentage of outstanding loan balances | ||||||||||||||||||||
$ in thousands | 30-89 days | 90 days or more | Total | 30-89 days | 90 days or more | Total | |||||||||||||||
December 31, 2017 | |||||||||||||||||||||
Residential mortgage loans: | |||||||||||||||||||||
First mortgage loans | $ | 8,203 | $ | 19,164 | $ | 27,367 | 0.25 | % | 0.59 | % | 0.84 | % | |||||||||
Home equity loans/lines | 75 | 115 | 190 | 0.27 | % | 0.41 | % | 0.68 | % | ||||||||||||
Total residential mortgage loans | $ | 8,278 | $ | 19,279 | $ | 27,557 | 0.25 | % | 0.59 | % | 0.84 | % | |||||||||
September 30, 2017 | |||||||||||||||||||||
Residential mortgage loans: | |||||||||||||||||||||
First mortgage loans | $ | 3,061 | $ | 19,823 | $ | 22,884 | 0.10 | % | 0.63 | % | 0.73 | % | |||||||||
Home equity loans/lines | 248 | 18 | 266 | 0.91 | % | 0.07 | % | 0.98 | % | ||||||||||||
Total residential mortgage loans | $ | 3,309 | $ | 19,841 | $ | 23,150 | 0.10 | % | 0.63 | % | 0.73 | % |
December 31, 2020 | ||||||||||||||
Loans outstanding as a % of RJ Bank total residential mortgage loans | Loans outstanding as a % of RJ Bank total loans | |||||||||||||
CA | 24.6% | 5.4% | ||||||||||||
FL | 16.8% | 3.7% | ||||||||||||
TX | 9.1% | 2.0% | ||||||||||||
NY | 7.2% | 1.6% | ||||||||||||
CO | 4.2% | 0.9% |
December 31, 2017 | September 30, 2017 | |||||||
Loans outstanding as a % of RJ Bank total residential mortgage loans | Loans outstanding as a % of RJ Bank total loans | Loans outstanding as a % of RJ Bank total residential mortgage loans | Loans outstanding as a % of RJ Bank total loans | |||||
CA | 24.9% | 4.6% | CA | 23.8% | 4.4% | |||
FL | 18.2% | 3.4% | FL | 18.9% | 3.5% | |||
TX | 7.6% | 1.4% | TX | 7.8% | 1.4% | |||
NY | 6.9% | 1.3% | NY | 6.8% | 1.3% | |||
CO | 3.5% | 0.6% | CO | 3.4% | 0.6% |
December 31, 2020 | ||||||||||||||
Loans outstanding as a % of RJ Bank total corporate loans | Loans outstanding as a % of RJ Bank total loans | |||||||||||||
Office real estate | 7.6% | 3.9% | ||||||||||||
Automotive/transportation | 6.9% | 3.5% | ||||||||||||
Hospitality | 6.2% | 3.2% | ||||||||||||
Business systems and services | 6.0% | 3.1% | ||||||||||||
Multi-family | 5.8% | 3.0% |
December 31, 2017 | September 30, 2017 | |||||||
Loans outstanding as a % of RJ Bank total corporate loans | Loans outstanding as a % of RJ Bank total loans | Loans outstanding as a % of RJ Bank total corporate loans | Loans outstanding as a % of RJ Bank total loans | |||||
Power & infrastructure | 5.6% | 3.8% | Office (real estate) | 5.9% | 4.0% | |||
Hospitality | 4.9% | 3.3% | Retail real estate | 5.3% | 3.6% | |||
Retail real estate | 4.9% | 3.3% | Power & infrastructure | 5.3% | 3.6% | |||
Consumer products and services | 4.7% | 3.2% | Consumer products and services | 5.2% | 3.5% | |||
Office (real estate) | 4.5% | 3.0% | Hospitality | 4.7% | 3.2% |
Total number of shares purchased | Average price per share | Number of shares purchased as part of publicly announced plans or programs | Approximate dollar value (in millions) at each month-end, of securities that may yet be purchased under the plans or programs | ||||||||||||||||||||
October 1, 2020 – October 31, 2020 | 1,204 | $ | 80.04 | — | $487 | ||||||||||||||||||
November 1, 2020 – November 30, 2020 | 93,225 | $ | 90.50 | — | $487 | ||||||||||||||||||
December 1, 2020 – December 31, 2020 | 116,759 | $ | 93.02 | 107,750 | $740 | ||||||||||||||||||
First quarter | 211,188 | $ | 91.84 | 107,750 | |||||||||||||||||||
Total number of shares purchased | Average price per share | Number of shares purchased as part of publicly announced plans or programs | Approximate dollar value (in thousands) at each month-end, of securities that may yet be purchased under the plans or programs | ||||||||||
October 1, 2017 – October 31, 2017 | 8,493 | $ | 85.25 | — | $ | 135,671 | |||||||
November 1, 2017 – November 30, 2017 | 18,539 | $ | 85.32 | — | $ | 135,671 | |||||||
December 1, 2017 – December 31, 2017 | 205,504 | $ | 87.32 | — | $ | 135,671 | |||||||
First quarter | 232,536 | $ | 87.08 | — |
Exhibit Number | Description | |||||
3.1 | ||||||
3.2 | ||||||
31.1 | ||||||
31.2 | ||||||
32 | ||||||
101.INS | XBRL Instance | |||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||
104 | Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
RAYMOND JAMES FINANCIAL, INC. | |||||||||||
(Registrant) | |||||||||||
Date: | February 8, | /s/ Paul C. Reilly | |||||||||
Paul C. Reilly | |||||||||||
Chairman and Chief Executive Officer | |||||||||||
Date: | February 8, | /s/ | |||||||||