☒
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Florida
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59-1517485
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(State or other jurisdiction of
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(I.R.S. Employer
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incorporation or organization)
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Identification No.)
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880 Carillon Parkway
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St. Petersburg
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Florida
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33716
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, $.01 par value
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RJF
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New York Stock Exchange
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Securities registered pursuant to Section 12(g) of the Exchange Act:
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None
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Large accelerated filer
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☒
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Accelerated filer
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☐
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Non-accelerated filer
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☐
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Smaller reporting company
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☐
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Emerging growth company
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☐
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PAGE
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PART I.
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Item 1.
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Business
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Item 1A.
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Risk factors
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Item 1B.
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Unresolved staff comments
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Item 2.
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Properties
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Item 3.
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Legal proceedings
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Item 4.
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Mine safety disclosures
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PART II.
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Item 5.
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Market for registrant’s common equity, related shareholder matters and issuer purchases of equity securities
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Item 6.
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Selected financial data
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Item 7.
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Management’s discussion and analysis of financial condition and results of operations
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Item 7A.
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Quantitative and qualitative disclosures about market risk
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Item 8.
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Financial statements and supplementary data
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Item 9.
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Changes in and disagreements with accountants on accounting and financial disclosure
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Item 9A.
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Controls and procedures
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Item 9B.
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Other information
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PART III.
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Item 10.
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Directors, executive officers and corporate governance
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Item 11.
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Executive compensation
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Item 12.
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Security ownership of certain beneficial owners and management and related shareholder matters
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Item 13.
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Certain relationships and related transactions, and director independence
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Item 14.
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Principal accountant fees and services
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PART IV.
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Item 15.
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Exhibits and financial statement schedules
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Signatures
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ITEM 1.
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BUSINESS
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•
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Investment services for which we charge sales commissions or asset-based fees based on established schedules.
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•
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Portfolio management services for which we charge either a fee computed as a percentage of the assets in the client’s account or a flat periodic fee.
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•
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Insurance and annuity products.
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•
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Professionally managed mutual funds.
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•
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Support to third-party product partners, including sales and marketing support, product availability and distribution, and accounting and administrative services.
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•
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Administrative services to banks to which we sweep a portion of our clients’ cash deposits as part of the Raymond James Bank Deposit Program (“RJBDP”), our multi-bank sweep program. Fees received from third-party banks for these services are variable in nature and fluctuate based on client cash balances in the program, as well as the level of short-term interest rates relative to interest paid to clients on balances in the RJBDP. PCG also earns servicing fees from RJ Bank, which are based on the number of accounts that are swept to RJ Bank. These fees are eliminated in consolidation.
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•
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Margin loans to clients that are collateralized by the securities purchased or by other securities owned by the client. Interest is charged to clients on the amount borrowed based on current interest rates.
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•
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Custodial, trading, research and other support and services (including access to clients’ account information and the services of the Asset Management segment) to the independent registered investment advisors who are affiliated with us.
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•
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Securities borrowing and lending activities with other broker-dealers, financial institutions and other counterparties. The net revenues of this business consist of the interest spreads generated on these activities.
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•
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Diversification strategies and alternative investment products to qualified clients of our affiliated financial advisors.
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•
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We earn brokerage revenues on the sale of equity products to institutional clients. Client activity is influenced by a combination of general market activity and our Capital Markets group’s ability to identify attractive investment opportunities for our institutional clients. Revenues on equity transactions are generally based on trade size and the amount of business conducted annually with each institution.
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•
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We provide various investment banking services including public and private equity financing for corporate clients and merger & acquisition and advisory services. Our investment banking activities include a comprehensive range of strategic and financial advisory services tailored to our clients’ business life cycles and backed by our strategic industry focus.
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•
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Our global research department supports our institutional and retail sales efforts and publishes research on a wide variety of companies. This research primarily focuses on U.S. and Canadian companies in specific industries, including consumer, energy, financial services, healthcare, industrial, real estate, technology and communications, and transportation. Research reports are made available to both institutional and retail clients.
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•
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We earn revenues from institutional clients who purchase and sell both taxable and tax-exempt fixed income products, primarily municipal, corporate, government agency and mortgage-backed bonds, and whole loans. We carry inventories of taxable and tax-exempt securities to facilitate client transactions.
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•
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Our fixed income investment banking services include public finance and debt underwriting activities where we serve as a financial advisor, placement agent or underwriter to various issuers, including state and local government agencies (and their political subdivisions), housing agencies, and non-profit entities including healthcare and higher education institutions. When underwriting new issue securities, we may agree to purchase the issue through a negotiated sale or submission of a competitive bid.
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•
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We enter into interest rate derivatives to facilitate client transactions or to actively manage risk exposures that arise from our client activity, including a portion of our trading inventory. In addition, we conduct a “matched book” derivatives business where we may enter into interest rate derivative transactions with clients. In this matched book business, for every derivative transaction we enter into with a client, we enter into an offsetting derivative transaction with a credit support provider that is a third-party financial institution.
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•
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We act as the general partner or managing member in partnerships and limited liability companies that invest in real estate project entities which qualify for tax credits under Section 42 of the Internal Revenue Code and/or provide a mechanism for banks and other institutions to meet their Community Reinvestment Act (“CRA”) obligations throughout the U.S. We earn fees for the origination and sale of these investment products as well as for the oversight and management of the investments over the statutory tax credit compliance period.
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Jennifer C. Ackart
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55
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Senior Vice President since August 2009, Controller since February 1995 and Chief Accounting Officer since March 2019; Chief Financial Officer - Raymond James & Associates, Inc. since March 2019
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Bella Loykhter Allaire
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66
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Executive Vice President - Technology and Operations - Raymond James & Associates, Inc. since June 2011
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Paul D. Allison
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63
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Chairman, President and CEO - Raymond James Ltd. since January 2009
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James E. Bunn
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46
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President - Global Equities and Investment Banking - Raymond James & Associates, Inc. since December 2018 and Head of Investment Banking - Raymond James & Associates, Inc. since January 2014; Co-President - Global Equities and Investment Banking - Raymond James & Associates, Inc., October 2017 - December 2018
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John C. Carson, Jr.
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63
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President since April 2012; President - Morgan Keegan & Company, LLC, formerly known as Morgan Keegan & Company, Inc., since July 2013
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George Catanese
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60
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Chief Risk Officer since February 2006
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Scott A. Curtis
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57
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President - Private Client Group since June 2018; President - Raymond James Financial Services, Inc. since January 2012
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Jeffrey A. Dowdle
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55
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Chief Operating Officer and Head of Asset Management Group since October 2019; Chief Administrative Officer, August 2018 - October 2019; President - Asset Management Group, May 2016 - October 2019; Executive Vice President - Asset Management Group, February 2014 - May 2016
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Tashtego S. Elwyn
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48
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Chief Executive Officer and President - Raymond James & Associates, Inc. since June 2018; President - Private Client Group - Raymond James & Associates, Inc., January 2012 - June 2018
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Thomas A. James
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77
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Chairman Emeritus since February 2017; Executive Chairman, May 2010 - February 2017
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Jeffrey P. Julien
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63
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Executive Vice President - Finance since August 2009 and Chief Financial Officer since April 1987; Treasurer, February 2011 - February 2018
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Jodi L. Perry
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48
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President - Independent Contractor Division - Raymond James Financial Services, Inc. since June 2018; Senior Vice President, National Director - ICD - Raymond James Financial Services, Inc., May 2018 - June 2018; Senior Vice President, ICD Regional Director - Raymond James Financial Services, Inc., June 2012 - May 2018
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Steven M. Raney
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54
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President and CEO - Raymond James Bank, N.A. since January 2006
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Paul C. Reilly
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65
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Chairman since February 2017 and Chief Executive Officer since May 2010; Director since January 2006
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Jonathan N. Santelli
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48
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Executive Vice President, General Counsel and Secretary since May 2016; Senior Vice President and Deputy General Counsel - First Republic Bank, October 2013 to April 2016
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Jeffrey E. Trocin
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60
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Vice Chairman since December 2018; Co-President - Global Equities and Investment Banking - Raymond James & Associates, Inc., October 2017 - December 2018; President - Global Equities and Investment Banking - Raymond James & Associates, Inc., July 2013 - October 2017
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ITEM 1A.
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RISK FACTORS
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ITEM 1B.
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UNRESOLVED STAFF COMMENTS
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ITEM 2.
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PROPERTIES
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•
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We occupy leased space of approximately 190,000 square feet in Memphis, Tennessee, along with approximately 150,000 square feet in New York and 70,000 square feet in Chicago, with other office and branch locations throughout the U.S.;
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•
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We occupy leased space of approximately 80,000 square feet in both Vancouver and Toronto, along with other office and branch locations throughout Canada;
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•
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We occupy leased space of approximately 30,000 square feet in London, along with other office locations in Germany and France.
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ITEM 3.
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LEGAL PROCEEDINGS
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ITEM 4.
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MINE SAFETY DISCLOSURES
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ITEM 5.
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MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
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Total number of shares
purchased
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Average price
per share
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Number of shares purchased as part of publicly announced plans or programs
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Approximate dollar value (in millions) at each month-end, of securities that may yet be purchased under the plans or programs
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||||
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||||
October 1, 2018 – October 31, 2018
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469,566
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$
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74.88
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423,903
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$182
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November 1, 2018 – November 30, 2018
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2,420,562
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$
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77.66
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2,341,466
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$500
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December 1, 2018 – December 31, 2018
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3,449,198
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$
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74.55
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3,287,237
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$255
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First quarter
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6,339,326
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$
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75.76
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6,052,606
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||||
January 1, 2019 – January 31, 2019
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13,408
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$
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75.16
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—
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$255
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February 1, 2019 – February 28, 2019
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4,050
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|
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$
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82.54
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—
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$255
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March 1, 2019 – March 31, 2019
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603,529
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$
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78.23
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|
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602,938
|
|
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$458
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Second quarter
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620,987
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$
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78.19
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602,938
|
|
|
|
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|
|
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||||
April 1, 2019 – April 30, 2019
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22,241
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|
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$
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81.07
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—
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|
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$458
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May 1, 2019 – May 31, 2019
|
302,699
|
|
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$
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83.53
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|
|
301,756
|
|
|
$433
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June 1, 2019 – June 30, 2019
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744,251
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$
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80.95
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|
|
742,076
|
|
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$373
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Third quarter
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1,069,191
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$
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81.68
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|
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1,043,832
|
|
|
|
|
|
|
|
|
|
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||||
July 1, 2019 – July 31, 2019
|
267
|
|
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$
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83.02
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|
|
—
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|
|
$373
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August 1, 2019 – August 31, 2019
|
2,129,923
|
|
|
$
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75.75
|
|
|
2,127,461
|
|
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$750
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September 1, 2019 – September 30, 2019
|
—
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$
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—
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—
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$750
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Fourth quarter
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2,130,190
|
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$
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75.75
|
|
|
2,127,461
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|
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Fiscal year total
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10,159,694
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$
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76.53
|
|
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9,826,837
|
|
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ITEM 6.
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SELECTED FINANCIAL DATA
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Year ended September 30,
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||||||||||||||||||
in millions, except per share amounts
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2019
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2018
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2017
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2016
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2015
|
||||||||||
Operating results:
|
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|
||||||||||
Net revenues
|
|
$
|
7,740
|
|
|
$
|
7,274
|
|
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$
|
6,371
|
|
|
$
|
5,405
|
|
|
$
|
5,204
|
|
Net income
|
|
$
|
1,034
|
|
|
$
|
857
|
|
|
$
|
636
|
|
|
$
|
529
|
|
|
$
|
502
|
|
Earnings per common share - basic
|
|
$
|
7.32
|
|
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$
|
5.89
|
|
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$
|
4.43
|
|
|
$
|
3.72
|
|
|
$
|
3.51
|
|
Earnings per common share - diluted
|
|
$
|
7.17
|
|
|
$
|
5.75
|
|
|
$
|
4.33
|
|
|
$
|
3.65
|
|
|
$
|
3.43
|
|
Weighted-average common shares outstanding - basic
|
|
141.0
|
|
|
145.3
|
|
|
143.3
|
|
|
141.8
|
|
|
142.5
|
|
|||||
Weighted-average common and common equivalent shares outstanding - diluted
|
|
144.0
|
|
|
148.8
|
|
|
146.6
|
|
|
144.5
|
|
|
145.9
|
|
|||||
Dividends per common share - declared
|
|
$
|
1.36
|
|
|
$
|
1.10
|
|
|
$
|
0.88
|
|
|
$
|
0.80
|
|
|
$
|
0.72
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial condition:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
|
$
|
38,830
|
|
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$
|
37,413
|
|
|
$
|
34,883
|
|
|
$
|
31,487
|
|
|
$
|
26,326
|
|
Senior notes payable maturing within twelve months
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
250
|
|
Long-term obligations:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-current portion of other borrowings
|
|
$
|
889
|
|
|
$
|
894
|
|
|
$
|
899
|
|
|
$
|
604
|
|
|
$
|
584
|
|
Non-current portion of senior notes payable
|
|
$
|
1,550
|
|
|
$
|
1,550
|
|
|
$
|
1,550
|
|
|
$
|
1,700
|
|
|
$
|
900
|
|
Total long-term debt
|
|
$
|
2,439
|
|
|
$
|
2,444
|
|
|
$
|
2,449
|
|
|
$
|
2,304
|
|
|
$
|
1,484
|
|
Total equity attributable to Raymond James Financial, Inc.
|
|
$
|
6,581
|
|
|
$
|
6,368
|
|
|
$
|
5,582
|
|
|
$
|
4,917
|
|
|
$
|
4,524
|
|
Shares outstanding
|
|
137.8
|
|
|
145.6
|
|
|
144.1
|
|
|
141.5
|
|
|
142.8
|
|
|||||
Book value per share
|
|
$
|
47.76
|
|
|
$
|
43.73
|
|
|
$
|
38.74
|
|
|
$
|
34.73
|
|
|
$
|
31.69
|
|
ITEM 7.
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
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INDEX
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PAGE
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Introduction
|
|
Executive overview
|
|
Segments
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|
Reconciliation of GAAP measures to non-GAAP financial measures
|
|
Net interest analysis
|
|
Results of Operations
|
|
Private Client Group
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|
Capital Markets
|
|
Asset Management
|
|
RJ Bank
|
|
Other
|
|
Certain statistical disclosures by bank holding companies
|
|
Liquidity and capital resources
|
|
Sources of liquidity
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Statement of financial condition analysis
|
|
Contractual obligations
|
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Regulatory
|
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Critical accounting estimates
|
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Recent accounting developments
|
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Off-balance sheet arrangements
|
|
Effects of inflation
|
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Risk management
|
•
|
PCG segment net revenues of $5.36 billion increased 5% and pre-tax income increased 1% to $579 million. The increase in net revenues was primarily attributable to an increase in asset management and related administrative fees, primarily due to higher assets in fee-based accounts compared with the prior year. The segment also benefited from an increase in account and service fees related to the RJBDP, the majority of which related to an increase in the per-account servicing fee from RJ Bank. These increases were partially offset by a decline in brokerage revenues. Non-interest expenses increased $263 million, or 6%, primarily resulting from a $237 million increase in compensation-related expenses due to higher compensable net revenues and increased staffing levels to support our continued growth and regulatory compliance requirements. Non-compensation expenses increased $26 million, or 4%, over the prior year.
|
•
|
Capital Markets net revenues of $1.08 billion increased 12% and pre-tax income increased 21% to $110 million. The increase in net revenues was primarily attributable to an increase in investment banking revenues, largely due to merger & acquisition activity. Brokerage revenues also increased, due to an increase in fixed income brokerage revenues, partially offset by a decline in equity brokerage revenues. Non-interest expenses increased $100 million, or 11%, including the aforementioned $19 million goodwill impairment associated with our Canadian Capital Markets business, $15 million loss on the sale of our operations related to research, sales and trading of European equities, $23 million gross-up of certain investment banking transaction-related expenses which were previously netted against revenues, as well as a $30 million increase in compensation expense primarily resulting from the increase in compensable net revenues.
|
•
|
Asset Management segment net revenues of $691 million increased 6% and pre-tax income increased 8% to $253 million. The increase in net revenues was driven by growth in fee-based accounts for PCG clients compared with the prior year. Assets in fee-based accounts increased both in programs managed by the Asset Management segment and in other asset-based programs for which the segment provides administrative support. Non-interest expenses increased $19 million, or 5%, primarily resulting from increased expenses to support the growth of the business and a full year of the Scout Group, which was acquired in November 2017.
|
•
|
RJ Bank net revenues of $846 million increased 16% and pre-tax income increased 5% to $515 million. The increase in net revenues primarily resulted from an increase in net interest income due to growth in average interest-earning assets and an increase in net interest margin, lifted by higher short-term interest rates for most of the year. Non-interest expenses increased $96 million, or 41%, primarily reflecting an increase in RJBDP servicing fees paid to PCG, largely due to an increase in the per-account fee effective October 1, 2018.
|
•
|
Our Other segment reflected a pre-tax loss that was flat compared to the prior year, as higher interest income was offset by an increase in non-interest expenses for the segment.
|
|
|
Year ended September 30,
|
|
% change
|
||||||||||||||
$ in millions
|
|
2019
|
|
2018
|
|
2017
|
|
2019 vs. 2018
|
|
2018 vs. 2017
|
||||||||
Total company
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net revenues
|
|
$
|
7,740
|
|
|
$
|
7,274
|
|
|
$
|
6,371
|
|
|
6
|
%
|
|
14
|
%
|
Pre-tax income
|
|
$
|
1,375
|
|
|
$
|
1,311
|
|
|
$
|
925
|
|
|
5
|
%
|
|
42
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Private Client Group
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net revenues
|
|
$
|
5,359
|
|
|
$
|
5,093
|
|
|
$
|
4,422
|
|
|
5
|
%
|
|
15
|
%
|
Pre-tax income
|
|
$
|
579
|
|
|
$
|
576
|
|
|
$
|
373
|
|
|
1
|
%
|
|
54
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Capital Markets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net revenues
|
|
$
|
1,083
|
|
|
$
|
964
|
|
|
$
|
1,014
|
|
|
12
|
%
|
|
(5
|
)%
|
Pre-tax income
|
|
$
|
110
|
|
|
$
|
91
|
|
|
$
|
141
|
|
|
21
|
%
|
|
(35
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Asset Management
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net revenues
|
|
$
|
691
|
|
|
$
|
654
|
|
|
$
|
488
|
|
|
6
|
%
|
|
34
|
%
|
Pre-tax income
|
|
$
|
253
|
|
|
$
|
235
|
|
|
$
|
172
|
|
|
8
|
%
|
|
37
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
RJ Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net revenues
|
|
$
|
846
|
|
|
$
|
727
|
|
|
$
|
593
|
|
|
16
|
%
|
|
23
|
%
|
Pre-tax income
|
|
$
|
515
|
|
|
$
|
492
|
|
|
$
|
409
|
|
|
5
|
%
|
|
20
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net revenues
|
|
$
|
5
|
|
|
$
|
(15
|
)
|
|
$
|
(30
|
)
|
|
NM
|
|
|
50
|
%
|
Pre-tax loss
|
|
$
|
(82
|
)
|
|
$
|
(83
|
)
|
|
$
|
(170
|
)
|
|
1
|
%
|
|
51
|
%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Intersegment eliminations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net revenues
|
|
$
|
(244
|
)
|
|
$
|
(149
|
)
|
|
$
|
(116
|
)
|
|
|
|
|
|
|
Year ended September 30,
|
||||||||||
$ in millions, except per share amounts
|
|
2019
|
|
2018
|
|
2017
|
||||||
Net income
|
|
$
|
1,034
|
|
|
$
|
857
|
|
|
$
|
636
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
||||||
Acquisition and disposition-related expenses
|
|
15
|
|
|
4
|
|
|
18
|
|
|||
Goodwill impairment
|
|
19
|
|
|
—
|
|
|
—
|
|
|||
Losses on extinguishment of debt
|
|
—
|
|
|
—
|
|
|
46
|
|
|||
Jay Peak matter
|
|
—
|
|
|
—
|
|
|
130
|
|
|||
Tax effect of non-GAAP adjustments
|
|
—
|
|
|
(1
|
)
|
|
(62
|
)
|
|||
Impact of the Tax Act
|
|
—
|
|
|
105
|
|
|
—
|
|
|||
Total non-GAAP adjustments, net of tax
|
|
34
|
|
|
108
|
|
|
132
|
|
|||
Adjusted net income
|
|
$
|
1,068
|
|
|
$
|
965
|
|
|
$
|
768
|
|
|
|
|
|
|
|
|
||||||
Earnings per diluted share
|
|
$
|
7.17
|
|
|
$
|
5.75
|
|
|
$
|
4.33
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
||||||
Acquisition and disposition-related expenses
|
|
0.10
|
|
|
0.03
|
|
|
0.12
|
|
|||
Goodwill impairment
|
|
0.13
|
|
|
—
|
|
|
—
|
|
|||
Losses on extinguishment of debt
|
|
—
|
|
|
—
|
|
|
0.31
|
|
|||
Jay Peak matter
|
|
—
|
|
|
—
|
|
|
0.89
|
|
|||
Tax effect of non-GAAP adjustments
|
|
—
|
|
|
(0.01
|
)
|
|
(0.42
|
)
|
|||
Impact of the Tax Act
|
|
—
|
|
|
0.70
|
|
|
—
|
|
|||
Total non-GAAP adjustments, net of tax
|
|
0.23
|
|
|
0.72
|
|
|
0.90
|
|
|||
Adjusted earnings per diluted share
|
|
$
|
7.40
|
|
|
$
|
6.47
|
|
|
$
|
5.23
|
|
|
|
|
|
|
|
|
||||||
Return on equity
|
|
|
|
|
|
|
||||||
Average equity
|
|
$
|
6,392
|
|
|
$
|
5,949
|
|
|
$
|
5,235
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
||||||
Acquisition and disposition-related expenses
|
|
12
|
|
|
3
|
|
|
12
|
|
|||
Goodwill impairment
|
|
4
|
|
|
—
|
|
|
—
|
|
|||
Losses on extinguishment of debt
|
|
—
|
|
|
—
|
|
|
12
|
|
|||
Jay Peak matter
|
|
—
|
|
|
—
|
|
|
84
|
|
|||
Tax effect of non-GAAP adjustments
|
|
—
|
|
|
(1
|
)
|
|
(33
|
)
|
|||
Impact of the Tax Act
|
|
—
|
|
|
92
|
|
|
—
|
|
|||
Total non-GAAP adjustments, net of tax
|
|
16
|
|
|
91
|
|
|
75
|
|
|||
Adjusted average equity
|
|
$
|
6,408
|
|
|
$
|
6,043
|
|
|
$
|
5,310
|
|
|
|
|
|
|
|
|
||||||
Return on equity
|
|
16.2
|
%
|
|
14.4
|
%
|
|
12.2
|
%
|
|||
Adjusted return on equity
|
|
16.7
|
%
|
|
16.0
|
%
|
|
14.5
|
%
|
|
|
Year ended September 30,
|
|||||||||||||||||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|||||||||||||||||||||||||||
$ in millions
|
|
Average
balance |
|
Interest
inc./exp. |
|
Average
yield/cost |
|
Average
balance |
|
Interest
inc./exp. |
|
Average
yield/cost |
|
Average
balance
|
|
Interest
inc./exp.
|
|
Average
yield/cost
|
|||||||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Assets segregated pursuant to regulations
|
|
$
|
2,399
|
|
|
$
|
59
|
|
|
2.47
|
%
|
|
$
|
3,011
|
|
|
$
|
53
|
|
|
1.76
|
%
|
|
$
|
3,822
|
|
|
$
|
38
|
|
|
0.99
|
%
|
Trading instruments
|
|
733
|
|
|
26
|
|
|
3.56
|
%
|
|
693
|
|
|
23
|
|
|
3.32
|
%
|
|
655
|
|
|
21
|
|
|
3.22
|
%
|
||||||
Available-for-sale securities
|
|
2,872
|
|
|
69
|
|
|
2.39
|
%
|
|
2,531
|
|
|
52
|
|
|
2.07
|
%
|
|
1,588
|
|
|
28
|
|
|
1.76
|
%
|
||||||
Margin loans
|
|
2,584
|
|
|
122
|
|
|
4.73
|
%
|
|
2,590
|
|
|
107
|
|
|
4.14
|
%
|
|
2,403
|
|
|
86
|
|
|
3.57
|
%
|
||||||
Bank loans, net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Loans held for investment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
C&I loans
|
|
8,070
|
|
|
378
|
|
|
4.62
|
%
|
|
7,619
|
|
|
326
|
|
|
4.22
|
%
|
|
7,340
|
|
|
281
|
|
|
3.78
|
%
|
||||||
CRE construction loans
|
|
221
|
|
|
12
|
|
|
5.51
|
%
|
|
166
|
|
|
8
|
|
|
5.08
|
%
|
|
129
|
|
|
6
|
|
|
4.73
|
%
|
||||||
CRE loans
|
|
3,451
|
|
|
159
|
|
|
4.53
|
%
|
|
3,231
|
|
|
133
|
|
|
4.06
|
%
|
|
2,832
|
|
|
101
|
|
|
3.50
|
%
|
||||||
Tax-exempt loans
|
|
1,284
|
|
|
35
|
|
|
3.36
|
%
|
|
1,146
|
|
|
30
|
|
|
3.42
|
%
|
|
892
|
|
|
23
|
|
|
3.98
|
%
|
||||||
Residential mortgage loans
|
|
4,091
|
|
|
135
|
|
|
3.30
|
%
|
|
3,448
|
|
|
109
|
|
|
3.16
|
%
|
|
2,803
|
|
|
84
|
|
|
2.94
|
%
|
||||||
SBL and other
|
|
3,139
|
|
|
145
|
|
|
4.57
|
%
|
|
2,690
|
|
|
111
|
|
|
4.09
|
%
|
|
2,124
|
|
|
72
|
|
|
3.36
|
%
|
||||||
Loans held for sale
|
|
151
|
|
|
7
|
|
|
4.73
|
%
|
|
126
|
|
|
5
|
|
|
4.01
|
%
|
|
159
|
|
|
5
|
|
|
3.34
|
%
|
||||||
Total bank loans, net
|
|
20,407
|
|
|
871
|
|
|
4.26
|
%
|
|
18,426
|
|
|
722
|
|
|
3.93
|
%
|
|
16,279
|
|
|
572
|
|
|
3.55
|
%
|
||||||
Loans to financial advisors, net
|
|
916
|
|
|
18
|
|
|
2.01
|
%
|
|
882
|
|
|
15
|
|
|
1.71
|
%
|
|
836
|
|
|
13
|
|
|
1.60
|
%
|
||||||
Corporate cash and all other
|
|
4,658
|
|
|
116
|
|
|
2.48
|
%
|
|
4,007
|
|
|
72
|
|
|
1.79
|
%
|
|
3,327
|
|
|
44
|
|
|
1.32
|
%
|
||||||
Total interest-earning assets
|
|
$
|
34,569
|
|
|
$
|
1,281
|
|
|
3.71
|
%
|
|
$
|
32,140
|
|
|
$
|
1,044
|
|
|
3.25
|
%
|
|
$
|
28,910
|
|
|
$
|
802
|
|
|
2.77
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Bank deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Certificates of deposit
|
|
$
|
536
|
|
|
$
|
12
|
|
|
2.24
|
%
|
|
$
|
372
|
|
|
$
|
6
|
|
|
1.67
|
%
|
|
294
|
|
|
4
|
|
|
1.47
|
%
|
||
Savings, money market and Negotiable Order of Withdrawal (“NOW”) accounts
|
|
20,889
|
|
|
120
|
|
|
0.58
|
%
|
|
18,473
|
|
|
60
|
|
|
0.32
|
%
|
|
15,567
|
|
|
13
|
|
|
0.08
|
%
|
||||||
Trading instruments sold but not yet purchased
|
|
292
|
|
|
7
|
|
|
2.50
|
%
|
|
278
|
|
|
7
|
|
|
2.64
|
%
|
|
289
|
|
|
6
|
|
|
2.12
|
%
|
||||||
Brokerage client payables
|
|
3,326
|
|
|
21
|
|
|
0.62
|
%
|
|
4,147
|
|
|
15
|
|
|
0.37
|
%
|
|
4,645
|
|
|
5
|
|
|
0.11
|
%
|
||||||
Other borrowings
|
|
926
|
|
|
21
|
|
|
2.30
|
%
|
|
914
|
|
|
22
|
|
|
2.41
|
%
|
|
856
|
|
|
17
|
|
|
1.94
|
%
|
||||||
Senior notes payable
|
|
1,550
|
|
|
73
|
|
|
4.70
|
%
|
|
1,549
|
|
|
73
|
|
|
4.69
|
%
|
|
1,689
|
|
|
95
|
|
|
5.60
|
%
|
||||||
Other
|
|
738
|
|
|
29
|
|
|
3.91
|
%
|
|
599
|
|
|
19
|
|
|
3.10
|
%
|
|
739
|
|
|
14
|
|
|
1.94
|
%
|
||||||
Total interest-bearing liabilities
|
|
$
|
28,257
|
|
|
$
|
283
|
|
|
1.00
|
%
|
|
$
|
26,332
|
|
|
$
|
202
|
|
|
0.77
|
%
|
|
$
|
24,079
|
|
|
$
|
154
|
|
|
0.64
|
%
|
Net interest income
|
|
|
|
|
$
|
998
|
|
|
|
|
|
|
|
$
|
842
|
|
|
|
|
|
|
$
|
648
|
|
|
|
|
|
Year ended September 30,
|
|
% change
|
||||||||||||||
$ in millions
|
|
2019
|
|
2018
|
|
2017
|
|
2019 vs. 2018
|
|
2018 vs. 2017
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Asset management and related administrative fees
|
|
$
|
2,820
|
|
|
$
|
2,517
|
|
|
$
|
2,022
|
|
|
12
|
%
|
|
24
|
%
|
Brokerage revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Mutual and other fund products
|
|
599
|
|
|
703
|
|
|
698
|
|
|
(15
|
)%
|
|
1
|
%
|
|||
Insurance and annuity products
|
|
412
|
|
|
414
|
|
|
385
|
|
|
—
|
|
|
8
|
%
|
|||
Equities, ETFs and fixed income products
|
|
378
|
|
|
432
|
|
|
424
|
|
|
(13
|
)%
|
|
2
|
%
|
|||
Total brokerage revenues
|
|
1,389
|
|
|
1,549
|
|
|
1,507
|
|
|
(10
|
)%
|
|
3
|
%
|
|||
Account and service fees:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Mutual fund and annuity service fees
|
|
334
|
|
|
332
|
|
|
291
|
|
|
1
|
%
|
|
14
|
%
|
|||
RJBDP fees:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Third-party banks
|
|
280
|
|
|
262
|
|
|
202
|
|
|
7
|
%
|
|
30
|
%
|
|||
RJ Bank
|
|
173
|
|
|
92
|
|
|
68
|
|
|
88
|
%
|
|
35
|
%
|
|||
Client account and other fees
|
|
122
|
|
|
111
|
|
|
116
|
|
|
10
|
%
|
|
(4
|
)%
|
|||
Total account and service fees
|
|
909
|
|
|
797
|
|
|
677
|
|
|
14
|
%
|
|
18
|
%
|
|||
Investment banking
|
|
32
|
|
|
35
|
|
|
62
|
|
|
(9
|
)%
|
|
(44
|
)%
|
|||
Interest income
|
|
225
|
|
|
193
|
|
|
153
|
|
|
17
|
%
|
|
26
|
%
|
|||
All other
|
|
26
|
|
|
30
|
|
|
17
|
|
|
(13
|
)%
|
|
76
|
%
|
|||
Total revenues
|
|
5,401
|
|
|
5,121
|
|
|
4,438
|
|
|
5
|
%
|
|
15
|
%
|
|||
Interest expense
|
|
(42
|
)
|
|
(28
|
)
|
|
(16
|
)
|
|
50
|
%
|
|
75
|
%
|
|||
Net revenues
|
|
5,359
|
|
|
5,093
|
|
|
4,422
|
|
|
5
|
%
|
|
15
|
%
|
|||
Non-interest expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Financial advisor compensation and benefit costs
|
|
3,190
|
|
|
3,051
|
|
|
2,653
|
|
|
5
|
%
|
|
15
|
%
|
|||
Administrative compensation and benefit costs
|
|
933
|
|
|
835
|
|
|
713
|
|
|
12
|
%
|
|
17
|
%
|
|||
Total compensation, commissions and benefits
|
|
4,123
|
|
|
3,886
|
|
|
3,366
|
|
|
6
|
%
|
|
15
|
%
|
|||
Non-compensation expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Communications and information processing
|
|
235
|
|
|
220
|
|
|
180
|
|
|
7
|
%
|
|
22
|
%
|
|||
Occupancy and equipment costs
|
|
168
|
|
|
154
|
|
|
146
|
|
|
9
|
%
|
|
5
|
%
|
|||
Business development
|
|
124
|
|
|
115
|
|
|
98
|
|
|
8
|
%
|
|
17
|
%
|
|||
Professional fees
|
|
33
|
|
|
46
|
|
|
30
|
|
|
(28
|
)%
|
|
53
|
%
|
|||
Jay Peak matter
|
|
—
|
|
|
—
|
|
|
130
|
|
|
—
|
|
|
(100
|
)%
|
|||
All other
|
|
97
|
|
|
96
|
|
|
99
|
|
|
1
|
%
|
|
(3
|
)%
|
|||
Total non-compensation expenses
|
|
657
|
|
|
631
|
|
|
683
|
|
|
4
|
%
|
|
(8
|
)%
|
|||
Total non-interest expenses
|
|
4,780
|
|
|
4,517
|
|
|
4,049
|
|
|
6
|
%
|
|
12
|
%
|
|||
Pre-tax income
|
|
$
|
579
|
|
|
$
|
576
|
|
|
$
|
373
|
|
|
1
|
%
|
|
54
|
%
|
Pre-tax margin on net revenues
|
|
10.8
|
%
|
|
11.3
|
%
|
|
8.4
|
%
|
|
|
|
|
|
|
As of September 30,
|
||||||||||
$ in billions
|
|
2019
|
|
2018
|
|
2017
|
||||||
AUA
|
|
$
|
798.4
|
|
|
$
|
755.7
|
|
|
$
|
659.5
|
|
Assets in fee-based accounts (1)
|
|
$
|
409.1
|
|
|
$
|
366.3
|
|
|
$
|
294.5
|
|
Percent of AUA in fee-based accounts
|
|
51.2
|
%
|
|
48.5
|
%
|
|
44.7
|
%
|
(1)
|
A portion of our “Assets in fee-based accounts” is invested in “managed programs” overseen by our Asset Management segment, specifically AMS. These assets are included in our Financial assets under management as disclosed in the “Selected key metrics” section of our “Management’s Discussion and Analysis - Results of Operations - Asset Management.”
|
|
|
September 30,
|
|||||||
|
|
2019
|
|
2018
|
|
2017
|
|||
Employees
|
|
3,301
|
|
|
3,167
|
|
|
3,041
|
|
Independent contractors
|
|
4,710
|
|
|
4,646
|
|
|
4,305
|
|
Total advisors
|
|
8,011
|
|
|
7,813
|
|
|
7,346
|
|
|
|
As of
|
||||||||||
$ in millions
|
|
September 30, 2019
|
|
September 30, 2018
|
|
September 30, 2017
|
||||||
RJBDP
|
|
|
|
|
|
|
||||||
RJ Bank
|
|
$
|
21,649
|
|
|
$
|
19,446
|
|
|
$
|
17,387
|
|
Third-party banks
|
|
14,043
|
|
|
15,564
|
|
|
20,704
|
|
|||
Subtotal RJBDP
|
|
35,692
|
|
|
35,010
|
|
|
38,091
|
|
|||
Money market funds
|
|
—
|
|
|
3,240
|
|
|
1,818
|
|
|||
CIP
|
|
2,022
|
|
|
2,807
|
|
|
3,101
|
|
|||
Total clients’ domestic cash sweep balances
|
|
$
|
37,714
|
|
|
$
|
41,057
|
|
|
$
|
43,010
|
|
|
|
Year ended September 30,
|
|
% change
|
||||||||||||||
$ in millions
|
|
2019
|
|
2018
|
|
2017
|
|
2019 vs. 2018
|
|
2018 vs. 2017
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Brokerage revenues:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity
|
|
$
|
131
|
|
|
$
|
156
|
|
|
$
|
173
|
|
|
(16
|
)%
|
|
(10
|
)%
|
Fixed income
|
|
283
|
|
|
245
|
|
|
311
|
|
|
16
|
%
|
|
(21
|
)%
|
|||
Total brokerage revenues
|
|
414
|
|
|
401
|
|
|
484
|
|
|
3
|
%
|
|
(17
|
)%
|
|||
Investment banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Equity underwriting
|
|
100
|
|
|
93
|
|
|
117
|
|
|
8
|
%
|
|
(21
|
)%
|
|||
Merger & acquisition and advisory
|
|
369
|
|
|
297
|
|
|
228
|
|
|
24
|
%
|
|
30
|
%
|
|||
Fixed income investment banking
|
|
95
|
|
|
76
|
|
|
84
|
|
|
25
|
%
|
|
(10
|
)%
|
|||
Total investment banking
|
|
564
|
|
|
466
|
|
|
429
|
|
|
21
|
%
|
|
9
|
%
|
|||
Interest income
|
|
38
|
|
|
32
|
|
|
27
|
|
|
19
|
%
|
|
19
|
%
|
|||
Tax credit fund revenues
|
|
86
|
|
|
79
|
|
|
79
|
|
|
9
|
%
|
|
—
|
|
|||
All other
|
|
15
|
|
|
14
|
|
|
16
|
|
|
7
|
%
|
|
(13
|
)%
|
|||
Total revenues
|
|
1,117
|
|
|
992
|
|
|
1,035
|
|
|
13
|
%
|
|
(4
|
)%
|
|||
Interest expense
|
|
(34
|
)
|
|
(28
|
)
|
|
(21
|
)
|
|
21
|
%
|
|
33
|
%
|
|||
Net revenues
|
|
1,083
|
|
|
964
|
|
|
1,014
|
|
|
12
|
%
|
|
(5
|
)%
|
|||
Non-interest expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Compensation, commissions and benefits
|
|
665
|
|
|
635
|
|
|
646
|
|
|
5
|
%
|
|
(2
|
)%
|
|||
Non-compensation expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Communications and information processing
|
|
75
|
|
|
73
|
|
|
70
|
|
|
3
|
%
|
|
4
|
%
|
|||
Occupancy and equipment costs
|
|
35
|
|
|
34
|
|
|
34
|
|
|
3
|
%
|
|
—
|
|
|||
Business development
|
|
48
|
|
|
45
|
|
|
38
|
|
|
7
|
%
|
|
18
|
%
|
|||
Professional fees
|
|
45
|
|
|
14
|
|
|
14
|
|
|
221
|
%
|
|
—
|
|
|||
Acquisition and disposition-related expenses
|
|
15
|
|
|
—
|
|
|
—
|
|
|
NM
|
|
|
—
|
|
|||
Goodwill impairment
|
|
19
|
|
|
—
|
|
|
—
|
|
|
NM
|
|
|
—
|
|
|||
All other
|
|
71
|
|
|
72
|
|
|
71
|
|
|
(1
|
)%
|
|
1
|
%
|
|||
Total non-compensation expenses
|
|
308
|
|
|
238
|
|
|
227
|
|
|
29
|
%
|
|
5
|
%
|
|||
Total non-interest expenses
|
|
973
|
|
|
873
|
|
|
873
|
|
|
11
|
%
|
|
—
|
|
|||
Pre-tax income
|
|
$
|
110
|
|
|
$
|
91
|
|
|
$
|
141
|
|
|
21
|
%
|
|
(35
|
)%
|
Pre-tax margin on net revenues
|
|
10.2
|
%
|
|
9.4
|
%
|
|
13.9
|
%
|
|
|
|
|
|
|
Year ended September 30,
|
|
% change
|
||||||||||||||
$ in millions
|
|
2019
|
|
2018
|
|
2017
|
|
2019 vs. 2018
|
|
2018 vs. 2017
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Asset management and related administrative fees:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Managed programs
|
|
$
|
467
|
|
|
$
|
454
|
|
|
$
|
326
|
|
|
3
|
%
|
|
39
|
%
|
Administration and other
|
|
178
|
|
|
156
|
|
|
127
|
|
|
14
|
%
|
|
23
|
%
|
|||
Total asset management and related administrative fees
|
|
645
|
|
|
610
|
|
|
453
|
|
|
6
|
%
|
|
35
|
%
|
|||
Account and service fees
|
|
31
|
|
|
28
|
|
|
20
|
|
|
11
|
%
|
|
40
|
%
|
|||
All other
|
|
15
|
|
|
16
|
|
|
15
|
|
|
(6
|
)%
|
|
7
|
%
|
|||
Net revenues
|
|
691
|
|
|
654
|
|
|
488
|
|
|
6
|
%
|
|
34
|
%
|
|||
Non-interest expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Compensation, commissions and benefits
|
|
179
|
|
|
170
|
|
|
123
|
|
|
5
|
%
|
|
38
|
%
|
|||
Non-compensation expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Communications and information processing
|
|
44
|
|
|
38
|
|
|
30
|
|
|
16
|
%
|
|
27
|
%
|
|||
Investment sub-advisory fees
|
|
93
|
|
|
90
|
|
|
75
|
|
|
3
|
%
|
|
20
|
%
|
|||
All other
|
|
122
|
|
|
121
|
|
|
88
|
|
|
1
|
%
|
|
38
|
%
|
|||
Total non-compensation expenses
|
|
259
|
|
|
249
|
|
|
193
|
|
|
4
|
%
|
|
29
|
%
|
|||
Total non-interest expenses
|
|
438
|
|
|
419
|
|
|
316
|
|
|
5
|
%
|
|
33
|
%
|
|||
Pre-tax income
|
|
$
|
253
|
|
|
$
|
235
|
|
|
$
|
172
|
|
|
8
|
%
|
|
37
|
%
|
Pre-tax margin on net revenues
|
|
36.6
|
%
|
|
35.9
|
%
|
|
35.2
|
%
|
|
|
|
|
|
|
|
|
September 30,
|
||||||||||
$ in millions
|
|
2019
|
|
2018
|
|
2017
|
||||||
AMS (1)
|
|
$
|
91,802
|
|
|
$
|
83,289
|
|
|
$
|
69,962
|
|
Carillon Tower Advisers
|
|
58,521
|
|
|
63,330
|
|
|
31,831
|
|
|||
Subtotal financial assets under management
|
|
150,323
|
|
|
146,619
|
|
|
101,793
|
|
|||
Less: Assets managed for affiliated entities
|
|
(7,221
|
)
|
|
(5,702
|
)
|
|
(5,397
|
)
|
|||
Total financial assets under management
|
|
$
|
143,102
|
|
|
$
|
140,917
|
|
|
$
|
96,396
|
|
(1)
|
Represents the portion of our PCG segment fee-based AUA (as disclosed in “Assets in fee-based accounts” in the “Selected key metrics - PCG client asset balances” section of our “Management’s Discussion and Analysis - Results of Operations - Private Client Group”) that is invested in managed programs overseen by the Asset Management segment.
|
|
|
Year ended September 30,
|
||||||||||
$ in millions
|
|
2019
|
|
2018
|
|
2017
|
||||||
Financial assets under management at beginning of year
|
|
$
|
146,619
|
|
|
$
|
101,793
|
|
|
$
|
81,729
|
|
Carillon Tower Advisers:
|
|
|
|
|
|
|
||||||
Scout Group acquisition
|
|
—
|
|
|
27,087
|
|
|
—
|
|
|||
Other - net inflows/(outflows)
|
|
(5,784
|
)
|
|
(63
|
)
|
|
246
|
|
|||
AMS - net inflows
|
|
5,962
|
|
|
9,279
|
|
|
9,666
|
|
|||
Net market appreciation in asset values
|
|
3,526
|
|
|
8,523
|
|
|
10,152
|
|
|||
Financial assets under management at end of year
|
|
$
|
150,323
|
|
|
$
|
146,619
|
|
|
$
|
101,793
|
|
$ in millions
|
|
September 30, 2019
|
|
Average fee rate
|
||
Equity
|
|
$
|
28,923
|
|
|
0.51%
|
Fixed income
|
|
24,776
|
|
|
0.18%
|
|
Balanced
|
|
4,822
|
|
|
0.37%
|
|
Total financial assets under management
|
|
$
|
58,521
|
|
|
0.36%
|
|
|
Year ended September 30,
|
|
% change
|
||||||||||||||
$ in millions
|
|
2019
|
|
2018
|
|
2017
|
|
2019 vs. 2018
|
|
2018 vs. 2017
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest income
|
|
$
|
975
|
|
|
$
|
793
|
|
|
$
|
610
|
|
|
23
|
%
|
|
30
|
%
|
Interest expense
|
|
(155
|
)
|
|
(89
|
)
|
|
(35
|
)
|
|
74
|
%
|
|
154
|
%
|
|||
Net interest income
|
|
820
|
|
|
704
|
|
|
575
|
|
|
16
|
%
|
|
22
|
%
|
|||
All other
|
|
26
|
|
|
23
|
|
|
18
|
|
|
13
|
%
|
|
28
|
%
|
|||
Net revenues
|
|
846
|
|
|
727
|
|
|
593
|
|
|
16
|
%
|
|
23
|
%
|
|||
Non-interest expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Compensation and benefits
|
|
49
|
|
|
41
|
|
|
34
|
|
|
20
|
%
|
|
21
|
%
|
|||
Non-compensation expenses:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Loan loss provision
|
|
22
|
|
|
20
|
|
|
13
|
|
|
10
|
%
|
|
54
|
%
|
|||
RJBDP fees to PCG
|
|
173
|
|
|
92
|
|
|
68
|
|
|
88
|
%
|
|
35
|
%
|
|||
All other
|
|
87
|
|
|
82
|
|
|
69
|
|
|
6
|
%
|
|
19
|
%
|
|||
Total non-compensation expenses
|
|
282
|
|
|
194
|
|
|
150
|
|
|
45
|
%
|
|
29
|
%
|
|||
Total non-interest expenses
|
|
331
|
|
|
235
|
|
|
184
|
|
|
41
|
%
|
|
28
|
%
|
|||
Pre-tax income
|
|
$
|
515
|
|
|
$
|
492
|
|
|
$
|
409
|
|
|
5
|
%
|
|
20
|
%
|
Pre-tax margin on net revenues
|
|
60.9
|
%
|
|
67.7
|
%
|
|
69.0
|
%
|
|
|
|
|
|
|
Year ended September 30,
|
|||||||||||||||||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|||||||||||||||||||||||||||
$ in millions
|
|
Average
balance
|
|
Interest
inc./exp.
|
|
Average
yield/
cost
|
|
Average
balance
|
|
Interest
inc./exp.
|
|
Average
yield/
cost
|
|
Average
balance
|
|
Interest
inc./exp.
|
|
Average
yield/
cost
|
|||||||||||||||
Interest-earning banking assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Cash
|
|
$
|
1,239
|
|
|
$
|
28
|
|
|
2.29
|
%
|
|
$
|
957
|
|
|
$
|
15
|
|
|
1.57
|
%
|
|
$
|
859
|
|
|
$
|
8
|
|
|
0.90
|
%
|
Available-for-sale securities
|
|
2,872
|
|
|
69
|
|
|
2.39
|
%
|
|
2,430
|
|
|
50
|
|
|
2.04
|
%
|
|
1,463
|
|
|
26
|
|
|
1.78
|
%
|
||||||
Bank loans, net of unearned income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Loans held for investment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
C&I loans
|
|
8,070
|
|
|
378
|
|
|
4.62
|
%
|
|
7,619
|
|
|
326
|
|
|
4.22
|
%
|
|
7,340
|
|
|
281
|
|
|
3.78
|
%
|
||||||
CRE construction loans
|
|
221
|
|
|
12
|
|
|
5.51
|
%
|
|
166
|
|
|
8
|
|
|
5.08
|
%
|
|
129
|
|
|
6
|
|
|
4.73
|
%
|
||||||
CRE loans
|
|
3,451
|
|
|
159
|
|
|
4.53
|
%
|
|
3,231
|
|
|
133
|
|
|
4.06
|
%
|
|
2,832
|
|
|
101
|
|
|
3.50
|
%
|
||||||
Tax-exempt loans
|
|
1,284
|
|
|
35
|
|
|
3.36
|
%
|
|
1,146
|
|
|
30
|
|
|
3.42
|
%
|
|
892
|
|
|
23
|
|
|
3.98
|
%
|
||||||
Residential mortgage loans
|
|
4,091
|
|
|
135
|
|
|
3.30
|
%
|
|
3,448
|
|
|
109
|
|
|
3.16
|
%
|
|
2,803
|
|
|
84
|
|
|
2.94
|
%
|
||||||
SBL and other
|
|
3,139
|
|
|
145
|
|
|
4.57
|
%
|
|
2,690
|
|
|
111
|
|
|
4.09
|
%
|
|
2,124
|
|
|
72
|
|
|
3.36
|
%
|
||||||
Loans held for sale
|
|
151
|
|
|
7
|
|
|
4.73
|
%
|
|
126
|
|
|
5
|
|
|
4.01
|
%
|
|
159
|
|
|
5
|
|
|
3.34
|
%
|
||||||
Total loans, net
|
|
20,407
|
|
|
871
|
|
|
4.26
|
%
|
|
18,426
|
|
|
722
|
|
|
3.93
|
%
|
|
16,279
|
|
|
572
|
|
|
3.55
|
%
|
||||||
FHLB stock, Federal Reserve Bank (“FRB”) stock and other
|
|
172
|
|
|
7
|
|
|
4.01
|
%
|
|
138
|
|
|
6
|
|
|
4.33
|
%
|
|
157
|
|
|
4
|
|
|
2.63
|
%
|
||||||
Total interest-earning banking assets
|
|
24,690
|
|
|
$
|
975
|
|
|
3.95
|
%
|
|
21,951
|
|
|
$
|
793
|
|
|
3.62
|
%
|
|
18,758
|
|
|
$
|
610
|
|
|
3.28
|
%
|
|||
Non-interest-earning banking assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Unrealized loss on available-for-sale securities
|
|
(22
|
)
|
|
|
|
|
|
|
|
(44
|
)
|
|
|
|
|
|
|
|
(7
|
)
|
|
|
|
|
|
|
||||||
Allowance for loan losses
|
|
(214
|
)
|
|
|
|
|
|
|
|
(193
|
)
|
|
|
|
|
|
(194
|
)
|
|
|
|
|
||||||||||
Other assets
|
|
394
|
|
|
|
|
|
|
|
|
379
|
|
|
|
|
|
|
|
|
375
|
|
|
|
|
|
|
|
||||||
Total non-interest-earning banking assets
|
|
158
|
|
|
|
|
|
|
|
|
142
|
|
|
|
|
|
|
|
|
174
|
|
|
|
|
|
|
|
||||||
Total banking assets
|
|
$
|
24,848
|
|
|
|
|
|
|
|
|
$
|
22,093
|
|
|
|
|
|
|
|
|
$
|
18,932
|
|
|
|
|
|
|
|
|||
Interest-bearing banking liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Bank deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Certificates of deposit
|
|
$
|
536
|
|
|
$
|
12
|
|
|
2.24
|
%
|
|
$
|
372
|
|
|
$
|
6
|
|
|
1.67
|
%
|
|
$
|
294
|
|
|
$
|
4
|
|
|
1.47
|
%
|
Savings, money market and NOW accounts
|
|
21,058
|
|
|
124
|
|
|
0.59
|
%
|
|
18,694
|
|
|
63
|
|
|
0.34
|
%
|
|
15,975
|
|
|
16
|
|
|
0.10
|
%
|
||||||
FHLB advances and other
|
|
911
|
|
|
19
|
|
|
2.08
|
%
|
|
917
|
|
|
20
|
|
|
2.13
|
%
|
|
741
|
|
|
15
|
|
|
1.95
|
%
|
||||||
Total interest-bearing banking liabilities
|
|
22,505
|
|
|
$
|
155
|
|
|
0.69
|
%
|
|
19,983
|
|
|
$
|
89
|
|
|
0.44
|
%
|
|
17,010
|
|
|
$
|
35
|
|
|
0.20
|
%
|
|||
Non-interest-bearing banking liabilities
|
|
200
|
|
|
|
|
|
|
|
|
195
|
|
|
|
|
|
|
|
|
172
|
|
|
|
|
|
|
|
||||||
Total banking liabilities
|
|
22,705
|
|
|
|
|
|
|
|
|
20,178
|
|
|
|
|
|
|
|
|
17,182
|
|
|
|
|
|
|
|
||||||
Total banking shareholder’s equity
|
|
2,143
|
|
|
|
|
|
|
|
|
1,915
|
|
|
|
|
|
|
|
|
1,750
|
|
|
|
|
|
|
|
||||||
Total banking liabilities and shareholders’ equity
|
|
$
|
24,848
|
|
|
|
|
|
|
|
|
$
|
22,093
|
|
|
|
|
|
|
|
|
$
|
18,932
|
|
|
|
|
|
|
|
|||
Excess of interest-earning banking assets over interest-bearing banking liabilities/net interest income
|
|
$
|
2,185
|
|
|
$
|
820
|
|
|
|
|
$
|
1,968
|
|
|
$
|
704
|
|
|
|
|
$
|
1,748
|
|
|
$
|
575
|
|
|
|
|||
Bank net interest:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Spread
|
|
|
|
|
|
|
|
3.26
|
%
|
|
|
|
|
|
|
|
3.18
|
%
|
|
|
|
|
|
|
|
3.08
|
%
|
||||||
Margin (net yield on interest-earning banking assets)
|
|
|
|
|
|
|
|
3.32
|
%
|
|
|
|
|
|
|
|
3.22
|
%
|
|
|
|
|
|
|
|
3.10
|
%
|
||||||
Ratio of interest-earning banking assets to interest-bearing banking liabilities
|
|
|
|
|
|
|
|
109.71
|
%
|
|
|
|
|
|
|
|
109.85
|
%
|
|
|
|
|
|
|
|
110.28
|
%
|
|
|
Year ended September 30,
|
||||||||||||||||||||||
|
|
2019 compared to 2018
|
|
2018 compared to 2017
|
||||||||||||||||||||
|
|
Increase/(decrease) due to
|
|
Increase/(decrease) due to
|
||||||||||||||||||||
$ in millions
|
|
Volume
|
|
Rate
|
|
Total
|
|
Volume
|
|
Rate
|
|
Total
|
||||||||||||
Interest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest-earning banking assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash
|
|
$
|
4
|
|
|
$
|
9
|
|
|
$
|
13
|
|
|
$
|
1
|
|
|
$
|
6
|
|
|
$
|
7
|
|
Available-for-sale securities
|
|
9
|
|
|
10
|
|
|
19
|
|
|
17
|
|
|
7
|
|
|
24
|
|
||||||
Bank loans, net of unearned income:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans held for investment:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
C&I loans
|
|
19
|
|
|
33
|
|
|
52
|
|
|
11
|
|
|
34
|
|
|
45
|
|
||||||
CRE construction loans
|
|
3
|
|
|
1
|
|
|
4
|
|
|
2
|
|
|
—
|
|
|
2
|
|
||||||
CRE loans
|
|
9
|
|
|
17
|
|
|
26
|
|
|
14
|
|
|
18
|
|
|
32
|
|
||||||
Tax-exempt loans
|
|
4
|
|
|
1
|
|
|
5
|
|
|
7
|
|
|
—
|
|
|
7
|
|
||||||
Residential mortgage loans
|
|
20
|
|
|
6
|
|
|
26
|
|
|
19
|
|
|
6
|
|
|
25
|
|
||||||
SBL and other
|
|
19
|
|
|
15
|
|
|
34
|
|
|
19
|
|
|
20
|
|
|
39
|
|
||||||
Loans held for sale
|
|
1
|
|
|
1
|
|
|
2
|
|
|
(1
|
)
|
|
1
|
|
|
—
|
|
||||||
Total bank loans, net
|
|
75
|
|
|
74
|
|
|
149
|
|
|
71
|
|
|
79
|
|
|
150
|
|
||||||
FHLB stock, FRB stock and other
|
|
2
|
|
|
(1
|
)
|
|
1
|
|
|
(1
|
)
|
|
3
|
|
|
2
|
|
||||||
Total interest-earning banking assets
|
|
$
|
90
|
|
|
$
|
92
|
|
|
$
|
182
|
|
|
$
|
88
|
|
|
$
|
95
|
|
|
$
|
183
|
|
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest-bearing banking liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Bank deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Certificates of deposit
|
|
$
|
3
|
|
|
$
|
3
|
|
|
$
|
6
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
2
|
|
Savings, money market and NOW accounts
|
|
8
|
|
|
53
|
|
|
61
|
|
|
3
|
|
|
44
|
|
|
47
|
|
||||||
FHLB advances and other
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
4
|
|
|
1
|
|
|
5
|
|
||||||
Total interest-bearing banking liabilities
|
|
11
|
|
|
55
|
|
|
66
|
|
|
8
|
|
|
46
|
|
|
54
|
|
||||||
Change in net interest income
|
|
$
|
79
|
|
|
$
|
37
|
|
|
$
|
116
|
|
|
$
|
80
|
|
|
$
|
49
|
|
|
$
|
129
|
|
|
Year ended September 30,
|
|
% change
|
||||||||||||||
$ in millions
|
2019
|
|
2018
|
|
2017
|
|
2019 vs. 2018
|
|
2018 vs. 2017
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||
Interest income
|
$
|
63
|
|
|
$
|
42
|
|
|
$
|
25
|
|
|
50
|
%
|
|
68
|
%
|
Gains on private equity investments
|
14
|
|
|
9
|
|
|
31
|
|
|
56
|
%
|
|
(71
|
)%
|
|||
All other
|
3
|
|
|
9
|
|
|
9
|
|
|
(67
|
)%
|
|
—
|
|
|||
Total revenues
|
80
|
|
|
60
|
|
|
65
|
|
|
33
|
%
|
|
(8
|
)%
|
|||
Interest expense
|
(75
|
)
|
|
(75
|
)
|
|
(95
|
)
|
|
—
|
|
|
21
|
%
|
|||
Net revenues
|
5
|
|
|
(15
|
)
|
|
(30
|
)
|
|
NM
|
|
|
50
|
%
|
|||
Non-interest expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Compensation and all other
|
87
|
|
|
64
|
|
|
76
|
|
|
36
|
%
|
|
(16
|
)%
|
|||
Acquisition-related expenses
|
—
|
|
|
4
|
|
|
18
|
|
|
(100
|
)%
|
|
(78
|
)%
|
|||
Losses on extinguishment of debt
|
—
|
|
|
—
|
|
|
46
|
|
|
—
|
|
|
(100
|
)%
|
|||
Total non-interest expenses
|
87
|
|
|
68
|
|
|
140
|
|
|
28
|
%
|
|
(51
|
)%
|
|||
Pre-tax loss
|
$
|
(82
|
)
|
|
$
|
(83
|
)
|
|
$
|
(170
|
)
|
|
1
|
%
|
|
51
|
%
|
|
|
Year ended September 30,
|
||||
|
|
2019
|
|
2018
|
|
2017
|
Return on assets
|
|
2.7%
|
|
2.4%
|
|
1.9%
|
Return on equity
|
|
16.2%
|
|
14.4%
|
|
12.2%
|
Average equity to average assets
|
|
16.7%
|
|
16.5%
|
|
15.9%
|
Dividend payout ratio
|
|
19.0%
|
|
19.1%
|
|
20.3%
|
$ in millions
|
|
September 30, 2019
|
||
RJF
|
|
$
|
540
|
|
RJ&A
|
|
1,430
|
|
|
RJ Bank
|
|
1,113
|
|
|
RJ Ltd.
|
|
457
|
|
|
RJFS
|
|
134
|
|
|
Carillon Tower Advisers
|
|
103
|
|
|
Other subsidiaries
|
|
180
|
|
|
Total cash and cash equivalents
|
|
$
|
3,957
|
|
|
|
September 30, 2019
|
|||||||||||||
$ in millions
|
|
RJ&A
|
|
RJF
|
|
Total
|
|
Total number of arrangements
|
|||||||
Financing arrangement:
|
|
|
|
|
|
|
|
|
|||||||
Committed secured
|
|
$
|
200
|
|
|
$
|
—
|
|
|
$
|
200
|
|
|
2
|
|
Committed unsecured (1)
|
|
200
|
|
|
300
|
|
|
500
|
|
|
1
|
|
|||
Total committed financing arrangements
|
|
$
|
400
|
|
|
$
|
300
|
|
|
$
|
700
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|||||||
Outstanding borrowing amount:
|
|
|
|
|
|
|
|
|
|||||||
Committed secured
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
Committed unsecured
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
||||
Total outstanding borrowing amount
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
(1)
|
The Credit Facility provides for maximum borrowings of up to $500 million, with a sublimit of $300 million for RJF. For additional details on our committed unsecured financing arrangement, see our discussion of the Credit Facility in Note 14 of the Notes to Consolidated Financial Statements of this Form 10-K.
|
$ in millions
|
|
September 30, 2019
|
||
Outstanding borrowing amount:
|
|
|
||
Uncommitted secured
|
|
$
|
150
|
|
Uncommitted unsecured
|
|
—
|
|
|
Total outstanding borrowing amount
|
|
$
|
150
|
|
|
|
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
|
||||||||||||
September 30, 2019
|
|
$
|
170
|
|
|
$
|
158
|
|
|
$
|
150
|
|
|
$
|
334
|
|
|
$
|
343
|
|
|
$
|
343
|
|
June 30, 2019
|
|
$
|
211
|
|
|
$
|
212
|
|
|
$
|
165
|
|
|
$
|
442
|
|
|
$
|
479
|
|
|
$
|
411
|
|
March 31, 2019
|
|
$
|
172
|
|
|
$
|
210
|
|
|
$
|
210
|
|
|
$
|
358
|
|
|
$
|
447
|
|
|
$
|
447
|
|
December 31, 2018
|
|
$
|
171
|
|
|
$
|
189
|
|
|
$
|
156
|
|
|
$
|
413
|
|
|
$
|
479
|
|
|
$
|
399
|
|
September 30, 2018
|
|
$
|
117
|
|
|
$
|
186
|
|
|
$
|
186
|
|
|
$
|
355
|
|
|
$
|
376
|
|
|
$
|
373
|
|
Rating Agency
|
|
Rating
|
|
Outlook
|
Standard & Poor’s Ratings Services
|
|
BBB+
|
|
Stable
|
Moody’s Investors Services
|
|
Baa1
|
|
Stable
|
|
|
|
|
Year ended September 30,
|
||||||||||||||||||||||||
$ in millions
|
|
Total
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
||||||||||||||
Long-term debt obligations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Senior notes payable - principal
|
|
$
|
1,550
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
250
|
|
|
$
|
1,300
|
|
Long-term portion of other borrowings
|
|
889
|
|
|
—
|
|
|
881
|
|
|
6
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|||||||
Total long-term debt obligations
|
|
2,439
|
|
|
—
|
|
|
881
|
|
|
6
|
|
|
2
|
|
|
250
|
|
|
1,300
|
|
|||||||
Contractual interest payments
|
|
1,286
|
|
|
87
|
|
|
73
|
|
|
73
|
|
|
73
|
|
|
72
|
|
|
908
|
|
|||||||
Operating lease obligations
|
|
519
|
|
|
103
|
|
|
95
|
|
|
79
|
|
|
66
|
|
|
49
|
|
|
127
|
|
|||||||
Purchase obligations
|
|
349
|
|
|
153
|
|
|
70
|
|
|
49
|
|
|
31
|
|
|
24
|
|
|
22
|
|
|||||||
Other long-term liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Certificates of deposit (including interest)
|
|
639
|
|
|
215
|
|
|
77
|
|
|
140
|
|
|
117
|
|
|
90
|
|
|
—
|
|
|||||||
Other
|
|
5
|
|
|
2
|
|
|
2
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total other long-term liabilities
|
|
644
|
|
|
217
|
|
|
79
|
|
|
141
|
|
|
117
|
|
|
90
|
|
|
—
|
|
|||||||
Total contractual obligations
|
|
$
|
5,237
|
|
|
$
|
560
|
|
|
$
|
1,198
|
|
|
$
|
348
|
|
|
$
|
289
|
|
|
$
|
485
|
|
|
$
|
2,357
|
|
|
|
Year ended September 30, 2019
|
|
Period end VaR
|
|
|
|
For the year ended September 30,
|
||||||||||||||||||
$ in millions
|
|
High
|
|
Low
|
|
September 30,
2019 |
|
September 30,
2018 |
|
$ in millions
|
|
2019
|
|
2018
|
||||||||||||
Daily VaR
|
|
$
|
2
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
Daily average VaR
|
|
$
|
1
|
|
|
$
|
1
|
|
Instantaneous changes in rate
|
|
Net interest income ($ in millions)
|
|
Projected change in
net interest income
|
+200
|
|
$903
|
|
1.69%
|
+100
|
|
$916
|
|
3.15%
|
0
|
|
$888
|
|
—
|
-100
|
|
$745
|
|
(16.10)%
|
|
|
Due in
|
||||||||||||||
$ in millions
|
|
One year or less
|
|
> One year – five
years
|
|
> 5 years
|
|
Total
|
||||||||
Loans held for investment:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
C&I loans
|
|
$
|
139
|
|
|
$
|
4,222
|
|
|
$
|
3,737
|
|
|
$
|
8,098
|
|
CRE construction loans
|
|
53
|
|
|
132
|
|
|
—
|
|
|
185
|
|
||||
CRE loans
|
|
369
|
|
|
2,722
|
|
|
561
|
|
|
3,652
|
|
||||
Tax-exempt loans
|
|
—
|
|
|
44
|
|
|
1,197
|
|
|
1,241
|
|
||||
Residential mortgage loans
|
|
—
|
|
|
5
|
|
|
4,449
|
|
|
4,454
|
|
||||
SBL and other
|
|
3,305
|
|
|
44
|
|
|
—
|
|
|
3,349
|
|
||||
Total loans held for investment
|
|
3,866
|
|
|
7,169
|
|
|
9,944
|
|
|
20,979
|
|
||||
Loans held for sale
|
|
—
|
|
|
14
|
|
|
118
|
|
|
132
|
|
||||
Total loans
|
|
$
|
3,866
|
|
|
$
|
7,183
|
|
|
$
|
10,062
|
|
|
$
|
21,111
|
|
|
|
Interest rate type
|
||||||||||
$ in millions
|
|
Fixed
|
|
Adjustable
|
|
Total
|
||||||
Loans held for investment:
|
|
|
|
|
|
|
|
|
|
|||
C&I loans
|
|
$
|
104
|
|
|
$
|
7,855
|
|
|
$
|
7,959
|
|
CRE construction loans
|
|
—
|
|
|
132
|
|
|
132
|
|
|||
CRE loans
|
|
107
|
|
|
3,176
|
|
|
3,283
|
|
|||
Tax-exempt loans
|
|
1,241
|
|
|
—
|
|
|
1,241
|
|
|||
Residential mortgage loans
|
|
235
|
|
|
4,219
|
|
|
4,454
|
|
|||
SBL and other
|
|
2
|
|
|
42
|
|
|
44
|
|
|||
Total loans held for investment
|
|
1,689
|
|
|
15,424
|
|
|
17,113
|
|
|||
Loans held for sale
|
|
5
|
|
|
127
|
|
|
132
|
|
|||
Total loans
|
|
$
|
1,694
|
|
|
$
|
15,551
|
|
|
$
|
17,245
|
|
|
|
Year ended September 30,
|
||||||||||||||||||
$ in millions
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Allowance for loan losses beginning of year
|
|
$
|
203
|
|
|
$
|
190
|
|
|
$
|
197
|
|
|
$
|
172
|
|
|
$
|
148
|
|
Provision for loan losses
|
|
22
|
|
|
20
|
|
|
13
|
|
|
28
|
|
|
24
|
|
|||||
Charge-offs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
C&I loans
|
|
(2
|
)
|
|
(10
|
)
|
|
(26
|
)
|
|
(3
|
)
|
|
(1
|
)
|
|||||
CRE loans
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Residential mortgage loans
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|||||
Total charge-offs
|
|
(8
|
)
|
|
(10
|
)
|
|
(27
|
)
|
|
(4
|
)
|
|
(3
|
)
|
|||||
Recoveries:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
CRE loans
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
4
|
|
|||||
Residential mortgage loans
|
|
2
|
|
|
2
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|||||
Total recoveries
|
|
2
|
|
|
2
|
|
|
6
|
|
|
1
|
|
|
5
|
|
|||||
Net (charge-offs)/recoveries
|
|
(6
|
)
|
|
(8
|
)
|
|
(21
|
)
|
|
(3
|
)
|
|
2
|
|
|||||
Foreign exchange translation adjustment
|
|
(1
|
)
|
|
1
|
|
|
1
|
|
|
—
|
|
|
(2
|
)
|
|||||
Allowance for loan losses end of year
|
|
$
|
218
|
|
|
$
|
203
|
|
|
$
|
190
|
|
|
$
|
197
|
|
|
$
|
172
|
|
Allowance for loan losses to total bank loans outstanding
|
|
1.04
|
%
|
|
1.04
|
%
|
|
1.11
|
%
|
|
1.30
|
%
|
|
1.32
|
%
|
|
|
Year ended September 30,
|
|||||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|||||||||||||||
$ in millions
|
|
Net loan
(charge-off)/recovery
amount
|
|
% of avg.
outstanding
loans
|
|
Net loan
(charge-off)/recovery
amount
|
|
% of avg.
outstanding
loans
|
|
Net loan
(charge-off)/recovery
amount
|
|
% of avg.
outstanding
loans
|
|||||||||
C&I loans
|
|
$
|
(2
|
)
|
|
0.02
|
%
|
|
$
|
(10
|
)
|
|
0.13
|
%
|
|
$
|
(26
|
)
|
|
0.35
|
%
|
CRE loans
|
|
(5
|
)
|
|
0.14
|
%
|
|
—
|
|
|
—
|
|
|
5
|
|
|
0.18
|
%
|
|||
Residential mortgage loans
|
|
1
|
|
|
0.02
|
%
|
|
2
|
|
|
0.06
|
%
|
|
—
|
|
|
—
|
|
|||
Total
|
|
$
|
(6
|
)
|
|
0.04
|
%
|
|
$
|
(8
|
)
|
|
0.04
|
%
|
|
$
|
(21
|
)
|
|
0.13
|
%
|
|
|
Year ended September 30,
|
||||||||||||
|
|
2016
|
|
2015
|
||||||||||
$ in millions
|
|
Net loan
(charge-off)/recovery amount
|
|
% of avg.
outstanding
loans
|
|
Net loan
(charge-off)/recovery amount
|
|
% of avg.
outstanding
loans
|
||||||
C&I loans
|
|
$
|
(3
|
)
|
|
0.04
|
%
|
|
$
|
(1
|
)
|
|
0.01
|
%
|
CRE loans
|
|
—
|
|
|
—
|
|
|
4
|
|
|
0.22
|
%
|
||
Residential mortgage loans
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
0.02
|
%
|
||
Total
|
|
$
|
(3
|
)
|
|
0.02
|
%
|
|
$
|
2
|
|
|
0.02
|
%
|
|
|
September 30,
|
||||||||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||
$ in millions
|
|
Nonperforming
loan balance
|
|
Allowance for loan losses balance
|
|
Nonperforming
loan balance
|
|
Allowance for
loan losses balance
|
|
Nonperforming
loan balance |
|
Allowance for
loan losses balance |
||||||||||||
Loans held for investment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
C&I loans
|
|
$
|
19
|
|
|
$
|
139
|
|
|
$
|
2
|
|
|
$
|
123
|
|
|
$
|
5
|
|
|
$
|
120
|
|
CRE construction loans
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
1
|
|
||||||
CRE loans
|
|
8
|
|
|
46
|
|
|
—
|
|
|
47
|
|
|
—
|
|
|
42
|
|
||||||
Tax-exempt loans
|
|
—
|
|
|
9
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
6
|
|
||||||
Residential mortgage loans
|
|
16
|
|
|
16
|
|
|
23
|
|
|
17
|
|
|
34
|
|
|
17
|
|
||||||
SBL and other
|
|
—
|
|
|
5
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
||||||
Total
|
|
$
|
43
|
|
|
$
|
218
|
|
|
$
|
25
|
|
|
$
|
203
|
|
|
$
|
39
|
|
|
$
|
190
|
|
Total nonperforming loans as a % of RJ Bank total loans
|
|
0.21
|
%
|
|
|
|
0.12
|
%
|
|
|
|
0.23
|
%
|
|
|
|
|
September 30,
|
||||||||||||||
|
|
2016
|
|
2015
|
||||||||||||
$ in millions
|
|
Nonperforming loan balance
|
|
Allowance for loan losses balance
|
|
Nonperforming loan balance
|
|
Allowance for loan losses balance
|
||||||||
Loans held for investment:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
C&I loans
|
|
$
|
35
|
|
|
$
|
138
|
|
|
$
|
—
|
|
|
$
|
118
|
|
CRE construction loans
|
|
—
|
|
|
1
|
|
|
—
|
|
|
3
|
|
||||
CRE loans
|
|
4
|
|
|
36
|
|
|
5
|
|
|
30
|
|
||||
Tax-exempt loans
|
|
—
|
|
|
4
|
|
|
—
|
|
|
6
|
|
||||
Residential mortgage loans
|
|
42
|
|
|
13
|
|
|
48
|
|
|
12
|
|
||||
SBL and other
|
|
—
|
|
|
5
|
|
|
—
|
|
|
3
|
|
||||
Total
|
|
$
|
81
|
|
|
$
|
197
|
|
|
$
|
53
|
|
|
$
|
172
|
|
Total nonperforming loans as a % of RJ Bank total loans
|
|
0.53
|
%
|
|
|
|
0.40
|
%
|
|
|
|
|
Amount of delinquent residential loans
|
|
Delinquent residential loans as a percentage of outstanding loan balances
|
||||||||||||||
$ in millions
|
|
30-89 days
|
|
90 days or more
|
|
Total
|
|
30-89 days
|
|
90 days or more
|
|
Total
|
||||||
September 30, 2019
|
|
2
|
|
|
10
|
|
|
12
|
|
|
0.04
|
%
|
|
0.22
|
%
|
|
0.26
|
%
|
September 30, 2018
|
|
2
|
|
|
13
|
|
|
15
|
|
|
0.06
|
%
|
|
0.33
|
%
|
|
0.39
|
%
|
|
|
September 30, 2019
|
||
|
|
Loans outstanding as a % of RJ Bank total residential mortgage loans
|
|
Loans outstanding as a % of RJ Bank total loans
|
CA
|
|
25.4%
|
|
5.4%
|
FL
|
|
16.8%
|
|
3.6%
|
TX
|
|
8.0%
|
|
1.7%
|
NY
|
|
7.6%
|
|
1.6%
|
CO
|
|
3.7%
|
|
0.8%
|
|
|
September 30, 2019
|
||
|
|
Loans outstanding as a % of RJ Bank total corporate loans
|
|
Loans outstanding as a % of RJ Bank total loans
|
Office real estate
|
|
7.8%
|
|
4.3%
|
Business systems and services
|
|
7.8%
|
|
4.3%
|
Automotive/transportation
|
|
5.8%
|
|
3.2%
|
Hospitality
|
|
5.7%
|
|
3.2%
|
Consumer products and services
|
|
4.7%
|
|
2.6%
|
ITEM 7A.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
•
|
evaluating the Company’s ALL methodology to determine if it is sufficiently structured, transparent, and repeatable to produce an estimate that is compliant with U.S. generally accepted accounting principles,
|
•
|
performing credit file reviews on a selection of loans to assess loan characteristics, such as loan risk ratings, and
|
•
|
evaluating the conceptual soundness of the qualitative framework to determine if it identified the relevant incremental risks not captured by the quantitative estimate.
|
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
|
||||||||
|
|
September 30,
|
||||||
$ in millions, except per share amounts
|
|
2019
|
|
2018
|
||||
Assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
3,957
|
|
|
$
|
3,500
|
|
Cash segregated pursuant to regulations
|
|
2,014
|
|
|
2,441
|
|
||
Securities purchased under agreements to resell
|
|
343
|
|
|
373
|
|
||
Securities borrowed
|
|
248
|
|
|
255
|
|
||
Financial instruments, at fair value:
|
|
|
|
|
|
|
||
Trading instruments ($535 and $465 pledged as collateral)
|
|
708
|
|
|
702
|
|
||
Available-for-sale securities ($24 and $20 pledged as collateral)
|
|
3,093
|
|
|
2,696
|
|
||
Derivative assets
|
|
338
|
|
|
180
|
|
||
Other investments ($32 and $25 pledged as collateral)
|
|
365
|
|
|
349
|
|
||
Brokerage client receivables, net
|
|
2,671
|
|
|
3,343
|
|
||
Receivables from brokers, dealers and clearing organizations
|
|
281
|
|
|
257
|
|
||
Other receivables
|
|
549
|
|
|
592
|
|
||
Bank loans, net
|
|
20,891
|
|
|
19,518
|
|
||
Loans to financial advisors, net
|
|
983
|
|
|
925
|
|
||
Property and equipment, net
|
|
527
|
|
|
486
|
|
||
Deferred income taxes, net
|
|
231
|
|
|
203
|
|
||
Goodwill and identifiable intangible assets, net
|
|
611
|
|
|
639
|
|
||
Other assets
|
|
1,020
|
|
|
954
|
|
||
Total assets
|
|
$
|
38,830
|
|
|
$
|
37,413
|
|
|
|
|
|
|
||||
Liabilities and shareholders’ equity:
|
|
|
|
|
|
|
||
Bank deposits
|
|
$
|
22,281
|
|
|
$
|
19,942
|
|
Securities sold under agreements to repurchase
|
|
150
|
|
|
186
|
|
||
Securities loaned
|
|
323
|
|
|
423
|
|
||
Financial instruments sold but not yet purchased, at fair value:
|
|
|
|
|
||||
Trading instruments
|
|
296
|
|
|
235
|
|
||
Derivative liabilities
|
|
313
|
|
|
247
|
|
||
Brokerage client payables
|
|
4,361
|
|
|
5,625
|
|
||
Payables to brokers, dealers and clearing organizations
|
|
229
|
|
|
206
|
|
||
Accrued compensation, commissions and benefits
|
|
1,272
|
|
|
1,189
|
|
||
Other payables
|
|
518
|
|
|
459
|
|
||
Other borrowings
|
|
894
|
|
|
899
|
|
||
Senior notes payable
|
|
1,550
|
|
|
1,550
|
|
||
Total liabilities
|
|
32,187
|
|
|
30,961
|
|
||
Commitments and contingencies (see Note 17)
|
|
|
|
|
|
|
||
Shareholders’ 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; 158,435,030 and 156,363,615 shares issued as of September 30, 2019 and 2018, respectively, and 137,841,952 and 145,642,437 shares outstanding as of September 30, 2019 and 2018, respectively
|
|
2
|
|
|
2
|
|
||
Additional paid-in capital
|
|
1,938
|
|
|
1,808
|
|
||
Retained earnings
|
|
5,874
|
|
|
5,032
|
|
||
Treasury stock, at cost; 20,593,078 and 10,693,026 common shares as of September 30, 2019 and 2018, respectively
|
|
(1,210
|
)
|
|
(447
|
)
|
||
Accumulated other comprehensive loss
|
|
(23
|
)
|
|
(27
|
)
|
||
Total equity attributable to Raymond James Financial, Inc.
|
|
6,581
|
|
|
6,368
|
|
||
Noncontrolling interests
|
|
62
|
|
|
84
|
|
||
Total shareholders’ equity
|
|
6,643
|
|
|
6,452
|
|
||
Total liabilities and shareholders’ equity
|
|
$
|
38,830
|
|
|
$
|
37,413
|
|
|
|
Year ended September 30,
|
||||||||||
in millions, except per share amounts
|
|
2019
|
|
2018
|
|
2017
|
||||||
Revenues:
|
|
|
|
|
|
|
||||||
Asset management and related administrative fees
|
|
$
|
3,451
|
|
|
$
|
3,119
|
|
|
$
|
2,471
|
|
Brokerage revenues:
|
|
|
|
|
|
|
||||||
Securities commissions
|
|
1,450
|
|
|
1,626
|
|
|
1,578
|
|
|||
Principal transactions
|
|
357
|
|
|
329
|
|
|
418
|
|
|||
Total brokerage revenues
|
|
1,807
|
|
|
1,955
|
|
|
1,996
|
|
|||
Account and service fees
|
|
738
|
|
|
713
|
|
|
612
|
|
|||
Investment banking
|
|
596
|
|
|
501
|
|
|
491
|
|
|||
Interest income
|
|
1,281
|
|
|
1,044
|
|
|
802
|
|
|||
Other
|
|
150
|
|
|
144
|
|
|
153
|
|
|||
Total revenues
|
|
8,023
|
|
|
7,476
|
|
|
6,525
|
|
|||
Interest expense
|
|
(283
|
)
|
|
(202
|
)
|
|
(154
|
)
|
|||
Net revenues
|
|
7,740
|
|
|
7,274
|
|
|
6,371
|
|
|||
Non-interest expenses:
|
|
|
|
|
|
|
|
|
|
|||
Compensation, commissions and benefits
|
|
5,087
|
|
|
4,795
|
|
|
4,228
|
|
|||
Non-compensation expenses:
|
|
|
|
|
|
|
||||||
Communications and information processing
|
|
373
|
|
|
352
|
|
|
297
|
|
|||
Occupancy and equipment costs
|
|
218
|
|
|
202
|
|
|
191
|
|
|||
Business development
|
|
194
|
|
|
181
|
|
|
155
|
|
|||
Investment sub-advisory fees
|
|
94
|
|
|
92
|
|
|
79
|
|
|||
Professional fees
|
|
85
|
|
|
74
|
|
|
55
|
|
|||
Bank loan loss provision
|
|
22
|
|
|
20
|
|
|
13
|
|
|||
Acquisition and disposition-related expenses
|
|
15
|
|
|
4
|
|
|
18
|
|
|||
Losses on extinguishment of debt
|
|
—
|
|
|
—
|
|
|
46
|
|
|||
Other
|
|
277
|
|
|
243
|
|
|
364
|
|
|||
Total non-compensation expenses
|
|
1,278
|
|
|
1,168
|
|
|
1,218
|
|
|||
Total non-interest expenses
|
|
6,365
|
|
|
5,963
|
|
|
5,446
|
|
|||
Pre-tax income
|
|
1,375
|
|
|
1,311
|
|
|
925
|
|
|||
Provision for income taxes
|
|
341
|
|
|
454
|
|
|
289
|
|
|||
Net income
|
|
$
|
1,034
|
|
|
$
|
857
|
|
|
$
|
636
|
|
|
|
|
|
|
|
|
||||||
Earnings per common share – basic
|
|
$
|
7.32
|
|
|
$
|
5.89
|
|
|
$
|
4.43
|
|
Earnings per common share – diluted
|
|
$
|
7.17
|
|
|
$
|
5.75
|
|
|
$
|
4.33
|
|
Weighted-average common shares outstanding – basic
|
|
141.0
|
|
|
145.3
|
|
|
143.3
|
|
|||
Weighted-average common and common equivalent shares outstanding – diluted
|
|
144.0
|
|
|
148.8
|
|
|
146.6
|
|
|||
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
1,034
|
|
|
$
|
857
|
|
|
$
|
636
|
|
Other comprehensive income/(loss), net of tax:
|
|
|
|
|
|
|
|
|
|
|||
Available-for-sale securities
|
|
71
|
|
|
(42
|
)
|
|
2
|
|
|||
Currency translations, net of the impact of net investment hedges
|
|
(2
|
)
|
|
(3
|
)
|
|
16
|
|
|||
Cash flow hedges
|
|
(61
|
)
|
|
33
|
|
|
23
|
|
|||
Total other comprehensive income/(loss), net of tax
|
|
$
|
8
|
|
|
$
|
(12
|
)
|
|
$
|
41
|
|
Total comprehensive income
|
|
$
|
1,042
|
|
|
$
|
845
|
|
|
$
|
677
|
|
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
|
||||||||||||
|
|
Year ended September 30,
|
||||||||||
$ in millions, except per share amounts
|
|
2019
|
|
2018
|
|
2017
|
||||||
Common stock, par value $.01 per share:
|
|
|
|
|
|
|
||||||
Balance beginning of year
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
2
|
|
Share issuances
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Balance end of year
|
|
2
|
|
|
2
|
|
|
2
|
|
|||
|
|
|
|
|
|
|
||||||
Additional paid-in capital:
|
|
|
|
|
|
|
|
|
||||
Balance beginning of year
|
|
1,808
|
|
|
1,645
|
|
|
1,499
|
|
|||
Employee stock purchases
|
|
34
|
|
|
31
|
|
|
26
|
|
|||
Exercise of stock options and vesting of restricted stock units, net of forfeitures
|
|
21
|
|
|
32
|
|
|
28
|
|
|||
Restricted stock, stock option and restricted stock unit expense
|
|
107
|
|
|
98
|
|
|
91
|
|
|||
Acquisition of noncontrolling interest and other
|
|
(32
|
)
|
|
2
|
|
|
1
|
|
|||
Balance end of year
|
|
1,938
|
|
|
1,808
|
|
|
1,645
|
|
|||
|
|
|
|
|
|
|
||||||
Retained earnings:
|
|
|
|
|
|
|
|
|
||||
Balance beginning of year
|
|
5,032
|
|
|
4,340
|
|
|
3,835
|
|
|||
Net income attributable to Raymond James Financial, Inc.
|
|
1,034
|
|
|
857
|
|
|
636
|
|
|||
Cash dividends declared (see Note 23)
|
|
(196
|
)
|
|
(164
|
)
|
|
(131
|
)
|
|||
Other
|
|
4
|
|
|
(1
|
)
|
|
—
|
|
|||
Balance end of year
|
|
5,874
|
|
|
5,032
|
|
|
4,340
|
|
|||
|
|
|
|
|
|
|
||||||
Treasury stock:
|
|
|
|
|
|
|
|
|
||||
Balance beginning of year
|
|
(447
|
)
|
|
(390
|
)
|
|
(363
|
)
|
|||
Purchases/surrenders
|
|
(759
|
)
|
|
(45
|
)
|
|
(9
|
)
|
|||
Exercise of stock options and vesting of restricted stock units, net of forfeitures
|
|
(4
|
)
|
|
(12
|
)
|
|
(18
|
)
|
|||
Balance end of year
|
|
(1,210
|
)
|
|
(447
|
)
|
|
(390
|
)
|
|||
|
|
|
|
|
|
|
||||||
Accumulated other comprehensive loss:
|
|
|
|
|
|
|
|
|
||||
Balance beginning of year
|
|
(27
|
)
|
|
(15
|
)
|
|
(56
|
)
|
|||
Other comprehensive income/(loss), net of tax
|
|
8
|
|
|
(12
|
)
|
|
41
|
|
|||
Other
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|||
Balance end of year
|
|
(23
|
)
|
|
(27
|
)
|
|
(15
|
)
|
|||
Total equity attributable to Raymond James Financial, Inc.
|
|
$
|
6,581
|
|
|
$
|
6,368
|
|
|
$
|
5,582
|
|
|
|
|
|
|
|
|
||||||
Noncontrolling interests:
|
|
|
|
|
|
|
|
|
||||
Balance beginning of year
|
|
$
|
84
|
|
|
$
|
112
|
|
|
$
|
146
|
|
Net income/(loss) attributable to noncontrolling interests
|
|
(14
|
)
|
|
(6
|
)
|
|
3
|
|
|||
Capital contributions
|
|
2
|
|
|
—
|
|
|
10
|
|
|||
Distributions and other
|
|
(10
|
)
|
|
(22
|
)
|
|
(47
|
)
|
|||
Balance end of year
|
|
62
|
|
|
84
|
|
|
112
|
|
|||
Total shareholders’ equity
|
|
$
|
6,643
|
|
|
$
|
6,452
|
|
|
$
|
5,694
|
|
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||||||
|
|
Year ended September 30,
|
||||||||||
$ in millions
|
|
2019
|
|
2018
|
|
2017
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
1,034
|
|
|
$
|
857
|
|
|
$
|
636
|
|
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
|
|
|
|
|
|
|
|
|
|
|||
Depreciation and amortization
|
|
112
|
|
|
99
|
|
|
84
|
|
|||
Deferred income taxes
|
|
(23
|
)
|
|
117
|
|
|
(12
|
)
|
|||
Premium and discount amortization on available-for-sale securities and (gain)/loss on other investments
|
|
14
|
|
|
21
|
|
|
(28
|
)
|
|||
Provisions for loan losses, legal and regulatory proceedings and bad debts
|
|
59
|
|
|
55
|
|
|
36
|
|
|||
Share-based compensation expense
|
|
112
|
|
|
99
|
|
|
109
|
|
|||
Unrealized gain on company-owned life insurance policies, net of expenses
|
|
(10
|
)
|
|
(32
|
)
|
|
(43
|
)
|
|||
Losses on extinguishment of debt
|
|
—
|
|
|
—
|
|
|
46
|
|
|||
Goodwill impairment
|
|
19
|
|
|
—
|
|
|
—
|
|
|||
Other
|
|
51
|
|
|
17
|
|
|
35
|
|
|||
Net change in:
|
|
|
|
|
|
|
|
|
|
|||
Securities sold under agreements to repurchase, net of securities purchased under agreements to resell
|
|
(8
|
)
|
|
(5
|
)
|
|
97
|
|
|||
Securities loaned, net of securities borrowed
|
|
(93
|
)
|
|
(78
|
)
|
|
(262
|
)
|
|||
Loans provided to financial advisors, net of repayments
|
|
(79
|
)
|
|
(87
|
)
|
|
(51
|
)
|
|||
Brokerage client receivables and other accounts receivable, net
|
|
696
|
|
|
(518
|
)
|
|
(54
|
)
|
|||
Trading instruments, net
|
|
41
|
|
|
(143
|
)
|
|
57
|
|
|||
Derivative instruments, net
|
|
(144
|
)
|
|
73
|
|
|
58
|
|
|||
Other assets
|
|
(85
|
)
|
|
27
|
|
|
97
|
|
|||
Brokerage client payables and other accounts payable
|
|
(1,231
|
)
|
|
346
|
|
|
(1,133
|
)
|
|||
Accrued compensation, commissions and benefits
|
|
80
|
|
|
132
|
|
|
160
|
|
|||
Purchases and originations of loans held for sale, net of proceeds from sales of securitizations and loans held for sale
|
|
32
|
|
|
(96
|
)
|
|
189
|
|
|||
Jay Peak matter payments
|
|
—
|
|
|
—
|
|
|
(146
|
)
|
|||
Net cash provided by/(used in) operating activities
|
|
577
|
|
|
884
|
|
|
(125
|
)
|
|||
|
|
|
|
|
|
|
||||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|||
Additions to property and equipment
|
|
(138
|
)
|
|
(134
|
)
|
|
(190
|
)
|
|||
Increase in bank loans, net
|
|
(1,605
|
)
|
|
(2,818
|
)
|
|
(2,254
|
)
|
|||
Proceeds from sales of loans held for investment
|
|
235
|
|
|
193
|
|
|
333
|
|
|||
Purchases of available-for-sale securities
|
|
(1,027
|
)
|
|
(1,124
|
)
|
|
(1,733
|
)
|
|||
Available-for-sale securities maturations, repayments and redemptions
|
|
644
|
|
|
495
|
|
|
299
|
|
|||
Proceeds from sales of available-for-sale securities
|
|
—
|
|
|
45
|
|
|
94
|
|
|||
Business acquisitions, net of cash acquired
|
|
(5
|
)
|
|
(159
|
)
|
|
—
|
|
|||
Other investing activities, net
|
|
(1
|
)
|
|
26
|
|
|
75
|
|
|||
Net cash used in investing activities
|
|
(1,897
|
)
|
|
(3,476
|
)
|
|
(3,376
|
)
|
|||
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(continued from previous page)
|
||||||||||||
|
|
Year ended September 30,
|
||||||||||
$ in millions
|
|
2019
|
|
2018
|
|
2017
|
||||||
Cash flows from financing activities:
|
|
|
|
|
|
|
||||||
Proceeds from borrowings on the RJF Credit Facility
|
|
300
|
|
|
300
|
|
|
—
|
|
|||
Repayment of borrowings on the RJF Credit Facility
|
|
(300
|
)
|
|
(300
|
)
|
|
—
|
|
|||
Proceeds from/(repayments of) short-term borrowings, net
|
|
—
|
|
|
(610
|
)
|
|
610
|
|
|||
Proceeds from Federal Home Loan Bank advances
|
|
850
|
|
|
850
|
|
|
950
|
|
|||
Repayments of Federal Home Loan Bank advances and other borrowed funds
|
|
(855
|
)
|
|
(855
|
)
|
|
(655
|
)
|
|||
Proceeds from senior note issuances, net of debt issuance costs paid
|
|
—
|
|
|
—
|
|
|
508
|
|
|||
Extinguishment of senior notes payable
|
|
—
|
|
|
—
|
|
|
(650
|
)
|
|||
Premium paid on extinguishment of senior notes payable
|
|
—
|
|
|
—
|
|
|
(37
|
)
|
|||
Acquisition-related contingent consideration (paid)/received, net
|
|
—
|
|
|
(7
|
)
|
|
3
|
|
|||
Exercise of stock options and employee stock purchases
|
|
65
|
|
|
63
|
|
|
57
|
|
|||
Increase in bank deposits
|
|
2,339
|
|
|
2,210
|
|
|
3,470
|
|
|||
Purchases of treasury stock
|
|
(778
|
)
|
|
(62
|
)
|
|
(34
|
)
|
|||
Dividends on common stock
|
|
(191
|
)
|
|
(151
|
)
|
|
(127
|
)
|
|||
Acquisitions of and distributions to noncontrolling interests, net
|
|
(57
|
)
|
|
(18
|
)
|
|
(30
|
)
|
|||
Net cash provided by financing activities
|
|
1,373
|
|
|
1,420
|
|
|
4,065
|
|
|||
|
|
|
|
|
|
|
||||||
Currency adjustment:
|
|
|
|
|
|
|
||||||
Effect of exchange rate changes on cash
|
|
(23
|
)
|
|
(33
|
)
|
|
47
|
|
|||
Net increase/(decrease) in cash, cash equivalents, and cash segregated pursuant to regulations
|
|
30
|
|
|
(1,205
|
)
|
|
611
|
|
|||
Cash, cash equivalents, and cash segregated pursuant to regulations at beginning of year
|
|
5,941
|
|
|
7,146
|
|
|
6,535
|
|
|||
Cash, cash equivalents, and cash segregated pursuant to regulations at end of year
|
|
$
|
5,971
|
|
|
$
|
5,941
|
|
|
$
|
7,146
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
|
$
|
3,957
|
|
|
$
|
3,500
|
|
|
$
|
3,670
|
|
Cash segregated pursuant to regulations
|
|
2,014
|
|
|
2,441
|
|
|
3,476
|
|
|||
Total cash, cash equivalents, and cash segregated pursuant to regulations at end of year
|
|
$
|
5,971
|
|
|
$
|
5,941
|
|
|
$
|
7,146
|
|
|
|
|
|
|
|
|
||||||
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
|
||||||
Cash paid for interest
|
|
$
|
283
|
|
|
$
|
201
|
|
|
$
|
156
|
|
Cash paid for income taxes, net
|
|
$
|
390
|
|
|
$
|
231
|
|
|
$
|
349
|
|
•
|
the selection of proxy data used to calculate loss factors;
|
•
|
the evaluation of loss emergence and historical loss experience periods;
|
•
|
our evaluation of the risk profile of loan portfolio segments, including internal risk ratings;
|
•
|
the value of underlying collateral, which impacts loss severity and certain cash flow assumptions; and
|
•
|
our selection and evaluation of qualitative factors, which reflect the imprecision that is inherent in the estimation of probable loan losses.
|
Asset type
|
|
Estimated useful life
|
Buildings, building & land improvements and building components
|
|
10 to 31 years
|
Furniture, fixtures and equipment
|
|
3 to 5 years
|
Software
|
|
2 to 10 years
|
Leasehold improvements
|
|
Lesser of useful life or lease term
|
$ in millions
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting
adjustments
|
|
Balance as of
September 30, 2019 |
||||||||||
Assets at fair value on a recurring basis:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Trading instruments
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Municipal and provincial obligations
|
|
$
|
—
|
|
|
$
|
267
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
267
|
|
Corporate obligations
|
|
8
|
|
|
95
|
|
|
—
|
|
|
—
|
|
|
103
|
|
|||||
Government and agency obligations
|
|
12
|
|
|
67
|
|
|
—
|
|
|
—
|
|
|
79
|
|
|||||
Agency MBS and CMOs
|
|
—
|
|
|
147
|
|
|
—
|
|
|
—
|
|
|
147
|
|
|||||
Non-agency CMOs and asset-backed securities (“ABS”)
|
|
—
|
|
|
51
|
|
|
—
|
|
|
—
|
|
|
51
|
|
|||||
Total debt securities
|
|
20
|
|
|
627
|
|
|
—
|
|
|
—
|
|
|
647
|
|
|||||
Equity securities
|
|
12
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|||||
Brokered certificates of deposit
|
|
—
|
|
|
45
|
|
|
—
|
|
|
—
|
|
|
45
|
|
|||||
Other
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|||||
Total trading instruments
|
|
32
|
|
|
673
|
|
|
3
|
|
|
—
|
|
|
708
|
|
|||||
Available-for-sale securities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Agency MBS and CMOs
|
|
—
|
|
|
3,083
|
|
|
—
|
|
|
—
|
|
|
3,083
|
|
|||||
Other securities
|
|
10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|||||
Total available-for-sale securities
|
|
10
|
|
|
3,083
|
|
|
—
|
|
|
—
|
|
|
3,093
|
|
|||||
Derivative assets
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate - matched book
|
|
—
|
|
|
280
|
|
|
—
|
|
|
—
|
|
|
280
|
|
|||||
Interest rate - other
|
|
3
|
|
|
182
|
|
|
—
|
|
|
(127
|
)
|
|
58
|
|
|||||
Total derivative assets
|
|
3
|
|
|
462
|
|
|
—
|
|
|
(127
|
)
|
|
338
|
|
|||||
Other investments - private equity - not measured at NAV
|
|
—
|
|
|
—
|
|
|
63
|
|
|
—
|
|
|
63
|
|
|||||
All other investments
|
|
194
|
|
|
1
|
|
|
24
|
|
|
—
|
|
|
219
|
|
|||||
Subtotal
|
|
239
|
|
|
4,219
|
|
|
90
|
|
|
(127
|
)
|
|
4,421
|
|
|||||
Other investments - private equity - measured at NAV
|
|
|
|
|
|
|
|
|
|
83
|
|
|||||||||
Total assets at fair value on a recurring basis
|
|
$
|
239
|
|
|
$
|
4,219
|
|
|
$
|
90
|
|
|
$
|
(127
|
)
|
|
$
|
4,504
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities at fair value on a recurring basis:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Trading instruments sold but not yet purchased
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Corporate obligations
|
|
$
|
2
|
|
|
$
|
20
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
22
|
|
Government and agency obligations
|
|
269
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
269
|
|
|||||
Total debt securities
|
|
271
|
|
|
20
|
|
|
—
|
|
|
—
|
|
|
291
|
|
|||||
Equity securities
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|||||
Other
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|||||
Total trading instruments sold but not yet purchased
|
|
275
|
|
|
20
|
|
|
1
|
|
|
—
|
|
|
296
|
|
|||||
Derivative liabilities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate - matched book
|
|
—
|
|
|
280
|
|
|
—
|
|
|
—
|
|
|
280
|
|
|||||
Interest rate - other
|
|
4
|
|
|
142
|
|
|
—
|
|
|
(121
|
)
|
|
25
|
|
|||||
Foreign exchange
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||
Equity (DBRSU obligation)
|
|
—
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|||||
Total derivative liabilities
|
|
4
|
|
|
430
|
|
|
—
|
|
|
(121
|
)
|
|
313
|
|
|||||
Total liabilities at fair value on a recurring basis
|
|
$
|
279
|
|
|
$
|
450
|
|
|
$
|
1
|
|
|
$
|
(121
|
)
|
|
$
|
609
|
|
$ in millions
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting
adjustments
|
|
Balance as of
September 30, 2018 |
||||||||||
Assets at fair value on a recurring basis:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Trading instruments
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Municipal and provincial obligations
|
|
$
|
1
|
|
|
$
|
247
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
248
|
|
Corporate obligations
|
|
10
|
|
|
100
|
|
|
—
|
|
|
—
|
|
|
110
|
|
|||||
Government and agency obligations
|
|
19
|
|
|
72
|
|
|
—
|
|
|
—
|
|
|
91
|
|
|||||
Agency MBS and CMOs
|
|
3
|
|
|
124
|
|
|
—
|
|
|
—
|
|
|
127
|
|
|||||
Non-agency CMOs and ABS
|
|
—
|
|
|
69
|
|
|
—
|
|
|
—
|
|
|
69
|
|
|||||
Total debt securities
|
|
33
|
|
|
612
|
|
|
—
|
|
|
—
|
|
|
645
|
|
|||||
Equity securities
|
|
15
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|||||
Brokered certificates of deposit
|
|
—
|
|
|
39
|
|
|
—
|
|
|
—
|
|
|
39
|
|
|||||
Other
|
|
—
|
|
|
2
|
|
|
1
|
|
|
—
|
|
|
3
|
|
|||||
Total trading instruments
|
|
48
|
|
|
653
|
|
|
1
|
|
|
—
|
|
|
702
|
|
|||||
Available-for-sale securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Agency MBS and CMOs
|
|
—
|
|
|
2,628
|
|
|
—
|
|
|
—
|
|
|
2,628
|
|
|||||
Other securities
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||
ARS preferred
|
|
—
|
|
|
—
|
|
|
67
|
|
|
—
|
|
|
67
|
|
|||||
Total available-for-sale securities
|
|
1
|
|
|
2,628
|
|
|
67
|
|
|
—
|
|
|
2,696
|
|
|||||
Derivative assets
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate - matched book
|
|
—
|
|
|
160
|
|
|
—
|
|
|
—
|
|
|
160
|
|
|||||
Interest rate - other
|
|
—
|
|
|
74
|
|
|
—
|
|
|
(55
|
)
|
|
19
|
|
|||||
Foreign exchange
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||
Total derivative assets
|
|
—
|
|
|
235
|
|
|
—
|
|
|
(55
|
)
|
|
180
|
|
|||||
Other investments - private equity - not measured at NAV
|
|
—
|
|
|
—
|
|
|
56
|
|
|
—
|
|
|
56
|
|
|||||
All other investments
|
|
201
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
202
|
|
|||||
Subtotal
|
|
250
|
|
|
3,517
|
|
|
124
|
|
|
(55
|
)
|
|
3,836
|
|
|||||
Other investments - private equity - measured at NAV
|
|
|
|
|
|
|
|
|
|
91
|
|
|||||||||
Total assets at fair value on a recurring basis
|
|
$
|
250
|
|
|
$
|
3,517
|
|
|
$
|
124
|
|
|
$
|
(55
|
)
|
|
$
|
3,927
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities at fair value on a recurring basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Trading instruments sold but not yet purchased
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Municipal and provincial obligations
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
Corporate obligations
|
|
2
|
|
|
25
|
|
|
—
|
|
|
—
|
|
|
27
|
|
|||||
Government and agency obligations
|
|
194
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
194
|
|
|||||
Non-agency CMOs and ABS
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||
Total debt securities
|
|
196
|
|
|
27
|
|
|
—
|
|
|
—
|
|
|
223
|
|
|||||
Equity securities
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|||||
Other
|
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
7
|
|
|||||
Total trading instruments sold but not yet purchased
|
|
201
|
|
|
27
|
|
|
7
|
|
|
—
|
|
|
235
|
|
|||||
Derivative liabilities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate - matched book
|
|
—
|
|
|
160
|
|
|
—
|
|
|
—
|
|
|
160
|
|
|||||
Interest rate - other
|
|
—
|
|
|
114
|
|
|
—
|
|
|
(47
|
)
|
|
67
|
|
|||||
Foreign exchange
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|||||
Equity (DBRSU obligation)
|
|
—
|
|
|
16
|
|
|
—
|
|
|
—
|
|
|
16
|
|
|||||
Total derivative liabilities
|
|
—
|
|
|
294
|
|
|
—
|
|
|
(47
|
)
|
|
247
|
|
|||||
Total liabilities at fair value on a recurring basis
|
|
$
|
201
|
|
|
$
|
321
|
|
|
$
|
7
|
|
|
$
|
(47
|
)
|
|
$
|
482
|
|
Year ended September 30, 2019
Level 3 instruments at fair value
|
||||||||||||||||
|
|
Financial assets
|
|
Financial
liabilities
|
||||||||||||
|
|
Trading instruments
|
|
Other investments
|
|
Trading instruments
|
||||||||||
$ in millions
|
|
Other
|
|
Private equity
investments
|
|
All other (1)
|
|
Other
|
||||||||
Fair value beginning of year
|
|
$
|
1
|
|
|
$
|
56
|
|
|
$
|
67
|
|
|
$
|
(7
|
)
|
Total gains/(losses) included in earnings
|
|
(3
|
)
|
|
4
|
|
|
(3
|
)
|
|
2
|
|
||||
Purchases and contributions
|
|
109
|
|
|
3
|
|
|
—
|
|
|
19
|
|
||||
Sales
|
|
(104
|
)
|
|
—
|
|
|
(40
|
)
|
|
(15
|
)
|
||||
Transfers:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Into Level 3
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Out of Level 3
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Fair value end of year
|
|
$
|
3
|
|
|
$
|
63
|
|
|
$
|
24
|
|
|
$
|
(1
|
)
|
Unrealized gains/(losses) for the year included in earnings for instruments held at the end of the year
|
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
(1)
|
Beginning of period balance includes $67 million of preferred ARS, which were reclassified from available-for-sale securities in connection with the adoption of ASU 2016-01. See Note 2 for additional information.
|
Year ended September 30, 2018
Level 3 instruments at fair value |
||||||||||||||||
|
|
Financial assets
|
|
Financial liabilities
|
||||||||||||
|
|
Trading instruments
|
|
Available-for-sale securities
|
|
Other investments
|
|
Trading instruments
|
||||||||
$ in millions
|
|
Other
|
|
ARS -
preferred |
|
Private equity
investments
|
|
Other
|
||||||||
Fair value beginning of year
|
|
$
|
6
|
|
|
$
|
106
|
|
|
$
|
89
|
|
|
$
|
—
|
|
Total gains/(losses) for the year:
|
|
|
|
|
|
|
|
|
|
|
||||||
Included in earnings
|
|
(3
|
)
|
|
5
|
|
|
(5
|
)
|
|
(2
|
)
|
||||
Included in OCI
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
||||
Purchases and contributions
|
|
82
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||
Sales
|
|
(84
|
)
|
|
(45
|
)
|
|
(28
|
)
|
|
(7
|
)
|
||||
Transfers:
|
|
|
|
|
|
|
|
|
||||||||
Into Level 3
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Out of Level 3
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Fair value end of year
|
|
$
|
1
|
|
|
$
|
67
|
|
|
$
|
56
|
|
|
$
|
(7
|
)
|
Unrealized gains/(losses) for the year included in earnings for instruments held at the end of the year
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(16
|
)
|
|
$
|
(2
|
)
|
Unrealized gains/(losses) for the year included in OCI for instruments held at the end of the year
|
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Level 3 financial instrument
$ in millions |
|
Fair value at
September 30, 2019
|
|
Valuation technique(s)
|
|
Unobservable input
|
|
Range
(weighted-average)
|
|||
Recurring measurements
|
|
|
|
|
|
|
|
|
|||
Other investments - ARS preferred
|
|
$
|
24
|
|
|
Discounted cash flow
|
|
Average discount rate
|
|
5.18% - 6.18% (5.68%)
|
|
|
|
|
|
|
|
|
Average interest rates applicable to future interest income on the securities (1)
|
|
2.01% - 2.01% (2.01%)
|
|
|
|
|
|
|
|
|
|
Prepayment year (2)
|
|
2019 - 2022 (2022)
|
|
|
Other investments - private equity investments
(not measured at NAV)
|
|
$
|
50
|
|
|
Income approach - discounted cash flow
|
|
Discount rate
|
|
25
|
%
|
|
|
|
|
|
|
Terminal earnings before interest, tax, depreciation and amortization (“EBITDA”) multiple
|
|
12.5x
|
|
||
|
|
|
|
|
|
Terminal year
|
|
2021 - 2042 (2022)
|
|
||
|
|
$
|
13
|
|
|
Transaction price or other investment-specific events (3)
|
|
Not meaningful (3)
|
|
Not meaningful (3)
|
|
Level 3 financial instrument
$ in millions |
|
Fair value at
September 30, 2018
|
|
Valuation technique(s)
|
|
Unobservable input
|
|
Range
(weighted-average)
|
|||
Recurring measurements
|
|
|
|
|
|
|
|
|
|||
ARS preferred
|
|
$
|
67
|
|
|
Discounted cash flow
|
|
Average discount rate
|
|
6.50% - 7.85% (7.13%)
|
|
|
|
|
|
|
|
|
Average interest rates applicable to future interest income on the securities (1)
|
|
4.13% - 5.51% (4.47%)
|
|
|
|
|
|
|
|
|
|
Prepayment year (2)
|
|
2018 - 2021 (2021)
|
|
|
Other investments - private equity investments
(not measured at NAV)
|
|
$
|
43
|
|
|
Income approach - discounted cash flow
|
|
Discount rate
|
|
25
|
%
|
|
|
|
|
|
|
Terminal EBITDA multiple
|
|
10.0x
|
|
||
|
|
|
|
|
|
Terminal year
|
|
2022 - 2042 (2023)
|
|
||
|
|
$
|
13
|
|
|
Transaction price or other
investment-specific events (3)
|
|
Not meaningful (3)
|
|
Not meaningful (3)
|
|
(1)
|
Interest rates are projected based upon a forward interest rate path, plus a spread over such projected base rate that is applicable to each future period for each security within this portfolio segment. The interest rates presented represent the average interest rate over all projected periods for securities within the portfolio segment.
|
(2)
|
Assumed calendar year of at least a partial redemption of the outstanding security by the issuer.
|
(3)
|
Certain investments are valued initially at transaction price and updated as other investment-specific events take place which indicate that a change in the carrying values of these investments is appropriate. Other investment-specific events include such events as our periodic review, significant transactions occur, new developments become known, or we receive information from a fund manager which allows us to update our proportionate share of net assets.
|
$ in millions
|
|
Recorded value
|
|
Unfunded commitment
|
||||
September 30, 2019
|
|
|
|
|
||||
Private equity investments measured at NAV
|
|
$
|
83
|
|
|
$
|
15
|
|
Private equity investments not measured at NAV
|
|
63
|
|
|
|
|||
Total private equity investments
|
|
$
|
146
|
|
|
|
||
|
|
|
|
|
||||
September 30, 2018
|
|
|
|
|
||||
Private equity investments measured at NAV
|
|
$
|
91
|
|
|
$
|
18
|
|
Private equity investments not measured at NAV
|
|
56
|
|
|
|
|||
Total private equity investments
|
|
$
|
147
|
|
|
|
$ in millions
|
|
Level 2
|
|
Level 3
|
|
Total fair value
|
|
Valuation technique(s)
|
|
Unobservable input
|
|
Range
(weighted-average)
|
||||||
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Bank loans, net:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Impaired loans: residential
|
|
$
|
7
|
|
|
$
|
14
|
|
|
$
|
21
|
|
|
Discounted cash flow
|
|
Prepayment rate
|
|
7 yrs. - 12 yrs. (10.4 yrs.)
|
Impaired loans: corporate
|
|
$
|
—
|
|
|
$
|
21
|
|
|
$
|
21
|
|
|
Collateral or discounted cash flow (1)
|
|
Not meaningful (1)
|
|
Not meaningful (1)
|
Loan held for sale
|
|
$
|
66
|
|
|
$
|
—
|
|
|
$
|
66
|
|
|
N/A
|
|
N/A
|
|
N/A
|
Other assets: other real estate owned
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Bank loans, net:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Impaired loans: residential
|
|
$
|
10
|
|
|
$
|
17
|
|
|
$
|
27
|
|
|
Discounted cash flow
|
|
Prepayment rate
|
|
7 yrs. - 12 yrs. (10.5 yrs.)
|
Impaired loans: corporate
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
Collateral or discounted cash flow (1)
|
|
Not meaningful (1)
|
|
Not meaningful (1)
|
Loan held for sale
|
|
$
|
41
|
|
|
$
|
—
|
|
|
$
|
41
|
|
|
N/A
|
|
N/A
|
|
N/A
|
(1)
|
The valuation techniques used for the corporate loans are based on collateral value less selling costs for the collateral dependent loans and discounted cash flows for impaired loans that are not collateral dependent.
|
$ in millions
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total estimated
fair value
|
|
Carrying amount
|
||||||||||
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Bank loans, net
|
|
$
|
—
|
|
|
$
|
75
|
|
|
$
|
20,710
|
|
|
$
|
20,785
|
|
|
$
|
20,783
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Bank deposits - certificates of deposit
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
617
|
|
|
$
|
617
|
|
|
$
|
605
|
|
Senior notes payable
|
|
$
|
—
|
|
|
$
|
1,760
|
|
|
$
|
—
|
|
|
$
|
1,760
|
|
|
$
|
1,550
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Bank loans, net
|
|
$
|
—
|
|
|
$
|
124
|
|
|
$
|
19,116
|
|
|
$
|
19,240
|
|
|
$
|
19,449
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Bank deposits
|
|
$
|
—
|
|
|
$
|
19,496
|
|
|
$
|
439
|
|
|
$
|
19,935
|
|
|
$
|
19,942
|
|
Senior notes payable
|
|
$
|
—
|
|
|
$
|
1,558
|
|
|
$
|
—
|
|
|
$
|
1,558
|
|
|
$
|
1,550
|
|
$ in millions
|
|
Cost basis
|
|
Gross
unrealized gains
|
|
Gross
unrealized losses
|
|
Fair value
|
||||||||
September 30, 2019
|
|
|
|
|
|
|
|
|
||||||||
Agency residential MBS
|
|
$
|
1,555
|
|
|
$
|
20
|
|
|
$
|
(1
|
)
|
|
$
|
1,574
|
|
Agency commercial MBS
|
|
305
|
|
|
5
|
|
|
—
|
|
|
310
|
|
||||
Agency CMOs
|
|
1,195
|
|
|
7
|
|
|
(3
|
)
|
|
1,199
|
|
||||
Other securities
|
|
10
|
|
|
—
|
|
|
—
|
|
|
10
|
|
||||
Total available-for-sale securities
|
|
$
|
3,065
|
|
|
$
|
32
|
|
|
$
|
(4
|
)
|
|
$
|
3,093
|
|
|
|
|
|
|
|
|
|
|
||||||||
September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Agency residential MBS
|
|
$
|
1,616
|
|
|
$
|
—
|
|
|
$
|
(40
|
)
|
|
$
|
1,576
|
|
Agency commercial MBS
|
|
47
|
|
|
—
|
|
|
—
|
|
|
47
|
|
||||
Agency CMOs
|
|
1,035
|
|
|
—
|
|
|
(30
|
)
|
|
1,005
|
|
||||
Other securities
|
|
2
|
|
|
—
|
|
|
(1
|
)
|
|
1
|
|
||||
Total RJ Bank available-for-sale securities
|
|
2,700
|
|
|
—
|
|
|
(71
|
)
|
|
2,629
|
|
||||
ARS preferred
|
|
61
|
|
|
6
|
|
|
—
|
|
|
67
|
|
||||
Total available-for-sale securities
|
|
$
|
2,761
|
|
|
$
|
6
|
|
|
$
|
(71
|
)
|
|
$
|
2,696
|
|
|
|
September 30, 2019
|
||||||||||||||||||
$ 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
|
|
$
|
—
|
|
|
$
|
26
|
|
|
$
|
820
|
|
|
$
|
709
|
|
|
$
|
1,555
|
|
Carrying value
|
|
$
|
—
|
|
|
$
|
25
|
|
|
$
|
830
|
|
|
$
|
719
|
|
|
$
|
1,574
|
|
Agency commercial MBS
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Amortized cost
|
|
$
|
5
|
|
|
$
|
208
|
|
|
$
|
58
|
|
|
$
|
34
|
|
|
$
|
305
|
|
Carrying value
|
|
$
|
5
|
|
|
$
|
211
|
|
|
$
|
59
|
|
|
$
|
35
|
|
|
$
|
310
|
|
Agency CMOs
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Amortized cost
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
87
|
|
|
$
|
1,108
|
|
|
$
|
1,195
|
|
Carrying value
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
87
|
|
|
$
|
1,112
|
|
|
$
|
1,199
|
|
Other securities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Amortized cost
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
10
|
|
Carrying value
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
10
|
|
Total available-for-sale securities
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Amortized cost
|
|
$
|
5
|
|
|
$
|
236
|
|
|
$
|
973
|
|
|
$
|
1,851
|
|
|
$
|
3,065
|
|
Carrying value
|
|
$
|
5
|
|
|
$
|
238
|
|
|
$
|
984
|
|
|
$
|
1,866
|
|
|
$
|
3,093
|
|
Weighted-average yield
|
|
1.81
|
%
|
|
2.29
|
%
|
|
2.38
|
%
|
|
2.43
|
%
|
|
2.40
|
%
|
|
|
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 |
||||||||||||
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Agency residential MBS
|
|
$
|
166
|
|
|
$
|
—
|
|
|
$
|
114
|
|
|
$
|
(1
|
)
|
|
$
|
280
|
|
|
$
|
(1
|
)
|
Agency commercial MBS
|
|
—
|
|
|
—
|
|
|
44
|
|
|
—
|
|
|
44
|
|
|
—
|
|
||||||
Agency CMOs
|
|
145
|
|
|
(1
|
)
|
|
351
|
|
|
(2
|
)
|
|
496
|
|
|
(3
|
)
|
||||||
Other securities
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
||||||
Total
|
|
$
|
313
|
|
|
$
|
(1
|
)
|
|
$
|
509
|
|
|
$
|
(3
|
)
|
|
$
|
822
|
|
|
$
|
(4
|
)
|
September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Agency residential MBS
|
|
$
|
747
|
|
|
$
|
(15
|
)
|
|
$
|
753
|
|
|
$
|
(25
|
)
|
|
$
|
1,500
|
|
|
$
|
(40
|
)
|
Agency commercial MBS
|
|
40
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
46
|
|
|
—
|
|
||||||
Agency CMOs
|
|
316
|
|
|
(5
|
)
|
|
666
|
|
|
(25
|
)
|
|
982
|
|
|
(30
|
)
|
||||||
Other securities
|
|
—
|
|
|
—
|
|
|
1
|
|
|
(1
|
)
|
|
1
|
|
|
(1
|
)
|
||||||
Total
|
|
$
|
1,103
|
|
|
$
|
(20
|
)
|
|
$
|
1,426
|
|
|
$
|
(51
|
)
|
|
$
|
2,529
|
|
|
$
|
(71
|
)
|
|
|
September 30, 2019
|
|
September 30, 2018
|
||||||||||||||||||||
$ in millions
|
|
Derivative assets
|
|
Derivative liabilities
|
|
Notional amount
|
|
Derivative assets
|
|
Derivative liabilities
|
|
Notional amount
|
||||||||||||
Derivatives not designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate - matched book
|
|
$
|
280
|
|
|
$
|
280
|
|
|
$
|
2,296
|
|
|
$
|
160
|
|
|
$
|
160
|
|
|
$
|
2,416
|
|
Interest rate - other (1)
|
|
184
|
|
|
146
|
|
|
10,690
|
|
|
74
|
|
|
113
|
|
|
9,398
|
|
||||||
Foreign exchange
|
|
—
|
|
|
1
|
|
|
573
|
|
|
1
|
|
|
1
|
|
|
549
|
|
||||||
Equity (DBRSU obligation)
|
|
—
|
|
|
6
|
|
|
6
|
|
|
—
|
|
|
16
|
|
|
16
|
|
||||||
Subtotal
|
|
464
|
|
|
433
|
|
|
13,565
|
|
|
235
|
|
|
290
|
|
|
12,379
|
|
||||||
Derivatives designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate
|
|
1
|
|
|
—
|
|
|
850
|
|
|
—
|
|
|
1
|
|
|
850
|
|
||||||
Foreign exchange
|
|
—
|
|
|
1
|
|
|
856
|
|
|
—
|
|
|
3
|
|
|
892
|
|
||||||
Subtotal
|
|
1
|
|
|
1
|
|
|
1,706
|
|
|
—
|
|
|
4
|
|
|
1,742
|
|
||||||
Total gross fair value/notional amount
|
|
465
|
|
|
434
|
|
|
$
|
15,271
|
|
|
235
|
|
|
294
|
|
|
$
|
14,121
|
|
||||
Offset on the Consolidated Statements of Financial Condition
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Counterparty netting
|
|
(24
|
)
|
|
(24
|
)
|
|
|
|
(26
|
)
|
|
(26
|
)
|
|
|
||||||||
Cash collateral netting
|
|
(103
|
)
|
|
(97
|
)
|
|
|
|
(29
|
)
|
|
(21
|
)
|
|
|
||||||||
Total amounts offset
|
|
(127
|
)
|
|
(121
|
)
|
|
|
|
(55
|
)
|
|
(47
|
)
|
|
|
||||||||
Net amounts presented on the Consolidated Statements of Financial Condition
|
|
338
|
|
|
313
|
|
|
|
|
180
|
|
|
247
|
|
|
|
||||||||
Gross amounts not offset on the Consolidated Statements of Financial Condition
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Financial instruments (2)
|
|
(297
|
)
|
|
(280
|
)
|
|
|
|
(162
|
)
|
|
(160
|
)
|
|
|
||||||||
Total
|
|
$
|
41
|
|
|
$
|
33
|
|
|
|
|
$
|
18
|
|
|
$
|
87
|
|
|
|
(1)
|
Substantially all relates to interest rate derivatives entered into as part of our fixed income business operations, including to be announced (“TBA”) security contracts that are accounted for as derivatives.
|
(2)
|
Although the matched book derivative arrangements do not meet the definition of a master netting arrangement as specified by GAAP, the agreement with the third-party intermediary includes terms that are similar to a master netting agreement. As a result, we present the matched book amounts net in the preceding table.
|
|
|
Year ended September 30,
|
||||||||||
$ in millions
|
|
2019
|
|
2018
|
|
2017
|
||||||
Interest rate (cash flow hedges)
|
|
$
|
(61
|
)
|
|
$
|
33
|
|
|
$
|
23
|
|
Foreign exchange (net investment hedges)
|
|
22
|
|
|
28
|
|
|
(26
|
)
|
|||
Total gains/(losses) in AOCI, net of taxes
|
|
$
|
(39
|
)
|
|
$
|
61
|
|
|
$
|
(3
|
)
|
|
|
|
|
Year ended September 30,
|
||||||||||
$ in millions
|
|
Location of gain/(loss) included on the Consolidated Statements of Income and Comprehensive Income
|
|
2019
|
|
2018
|
|
2017
|
||||||
Interest rate
|
|
Principal transactions/other revenues
|
|
$
|
7
|
|
|
$
|
6
|
|
|
$
|
8
|
|
Foreign exchange
|
|
Other revenues
|
|
$
|
25
|
|
|
$
|
18
|
|
|
$
|
(20
|
)
|
Equity (DBRSU obligation)
|
|
Compensation, commissions and benefits expense
|
|
$
|
5
|
|
|
$
|
8
|
|
|
$
|
(6
|
)
|
Equity (DBRSU obligation)
|
|
Acquisition and disposition-related expenses
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(2
|
)
|
|
|
Assets
|
|
Liabilities
|
||||||||||||
$ in millions
|
|
Reverse repurchase agreements
|
|
Securities borrowed
|
|
Repurchase agreements
|
|
Securities loaned
|
||||||||
September 30, 2019
|
|
|
|
|
|
|
|
|
||||||||
Gross amounts of recognized assets/liabilities
|
|
$
|
343
|
|
|
$
|
248
|
|
|
$
|
150
|
|
|
$
|
323
|
|
Gross amounts offset on the Consolidated Statements of Financial Condition
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net amounts presented on the Consolidated Statements of Financial Condition
|
|
343
|
|
|
248
|
|
|
150
|
|
|
323
|
|
||||
Gross amounts not offset on the Consolidated Statements of Financial Condition
|
|
(343
|
)
|
|
(243
|
)
|
|
(150
|
)
|
|
(311
|
)
|
||||
Net amount
|
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
12
|
|
September 30, 2018
|
|
|
|
|
|
|
|
|
||||||||
Gross amounts of recognized assets/liabilities
|
|
$
|
373
|
|
|
$
|
255
|
|
|
$
|
186
|
|
|
$
|
423
|
|
Gross amounts offset on the Consolidated Statements of Financial Condition
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net amounts presented on the Consolidated Statements of Financial Condition
|
|
373
|
|
|
255
|
|
|
186
|
|
|
423
|
|
||||
Gross amounts not offset on the Consolidated Statements of Financial Condition
|
|
(373
|
)
|
|
(248
|
)
|
|
(186
|
)
|
|
(408
|
)
|
||||
Net amount
|
|
$
|
—
|
|
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
15
|
|
|
|
September 30,
|
||||||
$ in millions
|
|
2019
|
|
2018
|
||||
Collateral we received that was available to be delivered or repledged
|
|
$
|
2,931
|
|
|
$
|
3,165
|
|
Collateral that we delivered or repledged
|
|
$
|
897
|
|
|
$
|
1,389
|
|
|
|
September 30,
|
||||||
$ in millions
|
|
2019
|
|
2018
|
||||
Had the right to deliver or repledge
|
|
$
|
591
|
|
|
$
|
510
|
|
Did not have the right to deliver or repledge
|
|
$
|
65
|
|
|
$
|
65
|
|
Bank loans, net pledged at FHLB and the FRB
|
|
$
|
4,653
|
|
|
$
|
4,075
|
|
$ in millions
|
|
Overnight and continuous
|
|
Up to 30 days
|
|
30-90 days
|
|
Greater than 90 days
|
|
Total
|
||||||||||
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Repurchase agreements:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Government and agency obligations
|
|
$
|
70
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
70
|
|
Agency MBS and CMOs
|
|
80
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
80
|
|
|||||
Total repurchase agreements
|
|
150
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
150
|
|
|||||
Securities loaned:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
|
323
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
323
|
|
|||||
Total
|
|
$
|
473
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
473
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Repurchase agreements:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Government and agency obligations
|
|
$
|
102
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
102
|
|
Agency MBS and CMOs
|
|
84
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
84
|
|
|||||
Total repurchase agreements
|
|
186
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
186
|
|
|||||
Securities loaned:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
|
423
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
423
|
|
|||||
Total
|
|
$
|
609
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
609
|
|
|
|
September 30,
|
|||||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|||||||||||||||
$ in millions
|
|
Balance
|
|
%
|
|
Balance
|
|
%
|
|
Balance
|
|
%
|
|||||||||
Loans held for investment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
C&I loans
|
|
$
|
8,098
|
|
|
38
|
%
|
|
$
|
7,786
|
|
|
40
|
%
|
|
$
|
7,386
|
|
|
43
|
%
|
CRE construction loans
|
|
185
|
|
|
1
|
%
|
|
151
|
|
|
1
|
%
|
|
113
|
|
|
1
|
%
|
|||
CRE loans
|
|
3,652
|
|
|
17
|
%
|
|
3,624
|
|
|
18
|
%
|
|
3,106
|
|
|
18
|
%
|
|||
Tax-exempt loans
|
|
1,241
|
|
|
6
|
%
|
|
1,227
|
|
|
6
|
%
|
|
1,018
|
|
|
6
|
%
|
|||
Residential mortgage loans
|
|
4,454
|
|
|
21
|
%
|
|
3,757
|
|
|
19
|
%
|
|
3,149
|
|
|
18
|
%
|
|||
SBL and other
|
|
3,349
|
|
|
16
|
%
|
|
3,033
|
|
|
15
|
%
|
|
2,386
|
|
|
14
|
%
|
|||
Total loans held for investment
|
|
20,979
|
|
|
|
|
|
19,578
|
|
|
|
|
|
17,158
|
|
|
|
|
|||
Net unearned income and deferred expenses
|
|
(12
|
)
|
|
|
|
|
(21
|
)
|
|
|
|
|
(31
|
)
|
|
|
|
|||
Total loans held for investment, net
|
|
20,967
|
|
|
|
|
|
19,557
|
|
|
|
|
|
17,127
|
|
|
|
|
|||
Loans held for sale, net
|
|
142
|
|
|
1
|
%
|
|
164
|
|
|
1
|
%
|
|
70
|
|
|
—
|
|
|||
Total loans held for sale and investment
|
|
21,109
|
|
|
100
|
%
|
|
19,721
|
|
|
100
|
%
|
|
17,197
|
|
|
100
|
%
|
|||
Allowance for loan losses
|
|
(218
|
)
|
|
|
|
|
(203
|
)
|
|
|
|
|
(190
|
)
|
|
|
||||
Bank loans, net
|
|
$
|
20,891
|
|
|
|
|
|
$
|
19,518
|
|
|
|
|
|
$
|
17,007
|
|
|
|
|
|
September 30,
|
||||||||||||
|
|
2016
|
|
2015
|
||||||||||
$ in millions
|
|
Balance
|
|
%
|
|
Balance
|
|
%
|
||||||
Loans held for investment:
|
|
|
|
|
|
|
|
|
|
|
|
|||
C&I loans
|
|
$
|
7,470
|
|
|
48
|
%
|
|
$
|
6,928
|
|
|
52
|
%
|
CRE construction loans
|
|
123
|
|
|
1
|
%
|
|
162
|
|
|
1
|
%
|
||
CRE loans
|
|
2,554
|
|
|
17
|
%
|
|
2,054
|
|
|
16
|
%
|
||
Tax-exempt loans
|
|
741
|
|
|
5
|
%
|
|
485
|
|
|
4
|
%
|
||
Residential mortgage loans
|
|
2,442
|
|
|
16
|
%
|
|
1,963
|
|
|
15
|
%
|
||
SBL and other
|
|
1,905
|
|
|
12
|
%
|
|
1,481
|
|
|
11
|
%
|
||
Total loans held for investment
|
|
15,235
|
|
|
|
|
|
13,073
|
|
|
|
|
||
Net unearned income and deferred expenses
|
|
(41
|
)
|
|
|
|
|
(32
|
)
|
|
|
|
||
Total loans held for investment, net
|
|
15,194
|
|
|
|
|
|
13,041
|
|
|
|
|
||
Loans held for sale, net
|
|
214
|
|
|
1
|
%
|
|
119
|
|
|
1
|
%
|
||
Total loans held for sale and investment
|
|
15,408
|
|
|
100
|
%
|
|
13,160
|
|
|
100
|
%
|
||
Allowance for loan losses
|
|
(197
|
)
|
|
|
|
|
(172
|
)
|
|
|
|
||
Bank loans, net
|
|
$
|
15,211
|
|
|
|
|
|
$
|
12,988
|
|
|
|
|
$ in millions
|
|
C&I loans
|
|
CRE loans
|
|
Residential mortgage loans
|
|
Total
|
||||||||
Year ended September 30, 2019
|
|
|
|
|
|
|
|
|
||||||||
Purchases
|
|
$
|
1,046
|
|
|
$
|
42
|
|
|
$
|
400
|
|
|
$
|
1,488
|
|
Sales
|
|
$
|
126
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
126
|
|
Year ended September 30, 2018
|
|
|
|
|
|
|
||||||||||
Purchases
|
|
$
|
467
|
|
|
$
|
145
|
|
|
$
|
303
|
|
|
$
|
915
|
|
Sales
|
|
$
|
213
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
213
|
|
Year ended September 30, 2017
|
|
|
|
|
|
|
||||||||||
Purchases
|
|
$
|
537
|
|
|
$
|
64
|
|
|
$
|
264
|
|
|
$
|
865
|
|
Sales
|
|
$
|
341
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
341
|
|
$ in millions
|
|
30-89
days and accruing
|
|
90 days
or more and accruing
|
|
Total past due and accruing
|
|
Nonaccrual
|
|
Current and accruing
|
|
Total loans held for
investment
|
||||||||||||
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
C&I loans
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
19
|
|
|
$
|
8,079
|
|
|
$
|
8,098
|
|
CRE construction loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
185
|
|
|
185
|
|
||||||
CRE loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
3,644
|
|
|
3,652
|
|
||||||
Tax-exempt loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,241
|
|
|
1,241
|
|
||||||
Residential mortgage loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
First mortgage loans
|
|
2
|
|
|
|
|
|
2
|
|
|
16
|
|
|
4,409
|
|
|
4,427
|
|
||||||
Home equity loans/lines
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27
|
|
|
27
|
|
||||||
SBL and other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,349
|
|
|
3,349
|
|
||||||
Total loans held for investment
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
43
|
|
|
$
|
20,934
|
|
|
$
|
20,979
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
C&I loans
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
7,784
|
|
|
$
|
7,786
|
|
CRE construction loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
151
|
|
|
151
|
|
||||||
CRE loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,624
|
|
|
3,624
|
|
||||||
Tax-exempt loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,227
|
|
|
1,227
|
|
||||||
Residential mortgage loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
First mortgage loans
|
|
1
|
|
|
—
|
|
|
1
|
|
|
23
|
|
|
3,707
|
|
|
3,731
|
|
||||||
Home equity loans/lines
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26
|
|
|
26
|
|
||||||
SBL and other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,033
|
|
|
3,033
|
|
||||||
Total loans held for investment
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
25
|
|
|
$
|
19,552
|
|
|
$
|
19,578
|
|
|
|
September 30,
|
||||||||||||||||||||||
|
|
2019
|
|
2018
|
||||||||||||||||||||
$ in millions
|
|
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
|
|
$
|
19
|
|
|
$
|
20
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Residential - first mortgage loans
|
|
11
|
|
|
13
|
|
|
1
|
|
|
15
|
|
|
20
|
|
|
2
|
|
||||||
Total
|
|
30
|
|
|
33
|
|
|
7
|
|
|
15
|
|
|
20
|
|
|
2
|
|
||||||
Impaired loans without allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
C&I loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
—
|
|
||||||
CRE loans
|
|
8
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Residential - first mortgage loans
|
|
11
|
|
|
17
|
|
|
—
|
|
|
13
|
|
|
20
|
|
|
—
|
|
||||||
Total
|
|
19
|
|
|
30
|
|
|
—
|
|
|
15
|
|
|
22
|
|
|
—
|
|
||||||
Total impaired loans
|
|
$
|
49
|
|
|
$
|
63
|
|
|
$
|
7
|
|
|
$
|
30
|
|
|
$
|
42
|
|
|
$
|
2
|
|
|
|
Year ended September 30,
|
||||||||||
$ in millions
|
|
2019
|
|
2018
|
|
2017
|
||||||
Average impaired loan balance:
|
|
|
|
|
|
|
||||||
C&I loans
|
|
$
|
19
|
|
|
$
|
4
|
|
|
$
|
17
|
|
CRE loans
|
|
5
|
|
|
—
|
|
|
1
|
|
|||
Residential - first mortgage loans
|
|
25
|
|
|
33
|
|
|
44
|
|
|||
Total
|
|
$
|
49
|
|
|
$
|
37
|
|
|
$
|
62
|
|
$ in millions
|
|
Pass
|
|
Special mention
|
|
Substandard
|
|
Doubtful
|
|
Total
|
||||||||||
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
||||||||||
C&I loans
|
|
$
|
7,870
|
|
|
$
|
152
|
|
|
$
|
76
|
|
|
$
|
—
|
|
|
$
|
8,098
|
|
CRE construction loans
|
|
185
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
185
|
|
|||||
CRE loans
|
|
3,630
|
|
|
—
|
|
|
22
|
|
|
—
|
|
|
3,652
|
|
|||||
Tax-exempt loans
|
|
1,241
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,241
|
|
|||||
Residential mortgage loans:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
First mortgage loans
|
|
4,392
|
|
|
10
|
|
|
25
|
|
|
—
|
|
|
4,427
|
|
|||||
Home equity loans/lines
|
|
27
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27
|
|
|||||
SBL and other
|
|
3,349
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,349
|
|
|||||
Total
|
|
$
|
20,694
|
|
|
$
|
162
|
|
|
$
|
123
|
|
|
$
|
—
|
|
|
$
|
20,979
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
September 30, 2018
|
|
|
|
|
|
|
|
|
|
|||||||||||
C&I loans
|
|
$
|
7,679
|
|
|
$
|
48
|
|
|
$
|
59
|
|
|
$
|
—
|
|
|
$
|
7,786
|
|
CRE construction loans
|
|
140
|
|
|
11
|
|
|
—
|
|
|
—
|
|
|
151
|
|
|||||
CRE loans
|
|
3,547
|
|
|
44
|
|
|
33
|
|
|
—
|
|
|
3,624
|
|
|||||
Tax-exempt loans
|
|
1,227
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,227
|
|
|||||
Residential mortgage loans:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
First mortgage loans
|
|
3,693
|
|
|
8
|
|
|
30
|
|
|
—
|
|
|
3,731
|
|
|||||
Home equity loans/lines
|
|
26
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26
|
|
|||||
SBL and other
|
|
3,033
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,033
|
|
|||||
Total
|
|
$
|
19,345
|
|
|
$
|
111
|
|
|
$
|
122
|
|
|
$
|
—
|
|
|
$
|
19,578
|
|
|
|
Loans held for investment
|
||||||||||||||||||||||||||
$ in millions
|
|
C&I loans
|
|
CRE
construction
loans
|
|
CRE loans
|
|
Tax-exempt loans
|
|
Residential
mortgage
loans
|
|
SBL and other
|
|
Total
|
||||||||||||||
Year ended September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of year
|
|
$
|
123
|
|
|
$
|
3
|
|
|
$
|
47
|
|
|
$
|
9
|
|
|
$
|
17
|
|
|
$
|
4
|
|
|
$
|
203
|
|
Provision/(benefit) for loan losses
|
|
19
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
(2
|
)
|
|
1
|
|
|
22
|
|
|||||||
Net (charge-offs)/recoveries:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Charge-offs
|
|
(2
|
)
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(8
|
)
|
|||||||
Recoveries
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|||||||
Net (charge-offs)/recoveries
|
|
(2
|
)
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
1
|
|
|
—
|
|
|
(6
|
)
|
|||||||
Foreign exchange translation adjustment
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||||||
Balance at end of year
|
|
$
|
139
|
|
|
$
|
3
|
|
|
$
|
46
|
|
|
$
|
9
|
|
|
$
|
16
|
|
|
$
|
5
|
|
|
$
|
218
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Year ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of year
|
|
$
|
120
|
|
|
$
|
1
|
|
|
$
|
42
|
|
|
$
|
6
|
|
|
$
|
17
|
|
|
$
|
4
|
|
|
$
|
190
|
|
Provision/(benefit) for loan losses
|
|
12
|
|
|
2
|
|
|
5
|
|
|
3
|
|
|
(2
|
)
|
|
—
|
|
|
20
|
|
|||||||
Net (charge-offs)/recoveries:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Charge-offs
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|||||||
Recoveries
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|||||||
Net (charge-offs)/recoveries
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
(8
|
)
|
|||||||
Foreign exchange translation adjustment
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||||
Balance at end of year
|
|
$
|
123
|
|
|
$
|
3
|
|
|
$
|
47
|
|
|
$
|
9
|
|
|
$
|
17
|
|
|
$
|
4
|
|
|
$
|
203
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Year ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of year
|
|
$
|
138
|
|
|
$
|
1
|
|
|
$
|
37
|
|
|
$
|
4
|
|
|
$
|
13
|
|
|
$
|
4
|
|
|
$
|
197
|
|
Provision for loan losses
|
|
7
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
4
|
|
|
—
|
|
|
13
|
|
|||||||
Net (charge-offs)/recoveries:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Charge-offs
|
|
(26
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(27
|
)
|
|||||||
Recoveries
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
6
|
|
|||||||
Net (charge-offs)/recoveries
|
|
(26
|
)
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
|||||||
Foreign exchange translation adjustment
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||||
Balance at end of year
|
|
$
|
120
|
|
|
$
|
1
|
|
|
$
|
42
|
|
|
$
|
6
|
|
|
$
|
17
|
|
|
$
|
4
|
|
|
$
|
190
|
|
|
|
Loans held for investment
|
||||||||||||||||||||||
|
|
Allowance for loan losses
|
|
Recorded investment
|
||||||||||||||||||||
$ in millions
|
|
Individually evaluated for impairment
|
|
Collectively evaluated for impairment
|
|
Total
|
|
Individually evaluated for impairment
|
|
Collectively evaluated for impairment
|
|
Total
|
||||||||||||
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
C&I loans
|
|
$
|
6
|
|
|
$
|
133
|
|
|
$
|
139
|
|
|
$
|
19
|
|
|
$
|
8,079
|
|
|
$
|
8,098
|
|
CRE construction loans
|
|
—
|
|
|
3
|
|
|
3
|
|
|
—
|
|
|
185
|
|
|
185
|
|
||||||
CRE loans
|
|
—
|
|
|
46
|
|
|
46
|
|
|
8
|
|
|
3,644
|
|
|
3,652
|
|
||||||
Tax-exempt loans
|
|
—
|
|
|
9
|
|
|
9
|
|
|
—
|
|
|
1,241
|
|
|
1,241
|
|
||||||
Residential mortgage loans
|
|
1
|
|
|
15
|
|
|
16
|
|
|
28
|
|
|
4,426
|
|
|
4,454
|
|
||||||
SBL and other
|
|
—
|
|
|
5
|
|
|
5
|
|
|
—
|
|
|
3,349
|
|
|
3,349
|
|
||||||
Total
|
|
$
|
7
|
|
|
$
|
211
|
|
|
$
|
218
|
|
|
$
|
55
|
|
|
$
|
20,924
|
|
|
$
|
20,979
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
C&I loans
|
|
$
|
—
|
|
|
$
|
123
|
|
|
$
|
123
|
|
|
$
|
2
|
|
|
$
|
7,784
|
|
|
$
|
7,786
|
|
CRE construction loans
|
|
—
|
|
|
3
|
|
|
3
|
|
|
—
|
|
|
151
|
|
|
151
|
|
||||||
CRE loans
|
|
—
|
|
|
47
|
|
|
47
|
|
|
—
|
|
|
3,624
|
|
|
3,624
|
|
||||||
Tax-exempt loans
|
|
—
|
|
|
9
|
|
|
9
|
|
|
—
|
|
|
1,227
|
|
|
1,227
|
|
||||||
Residential mortgage loans
|
|
2
|
|
|
15
|
|
|
17
|
|
|
35
|
|
|
3,722
|
|
|
3,757
|
|
||||||
SBL and other
|
|
—
|
|
|
4
|
|
|
4
|
|
|
—
|
|
|
3,033
|
|
|
3,033
|
|
||||||
Total
|
|
$
|
2
|
|
|
$
|
201
|
|
|
$
|
203
|
|
|
$
|
37
|
|
|
$
|
19,541
|
|
|
$
|
19,578
|
|
$ in millions
|
|
Aggregate
assets
|
|
Aggregate
liabilities
|
||||
September 30, 2019
|
|
|
|
|
||||
Private Equity Interests
|
|
$
|
65
|
|
|
$
|
4
|
|
LIHTC funds
|
|
80
|
|
|
5
|
|
||
Restricted Stock Trust Fund
|
|
14
|
|
|
14
|
|
||
Total
|
|
$
|
159
|
|
|
$
|
23
|
|
|
|
|
|
|
||||
September 30, 2018
|
|
|
|
|
|
|
||
Private Equity Interests
|
|
$
|
67
|
|
|
$
|
5
|
|
LIHTC funds
|
|
111
|
|
|
21
|
|
||
Restricted Stock Trust Fund
|
|
14
|
|
|
14
|
|
||
Total
|
|
$
|
192
|
|
|
$
|
40
|
|
|
|
September 30,
|
||||||
$ in millions
|
|
2019
|
|
2018
|
||||
Assets:
|
|
|
|
|
||||
Cash, cash equivalents and cash segregated pursuant to regulations
|
|
$
|
7
|
|
|
$
|
7
|
|
Other receivables
|
|
—
|
|
|
1
|
|
||
Other investments
|
|
63
|
|
|
63
|
|
||
Other assets
|
|
75
|
|
|
107
|
|
||
Total assets
|
|
$
|
145
|
|
|
$
|
178
|
|
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
|
|
||
Other payables
|
|
$
|
4
|
|
|
$
|
26
|
|
Total liabilities
|
|
$
|
4
|
|
|
$
|
26
|
|
Noncontrolling interests
|
|
$
|
60
|
|
|
$
|
78
|
|
|
|
September 30,
|
||||||||||||||||||||||
|
|
2019
|
|
2018
|
||||||||||||||||||||
$ in millions
|
|
Aggregate
assets
|
|
Aggregate
liabilities
|
|
Our risk
of loss
|
|
Aggregate
assets
|
|
Aggregate
liabilities
|
|
Our risk
of loss
|
||||||||||||
Private Equity Interests
|
|
$
|
6,317
|
|
|
$
|
117
|
|
|
$
|
63
|
|
|
$
|
6,908
|
|
|
$
|
154
|
|
|
$
|
68
|
|
LIHTC funds
|
|
6,001
|
|
|
2,221
|
|
|
64
|
|
|
5,692
|
|
|
1,912
|
|
|
93
|
|
||||||
Other
|
|
205
|
|
|
115
|
|
|
4
|
|
|
211
|
|
|
114
|
|
|
4
|
|
||||||
Total
|
|
$
|
12,523
|
|
|
$
|
2,453
|
|
|
$
|
131
|
|
|
$
|
12,811
|
|
|
$
|
2,180
|
|
|
$
|
165
|
|
|
|
September 30,
|
||||||
$ in millions
|
|
2019
|
|
2018
|
||||
Land
|
|
$
|
29
|
|
|
$
|
29
|
|
Software, including development in progress
|
|
486
|
|
|
417
|
|
||
Buildings, leasehold and land improvements
|
|
385
|
|
|
350
|
|
||
Furniture, fixtures and equipment
|
|
278
|
|
|
248
|
|
||
Construction in process
|
|
10
|
|
|
16
|
|
||
Total property and equipment
|
|
1,188
|
|
|
1,060
|
|
||
Less: Accumulated depreciation and amortization
|
|
(661
|
)
|
|
(574
|
)
|
||
Total property and equipment, net
|
|
$
|
527
|
|
|
$
|
486
|
|
|
|
September 30,
|
||||||
$ in millions
|
|
2019
|
|
2018
|
||||
Goodwill
|
|
$
|
464
|
|
|
$
|
478
|
|
Identifiable intangible assets, net
|
|
147
|
|
|
161
|
|
||
Total goodwill and identifiable intangible assets, net
|
|
$
|
611
|
|
|
$
|
639
|
|
$ in millions
|
|
Private Client Group
|
|
Capital
Markets
|
|
Asset
Management
|
|
Total
|
||||||||
Year ended September 30, 2019
|
|
|
|
|
|
|
|
|
||||||||
Goodwill as of beginning of year
|
|
$
|
276
|
|
|
$
|
133
|
|
|
$
|
69
|
|
|
$
|
478
|
|
Additions
|
|
—
|
|
|
7
|
|
|
—
|
|
|
7
|
|
||||
Foreign currency translations
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
(2
|
)
|
||||
Impairment
|
|
—
|
|
|
(19
|
)
|
|
—
|
|
|
(19
|
)
|
||||
Goodwill as of end of year
|
|
$
|
275
|
|
|
$
|
120
|
|
|
$
|
69
|
|
|
$
|
464
|
|
|
|
|
|
|
|
|
|
|
||||||||
Year ended September 30, 2018
|
|
|
|
|
|
|
|
|
||||||||
Goodwill as of beginning of year
|
|
$
|
277
|
|
|
$
|
134
|
|
|
$
|
—
|
|
|
$
|
411
|
|
Additions
|
|
—
|
|
|
—
|
|
|
69
|
|
|
69
|
|
||||
Foreign currency translations
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
(2
|
)
|
||||
Goodwill as of end of year
|
|
$
|
276
|
|
|
$
|
133
|
|
|
$
|
69
|
|
|
$
|
478
|
|
$ in millions
|
|
Private Client Group
|
|
Capital Markets
|
|
Asset Management
|
|
Total
|
||||||||
Year ended September 30, 2019
|
|
|
|
|
|
|
|
|
||||||||
Net identifiable intangible assets as of beginning of year
|
|
$
|
41
|
|
|
$
|
20
|
|
|
$
|
100
|
|
|
$
|
161
|
|
Additions
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||
Amortization expense
|
|
(6
|
)
|
|
(4
|
)
|
|
(5
|
)
|
|
(15
|
)
|
||||
Net identifiable intangible assets as of end of year
|
|
$
|
35
|
|
|
$
|
17
|
|
|
$
|
95
|
|
|
$
|
147
|
|
|
|
|
|
|
|
|
|
|
||||||||
Year ended September 30, 2018
|
|
|
|
|
|
|
|
|
||||||||
Net identifiable intangible assets as of beginning of year
|
|
$
|
47
|
|
|
$
|
23
|
|
|
$
|
13
|
|
|
$
|
83
|
|
Additions
|
|
—
|
|
|
—
|
|
|
92
|
|
|
92
|
|
||||
Amortization expense
|
|
(6
|
)
|
|
(3
|
)
|
|
(5
|
)
|
|
(14
|
)
|
||||
Net identifiable intangible assets as of end of year
|
|
$
|
41
|
|
|
$
|
20
|
|
|
$
|
100
|
|
|
$
|
161
|
|
|
|
September 30,
|
||||||||||||||
|
|
2019
|
|
2018
|
||||||||||||
$ in millions
|
|
Gross carrying value
|
|
Accumulated amortization
|
|
Gross carrying value
|
|
Accumulated amortization
|
||||||||
Customer relationships
|
|
$
|
134
|
|
|
$
|
(50
|
)
|
|
$
|
133
|
|
|
$
|
(40
|
)
|
Non-amortizing customer relationships
|
|
52
|
|
|
—
|
|
|
52
|
|
|
—
|
|
||||
Trade name
|
|
12
|
|
|
(5
|
)
|
|
12
|
|
|
(4
|
)
|
||||
Developed technology
|
|
3
|
|
|
(2
|
)
|
|
3
|
|
|
(1
|
)
|
||||
Intellectual property
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||
Non-compete agreements
|
|
2
|
|
|
(2
|
)
|
|
3
|
|
|
(2
|
)
|
||||
Seller relationship agreements
|
|
5
|
|
|
(3
|
)
|
|
5
|
|
|
(1
|
)
|
||||
Total
|
|
$
|
209
|
|
|
$
|
(62
|
)
|
|
$
|
209
|
|
|
$
|
(48
|
)
|
Fiscal year ended September 30,
|
|
$ in millions
|
||
2020
|
|
$
|
13
|
|
2021
|
|
12
|
|
|
2022
|
|
11
|
|
|
2023
|
|
10
|
|
|
2024
|
|
10
|
|
|
Thereafter
|
|
39
|
|
|
Total
|
|
$
|
95
|
|
|
|
September 30,
|
||||||
$ in millions
|
|
2019
|
|
2018
|
||||
Investments in company-owned life insurance policies
|
|
$
|
675
|
|
|
$
|
605
|
|
Prepaid expenses
|
|
123
|
|
|
99
|
|
||
Investments in real estate partnerships held by consolidated variable interest entities
|
|
75
|
|
|
107
|
|
||
Investment in FHLB stock
|
|
52
|
|
|
52
|
|
||
Investment in FRB stock
|
|
25
|
|
|
25
|
|
||
All other
|
|
70
|
|
|
66
|
|
||
Total other assets
|
|
$
|
1,020
|
|
|
$
|
954
|
|
|
|
September 30,
|
||||||||||||
|
|
2019
|
|
2018
|
||||||||||
$ in millions
|
|
Balance
|
|
Weighted-average rate
|
|
Balance
|
|
Weighted-average rate
|
||||||
Savings and money market accounts
|
|
$
|
21,654
|
|
|
0.25
|
%
|
|
$
|
19,475
|
|
|
0.54
|
%
|
Certificates of deposit
|
|
605
|
|
|
2.33
|
%
|
|
445
|
|
|
2.03
|
%
|
||
NOW accounts
|
|
6
|
|
|
0.01
|
%
|
|
6
|
|
|
0.01
|
%
|
||
Demand deposits (non-interest-bearing)
|
|
16
|
|
|
—
|
|
|
16
|
|
|
—
|
|
||
Total bank deposits
|
|
$
|
22,281
|
|
|
0.31
|
%
|
|
$
|
19,942
|
|
|
0.57
|
%
|
|
|
September 30,
|
||||||||||||||
|
|
2019
|
|
2018
|
||||||||||||
$ in millions
|
|
Denominations
greater than or
equal to $100,000
|
|
Denominations
less than $100,000
|
|
Denominations
greater than or
equal to $100,000
|
|
Denominations
less than $100,000
|
||||||||
Three months or less
|
|
$
|
24
|
|
|
$
|
19
|
|
|
$
|
30
|
|
|
$
|
17
|
|
Over three through six months
|
|
26
|
|
|
21
|
|
|
20
|
|
|
13
|
|
||||
Over six through twelve months
|
|
75
|
|
|
37
|
|
|
38
|
|
|
26
|
|
||||
Over one through two years
|
|
32
|
|
|
36
|
|
|
65
|
|
|
40
|
|
||||
Over two through three years
|
|
40
|
|
|
93
|
|
|
21
|
|
|
14
|
|
||||
Over three through four years
|
|
66
|
|
|
47
|
|
|
44
|
|
|
26
|
|
||||
Over four through five years
|
|
38
|
|
|
51
|
|
|
63
|
|
|
28
|
|
||||
Total
|
|
$
|
301
|
|
|
$
|
304
|
|
|
$
|
281
|
|
|
$
|
164
|
|
|
|
Year ended September 30,
|
||||||||||
$ in millions
|
|
2019
|
|
2018
|
|
2017
|
||||||
Savings, money market, and NOW accounts
|
|
$
|
120
|
|
|
$
|
60
|
|
|
$
|
13
|
|
Certificates of deposit
|
|
12
|
|
|
6
|
|
|
4
|
|
|||
Total interest expense on deposits
|
|
$
|
132
|
|
|
$
|
66
|
|
|
$
|
17
|
|
|
|
September 30,
|
||||||
$ in millions
|
|
2019
|
|
2018
|
||||
FHLB advances
|
|
$
|
875
|
|
|
$
|
875
|
|
Mortgage notes payable and other
|
|
19
|
|
|
24
|
|
||
Total other borrowings
|
|
$
|
894
|
|
|
$
|
899
|
|
Fiscal year ended September 30,
|
|
$ in millions
|
||
2020
|
|
$
|
5
|
|
2021
|
|
881
|
|
|
2022
|
|
6
|
|
|
2023
|
|
2
|
|
|
2024
|
|
—
|
|
|
Thereafter
|
|
—
|
|
|
Total
|
|
$
|
894
|
|
|
|
September 30,
|
||||||
$ in millions
|
|
2019
|
|
2018
|
||||
5.625% senior notes, due 2024
|
|
$
|
250
|
|
|
$
|
250
|
|
3.625% senior notes, due 2026
|
|
500
|
|
|
500
|
|
||
4.95% senior notes, due 2046
|
|
800
|
|
|
800
|
|
||
Total principal amount
|
|
1,550
|
|
|
1,550
|
|
||
Unaccreted premium/(discount)
|
|
11
|
|
|
12
|
|
||
Unamortized debt issuance costs
|
|
(11
|
)
|
|
(12
|
)
|
||
Total senior notes payable
|
|
$
|
1,550
|
|
|
$
|
1,550
|
|
|
|
Year ended September 30,
|
||||||||||
$ in millions
|
|
2019
|
|
2018
|
|
2017
|
||||||
Recorded in:
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
341
|
|
|
$
|
454
|
|
|
$
|
289
|
|
Equity, arising from available-for-sale securities recorded through OCI
|
|
27
|
|
|
(19
|
)
|
|
1
|
|
|||
Equity, arising from currency translations, net of the impact of net investment hedges recorded through OCI
|
|
7
|
|
|
10
|
|
|
(7
|
)
|
|||
Equity, arising from cash flow hedges recorded through OCI
|
|
(23
|
)
|
|
15
|
|
|
14
|
|
|||
Total provision for income taxes
|
|
$
|
352
|
|
|
$
|
460
|
|
|
$
|
297
|
|
|
|
Year ended September 30,
|
||||||||||
$ in millions
|
|
2019
|
|
2018
|
|
2017
|
||||||
Current:
|
|
|
|
|
|
|
||||||
Federal
|
|
$
|
286
|
|
|
$
|
258
|
|
|
$
|
256
|
|
State and local
|
|
63
|
|
|
65
|
|
|
38
|
|
|||
Foreign
|
|
15
|
|
|
14
|
|
|
7
|
|
|||
Total current
|
|
364
|
|
|
337
|
|
|
301
|
|
|||
Deferred:
|
|
|
|
|
|
|
||||||
Federal
|
|
(22
|
)
|
|
121
|
|
|
(11
|
)
|
|||
State and local
|
|
(1
|
)
|
|
(4
|
)
|
|
(1
|
)
|
|||
Total deferred
|
|
(23
|
)
|
|
117
|
|
|
(12
|
)
|
|||
Total provision for income taxes
|
|
$
|
341
|
|
|
$
|
454
|
|
|
$
|
289
|
|
|
|
Year ended September 30,
|
|||||||
|
|
2019
|
|
2018
|
|
2017
|
|||
Provision calculated at statutory rate
|
|
21.0
|
%
|
|
24.5
|
%
|
|
35.0
|
%
|
Impact of Tax Act
|
|
0.1
|
%
|
|
8.1
|
%
|
|
—
|
|
State income tax, net of federal benefit
|
|
3.6
|
%
|
|
3.9
|
%
|
|
2.7
|
%
|
Excess tax benefits related to share-based compensation
|
|
(0.4
|
)%
|
|
(0.9
|
)%
|
|
(2.5
|
)%
|
Gains on company-owned life insurance policies which are not subject to tax
|
|
(0.1
|
)%
|
|
(0.7
|
)%
|
|
(1.7
|
)%
|
Federal tax credits
|
|
(0.9
|
)%
|
|
(0.7
|
)%
|
|
(1.6
|
)%
|
Other, net
|
|
1.5
|
%
|
|
0.6
|
%
|
|
(0.7
|
)%
|
Total provision for income tax
|
|
24.8
|
%
|
|
34.8
|
%
|
|
31.2
|
%
|
|
|
Year ended September 30,
|
||||||||||
$ in millions
|
|
2019
|
|
2018
|
|
2017
|
||||||
U.S.
|
|
$
|
1,340
|
|
|
$
|
1,268
|
|
|
$
|
915
|
|
Foreign
|
|
35
|
|
|
43
|
|
|
10
|
|
|||
Pre-tax income
|
|
$
|
1,375
|
|
|
$
|
1,311
|
|
|
$
|
925
|
|
|
|
September 30,
|
||||||
$ in millions
|
|
2019
|
|
2018
|
||||
Deferred tax assets:
|
|
|
|
|
||||
Deferred compensation
|
|
$
|
192
|
|
|
$
|
180
|
|
Allowances for loan losses and reserves for unfunded commitments
|
|
56
|
|
|
53
|
|
||
Unrealized loss associated with foreign currency translations
|
|
10
|
|
|
6
|
|
||
Unrealized loss associated with available-for-sale securities
|
|
—
|
|
|
20
|
|
||
Accrued expenses
|
|
35
|
|
|
36
|
|
||
Partnership investments
|
|
12
|
|
|
6
|
|
||
Other
|
|
18
|
|
|
11
|
|
||
Total deferred tax assets
|
|
323
|
|
|
312
|
|
||
Deferred tax liabilities:
|
|
|
|
|
||||
Goodwill and identifiable intangible assets
|
|
(28
|
)
|
|
(32
|
)
|
||
Property and equipment
|
|
(57
|
)
|
|
(60
|
)
|
||
Unrealized gain associated with available-for-sale securities
|
|
(7
|
)
|
|
—
|
|
||
Other
|
|
—
|
|
|
(17
|
)
|
||
Total deferred tax liabilities
|
|
(92
|
)
|
|
(109
|
)
|
||
Net deferred tax assets
|
|
$
|
231
|
|
|
$
|
203
|
|
|
|
Year ended September 30,
|
||||||||||
$ in millions
|
|
2019
|
|
2018
|
|
2017
|
||||||
Uncertain tax positions beginning of year
|
|
$
|
31
|
|
|
$
|
20
|
|
|
$
|
22
|
|
Increases for tax positions related to the current year
|
|
11
|
|
|
5
|
|
|
3
|
|
|||
Increases for tax positions related to prior years
|
|
7
|
|
|
10
|
|
|
—
|
|
|||
Decreases for tax positions related to prior years
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|||
Decreases due to lapsed statute of limitations
|
|
(2
|
)
|
|
(3
|
)
|
|
(2
|
)
|
|||
Decreases related to settlements
|
|
(5
|
)
|
|
—
|
|
|
(2
|
)
|
|||
Uncertain tax positions end of year
|
|
$
|
42
|
|
|
$
|
31
|
|
|
$
|
20
|
|
$ in millions
|
|
September 30, 2019
|
|
September 30, 2018
|
||||
Open-end consumer lines of credit (primarily SBL)
|
|
$
|
9,328
|
|
|
$
|
7,332
|
|
Commercial lines of credit
|
|
$
|
1,527
|
|
|
$
|
1,643
|
|
Unfunded loan commitments
|
|
$
|
599
|
|
|
$
|
541
|
|
Standby letters of credit
|
|
$
|
40
|
|
|
$
|
41
|
|
Fiscal year ended September 30,
|
|
$ in millions
|
||
2020
|
|
$
|
103
|
|
2021
|
|
95
|
|
|
2022
|
|
79
|
|
|
2023
|
|
66
|
|
|
2024
|
|
49
|
|
|
Thereafter
|
|
127
|
|
|
Total
|
|
$
|
519
|
|
$ in millions
|
|
Net investment hedges
|
|
Currency translations
|
|
Sub-total: net investment hedges and currency translations
|
|
Available-for-sale securities
|
|
Cash flow hedges
|
|
Total
|
||||||||||||
Year ended September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
AOCI as of beginning of year
|
|
$
|
88
|
|
|
$
|
(111
|
)
|
|
$
|
(23
|
)
|
|
$
|
(46
|
)
|
|
$
|
42
|
|
|
$
|
(27
|
)
|
Cumulative effect of adoption of ASU 2016-01
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
||||||
OCI:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
OCI before reclassifications and taxes
|
|
29
|
|
|
(24
|
)
|
|
5
|
|
|
98
|
|
|
(79
|
)
|
|
24
|
|
||||||
Amounts reclassified from AOCI, before tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
(5
|
)
|
||||||
Pre-tax net OCI
|
|
29
|
|
|
(24
|
)
|
|
5
|
|
|
98
|
|
|
(84
|
)
|
|
19
|
|
||||||
Income tax effect
|
|
(7
|
)
|
|
—
|
|
|
(7
|
)
|
|
(27
|
)
|
|
23
|
|
|
(11
|
)
|
||||||
OCI for the year, net of tax
|
|
22
|
|
|
(24
|
)
|
|
(2
|
)
|
|
71
|
|
|
(61
|
)
|
|
8
|
|
||||||
AOCI as of end of year
|
|
$
|
110
|
|
|
$
|
(135
|
)
|
|
$
|
(25
|
)
|
|
$
|
21
|
|
|
$
|
(19
|
)
|
|
$
|
(23
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Year ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
AOCI as of beginning of year
|
|
$
|
60
|
|
|
$
|
(80
|
)
|
|
$
|
(20
|
)
|
|
$
|
(2
|
)
|
|
$
|
7
|
|
|
$
|
(15
|
)
|
Cumulative effect of adoption of ASU 2018-02
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
2
|
|
|
—
|
|
||||||
OCI:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
OCI before reclassifications and taxes
|
|
38
|
|
|
(31
|
)
|
|
7
|
|
|
(56
|
)
|
|
47
|
|
|
(2
|
)
|
||||||
Amounts reclassified from AOCI, before tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
1
|
|
|
(4
|
)
|
||||||
Pre-tax net OCI
|
|
38
|
|
|
(31
|
)
|
|
7
|
|
|
(61
|
)
|
|
48
|
|
|
(6
|
)
|
||||||
Income tax effect
|
|
(10
|
)
|
|
—
|
|
|
(10
|
)
|
|
19
|
|
|
(15
|
)
|
|
(6
|
)
|
||||||
OCI for the year, net of tax
|
|
28
|
|
|
(31
|
)
|
|
(3
|
)
|
|
(42
|
)
|
|
33
|
|
|
(12
|
)
|
||||||
AOCI as of end of year
|
|
$
|
88
|
|
|
$
|
(111
|
)
|
|
$
|
(23
|
)
|
|
$
|
(46
|
)
|
|
$
|
42
|
|
|
$
|
(27
|
)
|
|
|
Year ended September 30, 2019
|
||||||||||||||||||||||
$ in millions
|
|
Private Client Group
|
|
Capital Markets
|
|
Asset Management
|
|
RJ Bank
|
|
Other and intersegment eliminations
|
|
Total
|
||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Asset management and related administrative fees
|
|
$
|
2,820
|
|
|
$
|
6
|
|
|
$
|
645
|
|
|
$
|
—
|
|
|
$
|
(20
|
)
|
|
$
|
3,451
|
|
Brokerage revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Securities commissions:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mutual and other fund products
|
|
599
|
|
|
6
|
|
|
10
|
|
|
—
|
|
|
(4
|
)
|
|
611
|
|
||||||
Insurance and annuity products
|
|
412
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
412
|
|
||||||
Equities, ETFs and fixed income products
|
|
304
|
|
|
123
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
427
|
|
||||||
Subtotal securities commissions
|
|
1,315
|
|
|
129
|
|
|
10
|
|
|
—
|
|
|
(4
|
)
|
|
1,450
|
|
||||||
Principal transactions (1)
|
|
74
|
|
|
285
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
357
|
|
||||||
Total brokerage revenues
|
|
1,389
|
|
|
414
|
|
|
10
|
|
|
—
|
|
|
(6
|
)
|
|
1,807
|
|
||||||
Account and services fees:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mutual fund and annuity service fees
|
|
334
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
(10
|
)
|
|
326
|
|
||||||
RJBDP fees
|
|
453
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
(176
|
)
|
|
280
|
|
||||||
Client account and other fees
|
|
122
|
|
|
5
|
|
|
26
|
|
|
—
|
|
|
(21
|
)
|
|
132
|
|
||||||
Total account and service fees
|
|
909
|
|
|
5
|
|
|
31
|
|
|
—
|
|
|
(207
|
)
|
|
738
|
|
||||||
Investment banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity underwriting
|
|
32
|
|
|
100
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
132
|
|
||||||
Merger & acquisition and advisory
|
|
—
|
|
|
369
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
369
|
|
||||||
Fixed income investment banking
|
|
—
|
|
|
95
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
95
|
|
||||||
Total investment banking
|
|
32
|
|
|
564
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
596
|
|
||||||
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Tax credit fund revenues
|
|
—
|
|
|
86
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
86
|
|
||||||
All other (1)
|
|
26
|
|
|
4
|
|
|
2
|
|
|
26
|
|
|
6
|
|
|
64
|
|
||||||
Total other
|
|
26
|
|
|
90
|
|
|
2
|
|
|
26
|
|
|
6
|
|
|
150
|
|
||||||
Total non-interest revenues
|
|
5,176
|
|
|
1,079
|
|
|
688
|
|
|
26
|
|
|
(227
|
)
|
|
6,742
|
|
||||||
Interest income (1)
|
|
225
|
|
|
38
|
|
|
3
|
|
|
975
|
|
|
40
|
|
|
1,281
|
|
||||||
Total revenues
|
|
5,401
|
|
|
1,117
|
|
|
691
|
|
|
1,001
|
|
|
(187
|
)
|
|
8,023
|
|
||||||
Interest expense
|
|
(42
|
)
|
|
(34
|
)
|
|
—
|
|
|
(155
|
)
|
|
(52
|
)
|
|
(283
|
)
|
||||||
Net revenues
|
|
$
|
5,359
|
|
|
$
|
1,083
|
|
|
$
|
691
|
|
|
$
|
846
|
|
|
$
|
(239
|
)
|
|
$
|
7,740
|
|
|
|
Year ended September 30, 2018
|
||||||||||||||||||||||
$ in millions
|
|
Private Client Group
|
|
Capital Markets
|
|
Asset Management
|
|
RJ Bank
|
|
Other and intersegment eliminations
|
|
Total
|
||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Asset management and related administrative fees
|
|
$
|
2,517
|
|
|
$
|
8
|
|
|
$
|
610
|
|
|
$
|
—
|
|
|
$
|
(16
|
)
|
|
$
|
3,119
|
|
Brokerage revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Securities commissions:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mutual and other fund products
|
|
703
|
|
|
7
|
|
|
12
|
|
|
—
|
|
|
(5
|
)
|
|
717
|
|
||||||
Insurance and annuity products
|
|
414
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
414
|
|
||||||
Equities, ETFs and fixed income products
|
|
352
|
|
|
145
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
495
|
|
||||||
Subtotal securities commissions
|
|
1,469
|
|
|
152
|
|
|
12
|
|
|
—
|
|
|
(7
|
)
|
|
1,626
|
|
||||||
Principal transactions (1)
|
|
80
|
|
|
249
|
|
|
—
|
|
|
1
|
|
|
(1
|
)
|
|
329
|
|
||||||
Total brokerage revenues
|
|
1,549
|
|
|
401
|
|
|
12
|
|
|
1
|
|
|
(8
|
)
|
|
1,955
|
|
||||||
Account and services fees:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mutual fund and annuity service fees
|
|
332
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
(9
|
)
|
|
325
|
|
||||||
RJBDP fees
|
|
354
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
(92
|
)
|
|
265
|
|
||||||
Client account and other fees
|
|
111
|
|
|
5
|
|
|
23
|
|
|
—
|
|
|
(16
|
)
|
|
123
|
|
||||||
Total account and service fees
|
|
797
|
|
|
5
|
|
|
28
|
|
|
—
|
|
|
(117
|
)
|
|
713
|
|
||||||
Investment banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity underwriting
|
|
35
|
|
|
93
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
128
|
|
||||||
Merger & acquisition and advisory
|
|
—
|
|
|
297
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
297
|
|
||||||
Fixed income investment banking
|
|
—
|
|
|
76
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
76
|
|
||||||
Total investment banking
|
|
35
|
|
|
466
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
501
|
|
||||||
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Tax credit fund revenues
|
|
—
|
|
|
79
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
79
|
|
||||||
All other (1)
|
|
30
|
|
|
1
|
|
|
2
|
|
|
22
|
|
|
10
|
|
|
65
|
|
||||||
Total other
|
|
30
|
|
|
80
|
|
|
2
|
|
|
22
|
|
|
10
|
|
|
144
|
|
||||||
Total non-interest revenues
|
|
4,928
|
|
|
960
|
|
|
652
|
|
|
23
|
|
|
(131
|
)
|
|
6,432
|
|
||||||
Interest income (1)
|
|
193
|
|
|
32
|
|
|
2
|
|
|
793
|
|
|
24
|
|
|
1,044
|
|
||||||
Total revenues
|
|
5,121
|
|
|
992
|
|
|
654
|
|
|
816
|
|
|
(107
|
)
|
|
7,476
|
|
||||||
Interest expense
|
|
(28
|
)
|
|
(28
|
)
|
|
—
|
|
|
(89
|
)
|
|
(57
|
)
|
|
(202
|
)
|
||||||
Net revenues
|
|
$
|
5,093
|
|
|
$
|
964
|
|
|
$
|
654
|
|
|
$
|
727
|
|
|
$
|
(164
|
)
|
|
$
|
7,274
|
|
|
|
Year ended September 30, 2017
|
||||||||||||||||||||||
$ in millions
|
|
Private Client Group
|
|
Capital Markets
|
|
Asset Management
|
|
RJ Bank
|
|
Other and intersegment eliminations
|
|
Total
|
||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Asset management and related administrative fees
|
|
$
|
2,022
|
|
|
$
|
9
|
|
|
$
|
453
|
|
|
$
|
—
|
|
|
$
|
(13
|
)
|
|
$
|
2,471
|
|
Brokerage revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Securities commissions:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mutual and other fund products
|
|
698
|
|
|
9
|
|
|
12
|
|
|
—
|
|
|
(5
|
)
|
|
714
|
|
||||||
Insurance and annuity products
|
|
385
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
385
|
|
||||||
Equities, ETFs and fixed income products
|
|
331
|
|
|
152
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
479
|
|
||||||
Subtotal securities commissions
|
|
1,414
|
|
|
161
|
|
|
12
|
|
|
—
|
|
|
(9
|
)
|
|
1,578
|
|
||||||
Principal transactions (1)
|
|
93
|
|
|
323
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
418
|
|
||||||
Total brokerage revenues
|
|
1,507
|
|
|
484
|
|
|
12
|
|
|
2
|
|
|
(9
|
)
|
|
1,996
|
|
||||||
Account and services fees:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mutual fund and annuity service fees
|
|
291
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
(8
|
)
|
|
285
|
|
||||||
RJBDP fees
|
|
270
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
(68
|
)
|
|
204
|
|
||||||
Client account and other fees
|
|
116
|
|
|
5
|
|
|
16
|
|
|
—
|
|
|
(14
|
)
|
|
123
|
|
||||||
Total account and service fees
|
|
677
|
|
|
5
|
|
|
20
|
|
|
—
|
|
|
(90
|
)
|
|
612
|
|
||||||
Investment banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity underwriting
|
|
62
|
|
|
117
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
179
|
|
||||||
Merger & acquisition and advisory
|
|
—
|
|
|
228
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
228
|
|
||||||
Fixed income investment banking
|
|
—
|
|
|
84
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
84
|
|
||||||
Total investment banking
|
|
62
|
|
|
429
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
491
|
|
||||||
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Tax credit fund revenues
|
|
—
|
|
|
79
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
79
|
|
||||||
All other (1)
|
|
17
|
|
|
2
|
|
|
2
|
|
|
16
|
|
|
37
|
|
|
74
|
|
||||||
Total other
|
|
17
|
|
|
81
|
|
|
2
|
|
|
16
|
|
|
37
|
|
|
153
|
|
||||||
Total non-interest revenues
|
|
4,285
|
|
|
1,008
|
|
|
487
|
|
|
18
|
|
|
(75
|
)
|
|
5,723
|
|
||||||
Interest income (1)
|
|
153
|
|
|
27
|
|
|
1
|
|
|
610
|
|
|
11
|
|
|
802
|
|
||||||
Total revenues
|
|
4,438
|
|
|
1,035
|
|
|
488
|
|
|
628
|
|
|
(64
|
)
|
|
6,525
|
|
||||||
Interest expense
|
|
(16
|
)
|
|
(21
|
)
|
|
—
|
|
|
(35
|
)
|
|
(82
|
)
|
|
(154
|
)
|
||||||
Net revenues
|
|
$
|
4,422
|
|
|
$
|
1,014
|
|
|
$
|
488
|
|
|
$
|
593
|
|
|
$
|
(146
|
)
|
|
$
|
6,371
|
|
|
|
Year ended September 30,
|
||||||||||
$ in millions
|
|
2019
|
|
2018
|
|
2017
|
||||||
Interest income:
|
|
|
|
|
|
|
||||||
Cash segregated pursuant to regulations
|
|
$
|
59
|
|
|
$
|
53
|
|
|
$
|
38
|
|
Trading instruments
|
|
26
|
|
|
23
|
|
|
21
|
|
|||
Available-for-sale securities
|
|
69
|
|
|
52
|
|
|
28
|
|
|||
Margin loans
|
|
122
|
|
|
107
|
|
|
86
|
|
|||
Bank loans, net of unearned income
|
|
871
|
|
|
722
|
|
|
572
|
|
|||
Loans to financial advisors
|
|
18
|
|
|
15
|
|
|
13
|
|
|||
Corporate cash and all other
|
|
116
|
|
|
72
|
|
|
44
|
|
|||
Total interest income
|
|
1,281
|
|
|
1,044
|
|
|
802
|
|
|||
Interest expense:
|
|
|
|
|
|
|
|
|
|
|||
Bank deposits
|
|
132
|
|
|
66
|
|
|
17
|
|
|||
Trading instruments sold but not yet purchased
|
|
7
|
|
|
7
|
|
|
6
|
|
|||
Brokerage client payables
|
|
21
|
|
|
15
|
|
|
5
|
|
|||
Other borrowings
|
|
21
|
|
|
22
|
|
|
17
|
|
|||
Senior notes payable
|
|
73
|
|
|
73
|
|
|
95
|
|
|||
Other
|
|
29
|
|
|
19
|
|
|
14
|
|
|||
Total interest expense
|
|
283
|
|
|
202
|
|
|
154
|
|
|||
Net interest income
|
|
998
|
|
|
842
|
|
|
648
|
|
|||
Bank loan loss provision
|
|
(22
|
)
|
|
(20
|
)
|
|
(13
|
)
|
|||
Net interest income after bank loan loss provision
|
|
$
|
976
|
|
|
$
|
822
|
|
|
$
|
635
|
|
|
|
Shares/Units (in millions)
|
|
Weighted- average grant date fair value (per share)
|
|||
Non-vested as of beginning of year
|
|
4.8
|
|
|
$
|
68.39
|
|
Granted
|
|
1.6
|
|
|
$
|
76.72
|
|
Vested
|
|
(1.2
|
)
|
|
$
|
55.15
|
|
Forfeited
|
|
(0.2
|
)
|
|
$
|
71.58
|
|
Non-vested as of end of year
|
|
5.0
|
|
|
$
|
74.08
|
|
|
|
Year ended September 30,
|
||||||||||
$ in millions
|
|
2019
|
|
2018
|
|
2017
|
||||||
Total share-based expense
|
|
$
|
101
|
|
|
$
|
89
|
|
|
$
|
79
|
|
Income tax benefits related to share-based expense
|
|
$
|
23
|
|
|
$
|
23
|
|
|
$
|
28
|
|
|
|
Year ended September 30,
|
||||||||||
$ in millions, except per unit award amounts
|
|
2019
|
|
2018
|
|
2017
|
||||||
Weighted-average grant date fair value per unit award
|
|
$
|
76.72
|
|
|
$
|
87.33
|
|
|
$
|
72.39
|
|
Total fair value of shares and unit awards vested
|
|
$
|
63
|
|
|
$
|
51
|
|
|
$
|
59
|
|
|
|
Actual
|
|
Requirement for capital
adequacy purposes
|
|
To be well-capitalized under regulatory provisions
|
|||||||||||||||
$ in millions
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||||
RJF as of September 30, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
CET1
|
|
$
|
5,971
|
|
|
24.8
|
%
|
|
$
|
1,085
|
|
|
4.5
|
%
|
|
$
|
1,567
|
|
|
6.5
|
%
|
Tier 1 capital
|
|
$
|
5,971
|
|
|
24.8
|
%
|
|
$
|
1,446
|
|
|
6.0
|
%
|
|
$
|
1,928
|
|
|
8.0
|
%
|
Total capital
|
|
$
|
6,207
|
|
|
25.8
|
%
|
|
$
|
1,928
|
|
|
8.0
|
%
|
|
$
|
2,410
|
|
|
10.0
|
%
|
Tier 1 leverage
|
|
$
|
5,971
|
|
|
15.7
|
%
|
|
$
|
1,525
|
|
|
4.0
|
%
|
|
$
|
1,906
|
|
|
5.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
RJF as of September 30, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
CET1
|
|
$
|
5,718
|
|
|
24.3
|
%
|
|
$
|
1,057
|
|
|
4.5
|
%
|
|
$
|
1,527
|
|
|
6.5
|
%
|
Tier 1 capital
|
|
$
|
5,718
|
|
|
24.3
|
%
|
|
$
|
1,410
|
|
|
6.0
|
%
|
|
$
|
1,880
|
|
|
8.0
|
%
|
Total capital
|
|
$
|
5,941
|
|
|
25.3
|
%
|
|
$
|
1,880
|
|
|
8.0
|
%
|
|
$
|
2,350
|
|
|
10.0
|
%
|
Tier 1 leverage
|
|
$
|
5,718
|
|
|
15.8
|
%
|
|
$
|
1,451
|
|
|
4.0
|
%
|
|
$
|
1,814
|
|
|
5.0
|
%
|
|
|
Actual
|
|
Requirement for capital
adequacy purposes
|
|
To be well-capitalized under regulatory provisions
|
|||||||||||||||
$ in millions
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||||
RJ Bank as of September 30, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
CET1
|
|
$
|
2,246
|
|
|
13.2
|
%
|
|
$
|
764
|
|
|
4.5
|
%
|
|
$
|
1,103
|
|
|
6.5
|
%
|
Tier 1 capital
|
|
$
|
2,246
|
|
|
13.2
|
%
|
|
$
|
1,018
|
|
|
6.0
|
%
|
|
$
|
1,358
|
|
|
8.0
|
%
|
Total capital
|
|
$
|
2,458
|
|
|
14.5
|
%
|
|
$
|
1,358
|
|
|
8.0
|
%
|
|
$
|
1,697
|
|
|
10.0
|
%
|
Tier 1 leverage
|
|
$
|
2,246
|
|
|
8.8
|
%
|
|
$
|
1,021
|
|
|
4.0
|
%
|
|
$
|
1,276
|
|
|
5.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
RJ Bank as of September 30, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
CET1
|
|
$
|
2,029
|
|
|
12.7
|
%
|
|
$
|
721
|
|
|
4.5
|
%
|
|
$
|
1,042
|
|
|
6.5
|
%
|
Tier 1 capital
|
|
$
|
2,029
|
|
|
12.7
|
%
|
|
$
|
961
|
|
|
6.0
|
%
|
|
$
|
1,282
|
|
|
8.0
|
%
|
Total capital
|
|
$
|
2,229
|
|
|
13.9
|
%
|
|
$
|
1,282
|
|
|
8.0
|
%
|
|
$
|
1,602
|
|
|
10.0
|
%
|
Tier 1 leverage
|
|
$
|
2,029
|
|
|
8.8
|
%
|
|
$
|
926
|
|
|
4.0
|
%
|
|
$
|
1,158
|
|
|
5.0
|
%
|
|
|
September 30,
|
||||||
$ in millions
|
|
2019
|
|
2018
|
||||
Raymond James & Associates, Inc.:
|
|
|
|
|
||||
(Alternative Method elected)
|
|
|
|
|
||||
Net capital as a percent of aggregate debit items
|
|
39.7
|
%
|
|
28.2
|
%
|
||
Net capital
|
|
$
|
1,056
|
|
|
$
|
934
|
|
Less: required net capital
|
|
(53
|
)
|
|
(66
|
)
|
||
Excess net capital
|
|
$
|
1,003
|
|
|
$
|
868
|
|
|
|
Year ended September 30,
|
||||||||||
$ in millions, except per share amounts
|
|
2019
|
|
2018
|
|
2017
|
||||||
Income for basic earnings per common share:
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
1,034
|
|
|
$
|
857
|
|
|
$
|
636
|
|
Less allocation of earnings and dividends to participating securities
|
|
(2
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|||
Net income attributable to RJF common shareholders
|
|
$
|
1,032
|
|
|
$
|
856
|
|
|
$
|
635
|
|
Income for diluted earnings per common share:
|
|
|
|
|
|
|
|
|
|
|||
Net income
|
|
$
|
1,034
|
|
|
$
|
857
|
|
|
$
|
636
|
|
Less allocation of earnings and dividends to participating securities
|
|
(2
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|||
Net income attributable to RJF common shareholders
|
|
$
|
1,032
|
|
|
$
|
856
|
|
|
$
|
635
|
|
Common shares:
|
|
|
|
|
|
|
|
|
|
|||
Average common shares in basic computation
|
|
141.0
|
|
|
145.3
|
|
|
143.3
|
|
|||
Dilutive effect of outstanding stock options and certain RSUs
|
|
3.0
|
|
|
3.5
|
|
|
3.3
|
|
|||
Average common shares used in diluted computation
|
|
144.0
|
|
|
148.8
|
|
|
146.6
|
|
|||
Earnings per common share:
|
|
|
|
|
|
|
|
|
|
|||
Basic
|
|
$
|
7.32
|
|
|
$
|
5.89
|
|
|
$
|
4.43
|
|
Diluted
|
|
$
|
7.17
|
|
|
$
|
5.75
|
|
|
$
|
4.33
|
|
Stock options and certain RSUs excluded from weighted-average diluted common shares because their effect would be antidilutive
|
|
0.4
|
|
|
0.5
|
|
|
1.7
|
|
|
|
Year ended September 30,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Dividends per common share - declared
|
|
$
|
1.36
|
|
|
$
|
1.10
|
|
|
$
|
0.88
|
|
Dividends per common share - paid
|
|
$
|
1.32
|
|
|
$
|
1.02
|
|
|
$
|
0.86
|
|
|
|
Year ended September 30,
|
||||||||||
$ in millions
|
|
2019
|
|
2018
|
|
2017
|
||||||
Net revenues:
|
|
|
|
|
|
|
||||||
Private Client Group
|
|
$
|
5,359
|
|
|
$
|
5,093
|
|
|
$
|
4,422
|
|
Capital Markets
|
|
1,083
|
|
|
964
|
|
|
1,014
|
|
|||
Asset Management
|
|
691
|
|
|
654
|
|
|
488
|
|
|||
RJ Bank
|
|
846
|
|
|
727
|
|
|
593
|
|
|||
Other
|
|
5
|
|
|
(15
|
)
|
|
(30
|
)
|
|||
Intersegment eliminations
|
|
(244
|
)
|
|
(149
|
)
|
|
(116
|
)
|
|||
Total net revenues
|
|
$
|
7,740
|
|
|
$
|
7,274
|
|
|
$
|
6,371
|
|
Pre-tax income/(loss):
|
|
|
|
|
|
|
||||||
Private Client Group
|
|
$
|
579
|
|
|
$
|
576
|
|
|
$
|
373
|
|
Capital Markets
|
|
110
|
|
|
91
|
|
|
141
|
|
|||
Asset Management
|
|
253
|
|
|
235
|
|
|
172
|
|
|||
RJ Bank
|
|
515
|
|
|
492
|
|
|
409
|
|
|||
Other
|
|
(82
|
)
|
|
(83
|
)
|
|
(170
|
)
|
|||
Total pre-tax income
|
|
$
|
1,375
|
|
|
$
|
1,311
|
|
|
$
|
925
|
|
|
|
Year ended September 30,
|
||||||||||
$ in millions
|
|
2019
|
|
2018
|
|
2017
|
||||||
Net interest income/(expense):
|
|
|
|
|
|
|
||||||
Private Client Group
|
|
$
|
183
|
|
|
$
|
165
|
|
|
$
|
137
|
|
Capital Markets
|
|
4
|
|
|
4
|
|
|
6
|
|
|||
Asset Management
|
|
3
|
|
|
2
|
|
|
1
|
|
|||
RJ Bank
|
|
820
|
|
|
704
|
|
|
575
|
|
|||
Other and intersegment eliminations
|
|
(12
|
)
|
|
(33
|
)
|
|
(71
|
)
|
|||
Net interest income
|
|
$
|
998
|
|
|
$
|
842
|
|
|
$
|
648
|
|
|
|
September 30,
|
||||||
$ in millions
|
|
2019
|
|
2018
|
||||
Total assets:
|
|
|
|
|
||||
Private Client Group
|
|
$
|
9,042
|
|
|
$
|
10,173
|
|
Capital Markets
|
|
2,287
|
|
|
2,279
|
|
||
Asset Management
|
|
401
|
|
|
387
|
|
||
RJ Bank
|
|
25,516
|
|
|
22,922
|
|
||
Other
|
|
1,584
|
|
|
1,652
|
|
||
Total
|
|
$
|
38,830
|
|
|
$
|
37,413
|
|
|
|
September 30,
|
||||||
$ in millions
|
|
2019
|
|
2018
|
||||
Goodwill:
|
|
|
|
|
||||
Private Client Group
|
|
$
|
275
|
|
|
$
|
276
|
|
Capital Markets
|
|
120
|
|
|
133
|
|
||
Asset Management
|
|
69
|
|
|
69
|
|
||
Total
|
|
$
|
464
|
|
|
$
|
478
|
|
|
|
Year ended September 30,
|
||||||||||
$ in millions
|
|
2019
|
|
2018
|
|
2017
|
||||||
Net revenues:
|
|
|
|
|
|
|
||||||
U.S.
|
|
$
|
7,211
|
|
|
$
|
6,754
|
|
|
$
|
5,931
|
|
Canada
|
|
391
|
|
|
381
|
|
|
328
|
|
|||
Europe
|
|
138
|
|
|
139
|
|
|
108
|
|
|||
Other
|
|
—
|
|
|
—
|
|
|
4
|
|
|||
Total
|
|
$
|
7,740
|
|
|
$
|
7,274
|
|
|
$
|
6,371
|
|
|
|
|
|
|
|
|
||||||
Pre-tax income/(loss):
|
|
|
|
|
|
|
|
|
||||
U.S.
|
|
$
|
1,356
|
|
|
$
|
1,269
|
|
|
$
|
919
|
|
Canada
|
|
29
|
|
|
47
|
|
|
14
|
|
|||
Europe (1)
|
|
(10
|
)
|
|
(5
|
)
|
|
(4
|
)
|
|||
Other
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|||
Total
|
|
$
|
1,375
|
|
|
$
|
1,311
|
|
|
$
|
925
|
|
(1)
|
The pre-tax loss in Europe for the year ended September 30, 2019 reflects a $15 million loss on the sale of our operations related to research, sales and trading of European equities incurred during the first fiscal quarter of 2019.
|
|
|
September 30,
|
||||||
$ in millions
|
|
2019
|
|
2018
|
||||
Total assets:
|
|
|
|
|
||||
U.S.
|
|
$
|
35,978
|
|
|
$
|
34,651
|
|
Canada
|
|
2,754
|
|
|
2,673
|
|
||
Europe
|
|
98
|
|
|
89
|
|
||
Total
|
|
$
|
38,830
|
|
|
$
|
37,413
|
|
|
|
September 30,
|
||||||
$ in millions
|
|
2019
|
|
2018
|
||||
Goodwill:
|
|
|
|
|
||||
U.S.
|
|
$
|
433
|
|
|
$
|
426
|
|
Canada
|
|
23
|
|
|
43
|
|
||
Europe
|
|
8
|
|
|
9
|
|
||
Total
|
|
$
|
464
|
|
|
$
|
478
|
|
|
|
September 30,
|
||||||
$ in millions
|
|
2019
|
|
2018
|
||||
Assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
540
|
|
|
$
|
695
|
|
Assets segregated pursuant to regulations
|
|
57
|
|
|
23
|
|
||
Intercompany receivables from subsidiaries (primarily non-bank subsidiaries)
|
|
1,143
|
|
|
1,156
|
|
||
Investments in consolidated subsidiaries:
|
|
|
|
|
||||
Bank subsidiary
|
|
2,248
|
|
|
2,021
|
|
||
Non-bank subsidiaries
|
|
4,093
|
|
|
4,031
|
|
||
Property and equipment, net
|
|
14
|
|
|
14
|
|
||
Goodwill and identifiable intangible assets, net
|
|
32
|
|
|
32
|
|
||
Other assets
|
|
728
|
|
|
661
|
|
||
Total assets
|
|
$
|
8,855
|
|
|
$
|
8,633
|
|
Liabilities and equity:
|
|
|
|
|
||||
Accrued compensation and benefits
|
|
$
|
514
|
|
|
$
|
480
|
|
Intercompany payables to subsidiaries (primarily non-bank subsidiaries)
|
|
119
|
|
|
141
|
|
||
Other payables
|
|
91
|
|
|
94
|
|
||
Senior notes payable
|
|
1,550
|
|
|
1,550
|
|
||
Total liabilities
|
|
2,274
|
|
|
2,265
|
|
||
Equity
|
|
6,581
|
|
|
6,368
|
|
||
Total liabilities and equity
|
|
$
|
8,855
|
|
|
$
|
8,633
|
|
|
|
Year ended September 30,
|
||||||||||
$ in millions
|
|
2019
|
|
2018
|
|
2017
|
||||||
Revenues:
|
|
|
|
|
|
|
||||||
Dividends from non-bank subsidiaries
|
|
$
|
632
|
|
|
$
|
225
|
|
|
$
|
183
|
|
Dividends from bank subsidiary
|
|
190
|
|
|
130
|
|
|
125
|
|
|||
Interest from subsidiaries
|
|
31
|
|
|
25
|
|
|
16
|
|
|||
Interest income
|
|
7
|
|
|
4
|
|
|
2
|
|
|||
Other
|
|
20
|
|
|
20
|
|
|
26
|
|
|||
Total revenues
|
|
880
|
|
|
404
|
|
|
352
|
|
|||
Interest expense
|
|
(75
|
)
|
|
(74
|
)
|
|
(95
|
)
|
|||
Net revenues
|
|
805
|
|
|
330
|
|
|
257
|
|
|||
Non-interest expenses:
|
|
|
|
|
|
|
||||||
Compensation and benefits
|
|
73
|
|
|
68
|
|
|
62
|
|
|||
Non-compensations expenses:
|
|
|
|
|
|
|
||||||
Communications and information processing
|
|
8
|
|
|
9
|
|
|
9
|
|
|||
Occupancy and equipment costs
|
|
1
|
|
|
1
|
|
|
1
|
|
|||
Business development
|
|
20
|
|
|
20
|
|
|
19
|
|
|||
Losses on extinguishment of debt
|
|
—
|
|
|
—
|
|
|
46
|
|
|||
Other
|
|
16
|
|
|
17
|
|
|
14
|
|
|||
Intercompany allocations and charges
|
|
(24
|
)
|
|
(32
|
)
|
|
(31
|
)
|
|||
Total non-compensation expenses
|
|
21
|
|
|
15
|
|
|
58
|
|
|||
Total non-interest expenses
|
|
94
|
|
|
83
|
|
|
120
|
|
|||
Pre-tax income before equity in undistributed net income of subsidiaries
|
|
711
|
|
|
247
|
|
|
137
|
|
|||
Income tax benefit
|
|
(31
|
)
|
|
(12
|
)
|
|
(86
|
)
|
|||
Income before equity in undistributed net income of subsidiaries
|
|
742
|
|
|
259
|
|
|
223
|
|
|||
Equity in undistributed net income of subsidiaries
|
|
292
|
|
|
598
|
|
|
413
|
|
|||
Net income
|
|
$
|
1,034
|
|
|
$
|
857
|
|
|
$
|
636
|
|
|
|
Year ended September 30,
|
||||||||||
$ in millions
|
|
2019
|
|
2018
|
|
2017
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
1,034
|
|
|
$
|
857
|
|
|
$
|
636
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
||||||
Loss/(gain) on investments
|
|
4
|
|
|
1
|
|
|
(15
|
)
|
|||
Gain on company-owned life insurance policies, net of expenses
|
|
(5
|
)
|
|
(37
|
)
|
|
(48
|
)
|
|||
Equity in undistributed net income of subsidiaries
|
|
(292
|
)
|
|
(598
|
)
|
|
(413
|
)
|
|||
Losses on extinguishment of debt
|
|
—
|
|
|
—
|
|
|
46
|
|
|||
Other
|
|
100
|
|
|
114
|
|
|
98
|
|
|||
Net change in:
|
|
|
|
|
|
|
||||||
Assets segregated pursuant to regulations
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|||
Intercompany receivables
|
|
(51
|
)
|
|
6
|
|
|
179
|
|
|||
Other assets
|
|
(16
|
)
|
|
49
|
|
|
80
|
|
|||
Intercompany payables
|
|
(22
|
)
|
|
88
|
|
|
39
|
|
|||
Other payables
|
|
(1
|
)
|
|
13
|
|
|
(1
|
)
|
|||
Accrued compensation and benefits
|
|
34
|
|
|
66
|
|
|
68
|
|
|||
Net cash provided by operating activities
|
|
785
|
|
|
558
|
|
|
669
|
|
|||
|
|
|
|
|
|
|
||||||
Cash flows from investing activities:
|
|
|
|
|
|
|
||||||
Investments in subsidiaries
|
|
(24
|
)
|
|
(205
|
)
|
|
(36
|
)
|
|||
Advances to/(repayments from) subsidiaries, net
|
|
63
|
|
|
4
|
|
|
(118
|
)
|
|||
Proceeds from sales of investments
|
|
3
|
|
|
12
|
|
|
5
|
|
|||
Purchase of investments in company-owned life insurance policies, net
|
|
(44
|
)
|
|
(70
|
)
|
|
(41
|
)
|
|||
Net cash used in investing activities
|
|
(2
|
)
|
|
(259
|
)
|
|
(190
|
)
|
|||
|
|
|
|
|
|
|
||||||
Cash flows from financing activities:
|
|
|
|
|
|
|
||||||
Proceeds from borrowing on the RJF Credit Facility
|
|
300
|
|
|
300
|
|
|
—
|
|
|||
Repayment of borrowings on the RJF Credit Facility
|
|
(300
|
)
|
|
(300
|
)
|
|
—
|
|
|||
Proceeds from senior note issuances, net of debt issuance costs paid
|
|
—
|
|
|
—
|
|
|
508
|
|
|||
Extinguishment of senior notes payable
|
|
—
|
|
|
—
|
|
|
(650
|
)
|
|||
Premium paid on extinguishment of senior notes payable
|
|
—
|
|
|
—
|
|
|
(37
|
)
|
|||
Exercise of stock options and employee stock purchases
|
|
65
|
|
|
63
|
|
|
57
|
|
|||
Purchase of treasury stock
|
|
(778
|
)
|
|
(62
|
)
|
|
(34
|
)
|
|||
Dividends on common stock
|
|
(191
|
)
|
|
(151
|
)
|
|
(127
|
)
|
|||
Net cash used in financing activities
|
|
(904
|
)
|
|
(150
|
)
|
|
(283
|
)
|
|||
Net increase/(decrease) in cash and cash equivalents
|
|
(121
|
)
|
|
149
|
|
|
196
|
|
|||
Cash, cash equivalents, and cash segregated pursuant to regulations at beginning of year
|
|
717
|
|
|
568
|
|
|
372
|
|
|||
Cash, cash equivalents, and cash segregated pursuant to regulations at end of year
|
|
$
|
596
|
|
|
$
|
717
|
|
|
$
|
568
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
|
$
|
540
|
|
|
$
|
695
|
|
|
$
|
528
|
|
Cash segregated pursuant to regulations
|
|
56
|
|
|
22
|
|
|
40
|
|
|||
Total cash, cash equivalents, and cash segregated pursuant to regulations at end of year
|
|
$
|
596
|
|
|
$
|
717
|
|
|
$
|
568
|
|
|
|
|
|
|
|
|
||||||
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
|
||||||
Cash paid for interest
|
|
$
|
78
|
|
|
$
|
78
|
|
|
$
|
99
|
|
Cash paid for income taxes, net
|
|
$
|
42
|
|
|
$
|
163
|
|
|
$
|
93
|
|
|
|
|
|
|
|
|
||||||
Supplemental disclosures of noncash activity:
|
|
|
|
|
|
|
||||||
Investments in subsidiaries, net
|
|
$
|
(43
|
)
|
|
$
|
—
|
|
|
$
|
24
|
|
Losses on extinguishment of debt
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9
|
|
|
|
Fiscal Year 2019
|
||||||||||||||
in millions, except per share amounts
|
|
1st Quarter
|
|
2nd Quarter
|
|
3rd Quarter
|
|
4th Quarter
|
||||||||
Net revenues
|
|
$
|
1,931
|
|
|
$
|
1,859
|
|
|
$
|
1,927
|
|
|
$
|
2,023
|
|
Non-interest expenses
|
|
$
|
1,599
|
|
|
$
|
1,512
|
|
|
$
|
1,585
|
|
|
$
|
1,669
|
|
Pre-tax income
|
|
$
|
332
|
|
|
$
|
347
|
|
|
$
|
342
|
|
|
$
|
354
|
|
Net income
|
|
$
|
249
|
|
|
$
|
261
|
|
|
$
|
259
|
|
|
$
|
265
|
|
Earnings per common share - basic
|
|
$
|
1.73
|
|
|
$
|
1.85
|
|
|
$
|
1.84
|
|
|
$
|
1.90
|
|
Earnings per common share - diluted
|
|
$
|
1.69
|
|
|
$
|
1.81
|
|
|
$
|
1.80
|
|
|
$
|
1.86
|
|
Dividends per common share - declared
|
|
$
|
0.34
|
|
|
$
|
0.34
|
|
|
$
|
0.34
|
|
|
$
|
0.34
|
|
|
|
Fiscal Year 2018
|
||||||||||||||
in millions, except per share amounts
|
|
1st Quarter
|
|
2nd Quarter
|
|
3rd Quarter
|
|
4th Quarter
|
||||||||
Net revenues
|
|
$
|
1,726
|
|
|
$
|
1,812
|
|
|
$
|
1,837
|
|
|
$
|
1,899
|
|
Non-interest expenses
|
|
$
|
1,415
|
|
|
$
|
1,480
|
|
|
$
|
1,519
|
|
|
$
|
1,549
|
|
Pre-tax income
|
|
$
|
311
|
|
|
$
|
332
|
|
|
$
|
318
|
|
|
$
|
350
|
|
Net income
|
|
$
|
119
|
|
|
$
|
243
|
|
|
$
|
232
|
|
|
$
|
263
|
|
Earnings per common share - basic
|
|
$
|
0.82
|
|
|
$
|
1.67
|
|
|
$
|
1.59
|
|
|
$
|
1.80
|
|
Earnings per common share - diluted
|
|
$
|
0.80
|
|
|
$
|
1.63
|
|
|
$
|
1.55
|
|
|
$
|
1.76
|
|
Dividends per common share - declared
|
|
$
|
0.25
|
|
|
$
|
0.25
|
|
|
$
|
0.30
|
|
|
$
|
0.30
|
|
ITEM 9A.
|
CONTROLS AND PROCEDURES
|
ITEM 9B.
|
OTHER INFORMATION
|
ITEM 10.
|
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
|
(a)
|
Financial Statements and Schedules
|
(b)
|
Exhibit listing
|
Exhibit Number
|
|
Description
|
3.1
|
|
|
3.2
|
|
|
4.1
|
|
|
4.2.1
|
|
|
4.2.2
|
|
|
4.2.3
|
|
|
4.2.4
|
|
|
4.2.5
|
|
|
10.1
|
*
|
|
10.2
|
|
Exhibit Number
|
|
Description
|
101.INS
|
|
XBRL Instance Document (The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.)
|
101.SCH
|
|
Inline XBRL Taxonomy Extension Schema Document.
|
101.CAL
|
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
|
101.DEF
|
|
Inline XBRL Taxonomy Extension Definition Linkbase Document.
|
101.LAB
|
|
Inline XBRL Taxonomy Extension Label Linkbase Document.
|
101.PRE
|
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
|
104
|
|
Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
RAYMOND JAMES FINANCIAL, INC.
|
|
By: /s/ PAUL C. REILLY
|
Paul C. Reilly, Chairman and Chief Executive Officer
|
Signature
|
Title
|
Date
|
/s/ PAUL C. REILLY
|
Chairman and Chief Executive Officer (Principal Executive Officer) and Director
|
November 26, 2019
|
Paul C. Reilly
|
|
|
|
|
|
/s/ JEFFREY P. JULIEN
|
Executive Vice President - Finance and Chief Financial Officer (Principal Financial Officer)
|
November 26, 2019
|
Jeffrey P. Julien
|
|
|
|
|
|
/s/ JENNIFER C. ACKART
|
Senior Vice President, Controller and Chief Accounting Officer (Principal Accounting Officer)
|
November 26, 2019
|
Jennifer C. Ackart
|
|
|
|
|
|
/s/ THOMAS A. JAMES
|
Chairman Emeritus and Director
|
November 26, 2019
|
Thomas A. James
|
|
|
|
|
|
/s/ CHARLES G. VON ARENTSCHILDT
|
Director
|
November 26, 2019
|
Charles G. von Arentschildt
|
|
|
|
|
|
/s/ SHELLEY G. BROADER
|
Director
|
November 26, 2019
|
Shelley G. Broader
|
|
|
|
|
|
/s/ ROBERT M. DUTKOWSKY
|
Director
|
November 26, 2019
|
Robert M. Dutkowsky
|
|
|
|
|
|
/s/ JEFFREY N. EDWARDS
|
Director
|
November 26, 2019
|
Jeffrey N. Edwards
|
|
|
|
|
|
/s/ BENJAMIN C. ESTY
|
Director
|
November 26, 2019
|
Benjamin C. Esty
|
|
|
|
|
|
/s/ ANNE GATES
|
Director
|
November 26, 2019
|
Anne Gates
|
|
|
|
|
|
/s/ FRANCIS S. GODBOLD
|
Vice Chairman and Director
|
November 26, 2019
|
Francis S. Godbold
|
|
|
|
|
|
/s/ GORDON L. JOHNSON
|
Director
|
November 26, 2019
|
Gordon L. Johnson
|
|
|
|
|
|
/s/ RODERICK C. MCGEARY
|
Director
|
November 26, 2019
|
Roderick C. McGeary
|
|
|
|
|
|
/s/ RAJ SESHADRI
|
Director
|
November 26, 2019
|
Raj Seshadri
|
|
|
|
|
|
/s/ SUSAN N. STORY
|
Director
|
November 26, 2019
|
Susan N. Story
|
|
|
•
|
the Articles provide that the affirmative vote of the holders of 66-2/3% of the outstanding shares of Common Stock is required to effect any merger, consolidation or sale of all or substantially all of its assets;
|
•
|
the Board is authorized to approve the issuance of one more series of Preferred Stock without further authorization of the holders of Common Stock and to fix the number of shares, the designations and the relative rights and the limitations of any series of Preferred Stock, and as a result the Board, without the approval of holders of Common Stock, could authorize the issuance of Preferred Stock with voting, conversion and other rights of holders of Common Stock or other series of Preferred Stock or that could have the effect of delaying, deferring or preventing a change in control of the Company; and
|
•
|
the Company’s By-Laws specify an advance notice procedure for holders of Common Stock seeking to nominate persons to stand for election to the Board or to propose other business for consideration at a meeting of the holders of Common Stock, which requires that advance written notice and certain other information be provided to the Company, in accordance with the By-Laws.
|
Entity Name
|
State/Country of Incorporation
|
Subsidiary or Joint Venture of
|
740780 Carillon, LLC
|
Florida
|
Raymond James Financial, Inc.
|
800 Carillon, LLC
|
Florida
|
Raymond James Financial, Inc.
|
Carillon Fund Distributors, Inc.
|
Florida
|
Eagle Asset Management, Inc.
|
Carillon Fund Services, Inc.
|
Florida
|
Carillon Tower Advisers, Inc.
|
Carillon Tower Advisers, Inc.
|
Florida
|
Raymond James Financial, Inc.
|
ClariVest Asset Management, LLC
|
Delaware
|
Eagle Asset Management, Inc.
|
Cougar Global ETF Portfolio Management Inc.
|
Delaware
|
Cougar Global Investments Limited
|
Cougar Global Investments Limited
|
Ontario
|
Raymond James International Canada, Inc.
|
Eagle Asset Management, Inc.
|
Florida
|
Carillon Tower Advisers, Inc.
|
Eagle Boston Investment Management, Inc.
|
Florida
|
Eagle Asset Management, Inc.
|
EB Management I, LLC
|
Florida
|
Eagle Asset Management, Inc.
|
Former WT, Inc.
|
Tennessee
|
MK Holding, Inc.
|
Gateway Institutional Tax Credit Fund II, Ltd
|
Florida
|
Raymond James Tax Credit Funds, Inc.
|
Merchant Bankers, Inc.
|
Tennessee
|
MK Holding, Inc.
|
MK Holding, Inc.
|
Alabama
|
Raymond James Financial, Inc.
|
MK Investment Management, Inc.
|
Delaware
|
MK Holding, Inc.
|
MK Mezzanine Management, LLC
|
Delaware
|
Morgan Properties, LLC
|
Morgan Keegan & Associates, LLC
|
Delaware
|
MK Holding, Inc.
|
Morgan Keegan & Company, LLC
|
Tennessee
|
Raymond James Financial, Inc.
|
Morgan Keegan Employee Investment Fund, LP
|
Delaware
|
Merchant Bankers, Inc.
|
Morgan Keegan Fund Management, Inc.
|
Tennessee
|
MK Holding, Inc.
|
Morgan Keegan Mezzanine Fund, LP
|
Delaware
|
MK Mezzanine Management, LLC
|
Morgan Keegan Private Equity Employee Fund of Funds II, LP
|
Delaware
|
MK Investment Management, Inc.
|
Morgan Keegan Private Equity Fund of Funds II, LP
|
Delaware
|
MK Investment Management, Inc.
|
Morgan Keegan Private Equity Fund of Funds II Blocker, LLC
|
Delaware
|
Morgan Keegan Private Equity QP Fund of Funds II, LP; Morgan Keegan Private Equity Fund of Funds II, LP; Morgan Keegan Private Equity Employee Fund of Funds II, LP
|
Morgan Keegan Private Equity Fund of Funds II Holdings, LP
|
Delaware
|
Morgan Keegan Private Equity QP Fund of Funds II, LP; Morgan Keegan Private Equity Fund of Funds II, LP; Morgan Keegan Private Equity Employee Fund of Funds II, LP; Morgan Keegan Private Equity Fund of Funds II Blocker, LLC
|
Morgan Keegan Private Equity QP Fund of Funds II, LP
|
Delaware
|
MK Investment Management, Inc.
|
Morgan Properties, LLC
|
Tennessee
|
Raymond James Investments, LLC
|
Native American Housing Fund I Limited Partnership
|
District of Columbia
|
Raymond James Tax Credit Funds, Inc.
|
Native American Housing Fund II Limited Partnership
|
District of Columbia
|
Raymond James Tax Credit Funds, Inc.
|
Native American Housing Fund III, L.L.C.
|
Delaware
|
Raymond James Tax Credit Funds, Inc.
|
Native American Housing Fund IV, L.L.C.
|
Delaware
|
Raymond James Tax Credit Funds, Inc.
|
Native American Housing Fund V, L.L.C.
|
Delaware
|
Raymond James Tax Credit Funds, Inc.
|
Preferred Fund of Funds, LLC
|
Delaware
|
Morgan Keegan Fund Management, Inc.
|
Raymond James & Associates, Inc.
|
Florida
|
Raymond James Financial, Inc.
|
Raymond James (USA) Ltd.
|
Canada
|
Raymond James Ltd.
|
Raymond James Affordable Housing Fund 1 LP
|
Delaware
|
Raymond James Tax Credit Funds, Inc.
|
Raymond James Affordable Housing Fund 2 LP
|
Delaware
|
Raymond James Tax Credit Funds, Inc.
|
Raymond James Affordable Housing Fund 4 LLC
|
Delaware
|
Raymond James Tax Credit Funds, Inc.
|
Raymond James Affordable Housing Fund 5 LLC
|
Delaware
|
Raymond James Tax Credit Funds, Inc.
|
Raymond James Affordable Housing Fund 6 LLC
|
Delaware
|
Raymond James Tax Credit Funds, Inc.
|
Entity Name
|
State/Country of Incorporation
|
Subsidiary or Joint Venture of
|
Raymond James Affordable Housing Fund 7 LLC
|
Delaware
|
Raymond James Tax Credit Funds, Inc.
|
Raymond James Affordable Housing Fund 8 LLC
|
Delaware
|
Raymond James Tax Credit Funds, Inc.
|
Raymond James Affordable Housing Fund 9 LLC
|
Delaware
|
Raymond James Tax Credit Funds, Inc.
|
Raymond James Affordable Housing Fund 10 LLC
|
Delaware
|
Raymond James Tax Credit Funds, Inc.
|
Raymond James Asset Management International, S.A.
|
France
|
Raymond James International Holdings, Inc.
|
Raymond James Bank, National Association
|
U.S.A.
|
Raymond James Financial, Inc.
|
Raymond James Canada, LLC
|
Florida
|
Raymond James Financial, Inc.
|
Raymond James Canadian Acquisition, Inc.
|
Florida
|
Raymond James Bank, National Association
|
Raymond James Canadian Holdings, LLC
|
Florida
|
Raymond James Canadian Acquisition, Inc.
|
Raymond James Capital Inc.
|
Delaware
|
Raymond James Financial, Inc.
|
Raymond James Capital Funding, Inc.
|
Florida
|
Raymond James Bank, National Association
|
Raymond James Capital Services, LLC
|
Delaware
|
MK Holding, Inc.
|
Raymond James Community Reinvestment Fund 1, LLC
|
Florida
|
Raymond James Bank, National Association
|
Raymond James Corporate Finance GesmbH
|
Austria
|
Raymond James Corporate Finance GmbH
|
Raymond James Corporate Finance GmbH
|
Germany
|
Raymond James Global Holdings Limited
|
Raymond James Development Tax Credit Fund LLC
|
Delaware
|
Raymond James Tax Credit Funds, Inc.
|
Raymond James Euro Equities SAS
|
France
|
Raymond James European Securities S.A.S.
|
Raymond James European Holdings, Inc.
|
Florida
|
Raymond James International Holdings, Inc.
|
Raymond James European Securities S.A.S.
|
France
|
Raymond James International Holdings, Inc.
|
Raymond James Finance Company of Canada, Ltd.
|
Canada
|
Raymond James Canadian Holdings, LLC
|
Raymond James Financial International Limited
|
U.K.
|
Raymond James International Holdings, Inc.
|
Raymond James Financial Management Ltd.
|
Canada
|
Raymond James Ltd.
|
Raymond James Financial Planning Ltd.
|
British Columbia
|
Raymond James Ltd.
|
Raymond James Financial Products, Inc.
|
Tennessee
|
MK Holding, Inc.
|
Raymond James Financial Services Advisors, Inc.
|
Florida
|
Raymond James Financial, Inc.
|
Raymond James Financial Services, Inc.
|
Florida
|
Raymond James Financial, Inc.
|
Raymond James Global Holdings Limited
|
U.K.
|
Raymond James International Holdings, Inc
|
Raymond James Holdings, Ltd.
|
Florida
|
Residual Partners
|
Raymond James Insurance Group, Inc.
|
Florida
|
Raymond James Financial, Inc.
|
Raymond James International Canada, Inc.
|
Florida
|
Raymond James International Holdings, Inc.
|
Raymond James International Holdings, Inc.
|
Florida
|
Raymond James Financial, Inc.
|
Raymond James Investment Counsel Ltd.
|
Canada
|
Raymond James Ltd.
|
Raymond James Investments, LLC
|
Florida
|
Raymond James Financial, Inc.
|
Raymond James Investment Services Limited
|
U.K.
|
Raymond James Financial, Inc.
|
Raymond James Latin America S.A.
|
Uruguay
|
Raymond James South American Holdings, Inc.
|
Raymond James Ltd.
|
Canada
|
Raymond James Canada, LLC
|
Raymond James Management, LLC
|
Delaware
|
Raymond James Investments, LLC
|
Raymond James Management-EPG, LLC
|
Delaware
|
Raymond James Investments, LLC
|
Raymond James Management-Forensics, LLC
|
Delaware
|
Raymond James Investments, LLC
|
Raymond James Mortgage Company, Inc.
|
Tennessee
|
MK Holding, Inc.
|
Raymond James Multifamily Finance, Inc.
|
Florida
|
Raymond James Tax Credit Funds, Inc.
|
Raymond James Municipal Products, Inc.
|
Delaware
|
MK Holding, Inc.
|
Raymond James Preservation Opportunities Fund III L.L.C.
|
Florida
|
Raymond James Multifamily Finance, Inc.
|
Raymond James Preservation Opportunities Fund XX L.L.C.
|
Florida
|
Raymond James Multifamily Finance, Inc.
|
Raymond James Research Services, LLC
|
Florida
|
Raymond James Financial, Inc.
|
Raymond James South American Holdings, Inc.
|
Florida
|
Raymond James International Holdings, Inc.
|
Raymond James Structured Products, Inc.
|
Delaware
|
MK Holding, Inc.
|
Raymond James Tax Credit Fund 34 L.L.C.
|
Delaware
|
Raymond James Tax Credit Funds, Inc.
|
Raymond James Tax Credit Fund 45 L.L.C.
|
Florida
|
Raymond James Tax Credit Funds, Inc.
|
Raymond James Tax Credit Fund XI L.L.C.
|
Delaware
|
Raymond James Tax Credit Funds, Inc.
|
Raymond James Tax Credit Fund XVIII L.L.C.
|
Delaware
|
Raymond James Tax Credit Funds, Inc.
|
Raymond James Tax Credit Fund XX L.L.C.
|
Florida
|
Raymond James Tax Credit Funds, Inc.
|
Entity Name
|
State/Country of Incorporation
|
Subsidiary or Joint Venture of
|
Raymond James Tax Credit Fund XXI L.L.C.
|
Delaware
|
Raymond James Tax Credit Funds, Inc.
|
Raymond James Tax Credit Fund XXIII L.L.C.
|
Delaware
|
Raymond James Tax Credit Funds, Inc.
|
Raymond James Tax Credit Funds, Inc.
|
Florida
|
Raymond James Financial, Inc.
|
Raymond James Trust, National Association
|
U.S.A.
|
Raymond James Financial, Inc.
|
Raymond James Trust (Quebec) Ltd.
|
Quebec
|
Raymond James Ltd.
|
Raymond James Yatirim Menkul Kiymetler A.S.
|
Turkey
|
Raymond James European Holdings, Inc.
|
Residual Partners
|
Florida
|
Raymond James Financial, Inc.
|
RJ Capital Services, Inc.
|
Delaware
|
Raymond James Financial, Inc.
|
RJ Economic Development Fund, Inc.
|
Florida
|
Raymond James Financial, Inc.
|
RJ Partners, Inc.
|
Florida
|
Raymond James Financial, Inc.
|
RJ Securities, Inc.
|
Florida
|
Raymond James Investments, LLC
|
RJA Structured Finance, Inc.
|
Delaware
|
Raymond James Financial, Inc.
|
RJC Event Photos, LLC
|
Delaware
|
Raymond James Investments, LLC
|
RJC Forensics, LLC
|
Delaware
|
Raymond James Investments, LLC
|
RJC Partners, Inc.
|
Delaware
|
Raymond James Financial, Inc.
|
RJOZF 2 L.L.C.
|
Florida
|
Raymond James Tax Credit Funds, Inc.
|
RJTCF Disposition Corporation
|
Florida
|
RJTCF Disposition Fund, LLC
|
RJTCF Disposition Fund, LLC
|
Florida
|
Raymond James Tax Credit Funds, Inc.
|
Scout Investments, Inc.
|
Missouri
|
Carillon Tower Advisers, Inc.
|
Silver Lane Advisors LLC
|
Delaware
|
SLA Acquisition Co.
|
SLA Acquisition Co.
|
Florida
|
Raymond James Financial, Inc.
|
SLG Partners GP, LLC
|
Delaware
|
Raymond James Investments, LLC; Raymond James Management, LLC
|
SLG Partners, LP
|
Delaware
|
SLG Partners GP, LLC
|
SLG Partners, LP II
|
Delaware
|
SLG Partners GP, LLC
|
The Producers Choice LLC
|
Michigan
|
Raymond James Insurance Group, Inc.
|
Value Partners, Inc.
|
Florida
|
Raymond James Tax Credit Funds, Inc.
|
Wiregrass Raymond James, LLC
|
Florida
|
Raymond James Financial, Inc.
|
|
Date:
|
November 26, 2019
|
|
/s/ PAUL C. REILLY
|
|
Paul C. Reilly
|
|
Chairman and Chief Executive Officer
|
|
Date:
|
November 26, 2019
|
|
/s/ JEFFREY P. JULIEN
|
|
Jeffrey P. Julien
|
|
Executive Vice President - Finance and Chief Financial Officer
|
|
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
/s/ PAUL C. REILLY
|
|
Paul C. Reilly
|
|
Chairman and Chief Executive Officer
|
|
November 26, 2019
|
|
/s/ JEFFREY P. JULIEN
|
|
Jeffrey P. Julien
|
|
Executive Vice President - Finance and Chief Financial Officer
|
|
November 26, 2019
|