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 | ||||||
Depositary Shares, Each Representing a 1/40th Interest in a Share of 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock | RJF PrB | 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 - | |||||||||||
Note 4 - | |||||||||||
Note 5 - | |||||||||||
Note 6 | |||||||||||
Note | |||||||||||
Note 8 - Loans to financial advisors, net | |||||||||||
Note 9 - Variable interest entities | |||||||||||
Note 10 - Goodwill and identifiable intangible assets, net | |||||||||||
Note 11 - | |||||||||||
Note 12 - | |||||||||||
Note 13 - Bank deposits | |||||||||||
Note 14 - Other borrowings | |||||||||||
Note 15 - Income taxes | |||||||||||
Note | |||||||||||
Note | |||||||||||
Note | |||||||||||
Note 19 - 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 | March 31, 2023 | September 30, 2022 | ||||||||||||
Assets: | ||||||||||||||
Cash and cash equivalents | $ | 8,663 | $ | 6,178 | ||||||||||
Assets segregated for regulatory purposes and restricted cash | 4,697 | 8,481 | ||||||||||||
Collateralized agreements | 379 | 704 | ||||||||||||
Financial instruments, at fair value: | ||||||||||||||
Trading assets ($935 and $1,188 pledged as collateral) | 993 | 1,270 | ||||||||||||
Available-for-sale securities ($26 and $74 pledged as collateral) | 9,773 | 9,885 | ||||||||||||
Derivative assets | 91 | 188 | ||||||||||||
Other investments ($21 and $14 pledged as collateral) | 318 | 292 | ||||||||||||
Brokerage client receivables, net | 2,575 | 2,934 | ||||||||||||
Other receivables, net | 1,711 | 1,615 | ||||||||||||
Bank loans, net | 43,683 | 43,239 | ||||||||||||
Loans to financial advisors, net | 1,108 | 1,152 | ||||||||||||
Deferred income taxes, net | 573 | 630 | ||||||||||||
Goodwill and identifiable intangible assets, net | 1,932 | 1,931 | ||||||||||||
Other assets | 2,684 | 2,452 | ||||||||||||
Total assets | $ | 79,180 | $ | 80,951 | ||||||||||
Liabilities and shareholders’ equity: | ||||||||||||||
Bank deposits | $ | 54,229 | $ | 51,357 | ||||||||||
Collateralized financings | 327 | 466 | ||||||||||||
Financial instrument liabilities, at fair value: | ||||||||||||||
Trading liabilities | 710 | 836 | ||||||||||||
Derivative liabilities | 351 | 530 | ||||||||||||
Brokerage client payables | 6,848 | 11,446 | ||||||||||||
Accrued compensation, commissions and benefits | 1,461 | 1,787 | ||||||||||||
Other payables | 1,597 | 1,768 | ||||||||||||
Other borrowings | 1,650 | 1,291 | ||||||||||||
Senior notes payable | 2,038 | 2,038 | ||||||||||||
Total liabilities | 69,211 | 71,519 | ||||||||||||
Commitments and contingencies (see Note 16) | ||||||||||||||
Shareholders’ equity | ||||||||||||||
Preferred stock | 120 | 120 | ||||||||||||
Common stock; $.01 par value; 650,000,000 shares authorized; 248,323,901 shares issued and 211,581,156 shares outstanding as of March 31, 2023; 248,018,564 shares issued and 215,122,523 shares outstanding as of September 30, 2022 | 2 | 2 | ||||||||||||
Additional paid-in capital | 3,035 | 2,987 | ||||||||||||
Retained earnings | 9,590 | 8,843 | ||||||||||||
Treasury stock, at cost; 36,742,745 and 32,896,041 common shares as of March 31, 2023 and September 30, 2022, respectively | (1,954) | (1,512) | ||||||||||||
Accumulated other comprehensive loss | (798) | (982) | ||||||||||||
Total equity attributable to Raymond James Financial, Inc. | 9,995 | 9,458 | ||||||||||||
Noncontrolling interests | (26) | (26) | ||||||||||||
Total shareholders’ equity | 9,969 | 9,432 | ||||||||||||
Total liabilities and shareholders’ equity | $ | 79,180 | $ | 80,951 |
$ 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 March 31, | Six months ended March 31, | |||||||||||||||||||||||||
in millions, except per share amounts | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Asset management and related administrative fees | $ | 1,302 | $ | 1,464 | $ | 2,544 | $ | 2,846 | ||||||||||||||||||
Brokerage revenues: | ||||||||||||||||||||||||||
Securities commissions | 369 | 422 | 721 | 847 | ||||||||||||||||||||||
Principal transactions | 127 | 142 | 259 | 275 | ||||||||||||||||||||||
Total brokerage revenues | 496 | 564 | 980 | 1,122 | ||||||||||||||||||||||
Account and service fees | 258 | 179 | 547 | 356 | ||||||||||||||||||||||
Investment banking | 154 | 235 | 295 | 660 | ||||||||||||||||||||||
Interest income | 915 | 242 | 1,742 | 467 | ||||||||||||||||||||||
Other | 32 | 27 | 76 | 78 | ||||||||||||||||||||||
Total revenues | 3,157 | 2,711 | 6,184 | 5,529 | ||||||||||||||||||||||
Interest expense | (284) | (38) | (525) | (75) | ||||||||||||||||||||||
Net revenues | 2,873 | 2,673 | 5,659 | 5,454 | ||||||||||||||||||||||
Non-interest expenses: | ||||||||||||||||||||||||||
Compensation, commissions and benefits | 1,820 | 1,852 | 3,556 | 3,736 | ||||||||||||||||||||||
Non-compensation expenses: | ||||||||||||||||||||||||||
Communications and information processing | 153 | 127 | 292 | 239 | ||||||||||||||||||||||
Occupancy and equipment | 68 | 62 | 134 | 121 | ||||||||||||||||||||||
Business development | 54 | 34 | 110 | 69 | ||||||||||||||||||||||
Investment sub-advisory fees | 36 | 40 | 70 | 78 | ||||||||||||||||||||||
Professional fees | 38 | 27 | 70 | 55 | ||||||||||||||||||||||
Bank loan provision for credit losses | 28 | 21 | 42 | 10 | ||||||||||||||||||||||
Other | 119 | 77 | 176 | 155 | ||||||||||||||||||||||
Total non-compensation expenses | 496 | 388 | 894 | 727 | ||||||||||||||||||||||
Total non-interest expenses | 2,316 | 2,240 | 4,450 | 4,463 | ||||||||||||||||||||||
Pre-tax income | 557 | 433 | 1,209 | 991 | ||||||||||||||||||||||
Provision for income taxes | 130 | 110 | 273 | 222 | ||||||||||||||||||||||
Net income | 427 | 323 | 936 | 769 | ||||||||||||||||||||||
Preferred stock dividends | 2 | — | 4 | — | ||||||||||||||||||||||
Net income available to common shareholders | $ | 425 | $ | 323 | $ | 932 | $ | 769 | ||||||||||||||||||
Earnings per common share – basic | $ | 1.97 | $ | 1.56 | $ | 4.33 | $ | 3.71 | ||||||||||||||||||
Earnings per common share – diluted | $ | 1.93 | $ | 1.52 | $ | 4.23 | $ | 3.61 | ||||||||||||||||||
Weighted-average common shares outstanding – basic | 214.3 | 207.7 | 214.5 | 207.0 | ||||||||||||||||||||||
Weighted-average common and common equivalent shares outstanding – diluted | 219.2 | 213.0 | 219.7 | 212.6 | ||||||||||||||||||||||
Net income | $ | 427 | $ | 323 | $ | 936 | $ | 769 | ||||||||||||||||||
Other comprehensive income/(loss), net of tax: | ||||||||||||||||||||||||||
Available-for-sale securities | 97 | (320) | 144 | (375) | ||||||||||||||||||||||
Currency translations, net of the impact of net investment hedges | 7 | (11) | 53 | (11) | ||||||||||||||||||||||
Cash flow hedges | (11) | 29 | (13) | 38 | ||||||||||||||||||||||
Total other comprehensive income/(loss), net of tax | 93 | (302) | 184 | (348) | ||||||||||||||||||||||
Total comprehensive income | $ | 520 | $ | 21 | $ | 1,120 | $ | 421 |
Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||
$ in millions, except per share amounts | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Preferred stock: | ||||||||||||||||||||||||||
Balance beginning of period | $ | 120 | $ | — | $ | 120 | $ | — | ||||||||||||||||||
Shares issuances | — | — | — | — | ||||||||||||||||||||||
Balance end of period | 120 | — | 120 | — | ||||||||||||||||||||||
Common stock, par value $.01 per share: | ||||||||||||||||||||||||||
Balance beginning of period | 2 | 2 | 2 | 2 | ||||||||||||||||||||||
Share issuances | — | — | — | — | ||||||||||||||||||||||
Balance end of period | 2 | 2 | 2 | 2 | ||||||||||||||||||||||
Additional paid-in capital: | ||||||||||||||||||||||||||
Balance beginning of period | 2,975 | 2,055 | 2,987 | 2,088 | ||||||||||||||||||||||
Employee stock purchases | 15 | 14 | 22 | 22 | ||||||||||||||||||||||
Distributions due to vesting of restricted stock units and exercise of stock options, net of forfeitures | (11) | (17) | (110) | (122) | ||||||||||||||||||||||
Share-based compensation amortization | 56 | 41 | 136 | 105 | ||||||||||||||||||||||
Balance end of period | 3,035 | 2,093 | 3,035 | 2,093 | ||||||||||||||||||||||
Retained earnings: | ||||||||||||||||||||||||||
Balance beginning of period | 9,254 | 8,003 | 8,843 | 7,633 | ||||||||||||||||||||||
Net income | 427 | 323 | 936 | 769 | ||||||||||||||||||||||
Common and preferred stock cash dividends declared (see Note 17) | (91) | (70) | (189) | (146) | ||||||||||||||||||||||
Balance end of period | 9,590 | 8,256 | 9,590 | 8,256 | ||||||||||||||||||||||
Treasury stock: | ||||||||||||||||||||||||||
Balance beginning of period | (1,604) | (1,373) | (1,512) | (1,437) | ||||||||||||||||||||||
Purchases/surrenders | (358) | — | (505) | (10) | ||||||||||||||||||||||
Reissuances due to vesting of restricted stock units and exercise of stock options | 8 | 13 | 63 | 87 | ||||||||||||||||||||||
Balance end of period | (1,954) | (1,360) | (1,954) | (1,360) | ||||||||||||||||||||||
Accumulated other comprehensive loss: | ||||||||||||||||||||||||||
Balance beginning of period | (891) | (87) | (982) | (41) | ||||||||||||||||||||||
Other comprehensive income/(loss), net of tax | 93 | (302) | 184 | (348) | ||||||||||||||||||||||
Balance end of period | (798) | (389) | (798) | (389) | ||||||||||||||||||||||
Total equity attributable to Raymond James Financial, Inc. | $ | 9,995 | $ | 8,602 | $ | 9,995 | $ | 8,602 | ||||||||||||||||||
Noncontrolling interests: | ||||||||||||||||||||||||||
Balance beginning of period | $ | (26) | $ | 52 | $ | (26) | $ | 58 | ||||||||||||||||||
Net loss attributable to noncontrolling interests | — | (2) | — | — | ||||||||||||||||||||||
Deconsolidations and sales | — | (43) | — | (51) | ||||||||||||||||||||||
Balance end of period | (26) | 7 | (26) | 7 | ||||||||||||||||||||||
Total shareholders’ equity | $ | 9,969 | $ | 8,609 | $ | 9,969 | $ | 8,609 |
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 |
Six months ended March 31, | ||||||||||||||
$ in millions | 2023 | 2022 | ||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income | $ | 936 | $ | 769 | ||||||||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||||||||
Depreciation and amortization | 81 | 69 | ||||||||||||
Deferred income taxes, net | (4) | 12 | ||||||||||||
Premium and discount amortization on available-for-sale securities and bank loans and net unrealized gain/loss on other investments | (23) | 24 | ||||||||||||
Provisions for credit losses and legal and regulatory proceedings | 78 | 16 | ||||||||||||
Share-based compensation expense | 138 | 109 | ||||||||||||
Unrealized (gain)/loss on company-owned life insurance policies, net of expenses | (86) | 19 | ||||||||||||
Other | (3) | 10 | ||||||||||||
Net change in: | ||||||||||||||
Assets segregated for regulatory purposes excluding cash and cash equivalents | — | (8,294) | ||||||||||||
Collateralized agreements, net of collateralized financings | 186 | 59 | ||||||||||||
Loans (provided to) financial advisors, net of repayments | 34 | (76) | ||||||||||||
Brokerage client receivables and other receivables, net | 145 | (299) | ||||||||||||
Trading instruments, net | 163 | 160 | ||||||||||||
Derivative instruments, net | (122) | 166 | ||||||||||||
Other assets | (65) | (39) | ||||||||||||
Brokerage client payables and other payables | (4,892) | 6,556 | ||||||||||||
Accrued compensation, commissions and benefits | (332) | (278) | ||||||||||||
Purchases and originations of loans held for sale, net of proceeds from sales of securitizations and loans held for sale | 6 | (153) | ||||||||||||
Net cash used in operating activities | (3,760) | (1,170) | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Increase in bank loans, net | (621) | (2,850) | ||||||||||||
Proceeds from sales of loans held for investment | 142 | 134 | ||||||||||||
Purchases of available-for-sale securities | (325) | (1,992) | ||||||||||||
Available-for-sale securities maturations, repayments and redemptions | 639 | 952 | ||||||||||||
Cash and cash equivalents acquired in business acquisitions, including those segregated for regulatory purposes, net of cash paid for acquisitions | — | 1,671 | ||||||||||||
Additions to property and equipment | (69) | (42) | ||||||||||||
Purchase of Federal Home Loan Bank stock, net | (35) | — | ||||||||||||
Investment in note receivable | — | (125) | ||||||||||||
Purchases of other investments, net | (6) | (80) | ||||||||||||
Other investing activities, net | (44) | (71) | ||||||||||||
Net cash used in investing activities | (319) | (2,403) | ||||||||||||
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) | ||||||||||||||
Six months ended March 31, | ||||||||||||||
$ in millions | 2023 | 2022 | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Increase in bank deposits | 2,872 | 2,190 | ||||||||||||
Repurchases of common stock and share-based awards withheld for payment of withholding tax requirements | (558) | (59) | ||||||||||||
Dividends on preferred and common stock | (174) | (131) | ||||||||||||
Exercise of stock options and employee stock purchases | 25 | 32 | ||||||||||||
Proceeds from Federal Home Loan Bank advances | 1,650 | 850 | ||||||||||||
Repayments of Federal Home Loan Bank advances and other borrowed funds | (1,291) | (852) | ||||||||||||
Other financing, net | (2) | (5) | ||||||||||||
Net cash provided by financing activities | 2,522 | 2,025 | ||||||||||||
Currency adjustment: | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents, including those segregated for regulatory purposes | 258 | (49) | ||||||||||||
Net decrease in cash and cash equivalents, including those segregated for regulatory purposes and restricted cash | (1,299) | (1,597) | ||||||||||||
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at beginning of year | 14,659 | 16,449 | ||||||||||||
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of period | $ | 13,360 | $ | 14,852 | ||||||||||
Cash and cash equivalents | $ | 8,663 | $ | 5,715 | ||||||||||
Cash and cash equivalents segregated for regulatory purposes and restricted cash | 4,697 | 9,137 | ||||||||||||
Total cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of period | $ | 13,360 | $ | 14,852 | ||||||||||
Supplemental disclosures of cash flow information: | ||||||||||||||
Cash paid for interest | $ | 483 | $ | 76 | ||||||||||
Cash paid for income taxes, net | $ | 389 | $ | 293 | ||||||||||
Cash outflows for lease liabilities | $ | 60 | $ | 52 | ||||||||||
Non-cash right-of-use assets recorded for new and modified leases | $ | 42 | $ | 26 | ||||||||||
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 March 31, 2023 | |||||||||||||||||||||||||||
Assets at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||
Trading assets: | ||||||||||||||||||||||||||||||||
Municipal and provincial obligations | $ | — | $ | 177 | $ | — | $ | — | $ | 177 | ||||||||||||||||||||||
Corporate obligations | 17 | 520 | — | — | 537 | |||||||||||||||||||||||||||
Government and agency obligations | 40 | 83 | — | — | 123 | |||||||||||||||||||||||||||
Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”) | — | 27 | — | — | 27 | |||||||||||||||||||||||||||
Non-agency CMOs and ABS | — | 106 | — | — | 106 | |||||||||||||||||||||||||||
Total debt securities | 57 | 913 | — | — | 970 | |||||||||||||||||||||||||||
Equity securities | 8 | 2 | — | — | 10 | |||||||||||||||||||||||||||
Brokered certificates of deposit | 1 | 9 | — | — | 10 | |||||||||||||||||||||||||||
Other | — | — | 3 | — | 3 | |||||||||||||||||||||||||||
Total trading assets | 66 | 924 | 3 | — | 993 | |||||||||||||||||||||||||||
Available-for-sale securities (1) | 1,021 | 8,752 | — | — | 9,773 | |||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||
Interest rate | 9 | 361 | — | (279) | 91 | |||||||||||||||||||||||||||
Total derivative assets | 9 | 361 | — | (279) | 91 | |||||||||||||||||||||||||||
All other investments: | ||||||||||||||||||||||||||||||||
Government and agency obligations (2) | 97 | — | — | — | 97 | |||||||||||||||||||||||||||
Other | 93 | 1 | 28 | — | 122 | |||||||||||||||||||||||||||
Total all other investments | 190 | 1 | 28 | — | 219 | |||||||||||||||||||||||||||
Other assets - fractional shares | 92 | — | — | — | 92 | |||||||||||||||||||||||||||
Subtotal | 1,378 | 10,038 | 31 | (279) | 11,168 | |||||||||||||||||||||||||||
Other investments - private equity - measured at net asset value (“NAV”) | 99 | |||||||||||||||||||||||||||||||
Total assets at fair value on a recurring basis | $ | 1,378 | $ | 10,038 | $ | 31 | $ | (279) | $ | 11,267 | ||||||||||||||||||||||
Liabilities at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||
Trading liabilities: | ||||||||||||||||||||||||||||||||
Municipal and provincial obligations | $ | 1 | $ | — | $ | — | $ | — | $ | 1 | ||||||||||||||||||||||
Corporate obligations | — | 563 | — | — | 563 | |||||||||||||||||||||||||||
Government and agency obligations | 99 | 2 | — | — | 101 | |||||||||||||||||||||||||||
Non-agency CMOs and ABS | — | 4 | — | — | 4 | |||||||||||||||||||||||||||
Total debt securities | 100 | 569 | — | — | 669 | |||||||||||||||||||||||||||
Equity securities | 41 | — | — | — | 41 | |||||||||||||||||||||||||||
Total trading liabilities | 141 | 569 | — | — | 710 | |||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||
Interest rate | 8 | 408 | — | (78) | 338 | |||||||||||||||||||||||||||
Foreign exchange | — | 9 | — | — | 9 | |||||||||||||||||||||||||||
Other | — | — | 4 | — | 4 | |||||||||||||||||||||||||||
Total derivative liabilities | 8 | 417 | 4 | (78) | 351 | |||||||||||||||||||||||||||
Other payables - fractional shares | 92 | — | — | — | 92 | |||||||||||||||||||||||||||
Total liabilities at fair value on a recurring basis | $ | 241 | $ | 986 | $ | 4 | $ | (78) | $ | 1,153 |
$ 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, 2022 | |||||||||||||||||||||||||||
Assets at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||
Trading assets: | ||||||||||||||||||||||||||||||||
Municipal and provincial obligations | $ | — | $ | 269 | $ | — | $ | — | $ | 269 | ||||||||||||||||||||||
Corporate obligations | 16 | 579 | — | — | 595 | |||||||||||||||||||||||||||
Government and agency obligations | 86 | 85 | — | — | 171 | |||||||||||||||||||||||||||
Agency MBS, CMOs, and ABS | — | 123 | — | — | 123 | |||||||||||||||||||||||||||
Non-agency CMOs and ABS | — | 61 | — | — | 61 | |||||||||||||||||||||||||||
Total debt securities | 102 | 1,117 | — | — | 1,219 | |||||||||||||||||||||||||||
Equity securities | 20 | — | — | — | 20 | |||||||||||||||||||||||||||
Brokered certificates of deposit | — | 30 | — | — | 30 | |||||||||||||||||||||||||||
Other | — | — | 1 | — | 1 | |||||||||||||||||||||||||||
Total trading assets | 122 | 1,147 | 1 | — | 1,270 | |||||||||||||||||||||||||||
Available-for-sale securities (1) | 986 | 8,899 | — | — | 9,885 | |||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||
Interest rate | 42 | 484 | — | (348) | 178 | |||||||||||||||||||||||||||
Foreign exchange | — | 10 | — | — | 10 | |||||||||||||||||||||||||||
Total derivative assets | 42 | 494 | — | (348) | 188 | |||||||||||||||||||||||||||
All other investments: | ||||||||||||||||||||||||||||||||
Government and agency obligations (2) | 79 | — | — | — | 79 | |||||||||||||||||||||||||||
Other | 92 | 2 | 29 | — | 123 | |||||||||||||||||||||||||||
Total all other investments | 171 | 2 | 29 | — | 202 | |||||||||||||||||||||||||||
Other assets - fractional shares | 78 | — | — | — | 78 | |||||||||||||||||||||||||||
Subtotal | 1,399 | 10,542 | 30 | (348) | 11,623 | |||||||||||||||||||||||||||
Other investments - private equity - measured at NAV | 90 | |||||||||||||||||||||||||||||||
Total assets at fair value on a recurring basis | $ | 1,399 | $ | 10,542 | $ | 30 | $ | (348) | $ | 11,713 | ||||||||||||||||||||||
Liabilities at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||
Trading liabilities: | ||||||||||||||||||||||||||||||||
Municipal and provincial obligations | $ | 5 | $ | — | $ | — | $ | — | $ | 5 | ||||||||||||||||||||||
Corporate obligations | — | 555 | — | — | 555 | |||||||||||||||||||||||||||
Government and agency obligations | 249 | — | — | — | 249 | |||||||||||||||||||||||||||
Total debt securities | 254 | 555 | — | — | 809 | |||||||||||||||||||||||||||
Equity securities | 27 | — | — | — | 27 | |||||||||||||||||||||||||||
Total trading liabilities | 281 | 555 | — | — | 836 | |||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||
Interest rate | 40 | 547 | — | (65) | 522 | |||||||||||||||||||||||||||
Foreign exchange | — | 5 | — | — | 5 | |||||||||||||||||||||||||||
Other | — | — | 3 | — | 3 | |||||||||||||||||||||||||||
Total derivative liabilities | 40 | 552 | 3 | (65) | 530 | |||||||||||||||||||||||||||
Other payables - fractional shares | 78 | — | — | — | 78 | |||||||||||||||||||||||||||
Total liabilities at fair value on a recurring basis | $ | 399 | $ | 1,107 | $ | 3 | $ | (65) | $ | 1,444 |
(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 March 31, 2023 Level 3 instruments at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets | Financial liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||
Trading assets | Other investments | Derivative liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions | Other | All other | Other | |||||||||||||||||||||||||||||||||||||||||||||||
Fair value beginning of period | $ | 6 | $ | 30 | $ | (4) | ||||||||||||||||||||||||||||||||||||||||||||
Total gains/(losses) included in earnings | — | (2) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Purchases and contributions | 11 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Sales and distributions | (14) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Transfers: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Into Level 3 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Out of Level 3 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Fair value end of period | $ | 3 | $ | 28 | $ | (4) | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period | $ | — | $ | (2) | $ | — |
Six months ended March 31, 2023 Level 3 instruments at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets | Financial liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||
Trading assets | Other investments | Derivative liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions | Other | All other | Other | |||||||||||||||||||||||||||||||||||||||||||||||
Fair value beginning of period | $ | 1 | $ | 29 | $ | (3) | ||||||||||||||||||||||||||||||||||||||||||||
Total gains/(losses) included in earnings | — | (1) | (1) | |||||||||||||||||||||||||||||||||||||||||||||||
Purchases and contributions | 36 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Sales and distributions | (34) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Transfers: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Into Level 3 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Out of Level 3 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Fair value end of period | $ | 3 | $ | 28 | $ | (4) | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period | $ | — | $ | (1) | $ | (1) | ||||||||||||||||||||||||||||||||||||||||||||
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 | ) |
Three months ended March 31, 2022 Level 3 instruments at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets | Financial liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading assets | Derivative assets | Other investments | Trading liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions | Other | Other | All other | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value beginning of period | $ | 2 | $ | 1 | $ | 98 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total gains/(losses) included in earnings | — | (1) | — | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases and contributions | 29 | — | 7 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales, distributions, and deconsolidations | (18) | — | (40) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Into Level 3 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Out of Level 3 | — | — | (12) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value end of period | $ | 13 | $ | — | $ | 53 | $ | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period | $ | (1) | $ | (1) | $ | — | $ | (1) |
Six months ended March 31, 2022 Level 3 instruments at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets | Financial liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||
Trading assets | Other investments | Trading liabilities | Derivative liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
$ in millions | Other | All other | Other | Other | ||||||||||||||||||||||||||||||||||||||||||||||
Fair value beginning of period | $ | 14 | $ | 98 | $ | — | $ | (1) | ||||||||||||||||||||||||||||||||||||||||||
Total gains/(losses) included in earnings | 2 | — | (1) | 1 | ||||||||||||||||||||||||||||||||||||||||||||||
Purchases and contributions | 54 | 7 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Sales, distributions, and deconsolidations | (57) | (40) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Transfers: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Into Level 3 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Out of Level 3 | — | (12) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Fair value end of period | $ | 13 | $ | 53 | $ | (1) | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period | $ | (1) | $ | — | $ | (1) | $ | — | ||||||||||||||||||||||||||||||||||||||||||
$ 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 |
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 | ||||||||||||
March 31, 2023 | ||||||||||||||
Private equity investments measured at NAV | $ | 99 | $ | 35 | ||||||||||
Private equity investments not measured at NAV | 5 | |||||||||||||
Total private equity investments | $ | 104 | ||||||||||||
September 30, 2022 | ||||||||||||||
Private equity investments measured at NAV | $ | 90 | $ | 39 | ||||||||||
Private equity investments not measured at NAV | 5 | |||||||||||||
Total private equity investments | $ | 95 |
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) | ||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Bank loans: | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 2 | $ | 9 | $ | 11 | Collateral or discounted cash flow (1) | Prepayment rate | 7 yrs. - 12 yrs. (10.3 yrs.) | |||||||||||||||||||||||||||||||||||
Corporate loans | $ | — | $ | 76 | $ | 76 | Collateral or discounted cash flow (1) | Recovery rate | 44% - 80% (63%) | |||||||||||||||||||||||||||||||||||
Loans held for sale | $ | 93 | $ | — | $ | 93 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Bank loans: | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 2 | $ | 10 | $ | 12 | Collateral or discounted cash flow (1) | Prepayment rate | 7 yrs. - 12 yrs. (10.4 yrs.) | |||||||||||||||||||||||||||||||||||
Corporate loans | $ | — | $ | 57 | $ | 57 | Collateral or discounted cash flow (1) | Recovery rate | 24% - 66% (47%) | |||||||||||||||||||||||||||||||||||
Loans held for sale | $ | 3 | $ | — | $ | 3 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||
$ in millions | Level 2 | Level 3 | Total estimated fair value | Carrying amount | ||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Bank loans, net | $ | 26 | $ | 42,926 | $ | 42,952 | $ | 43,503 | ||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Bank deposits - certificates of deposit | $ | 2,643 | $ | — | $ | 2,643 | $ | 2,656 | ||||||||||||||||||||||||
Other borrowings - subordinated notes payable | $ | 92 | $ | — | $ | 92 | $ | 100 | ||||||||||||||||||||||||
Senior notes payable | $ | 1,779 | $ | — | $ | 1,779 | $ | 2,038 | ||||||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Bank loans, net | $ | 134 | $ | 42,336 | $ | 42,470 | $ | 43,167 | ||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Bank deposits - certificates of deposit | $ | 400 | $ | 579 | $ | 979 | $ | 999 | ||||||||||||||||||||||||
Other borrowings - subordinated notes payable | $ | 95 | $ | — | $ | 95 | $ | 100 | ||||||||||||||||||||||||
Senior notes payable | $ | 1,706 | $ | — | $ | 1,706 | $ | 2,038 |
$ 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 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 |
$ in millions | Cost basis | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||
Agency residential MBS | $ | 5,272 | $ | 1 | $ | (520) | $ | 4,753 | ||||||||||||||||||
Agency commercial MBS | 1,477 | — | (178) | 1,299 | ||||||||||||||||||||||
Agency CMOs | 1,545 | — | (218) | 1,327 | ||||||||||||||||||||||
Other agency obligations | 760 | — | (23) | 737 | ||||||||||||||||||||||
Non-agency residential MBS | 518 | — | (39) | 479 | ||||||||||||||||||||||
U.S. Treasuries | 1,043 | — | (22) | 1,021 | ||||||||||||||||||||||
Corporate bonds | 145 | — | (5) | 140 | ||||||||||||||||||||||
Other | 17 | — | — | 17 | ||||||||||||||||||||||
Total available-for-sale securities | $ | 10,777 | $ | 1 | $ | (1,005) | $ | 9,773 | ||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||
Agency residential MBS | $ | 5,662 | $ | — | $ | (668) | $ | 4,994 | ||||||||||||||||||
Agency commercial MBS | 1,518 | — | (208) | 1,310 | ||||||||||||||||||||||
Agency CMOs | 1,637 | — | (233) | 1,404 | ||||||||||||||||||||||
Other agency obligations | 613 | — | (31) | 582 | ||||||||||||||||||||||
Non-agency residential MBS | 492 | — | (41) | 451 | ||||||||||||||||||||||
U.S. Treasuries | 1,014 | — | (28) | 986 | ||||||||||||||||||||||
Corporate bonds | 146 | — | (5) | 141 | ||||||||||||||||||||||
Other | 18 | — | (1) | 17 | ||||||||||||||||||||||
Total available-for-sale securities | $ | 11,100 | $ | — | $ | (1,215) | $ | 9,885 |
March 31, 2023 | ||||||||||||||||||||||||||||||||
$ 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 | $ | — | $ | 138 | $ | 2,332 | $ | 2,802 | $ | 5,272 | ||||||||||||||||||||||
Carrying value | $ | — | $ | 134 | $ | 2,120 | $ | 2,499 | $ | 4,753 | ||||||||||||||||||||||
Weighted-average yield | — | % | 2.47 | % | 1.30 | % | 1.90 | % | 1.65 | % | ||||||||||||||||||||||
Agency commercial MBS | ||||||||||||||||||||||||||||||||
Amortized cost | $ | — | $ | 876 | $ | 550 | $ | 51 | $ | 1,477 | ||||||||||||||||||||||
Carrying value | $ | — | $ | 797 | $ | 459 | $ | 43 | $ | 1,299 | ||||||||||||||||||||||
Weighted-average yield | — | % | 1.63 | % | 1.25 | % | 1.87 | % | 1.50 | % | ||||||||||||||||||||||
Agency CMOs | ||||||||||||||||||||||||||||||||
Amortized cost | $ | — | $ | 11 | $ | 41 | $ | 1,493 | $ | 1,545 | ||||||||||||||||||||||
Carrying value | $ | — | $ | 10 | $ | 37 | $ | 1,280 | $ | 1,327 | ||||||||||||||||||||||
Weighted-average yield | — | % | 2.28 | % | 1.51 | % | 1.61 | % | 1.61 | % | ||||||||||||||||||||||
Other agency obligations | ||||||||||||||||||||||||||||||||
Amortized cost | $ | 35 | $ | 609 | $ | 105 | $ | 11 | $ | 760 | ||||||||||||||||||||||
Carrying value | $ | 34 | $ | 594 | $ | 99 | $ | 10 | $ | 737 | ||||||||||||||||||||||
Weighted-average yield | 2.16 | % | 3.42 | % | 3.58 | % | 3.07 | % | 3.38 | % | ||||||||||||||||||||||
Non-agency residential MBS | ||||||||||||||||||||||||||||||||
Amortized cost | $ | — | $ | — | $ | — | $ | 518 | $ | 518 | ||||||||||||||||||||||
Carrying value | $ | — | $ | — | $ | — | $ | 479 | $ | 479 | ||||||||||||||||||||||
Weighted-average yield | — | % | — | % | — | % | 4.13 | % | 4.13 | % | ||||||||||||||||||||||
U.S. Treasuries | ||||||||||||||||||||||||||||||||
Amortized cost | $ | 191 | $ | 852 | $ | — | $ | — | $ | 1,043 | ||||||||||||||||||||||
Carrying value | $ | 188 | $ | 833 | $ | — | $ | — | $ | 1,021 | ||||||||||||||||||||||
Weighted-average yield | 2.28 | % | 2.78 | % | — | % | — | % | 2.69 | % | ||||||||||||||||||||||
Corporate bonds | ||||||||||||||||||||||||||||||||
Amortized cost | $ | 1 | $ | 116 | $ | 28 | $ | — | $ | 145 | ||||||||||||||||||||||
Carrying value | $ | 1 | $ | 112 | $ | 27 | $ | — | $ | 140 | ||||||||||||||||||||||
Weighted-average yield | 2.88 | % | 5.80 | % | 4.95 | % | — | % | 5.61 | % | ||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||
Amortized cost | $ | — | $ | 5 | $ | 5 | $ | 7 | $ | 17 | ||||||||||||||||||||||
Carrying value | $ | — | $ | 5 | $ | 4 | $ | 8 | $ | 17 | ||||||||||||||||||||||
Weighted-average yield | — | % | 6.66 | % | 5.23 | % | 7.47 | % | 6.67 | % | ||||||||||||||||||||||
Total available-for-sale securities | ||||||||||||||||||||||||||||||||
Amortized cost | $ | 227 | $ | 2,607 | $ | 3,061 | $ | 4,882 | $ | 10,777 | ||||||||||||||||||||||
Carrying value | $ | 223 | $ | 2,485 | $ | 2,746 | $ | 4,319 | $ | 9,773 | ||||||||||||||||||||||
Weighted-average yield | 2.27 | % | 2.66 | % | 1.42 | % | 2.06 | % | 2.03 | % |
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 | ||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Agency residential MBS | $ | 673 | $ | (40) | $ | 4,018 | $ | (480) | $ | 4,691 | $ | (520) | ||||||||||||||||||||||||||
Agency commercial MBS | 145 | (4) | 1,154 | (174) | 1,299 | (178) | ||||||||||||||||||||||||||||||||
Agency CMOs | 40 | (1) | 1,287 | (217) | 1,327 | (218) | ||||||||||||||||||||||||||||||||
Other agency obligations | 386 | (11) | 301 | (12) | 687 | (23) | ||||||||||||||||||||||||||||||||
Non-agency residential MBS | 469 | (39) | — | — | 469 | (39) | ||||||||||||||||||||||||||||||||
U.S. Treasuries | 749 | (16) | 247 | (6) | 996 | (22) | ||||||||||||||||||||||||||||||||
Corporate bonds | 125 | (5) | — | — | 125 | (5) | ||||||||||||||||||||||||||||||||
Other | 13 | — | — | — | 13 | — | ||||||||||||||||||||||||||||||||
Total | $ | 2,600 | $ | (116) | $ | 7,007 | $ | (889) | $ | 9,607 | $ | (1,005) | ||||||||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||||||||||||||
Agency residential MBS | $ | 2,165 | $ | (226) | $ | 2,829 | $ | (442) | $ | 4,994 | $ | (668) | ||||||||||||||||||||||||||
Agency commercial MBS | 494 | (41) | 816 | (167) | 1,310 | (208) | ||||||||||||||||||||||||||||||||
Agency CMOs | 337 | (32) | 1,067 | (201) | 1,404 | (233) | ||||||||||||||||||||||||||||||||
Other agency obligations | 582 | (31) | — | — | 582 | (31) | ||||||||||||||||||||||||||||||||
Non-agency residential MBS | 451 | (41) | — | — | 451 | (41) | ||||||||||||||||||||||||||||||||
U.S. Treasuries | 982 | (28) | 4 | — | 986 | (28) | ||||||||||||||||||||||||||||||||
Corporate bonds | 128 | (5) | — | — | 128 | (5) | ||||||||||||||||||||||||||||||||
Other | 17 | (1) | — | — | 17 | (1) | ||||||||||||||||||||||||||||||||
Total | $ | 5,156 | $ | (405) | $ | 4,716 | $ | (810) | $ | 9,872 | $ | (1,215) |
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 |
March 31, 2023 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||
$ in millions | Derivative assets | Derivative liabilities | Notional amount | Derivative assets | Derivative liabilities | Notional amount | ||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||||||||||
Interest rate - other (1) | $ | 353 | $ | 407 | $ | 16,404 | $ | 462 | $ | 535 | $ | 14,647 | ||||||||||||||||||||||||||
Interest rate - matched book | 8 | 8 | 170 | 52 | 52 | 1,340 | ||||||||||||||||||||||||||||||||
Foreign exchange | — | 4 | 1,128 | 4 | 5 | 958 | ||||||||||||||||||||||||||||||||
Other | — | 4 | 582 | — | 3 | 531 | ||||||||||||||||||||||||||||||||
Subtotal | 361 | 423 | 18,284 | 518 | 595 | 17,476 | ||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||||||||||||||||
Interest rate - other (2) | 9 | 1 | 1,300 | 12 | — | 1,050 | ||||||||||||||||||||||||||||||||
Foreign exchange | — | 5 | 1,149 | 6 | — | 1,092 | ||||||||||||||||||||||||||||||||
Subtotal | 9 | 6 | 2,449 | 18 | — | 2,142 | ||||||||||||||||||||||||||||||||
Total gross fair value/notional amount | 370 | 429 | $ | 20,733 | 536 | 595 | $ | 19,618 | ||||||||||||||||||||||||||||||
Offset on the Condensed Consolidated Statements of Financial Condition | ||||||||||||||||||||||||||||||||||||||
Counterparty netting | (36) | (36) | (35) | (35) | ||||||||||||||||||||||||||||||||||
Cash collateral netting | (243) | (42) | (313) | (30) | ||||||||||||||||||||||||||||||||||
Total amounts offset | (279) | (78) | (348) | (65) | ||||||||||||||||||||||||||||||||||
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | $ | 91 | $ | 351 | $ | 188 | $ | 530 | ||||||||||||||||||||||||||||||
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition | ||||||||||||||||||||||||||||||||||||||
Financial instruments (3) | (14) | (8) | (60) | (52) | ||||||||||||||||||||||||||||||||||
Total | $ | 77 | $ | 343 | $ | 128 | $ | 478 |
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 March 31, | Six months ended March 31, | |||||||||||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Interest rate (cash flow hedges) | $ | (11) | $ | 29 | $ | (13) | $ | 38 | ||||||||||||||||||
Foreign exchange (net investment hedges) | (3) | (9) | (17) | (10) | ||||||||||||||||||||||
Total gains/(losses) included in AOCI, net of taxes | $ | (14) | $ | 20 | $ | (30) | $ | 28 |
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 March 31, | Six months ended March 31, | ||||||||||||||||||||||||||||||
Location of gain/(loss) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||
Interest rate | Principal transactions/other revenues | $ | 5 | $ | 7 | $ | 11 | $ | 10 | |||||||||||||||||||||||
Foreign exchange | Other revenues | $ | (6) | $ | (2) | $ | (36) | $ | (3) | |||||||||||||||||||||||
Other | Principal transactions | $ | — | $ | (2) | $ | (1) | $ | 1 | |||||||||||||||||||||||
$ 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 | ||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Gross amounts of recognized assets/liabilities | $ | 167 | $ | 212 | $ | 379 | $ | 150 | $ | 177 | $ | 327 | ||||||||||||||||||||||||||
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Net amounts included in the Condensed Consolidated Statements of Financial Condition | 167 | 212 | 379 | 150 | 177 | 327 | ||||||||||||||||||||||||||||||||
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition | (167) | (211) | (378) | (150) | (173) | (323) | ||||||||||||||||||||||||||||||||
Net amounts | $ | — | $ | 1 | $ | 1 | $ | — | $ | 4 | $ | 4 | ||||||||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||||||||||||||
Gross amounts of recognized assets/liabilities | $ | 367 | $ | 337 | $ | 704 | $ | 294 | $ | 172 | $ | 466 | ||||||||||||||||||||||||||
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Net amounts included in the Condensed Consolidated Statements of Financial Condition | 367 | 337 | 704 | 294 | 172 | 466 | ||||||||||||||||||||||||||||||||
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition | (367) | (327) | (694) | (294) | (162) | (456) | ||||||||||||||||||||||||||||||||
Net amounts | $ | — | $ | 10 | $ | 10 | $ | — | $ | 10 | $ | 10 |
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 | Overnight and continuous | Up to 30 days | 30-90 days | Greater than 90 days | Total | |||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||
Repurchase agreements: | ||||||||||||||||||||||||||||||||
Government and agency obligations | $ | 115 | $ | — | $ | — | $ | — | $ | 115 | ||||||||||||||||||||||
Agency MBS and agency CMOs | 35 | — | — | — | 35 | |||||||||||||||||||||||||||
Total repurchase agreements | 150 | — | — | — | 150 | |||||||||||||||||||||||||||
Securities loaned: | ||||||||||||||||||||||||||||||||
Equity securities | 177 | — | — | — | 177 | |||||||||||||||||||||||||||
Total collateralized financings | $ | 327 | $ | — | $ | — | $ | — | $ | 327 | ||||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||||||||
Repurchase agreements: | ||||||||||||||||||||||||||||||||
Government and agency obligations | $ | 183 | $ | — | $ | — | $ | — | $ | 183 | ||||||||||||||||||||||
Agency MBS and agency CMOs | 111 | — | — | — | 111 | |||||||||||||||||||||||||||
Total repurchase agreements | 294 | — | — | — | 294 | |||||||||||||||||||||||||||
Securities loaned: | ||||||||||||||||||||||||||||||||
Equity securities | 172 | — | — | — | 172 | |||||||||||||||||||||||||||
Total collateralized financings | $ | 466 | $ | — | $ | — | $ | — | $ | 466 |
$ in millions | March 31, 2023 | September 30, 2022 | ||||||||||||
Collateral we received that was available to be delivered or repledged | $ | 2,993 | $ | 3,812 | ||||||||||
Collateral that we delivered or repledged | $ | 766 | $ | 947 |
$ 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 | March 31, 2023 | September 30, 2022 | ||||||||||||
Had the right to deliver or repledge | $ | 982 | $ | 1,276 | ||||||||||
Did not have the right to deliver or repledge | $ | 4,753 | $ | 63 | ||||||||||
Bank loans, net pledged with the: | ||||||||||||||
FHLB | $ | 8,768 | $ | 8,009 | ||||||||||
FRB | 793 | 791 | ||||||||||||
Total bank loans, net pledged with the FHLB and FRB | $ | 9,561 | $ | 8,800 |
$ 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 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 | $ | — |
$ in millions | March 31, 2023 | September 30, 2022 | ||||||||||||
SBL | $ | 14,227 | $ | 15,297 | ||||||||||
C&I loans | 11,259 | 11,173 | ||||||||||||
CRE loans | 7,054 | 6,549 | ||||||||||||
REIT loans | 1,717 | 1,592 | ||||||||||||
Residential mortgage loans | 8,079 | 7,386 | ||||||||||||
Tax-exempt loans | 1,643 | 1,501 | ||||||||||||
Total loans held for investment | 43,979 | 43,498 | ||||||||||||
Held for sale loans | 119 | 137 | ||||||||||||
Total loans held for sale and investment | 44,098 | 43,635 | ||||||||||||
Allowance for credit losses | (415) | (396) | ||||||||||||
Bank loans, net (1) | $ | 43,683 | $ | 43,239 | ||||||||||
ACL as a % of total loans held for investment | 0.94 | % | 0.91 | % | ||||||||||
Accrued interest receivable on bank loans (included in “Other receivables, net”) | $ | 192 | $ | 137 |
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 thousands | C&I | CRE | Residential mortgage | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended December 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions | $ in millions | C&I loans | CRE loans | REIT loans | Residential mortgage loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2023 | Three months ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases | $ | 147,442 | $ | 20,087 | $ | 45,011 | $ | 212,540 | Purchases | $ | 194 | $ | — | $ | — | $ | 110 | $ | 304 | |||||||||||||||||||||||||||||||||||||||||
Sales | $ | 31,143 | $ | — | $ | — | $ | 31,143 | Sales | $ | 147 | $ | — | $ | — | $ | — | $ | 147 | |||||||||||||||||||||||||||||||||||||||||
Three months ended December 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended March 31, 2023 | Six months ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases | $ | 114,649 | $ | 38,980 | $ | 81,662 | $ | 235,291 | Purchases | $ | 357 | $ | 39 | $ | 24 | $ | 300 | $ | 720 | |||||||||||||||||||||||||||||||||||||||||
Sales | $ | 81,579 | $ | — | $ | — | $ | 81,579 | Sales | $ | 147 | $ | — | $ | — | $ | — | $ | 147 | |||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2022 | Three months ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases | Purchases | $ | 441 | $ | — | $ | — | $ | 223 | $ | 664 | |||||||||||||||||||||||||||||||||||||||||||||||||
Sales | Sales | $ | 61 | $ | — | $ | — | $ | — | $ | 61 | |||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended March 31, 2022 | Six months ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases | Purchases | $ | 780 | $ | — | $ | — | $ | 407 | $ | 1,187 | |||||||||||||||||||||||||||||||||||||||||||||||||
Sales | Sales | $ | 112 | $ | — | $ | — | $ | — | $ | 112 |
$ 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 | |||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
SBL | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 14,227 | $ | 14,227 | ||||||||||||||||||||||||||||||
C&I loans | — | — | — | 32 | — | 11,227 | 11,259 | |||||||||||||||||||||||||||||||||||||
CRE loans | — | — | — | 34 | 18 | 7,002 | 7,054 | |||||||||||||||||||||||||||||||||||||
REIT loans | — | — | — | — | — | 1,717 | 1,717 | |||||||||||||||||||||||||||||||||||||
Residential mortgage loans | 4 | — | 4 | — | 15 | 8,060 | 8,079 | |||||||||||||||||||||||||||||||||||||
Tax-exempt loans | — | — | — | — | — | 1,643 | 1,643 | |||||||||||||||||||||||||||||||||||||
Total loans held for investment | $ | 4 | $ | — | $ | 4 | $ | 66 | $ | 33 | $ | 43,876 | $ | 43,979 | ||||||||||||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
SBL | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 15,297 | $ | 15,297 | ||||||||||||||||||||||||||||||
C&I loans | — | — | — | 32 | — | 11,141 | 11,173 | |||||||||||||||||||||||||||||||||||||
CRE loans | — | — | — | 12 | 16 | 6,521 | 6,549 | |||||||||||||||||||||||||||||||||||||
REIT loans | — | — | — | — | — | 1,592 | 1,592 | |||||||||||||||||||||||||||||||||||||
Residential mortgage loans | 4 | — | 4 | — | 14 | 7,368 | 7,386 | |||||||||||||||||||||||||||||||||||||
Tax-exempt loans | — | — | — | — | — | 1,501 | 1,501 | |||||||||||||||||||||||||||||||||||||
Total loans held for investment | $ | 4 | $ | — | $ | 4 | $ | 44 | $ | 30 | $ | 43,420 | $ | 43,498 |
$ 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 |
Loan type ($ in millions) | Nature of collateral | March 31, 2023 | September 30, 2022 | |||||||||||||||||||||||
C&I loans | Commercial real estate and other business assets | $ | 9 | $ | 11 | |||||||||||||||||||||
CRE loans | Retail, industrial, office and health care real estate | $ | 52 | $ | 21 | |||||||||||||||||||||
Residential mortgage loans | Single family homes | $ | 6 | $ | 6 | |||||||||||||||||||||
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 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 |
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans by origination fiscal year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
SBL | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 20 | $ | 18 | $ | 92 | $ | 41 | $ | 26 | $ | 82 | $ | 13,948 | $ | 14,227 | ||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total SBL | $ | 20 | $ | 18 | $ | 92 | $ | 41 | $ | 26 | $ | 82 | $ | 13,948 | $ | 14,227 |
C&I loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 454 | $ | 1,193 | $ | 1,254 | $ | 1,223 | $ | 1,097 | $ | 3,272 | $ | 2,526 | $ | 11,019 | ||||||||||||||||||||||||||||||||||||||||
Special mention | — | 10 | 29 | 38 | — | 1 | 7 | 85 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | 40 | 18 | 84 | 13 | 155 | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total C&I loans | $ | 454 | $ | 1,203 | $ | 1,283 | $ | 1,301 | $ | 1,115 | $ | 3,357 | $ | 2,546 | $ | 11,259 |
CRE loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 613 | $ | 2,346 | $ | 1,195 | $ | 784 | $ | 654 | $ | 1,180 | $ | 149 | $ | 6,921 | ||||||||||||||||||||||||||||||||||||||||
Special mention | 7 | — | — | 36 | — | 22 | — | 65 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | 2 | 13 | 53 | — | 68 | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total CRE loans | $ | 620 | $ | 2,346 | $ | 1,195 | $ | 822 | $ | 667 | $ | 1,255 | $ | 149 | $ | 7,054 |
REIT loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 266 | $ | 202 | $ | 214 | $ | 101 | $ | 55 | $ | 197 | $ | 682 | $ | 1,717 | ||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total REIT loans | $ | 266 | $ | 202 | $ | 214 | $ | 101 | $ | 55 | $ | 197 | $ | 682 | $ | 1,717 |
Residential mortgage loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 915 | $ | 2,956 | $ | 1,661 | $ | 965 | $ | 455 | $ | 1,057 | $ | 40 | $ | 8,049 | ||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | 1 | — | 2 | 5 | — | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 2 | — | — | — | 20 | — | 22 | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total residential mortgage loans | $ | 915 | $ | 2,958 | $ | 1,662 | $ | 965 | $ | 457 | $ | 1,082 | $ | 40 | $ | 8,079 |
Tax-exempt loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 165 | $ | 298 | $ | 165 | $ | 56 | $ | 108 | $ | 851 | $ | — | $ | 1,643 | ||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total tax-exempt loans | $ | 165 | $ | 298 | $ | 165 | $ | 56 | $ | 108 | $ | 851 | $ | — | $ | 1,643 |
September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans by origination fiscal year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
SBL | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 14 | $ | 27 | $ | 72 | $ | 44 | $ | 36 | $ | 41 | $ | 15,063 | $ | 15,297 | ||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total SBL | $ | 14 | $ | 27 | $ | 72 | $ | 44 | $ | 36 | $ | 41 | $ | 15,063 | $ | 15,297 |
C&I loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,011 | $ | 1,448 | $ | 1,301 | $ | 1,124 | $ | 1,389 | $ | 2,200 | $ | 2,380 | $ | 10,853 | ||||||||||||||||||||||||||||||||||||||||
Special mention | 10 | 28 | 3 | 37 | — | 82 | 6 | 166 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 1 | — | 60 | 28 | 40 | 6 | 14 | 149 | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | 5 | — | — | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total C&I loans | $ | 1,022 | $ | 1,476 | $ | 1,364 | $ | 1,189 | $ | 1,434 | $ | 2,288 | $ | 2,400 | $ | 11,173 |
CRE loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,916 | $ | 1,345 | $ | 892 | $ | 707 | $ | 816 | $ | 551 | $ | 176 | $ | 6,403 | ||||||||||||||||||||||||||||||||||||||||
Special mention | — | 1 | — | — | 36 | 2 | — | 39 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | 14 | 17 | 46 | 30 | — | 107 | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total CRE loans | $ | 1,916 | $ | 1,346 | $ | 906 | $ | 724 | $ | 898 | $ | 583 | $ | 176 | $ | 6,549 |
REIT loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 169 | $ | 230 | $ | 96 | $ | 53 | $ | 40 | $ | 222 | $ | 782 | $ | 1,592 | ||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total REIT loans | $ | 169 | $ | 230 | $ | 96 | $ | 53 | $ | 40 | $ | 222 | $ | 782 | $ | 1,592 |
Residential mortgage loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 2,984 | $ | 1,704 | $ | 1,023 | $ | 477 | $ | 290 | $ | 843 | $ | 35 | $ | 7,356 | ||||||||||||||||||||||||||||||||||||||||
Special mention | 1 | 1 | — | 2 | — | 4 | — | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 1 | — | — | — | 1 | 20 | — | 22 | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total residential mortgage loans | $ | 2,986 | $ | 1,705 | $ | 1,023 | $ | 479 | $ | 291 | $ | 867 | $ | 35 | $ | 7,386 |
Tax-exempt loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 264 | $ | 169 | $ | 56 | $ | 115 | $ | 192 | $ | 705 | $ | — | $ | 1,501 | ||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total tax-exempt loans | $ | 264 | $ | 169 | $ | 56 | $ | 115 | $ | 192 | $ | 705 | $ | — | $ | 1,501 |
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans by origination fiscal year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FICO score: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Below 600 | $ | 6 | $ | 1 | $ | 3 | $ | 2 | $ | 3 | $ | 55 | $ | — | $ | 70 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
600 - 699 | 51 | 155 | 107 | 88 | 31 | 83 | 4 | 519 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
700 - 799 | 718 | 2,383 | 1,265 | 700 | 334 | 647 | 25 | 6,072 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
800 + | 139 | 416 | 283 | 174 | 84 | 293 | 8 | 1,397 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FICO score not available | 1 | 3 | 4 | 1 | 5 | 4 | 3 | 21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 915 | $ | 2,958 | $ | 1,662 | $ | 965 | $ | 457 | $ | 1,082 | $ | 40 | $ | 8,079 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LTV ratio: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Below 80% | $ | 639 | $ | 2,262 | $ | 1,300 | $ | 755 | $ | 341 | $ | 832 | $ | 36 | $ | 6,165 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
80%+ | 276 | 696 | 362 | 210 | 116 | 250 | 4 | 1,914 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 915 | $ | 2,958 | $ | 1,662 | $ | 965 | $ | 457 | $ | 1,082 | $ | 40 | $ | 8,079 |
September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans by origination fiscal year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
FICO score: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Below 600 | $ | 1 | $ | 3 | $ | 2 | $ | 3 | $ | 1 | $ | 54 | $ | — | $ | 64 | ||||||||||||||||||||||||||||||||||||||||
600 - 699 | 155 | 112 | 90 | 32 | 20 | 68 | 4 | 481 | ||||||||||||||||||||||||||||||||||||||||||||||||
700 - 799 | 2,403 | 1,301 | 744 | 353 | 219 | 470 | 22 | 5,512 | ||||||||||||||||||||||||||||||||||||||||||||||||
800 + | 424 | 284 | 184 | 87 | 48 | 273 | 6 | 1,306 | ||||||||||||||||||||||||||||||||||||||||||||||||
FICO score not available | 3 | 5 | 3 | 4 | 3 | 2 | 3 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,986 | $ | 1,705 | $ | 1,023 | $ | 479 | $ | 291 | $ | 867 | $ | 35 | $ | 7,386 | ||||||||||||||||||||||||||||||||||||||||
LTV ratio: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Below 80% | $ | 2,287 | $ | 1,333 | $ | 797 | $ | 358 | $ | 226 | $ | 661 | $ | 31 | $ | 5,693 | ||||||||||||||||||||||||||||||||||||||||
80%+ | 699 | 372 | 226 | 121 | 65 | 206 | 4 | 1,693 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,986 | $ | 1,705 | $ | 1,023 | $ | 479 | $ | 291 | $ | 867 | $ | 35 | $ | 7,386 |
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 | SBL | C&I loans | CRE loans | REIT loans | Residential mortgage loans | Tax-exempt loans | Total | |||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 4 | $ | 222 | $ | 91 | $ | 15 | $ | 74 | $ | 2 | $ | 408 | ||||||||||||||||||||||||||||||
Provision for credit losses | 1 | 18 | 9 | — | — | — | 28 | |||||||||||||||||||||||||||||||||||||
Net (charge-offs)/recoveries: | ||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | — | (20) | — | — | — | — | (20) | |||||||||||||||||||||||||||||||||||||
Recoveries | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Net (charge-offs)/recoveries | — | (20) | — | — | — | — | (20) | |||||||||||||||||||||||||||||||||||||
Foreign exchange translation adjustment | — | (1) | — | — | — | — | (1) | |||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 5 | $ | 219 | $ | 100 | $ | 15 | $ | 74 | $ | 2 | $ | 415 | ||||||||||||||||||||||||||||||
ACL by loan portfolio segment as a % of total ACL | 1.2 | % | 52.8 | % | 24.1 | % | 3.6 | % | 17.8 | % | 0.5 | % | 100.0 | % | ||||||||||||||||||||||||||||||
Six months ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 3 | $ | 226 | $ | 87 | $ | 21 | $ | 57 | $ | 2 | $ | 396 | ||||||||||||||||||||||||||||||
Provision/(benefit) for credit losses | 2 | 18 | 11 | (6) | 17 | — | 42 | |||||||||||||||||||||||||||||||||||||
Net (charge-offs)/recoveries: | ||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | — | (24) | (1) | — | — | — | (25) | |||||||||||||||||||||||||||||||||||||
Recoveries | — | — | 3 | — | — | — | 3 | |||||||||||||||||||||||||||||||||||||
Net (charge-offs)/recoveries | — | (24) | 2 | — | — | — | (22) | |||||||||||||||||||||||||||||||||||||
Foreign exchange translation adjustment | — | (1) | — | — | — | — | (1) | |||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 5 | $ | 219 | $ | 100 | $ | 15 | $ | 74 | $ | 2 | $ | 415 | ||||||||||||||||||||||||||||||
ACL by loan portfolio segment as a % of total ACL | 1.2 | % | 52.8 | % | 24.1 | % | 3.6 | % | 17.8 | % | 0.5 | % | 100.0 | % | ||||||||||||||||||||||||||||||
Three months ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 3 | $ | 179 | $ | 72 | $ | 22 | $ | 30 | $ | 2 | $ | 308 | ||||||||||||||||||||||||||||||
Provision/(benefit) for credit losses | — | 17 | (1) | 3 | 2 | — | 21 | |||||||||||||||||||||||||||||||||||||
Net (charge-offs)/recoveries: | ||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | — | (1) | — | — | — | — | (1) | |||||||||||||||||||||||||||||||||||||
Recoveries | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Net (charge-offs)/recoveries | — | (1) | — | — | — | — | (1) | |||||||||||||||||||||||||||||||||||||
Foreign exchange translation adjustment | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 3 | $ | 195 | $ | 71 | $ | 25 | $ | 32 | $ | 2 | $ | 328 | ||||||||||||||||||||||||||||||
ACL by loan portfolio segment as a % of total ACL | 0.9 | % | 59.5 | % | 21.6 | % | 7.6 | % | 9.8 | % | 0.6 | % | 100.0 | % | ||||||||||||||||||||||||||||||
Six months ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 4 | $ | 191 | $ | 66 | $ | 22 | $ | 35 | $ | 2 | $ | 320 | ||||||||||||||||||||||||||||||
Provision/(benefit) for credit losses | (1) | 7 | 5 | 3 | (4) | — | 10 | |||||||||||||||||||||||||||||||||||||
Net (charge-offs)/recoveries: | ||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | — | (3) | — | — | — | — | (3) | |||||||||||||||||||||||||||||||||||||
Recoveries | — | — | — | — | 1 | — | 1 | |||||||||||||||||||||||||||||||||||||
Net (charge-offs)/recoveries | — | (3) | — | — | 1 | — | (2) | |||||||||||||||||||||||||||||||||||||
Foreign exchange translation adjustment | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 3 | $ | 195 | $ | 71 | $ | 25 | $ | 32 | $ | 2 | $ | 328 | ||||||||||||||||||||||||||||||
ACL by loan portfolio segment as a % of total ACL | 0.9 | % | 59.5 | % | 21.6 | % | 7.6 | % | 9.8 | % | 0.6 | % | 100.0 | % |
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 | March 31, 2023 | September 30, 2022 | ||||||||||||
Affiliated with the firm as of period-end (1) | $ | 1,130 | $ | 1,173 | ||||||||||
No longer affiliated with the firm as of period-end (2) | 8 | 8 | ||||||||||||
Total loans to financial advisors | 1,138 | 1,181 | ||||||||||||
Allowance for credit losses | (30) | (29) | ||||||||||||
Loans to financial advisors, net | $ | 1,108 | $ | 1,152 | ||||||||||
Accrued interest receivable on loans to financial advisors (included in “Other receivables, net”) | $ | 5 | $ | 5 | ||||||||||
Allowance for credit losses as a percent of total loans to financial advisors | 2.64 | % | 2.46 | % |
$ in millions | Aggregate assets | Aggregate liabilities | ||||||||||||
March 31, 2023 | ||||||||||||||
LIHTC funds | $ | 55 | $ | 6 | ||||||||||
Restricted Stock Trust Fund | 26 | 26 | ||||||||||||
Total | $ | 81 | $ | 32 | ||||||||||
September 30, 2022 | ||||||||||||||
LIHTC funds | $ | 59 | $ | 6 | ||||||||||
Restricted Stock Trust Fund | 17 | 17 | ||||||||||||
Total | $ | 76 | $ | 23 |
$ 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 | March 31, 2023 | September 30, 2022 | ||||||||||||
Assets: | ||||||||||||||
Cash and cash equivalents and assets segregated for regulatory purposes and restricted cash | $ | 5 | $ | 5 | ||||||||||
Other assets | 50 | 54 | ||||||||||||
Total assets | $ | 55 | $ | 59 | ||||||||||
Liabilities: | ||||||||||||||
Other payables | $ | — | $ | — | ||||||||||
Total liabilities | $ | — | $ | — | ||||||||||
Noncontrolling interests | $ | (26) | $ | (26) |
March 31, 2023 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||
$ in millions | Aggregate assets | Aggregate liabilities | Our risk of loss | Aggregate assets | Aggregate liabilities | Our risk of loss | ||||||||||||||||||||||||||||||||
LIHTC funds | $ | 8,518 | $ | 2,759 | $ | 73 | $ | 7,752 | $ | 2,584 | $ | 136 | ||||||||||||||||||||||||||
Private Equity Interests | 2,317 | 553 | 99 | 2,177 | 448 | 90 | ||||||||||||||||||||||||||||||||
Other | 109 | 70 | 3 | 159 | 101 | 8 | ||||||||||||||||||||||||||||||||
Total | $ | 10,944 | $ | 3,382 | $ | 175 | $ | 10,088 | $ | 3,133 | $ | 234 |
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 |
$ in millions | March 31, 2023 | September 30, 2022 | ||||||||||||
Investments in company-owned life insurance policies | $ | 1,077 | $ | 944 | ||||||||||
Property and equipment, net | 515 | 503 | ||||||||||||
Lease right of use (“ROU”) assets | 476 | 480 | ||||||||||||
Prepaid expenses | 249 | 173 | ||||||||||||
Investments in FHLB and FRB stock | 123 | 88 | ||||||||||||
All other | 244 | 264 | ||||||||||||
Total other assets | $ | 2,684 | $ | 2,452 |
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 |
$ in millions | March 31, 2023 | September 30, 2022 | ||||||||||||
ROU assets (included in Other assets) | $ | 476 | $ | 480 | ||||||||||
Lease liabilities (included in Other payables) | $ | 478 | $ | 482 |
Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Lease costs | $ | 32 | $ | 29 | $ | 63 | $ | 57 | ||||||||||||||||||
Variable lease costs | $ | 8 | $ | 8 | $ | 15 | $ | 15 |
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 | ) |
March 31, 2023 | September 30, 2022 | |||||||||||||||||||||||||
$ in millions | Balance | Weighted-average rate | Balance | Weighted-average rate | ||||||||||||||||||||||
Money market and savings accounts | $ | 43,136 | 1.24 | % | $ | 44,446 | 1.01 | % | ||||||||||||||||||
Interest-bearing demand deposits | 7,809 | 4.45 | % | 5,286 | 2.77 | % | ||||||||||||||||||||
Certificates of deposit | 2,656 | 4.15 | % | 999 | 1.85 | % | ||||||||||||||||||||
Non-interest-bearing demand deposits | 628 | — | 626 | — | ||||||||||||||||||||||
Total bank deposits | $ | 54,229 | 1.86 | % | $ | 51,357 | 1.21 | % |
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 | % |
$ in millions | March 31, 2023 | September 30, 2022 | ||||||||||||
FDIC-insured bank deposits | $ | 47,475 | $ | 43,520 | ||||||||||
Bank deposits exceeding FDIC insurance limit | 6,754 | 7,837 | ||||||||||||
Total bank deposits | $ | 54,229 | $ | 51,357 | ||||||||||
FDIC-insured bank deposits as a % of total bank deposits | 88 | % | 85 | % |
$ in millions | March 31, 2023 | |||||||
Three months or less | $ | 38 | ||||||
Over three through six months | 23 | |||||||
Over six through twelve months | 29 | |||||||
Over twelve months | 13 | |||||||
Total estimated certificates of deposit that exceeded the FDIC insurance limit | $ | 103 |
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 March 31, | Six months ended March 31, | |||||||||||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Money market and savings accounts | $ | 128 | $ | 1 | $ | 245 | $ | 2 | ||||||||||||||||||
Interest-bearing demand deposits | 62 | 1 | 109 | 2 | ||||||||||||||||||||||
Certificates of deposit | 16 | 3 | 24 | 7 | ||||||||||||||||||||||
Total interest expense on deposits | $ | 206 | $ | 5 | $ | 378 | $ | 11 |
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 |
March 31, 2023 | September 30, 2022 | |||||||||||||||||||||||||
$ in millions | Weighted average interest rate | Maturity date | Balance | Weighted average interest rate | Maturity date | Balance | ||||||||||||||||||||
FHLB advances: | ||||||||||||||||||||||||||
Floating rate - term (1) | 5.09 | % | December 2023 - June 2024 | $ | 850 | 3.32 | % | December 2023 | $ | 850 | ||||||||||||||||
Floating rate - overnight (1) | N/A | Overnight | — | 3.11 | % | Overnight | 140 | |||||||||||||||||||
Fixed rate | 5.13 | % | April 2023 - June 2023 | 700 | 3.45 | % | December 2022 | 200 | ||||||||||||||||||
Total FHLB advances | 1,550 | 1,190 | ||||||||||||||||||||||||
Subordinated notes - fixed-to-floating (including an unaccreted premium of $2 and $2, respectively) (2) | 5.75 | % | May 2030 | 100 | 5.75 | % | May 2030 | 100 | ||||||||||||||||||
Other | — | 1 | ||||||||||||||||||||||||
Total other borrowings | $ | 1,650 | $ | 1,291 |
$ in millions | March 31, 2023 | September 30, 2022 | ||||||||||||
SBL and other consumer lines of credit | $ | 36,998 | $ | 33,641 | ||||||||||
Commercial lines of credit | $ | 4,137 | $ | 3,792 | ||||||||||
Unfunded lending commitments | $ | 1,153 | $ | 1,255 | ||||||||||
Standby letters of credit | $ | 107 | $ | 94 |
$ 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 |
$ in millions, except share count | March 31, 2023 | September 30, 2022 | ||||||||||||
6.75% Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock (“Series A Preferred Stock”): | ||||||||||||||
Shares outstanding | 40,250 | 40,250 | ||||||||||||
Carrying value | $ | 41 | $ | 41 | ||||||||||
Aggregate liquidation preference | $ | 40 | $ | 40 | ||||||||||
6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock (“Series B Preferred Stock”): | ||||||||||||||
Shares outstanding | 80,500 | 80,500 | ||||||||||||
Carrying value | $ | 79 | $ | 79 | ||||||||||
Aggregate liquidation preference | $ | 81 | $ | 81 |
Three months ended March 31, 2023 | Six months ended March 31, 2023 | |||||||||||||||||||||||||
$ in millions, except per share amounts | Total dividends | Per preferred share amount | Total dividends | Per preferred share amount | ||||||||||||||||||||||
Dividends declared: | ||||||||||||||||||||||||||
Series A Preferred Stock | $ | 1 | $ | 16.88 | $ | 2 | $ | 33.76 | ||||||||||||||||||
Series B Preferred Stock | 1 | $ | 15.94 | 2 | $ | 31.88 | ||||||||||||||||||||
Total preferred stock dividends declared | $ | 2 | $ | 4 | ||||||||||||||||||||||
Dividends paid: | ||||||||||||||||||||||||||
Series A Preferred Stock | $ | 1 | $ | 16.88 | $ | 2 | $ | 33.76 | ||||||||||||||||||
Series B Preferred Stock | 1 | $ | 15.94 | 2 | $ | 31.88 | ||||||||||||||||||||
Total preferred stock dividends paid | $ | 2 | $ | 4 |
Three months ended March 31, | Six months ended March 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Dividends per common share - declared | $ | 0.42 | $ | 0.34 | $ | 0.84 | $ | 0.68 | |||||||||||||||
Dividends per common share - paid | $ | 0.42 | $ | 0.34 | $ | 0.76 | $ | 0.60 |
Three months ended March 31, | Six months ended March 31, 2023 | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Dividend payout ratio | 21.8 | % | 22.4 | % | 19.9 | % | 18.8 | % |
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 March 31, 2023 | ||||||||||||||||||||||||||||||||||||||
AOCI as of beginning of period | $ | 139 | $ | (216) | $ | (77) | $ | (855) | $ | 41 | $ | (891) | ||||||||||||||||||||||||||
OCI: | ||||||||||||||||||||||||||||||||||||||
OCI before reclassifications and taxes | (4) | 11 | 7 | 126 | (7) | 126 | ||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI, before tax | — | — | — | — | (8) | (8) | ||||||||||||||||||||||||||||||||
Pre-tax net OCI | (4) | 11 | 7 | 126 | (15) | 118 | ||||||||||||||||||||||||||||||||
Income tax effect | 1 | (1) | — | (29) | 4 | (25) | ||||||||||||||||||||||||||||||||
OCI for the period, net of tax | (3) | 10 | 7 | 97 | (11) | 93 | ||||||||||||||||||||||||||||||||
AOCI as of end of period | $ | 136 | $ | (206) | $ | (70) | $ | (758) | $ | 30 | $ | (798) | ||||||||||||||||||||||||||
Six months ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||
AOCI as of beginning of period | $ | 153 | $ | (276) | $ | (123) | $ | (902) | $ | 43 | $ | (982) | ||||||||||||||||||||||||||
OCI: | ||||||||||||||||||||||||||||||||||||||
OCI before reclassifications and taxes | (23) | 71 | 48 | 211 | (5) | 254 | ||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI, before tax | — | — | — | — | (13) | (13) | ||||||||||||||||||||||||||||||||
Pre-tax net OCI | (23) | 71 | 48 | 211 | (18) | 241 | ||||||||||||||||||||||||||||||||
Income tax effect | 6 | (1) | 5 | (67) | 5 | (57) | ||||||||||||||||||||||||||||||||
OCI for the period, net of tax | (17) | 70 | 53 | 144 | (13) | 184 | ||||||||||||||||||||||||||||||||
AOCI as of end of period | $ | 136 | $ | (206) | $ | (70) | $ | (758) | $ | 30 | $ | (798) | ||||||||||||||||||||||||||
Three months ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||
AOCI as of beginning of period | $ | 80 | $ | (89) | $ | (9) | $ | (60) | $ | (18) | $ | (87) | ||||||||||||||||||||||||||
OCI: | ||||||||||||||||||||||||||||||||||||||
OCI before reclassifications and taxes | (12) | (2) | (14) | (433) | 35 | (412) | ||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI, before tax | — | — | — | — | 4 | 4 | ||||||||||||||||||||||||||||||||
Pre-tax net OCI | (12) | (2) | (14) | (433) | 39 | (408) | ||||||||||||||||||||||||||||||||
Income tax effect | 3 | — | 3 | 113 | (10) | 106 | ||||||||||||||||||||||||||||||||
OCI for the period, net of tax | (9) | (2) | (11) | (320) | 29 | (302) | ||||||||||||||||||||||||||||||||
AOCI as of end of period | $ | 71 | $ | (91) | $ | (20) | $ | (380) | $ | 11 | $ | (389) | ||||||||||||||||||||||||||
Six months ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||
AOCI as of beginning of period | $ | 81 | $ | (90) | $ | (9) | $ | (5) | $ | (27) | $ | (41) | ||||||||||||||||||||||||||
OCI: | ||||||||||||||||||||||||||||||||||||||
OCI before reclassifications and taxes | (14) | (1) | (15) | (505) | 43 | (477) | ||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI, before tax | — | — | — | — | 8 | 8 | ||||||||||||||||||||||||||||||||
Pre-tax net OCI | (14) | (1) | (15) | (505) | 51 | (469) | ||||||||||||||||||||||||||||||||
Income tax effect | 4 | — | 4 | 130 | (13) | 121 | ||||||||||||||||||||||||||||||||
OCI for the period, net of tax | (10) | (1) | (11) | (375) | 38 | (348) | ||||||||||||||||||||||||||||||||
AOCI as of end of period | $ | 71 | $ | (91) | $ | (20) | $ | (380) | $ | 11 | $ | (389) |
$ 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 March 31, 2023 | ||||||||||||||||||||||||||||||||||||||
$ in millions | Private Client Group | Capital Markets | Asset Management | Bank | Other and intersegment eliminations | Total | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Asset management and related administrative fees | $ | 1,102 | $ | — | $ | 206 | $ | — | $ | (6) | $ | 1,302 | ||||||||||||||||||||||||||
Brokerage revenues: | ||||||||||||||||||||||||||||||||||||||
Securities commissions: | ||||||||||||||||||||||||||||||||||||||
Mutual and other fund products | 135 | 2 | 1 | — | (1) | 137 | ||||||||||||||||||||||||||||||||
Insurance and annuity products | 113 | — | — | — | — | 113 | ||||||||||||||||||||||||||||||||
Equities, exchange traded funds (“ETFs”) and fixed income products | 88 | 32 | — | — | (1) | 119 | ||||||||||||||||||||||||||||||||
Subtotal securities commissions | 336 | 34 | 1 | — | (2) | 369 | ||||||||||||||||||||||||||||||||
Principal transactions (1) | 28 | 96 | — | 4 | (1) | 127 | ||||||||||||||||||||||||||||||||
Total brokerage revenues | 364 | 130 | 1 | 4 | (3) | 496 | ||||||||||||||||||||||||||||||||
Account and service fees: | ||||||||||||||||||||||||||||||||||||||
Mutual fund and annuity service fees | 105 | — | 1 | — | (1) | 105 | ||||||||||||||||||||||||||||||||
RJBDP fees | 411 | 1 | — | — | (312) | 100 | ||||||||||||||||||||||||||||||||
Client account and other fees | 56 | 1 | 5 | — | (9) | 53 | ||||||||||||||||||||||||||||||||
Total account and service fees | 572 | 2 | 6 | — | (322) | 258 | ||||||||||||||||||||||||||||||||
Investment banking: | ||||||||||||||||||||||||||||||||||||||
Merger & acquisition and advisory | — | 87 | — | — | — | 87 | ||||||||||||||||||||||||||||||||
Equity underwriting | 9 | 29 | — | — | — | 38 | ||||||||||||||||||||||||||||||||
Debt underwriting | — | 29 | — | — | — | 29 | ||||||||||||||||||||||||||||||||
Total investment banking | 9 | 145 | — | — | — | 154 | ||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||
Affordable housing investments business revenues | — | 23 | — | — | — | 23 | ||||||||||||||||||||||||||||||||
All other (1) | 9 | 1 | — | 6 | (7) | 9 | ||||||||||||||||||||||||||||||||
Total other | 9 | 24 | — | 6 | (7) | 32 | ||||||||||||||||||||||||||||||||
Total non-interest revenues | 2,056 | 301 | 213 | 10 | (338) | 2,242 | ||||||||||||||||||||||||||||||||
Interest income (1) | 117 | 21 | 3 | 749 | 25 | 915 | ||||||||||||||||||||||||||||||||
Total revenues | 2,173 | 322 | 216 | 759 | (313) | 3,157 | ||||||||||||||||||||||||||||||||
Interest expense | (29) | (20) | — | (219) | (16) | (284) | ||||||||||||||||||||||||||||||||
Net revenues | $ | 2,144 | $ | 302 | $ | 216 | $ | 540 | $ | (329) | $ | 2,873 |
Three months ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||
$ in millions | Private Client Group | Capital Markets | Asset Management | Bank | Other and intersegment eliminations | Total | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Asset management and related administrative fees | $ | 1,245 | $ | 1 | $ | 226 | $ | — | $ | (8) | $ | 1,464 | ||||||||||||||||||||||||||
Brokerage revenues: | ||||||||||||||||||||||||||||||||||||||
Securities commissions: | ||||||||||||||||||||||||||||||||||||||
Mutual and other fund products | 166 | 2 | 2 | — | (1) | 169 | ||||||||||||||||||||||||||||||||
Insurance and annuity products | 110 | — | — | — | — | 110 | ||||||||||||||||||||||||||||||||
Equities, ETFs and fixed income products | 105 | 38 | — | — | — | 143 | ||||||||||||||||||||||||||||||||
Subtotal securities commissions | 381 | 40 | 2 | — | (1) | 422 | ||||||||||||||||||||||||||||||||
Principal transactions (1) | 16 | 126 | — | — | — | 142 | ||||||||||||||||||||||||||||||||
Total brokerage revenues | 397 | 166 | 2 | — | (1) | 564 | ||||||||||||||||||||||||||||||||
Account and service fees: | ||||||||||||||||||||||||||||||||||||||
Mutual fund and annuity service fees | 109 | — | — | — | — | 109 | ||||||||||||||||||||||||||||||||
RJBDP fees | 69 | — | — | — | (49) | 20 | ||||||||||||||||||||||||||||||||
Client account and other fees | 53 | 2 | 6 | — | (11) | 50 | ||||||||||||||||||||||||||||||||
Total account and service fees | 231 | 2 | 6 | — | (60) | 179 | ||||||||||||||||||||||||||||||||
Investment banking: | ||||||||||||||||||||||||||||||||||||||
Merger & acquisition and advisory | — | 139 | — | — | — | 139 | ||||||||||||||||||||||||||||||||
Equity underwriting | 9 | 52 | — | — | — | 61 | ||||||||||||||||||||||||||||||||
Debt underwriting | — | 35 | — | — | — | 35 | ||||||||||||||||||||||||||||||||
Total investment banking | 9 | 226 | — | — | — | 235 | ||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||
Affordable housing investments business revenues | — | 15 | — | — | — | 15 | ||||||||||||||||||||||||||||||||
All other (1) | 6 | 1 | — | 8 | (3) | 12 | ||||||||||||||||||||||||||||||||
Total other | 6 | 16 | — | 8 | (3) | 27 | ||||||||||||||||||||||||||||||||
Total non-interest revenues | 1,888 | 411 | 234 | 8 | (72) | 2,469 | ||||||||||||||||||||||||||||||||
Interest income (1) | 37 | 5 | — | 199 | 1 | 242 | ||||||||||||||||||||||||||||||||
Total revenues | 1,925 | 416 | 234 | 207 | (71) | 2,711 | ||||||||||||||||||||||||||||||||
Interest expense | (3) | (3) | — | (10) | (22) | (38) | ||||||||||||||||||||||||||||||||
Net revenues | $ | 1,922 | $ | 413 | $ | 234 | $ | 197 | $ | (93) | $ | 2,673 |
Six months ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||
$ in millions | Private Client Group | Capital Markets | Asset Management | Bank | Other and intersegment eliminations | Total | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Asset management and related administrative fees | $ | 2,155 | $ | 1 | $ | 403 | $ | — | $ | (15) | $ | 2,544 | ||||||||||||||||||||||||||
Brokerage revenues: | ||||||||||||||||||||||||||||||||||||||
Securities commissions: | ||||||||||||||||||||||||||||||||||||||
Mutual and other fund products | 263 | 3 | 2 | — | (1) | 267 | ||||||||||||||||||||||||||||||||
Insurance and annuity products | 217 | — | — | — | — | 217 | ||||||||||||||||||||||||||||||||
Equities, ETFs and fixed income products | 173 | 65 | — | — | (1) | 237 | ||||||||||||||||||||||||||||||||
Subtotal securities commissions | 653 | 68 | 2 | — | (2) | 721 | ||||||||||||||||||||||||||||||||
Principal transactions (1) | 56 | 196 | — | 8 | (1) | 259 | ||||||||||||||||||||||||||||||||
Total brokerage revenues | 709 | 264 | 2 | 8 | (3) | 980 | ||||||||||||||||||||||||||||||||
Account and service fees: | ||||||||||||||||||||||||||||||||||||||
Mutual fund and annuity service fees | 203 | — | 1 | — | (1) | 203 | ||||||||||||||||||||||||||||||||
RJBDP fees | 816 | 2 | — | — | (581) | 237 | ||||||||||||||||||||||||||||||||
Client account and other fees | 116 | 3 | 10 | — | (22) | 107 | ||||||||||||||||||||||||||||||||
Total account and service fees | 1,135 | 5 | 11 | — | (604) | 547 | ||||||||||||||||||||||||||||||||
Investment banking: | ||||||||||||||||||||||||||||||||||||||
Merger & acquisition and advisory | — | 189 | — | — | — | 189 | ||||||||||||||||||||||||||||||||
Equity underwriting | 18 | 44 | — | — | (1) | 61 | ||||||||||||||||||||||||||||||||
Debt underwriting | — | 45 | — | — | — | 45 | ||||||||||||||||||||||||||||||||
Total investment banking | 18 | 278 | — | — | (1) | 295 | ||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||
Affordable housing investments business revenues | — | 47 | — | — | — | 47 | ||||||||||||||||||||||||||||||||
All other (1) | 15 | 1 | 2 | 19 | (8) | 29 | ||||||||||||||||||||||||||||||||
Total other | 15 | 48 | 2 | 19 | (8) | 76 | ||||||||||||||||||||||||||||||||
Total non-interest revenues | 4,032 | 596 | 418 | 27 | (631) | 4,442 | ||||||||||||||||||||||||||||||||
Interest income (1) | 226 | 44 | 5 | 1,425 | 42 | 1,742 | ||||||||||||||||||||||||||||||||
Total revenues | 4,258 | 640 | 423 | 1,452 | (589) | 6,184 | ||||||||||||||||||||||||||||||||
Interest expense | (51) | (43) | — | (404) | (27) | (525) | ||||||||||||||||||||||||||||||||
Net revenues | $ | 4,207 | $ | 597 | $ | 423 | $ | 1,048 | $ | (616) | $ | 5,659 |
Six months ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||
$ in millions | Private Client Group | Capital Markets | Asset Management | Bank | Other and intersegment eliminations | Total | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Asset management and related administrative fees | $ | 2,407 | $ | 2 | $ | 453 | $ | — | $ | (16) | $ | 2,846 | ||||||||||||||||||||||||||
Brokerage revenues: | ||||||||||||||||||||||||||||||||||||||
Securities commissions: | ||||||||||||||||||||||||||||||||||||||
Mutual and other fund products | 337 | 4 | 4 | — | (1) | 344 | ||||||||||||||||||||||||||||||||
Insurance and annuity products | 221 | — | — | — | — | 221 | ||||||||||||||||||||||||||||||||
Equities, ETFs and fixed income products | 209 | 73 | — | — | — | 282 | ||||||||||||||||||||||||||||||||
Subtotal securities commissions | 767 | 77 | 4 | — | (1) | 847 | ||||||||||||||||||||||||||||||||
Principal transactions (1) | 27 | 248 | — | — | — | 275 | ||||||||||||||||||||||||||||||||
Total brokerage revenues | 794 | 325 | 4 | — | (1) | 1,122 | ||||||||||||||||||||||||||||||||
Account and service fees: | ||||||||||||||||||||||||||||||||||||||
Mutual fund and annuity service fees | 223 | — | — | — | (1) | 222 | ||||||||||||||||||||||||||||||||
RJBDP fees | 136 | — | — | — | (99) | 37 | ||||||||||||||||||||||||||||||||
Client account and other fees | 102 | 4 | 12 | — | (21) | 97 | ||||||||||||||||||||||||||||||||
Total account and service fees | 461 | 4 | 12 | — | (121) | 356 | ||||||||||||||||||||||||||||||||
Investment banking: | ||||||||||||||||||||||||||||||||||||||
Merger & acquisition and advisory | — | 410 | — | — | — | 410 | ||||||||||||||||||||||||||||||||
Equity underwriting | 22 | 149 | — | — | — | 171 | ||||||||||||||||||||||||||||||||
Debt underwriting | — | 79 | — | — | — | 79 | ||||||||||||||||||||||||||||||||
Total investment banking | 22 | 638 | — | — | — | 660 | ||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||
Affordable housing investments business revenues | — | 50 | — | — | — | 50 | ||||||||||||||||||||||||||||||||
All other (1) | 13 | 3 | 1 | 14 | (3) | 28 | ||||||||||||||||||||||||||||||||
Total other | 13 | 53 | 1 | 14 | (3) | 78 | ||||||||||||||||||||||||||||||||
Total non-interest revenues | 3,697 | 1,022 | 470 | 14 | (141) | 5,062 | ||||||||||||||||||||||||||||||||
Interest income (1) | 70 | 10 | — | 386 | 1 | 467 | ||||||||||||||||||||||||||||||||
Total revenues | 3,767 | 1,032 | 470 | 400 | (140) | 5,529 | ||||||||||||||||||||||||||||||||
Interest expense | (6) | (5) | — | (20) | (44) | (75) | ||||||||||||||||||||||||||||||||
Net revenues | $ | 3,761 | $ | 1,027 | $ | 470 | $ | 380 | $ | (184) | $ | 5,454 |
Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 75 | $ | 3 | $ | 130 | $ | 6 | ||||||||||||||||||
Assets segregated for regulatory purposes and restricted cash | 55 | 7 | 105 | 11 | ||||||||||||||||||||||
Trading assets — debt securities | 13 | 4 | 27 | 9 | ||||||||||||||||||||||
Available-for-sale securities | 54 | 25 | 107 | 47 | ||||||||||||||||||||||
Brokerage client receivables | 41 | 21 | 82 | 42 | ||||||||||||||||||||||
Bank loans, net | 657 | 171 | 1,256 | 335 | ||||||||||||||||||||||
All other | 20 | 11 | 35 | 17 | ||||||||||||||||||||||
Total interest income | $ | 915 | $ | 242 | $ | 1,742 | $ | 467 | ||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||
Bank deposits | $ | 206 | $ | 5 | 378 | $ | 11 | |||||||||||||||||||
Trading liabilities — debt securities | 7 | 1 | 17 | 2 | ||||||||||||||||||||||
Brokerage client payables | 23 | — | 40 | 1 | ||||||||||||||||||||||
Other borrowings | 9 | 4 | 18 | 9 | ||||||||||||||||||||||
Senior notes payable | 23 | 23 | 46 | 46 | ||||||||||||||||||||||
All other | 16 | 5 | 26 | 6 | ||||||||||||||||||||||
Total interest expense | $ | 284 | $ | 38 | $ | 525 | $ | 75 | ||||||||||||||||||
Net interest income | $ | 631 | $ | 204 | $ | 1,217 | $ | 392 | ||||||||||||||||||
Bank loan provision for credit losses | (28) | (21) | (42) | (10) | ||||||||||||||||||||||
Net interest income after bank loan provision for credit losses | $ | 603 | $ | 183 | $ | 1,175 | $ | 382 |
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 March 31, 2023: | ||||||||||||||||||||||||||||||||||||||
Tier 1 leverage | $ | 8,903 | 11.5 | % | $ | 3,104 | 4.0 | % | $ | 3,879 | 5.0 | % | ||||||||||||||||||||||||||
Tier 1 capital | $ | 8,903 | 20.1 | % | $ | 2,653 | 6.0 | % | $ | 3,538 | 8.0 | % | ||||||||||||||||||||||||||
CET1 | $ | 8,788 | 19.9 | % | $ | 1,990 | 4.5 | % | $ | 2,874 | 6.5 | % | ||||||||||||||||||||||||||
Total capital | $ | 9,474 | 21.4 | % | $ | 3,538 | 8.0 | % | $ | 4,422 | 10.0 | % | ||||||||||||||||||||||||||
RJF as of September 30, 2022: | ||||||||||||||||||||||||||||||||||||||
Tier 1 leverage | $ | 8,480 | 10.3 | % | $ | 3,304 | 4.0 | % | $ | 4,130 | 5.0 | % | ||||||||||||||||||||||||||
Tier 1 capital | $ | 8,480 | 19.2 | % | $ | 2,651 | 6.0 | % | $ | 3,534 | 8.0 | % | ||||||||||||||||||||||||||
CET1 | $ | 8,380 | 19.0 | % | $ | 1,988 | 4.5 | % | $ | 2,871 | 6.5 | % | ||||||||||||||||||||||||||
Total capital | $ | 9,031 | 20.4 | % | $ | 3,534 | 8.0 | % | $ | 4,418 | 10.0 | % |
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 | ||||||||||||||||||||||||||||||||
Raymond James Bank as of March 31, 2023: | ||||||||||||||||||||||||||||||||||||||
Tier 1 leverage | $ | 3,303 | 7.7 | % | $ | 1,725 | 4.0 | % | $ | 2,156 | 5.0 | % | ||||||||||||||||||||||||||
Tier 1 capital | $ | 3,303 | 13.1 | % | $ | 1,512 | 6.0 | % | $ | 2,016 | 8.0 | % | ||||||||||||||||||||||||||
CET1 | $ | 3,303 | 13.1 | % | $ | 1,134 | 4.5 | % | $ | 1,638 | 6.5 | % | ||||||||||||||||||||||||||
Total capital | $ | 3,619 | 14.4 | % | $ | 2,016 | 8.0 | % | $ | 2,520 | 10.0 | % | ||||||||||||||||||||||||||
Raymond James Bank as of September 30, 2022: | ||||||||||||||||||||||||||||||||||||||
Tier 1 leverage | $ | 2,998 | 7.1 | % | $ | 1,695 | 4.0 | % | $ | 2,119 | 5.0 | % | ||||||||||||||||||||||||||
Tier 1 capital | $ | 2,998 | 12.1 | % | $ | 1,485 | 6.0 | % | $ | 1,979 | 8.0 | % | ||||||||||||||||||||||||||
CET1 | $ | 2,998 | 12.1 | % | $ | 1,113 | 4.5 | % | $ | 1,608 | 6.5 | % | ||||||||||||||||||||||||||
Total capital | $ | 3,308 | 13.4 | % | $ | 1,979 | 8.0 | % | $ | 2,474 | 10.0 | % |
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 | % |
Actual | Requirement for capital adequacy purposes | To be well-capitalized under regulatory provisions | ||||||||||||||||||||||||||||||||||||
$ in millions | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||
TriState Capital Bank as of March 31, 2023: | ||||||||||||||||||||||||||||||||||||||
Tier 1 leverage | $ | 1,159 | 7.2 | % | $ | 646 | 4.0 | % | $ | 808 | 5.0 | % | ||||||||||||||||||||||||||
Tier 1 capital | $ | 1,159 | 13.9 | % | $ | 499 | 6.0 | % | $ | 666 | 8.0 | % | ||||||||||||||||||||||||||
CET1 | $ | 1,159 | 13.9 | % | $ | 374 | 4.5 | % | $ | 541 | 6.5 | % | ||||||||||||||||||||||||||
Total capital | $ | 1,195 | 14.4 | % | $ | 666 | 8.0 | % | $ | 832 | 10.0 | % | ||||||||||||||||||||||||||
TriState Capital Bank as of September 30, 2022: | ||||||||||||||||||||||||||||||||||||||
Tier 1 leverage | $ | 1,093 | 7.3 | % | $ | 601 | 4.0 | % | $ | 752 | 5.0 | % | ||||||||||||||||||||||||||
Tier 1 capital | $ | 1,093 | 14.1 | % | $ | 463 | 6.0 | % | $ | 618 | 8.0 | % | ||||||||||||||||||||||||||
CET1 | $ | 1,093 | 14.1 | % | $ | 348 | 4.5 | % | $ | 502 | 6.5 | % | ||||||||||||||||||||||||||
Total capital | $ | 1,122 | 14.5 | % | $ | 618 | 8.0 | % | $ | 772 | 10.0 | % |
$ in millions | March 31, 2023 | September 30, 2022 | ||||||||||||
Raymond James & Associates, Inc.: | ||||||||||||||
(Alternative Method elected) | ||||||||||||||
Net capital as a percent of aggregate debit items | 44.3 | % | 40.9 | % | ||||||||||
Net capital | $ | 1,086 | $ | 1,152 | ||||||||||
Less: required net capital | (49) | (56) | ||||||||||||
Excess net capital | $ | 1,037 | $ | 1,096 |
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 March 31, | Six months ended March 31, | |||||||||||||||||||||||||
in millions, except per share amounts | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Income for basic earnings per common share: | ||||||||||||||||||||||||||
Net income available to common shareholders | $ | 425 | $ | 323 | $ | 932 | $ | 769 | ||||||||||||||||||
Less allocation of earnings and dividends to participating securities | (2) | — | (3) | (1) | ||||||||||||||||||||||
Net income available to common shareholders after participating securities | $ | 423 | $ | 323 | $ | 929 | $ | 768 | ||||||||||||||||||
Income for diluted earnings per common share: | ||||||||||||||||||||||||||
Net income available to common shareholders | $ | 425 | $ | 323 | $ | 932 | $ | 769 | ||||||||||||||||||
Less allocation of earnings and dividends to participating securities | (2) | — | (3) | (1) | ||||||||||||||||||||||
Net income available to common shareholders after participating securities | $ | 423 | $ | 323 | $ | 929 | $ | 768 | ||||||||||||||||||
Common shares: | ||||||||||||||||||||||||||
Average common shares in basic computation | 214.3 | 207.7 | 214.5 | 207.0 | ||||||||||||||||||||||
Dilutive effect of outstanding stock options and certain RSUs | 4.9 | 5.3 | 5.2 | 5.6 | ||||||||||||||||||||||
Average common and common equivalent shares used in diluted computation | 219.2 | 213.0 | 219.7 | 212.6 | ||||||||||||||||||||||
Earnings per common share: | ||||||||||||||||||||||||||
Basic | $ | 1.97 | $ | 1.56 | $ | 4.33 | $ | 3.71 | ||||||||||||||||||
Diluted | $ | 1.93 | $ | 1.52 | $ | 4.23 | $ | 3.61 | ||||||||||||||||||
Stock options and certain RSUs excluded from weighted-average diluted common shares because their effect would be antidilutive | 1.6 | — | 1.3 | 0.5 |
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, | |||||||
2017 | 2016 | ||||||
Dividends per common share - declared | $ | 0.25 | $ | 0.22 | |||
Dividends per common share - paid | $ | 0.22 | $ | 0.20 |
Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Net revenues: | ||||||||||||||||||||||||||
Private Client Group | $ | 2,144 | $ | 1,922 | $ | 4,207 | $ | 3,761 | ||||||||||||||||||
Capital Markets | 302 | 413 | 597 | 1,027 | ||||||||||||||||||||||
Asset Management | 216 | 234 | 423 | 470 | ||||||||||||||||||||||
Bank | 540 | 197 | 1,048 | 380 | ||||||||||||||||||||||
Other | 10 | (18) | 19 | (33) | ||||||||||||||||||||||
Intersegment eliminations | (339) | (75) | (635) | (151) | ||||||||||||||||||||||
Total net revenues | $ | 2,873 | $ | 2,673 | $ | 5,659 | $ | 5,454 | ||||||||||||||||||
Pre-tax income/(loss): | ||||||||||||||||||||||||||
Private Client Group | $ | 441 | $ | 213 | $ | 875 | $ | 408 | ||||||||||||||||||
Capital Markets | (34) | 87 | (50) | 288 | ||||||||||||||||||||||
Asset Management | 82 | 103 | 162 | 210 | ||||||||||||||||||||||
Bank | 91 | 83 | 227 | 185 | ||||||||||||||||||||||
Other (1) | (23) | (53) | (5) | (100) | ||||||||||||||||||||||
Total pre-tax income | $ | 557 | $ | 433 | $ | 1,209 | $ | 991 |
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 March 31, | Six months ended March 31, | |||||||||||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Net interest income/(expense): | ||||||||||||||||||||||||||
Private Client Group | $ | 88 | $ | 34 | $ | 175 | $ | 64 | ||||||||||||||||||
Capital Markets | 1 | 2 | 1 | 5 | ||||||||||||||||||||||
Asset Management | 3 | — | 5 | — | ||||||||||||||||||||||
Bank | 530 | 189 | 1,021 | 366 | ||||||||||||||||||||||
Other | 9 | (21) | 15 | (43) | ||||||||||||||||||||||
Net interest income | $ | 631 | $ | 204 | $ | 1,217 | $ | 392 |
$ in millions | March 31, 2023 | September 30, 2022 | ||||||||||||
Total assets: | ||||||||||||||
Private Client Group | $ | 13,035 | $ | 17,770 | ||||||||||
Capital Markets | 2,920 | 3,951 | ||||||||||||
Asset Management | 521 | 556 | ||||||||||||
Bank | 60,400 | 56,737 | ||||||||||||
Other | 2,304 | 1,937 | ||||||||||||
Total | $ | 79,180 | $ | 80,951 |
$ 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 | March 31, 2023 | September 30, 2022 | ||||||||||||
Goodwill: | ||||||||||||||
Private Client Group | $ | 565 | $ | 550 | ||||||||||
Capital Markets | 275 | 274 | ||||||||||||
Asset Management | 69 | 69 | ||||||||||||
Bank | 529 | 529 | ||||||||||||
Total | $ | 1,438 | $ | 1,422 |
Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Net revenues: | ||||||||||||||||||||||||||
U.S. | $ | 2,627 | $ | 2,430 | $ | 5,167 | $ | 5,019 | ||||||||||||||||||
Canada | 144 | 129 | 278 | 266 | ||||||||||||||||||||||
Europe | 102 | 114 | 214 | 169 | ||||||||||||||||||||||
Total | $ | 2,873 | $ | 2,673 | $ | 5,659 | $ | 5,454 | ||||||||||||||||||
Pre-tax income/(loss): | ||||||||||||||||||||||||||
U.S. | $ | 524 | $ | 406 | $ | 1,133 | $ | 937 | ||||||||||||||||||
Canada | 36 | 14 | 67 | 32 | ||||||||||||||||||||||
Europe | (3) | 13 | 9 | 22 | ||||||||||||||||||||||
Total | $ | 557 | $ | 433 | $ | 1,209 | $ | 991 |
Three months ended December 31, | ||||||||||||||||||||||
$ in thousands | 2017 | 2016 | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||||
$ in millions | $ in millions | March 31, 2023 | September 30, 2022 | |||||||||||||||||||
Total assets: | Total assets: | |||||||||||||||||||||
U.S. | $ | 1,633,022 | $ | 1,416,281 | U.S. | $ | 72,960 | $ | 74,428 | |||||||||||||
Canada | 99,286 | 84,845 | Canada | 3,460 | 3,631 | |||||||||||||||||
Europe | 33,284 | 22,970 | Europe | 2,760 | 2,892 | |||||||||||||||||
Other | — | 4,672 | ||||||||||||||||||||
Total | $ | 1,765,592 | $ | 1,528,768 | Total | $ | 79,180 | $ | 80,951 | |||||||||||||
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 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 | March 31, 2023 | September 30, 2022 | ||||||||||||
Goodwill: | ||||||||||||||
U.S. | $ | 1,250 | $ | 1,250 | ||||||||||
Canada | 24 | 23 | ||||||||||||
Europe | 164 | 149 | ||||||||||||
Total | $ | 1,438 | $ | 1,422 |
INDEX | |||||
PAGE | |||||
Factors affecting “forward-looking statements” | |||||
Reconciliation of | |||||
Net interest analysis | |||||
Results of | |||||
Private Client Group | |||||
Capital Markets | |||||
Asset Management | |||||
Other | |||||
Statement of financial condition analysis | |||||
Regulatory | |||||
Critical accounting estimates | |||||
Recent accounting developments | |||||
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 | Six months ended | |||||||||||||||||||||||||
$ in millions | March 31, 2023 | March 31, 2022 | March 31, 2023 | March 31, 2022 | ||||||||||||||||||||||
Net income available to common shareholders | $ | 425 | $ | 323 | $ | 932 | $ | 769 | ||||||||||||||||||
Non-GAAP adjustments: | ||||||||||||||||||||||||||
Expenses directly related to acquisitions included in the following financial statement line items: | ||||||||||||||||||||||||||
Compensation, commissions and benefits — Acquisition-related retention | 17 | 14 | 35 | 25 | ||||||||||||||||||||||
Professional fees | — | 5 | — | 7 | ||||||||||||||||||||||
Other — Amortization of identifiable intangible assets | 11 | 6 | 22 | 14 | ||||||||||||||||||||||
All other acquisition-related expenses | — | 6 | — | 6 | ||||||||||||||||||||||
Total “Other” expense | 11 | 12 | 22 | 20 | ||||||||||||||||||||||
Total expenses related to acquisitions | 28 | 31 | 57 | 52 | ||||||||||||||||||||||
Other — Insurance settlement received | — | — | (32) | — | ||||||||||||||||||||||
Pre-tax impact of non-GAAP adjustments | 28 | 31 | 25 | 52 | ||||||||||||||||||||||
Tax effect of non-GAAP adjustments | (7) | (8) | (6) | (13) | ||||||||||||||||||||||
Total non-GAAP adjustments, net of tax | 21 | 23 | 19 | 39 | ||||||||||||||||||||||
Adjusted net income available to common shareholders | $ | 446 | $ | 346 | $ | 951 | $ | 808 | ||||||||||||||||||
Compensation, commissions and benefits expense | $ | 1,820 | $ | 1,852 | $ | 3,556 | $ | 3,736 | ||||||||||||||||||
Less: Acquisition-related retention (as detailed above) | 17 | 14 | 35 | 25 | ||||||||||||||||||||||
Adjusted “Compensation, commissions and benefits” expense | $ | 1,803 | $ | 1,838 | $ | 3,521 | $ | 3,711 |
Three months ended | Six months ended | |||||||||||||||||||||||||
March 31, 2023 | March 31, 2022 | March 31, 2023 | March 31, 2022 | |||||||||||||||||||||||
Total compensation ratio | 63.3 | % | 69.3 | % | 62.8 | % | 68.5 | % | ||||||||||||||||||
Less the impact of non-GAAP adjustments on compensation ratio: | ||||||||||||||||||||||||||
Acquisition-related retention | 0.5 | % | 0.5 | % | 0.6 | % | 0.5 | % | ||||||||||||||||||
Adjusted total compensation ratio | 62.8 | % | 68.8 | % | 62.2 | % | 68.0 | % |
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 | % |
Three months ended | Six months ended | |||||||||||||||||||||||||
Earnings per common share | March 31, 2023 | March 31, 2022 | March 31, 2023 | March 31, 2022 | ||||||||||||||||||||||
Diluted earnings per common share | $ | 1.93 | $ | 1.52 | $ | 4.23 | $ | 3.61 | ||||||||||||||||||
Impact of non-GAAP adjustments on diluted earnings per common share: | ||||||||||||||||||||||||||
Expenses directly related to acquisitions included in the following financial statement line items: | ||||||||||||||||||||||||||
Compensation, commissions and benefits — Acquisition-related retention | 0.08 | 0.06 | 0.16 | 0.12 | ||||||||||||||||||||||
Professional fees | — | 0.02 | — | 0.03 | ||||||||||||||||||||||
Other — Amortization of identifiable intangible assets | 0.05 | 0.03 | 0.10 | 0.07 | ||||||||||||||||||||||
All other acquisition-related expenses | — | 0.03 | — | 0.03 | ||||||||||||||||||||||
Total “Other” expense | 0.05 | 0.06 | 0.10 | 0.10 | ||||||||||||||||||||||
Total expenses related to acquisitions | 0.13 | 0.14 | 0.26 | 0.25 | ||||||||||||||||||||||
Other — Insurance settlement received | — | — | (0.15) | — | ||||||||||||||||||||||
Tax effect of non-GAAP adjustments | (0.03) | (0.04) | (0.03) | (0.06) | ||||||||||||||||||||||
Total non-GAAP adjustments, net of tax | 0.10 | 0.10 | 0.08 | 0.19 | ||||||||||||||||||||||
Adjusted diluted earnings per common share | $ | 2.03 | $ | 1.62 | $ | 4.31 | $ | 3.80 |
Return on common equity | Three months ended | Six months ended | ||||||||||||||||||||||||
$ in millions | March 31, 2023 | March 31, 2022 | March 31, 2023 | March 31, 2022 | ||||||||||||||||||||||
Average common equity | $ | 9,806 | $ | 8,601 | $ | 9,650 | $ | 8,482 | ||||||||||||||||||
Impact of non-GAAP adjustments on average common equity: | ||||||||||||||||||||||||||
Expenses directly related to acquisitions included in the following financial statement line items: | ||||||||||||||||||||||||||
Compensation, commissions and benefits — Acquisition-related retention | 9 | 7 | 18 | 12 | ||||||||||||||||||||||
Professional fees | — | 3 | — | 3 | ||||||||||||||||||||||
Other — Amortization of identifiable intangible assets | 6 | 3 | 11 | 7 | ||||||||||||||||||||||
All other acquisition-related expenses | — | 3 | — | 2 | ||||||||||||||||||||||
Total “Other” expense | 6 | 6 | 11 | 9 | ||||||||||||||||||||||
Total expenses related to acquisitions | 15 | 16 | 29 | 24 | ||||||||||||||||||||||
Other — Insurance settlement received | — | — | (21) | — | ||||||||||||||||||||||
Tax effect of non-GAAP adjustments | (4) | (4) | (2) | (6) | ||||||||||||||||||||||
Total non-GAAP adjustments, net of tax | 11 | 12 | 6 | 18 | ||||||||||||||||||||||
Adjusted average common equity | $ | 9,817 | $ | 8,613 | $ | 9,656 | $ | 8,500 |
Three months ended | Six months ended | |||||||||||||||||||||||||
$ in millions | March 31, 2023 | March 31, 2022 | March 31, 2023 | March 31, 2022 | ||||||||||||||||||||||
Average common equity | $ | 9,806 | $ | 8,601 | $ | 9,650 | $ | 8,482 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Average goodwill and identifiable intangible assets, net | 1,936 | 992 | 1,934 | 955 | ||||||||||||||||||||||
Average deferred tax liabilities related to goodwill and identifiable intangible assets, net | (129) | (77) | (128) | (72) | ||||||||||||||||||||||
Average tangible common equity | $ | 7,999 | $ | 7,686 | $ | 7,844 | $ | 7,599 | ||||||||||||||||||
Impact of non-GAAP adjustments on average tangible common equity: | ||||||||||||||||||||||||||
Expenses directly related to acquisitions included in the following financial statement line items: | ||||||||||||||||||||||||||
Compensation, commissions and benefits — Acquisition-related retention | 9 | 7 | 18 | 12 | ||||||||||||||||||||||
Professional fees | — | 3 | — | 3 | ||||||||||||||||||||||
Other — Amortization of identifiable intangible assets | 6 | 3 | 11 | 7 | ||||||||||||||||||||||
All other acquisition-related expenses | — | 3 | — | 2 | ||||||||||||||||||||||
Total “Other” expense | 6 | 6 | 11 | 9 | ||||||||||||||||||||||
Total expenses related to acquisitions | 15 | 16 | 29 | 24 | ||||||||||||||||||||||
Other — Insurance settlement received | — | — | (21) | — | ||||||||||||||||||||||
Tax effect of non-GAAP adjustments | (4) | (4) | (2) | (6) | ||||||||||||||||||||||
Total non-GAAP adjustments, net of tax | 11 | 12 | 6 | 18 | ||||||||||||||||||||||
Adjusted average tangible common equity | $ | 8,010 | $ | 7,698 | $ | 7,850 | $ | 7,617 | ||||||||||||||||||
Return on common equity | 17.3 | % | 15.0 | % | 19.3 | % | 18.1 | % | ||||||||||||||||||
Adjusted return on common equity | 18.2 | % | 16.1 | % | 19.7 | % | 19.0 | % | ||||||||||||||||||
Return on tangible common equity | 21.3 | % | 16.8 | % | 23.8 | % | 20.2 | % | ||||||||||||||||||
Adjusted return on tangible common equity | 22.3 | % | 18.0 | % | 24.2 | % | 21.2 | % |
Fed Funds Target Rate Schedule | ||||||||||||||||||||
RJF Fiscal quarter ended | Effective date of interest rate action | Increase/(decrease) in interest rates (in basis points) | Fed funds target rate | |||||||||||||||||
March 31 2020 | March 16, 2020 | (100) | 0.00% - 0.25% | |||||||||||||||||
March 31, 2022 | March 17, 2022 | 25 | 0.25% - 0.50% | |||||||||||||||||
June 30, 2022 | May 5, 2022 | 50 | 0.75% - 1.00% | |||||||||||||||||
June 30, 2022 | June 16, 2022 | 75 | 1.50% - 1.75% | |||||||||||||||||
September 30, 2022 | July 28, 2022 | 75 | 2.25% - 2.50% | |||||||||||||||||
September 30, 2022 | September 22, 2022 | 75 | 3.00% - 3.25% | |||||||||||||||||
December 31, 2022 | November 3, 2022 | 75 | 3.75% - 4.00% | |||||||||||||||||
December 31, 2022 | December 15, 2022 | 50 | 4.25% - 4.50% | |||||||||||||||||
March 31, 2023 | February 2, 2023 | 25 | 4.50% - 4.75% | |||||||||||||||||
March 31, 2023 | March 23, 2023 | 25 | 4.75% - 5.00% | |||||||||||||||||
Rate changes subsequent to March 31, 2023 | ||||||||||||||||||||
June 30, 2023 | May 4, 2023 | 25 | 5.00% - 5.25% |
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 March 31, | |||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||
$ in millions | Average daily balance | Interest | Annualized average rate | Average daily balance | Interest | Annualized average rate | |||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||||||||
Bank segment: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 3,093 | $ | 36 | 4.64 | % | $ | 1,601 | $ | 1 | 0.22 | % | |||||||||||||||||||||||||||||
Available-for-sale securities | 10,869 | 54 | 2.00 | % | 8,869 | 25 | 1.16 | % | |||||||||||||||||||||||||||||||||
Loans held for sale and investment: (1) (2) | |||||||||||||||||||||||||||||||||||||||||
Loans held for investment: | |||||||||||||||||||||||||||||||||||||||||
SBL | 14,493 | 240 | 6.63 | % | 6,753 | 39 | 2.31 | % | |||||||||||||||||||||||||||||||||
C&I loans | 11,236 | 188 | 6.69 | % | 8,783 | 54 | 2.49 | % | |||||||||||||||||||||||||||||||||
CRE loans | 6,961 | 123 | 7.07 | % | 3,150 | 20 | 2.56 | % | |||||||||||||||||||||||||||||||||
REIT loans | 1,671 | 31 | 7.11 | % | 1,324 | 9 | 2.48 | % | |||||||||||||||||||||||||||||||||
Residential mortgage loans | 7,979 | 62 | 3.13 | % | 5,770 | 38 | 2.69 | % | |||||||||||||||||||||||||||||||||
Tax-exempt loans (3) | 1,652 | 10 | 3.16 | % | 1,289 | 9 | 3.18 | % | |||||||||||||||||||||||||||||||||
Loans held for sale | 170 | 3 | 7.23 | % | 268 | 2 | 2.94 | % | |||||||||||||||||||||||||||||||||
Total loans held for sale and investment | 44,162 | 657 | 5.97 | % | 27,337 | 171 | 2.53 | % | |||||||||||||||||||||||||||||||||
All other interest-earning assets | 153 | 2 | 5.80 | % | 114 | 2 | 2.75 | % | |||||||||||||||||||||||||||||||||
Interest-earning assets — Bank segment | $ | 58,277 | $ | 749 | 5.16 | % | $ | 37,921 | $ | 199 | 2.11 | % | |||||||||||||||||||||||||||||
All other segments: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 3,130 | $ | 39 | 5.10 | % | $ | 4,318 | $ | 2 | 0.19 | % | |||||||||||||||||||||||||||||
Assets segregated for regulatory purposes and restricted cash | 4,856 | 55 | 4.36 | % | 19,522 | 7 | 0.15 | % | |||||||||||||||||||||||||||||||||
Trading assets — debt securities | 1,057 | 13 | 5.05 | % | 464 | 4 | 3.86 | % | |||||||||||||||||||||||||||||||||
Brokerage client receivables | 2,205 | 41 | 7.66 | % | 2,558 | 21 | 3.29 | % | |||||||||||||||||||||||||||||||||
All other interest-earning assets | 1,817 | 18 | 3.12 | % | 1,614 | 9 | 2.47 | % | |||||||||||||||||||||||||||||||||
Interest-earning assets — all other segments | $ | 13,065 | $ | 166 | 4.98 | % | $ | 28,476 | $ | 43 | 0.63 | % | |||||||||||||||||||||||||||||
Total interest-earning assets | $ | 71,342 | $ | 915 | 5.13 | % | $ | 66,397 | $ | 242 | 1.48 | % | |||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||
Bank segment: | |||||||||||||||||||||||||||||||||||||||||
Bank deposits: | |||||||||||||||||||||||||||||||||||||||||
Money market and savings accounts | $ | 44,554 | $ | 132 | 1.20 | % | $ | 33,136 | $ | 1 | 0.01 | % | |||||||||||||||||||||||||||||
Interest-bearing demand deposits | 5,620 | 62 | 4.47 | % | 293 | 1 | 1.10 | % | |||||||||||||||||||||||||||||||||
Certificates of deposit | 1,859 | 16 | 3.57 | % | 733 | 3 | 1.83 | % | |||||||||||||||||||||||||||||||||
Total bank deposits (4) | 52,033 | 210 | 1.64 | % | 34,162 | 5 | 0.06 | % | |||||||||||||||||||||||||||||||||
FHLB advances and all other interest-bearing liabilities | 1,452 | 9 | 2.80 | % | 864 | 4 | 2.17 | % | |||||||||||||||||||||||||||||||||
Interest-bearing liabilities — Bank segment | $ | 53,485 | $ | 219 | 1.67 | % | $ | 35,026 | $ | 9 | 0.11 | % | |||||||||||||||||||||||||||||
All other segments: | |||||||||||||||||||||||||||||||||||||||||
Trading liabilities — debt securities | $ | 725 | $ | 7 | 4.14 | % | $ | 168 | $ | 1 | 1.89 | % | |||||||||||||||||||||||||||||
Brokerage client payables | 6,044 | 23 | 1.52 | % | 21,405 | — | 0.01 | % | |||||||||||||||||||||||||||||||||
Senior notes payable | 2,038 | 23 | 4.44 | % | 2,037 | 23 | 4.44 | % | |||||||||||||||||||||||||||||||||
All other interest-bearing liabilities (4) | 113 | 12 | 3.72 | % | 199 | 5 | 5.77 | % | |||||||||||||||||||||||||||||||||
Interest-bearing liabilities — all other segments | $ | 8,920 | $ | 65 | 2.43 | % | $ | 23,809 | $ | 29 | 0.47 | % | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | $ | 62,405 | $ | 284 | 1.78 | % | $ | 58,835 | $ | 38 | 0.26 | % | |||||||||||||||||||||||||||||
Firmwide net interest income | $ | 631 | $ | 204 | |||||||||||||||||||||||||||||||||||||
Net interest margin (net yield on interest-earning assets) | |||||||||||||||||||||||||||||||||||||||||
Bank segment | 3.63 | % | 2.01 | % | |||||||||||||||||||||||||||||||||||||
Firmwide | 3.59 | % | 1.25 | % |
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 March 31, | |||||||||||||||||||||||||||||||||||||||||
2023 compared to 2022 | |||||||||||||||||||||||||||||||||||||||||
Increase/(decrease) due to | |||||||||||||||||||||||||||||||||||||||||
$ in millions | Volume | Rate | Total | ||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | Interest income | ||||||||||||||||||||||||||||||||||||||||
Bank segment: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 2 | $ | 33 | $ | 35 | |||||||||||||||||||||||||||||||||||
Available-for-sale securities | 7 | 22 | 29 | ||||||||||||||||||||||||||||||||||||||
Loans held for sale and investment: | |||||||||||||||||||||||||||||||||||||||||
Loans held for investment: | |||||||||||||||||||||||||||||||||||||||||
SBL | 76 | 125 | 201 | ||||||||||||||||||||||||||||||||||||||
C&I loans | 19 | 115 | 134 | ||||||||||||||||||||||||||||||||||||||
CRE loans | 41 | 62 | 103 | ||||||||||||||||||||||||||||||||||||||
REIT loans | 3 | 19 | 22 | ||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | 17 | 7 | 24 | ||||||||||||||||||||||||||||||||||||||
Tax-exempt loans | — | 1 | 1 | ||||||||||||||||||||||||||||||||||||||
Loans held for sale | — | 1 | 1 | ||||||||||||||||||||||||||||||||||||||
Total loans held for sale and investment | 156 | 330 | 486 | ||||||||||||||||||||||||||||||||||||||
All other interest-earning assets | 1 | (1) | — | ||||||||||||||||||||||||||||||||||||||
Interest-earning assets — Bank segment | $ | 166 | $ | 384 | $ | 550 | |||||||||||||||||||||||||||||||||||
All other segments: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 37 | $ | 37 | |||||||||||||||||||||||||||||||||||
Assets segregated for regulatory purposes and restricted cash | (11) | 59 | 48 | ||||||||||||||||||||||||||||||||||||||
Trading assets — debt securities | 6 | 3 | 9 | ||||||||||||||||||||||||||||||||||||||
Brokerage client receivables | (6) | 26 | 20 | ||||||||||||||||||||||||||||||||||||||
All other interest-earning assets | 4 | 5 | 9 | ||||||||||||||||||||||||||||||||||||||
Interest-earning assets — all other segments | $ | (7) | $ | 130 | $ | 123 | |||||||||||||||||||||||||||||||||||
Total interest-earning assets | $ | 159 | $ | 514 | $ | 673 | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest expense | ||||||||||||||||||||||||||||||||||||||||
Bank segment: | |||||||||||||||||||||||||||||||||||||||||
Bank deposits: | |||||||||||||||||||||||||||||||||||||||||
Money market and savings accounts | $ | 1 | $ | 130 | $ | 131 | |||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | 60 | 1 | 61 | ||||||||||||||||||||||||||||||||||||||
Certificates of deposit | 8 | 5 | 13 | ||||||||||||||||||||||||||||||||||||||
Total bank deposits | 69 | 136 | 205 | ||||||||||||||||||||||||||||||||||||||
FHLB advances and all other interest-bearing liabilities | 4 | 1 | 5 | ||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities — Bank segment | $ | 73 | $ | 137 | $ | 210 | |||||||||||||||||||||||||||||||||||
All other segments: | |||||||||||||||||||||||||||||||||||||||||
Trading liabilities — debt securities | $ | 4 | $ | 2 | $ | 6 | |||||||||||||||||||||||||||||||||||
Brokerage client payables | 3 | 20 | 23 | ||||||||||||||||||||||||||||||||||||||
All other interest-bearing liabilities | 4 | 3 | 7 | ||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities — all other segments | $ | 11 | $ | 25 | $ | 36 | |||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | $ | 84 | $ | 162 | $ | 246 | |||||||||||||||||||||||||||||||||||
Change in firmwide net interest income | $ | 75 | $ | 352 | $ | 427 |
Six months ended March 31, | |||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||
$ in millions | Average daily balance | Interest | Annualized average rate | Average daily balance | Interest | Annualized average rate | |||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||||||||
Bank segment: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 2,705 | $ | 58 | 4.24 | % | $ | 1,876 | $ | 2 | 0.19 | % | |||||||||||||||||||||||||||||
Available-for-sale securities | 10,961 | 107 | 1.95 | % | 8,688 | 47 | 1.09 | % | |||||||||||||||||||||||||||||||||
Loans held for sale and investment: (1) (2) | |||||||||||||||||||||||||||||||||||||||||
Loans held for investment: | |||||||||||||||||||||||||||||||||||||||||
SBL | 14,768 | 466 | 6.27 | % | 6,519 | 74 | 2.26 | % | |||||||||||||||||||||||||||||||||
C&I loans | 11,206 | 357 | 6.31 | % | 8,681 | 109 | 2.49 | % | |||||||||||||||||||||||||||||||||
CRE loans | 6,879 | 233 | 6.75 | % | 3,044 | 40 | 2.61 | % | |||||||||||||||||||||||||||||||||
REIT loans | 1,649 | 55 | 6.64 | % | 1,227 | 16 | 2.51 | % | |||||||||||||||||||||||||||||||||
Residential mortgage loans | 7,801 | 119 | 3.06 | % | 5,609 | 75 | 2.68 | % | |||||||||||||||||||||||||||||||||
Tax-exempt loans (3) | 1,623 | 20 | 3.11 | % | 1,293 | 17 | 3.19 | % | |||||||||||||||||||||||||||||||||
Loans held for sale | 179 | 6 | 6.27 | % | 254 | 4 | 2.94 | % | |||||||||||||||||||||||||||||||||
Total loans held for sale and investment | 44,105 | 1,256 | 5.68 | % | 26,627 | 335 | 2.53 | % | |||||||||||||||||||||||||||||||||
All other interest-earning assets | 148 | 4 | 5.55 | % | 141 | 2 | 2.21 | % | |||||||||||||||||||||||||||||||||
Interest-earning assets — Bank segment | $ | 57,919 | $ | 1,425 | 4.91 | % | $ | 37,332 | $ | 386 | 2.07 | % | |||||||||||||||||||||||||||||
All other segments: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 3,401 | $ | 72 | 4.25 | % | $ | 4,078 | $ | 4 | 0.19 | % | |||||||||||||||||||||||||||||
Assets segregated for regulatory purposes and restricted cash | 5,554 | 105 | 3.81 | % | 15,844 | 11 | 0.14 | % | |||||||||||||||||||||||||||||||||
Trading assets — debt securities | 1,069 | 27 | 5.08 | % | 516 | 9 | 3.35 | % | |||||||||||||||||||||||||||||||||
Brokerage client receivables | 2,301 | 82 | 7.16 | % | 2,521 | 42 | 3.32 | % | |||||||||||||||||||||||||||||||||
All other interest-earning assets | 1,909 | 31 | 2.79 | % | 1,622 | 15 | 1.92 | % | |||||||||||||||||||||||||||||||||
Interest-earning assets — all other segments | $ | 14,234 | $ | 317 | 4.42 | % | $ | 24,581 | $ | 81 | 0.66 | % | |||||||||||||||||||||||||||||
Total interest-earning assets | $ | 72,153 | $ | 1,742 | 4.81 | % | $ | 61,913 | $ | 467 | 1.51 | % | |||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||
Bank segment: | |||||||||||||||||||||||||||||||||||||||||
Bank deposits: | |||||||||||||||||||||||||||||||||||||||||
Money market and savings accounts | $ | 44,864 | $ | 253 | 1.13 | % | $ | 32,542 | $ | 1 | 0.01 | % | |||||||||||||||||||||||||||||
Interest-bearing demand deposits | 5,382 | 109 | 4.05 | % | 239 | 3 | 2.78 | % | |||||||||||||||||||||||||||||||||
Certificates of deposit | 1,538 | 24 | 3.13 | % | 789 | 7 | 1.85 | % | |||||||||||||||||||||||||||||||||
Total bank deposits (4) | 51,784 | 386 | 1.49 | % | 33,570 | 11 | 0.06 | % | |||||||||||||||||||||||||||||||||
FHLB advances and all other interest-bearing liabilities | 1,374 | 18 | 2.63 | % | 863 | 9 | 2.19 | % | |||||||||||||||||||||||||||||||||
Interest-bearing liabilities — Bank segment | $ | 53,158 | $ | 404 | 1.52 | % | $ | 34,433 | $ | 20 | 0.12 | % | |||||||||||||||||||||||||||||
All other segments: | |||||||||||||||||||||||||||||||||||||||||
Trading liabilities — debt securities | $ | 752 | $ | 17 | 4.63 | % | $ | 187 | $ | 2 | 1.63 | % | |||||||||||||||||||||||||||||
Brokerage client payables | 6,842 | 40 | 1.16 | % | 17,275 | 1 | 0.01 | % | |||||||||||||||||||||||||||||||||
Senior notes payable | 2,038 | 46 | 4.44 | % | 2,037 | 46 | 4.44 | % | |||||||||||||||||||||||||||||||||
All other interest-bearing liabilities (4) | 133 | 18 | 2.45 | % | 194 | 6 | 6.28 | % | |||||||||||||||||||||||||||||||||
Interest-bearing liabilities — all other segments | $ | 9,765 | $ | 121 | 2.13 | % | $ | 19,693 | $ | 55 | 0.55 | % | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | $ | 62,923 | $ | 525 | 1.61 | % | $ | 54,126 | $ | 75 | 0.28 | % | |||||||||||||||||||||||||||||
Firmwide net interest income | $ | 1,217 | $ | 392 | |||||||||||||||||||||||||||||||||||||
Net interest margin (net yield on interest-earning assets) | |||||||||||||||||||||||||||||||||||||||||
Bank segment | 3.51 | % | 1.97 | % | |||||||||||||||||||||||||||||||||||||
Firmwide | 3.38 | % | 1.27 | % |
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 |
Six months ended March 31, | ||||||||||||||||||||
2023 compared to 2022 | ||||||||||||||||||||
Increase/(decrease) due to | ||||||||||||||||||||
$ in millions | Volume | Rate | Total | |||||||||||||||||
Interest-earning assets: | Interest income | |||||||||||||||||||
Bank segment: | ||||||||||||||||||||
Cash and cash equivalents | $ | 2 | $ | 54 | $ | 56 | ||||||||||||||
Available-for-sale securities | 15 | 45 | 60 | |||||||||||||||||
Loans held for sale and investment: | ||||||||||||||||||||
Loans held for investment: | ||||||||||||||||||||
SBL | 163 | 229 | 392 | |||||||||||||||||
C&I loans | 40 | 208 | 248 | |||||||||||||||||
CRE loans | 85 | 108 | 193 | |||||||||||||||||
REIT loans | 7 | 32 | 39 | |||||||||||||||||
Residential mortgage loans | 33 | 11 | 44 | |||||||||||||||||
Tax-exempt loans | 4 | (1) | 3 | |||||||||||||||||
Loans held for sale | (3) | 5 | 2 | |||||||||||||||||
Total loans held for sale and investment | 329 | 592 | 921 | |||||||||||||||||
All other interest-earning assets | — | 2 | 2 | |||||||||||||||||
Interest-earning assets — Bank segment | $ | 346 | $ | 693 | $ | 1,039 | ||||||||||||||
All other segments: | ||||||||||||||||||||
Cash and cash equivalents | $ | (2) | $ | 70 | $ | 68 | ||||||||||||||
Assets segregated for regulatory purposes and restricted cash | (26) | 120 | 94 | |||||||||||||||||
Trading assets — debt securities | 12 | 6 | 18 | |||||||||||||||||
Brokerage client receivables | (11) | 51 | 40 | |||||||||||||||||
All other interest-earning assets | 5 | 11 | 16 | |||||||||||||||||
Interest-earning assets — all other segments | $ | (22) | $ | 258 | $ | 236 | ||||||||||||||
Total interest-earning assets | $ | 324 | $ | 951 | $ | 1,275 | ||||||||||||||
Interest-bearing liabilities: | Interest expense | |||||||||||||||||||
Bank segment: | ||||||||||||||||||||
Bank deposits: | ||||||||||||||||||||
Money market and savings accounts | $ | 1 | $ | 251 | $ | 252 | ||||||||||||||
Interest-bearing demand deposits | 104 | 2 | 106 | |||||||||||||||||
Certificates of deposit | 10 | 7 | 17 | |||||||||||||||||
Total bank deposits | 115 | 260 | 375 | |||||||||||||||||
FHLB advances and all other interest-bearing liabilities | 7 | 2 | 9 | |||||||||||||||||
Interest-bearing liabilities — Bank segment | $ | 122 | $ | 262 | $ | 384 | ||||||||||||||
All other segments: | ||||||||||||||||||||
Trading liabilities — debt securities | $ | 9 | $ | 6 | $ | 15 | ||||||||||||||
Brokerage client payables | (2) | 41 | 39 | |||||||||||||||||
All other interest-bearing liabilities | 4 | 8 | 12 | |||||||||||||||||
Interest-bearing liabilities — all other segments | $ | 11 | $ | 55 | $ | 66 | ||||||||||||||
Total interest-bearing liabilities | $ | 133 | $ | 317 | $ | 450 | ||||||||||||||
Change in firmwide net interest income | $ | 191 | $ | 634 | $ | 825 |
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 March 31, | Six months ended March 31, | |||||||||||||||||||||||||||||||||||||
$ in millions | 2023 | 2022 | % change | 2023 | 2022 | % change | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Asset management and related administrative fees | $ | 1,102 | $ | 1,245 | (11) | % | $ | 2,155 | $ | 2,407 | (10) | % | ||||||||||||||||||||||||||
Brokerage revenues: | ||||||||||||||||||||||||||||||||||||||
Mutual and other fund products | 135 | 166 | (19) | % | 263 | 337 | (22) | % | ||||||||||||||||||||||||||||||
Insurance and annuity products | 113 | 110 | 3 | % | 217 | 221 | (2) | % | ||||||||||||||||||||||||||||||
Equities, ETFs and fixed income products | 116 | 121 | (4) | % | 229 | 236 | (3) | % | ||||||||||||||||||||||||||||||
Total brokerage revenues | 364 | 397 | (8) | % | 709 | 794 | (11) | % | ||||||||||||||||||||||||||||||
Account and service fees: | ||||||||||||||||||||||||||||||||||||||
Mutual fund and annuity service fees | 105 | 109 | (4) | % | 203 | 223 | (9) | % | ||||||||||||||||||||||||||||||
RJBDP fees: | ||||||||||||||||||||||||||||||||||||||
Bank segment | 311 | 49 | 535 | % | 579 | 99 | 485 | % | ||||||||||||||||||||||||||||||
Third-party banks | 100 | 20 | 400 | % | 237 | 37 | 541 | % | ||||||||||||||||||||||||||||||
Client account and other fees | 56 | 53 | 6 | % | 116 | 102 | 14 | % | ||||||||||||||||||||||||||||||
Total account and service fees | 572 | 231 | 148 | % | 1,135 | 461 | 146 | % | ||||||||||||||||||||||||||||||
Investment banking | 9 | 9 | — | % | 18 | 22 | (18) | % | ||||||||||||||||||||||||||||||
Interest income | 117 | 37 | 216 | % | 226 | 70 | 223 | % | ||||||||||||||||||||||||||||||
All other | 9 | 6 | 50 | % | 15 | 13 | 15 | % | ||||||||||||||||||||||||||||||
Total revenues | 2,173 | 1,925 | 13 | % | 4,258 | 3,767 | 13 | % | ||||||||||||||||||||||||||||||
Interest expense | (29) | (3) | 867 | % | (51) | (6) | 750 | % | ||||||||||||||||||||||||||||||
Net revenues | 2,144 | 1,922 | 12 | % | 4,207 | 3,761 | 12 | % | ||||||||||||||||||||||||||||||
Non-interest expenses: | ||||||||||||||||||||||||||||||||||||||
Financial advisor compensation and benefits | 1,118 | 1,231 | (9) | % | 2,193 | 2,418 | (9) | % | ||||||||||||||||||||||||||||||
Administrative compensation and benefits | 345 | 289 | 19 | % | 687 | 572 | 20 | % | ||||||||||||||||||||||||||||||
Total compensation, commissions and benefits | 1,463 | 1,520 | (4) | % | 2,880 | 2,990 | (4) | % | ||||||||||||||||||||||||||||||
Non-compensation expenses: | ||||||||||||||||||||||||||||||||||||||
Communications and information processing | 100 | 84 | 19 | % | 189 | 155 | 22 | % | ||||||||||||||||||||||||||||||
Occupancy and equipment | 53 | 50 | 6 | % | 104 | 96 | 8 | % | ||||||||||||||||||||||||||||||
Business development | 33 | 25 | 32 | % | 70 | 52 | 35 | % | ||||||||||||||||||||||||||||||
Professional fees | 17 | 13 | 31 | % | 30 | 22 | 36 | % | ||||||||||||||||||||||||||||||
All other | 37 | 17 | 118 | % | 59 | 38 | 55 | % | ||||||||||||||||||||||||||||||
Total non-compensation expenses | 240 | 189 | 27 | % | 452 | 363 | 25 | % | ||||||||||||||||||||||||||||||
Total non-interest expenses | 1,703 | 1,709 | — | % | 3,332 | 3,353 | (1) | % | ||||||||||||||||||||||||||||||
Pre-tax income | $ | 441 | $ | 213 | 107 | % | $ | 875 | $ | 408 | 114 | % |
$ 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 | March 31, 2023 | December 31, 2022 | September 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | ||||||||||||||||||||||||||||||||||||||
Assets under administration (“AUA”) (1) | $ | 1,171.1 | $ | 1,114.3 | $ | 1,039.0 | $ | 1,198.3 | $ | 1,199.8 | $ | 1,115.4 | ||||||||||||||||||||||||||||||||
Assets in fee-based accounts (1) (2) | $ | 666.3 | $ | 633.1 | $ | 586.0 | $ | 678.0 | $ | 677.8 | $ | 627.1 | ||||||||||||||||||||||||||||||||
Percent of AUA in fee-based accounts | 56.9 | % | 56.8 | % | 56.4 | % | 56.6 | % | 56.5 | % | 56.2 | % |
Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Domestic Private Client Group net new assets (1) | $ | 21,473 | $ | 24,093 | $ | 44,699 | $ | 60,194 | ||||||||||||||||||
Domestic Private Client Group net new assets growth - annualized (2) | 8.4 | % | 8.6 | % | 9.4 | % | 11.4 | % |
March 31, 2023 | December 31, 2022 | September 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||
Employees | 3,628 | 3,631 | 3,638 | 3,601 | 3,447 | 3,461 | ||||||||||||||||||||||||||||||||||||||
Independent contractors (1) | 5,098 | 5,068 | 5,043 | 5,129 | 5,017 | 5,021 | ||||||||||||||||||||||||||||||||||||||
Total advisors | 8,726 | 8,699 | 8,681 | 8,730 | 8,464 | 8,482 |
As of | ||||||||||||||||||||||||||||||||||||||||||||
$ in millions | March 31, 2023 | December 31, 2022 | September 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | ||||||||||||||||||||||||||||||||||||||
RJBDP: | ||||||||||||||||||||||||||||||||||||||||||||
Bank segment | $ | 37,682 | $ | 39,098 | $ | 38,705 | $ | 33,570 | $ | 33,097 | $ | 31,410 | ||||||||||||||||||||||||||||||||
Third-party banks | 9,408 | 18,231 | 21,964 | 25,887 | 24,316 | 24,496 | ||||||||||||||||||||||||||||||||||||||
Subtotal RJBDP | 47,090 | 57,329 | 60,669 | 59,457 | 57,413 | 55,906 | ||||||||||||||||||||||||||||||||||||||
Client Interest Program (“CIP”) | 2,385 | 3,053 | 6,445 | 17,013 | 16,065 | 10,762 | ||||||||||||||||||||||||||||||||||||||
Total clients’ domestic cash sweep balances | 49,475 | 60,382 | 67,114 | 76,470 | 73,478 | 66,668 | ||||||||||||||||||||||||||||||||||||||
Enhanced Savings Program (1) | 2,746 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Total clients’ domestic cash sweep and Enhanced Savings Program balances | $ | 52,221 | $ | 60,382 | $ | 67,114 | $ | 76,470 | $ | 73,478 | $ | 66,668 |
Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Average yield on RJBDP - third-party banks | 3.25 | % | 0.32 | % | 2.93 | % | 0.30 | % |
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 March 31, | Six months ended March 31, | |||||||||||||||||||||||||||||||||||||
$ in millions | 2023 | 2022 | % change | 2023 | 2022 | % change | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Brokerage revenues: | ||||||||||||||||||||||||||||||||||||||
Fixed income | $ | 96 | $ | 125 | (23) | % | $ | 196 | $ | 245 | (20) | % | ||||||||||||||||||||||||||
Equity | 34 | 41 | (17) | % | 68 | 80 | (15) | % | ||||||||||||||||||||||||||||||
Total brokerage revenues | 130 | 166 | (22) | % | 264 | 325 | (19) | % | ||||||||||||||||||||||||||||||
Investment banking: | ||||||||||||||||||||||||||||||||||||||
Merger & acquisition and advisory | 87 | 139 | (37) | % | 189 | 410 | (54) | % | ||||||||||||||||||||||||||||||
Equity underwriting | 29 | 52 | (44) | % | 44 | 149 | (70) | % | ||||||||||||||||||||||||||||||
Debt underwriting | 29 | 35 | (17) | % | 45 | 79 | (43) | % | ||||||||||||||||||||||||||||||
Total investment banking | 145 | 226 | (36) | % | 278 | 638 | (56) | % | ||||||||||||||||||||||||||||||
Interest income | 21 | 5 | 320 | % | 44 | 10 | 340 | % | ||||||||||||||||||||||||||||||
Affordable housing investments business revenues | 23 | 15 | 53 | % | 47 | 50 | (6) | % | ||||||||||||||||||||||||||||||
All other | 3 | 4 | (25) | % | 7 | 9 | (22) | % | ||||||||||||||||||||||||||||||
Total revenues | 322 | 416 | (23) | % | 640 | 1,032 | (38) | % | ||||||||||||||||||||||||||||||
Interest expense | (20) | (3) | 567 | % | (43) | (5) | 760 | % | ||||||||||||||||||||||||||||||
Net revenues | 302 | 413 | (27) | % | 597 | 1,027 | (42) | % | ||||||||||||||||||||||||||||||
Non-interest expenses: | ||||||||||||||||||||||||||||||||||||||
Compensation, commissions and benefits | 231 | 253 | (9) | % | 444 | 584 | (24) | % | ||||||||||||||||||||||||||||||
Non-compensation expenses: | ||||||||||||||||||||||||||||||||||||||
Communications and information processing | 26 | 22 | 18 | % | 50 | 44 | 14 | % | ||||||||||||||||||||||||||||||
Occupancy and equipment | 11 | 10 | 10 | % | 21 | 19 | 11 | % | ||||||||||||||||||||||||||||||
Business development | 17 | 9 | 89 | % | 32 | 17 | 88 | % | ||||||||||||||||||||||||||||||
Professional fees | 14 | 7 | 100 | % | 27 | 21 | 29 | % | ||||||||||||||||||||||||||||||
All other | 37 | 25 | 48 | % | 73 | 54 | 35 | % | ||||||||||||||||||||||||||||||
Total non-compensation expenses | 105 | 73 | 44 | % | 203 | 155 | 31 | % | ||||||||||||||||||||||||||||||
Total non-interest expenses | 336 | 326 | 3 | % | 647 | 739 | (12) | % | ||||||||||||||||||||||||||||||
Pre-tax income/(loss) | $ | (34) | $ | 87 | NM | $ | (50) | $ | 288 | NM |
Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||||||||||||||
$ in millions | 2023 | 2022 | % change | 2023 | 2022 | % change | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Asset management and related administrative fees: | ||||||||||||||||||||||||||||||||||||||
Managed programs | $ | 140 | $ | 149 | (6) | % | $ | 274 | $ | 300 | (9) | % | ||||||||||||||||||||||||||
Administration and other | 66 | 77 | (14) | % | 129 | 153 | (16) | % | ||||||||||||||||||||||||||||||
Total asset management and related administrative fees | 206 | 226 | (9) | % | 403 | 453 | (11) | % | ||||||||||||||||||||||||||||||
Account and service fees | 6 | 6 | — | % | 11 | 12 | (8) | % | ||||||||||||||||||||||||||||||
All other | 4 | 2 | 100 | % | 9 | 5 | 80 | % | ||||||||||||||||||||||||||||||
Net revenues | 216 | 234 | (8) | % | 423 | 470 | (10) | % | ||||||||||||||||||||||||||||||
Non-interest expenses: | ||||||||||||||||||||||||||||||||||||||
Compensation, commissions and benefits | 52 | 47 | 11 | % | 99 | 93 | 6 | % | ||||||||||||||||||||||||||||||
Non-compensation expenses: | ||||||||||||||||||||||||||||||||||||||
Communications and information processing | 14 | 14 | — | % | 28 | 26 | 8 | % | ||||||||||||||||||||||||||||||
Investment sub-advisory fees | 34 | 39 | (13) | % | 68 | 76 | (11) | % | ||||||||||||||||||||||||||||||
All other | 34 | 31 | 10 | % | 66 | 65 | 2 | % | ||||||||||||||||||||||||||||||
Total non-compensation expenses | 82 | 84 | (2) | % | 162 | 167 | (3) | % | ||||||||||||||||||||||||||||||
Total non-interest expenses | 134 | 131 | 2 | % | 261 | 260 | — | % | ||||||||||||||||||||||||||||||
Pre-tax income | $ | 82 | $ | 103 | (20) | % | $ | 162 | $ | 210 | (23) | % |
$ in billions | March 31, 2023 | December 31, 2022 | September 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | ||||||||||||||||||||||||||||||||
AMS (1) | $ | 136.5 | $ | 129.5 | $ | 119.8 | $ | 140.1 | $ | 145.0 | $ | 134.4 | ||||||||||||||||||||||||||
Raymond James Investment Management | 69.4 | 67.4 | 64.2 | 64.0 | 68.9 | 67.8 | ||||||||||||||||||||||||||||||||
Subtotal financial assets under management | 205.9 | 196.9 | 184.0 | 204.1 | 213.9 | 202.2 | ||||||||||||||||||||||||||||||||
Less: Assets managed for affiliated entities | (11.5) | (10.9) | (10.2) | (10.4) | (10.7) | (10.3) | ||||||||||||||||||||||||||||||||
Total financial assets under management | $ | 194.4 | $ | 186.0 | $ | 173.8 | $ | 193.7 | $ | 203.2 | $ | 191.9 |
Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||
$ in billions | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Financial assets under management at beginning of period | $ | 196.9 | $ | 213.9 | $ | 184.0 | $ | 202.2 | ||||||||||||||||||
Raymond James Investment Management - net inflows/(outflows) | 1.1 | (0.8) | 1.7 | (1.2) | ||||||||||||||||||||||
AMS - net inflows | 1.7 | 3.5 | 2.7 | 7.0 | ||||||||||||||||||||||
Net market appreciation/(depreciation) in asset values | 6.2 | (12.5) | 17.5 | (3.9) | ||||||||||||||||||||||
Financial assets under management at end of period | $ | 205.9 | $ | 204.1 | $ | 205.9 | $ | 204.1 |
As of March 31, 2023 | ||||||||||||||||||||||||||||||||||||||
$ in billions | AUM | Average fee rate | ||||||||||||||||||||||||||||||||||||
Equity | $ | 24.6 | 0.56 | % | ||||||||||||||||||||||||||||||||||
Fixed income | 36.7 | 0.20 | % | |||||||||||||||||||||||||||||||||||
Balanced | 8.1 | 0.33 | % | |||||||||||||||||||||||||||||||||||
Total financial assets under management | $ | 69.4 | 0.34 | % |
$ in billions | March 31, 2023 | December 31, 2022 | September 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | ||||||||||||||||||||||||||||||||||||||
Total assets | $ | 378.7 | $ | 355.6 | $ | 329.2 | $ | 379.7 | $ | 392.4 | $ | 365.3 |
$ in billions | March 31, 2023 | December 31, 2022 | September 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | ||||||||||||||||||||||||||||||||||||||
Total assets | $ | 8.2 | $ | 7.8 | $ | 7.3 | $ | 8.4 | $ | 8.8 | $ | 8.1 |
Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||||||||||||||
$ in millions | 2023 | 2022 | % change | 2023 | 2022 | % change | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Interest income | $ | 749 | $ | 199 | 276 | % | $ | 1,425 | $ | 386 | 269 | % | ||||||||||||||||||||||||||
Interest expense | (219) | (10) | 2,090 | % | (404) | (20) | 1,920 | % | ||||||||||||||||||||||||||||||
Net interest income | 530 | 189 | 180 | % | 1,021 | 366 | 179 | % | ||||||||||||||||||||||||||||||
All other | 10 | 8 | 25 | % | 27 | 14 | 93 | % | ||||||||||||||||||||||||||||||
Net revenues | 540 | 197 | 174 | % | 1,048 | 380 | 176 | % | ||||||||||||||||||||||||||||||
Non-interest expenses: | ||||||||||||||||||||||||||||||||||||||
Compensation and benefits | 48 | 14 | 243 | % | 88 | 27 | 226 | % | ||||||||||||||||||||||||||||||
Non-compensation expenses: | ||||||||||||||||||||||||||||||||||||||
Bank loan provision for credit losses | 28 | 21 | 33 | % | 42 | 10 | 320 | % | ||||||||||||||||||||||||||||||
RJBDP fees to PCG | 311 | 49 | 535 | % | 579 | 99 | 485 | % | ||||||||||||||||||||||||||||||
All other | 62 | 30 | 107 | % | 112 | 59 | 90 | % | ||||||||||||||||||||||||||||||
Total non-compensation expenses | 401 | 100 | 301 | % | 733 | 168 | 336 | % | ||||||||||||||||||||||||||||||
Total non-interest expenses | 449 | 114 | 294 | % | 821 | 195 | 321 | % | ||||||||||||||||||||||||||||||
Pre-tax income | $ | 91 | $ | 83 | 10 | % | $ | 227 | $ | 185 | 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 | % |
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% |
Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||||||||||||||
$ in millions | 2023 | 2022 | % change | 2023 | 2022 | % change | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Interest income | $ | 36 | $ | 3 | 1,100 | % | $ | 66 | $ | 4 | 1,550 | % | ||||||||||||||||||||||||||
Net gains/(losses) on private equity investments | 1 | (2) | NM | 3 | 3 | — | % | |||||||||||||||||||||||||||||||
All other | — | 5 | (100) | % | 1 | 7 | (86) | % | ||||||||||||||||||||||||||||||
Total revenues | 37 | 6 | 517 | % | 70 | 14 | 400 | % | ||||||||||||||||||||||||||||||
Interest expense | (27) | (24) | 13 | % | (51) | (47) | 9 | % | ||||||||||||||||||||||||||||||
Net revenues | 10 | (18) | NM | 19 | (33) | NM | ||||||||||||||||||||||||||||||||
Non-interest expenses: | ||||||||||||||||||||||||||||||||||||||
Compensation and other | 33 | 35 | (6) | % | 56 | 67 | (16) | % | ||||||||||||||||||||||||||||||
Insurance settlement received | — | — | — | % | (32) | — | NM | |||||||||||||||||||||||||||||||
Total non-interest expenses | 33 | 35 | (6) | % | 24 | 67 | (64) | % | ||||||||||||||||||||||||||||||
Pre-tax income/(loss) | $ | (23) | $ | (53) | 57 | % | $ | (5) | $ | (100) | 95 | % |
$ in millions | March 31, 2023 | September 30, 2022 | ||||||||||||
Common equity tier 1 capital/Tier 1 capital | ||||||||||||||
Common stock and related additional paid-in capital | $ | 3,037 | $ | 2,989 | ||||||||||
Retained earnings | 9,590 | 8,843 | ||||||||||||
Treasury stock | (1,954) | (1,512) | ||||||||||||
Accumulated other comprehensive loss | (798) | (982) | ||||||||||||
Less: Goodwill and identifiable intangible assets, net of related deferred tax liabilities | (1,804) | (1,805) | ||||||||||||
Other adjustments | 717 | 847 | ||||||||||||
Common equity tier 1 capital | 8,788 | 8,380 | ||||||||||||
Additional tier 1 capital (preferred equity of $120, net of $5 of other items) | 115 | 100 | ||||||||||||
Tier 1 capital | 8,903 | 8,480 | ||||||||||||
Tier 2 capital | ||||||||||||||
Tier 2 capital instruments plus related surplus | 100 | 100 | ||||||||||||
Qualifying allowances for credit losses | 471 | 451 | ||||||||||||
Tier 2 capital | 571 | 551 | ||||||||||||
Total capital | $ | 9,474 | $ | 9,031 |
$ in millions | March 31, 2023 | September 30, 2022 | ||||||||||||
On-balance sheet assets: | ||||||||||||||
Corporate exposures | $ | 20,597 | $ | 20,147 | ||||||||||
Exposures to sovereign and government-sponsored entities (1) | 1,952 | 2,002 | ||||||||||||
Exposures to depository institutions, foreign banks, and credit unions | 2,062 | 3,003 | ||||||||||||
Exposures to public-sector entities | 774 | 696 | ||||||||||||
Residential mortgage exposures | 4,087 | 3,732 | ||||||||||||
Statutory multifamily mortgage exposures | 92 | 71 | ||||||||||||
High volatility commercial real estate exposures | 126 | 128 | ||||||||||||
Past due loans | 149 | 110 | ||||||||||||
Equity exposures | 525 | 445 | ||||||||||||
Securitization exposures | 133 | 129 | ||||||||||||
Other assets | 7,868 | 7,325 | ||||||||||||
Off-balance sheet: | ||||||||||||||
Standby letters of credit | 79 | 62 | ||||||||||||
Commitments with original maturity of one year or less | 121 | 98 | ||||||||||||
Commitments with original maturity greater than one year | 2,549 | 2,437 | ||||||||||||
Over-the-counter derivatives | 235 | 305 | ||||||||||||
Other off-balance sheet items | 250 | 423 | ||||||||||||
Market risk-weighted assets | 2,624 | 3,063 | ||||||||||||
Total standardized risk-weighted assets | $ | 44,223 | $ | 44,176 |
$ 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 |
$ in millions | March 31, 2023 | |||||||
RJF | $ | 692 | ||||||
Raymond James Bank | 2,581 | |||||||
TriState Capital Bank | 2,401 | |||||||
RJ&A | 1,639 | |||||||
Raymond James Ltd. (“RJ Ltd.”) | 502 | |||||||
Raymond James Capital Services, LLC | 179 | |||||||
Charles Stanley Group Limited | 131 | |||||||
Raymond James Financial Services, Inc. | 121 | |||||||
Raymond James Trust Company of New Hampshire | 94 | |||||||
Raymond James Investment Management | 57 | |||||||
Other subsidiaries | 266 | |||||||
Total cash and cash equivalents | $ | 8,663 |
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 |
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 | ||||||||||||||||||||||||||||||||
March 31, 2023 | $ | 174 | $ | 223 | $ | 150 | $ | 236 | $ | 310 | $ | 167 | ||||||||||||||||||||||||||
December 31, 2022 | $ | 245 | $ | 257 | $ | 150 | $ | 288 | $ | 306 | $ | 156 | ||||||||||||||||||||||||||
September 30, 2022 | $ | 196 | $ | 294 | $ | 294 | $ | 249 | $ | 367 | $ | 367 | ||||||||||||||||||||||||||
June 30, 2022 | $ | 203 | $ | 276 | $ | 100 | $ | 238 | $ | 300 | $ | 168 | ||||||||||||||||||||||||||
March 31, 2022 | $ | 271 | $ | 334 | $ | 140 | $ | 211 | $ | 304 | $ | 221 |
$ 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 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 |
Credit Rating | ||||||||||||||||||||||||
Rating Agency | Fitch Ratings, Inc. (1) | Moody’s | Standard & Poor’s Ratings Services | |||||||||||||||||||||
A3 | A- | |||||||||||||||||||||||
Preferred stock | BB+ | Baa3 (hyb) | Not rated | |||||||||||||||||||||
Outlook | Stable | Stable | Stable |
Six months ended March 31, 2023 | Period-end VaR | Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions | High | Low | March 31, 2023 | September 30, 2022 | $ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Daily VaR | $ | 3 | $ | 1 | $ | 1 | $ | 3 | Average daily VaR | $ | 2 | $ | 1 | $ | 2 | $ | 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 (1) | Net interest income ($ in millions) | Projected change in net interest income | ||||||||||||
+200 | $2,120 | 14% | ||||||||||||
+100 | $1,989 | 7% | ||||||||||||
0 | $1,860 | —% | ||||||||||||
-100 | $1,733 | (7)% | ||||||||||||
-200 | $1,599 | (14)% |
Instantaneous changes in rate | Net interest income ($ in thousands) | Projected change in net interest income | ||
+200 | $734,185 | (0.53)% | ||
+100 | $765,382 | 3.69% | ||
0 | $738,110 | — | ||
-100 | $599,527 | (18.78)% |
Due in | ||||||||||||||||||||||||||||||||
$ in millions | One year or less | > One year – five years | > Five years - fifteen years | > Fifteen years | Total | |||||||||||||||||||||||||||
SBL | $ | 13,747 | $ | 400 | $ | 79 | $ | 1 | $ | 14,227 | ||||||||||||||||||||||
C&I loans | 891 | 7,519 | 2,811 | 38 | 11,259 | |||||||||||||||||||||||||||
CRE loans | 923 | 4,172 | 1,937 | 22 | 7,054 | |||||||||||||||||||||||||||
REIT loans | 256 | 1,401 | 60 | — | 1,717 | |||||||||||||||||||||||||||
Residential mortgage loans | 13 | 36 | 201 | 7,829 | 8,079 | |||||||||||||||||||||||||||
Tax-exempt loans | 169 | 253 | 1,221 | — | 1,643 | |||||||||||||||||||||||||||
Total loans held for investment | 15,999 | 13,781 | 6,309 | 7,890 | 43,979 | |||||||||||||||||||||||||||
Held for sale loans | — | — | 47 | 72 | 119 | |||||||||||||||||||||||||||
Total loans held for sale and investment | $ | 15,999 | $ | 13,781 | $ | 6,356 | $ | 7,962 | $ | 44,098 |
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 | |||||||||||||||||
SBL | $ | 12 | $ | 468 | $ | 480 | ||||||||||||||
C&I loans | 899 | 9,469 | 10,368 | |||||||||||||||||
CRE loans | 419 | 5,712 | 6,131 | |||||||||||||||||
REIT loans | — | 1,461 | 1,461 | |||||||||||||||||
Residential mortgage loans | 230 | 7,836 | 8,066 | |||||||||||||||||
Tax-exempt loans | 1,474 | — | 1,474 | |||||||||||||||||
Total loans held for investment | 3,034 | 24,946 | 27,980 | |||||||||||||||||
Held for sale loans | 2 | 117 | 119 | |||||||||||||||||
Total loans held for sale and investment | $ | 3,036 | $ | 25,063 | $ | 28,099 |
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 | % |
Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
$ in millions | Net loan (charge-off)/recovery amount (1) | Annualized % of avg. outstanding loans | Net loan (charge-off)/recovery amount | Annualized % of avg. outstanding loans | Net loan (charge-off)/recovery amount (1) | Annualized % of avg. outstanding loans | Net loan (charge-off)/recovery amount | Annualized % of avg. outstanding loans | ||||||||||||||||||||||||||||||||||||||||||
C&I loans | $ | (20) | 0.71 | % | $ | (1) | 0.05 | % | $ | (24) | 0.43 | % | $ | (3) | 0.07 | % | ||||||||||||||||||||||||||||||||||
CRE loans | — | — | % | — | — | % | 2 | 0.06 | % | — | — | % | ||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | — | — | % | — | — | % | — | — | % | 1 | 0.04 | % | ||||||||||||||||||||||||||||||||||||||
Total loans held for sale and investment | $ | (20) | 0.18 | % | $ | (1) | 0.01 | % | $ | (22) | 0.10 | % | $ | (2) | 0.02 | % |
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 | % |
$ in millions | March 31, 2023 | September 30, 2022 | ||||||||||||
Nonperforming loans (1) | $ | 99 | $ | 74 | ||||||||||
Nonperforming assets | $ | 99 | $ | 74 | ||||||||||
Nonperforming loans as a % of total loans held for sale and investment | 0.22 | % | 0.17 | % | ||||||||||
Allowance for credit losses as a % of nonperforming loans | 419 | % | 535 | % | ||||||||||
Nonperforming assets as a % of Bank segment total assets | 0.16 | % | 0.13 | % |
Amount of delinquent residential mortgage loans | Delinquent residential mortgage loans as a percentage of outstanding residential mortgage loan balances | |||||||||||||||||||||||||||||||||||||
$ in millions | 30-89 days | 90 days or more | Total | 30-89 days | 90 days or more | Total | ||||||||||||||||||||||||||||||||
March 31, 2023 | $ | 4 | $ | 5 | $ | 9 | 0.05 | % | 0.06 | % | 0.11 | % | ||||||||||||||||||||||||||
September 30, 2022 | $ | 6 | $ | 6 | $ | 12 | 0.08 | % | 0.08 | % | 0.16 | % |
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 | % |
March 31, 2023 | ||||||||||||||
Loans outstanding as a % of total residential mortgage loans held for sale and investment | Loans outstanding as a % of total loans held for sale and investment | |||||||||||||
CA | 25% | 5% | ||||||||||||
FL | 17% | 3% | ||||||||||||
TX | 8% | 2% | ||||||||||||
NY | 8% | 1% | ||||||||||||
CO | 4% | 1% |
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% |
March 31, 2023 | ||||||||||||||
Loans outstanding as a % of total corporate bank loans held for sale and investment | Loans outstanding as a % of total loans held for sale and investment | |||||||||||||
Multi-family | 10% | 5% | ||||||||||||
Industrial warehouse | 8% | 4% | ||||||||||||
Loan fund | 7% | 3% | ||||||||||||
Office real estate | 7% | 3% | ||||||||||||
Consumer products and services | 5% | 2% |
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, 2022 – October 31, 2022 | 358,103 | $ | 105.94 | 354,313 | $800 | ||||||||||||||||||
November 1, 2022 – November 30, 2022 | 78,798 | $ | 120.60 | — | $800 | ||||||||||||||||||
December 1, 2022 – December 31, 2022 | 937,747 | $ | 106.64 | 937,737 | $1,400 | ||||||||||||||||||
First quarter | 1,374,648 | $ | 107.26 | 1,292,050 | |||||||||||||||||||
January 1, 2023 – January 31, 2023 | 53,430 | $ | 114.90 | — | $1,400 | ||||||||||||||||||
February 1, 2023 – February 28, 2023 | 13,586 | $ | 113.49 | — | $1,400 | ||||||||||||||||||
March 1, 2023 – March 31, 2023 | 3,745,485 | $ | 93.45 | 3,745,388 | $1,050 | ||||||||||||||||||
Second quarter | 3,812,501 | $ | 93.82 | 3,745,388 | |||||||||||||||||||
Fiscal year-to-date total | 5,187,149 | $ | 97.38 | 5,037,438 |
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 | — |
RAYMOND JAMES FINANCIAL, INC. | |||||||||||
(Registrant) | |||||||||||
Date: | /s/ Paul C. Reilly | ||||||||||
Paul C. Reilly | |||||||||||
Date: | /s/ | ||||||||||