QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF | |||||
THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF | |||||
THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from | to |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
x | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
INDEX | |||||||||||
PAGE | |||||||||||
PART I | FINANCIAL INFORMATION | ||||||||||
Item 1. | |||||||||||
Condensed Consolidated Statements of Financial Condition (Unaudited) | |||||||||||
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) | |||||||||||
Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) | |||||||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) | |||||||||||
Note 1 - Organization and basis of presentation | |||||||||||
Note 2 - Update of significant accounting policies | |||||||||||
Note 3 - Acquisitions | |||||||||||
Note 4 - Fair value | |||||||||||
Note 5 - Available-for-sale securities | |||||||||||
Note 6 - Derivative assets and derivative liabilities | |||||||||||
Note 7 - Collateralized agreements and financings | |||||||||||
Note 8 - Bank loans, net | |||||||||||
Note 9 - Loans to financial advisors, net | |||||||||||
Note 10 - Variable interest entities | |||||||||||
Note 11 - Goodwill and identifiable intangible assets, net | |||||||||||
Note 12 - Leases | |||||||||||
Note 13 - Bank deposits | |||||||||||
Note 14 - Senior notes payable | |||||||||||
Note 15 - Income taxes | |||||||||||
Note 16 - Commitments, contingencies and guarantees | |||||||||||
Note 17 - Accumulated other comprehensive income/(loss) | |||||||||||
Note 18 - Revenues | |||||||||||
Note 19 - Interest income and interest expense | |||||||||||
Note 20 - Share-based compensation | |||||||||||
Note 21 - Regulatory capital requirements | |||||||||||
Note 22 - Earnings per share | |||||||||||
Note 23 - Segment information | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
PART II | |||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | ||||||||||
Item 3. | |||||||||||
Item 4. | Mine Safety Disclosures | ||||||||||
Item 5. | |||||||||||
Item 6. | |||||||||||
$ in millions, except per share amounts | June 30, 2021 | September 30, 2020 | ||||||||||||
Assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Assets segregated pursuant to regulations ($ | ||||||||||||||
Collateralized agreements | ||||||||||||||
Financial instruments, at fair value: | ||||||||||||||
Trading assets ($ | ||||||||||||||
Available-for-sale securities ($ | ||||||||||||||
Derivative assets | ||||||||||||||
Other investments ($ | ||||||||||||||
Brokerage client receivables, net | ||||||||||||||
Other receivables, net | ||||||||||||||
Bank loans, net | ||||||||||||||
Loans to financial advisors, net | ||||||||||||||
Property and equipment, net | ||||||||||||||
Deferred income taxes, net | ||||||||||||||
Goodwill and identifiable intangible assets, net | ||||||||||||||
Other assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities and shareholders’ equity: | ||||||||||||||
Bank deposits | $ | $ | ||||||||||||
Collateralized financings | ||||||||||||||
Financial instrument liabilities, at fair value: | ||||||||||||||
Trading liabilities | ||||||||||||||
Derivative liabilities | ||||||||||||||
Brokerage client payables | ||||||||||||||
Accrued compensation, commissions and benefits | ||||||||||||||
Other payables | ||||||||||||||
Other borrowings | ||||||||||||||
Senior notes payable | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and contingencies (see Note 16) | ||||||||||||||
Shareholders’ equity | ||||||||||||||
Preferred stock; $ | ||||||||||||||
Common stock; $ | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Retained earnings | ||||||||||||||
Treasury stock, at cost; | ( | ( | ||||||||||||
Accumulated other comprehensive income/(loss) | ( | |||||||||||||
Total equity attributable to Raymond James Financial, Inc. | ||||||||||||||
Noncontrolling interests | ||||||||||||||
Total shareholders’ equity | ||||||||||||||
Total liabilities and shareholders’ equity | $ | $ |
Three months ended June 30, | Nine months ended June 30, | |||||||||||||||||||||||||
in millions, except per share amounts | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Asset management and related administrative fees | $ | $ | $ | $ | ||||||||||||||||||||||
Brokerage revenues: | ||||||||||||||||||||||||||
Securities commissions | ||||||||||||||||||||||||||
Principal transactions | ||||||||||||||||||||||||||
Total brokerage revenues | ||||||||||||||||||||||||||
Account and service fees | ||||||||||||||||||||||||||
Investment banking | ||||||||||||||||||||||||||
Interest income | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total revenues | ||||||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | ||||||||||||||||||||||
Net revenues | ||||||||||||||||||||||||||
Non-interest expenses: | ||||||||||||||||||||||||||
Compensation, commissions and benefits | ||||||||||||||||||||||||||
Non-compensation expenses: | ||||||||||||||||||||||||||
Communications and information processing | ||||||||||||||||||||||||||
Occupancy and equipment | ||||||||||||||||||||||||||
Business development | ||||||||||||||||||||||||||
Investment sub-advisory fees | ||||||||||||||||||||||||||
Professional fees | ||||||||||||||||||||||||||
Bank loan provision/(benefit) for credit losses | ( | ( | ||||||||||||||||||||||||
Losses on extinguishment of debt | ||||||||||||||||||||||||||
Acquisition-related expenses | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total non-compensation expenses | ||||||||||||||||||||||||||
Total non-interest expenses | ||||||||||||||||||||||||||
Pre-tax income | ||||||||||||||||||||||||||
Provision for income taxes | ||||||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Earnings per common share – basic | $ | $ | $ | $ | ||||||||||||||||||||||
Earnings per common share – diluted | $ | $ | $ | $ | ||||||||||||||||||||||
Weighted-average common shares outstanding – basic | ||||||||||||||||||||||||||
Weighted-average common and common equivalent shares outstanding – diluted | ||||||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Other comprehensive income/(loss), net of tax: | ||||||||||||||||||||||||||
Available-for-sale securities | ( | |||||||||||||||||||||||||
Currency translations, net of the impact of net investment hedges | ( | |||||||||||||||||||||||||
Cash flow hedges | ( | ( | ( | |||||||||||||||||||||||
Total other comprehensive income/(loss), net of tax | ( | |||||||||||||||||||||||||
Total comprehensive income | $ | $ | $ | $ |
Three months ended June 30, | Nine months ended June 30, | |||||||||||||||||||||||||
$ in millions, except per share amounts | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Common stock, par value $ | ||||||||||||||||||||||||||
Balance beginning of period | $ | $ | $ | $ | ||||||||||||||||||||||
Share issuances | ||||||||||||||||||||||||||
Balance end of period | ||||||||||||||||||||||||||
Additional paid-in capital: | ||||||||||||||||||||||||||
Balance beginning of period | ||||||||||||||||||||||||||
Employee stock purchases | ||||||||||||||||||||||||||
Exercise of stock options and vesting of restricted stock units, net of forfeitures | ( | ( | ( | ( | ||||||||||||||||||||||
Restricted stock, stock option and restricted stock unit expense | ||||||||||||||||||||||||||
Balance end of period | ||||||||||||||||||||||||||
Retained earnings: | ||||||||||||||||||||||||||
Balance beginning of period | ||||||||||||||||||||||||||
( | ||||||||||||||||||||||||||
Net income attributable to Raymond James Financial, Inc. | ||||||||||||||||||||||||||
Cash dividends declared (see Note 22) | ( | ( | ( | ( | ||||||||||||||||||||||
Balance end of period | ||||||||||||||||||||||||||
Treasury stock: | ||||||||||||||||||||||||||
Balance beginning of period | ( | ( | ( | ( | ||||||||||||||||||||||
Purchases/surrenders | ( | ( | ( | |||||||||||||||||||||||
Exercise of stock options and vesting of restricted stock units, net of forfeitures | ||||||||||||||||||||||||||
Balance end of period | ( | ( | ( | ( | ||||||||||||||||||||||
Accumulated other comprehensive income/(loss): | ||||||||||||||||||||||||||
Balance beginning of period | ( | ( | ( | |||||||||||||||||||||||
Other comprehensive income/(loss), net of tax | ( | |||||||||||||||||||||||||
Balance end of period | ( | ( | ||||||||||||||||||||||||
Total equity attributable to Raymond James Financial, Inc. | $ | $ | $ | $ | ||||||||||||||||||||||
Noncontrolling interests: | ||||||||||||||||||||||||||
Balance beginning of period | $ | $ | $ | $ | ||||||||||||||||||||||
Net income/(loss) attributable to noncontrolling interests | ( | ( | ||||||||||||||||||||||||
Other | ( | ( | ||||||||||||||||||||||||
Balance end of period | ||||||||||||||||||||||||||
Total shareholders’ equity | $ | $ | $ | $ |
Nine months ended June 30, | ||||||||||||||
$ in millions | 2021 | 2020 | ||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income | $ | $ | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Deferred income taxes | ( | ( | ||||||||||||
Premium and discount amortization on available-for-sale securities and loss on other investments | ||||||||||||||
Provisions/(benefits) for credit losses and legal and regulatory proceedings | ( | |||||||||||||
Share-based compensation expense | ||||||||||||||
Unrealized gain on company-owned life insurance policies, net of expenses | ( | ( | ||||||||||||
Losses on extinguishment of debt | ||||||||||||||
Other | ||||||||||||||
Net change in: | ||||||||||||||
Assets segregated pursuant to regulations excluding cash and cash equivalents | ( | |||||||||||||
Collateralized agreements, net of collateralized financings | ( | ( | ||||||||||||
Loans provided to financial advisors, net of repayments | ( | ( | ||||||||||||
Brokerage client receivables and other accounts receivable, net | ( | |||||||||||||
Trading instruments, net | ||||||||||||||
Derivative instruments, net | ( | |||||||||||||
Other assets | ( | ( | ||||||||||||
Brokerage client payables and other accounts payable | ||||||||||||||
Accrued compensation, commissions and benefits | ( | |||||||||||||
Purchases and originations of loans held for sale, net of proceeds from sales of securitizations and loans held for sale | ( | |||||||||||||
Net cash provided by operating activities | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||
Additions to property and equipment | ( | ( | ||||||||||||
Increase in bank loans, net | ( | ( | ||||||||||||
Proceeds from sales of loans held for investment | ||||||||||||||
Purchases of available-for-sale securities | ( | ( | ||||||||||||
Available-for-sale securities maturations, repayments and redemptions | ||||||||||||||
Proceeds from sales of available-for-sale securities | ||||||||||||||
Business acquisitions, net of cash acquired | ( | ( | ||||||||||||
Other investing activities, net | ( | |||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | ||||||||||||||
Nine months ended June 30, | ||||||||||||||
$ in millions | 2021 | 2020 | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Proceeds from Federal Home Loan Bank advances | ||||||||||||||
Repayments of Federal Home Loan Bank advances and other borrowed funds | ( | ( | ||||||||||||
Proceeds from senior notes issuances, net of debt issuance costs paid | ||||||||||||||
Extinguishment of senior notes payable | ( | |||||||||||||
Exercise of stock options and employee stock purchases | ||||||||||||||
Increase in bank deposits | ||||||||||||||
Purchases of treasury stock | ( | ( | ||||||||||||
Dividends on common stock | ( | ( | ||||||||||||
Other financing, net | ( | ( | ||||||||||||
Net cash provided by financing activities | ||||||||||||||
Currency adjustment: | ||||||||||||||
Effect of exchange rate changes on cash | ( | |||||||||||||
Net increase in cash and cash equivalents, including those segregated pursuant to regulations | ||||||||||||||
Cash and cash equivalents, including those segregated pursuant to regulations at beginning of year | ||||||||||||||
Cash and cash equivalents, including those segregated pursuant to regulations at end of period | $ | $ | ||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Cash and cash equivalents segregated pursuant to regulations | ||||||||||||||
Total cash and cash equivalents, including those segregated pursuant to regulations at end of period | $ | $ | ||||||||||||
Supplemental disclosures of cash flow information: | ||||||||||||||
Cash paid for interest | $ | $ | ||||||||||||
Cash paid for income taxes, net | $ | $ | ||||||||||||
Cash outflows for lease liabilities | $ | $ | ||||||||||||
Non-cash right-of-use (“ROU”) assets recorded for new and modified leases | $ | $ |
$ in millions | Level 1 | Level 2 | Level 3 | Netting adjustments | Balance as of June 30, 2021 | |||||||||||||||||||||||||||
Assets at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||
Assets segregated pursuant to regulations | $ | $ | $ | $ | — | $ | ||||||||||||||||||||||||||
Trading assets: | ||||||||||||||||||||||||||||||||
Municipal and provincial obligations | — | |||||||||||||||||||||||||||||||
Corporate obligations | — | |||||||||||||||||||||||||||||||
Government and agency obligations | — | |||||||||||||||||||||||||||||||
Agency MBS and agency CMOs | — | |||||||||||||||||||||||||||||||
Non-agency CMOs and asset-backed securities (“ABS”) | — | |||||||||||||||||||||||||||||||
Total debt securities | — | |||||||||||||||||||||||||||||||
Equity securities | — | |||||||||||||||||||||||||||||||
Brokered certificates of deposit | — | |||||||||||||||||||||||||||||||
Other | — | |||||||||||||||||||||||||||||||
Total trading assets | — | |||||||||||||||||||||||||||||||
Available-for-sale securities (1) | — | |||||||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||
Interest rate - matched book | — | |||||||||||||||||||||||||||||||
Interest rate - other | ( | |||||||||||||||||||||||||||||||
Foreign exchange | — | |||||||||||||||||||||||||||||||
Other | — | |||||||||||||||||||||||||||||||
Total derivative assets | ( | |||||||||||||||||||||||||||||||
Other investments - private equity - not measured at net asset value (“NAV”) | — | |||||||||||||||||||||||||||||||
All other investments: | ||||||||||||||||||||||||||||||||
Government and agency obligations (2) | — | |||||||||||||||||||||||||||||||
Other | — | |||||||||||||||||||||||||||||||
Total all other investments | — | |||||||||||||||||||||||||||||||
Subtotal | ( | |||||||||||||||||||||||||||||||
Other investments - private equity - measured at NAV | ||||||||||||||||||||||||||||||||
Total assets at fair value on a recurring basis | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||
Liabilities at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||
Trading liabilities: | ||||||||||||||||||||||||||||||||
Municipal and provincial obligations | $ | $ | $ | $ | — | $ | ||||||||||||||||||||||||||
Corporate obligations | — | |||||||||||||||||||||||||||||||
Government and agency obligations | — | |||||||||||||||||||||||||||||||
Total debt securities | — | |||||||||||||||||||||||||||||||
Equity securities | — | |||||||||||||||||||||||||||||||
Total trading liabilities | — | |||||||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||
Interest rate - matched book | — | |||||||||||||||||||||||||||||||
Interest rate - other | ( | |||||||||||||||||||||||||||||||
Other | — | |||||||||||||||||||||||||||||||
Total derivative liabilities | ( | |||||||||||||||||||||||||||||||
Total liabilities at fair value on a recurring basis | $ | $ | $ | $ | ( | $ |
$ in millions | Level 1 | Level 2 | Level 3 | Netting adjustments | Balance as of September 30, 2020 | |||||||||||||||||||||||||||
Assets at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||
Trading assets: | ||||||||||||||||||||||||||||||||
Municipal and provincial obligations | $ | $ | $ | $ | — | $ | ||||||||||||||||||||||||||
Corporate obligations | — | |||||||||||||||||||||||||||||||
Government and agency obligations | — | |||||||||||||||||||||||||||||||
Agency MBS and agency CMOs | — | |||||||||||||||||||||||||||||||
Non-agency CMOs and ABS | — | |||||||||||||||||||||||||||||||
Total debt securities | — | |||||||||||||||||||||||||||||||
Equity securities | — | |||||||||||||||||||||||||||||||
Brokered certificates of deposit | — | |||||||||||||||||||||||||||||||
Other | — | |||||||||||||||||||||||||||||||
Total trading assets | — | |||||||||||||||||||||||||||||||
Available-for-sale securities (1) | — | |||||||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||
Interest rate - matched book | — | |||||||||||||||||||||||||||||||
Interest rate - other | ( | |||||||||||||||||||||||||||||||
Total derivative assets | ( | |||||||||||||||||||||||||||||||
Other investments - private equity - not measured at NAV | — | |||||||||||||||||||||||||||||||
All other investments: | ||||||||||||||||||||||||||||||||
Government and agency obligations (2) | — | |||||||||||||||||||||||||||||||
Other | — | |||||||||||||||||||||||||||||||
Total all other investments | — | |||||||||||||||||||||||||||||||
Subtotal | ( | |||||||||||||||||||||||||||||||
Other investments - private equity - measured at NAV | ||||||||||||||||||||||||||||||||
Total assets at fair value on a recurring basis | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||
Liabilities at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||
Trading liabilities: | ||||||||||||||||||||||||||||||||
Municipal and provincial obligations | $ | $ | $ | $ | — | $ | ||||||||||||||||||||||||||
Corporate obligations | — | |||||||||||||||||||||||||||||||
Government and agency obligations | — | |||||||||||||||||||||||||||||||
Non-agency CMOs and ABS | — | |||||||||||||||||||||||||||||||
Total debt securities | — | |||||||||||||||||||||||||||||||
Equity securities | — | |||||||||||||||||||||||||||||||
Total trading liabilities | — | |||||||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||
Interest rate - matched book | — | |||||||||||||||||||||||||||||||
Interest rate - other | ( | |||||||||||||||||||||||||||||||
Foreign exchange | — | |||||||||||||||||||||||||||||||
Other | — | |||||||||||||||||||||||||||||||
Total derivative liabilities | ( | |||||||||||||||||||||||||||||||
Total liabilities at fair value on a recurring basis | $ | $ | $ | $ | ( | $ |
Three months ended June 30, 2021 Level 3 instruments at fair value | ||||||||||||||||||||||||||||||||||||||
Financial assets | Financial liabilities | |||||||||||||||||||||||||||||||||||||
Trading assets | Derivative assets | Other investments | Trading liabilities | Derivative liabilities | ||||||||||||||||||||||||||||||||||
$ in millions | Other | Other | Private equity investments | All other | Other | Other | ||||||||||||||||||||||||||||||||
Fair value beginning of period | $ | $ | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||||||||||||
Total gains/(losses) included in earnings | ||||||||||||||||||||||||||||||||||||||
Purchases and contributions | ||||||||||||||||||||||||||||||||||||||
Sales and distributions | ( | |||||||||||||||||||||||||||||||||||||
Transfers: | ||||||||||||||||||||||||||||||||||||||
Into Level 3 | ||||||||||||||||||||||||||||||||||||||
Out of Level 3 | ||||||||||||||||||||||||||||||||||||||
Fair value end of period | $ | $ | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||||||
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period | $ | $ | $ | $ | $ | $ |
Nine Months Ended June 30, 2021 Level 3 instruments at fair value | ||||||||||||||||||||||||||||||||||||||
Financial assets | Financial liabilities | |||||||||||||||||||||||||||||||||||||
Trading assets | Derivative assets | Other investments | Trading liabilities | Derivative liabilities | ||||||||||||||||||||||||||||||||||
$ in millions | Other | Other | Private equity investments | All other | Other | Other | ||||||||||||||||||||||||||||||||
Fair value beginning of period | $ | $ | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||||||
Total gains/(losses) included in earnings | ||||||||||||||||||||||||||||||||||||||
Purchases and contributions | ||||||||||||||||||||||||||||||||||||||
Sales and distributions | ( | |||||||||||||||||||||||||||||||||||||
Transfers: | ||||||||||||||||||||||||||||||||||||||
Into Level 3 | ||||||||||||||||||||||||||||||||||||||
Out of Level 3 | ||||||||||||||||||||||||||||||||||||||
Fair value end of period | $ | $ | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||||||
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period | $ | $ | $ | $ | $ | $ |
Three months ended June 30, 2020 Level 3 instruments at fair value | ||||||||||||||||||||||||||
Financial assets | Financial liabilities | |||||||||||||||||||||||||
Trading assets | Other investments | Trading liabilities | ||||||||||||||||||||||||
$ in millions | Other | Private equity investments | All other | Other | ||||||||||||||||||||||
Fair value beginning of period | $ | $ | $ | $ | ||||||||||||||||||||||
Total gains/(losses) included in earnings | ( | |||||||||||||||||||||||||
Purchases and contributions | ||||||||||||||||||||||||||
Sales and distributions | ( | |||||||||||||||||||||||||
Transfers: | ||||||||||||||||||||||||||
Into Level 3 | ||||||||||||||||||||||||||
Out of Level 3 | ||||||||||||||||||||||||||
Fair value end of period | $ | $ | $ | $ | ||||||||||||||||||||||
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period | $ | $ | $ | $ |
Nine Months Ended June 30, 2020 Level 3 instruments at fair value | ||||||||||||||||||||||||||
Financial assets | Financial liabilities | |||||||||||||||||||||||||
Trading assets | Other investments | Trading liabilities | ||||||||||||||||||||||||
$ in millions | Other | Private equity investments | All other | Other | ||||||||||||||||||||||
Fair value beginning of period | $ | $ | $ | $ | ( | |||||||||||||||||||||
Total gains/(losses) included in earnings | ( | ( | ( | |||||||||||||||||||||||
Purchases and contributions | ||||||||||||||||||||||||||
Sales and distributions | ( | ( | ( | |||||||||||||||||||||||
Transfers: | ||||||||||||||||||||||||||
Into Level 3 | ||||||||||||||||||||||||||
Out of Level 3 | ||||||||||||||||||||||||||
Fair value end of period | $ | $ | $ | $ | ||||||||||||||||||||||
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period | $ | $ | ( | $ | ( | $ |
Recurring measurements $ in millions | Fair value at June 30, 2021 | Valuation technique(s) | Unobservable input | Range (weighted-average) | ||||||||||||||||||||||
Other investments - private equity investments (not measured at NAV) | $ | Discounted cash flow, transaction price or other investment-specific events | Discount rate | |||||||||||||||||||||||
Terminal year | 2034 - 2034 (2034) | |||||||||||||||||||||||||
Fair value at September 30, 2020 | ||||||||||||||||||||||||||
Other investments - private equity investments (not measured at NAV) | $ | Discounted cash flow, transaction price or other investment-specific events | Discount rate | |||||||||||||||||||||||
Terminal earnings before interest, tax, depreciation and amortization (“EBITDA”) multiple | ||||||||||||||||||||||||||
Terminal year | 2021 - 2042 (2023) |
$ in millions | Recorded value | Unfunded commitment | ||||||||||||
June 30, 2021 | ||||||||||||||
Private equity investments measured at NAV | $ | $ | ||||||||||||
Private equity investments not measured at NAV | ||||||||||||||
Total private equity investments | $ | |||||||||||||
September 30, 2020 | ||||||||||||||
Private equity investments measured at NAV | $ | $ | ||||||||||||
Private equity investments not measured at NAV | ||||||||||||||
Total private equity investments | $ |
$ in millions | Level 2 | Level 3 | Total fair value | Valuation technique(s) | Unobservable input | Range (weighted-average) | ||||||||||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||||||||
Bank loans: | ||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | $ | $ | Collateral or discounted cash flow (1) | Prepayment rate | |||||||||||||||||||||||||||||||||
Corporate loans | $ | $ | $ | Collateral or discounted cash flow (1) | Not meaningful (1) | Not meaningful (1) | ||||||||||||||||||||||||||||||||
Loans held for sale | $ | $ | $ | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
September 30, 2020 | ||||||||||||||||||||||||||||||||||||||
Bank loans: | ||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | $ | $ | Collateral or discounted cash flow (1) | Prepayment rate | |||||||||||||||||||||||||||||||||
Corporate loans | $ | $ | $ | Collateral or discounted cash flow (1) | Not meaningful (1) | Not meaningful (1) | ||||||||||||||||||||||||||||||||
Loans held for sale | $ | $ | $ | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Other assets: other real estate owned | $ | $ | $ | N/A | N/A | N/A |
$ in millions | Level 2 | Level 3 | Total estimated fair value | Carrying amount | ||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||
Bank loans, net | $ | $ | $ | $ | ||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||
Bank deposits - certificates of deposit | $ | $ | $ | $ | ||||||||||||||||||||||
Senior notes payable | $ | $ | $ | $ | ||||||||||||||||||||||
September 30, 2020 | ||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||
Bank loans, net | $ | $ | $ | $ | ||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||
Bank deposits - certificates of deposit | $ | $ | $ | $ | ||||||||||||||||||||||
Senior notes payable | $ | $ | $ | $ |
$ in millions | Cost basis | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||
Agency residential MBS | $ | $ | $ | ( | $ | |||||||||||||||||||||
Agency commercial MBS | ( | |||||||||||||||||||||||||
Agency CMOs | ( | |||||||||||||||||||||||||
Other securities | ||||||||||||||||||||||||||
Total available-for-sale securities | $ | $ | $ | ( | $ | |||||||||||||||||||||
September 30, 2020 | ||||||||||||||||||||||||||
Agency residential MBS | $ | $ | $ | ( | $ | |||||||||||||||||||||
Agency commercial MBS | ( | |||||||||||||||||||||||||
Agency CMOs | ( | |||||||||||||||||||||||||
Other securities | ||||||||||||||||||||||||||
Total available-for-sale securities | $ | $ | $ | ( | $ |
June 30, 2021 | ||||||||||||||||||||||||||||||||
$ 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 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Carrying value | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Agency commercial MBS | ||||||||||||||||||||||||||||||||
Amortized cost | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Carrying value | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Agency CMOs | ||||||||||||||||||||||||||||||||
Amortized cost | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Carrying value | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Other securities | ||||||||||||||||||||||||||||||||
Amortized cost | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Carrying value | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Total available-for-sale securities | ||||||||||||||||||||||||||||||||
Amortized cost | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Carrying value | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Weighted-average yield | % | % | % | % | % |
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 | ||||||||||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||||||||
Agency residential MBS | $ | $ | ( | $ | $ | $ | $ | ( | ||||||||||||||||||||||||||||||
Agency commercial MBS | ( | ( | ||||||||||||||||||||||||||||||||||||
Agency CMOs | ( | ( | ||||||||||||||||||||||||||||||||||||
Other securities | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ | $ | ( | ||||||||||||||||||||||||||||||
September 30, 2020 | ||||||||||||||||||||||||||||||||||||||
Agency residential MBS | $ | $ | ( | $ | $ | $ | $ | ( | ||||||||||||||||||||||||||||||
Agency commercial MBS | ( | ( | ||||||||||||||||||||||||||||||||||||
Agency CMOs | ( | ( | ||||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ | $ | ( |
June 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||||||||||
$ in millions | Derivative assets | Derivative liabilities | Notional amount | Derivative assets | Derivative liabilities | Notional amount | ||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||||||||||
Interest rate - matched book | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Interest rate - other (1) | ||||||||||||||||||||||||||||||||||||||
Foreign exchange | ||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||
Subtotal | ||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||||||||||||||||
Interest rate | ||||||||||||||||||||||||||||||||||||||
Foreign exchange | ||||||||||||||||||||||||||||||||||||||
Subtotal | ||||||||||||||||||||||||||||||||||||||
Total gross fair value/notional amount | $ | $ | ||||||||||||||||||||||||||||||||||||
Offset on the Condensed Consolidated Statements of Financial Condition | ||||||||||||||||||||||||||||||||||||||
Counterparty netting | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Cash collateral netting | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Total amounts offset | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | ||||||||||||||||||||||||||||||||||||||
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition | ||||||||||||||||||||||||||||||||||||||
Financial instruments (2) | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
Three months ended June 30, | Nine months ended June 30, | |||||||||||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Interest rate (cash flow hedges) | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||
Foreign exchange (net investment hedges) | ( | ( | ( | |||||||||||||||||||||||
Total gains/(losses) in AOCI, net of taxes | $ | ( | $ | ( | $ | ( | $ | ( |
$ in millions | Three months ended June 30, | Nine months ended June 30, | ||||||||||||||||||||||||||||||
Location of gain/(loss) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||
Interest rate | Principal transactions/other revenues | $ | $ | $ | $ | |||||||||||||||||||||||||||
Foreign exchange | Other revenues | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||
Other | Principal transactions | $ | $ | $ | $ | |||||||||||||||||||||||||||
Other | Compensation, commissions and benefits expense | $ | $ | $ | $ | ( |
Collateralized agreements | Collateralized financings | |||||||||||||||||||||||||||||||||||||
$ in millions | Reverse repurchase agreements | Securities borrowed | Total | Repurchase agreements | Securities loaned | Total | ||||||||||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||||||||
Gross amounts of recognized assets/liabilities | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition | ||||||||||||||||||||||||||||||||||||||
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | ||||||||||||||||||||||||||||||||||||||
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||
Net amounts | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
September 30, 2020 | ||||||||||||||||||||||||||||||||||||||
Gross amounts of recognized assets/liabilities | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition | ||||||||||||||||||||||||||||||||||||||
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | ||||||||||||||||||||||||||||||||||||||
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||
Net amounts | $ | $ | $ | $ | $ | $ |
$ in millions | June 30, 2021 | September 30, 2020 | ||||||||||||
Collateral we received that was available to be delivered or repledged | $ | $ | ||||||||||||
Collateral that we delivered or repledged | $ | $ |
$ in millions | June 30, 2021 | September 30, 2020 | ||||||||||||
Had the right to deliver or repledge | $ | $ | ||||||||||||
Did not have the right to deliver or repledge | $ | $ | ||||||||||||
Bank loans, net pledged at the Federal Home Loan Bank (“FHLB”) and the Federal Reserve Bank of Atlanta | $ | $ |
$ in millions | Overnight and continuous | Up to 30 days | 30-90 days | Greater than 90 days | Total | |||||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||
Repurchase agreements: | ||||||||||||||||||||||||||||||||
Government and agency obligations | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Agency MBS and agency CMOs | ||||||||||||||||||||||||||||||||
Total repurchase agreements | ||||||||||||||||||||||||||||||||
Securities loaned: | ||||||||||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||||||||
Total collateralized financings | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
September 30, 2020 | ||||||||||||||||||||||||||||||||
Repurchase agreements: | ||||||||||||||||||||||||||||||||
Government and agency obligations | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Agency MBS and agency CMOs | ||||||||||||||||||||||||||||||||
Total repurchase agreements | ||||||||||||||||||||||||||||||||
Securities loaned: | ||||||||||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||||||||
Total collateralized financings | $ | $ | $ | $ | $ |
June 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||
$ in millions | Balance | % | Balance | % | ||||||||||||||||||||||
C&I loans | $ | % | $ | % | ||||||||||||||||||||||
CRE loans | % | % | ||||||||||||||||||||||||
REIT loans | % | % | ||||||||||||||||||||||||
Tax-exempt loans | % | % | ||||||||||||||||||||||||
Residential mortgage loans | % | % | ||||||||||||||||||||||||
SBL and other | % | % | ||||||||||||||||||||||||
Total loans held for investment | % | % | ||||||||||||||||||||||||
Held for sale loans | % | % | ||||||||||||||||||||||||
Total loans held for sale and investment | % | % | ||||||||||||||||||||||||
Allowance for credit losses | ( | ( | ||||||||||||||||||||||||
Bank loans, net | $ | $ | ||||||||||||||||||||||||
Accrued interest receivable on bank loans | $ | $ |
$ in millions | C&I loans | CRE loans | Residential mortgage loans | Total | ||||||||||||||||||||||
Three months ended June 30, 2021 | ||||||||||||||||||||||||||
Purchases | $ | $ | $ | $ | ||||||||||||||||||||||
Sales | $ | $ | $ | $ | ||||||||||||||||||||||
Nine months ended June 30, 2021 | ||||||||||||||||||||||||||
Purchases | $ | $ | $ | $ | ||||||||||||||||||||||
Sales | $ | $ | $ | $ | ||||||||||||||||||||||
Three months ended June 30, 2020 | ||||||||||||||||||||||||||
Purchases | $ | $ | $ | $ | ||||||||||||||||||||||
Sales | $ | $ | $ | $ | ||||||||||||||||||||||
Nine months ended June 30, 2020 | ||||||||||||||||||||||||||
Purchases | $ | $ | $ | $ | ||||||||||||||||||||||
Sales | $ | $ | $ | $ |
$ in millions | 30-89 days and accruing | 90 days or more and accruing | Total past due and accruing | Nonaccrual with allowance | Nonaccrual with no allowance | Current and accruing | Total loans held for investment | |||||||||||||||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
C&I loans | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
CRE loans | ||||||||||||||||||||||||||||||||||||||||||||
REIT loans | ||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt loans | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | ||||||||||||||||||||||||||||||||||||||||||||
SBL and other | ||||||||||||||||||||||||||||||||||||||||||||
Total loans held for investment | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
C&I loans | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
CRE loans | ||||||||||||||||||||||||||||||||||||||||||||
REIT loans | ||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt loans | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | ||||||||||||||||||||||||||||||||||||||||||||
SBL and other | ||||||||||||||||||||||||||||||||||||||||||||
Total loans held for investment | $ | $ | $ | $ | $ | $ | $ |
$ in millions | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving loans | Total | ||||||||||||||||||||||||||||||||||||||||||
C&I loans | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total C&I loans | $ | $ | $ | $ | $ | $ | $ | $ |
CRE loans | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total CRE loans | $ | $ | $ | $ | $ | $ | $ | $ |
REIT loans | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total REIT loans | $ | $ | $ | $ | $ | $ | $ | $ |
Tax-exempt loans | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total tax-exempt loans | $ | $ | $ | $ | $ | $ | $ | $ |
Residential mortgage loans | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total residential mortgage loans | $ | $ | $ | $ | $ | $ | $ | $ |
SBL and other | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total SBL and other | $ | $ | $ | $ | $ | $ | $ | $ |
$ in millions | June 30, 2021 | September 30, 2020 | ||||||||||||
FICO score: | ||||||||||||||
Below 600 | $ | $ | ||||||||||||
600 - 699 | ||||||||||||||
700 - 799 | ||||||||||||||
800 + | ||||||||||||||
FICO score not available | ||||||||||||||
Total | $ | $ | ||||||||||||
LTV ratio: | ||||||||||||||
Below 80% | $ | $ | ||||||||||||
80%+ | ||||||||||||||
Total | $ | $ |
$ in millions | C&I loans | CRE loans | REIT loans | Tax-exempt loans | Residential mortgage loans | SBL and other | Total | |||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Provision/(benefit) for credit losses | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Net (charge-offs)/recoveries: | ||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs)/recoveries | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Foreign exchange translation adjustment | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Nine months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Impact of CECL adoption | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Provision/(benefit) for credit losses | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Net (charge-offs)/recoveries: | ||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs)/recoveries | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Foreign exchange translation adjustment | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Provision/(benefit) for credit losses | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs)/recoveries: | ||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs)/recoveries | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Foreign exchange translation adjustment | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Nine months ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Provision/(benefit) for credit losses | ||||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs)/recoveries: | ||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs)/recoveries | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Foreign exchange translation adjustment | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ | $ |
$ in millions | June 30, 2021 | September 30, 2020 | ||||||||||||
Currently affiliated with the firm (1) | $ | $ | ||||||||||||
No longer affiliated with the firm (2) | ||||||||||||||
Total loans to financial advisors | ||||||||||||||
Allowance for credit losses | ( | ( | ||||||||||||
Loans to financial advisors, net | $ | $ | ||||||||||||
Accrued interest receivable on loans to financial advisors | $ | $ |
$ in millions | Aggregate assets | Aggregate liabilities | ||||||||||||
June 30, 2021 | ||||||||||||||
Private Equity Interests | $ | $ | ||||||||||||
LIHTC funds | ||||||||||||||
Restricted Stock Trust Fund | ||||||||||||||
Total | $ | $ | ||||||||||||
September 30, 2020 | ||||||||||||||
Private Equity Interests | $ | $ | ||||||||||||
LIHTC funds | ||||||||||||||
Restricted Stock Trust Fund | ||||||||||||||
Total | $ | $ |
$ in millions | June 30, 2021 | September 30, 2020 | ||||||||||||
Assets: | ||||||||||||||
Cash and cash equivalents and assets segregated pursuant to regulations | $ | $ | ||||||||||||
Other investments | ||||||||||||||
Other assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities: | ||||||||||||||
Other payables | $ | $ | ||||||||||||
Total liabilities | $ | $ | ||||||||||||
Noncontrolling interests | $ | $ |
June 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||||||||||
$ in millions | Aggregate assets | Aggregate liabilities | Our risk of loss | Aggregate assets | Aggregate liabilities | Our risk of loss | ||||||||||||||||||||||||||||||||
Private Equity Interests | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
LIHTC funds | ||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
$ in millions | June 30, 2021 | September 30, 2020 | ||||||||||||
ROU assets (included in Other assets) | $ | $ | ||||||||||||
Lease liabilities (included in Other payables) | $ | $ |
Three months ended June 30, | Nine months ended June 30, | |||||||||||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Lease costs | $ | $ | ||||||||||||||||||||||||
Variable lease costs | $ | $ |
$ in millions | ||||||||
Remainder of 2021 | $ | |||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
Thereafter | ||||||||
Gross lease payments | ||||||||
Less: interest | ( | |||||||
Present value of lease liabilities | $ |
June 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||
$ in millions | Balance | Weighted-average rate | Balance | Weighted-average rate | ||||||||||||||||||||||
Savings and money market accounts | $ | % | $ | % | ||||||||||||||||||||||
Certificates of deposit | % | % | ||||||||||||||||||||||||
NOW accounts | % | % | ||||||||||||||||||||||||
Demand deposits (non-interest-bearing) | ||||||||||||||||||||||||||
Total bank deposits | $ | % | $ | % |
June 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||
$ in millions | Denominations greater than or equal to $100,000 | Denominations less than $100,000 | Denominations greater than or equal to $100,000 | Denominations less than $100,000 | ||||||||||||||||||||||
Three months or less | $ | $ | $ | $ | ||||||||||||||||||||||
Over three through six months | ||||||||||||||||||||||||||
Over six through twelve months | ||||||||||||||||||||||||||
Over one through two years | ||||||||||||||||||||||||||
Over two through three years | ||||||||||||||||||||||||||
Over three through four years | ||||||||||||||||||||||||||
Over four through five years | ||||||||||||||||||||||||||
Total certificates of deposit | $ | $ | $ | $ |
Three months ended June 30, | Nine months ended June 30, | |||||||||||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Savings, money market, and NOW accounts | $ | $ | $ | $ | ||||||||||||||||||||||
Certificates of deposit | ||||||||||||||||||||||||||
Total interest expense on deposits | $ | $ | $ | $ |
$ in millions | June 30, 2021 | September 30, 2020 | ||||||||||||
$ | $ | |||||||||||||
Total principal amount | ||||||||||||||
Unaccreted premium | ||||||||||||||
Unamortized debt issuance costs | ( | ( | ||||||||||||
Total senior notes payable | $ | $ |
$ in millions | June 30, 2021 | September 30, 2020 | ||||||||||||
Open-end consumer lines of credit (primarily SBL) | $ | $ | ||||||||||||
Commercial lines of credit | $ | $ | ||||||||||||
Unfunded lending commitments | $ | $ | ||||||||||||
Standby letters of credit | $ | $ |
$ in millions | Net investment hedges | Currency translations | Subtotal: net investment hedges and currency translations | Available- for-sale securities | Cash flow hedges | Total | ||||||||||||||||||||||||||||||||
Three months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||
AOCI as of beginning of period | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||
OCI: | ||||||||||||||||||||||||||||||||||||||
OCI before reclassifications and taxes | ( | ( | ||||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI, before tax | ( | |||||||||||||||||||||||||||||||||||||
Pre-tax net OCI | ( | ( | ||||||||||||||||||||||||||||||||||||
Income tax effect | ( | ( | ||||||||||||||||||||||||||||||||||||
OCI for the period, net of tax | ( | ( | ||||||||||||||||||||||||||||||||||||
AOCI as of end of period | $ | $ | ( | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||||||||||
Nine months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||
AOCI as of beginning of period | $ | $ | ( | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||
OCI: | ||||||||||||||||||||||||||||||||||||||
OCI before reclassifications and taxes | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI, before tax | ( | |||||||||||||||||||||||||||||||||||||
Pre-tax net OCI | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Income tax effect | ( | |||||||||||||||||||||||||||||||||||||
OCI for the period, net of tax | ( | ( | ( | |||||||||||||||||||||||||||||||||||
AOCI as of end of period | $ | $ | ( | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||||||||||
Three months ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||
AOCI as of beginning of period | $ | $ | ( | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||||||||||||||
OCI: | ||||||||||||||||||||||||||||||||||||||
OCI before reclassifications and taxes | ( | ( | ||||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI, before tax | ||||||||||||||||||||||||||||||||||||||
Pre-tax net OCI | ( | ( | ||||||||||||||||||||||||||||||||||||
Income tax effect | ( | |||||||||||||||||||||||||||||||||||||
OCI for the period, net of tax | ( | ( | ||||||||||||||||||||||||||||||||||||
AOCI as of end of period | $ | $ | ( | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Nine months ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||
AOCI as of beginning of period | $ | $ | ( | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||||||||||||||
OCI: | ||||||||||||||||||||||||||||||||||||||
OCI before reclassifications and taxes | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI, before tax | ||||||||||||||||||||||||||||||||||||||
Pre-tax net OCI | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Income tax effect | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
OCI for the period, net of tax | ( | ( | ( | |||||||||||||||||||||||||||||||||||
AOCI as of end of period | $ | $ | ( | $ | ( | $ | $ | ( | $ |
Three months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||
$ in millions | Private Client Group | Capital Markets | Asset Management | Raymond James Bank | Other and intersegment eliminations | Total | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Asset management and related administrative fees | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||
Brokerage revenues: | ||||||||||||||||||||||||||||||||||||||
Securities commissions: | ||||||||||||||||||||||||||||||||||||||
Mutual and other fund products | ||||||||||||||||||||||||||||||||||||||
Insurance and annuity products | ||||||||||||||||||||||||||||||||||||||
Equities, exchange-traded funds (“ETFs”) and fixed income products | ||||||||||||||||||||||||||||||||||||||
Subtotal securities commissions | ||||||||||||||||||||||||||||||||||||||
Principal transactions (1) | ( | |||||||||||||||||||||||||||||||||||||
Total brokerage revenues | ||||||||||||||||||||||||||||||||||||||
Account and services fees: | ||||||||||||||||||||||||||||||||||||||
Mutual fund and annuity service fees | ( | |||||||||||||||||||||||||||||||||||||
RJBDP fees | ( | |||||||||||||||||||||||||||||||||||||
Client account and other fees | ( | |||||||||||||||||||||||||||||||||||||
Total account and service fees | ( | |||||||||||||||||||||||||||||||||||||
Investment banking: | ||||||||||||||||||||||||||||||||||||||
Merger & acquisition and advisory | ||||||||||||||||||||||||||||||||||||||
Equity underwriting | ||||||||||||||||||||||||||||||||||||||
Debt underwriting | ||||||||||||||||||||||||||||||||||||||
Total investment banking | ||||||||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||
Tax credit fund revenues | ||||||||||||||||||||||||||||||||||||||
All other (1) | ||||||||||||||||||||||||||||||||||||||
Total other | ||||||||||||||||||||||||||||||||||||||
Total non-interest revenues | ( | |||||||||||||||||||||||||||||||||||||
Interest income (1) | ( | |||||||||||||||||||||||||||||||||||||
Total revenues | ( | |||||||||||||||||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||
Net revenues | $ | $ | $ | $ | $ | ( | $ |
Three months ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||
$ in millions | Private Client Group | Capital Markets | Asset Management | Raymond James Bank | Other and intersegment eliminations | Total | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Asset management and related administrative fees | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||
Brokerage revenues: | ||||||||||||||||||||||||||||||||||||||
Securities commissions: | ||||||||||||||||||||||||||||||||||||||
Mutual and other fund products | ( | |||||||||||||||||||||||||||||||||||||
Insurance and annuity products | ||||||||||||||||||||||||||||||||||||||
Equities, ETFs and fixed income products | ||||||||||||||||||||||||||||||||||||||
Subtotal securities commissions | ( | |||||||||||||||||||||||||||||||||||||
Principal transactions (1) | ||||||||||||||||||||||||||||||||||||||
Total brokerage revenues | ( | |||||||||||||||||||||||||||||||||||||
Account and services fees: | ||||||||||||||||||||||||||||||||||||||
Mutual fund and annuity service fees | ||||||||||||||||||||||||||||||||||||||
RJBDP fees | ( | |||||||||||||||||||||||||||||||||||||
Client account and other fees | ( | |||||||||||||||||||||||||||||||||||||
Total account and service fees | ( | |||||||||||||||||||||||||||||||||||||
Investment banking: | ||||||||||||||||||||||||||||||||||||||
Merger & acquisition and advisory | ||||||||||||||||||||||||||||||||||||||
Equity underwriting | ||||||||||||||||||||||||||||||||||||||
Debt underwriting | ||||||||||||||||||||||||||||||||||||||
Total investment banking | ||||||||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||
Tax credit fund revenues | ||||||||||||||||||||||||||||||||||||||
All other (1) | ( | |||||||||||||||||||||||||||||||||||||
Total other | ( | |||||||||||||||||||||||||||||||||||||
Total non-interest revenues | ( | |||||||||||||||||||||||||||||||||||||
Interest income (1) | ||||||||||||||||||||||||||||||||||||||
Total revenues | ( | |||||||||||||||||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||
Net revenues | $ | $ | $ | $ | $ | ( | $ |
Nine Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||
$ in millions | Private Client Group | Capital Markets | Asset Management | Raymond James Bank | Other and intersegment eliminations | Total | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Asset management and related administrative fees | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||
Brokerage revenues: | ||||||||||||||||||||||||||||||||||||||
Securities commissions: | ||||||||||||||||||||||||||||||||||||||
Mutual and other fund products | ( | |||||||||||||||||||||||||||||||||||||
Insurance and annuity products | ||||||||||||||||||||||||||||||||||||||
Equities, ETFs and fixed income products | ||||||||||||||||||||||||||||||||||||||
Subtotal securities commissions | ( | |||||||||||||||||||||||||||||||||||||
Principal transactions (1) | ( | |||||||||||||||||||||||||||||||||||||
Total brokerage revenues | ( | |||||||||||||||||||||||||||||||||||||
Account and services fees: | ||||||||||||||||||||||||||||||||||||||
Mutual fund and annuity service fees | ( | |||||||||||||||||||||||||||||||||||||
RJBDP fees | ( | |||||||||||||||||||||||||||||||||||||
Client account and other fees | ( | |||||||||||||||||||||||||||||||||||||
Total account and service fees | ( | |||||||||||||||||||||||||||||||||||||
Investment banking: | ||||||||||||||||||||||||||||||||||||||
Merger & acquisition and advisory | ||||||||||||||||||||||||||||||||||||||
Equity underwriting | ||||||||||||||||||||||||||||||||||||||
Debt underwriting | ||||||||||||||||||||||||||||||||||||||
Total investment banking | ||||||||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||
Tax credit fund revenues | ||||||||||||||||||||||||||||||||||||||
All other (1) | ||||||||||||||||||||||||||||||||||||||
Total other | ||||||||||||||||||||||||||||||||||||||
Total non-interest revenues | ( | |||||||||||||||||||||||||||||||||||||
Interest income (1) | ||||||||||||||||||||||||||||||||||||||
Total revenues | ( | |||||||||||||||||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||
Net revenues | $ | $ | $ | $ | $ | ( |
Nine Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||
$ in millions | Private Client Group | Capital Markets | Asset Management | Raymond James Bank | Other and intersegment eliminations | Total | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Asset management and related administrative fees | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||
Brokerage revenues: | ||||||||||||||||||||||||||||||||||||||
Securities commissions: | ||||||||||||||||||||||||||||||||||||||
Mutual and other fund products | ( | |||||||||||||||||||||||||||||||||||||
Insurance and annuity products | ||||||||||||||||||||||||||||||||||||||
Equities, ETFs and fixed income products | ( | |||||||||||||||||||||||||||||||||||||
Subtotal securities commissions | ( | |||||||||||||||||||||||||||||||||||||
Principal transactions (1) | ( | |||||||||||||||||||||||||||||||||||||
Total brokerage revenues | ( | |||||||||||||||||||||||||||||||||||||
Account and services fees: | ||||||||||||||||||||||||||||||||||||||
Mutual fund and annuity service fees | ( | |||||||||||||||||||||||||||||||||||||
RJBDP fees | ( | |||||||||||||||||||||||||||||||||||||
Client account and other fees | ( | |||||||||||||||||||||||||||||||||||||
Total account and service fees | ( | |||||||||||||||||||||||||||||||||||||
Investment banking: | ||||||||||||||||||||||||||||||||||||||
Merger & acquisition and advisory | ||||||||||||||||||||||||||||||||||||||
Equity underwriting | ||||||||||||||||||||||||||||||||||||||
Debt underwriting | ||||||||||||||||||||||||||||||||||||||
Total investment banking | ||||||||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||
Tax credit fund revenues | ||||||||||||||||||||||||||||||||||||||
All other (1) | ( | ( | ||||||||||||||||||||||||||||||||||||
Total other | ( | |||||||||||||||||||||||||||||||||||||
Total non-interest revenues | ( | |||||||||||||||||||||||||||||||||||||
Interest income (1) | ||||||||||||||||||||||||||||||||||||||
Total revenues | ( | |||||||||||||||||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||
Net revenues | $ | $ | $ | $ | $ | ( | $ |
Three months ended June 30, | Nine months ended June 30, | |||||||||||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | ||||||||||||||||||||||
Assets segregated pursuant to regulations | ||||||||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||||||||
Brokerage client receivables | ||||||||||||||||||||||||||
Bank loans, net of unearned income and deferred expenses | ||||||||||||||||||||||||||
All other | ||||||||||||||||||||||||||
Total interest income | $ | $ | $ | $ | ||||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||
Bank deposits | $ | $ | $ | $ | ||||||||||||||||||||||
Brokerage client payables | ||||||||||||||||||||||||||
Other borrowings | ||||||||||||||||||||||||||
Senior notes payable | ||||||||||||||||||||||||||
All other | ||||||||||||||||||||||||||
Total interest expense | ||||||||||||||||||||||||||
Net interest income | ||||||||||||||||||||||||||
Bank loan (provision)/benefit for credit losses | ( | ( | ||||||||||||||||||||||||
Net interest income after bank loan (provision)/benefit for credit losses | $ | $ | $ | $ |
Actual | Requirement for capital adequacy purposes | To be well-capitalized under regulatory provisions | ||||||||||||||||||||||||||||||||||||
$ in millions | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||
RJF as of June 30, 2021: | ||||||||||||||||||||||||||||||||||||||
CET1 | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
Tier 1 capital | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
Total capital | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
Tier 1 leverage | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
RJF as of September 30, 2020: | ||||||||||||||||||||||||||||||||||||||
CET1 | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
Tier 1 capital | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
Total capital | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
Tier 1 leverage | $ | % | $ | % | $ | % |
Actual | Requirement for capital adequacy purposes | To be well-capitalized under regulatory provisions | ||||||||||||||||||||||||||||||||||||
$ in millions | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||
Raymond James Bank as of June 30, 2021: | ||||||||||||||||||||||||||||||||||||||
CET1 | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
Tier 1 capital | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
Total capital | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
Tier 1 leverage | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
Raymond James Bank as of September 30, 2020: | ||||||||||||||||||||||||||||||||||||||
CET1 | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
Tier 1 capital | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
Total capital | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
Tier 1 leverage | $ | % | $ | % | $ | % |
$ in millions | June 30, 2021 | September 30, 2020 | ||||||||||||
Raymond James & Associates, Inc.: | ||||||||||||||
(Alternative Method elected) | ||||||||||||||
Net capital as a percent of aggregate debit items | % | % | ||||||||||||
Net capital | $ | $ | ||||||||||||
Less: required net capital | ( | ( | ||||||||||||
Excess net capital | $ | $ |
Three months ended June 30, | Nine months ended June 30, | |||||||||||||||||||||||||
in millions, except per share amounts | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Income for basic earnings per common share: | ||||||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Less allocation of earnings and dividends to participating securities | ( | ( | ||||||||||||||||||||||||
Net income attributable to RJF common shareholders | $ | $ | $ | $ | ||||||||||||||||||||||
Income for diluted earnings per common share: | ||||||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Less allocation of earnings and dividends to participating securities | ( | ( | ||||||||||||||||||||||||
Net income attributable to RJF common shareholders | $ | $ | $ | $ | ||||||||||||||||||||||
Common shares: | ||||||||||||||||||||||||||
Average common shares in basic computation | ||||||||||||||||||||||||||
Dilutive effect of outstanding stock options and certain RSUs | ||||||||||||||||||||||||||
Average common and common equivalent shares used in diluted computation | ||||||||||||||||||||||||||
Earnings per common share: | ||||||||||||||||||||||||||
Basic | $ | $ | $ | $ | ||||||||||||||||||||||
Diluted | $ | $ | $ | $ | ||||||||||||||||||||||
Stock options and certain RSUs excluded from weighted-average diluted common shares because their effect would be antidilutive |
Three months ended June 30, | Nine months ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Dividends per common share - declared | $ | $ | $ | $ | |||||||||||||||||||
Dividends per common share - paid | $ | $ | $ | $ |
Three months ended June 30, | Nine months ended June 30, | |||||||||||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Net revenues: | ||||||||||||||||||||||||||
Private Client Group | $ | $ | $ | $ | ||||||||||||||||||||||
Capital Markets | ||||||||||||||||||||||||||
Asset Management | ||||||||||||||||||||||||||
Raymond James Bank | ||||||||||||||||||||||||||
Other | ( | ( | ( | |||||||||||||||||||||||
Intersegment eliminations | ( | ( | ( | ( | ||||||||||||||||||||||
Total net revenues | $ | $ | $ | $ | ||||||||||||||||||||||
Pre-tax income/(loss): | ||||||||||||||||||||||||||
Private Client Group | $ | $ | $ | $ | ||||||||||||||||||||||
Capital Markets | ||||||||||||||||||||||||||
Asset Management | ||||||||||||||||||||||||||
Raymond James Bank | ||||||||||||||||||||||||||
Other | ( | ( | ( | ( | ||||||||||||||||||||||
Total pre-tax income | $ | $ | $ | $ |
Three months ended June 30, | Nine months ended June 30, | |||||||||||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Net interest income/(expense): | ||||||||||||||||||||||||||
Private Client Group | $ | $ | $ | $ | ||||||||||||||||||||||
Capital Markets | ||||||||||||||||||||||||||
Asset Management | ||||||||||||||||||||||||||
Raymond James Bank | ||||||||||||||||||||||||||
Other | ( | ( | ( | ( | ||||||||||||||||||||||
Net interest income | $ | $ | $ | $ |
$ in millions | June 30, 2021 | September 30, 2020 | ||||||||||||
Total assets: | ||||||||||||||
Private Client Group | $ | $ | ||||||||||||
Capital Markets | ||||||||||||||
Asset Management | ||||||||||||||
Raymond James Bank | ||||||||||||||
Other | ||||||||||||||
Total | $ | $ |
$ in millions | June 30, 2021 | September 30, 2020 | ||||||||||||
Goodwill: | ||||||||||||||
Private Client Group (1) | $ | $ | ||||||||||||
Capital Markets (2) | ||||||||||||||
Asset Management | ||||||||||||||
Total | $ | $ |
Three months ended June 30, | Nine months ended June 30, | |||||||||||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Net revenues: | ||||||||||||||||||||||||||
U.S. | $ | $ | $ | $ | ||||||||||||||||||||||
Canada | ||||||||||||||||||||||||||
Europe | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||||||
Pre-tax income: | ||||||||||||||||||||||||||
U.S. | $ | $ | $ | $ | ||||||||||||||||||||||
Canada | ||||||||||||||||||||||||||
Europe | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
$ in millions | June 30, 2021 | September 30, 2020 | ||||||||||||
Total assets: | ||||||||||||||
U.S. | $ | $ | ||||||||||||
Canada | ||||||||||||||
Europe | ||||||||||||||
Total | $ | $ |
$ in millions | June 30, 2021 | September 30, 2020 | ||||||||||||
Goodwill: | ||||||||||||||
U.S. (1) | $ | $ | ||||||||||||
Canada | ||||||||||||||
Europe | ||||||||||||||
Total | $ | $ |
INDEX | |||||
PAGE | |||||
Factors affecting “forward-looking statements” | |||||
Introduction | |||||
Executive overview | |||||
Reconciliation of non-GAAP financial measures to GAAP financial measures | |||||
Segments | |||||
Net interest analysis | |||||
Results of Operations | |||||
Private Client Group | |||||
Capital Markets | |||||
Asset Management | |||||
Raymond James Bank | |||||
Other | |||||
Certain statistical disclosures by bank holding companies | |||||
Liquidity and capital resources | |||||
Statement of financial condition analysis | |||||
Regulatory | |||||
Critical accounting estimates | |||||
Recent accounting developments | |||||
Risk management |
Three months ended | Nine months ended | |||||||||||||
$ in millions | June 30, 2021 | June 30, 2021 | ||||||||||||
Net income | $ | 307 | $ | 974 | ||||||||||
Non-GAAP adjustments: | ||||||||||||||
Losses on extinguishment of debt | 98 | 98 | ||||||||||||
Acquisition-related expenses | 7 | 9 | ||||||||||||
Pre-tax impact of non-GAAP adjustments | 105 | 107 | ||||||||||||
Tax effect of non-GAAP adjustments | (26) | (26) | ||||||||||||
Total non-GAAP adjustments, net of tax | 79 | 81 | ||||||||||||
Adjusted net income | $ | 386 | $ | 1,055 | ||||||||||
Earnings per common share - diluted | $ | 2.18 | $ | 6.92 | ||||||||||
Non-GAAP adjustments: | ||||||||||||||
Losses on extinguishment of debt | 0.69 | 0.70 | ||||||||||||
Acquisition-related expenses | 0.05 | 0.06 | ||||||||||||
Tax effect of non-GAAP adjustments | (0.18) | (0.18) | ||||||||||||
Total non-GAAP adjustments, net of tax | 0.56 | 0.58 | ||||||||||||
Adjusted earnings per common share - diluted | $ | 2.74 | $ | 7.50 |
Three months ended June 30, | Nine months ended June 30, | |||||||||||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Annualized return on equity | ||||||||||||||||||||||||||
Average equity | $ | 7,728 | $ | 6,882 | $ | 7,483 | $ | 6,797 | ||||||||||||||||||
Impact on average equity of non-GAAP adjustments: | ||||||||||||||||||||||||||
Losses on extinguishment of debt | 49 | NA | 25 | NA | ||||||||||||||||||||||
Acquisition-related expenses | 4 | NA | 2 | NA | ||||||||||||||||||||||
Tax effect of non-GAAP adjustments | (13) | NA | (7) | NA | ||||||||||||||||||||||
Adjusted average equity | $ | 7,768 | NA | $ | 7,503 | NA | ||||||||||||||||||||
Average equity | $ | 7,728 | $ | 6,882 | $ | 7,483 | $ | 6,797 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Average goodwill and identifiable intangible assets, net | 865 | 603 | 791 | 606 | ||||||||||||||||||||||
Average deferred tax liabilities, net | (56) | (32) | (51) | (30) | ||||||||||||||||||||||
Average tangible common equity | $ | 6,919 | $ | 6,311 | $ | 6,743 | $ | 6,221 | ||||||||||||||||||
Impact on average equity of non-GAAP adjustments: | ||||||||||||||||||||||||||
Losses on extinguishment of debt | 49 | NA | 25 | NA | ||||||||||||||||||||||
Acquisition-related expenses | 4 | NA | 2 | NA | ||||||||||||||||||||||
Tax effect of non-GAAP adjustments | (13) | NA | (7) | NA | ||||||||||||||||||||||
Adjusted average tangible common equity | $ | 6,959 | NA | $ | 6,763 | NA | ||||||||||||||||||||
Return on equity | 15.9 | % | 10.0 | % | 17.4 | % | 11.9 | % | ||||||||||||||||||
Adjusted annualized return on equity | 19.9 | % | NA | 18.7 | % | NA | ||||||||||||||||||||
Return on tangible common equity | 17.7 | % | 10.9 | % | 19.3 | % | 13.1 | % | ||||||||||||||||||
Adjusted annualized return on tangible common equity | 22.2 | % | NA | 20.8 | % | NA |
Three months ended June 30, | Nine months ended June 30, | |||||||||||||||||||||||||||||||||||||
$ in millions | 2021 | 2020 | % change | 2021 | 2020 | % change | ||||||||||||||||||||||||||||||||
Total company | ||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 2,471 | $ | 1,834 | 35 | % | $ | 7,065 | $ | 5,911 | 20 | % | ||||||||||||||||||||||||||
Pre-tax income | $ | 385 | $ | 198 | 94 | % | $ | 1,231 | $ | 796 | 55 | % | ||||||||||||||||||||||||||
Private Client Group | ||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 1,696 | $ | 1,249 | 36 | % | $ | 4,810 | $ | 4,158 | 16 | % | ||||||||||||||||||||||||||
Pre-tax income | $ | 195 | $ | 91 | 114 | % | $ | 527 | $ | 414 | 27 | % | ||||||||||||||||||||||||||
Capital Markets | ||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 446 | $ | 323 | 38 | % | $ | 1,331 | $ | 881 | 51 | % | ||||||||||||||||||||||||||
Pre-tax income | $ | 115 | $ | 62 | 85 | % | $ | 349 | $ | 119 | 193 | % | ||||||||||||||||||||||||||
Asset Management | ||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 225 | $ | 163 | 38 | % | $ | 629 | $ | 531 | 18 | % | ||||||||||||||||||||||||||
Pre-tax income | $ | 105 | $ | 60 | 75 | % | $ | 275 | $ | 206 | 33 | % | ||||||||||||||||||||||||||
Raymond James Bank | ||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 169 | $ | 178 | (5) | % | $ | 496 | $ | 604 | (18) | % | ||||||||||||||||||||||||||
Pre-tax income | $ | 104 | $ | 14 | 643 | % | $ | 286 | $ | 163 | 75 | % | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 2 | $ | (20) | NM | $ | (6) | $ | (72) | 92 | % | |||||||||||||||||||||||||||
Pre-tax loss | $ | (134) | $ | (29) | (362) | % | $ | (206) | $ | (106) | (94) | % | ||||||||||||||||||||||||||
Intersegment eliminations | ||||||||||||||||||||||||||||||||||||||
Net revenues | $ | (67) | $ | (59) | (14) | % | $ | (195) | $ | (191) | (2) | % |
Target federal funds rate | ||||||||||||||||||||
Low | High | End of period | ||||||||||||||||||
Three months ended | ||||||||||||||||||||
June 30, 2021 | 0.00% | 0.25% | 0% - 0.25% | |||||||||||||||||
June 30, 2020 | 0.00% | 0.25% | 0% - 0.25% | |||||||||||||||||
Nine months ended | ||||||||||||||||||||
June 30, 2021 | 0.00% | 0.25% | 0% - 0.25% | |||||||||||||||||
June 30, 2020 | 0.00% | 2.00% | 0% - 0.25% |
Three months ended June 30, | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||||||||
$ in millions | Average daily balance | Interest | Annualized average rate | Average daily balance | Interest | Annualized average rate | ||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 5,644 | $ | 3 | 0.20 | % | $ | 6,605 | $ | 4 | 0.26 | % | ||||||||||||||||||||||||||
Assets segregated pursuant to regulations | 9,016 | 3 | 0.16 | % | 3,408 | 3 | 0.36 | % | ||||||||||||||||||||||||||||||
Available-for-sale securities | 8,041 | 20 | 0.96 | % | 4,437 | 23 | 2.01 | % | ||||||||||||||||||||||||||||||
Brokerage client receivables | 2,363 | 19 | 3.33 | % | 2,065 | 18 | 3.47 | % | ||||||||||||||||||||||||||||||
Bank loans, net of unearned income and deferred expenses: | ||||||||||||||||||||||||||||||||||||||
Loans held for investment: | ||||||||||||||||||||||||||||||||||||||
C&I loans | 7,936 | 50 | 2.51 | % | 7,957 | 58 | 2.93 | % | ||||||||||||||||||||||||||||||
CRE loans | 2,748 | 18 | 2.59 | % | 2,610 | 19 | 2.85 | % | ||||||||||||||||||||||||||||||
REIT loans | 1,327 | 9 | 2.53 | % | 1,412 | 9 | 2.45 | % | ||||||||||||||||||||||||||||||
Tax-exempt loans | 1,294 | 9 | 3.33 | % | 1,272 | 9 | 3.34 | % | ||||||||||||||||||||||||||||||
Residential mortgage loans | 5,126 | 34 | 2.70 | % | 4,983 | 37 | 2.97 | % | ||||||||||||||||||||||||||||||
SBL and other | 5,208 | 29 | 2.22 | % | 3,576 | 24 | 2.59 | % | ||||||||||||||||||||||||||||||
Loans held for sale | 142 | 1 | 2.92 | % | 111 | 1 | 3.22 | % | ||||||||||||||||||||||||||||||
Total bank loans, net | 23,781 | 150 | 2.54 | % | 21,921 | 157 | 2.87 | % | ||||||||||||||||||||||||||||||
All other interest-earning assets | 2,288 | 10 | 1.51 | % | 1,964 | 12 | 2.66 | % | ||||||||||||||||||||||||||||||
Total interest-earning assets | $ | 51,133 | $ | 205 | 1.60 | % | $ | 40,400 | $ | 217 | 2.16 | % | ||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||
Bank deposits: | ||||||||||||||||||||||||||||||||||||||
Savings, money market and NOW accounts | $ | 28,908 | $ | 1 | 0.02 | % | $ | 25,060 | $ | 2 | 0.02 | % | ||||||||||||||||||||||||||
Certificates of deposit | 883 | 4 | 1.91 | % | 1,104 | 5 | 2.00 | % | ||||||||||||||||||||||||||||||
Total bank deposits | 29,791 | 5 | 0.08 | % | 26,164 | 7 | 0.10 | % | ||||||||||||||||||||||||||||||
Brokerage client payables | 10,486 | 1 | 0.03 | % | 4,751 | 3 | 0.18 | % | ||||||||||||||||||||||||||||||
Other borrowings | 860 | 4 | 2.19 | % | 891 | 5 | 2.23 | % | ||||||||||||||||||||||||||||||
Senior notes payable | 2,211 | 25 | 4.49 | % | 2,067 | 24 | 4.69 | % | ||||||||||||||||||||||||||||||
All other interest-bearing liabilities | 602 | 5 | 1.12 | % | 586 | 3 | 1.10 | % | ||||||||||||||||||||||||||||||
Total interest-bearing liabilities | $ | 43,950 | $ | 40 | 0.34 | % | $ | 34,459 | $ | 42 | 0.48 | % | ||||||||||||||||||||||||||
Net interest income | $ | 165 | $ | 175 | ||||||||||||||||||||||||||||||||||
Firmwide net interest margin (net yield on interest-earning assets) | 1.31 | % | 1.75 | % | ||||||||||||||||||||||||||||||||||
Raymond James Bank net interest margin | 1.92 | % | 2.29 | % |
Three months ended June 30, | ||||||||||||||||||||
2021 compared to 2020 | ||||||||||||||||||||
Increase/(decrease) due to | ||||||||||||||||||||
$ in millions | Volume | Rate | Total | |||||||||||||||||
Interest income: | ||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | (1) | $ | (1) | ||||||||||||||
Assets segregated pursuant to regulations | 5 | (5) | — | |||||||||||||||||
Available-for-sale securities | 18 | (21) | (3) | |||||||||||||||||
Brokerage client receivables | 2 | (1) | 1 | |||||||||||||||||
Bank loans, net of unearned income and deferred expenses: | ||||||||||||||||||||
Loans held for investment: | ||||||||||||||||||||
C&I loans | — | (8) | (8) | |||||||||||||||||
CRE loans | 1 | (2) | (1) | |||||||||||||||||
REIT loans | 1 | (1) | — | |||||||||||||||||
Tax-exempt loans | — | — | — | |||||||||||||||||
Residential mortgage loans | 1 | (4) | (3) | |||||||||||||||||
SBL and other | 9 | (4) | 5 | |||||||||||||||||
Loans held for sale | — | — | — | |||||||||||||||||
Total bank loans, net | 12 | (19) | (7) | |||||||||||||||||
All other interest-earning assets | 2 | (4) | (2) | |||||||||||||||||
Total interest-earning assets | $ | 39 | $ | (51) | $ | (12) | ||||||||||||||
Interest expense: | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||
Bank deposits: | ||||||||||||||||||||
Savings, money market and NOW accounts | $ | — | $ | (1) | $ | (1) | ||||||||||||||
Certificates of deposit | (1) | — | (1) | |||||||||||||||||
Total bank deposits | (1) | (1) | (2) | |||||||||||||||||
Brokerage client payables | 2 | (4) | (2) | |||||||||||||||||
Other borrowings | — | (1) | (1) | |||||||||||||||||
Senior notes payable | 2 | (1) | 1 | |||||||||||||||||
All other interest-bearing liabilities | — | 2 | 2 | |||||||||||||||||
Total interest-bearing liabilities | $ | 3 | $ | (5) | $ | (2) | ||||||||||||||
Change in net interest income | $ | 36 | $ | (46) | $ | (10) |
Nine months ended June 30, | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||||||||
$ in millions | Average daily balance | Interest | Annualized average rate | Average daily balance | Interest | Annualized average rate | ||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 5,548 | $ | 9 | 0.22 | % | $ | 5,013 | $ | 37 | 0.99 | % | ||||||||||||||||||||||||||
Assets segregated pursuant to regulations | 8,307 | 11 | 0.18 | % | 2,853 | 25 | 1.20 | % | ||||||||||||||||||||||||||||||
Available-for-sale securities | 7,837 | 64 | 1.08 | % | 3,654 | 60 | 2.18 | % | ||||||||||||||||||||||||||||||
Brokerage client receivables | 2,222 | 56 | 3.38 | % | 2,290 | 66 | 3.87 | % | ||||||||||||||||||||||||||||||
Bank loans, net of unearned income and deferred expenses: | ||||||||||||||||||||||||||||||||||||||
Loans held for investment: | ||||||||||||||||||||||||||||||||||||||
C&I loans | 7,670 | 149 | 2.57 | % | 8,012 | 225 | 3.70 | % | ||||||||||||||||||||||||||||||
CRE loans | 2,665 | 52 | 2.57 | % | 2,593 | 72 | 3.63 | % | ||||||||||||||||||||||||||||||
REIT loans | 1,290 | 25 | 2.49 | % | 1,349 | 34 | 3.33 | % | ||||||||||||||||||||||||||||||
Tax-exempt loans | 1,253 | 25 | 3.34 | % | 1,236 | 25 | 3.35 | % | ||||||||||||||||||||||||||||||
Residential mortgage loans | 5,044 | 103 | 2.73 | % | 4,823 | 112 | 3.09 | % | ||||||||||||||||||||||||||||||
SBL and other | 4,709 | 80 | 2.24 | % | 3,460 | 89 | 3.37 | % | ||||||||||||||||||||||||||||||
Loans held for sale | 153 | 3 | 2.54 | % | 138 | 4 | 3.77 | % | ||||||||||||||||||||||||||||||
Total bank loans, net | 22,784 | 437 | 2.57 | % | 21,611 | 561 | 3.46 | % | ||||||||||||||||||||||||||||||
All other interest-earning assets | 2,264 | 31 | 1.79 | % | 2,329 | 50 | 2.82 | % | ||||||||||||||||||||||||||||||
Total interest-earning assets | $ | 48,962 | $ | 608 | 1.66 | % | $ | 37,750 | $ | 799 | 2.83 | % | ||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||
Bank deposits: | ||||||||||||||||||||||||||||||||||||||
Savings, money market and NOW accounts | $ | 27,732 | $ | 4 | 0.02 | % | $ | 23,190 | $ | 20 | 0.11 | % | ||||||||||||||||||||||||||
Certificates of deposit | 911 | 13 | 1.90 | % | 993 | 15 | 2.06 | % | ||||||||||||||||||||||||||||||
Total bank deposits | 28,643 | 17 | 0.08 | % | 24,183 | 35 | 0.19 | % | ||||||||||||||||||||||||||||||
Brokerage client payables | 9,765 | 3 | 0.03 | % | 3,929 | 9 | 0.31 | % | ||||||||||||||||||||||||||||||
Other borrowings | 863 | 14 | 2.20 | % | 893 | 15 | 2.23 | % | ||||||||||||||||||||||||||||||
Senior notes payable | 2,115 | 73 | 4.62 | % | 1,742 | 61 | 4.66 | % | ||||||||||||||||||||||||||||||
All other interest-bearing liabilities | 591 | 8 | 1.05 | % | 878 | 16 | 1.81 | % | ||||||||||||||||||||||||||||||
Total interest-bearing liabilities | $ | 41,977 | $ | 115 | 0.36 | % | $ | 31,625 | $ | 136 | 0.56 | % | ||||||||||||||||||||||||||
Net interest income | $ | 493 | $ | 663 | ||||||||||||||||||||||||||||||||||
Firmwide net interest margin (net yield on interest-earning assets) | 1.35 | % | 2.36 | % | ||||||||||||||||||||||||||||||||||
Raymond James Bank net interest margin | 1.96 | % | 2.82 | % |
Nine months ended June 30, | ||||||||||||||||||||
2021 compared to 2020 | ||||||||||||||||||||
Increase/(decrease) due to | ||||||||||||||||||||
$ in millions | Volume | Rate | Total | |||||||||||||||||
Interest income: | ||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 10 | $ | (38) | $ | (28) | ||||||||||||||
Assets segregated pursuant to regulations | 52 | (66) | (14) | |||||||||||||||||
Available-for-sale securities | 69 | (65) | 4 | |||||||||||||||||
Brokerage client receivables | (3) | (7) | (10) | |||||||||||||||||
Bank loans, net of unearned income and deferred expenses: | ||||||||||||||||||||
Loans held for investment: | ||||||||||||||||||||
C&I loans | (11) | (65) | (76) | |||||||||||||||||
CRE loans | 1 | (21) | (20) | |||||||||||||||||
REIT loans | — | (9) | (9) | |||||||||||||||||
Tax-exempt loans | 2 | (2) | — | |||||||||||||||||
Residential mortgage loans | 5 | (14) | (9) | |||||||||||||||||
SBL and other | 27 | (36) | (9) | |||||||||||||||||
Loans held for sale | 1 | (2) | (1) | |||||||||||||||||
Total bank loans, net | 25 | (149) | (124) | |||||||||||||||||
All other interest-earning assets | (4) | (15) | (19) | |||||||||||||||||
Total interest-earning assets | $ | 149 | $ | (340) | $ | (191) | ||||||||||||||
Interest expense: | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||
Bank deposits: | ||||||||||||||||||||
Savings, money market and NOW accounts | $ | 4 | $ | (20) | $ | (16) | ||||||||||||||
Certificates of deposit | (1) | (1) | (2) | |||||||||||||||||
Total bank deposits | 3 | (21) | (18) | |||||||||||||||||
Brokerage client payables | 15 | (21) | (6) | |||||||||||||||||
Other borrowings | — | (1) | (1) | |||||||||||||||||
Senior notes payable | 13 | (1) | 12 | |||||||||||||||||
All other interest-bearing liabilities | (7) | (1) | (8) | |||||||||||||||||
Total interest-bearing liabilities | $ | 24 | $ | (45) | $ | (21) | ||||||||||||||
Change in net interest income | $ | 125 | $ | (295) | $ | (170) |
Three months ended June 30, | Nine months ended June 30, | |||||||||||||||||||||||||||||||||||||
$ in millions | 2021 | 2020 | % change | 2021 | 2020 | % change | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Asset management and related administrative fees | $ | 1,050 | $ | 715 | 47 | % | $ | 2,914 | $ | 2,330 | 25 | % | ||||||||||||||||||||||||||
Brokerage revenues: | ||||||||||||||||||||||||||||||||||||||
Mutual and other fund products | 167 | 131 | 27 | % | 498 | 438 | 14 | % | ||||||||||||||||||||||||||||||
Insurance and annuity products | 113 | 88 | 28 | % | 320 | 288 | 11 | % | ||||||||||||||||||||||||||||||
Equities, ETFs and fixed income products | 110 | 100 | 10 | % | 338 | 324 | 4 | % | ||||||||||||||||||||||||||||||
Total brokerage revenues | 390 | 319 | 22 | % | 1,156 | 1,050 | 10 | % | ||||||||||||||||||||||||||||||
Account and service fees: | ||||||||||||||||||||||||||||||||||||||
Mutual fund and annuity service fees | 105 | 82 | 28 | % | 298 | 260 | 15 | % | ||||||||||||||||||||||||||||||
RJBDP fees: | ||||||||||||||||||||||||||||||||||||||
Third-party banks | 18 | 20 | (10) | % | 58 | 129 | (55) | % | ||||||||||||||||||||||||||||||
Raymond James Bank | 47 | 43 | 9 | % | 134 | 138 | (3) | % | ||||||||||||||||||||||||||||||
Client account and other fees | 39 | 32 | 22 | % | 113 | 96 | 18 | % | ||||||||||||||||||||||||||||||
Total account and service fees | 209 | 177 | 18 | % | 603 | 623 | (3) | % | ||||||||||||||||||||||||||||||
Investment banking | 11 | 7 | 57 | % | 33 | 29 | 14 | % | ||||||||||||||||||||||||||||||
Interest income | 31 | 31 | — | 91 | 125 | (27) | % | |||||||||||||||||||||||||||||||
All other | 7 | 4 | 75 | % | 20 | 20 | — | |||||||||||||||||||||||||||||||
Total revenues | 1,698 | 1,253 | 36 | % | 4,817 | 4,177 | 15 | % | ||||||||||||||||||||||||||||||
Interest expense | (2) | (4) | (50) | % | (7) | (19) | (63) | % | ||||||||||||||||||||||||||||||
Net revenues | 1,696 | 1,249 | 36 | % | 4,810 | 4,158 | 16 | % | ||||||||||||||||||||||||||||||
Non-interest expenses: | ||||||||||||||||||||||||||||||||||||||
Financial advisor compensation and benefits | 1,082 | 783 | 38 | % | 3,053 | 2,555 | 19 | % | ||||||||||||||||||||||||||||||
Administrative compensation and benefits | 251 | 235 | 7 | % | 760 | 727 | 5 | % | ||||||||||||||||||||||||||||||
Total compensation, commissions and benefits | 1,333 | 1,018 | 31 | % | 3,813 | 3,282 | 16 | % | ||||||||||||||||||||||||||||||
Non-compensation expenses: | ||||||||||||||||||||||||||||||||||||||
Communications and information processing | 70 | 66 | 6 | % | 201 | 187 | 7 | % | ||||||||||||||||||||||||||||||
Occupancy and equipment | 45 | 42 | 7 | % | 133 | 130 | 2 | % | ||||||||||||||||||||||||||||||
Business development | 19 | 12 | 58 | % | 50 | 63 | (21) | % | ||||||||||||||||||||||||||||||
Professional fees | 10 | 8 | 25 | % | 33 | 25 | 32 | % | ||||||||||||||||||||||||||||||
All other | 24 | 12 | 100 | % | 53 | 57 | (7) | % | ||||||||||||||||||||||||||||||
Total non-compensation expenses | 168 | 140 | 20 | % | 470 | 462 | 2 | % | ||||||||||||||||||||||||||||||
Total non-interest expenses | 1,501 | 1,158 | 30 | % | 4,283 | 3,744 | 14 | % | ||||||||||||||||||||||||||||||
Pre-tax income | $ | 195 | $ | 91 | 114 | % | $ | 527 | $ | 414 | 27 | % |
As of | ||||||||||||||||||||||||||||||||||||||
$ in billions | June 30, 2021 | March 31, 2021 | September 30, 2020 | June 30, 2020 | March 31, 2020 | September 30, 2019 | ||||||||||||||||||||||||||||||||
Assets under administration (“AUA”) | $ | 1,102.9 | $ | 1,028.1 | $ | 883.3 | $ | 833.1 | $ | 734.0 | $ | 798.4 | ||||||||||||||||||||||||||
Assets in fee-based accounts (1) | $ | 616.7 | $ | 567.6 | $ | 475.3 | $ | 443.0 | $ | 383.5 | $ | 409.1 | ||||||||||||||||||||||||||
Percent of AUA in fee-based accounts | 55.9 | % | 55.2 | % | 53.8 | % | 53.2 | % | 52.2 | % | 51.2 | % |
June 30, 2021 | March 31, 2021 | September 30, 2020 | June 30, 2020 | |||||||||||||||||||||||
Employees | 3,423 | 3,375 | 3,404 | 3,379 | ||||||||||||||||||||||
Independent contractors | 4,990 | 4,952 | 4,835 | 4,776 | ||||||||||||||||||||||
Total advisors | 8,413 | 8,327 | 8,239 | 8,155 |
As of | ||||||||||||||||||||||||||||||||
$ in millions | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | |||||||||||||||||||||||||||
RJBDP | ||||||||||||||||||||||||||||||||
Raymond James Bank | $ | 29,253 | $ | 28,174 | $ | 26,697 | $ | 25,599 | $ | 24,101 | ||||||||||||||||||||||
Third-party banks | 25,080 | 25,110 | 26,142 | 25,998 | 24,661 | |||||||||||||||||||||||||||
Subtotal RJBDP | 54,333 | 53,284 | 52,839 | 51,597 | 48,762 | |||||||||||||||||||||||||||
CIP | 8,610 | 9,517 | 8,769 | 3,999 | 3,157 | |||||||||||||||||||||||||||
Total clients’ domestic cash sweep balances | $ | 62,943 | $ | 62,801 | $ | 61,608 | $ | 55,596 | $ | 51,919 |
Three months ended June 30, | Nine months ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Average yield on RJBDP - third-party banks | 0.29 | % | 0.33 | % | 0.30 | % | 0.97 | % |
Three months ended June 30, | Nine months ended June 30, | |||||||||||||||||||||||||||||||||||||
$ in millions | 2021 | 2020 | % change | 2021 | 2020 | % change | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Brokerage revenues: | ||||||||||||||||||||||||||||||||||||||
Fixed income | $ | 124 | $ | 125 | (1) | % | $ | 397 | $ | 296 | 34 | % | ||||||||||||||||||||||||||
Equity | 36 | 41 | (12) | % | 112 | 115 | (3) | % | ||||||||||||||||||||||||||||||
Total brokerage revenues | 160 | 166 | (4) | % | 509 | 411 | 24 | % | ||||||||||||||||||||||||||||||
Investment banking: | ||||||||||||||||||||||||||||||||||||||
Merger & acquisition and advisory | 153 | 60 | 155 | % | 424 | 192 | 121 | % | ||||||||||||||||||||||||||||||
Equity underwriting | 69 | 35 | 97 | % | 196 | 117 | 68 | % | ||||||||||||||||||||||||||||||
Debt underwriting | 43 | 37 | 16 | % | 126 | 90 | 40 | % | ||||||||||||||||||||||||||||||
Total investment banking | 265 | 132 | 101 | % | 746 | 399 | 87 | % | ||||||||||||||||||||||||||||||
Interest income | 4 | 4 | — | 12 | 22 | (45) | % | |||||||||||||||||||||||||||||||
Tax credit fund revenues | 17 | 20 | (15) | % | 57 | 50 | 14 | % | ||||||||||||||||||||||||||||||
All other | 3 | 3 | — | 14 | 13 | 8 | % | |||||||||||||||||||||||||||||||
Total revenues | 449 | 325 | 38 | % | 1,338 | 895 | 49 | % | ||||||||||||||||||||||||||||||
Interest expense | (3) | (2) | 50 | % | (7) | (14) | (50) | % | ||||||||||||||||||||||||||||||
Net revenues | 446 | 323 | 38 | % | 1,331 | 881 | 51 | % | ||||||||||||||||||||||||||||||
Non-interest expenses: | ||||||||||||||||||||||||||||||||||||||
Compensation, commissions and benefits | 256 | 195 | 31 | % | 767 | 545 | 41 | % | ||||||||||||||||||||||||||||||
Non-compensation expenses: | ||||||||||||||||||||||||||||||||||||||
Communications and information processing | 22 | 19 | 16 | % | 61 | 58 | 5 | % | ||||||||||||||||||||||||||||||
Occupancy and equipment | 9 | 9 | — | 27 | 27 | — | ||||||||||||||||||||||||||||||||
Business development | 8 | 7 | 14 | % | 23 | 38 | (39) | % | ||||||||||||||||||||||||||||||
Professional fees | 12 | 12 | — | 38 | 35 | 9 | % | |||||||||||||||||||||||||||||||
Acquisition-related expenses | 3 | — | NM | 3 | — | NM | ||||||||||||||||||||||||||||||||
All other | 21 | 19 | 11 | % | 63 | 59 | 7 | % | ||||||||||||||||||||||||||||||
Total non-compensation expenses | 75 | 66 | 14 | % | 215 | 217 | (1) | % | ||||||||||||||||||||||||||||||
Total non-interest expenses | 331 | 261 | 27 | % | 982 | 762 | 29 | % | ||||||||||||||||||||||||||||||
Pre-tax income | $ | 115 | $ | 62 | 85 | % | $ | 349 | $ | 119 | 193 | % |
Three months ended June 30, | Nine months ended June 30, | |||||||||||||||||||||||||||||||||||||
$ in millions | 2021 | 2020 | % change | 2021 | 2020 | % change | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Asset management and related administrative fees: | ||||||||||||||||||||||||||||||||||||||
Managed programs | $ | 148 | $ | 109 | 36 | % | $ | 414 | $ | 358 | 16 | % | ||||||||||||||||||||||||||
Administration and other | 70 | 48 | 46 | % | 193 | 152 | 27 | % | ||||||||||||||||||||||||||||||
Total asset management and related administrative fees | 218 | 157 | 39 | % | 607 | 510 | 19 | % | ||||||||||||||||||||||||||||||
Account and service fees | 4 | 3 | 33 | % | 13 | 12 | 8 | % | ||||||||||||||||||||||||||||||
All other | 3 | 3 | — | 9 | 9 | — | ||||||||||||||||||||||||||||||||
Net revenues | 225 | 163 | 38 | % | 629 | 531 | 18 | % | ||||||||||||||||||||||||||||||
Non-interest expenses: | ||||||||||||||||||||||||||||||||||||||
Compensation, commissions and benefits | 43 | 44 | (2) | % | 138 | 134 | 3 | % | ||||||||||||||||||||||||||||||
Non-compensation expenses: | ||||||||||||||||||||||||||||||||||||||
Communications and information processing | 12 | 10 | 20 | % | 35 | 33 | 6 | % | ||||||||||||||||||||||||||||||
Investment sub-advisory fees | 33 | 23 | 43 | % | 91 | 74 | 23 | % | ||||||||||||||||||||||||||||||
All other | 32 | 26 | 23 | % | 90 | 84 | 7 | % | ||||||||||||||||||||||||||||||
Total non-compensation expenses | 77 | 59 | 31 | % | 216 | 191 | 13 | % | ||||||||||||||||||||||||||||||
Total non-interest expenses | 120 | 103 | 17 | % | 354 | 325 | 9 | % | ||||||||||||||||||||||||||||||
Pre-tax income | $ | 105 | $ | 60 | 75 | % | $ | 275 | $ | 206 | 33 | % |
$ in billions | June 30, 2021 | March 31, 2021 | September 30, 2020 | June 30, 2020 | March 31, 2020 | September 30, 2019 | ||||||||||||||||||||||||||||||||
AMS (1) | $ | 131.8 | $ | 121.2 | $ | 102.2 | $ | 96.0 | $ | 84.0 | $ | 91.8 | ||||||||||||||||||||||||||
Carillon Tower Advisers | 69.2 | 66.6 | 59.5 | 57.5 | 51.7 | 58.5 | ||||||||||||||||||||||||||||||||
Subtotal financial assets under management | 201.0 | 187.8 | 161.7 | 153.5 | 135.7 | 150.3 | ||||||||||||||||||||||||||||||||
Less: Assets managed for affiliated entities | (10.0) | (9.6) | (8.6) | (8.1) | (7.5) | (7.2) | ||||||||||||||||||||||||||||||||
Total financial assets under management | $ | 191.0 | $ | 178.2 | $ | 153.1 | $ | 145.4 | $ | 128.2 | $ | 143.1 |
Three months ended June 30, | Nine months ended June 30, | |||||||||||||||||||||||||
$ in billions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Financial assets under management at beginning of period | $ | 187.8 | $ | 135.7 | $ | 161.7 | $ | 150.3 | ||||||||||||||||||
Carillon Tower Advisers - net inflows/(outflows) | (0.3) | (2.0) | 0.8 | (4.4) | ||||||||||||||||||||||
AMS - net inflows | 4.5 | 1.5 | 9.8 | 4.8 | ||||||||||||||||||||||
Net market appreciation in asset values | 9.0 | 18.3 | 28.7 | 2.8 | ||||||||||||||||||||||
Financial assets under management at end of period | $ | 201.0 | $ | 153.5 | $ | 201.0 | $ | 153.5 |
$ in billions | June 30, 2021 | Average fee rate for the three months ended June 30, 2021 | ||||||||||||
Equity | $ | 31.6 | 0.52 | % | ||||||||||
Fixed income | 31.6 | 0.18 | % | |||||||||||
Balanced | 6.0 | 0.35 | % | |||||||||||
Total financial assets under management | $ | 69.2 | 0.35 | % |
$ in billions | June 30, 2021 | March 31, 2021 | September 30, 2020 | June 30, 2020 | March 31, 2020 | September 30, 2019 | ||||||||||||||||||||||||||||||||
Total assets | $ | 361.5 | $ | 334.2 | $ | 280.6 | $ | 253.7 | $ | 217.3 | $ | 229.7 |
$ in billions | June 30, 2021 | March 31, 2021 | September 30, 2020 | June 30, 2020 | March 31, 2020 | September 30, 2019 | ||||||||||||||||||||||||||||||||
Total assets | $ | 8.1 | $ | 7.8 | $ | 7.1 | $ | 7.1 | $ | 6.4 | $ | 6.6 |
Three months ended June 30, | Nine months ended June 30, | |||||||||||||||||||||||||||||||||||||
$ in millions | 2021 | 2020 | % change | 2021 | 2020 | % change | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Interest income | $ | 172 | $ | 181 | (5) | % | $ | 505 | $ | 635 | (20) | % | ||||||||||||||||||||||||||
Interest expense | (11) | (12) | (8) | % | (32) | (51) | (37) | % | ||||||||||||||||||||||||||||||
Net interest income | 161 | 169 | (5) | % | 473 | 584 | (19) | % | ||||||||||||||||||||||||||||||
All other | 8 | 9 | (11) | % | 23 | 20 | 15 | % | ||||||||||||||||||||||||||||||
Net revenues | 169 | 178 | (5) | % | 496 | 604 | (18) | % | ||||||||||||||||||||||||||||||
Non-interest expenses: | ||||||||||||||||||||||||||||||||||||||
Compensation and benefits | 13 | 13 | — | 38 | 38 | — | ||||||||||||||||||||||||||||||||
Non-compensation expenses: | ||||||||||||||||||||||||||||||||||||||
Bank loan provision/(benefit) for credit losses | (19) | 81 | NM | (37) | 188 | NM | ||||||||||||||||||||||||||||||||
RJBDP fees to PCG | 47 | 43 | 9 | % | 134 | 138 | (3) | % | ||||||||||||||||||||||||||||||
All other | 24 | 27 | (11) | % | 75 | 77 | (3) | % | ||||||||||||||||||||||||||||||
Total non-compensation expenses | 52 | 151 | (66) | % | 172 | 403 | (57) | % | ||||||||||||||||||||||||||||||
Total non-interest expenses | 65 | 164 | (60) | % | 210 | 441 | (52) | % | ||||||||||||||||||||||||||||||
Pre-tax income | $ | 104 | $ | 14 | 643 | % | $ | 286 | $ | 163 | 75 | % |
Three months ended June 30, | Nine months ended June 30, | |||||||||||||||||||||||||||||||||||||
$ in millions | 2021 | 2020 | % change | 2021 | 2020 | % change | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Interest income | $ | — | $ | 3 | (100) | % | $ | 6 | $ | 27 | (78) | % | ||||||||||||||||||||||||||
Gains/(losses) on private equity investments | 24 | 1 | 2,300 | % | 56 | (40) | NM | |||||||||||||||||||||||||||||||
All other | 4 | 2 | 100 | % | 7 | 4 | 75 | % | ||||||||||||||||||||||||||||||
Total revenues | 28 | 6 | 367 | % | 69 | (9) | NM | |||||||||||||||||||||||||||||||
Interest expense | (26) | (26) | — | (75) | (63) | 19 | % | |||||||||||||||||||||||||||||||
Net revenues | 2 | (20) | NM | (6) | (72) | 92 | % | |||||||||||||||||||||||||||||||
Non-interest expenses: | ||||||||||||||||||||||||||||||||||||||
Compensation and all other | 34 | 9 | 278 | % | 96 | 34 | 182 | % | ||||||||||||||||||||||||||||||
Losses on extinguishment of debt | 98 | — | NM | 98 | — | NM | ||||||||||||||||||||||||||||||||
Acquisition-related expenses | 4 | — | NM | 6 | — | NM | ||||||||||||||||||||||||||||||||
Total non-interest expenses | 136 | 9 | 1,411 | % | 200 | 34 | 488 | % | ||||||||||||||||||||||||||||||
Pre-tax loss | $ | (134) | $ | (29) | (362) | % | $ | (206) | $ | (106) | (94) | % |
Three months ended June 30, | Nine months ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Return on assets | 2.2% | 1.5% | 2.4% | 1.9% | ||||||||||||||||||||||
Return on equity | 15.9% | 10.0% | 17.4% | 11.9% | ||||||||||||||||||||||
Average equity to average assets | 13.6% | 14.6% | 14.0% | 15.7% | ||||||||||||||||||||||
Dividend payout ratio | 17.9% | 30.1% | 16.9% | 25.6% |
$ in millions | June 30, 2021 | |||||||
RJF | $ | 480 | ||||||
RJ&A | 2,262 | |||||||
Raymond James Bank | 1,847 | |||||||
RJ Ltd. | 869 | |||||||
RJFS | 123 | |||||||
Carillon Tower Advisers | 82 | |||||||
Other subsidiaries | 319 | |||||||
Total cash and cash equivalents | $ | 5,982 |
June 30, 2021 | ||||||||||||||||||||||||||
$ in millions | RJ&A | RJF | Total | Total number of arrangements | ||||||||||||||||||||||
Financing arrangement: | ||||||||||||||||||||||||||
Committed secured | $ | 100 | $ | — | $ | 100 | 1 | |||||||||||||||||||
Committed unsecured | 200 | 300 | 500 | 1 | ||||||||||||||||||||||
Total committed financing arrangements | $ | 300 | $ | 300 | $ | 600 | 2 | |||||||||||||||||||
Outstanding borrowing amount: | ||||||||||||||||||||||||||
Committed secured | $ | — | $ | — | $ | — | ||||||||||||||||||||
Committed unsecured | — | — | — | |||||||||||||||||||||||
Total outstanding borrowing amount | $ | — | $ | — | $ | — |
$ in millions | June 30, 2021 | |||||||
Outstanding borrowing amount: | ||||||||
Uncommitted secured | $ | 185 | ||||||
Uncommitted unsecured | — | |||||||
Total outstanding borrowing amount | $ | 185 |
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 | ||||||||||||||||||||||||||||||||
June 30, 2021 | $ | 194 | $ | 185 | $ | 185 | $ | 283 | $ | 339 | $ | 289 | ||||||||||||||||||||||||||
March 31, 2021 | $ | 226 | $ | 260 | $ | 222 | $ | 242 | $ | 280 | $ | 224 | ||||||||||||||||||||||||||
December 31, 2020 | $ | 211 | $ | 236 | $ | 233 | $ | 204 | $ | 259 | $ | 162 | ||||||||||||||||||||||||||
September 30, 2020 | $ | 140 | $ | 165 | $ | 165 | $ | 199 | $ | 260 | $ | 207 | ||||||||||||||||||||||||||
June 30, 2020 | $ | 222 | $ | 278 | $ | 228 | $ | 168 | $ | 193 | $ | 193 |
Rating Agency | Rating | Outlook | ||||||||||||
Fitch Ratings, Inc. | A- | Stable | ||||||||||||
Moody’s Investors Services | Baa1 | Stable | ||||||||||||
Standard & Poor’s Ratings Services | BBB+ | Stable |
Nine months ended June 30, 2021 | Period-end VaR | Three months ended June 30, | Nine months ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions | High | Low | June 30, 2021 | September 30, 2020 | $ in millions | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Daily VaR | $ | 11 | $ | 1 | $ | 1 | $ | 8 | Average daily VaR | $ | 2 | $ | 2 | $ | 5 | $ | 2 |
Instantaneous changes in rate | Net interest income ($ in millions) | Projected change in net interest income | ||||||||||||
+200 | $915 | 38.0% | ||||||||||||
+100 | $855 | 29.0% | ||||||||||||
0 | $663 | — | ||||||||||||
-25 | $637 | (3.9)% |
Due in | ||||||||||||||||||||||||||
$ in millions | One year or less | > One year – five years | > Five years | Total | ||||||||||||||||||||||
C&I loans | $ | 204 | $ | 4,300 | $ | 3,507 | $ | 8,011 | ||||||||||||||||||
CRE loans | 699 | 1,535 | 494 | 2,728 | ||||||||||||||||||||||
REIT loans | 112 | 1,148 | 10 | 1,270 | ||||||||||||||||||||||
Tax-exempt loans | 1 | 69 | 1,250 | 1,320 | ||||||||||||||||||||||
Residential mortgage loans | — | 4 | 5,166 | 5,170 | ||||||||||||||||||||||
SBL and other | 5,545 | 37 | — | 5,582 | ||||||||||||||||||||||
Total loans held for investment | 6,561 | 7,093 | 10,427 | 24,081 | ||||||||||||||||||||||
Held for sale loans | — | — | 137 | 137 | ||||||||||||||||||||||
Total loans | $ | 6,561 | $ | 7,093 | $ | 10,564 | $ | 24,218 |
Interest rate type | ||||||||||||||||||||
$ in millions | Fixed | Adjustable | Total | |||||||||||||||||
C&I loans | $ | 301 | $ | 7,506 | $ | 7,807 | ||||||||||||||
CRE loans | 91 | 1,938 | 2,029 | |||||||||||||||||
REIT loans | — | 1,158 | 1,158 | |||||||||||||||||
Tax-exempt loans | 1,319 | — | 1,319 | |||||||||||||||||
Residential mortgage loans | 191 | 4,979 | 5,170 | |||||||||||||||||
SBL and other | — | 37 | 37 | |||||||||||||||||
Total loans held for investment | 1,902 | 15,618 | 17,520 | |||||||||||||||||
Held for sale loans | 1 | 136 | 137 | |||||||||||||||||
Total loans | $ | 1,903 | $ | 15,754 | $ | 17,657 |
Three Months Ended June 30 | Nine Months Ended June 30 | |||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
$ in millions | Net loan (charge-off)/recovery amount (1) | % of avg. outstanding loans | Net loan (charge-off)/recovery amount (1) | % of avg. outstanding loans | Net loan (charge-off)/recovery amount (1) | % of avg. outstanding loans | Net loan (charge-off)/recovery amount (1) | % of avg. outstanding loans | ||||||||||||||||||||||||||||||||||||||||||
C&I loans | $ | (1) | 0.05 | % | $ | (71) | 3.55 | % | $ | (3) | 0.05 | % | $ | (71) | 1.18 | % | ||||||||||||||||||||||||||||||||||
CRE loans | (3) | 0.44 | % | (2) | 0.21 | % | (3) | 0.15 | % | (2) | 0.07 | % | ||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | — | — | % | 1 | 0.08 | % | — | — | % | 1 | 0.03 | % | ||||||||||||||||||||||||||||||||||||||
Total | $ | (4) | 0.07 | % | $ | (72) | 1.31 | % | $ | (6) | 0.04 | % | $ | (72) | 0.44 | % |
June 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||
$ in millions | Nonperforming loan balance | Allowance for credit losses balance | Nonperforming loan balance | Allowance for credit losses balance | ||||||||||||||||||||||
C&I loans | $ | — | $ | 188 | $ | 2 | $ | 200 | ||||||||||||||||||
CRE loans | 27 | 73 | 14 | 81 | ||||||||||||||||||||||
REIT loans | — | 26 | — | 36 | ||||||||||||||||||||||
Tax-exempt loans | — | 2 | — | 14 | ||||||||||||||||||||||
Residential mortgage loans | 15 | 29 | 14 | 18 | ||||||||||||||||||||||
SBL and other | — | 4 | — | 5 | ||||||||||||||||||||||
Total nonperforming loans held for investment | $ | 42 | $ | 322 | $ | 30 | $ | 354 | ||||||||||||||||||
Total nonperforming loans as a % of total bank loans | 0.17 | % | 0.14 | % |
Amount of delinquent residential loans | Delinquent residential loans as a percentage of outstanding loan balances | |||||||||||||||||||||||||||||||||||||
$ in millions | 30-89 days | 90 days or more | Total | 30-89 days | 90 days or more | Total | ||||||||||||||||||||||||||||||||
June 30, 2021 | $ | 5 | $ | 6 | $ | 11 | 0.10 | % | 0.12 | % | 0.22 | % | ||||||||||||||||||||||||||
September 30, 2020 | $ | 3 | $ | 7 | $ | 10 | 0.06 | % | 0.14 | % | 0.20 | % |
June 30, 2021 | ||||||||||||||
Loans outstanding as a % of total residential mortgage loans | Loans outstanding as a % of total bank loans | |||||||||||||
CA | 25.3% | 5.4% | ||||||||||||
FL | 17.5% | 3.7% | ||||||||||||
TX | 8.9% | 1.9% | ||||||||||||
NY | 7.5% | 1.6% | ||||||||||||
CO | 4.1% | 0.9% |
June 30, 2021 | ||||||||||||||
Loans outstanding as a % of total corporate bank loans | Loans outstanding as a % of total bank loans | |||||||||||||
Office real estate | 7.7% | 3.8% | ||||||||||||
Business systems and services | 6.9% | 3.4% | ||||||||||||
Automotive/transportation | 6.3% | 3.1% | ||||||||||||
Multi-family | 6.1% | 3.0% | ||||||||||||
Consumer products and services | 5.8% | 2.9% |
Total number of shares purchased | Average price per share | Number of shares purchased as part of publicly announced plans or programs | Approximate dollar value (in millions) at each month-end of securities that may yet be purchased under the plans or programs | ||||||||||||||||||||
October 1, 2020 – October 31, 2020 | 1,204 | $ | 80.04 | — | $487 | ||||||||||||||||||
November 1, 2020 – November 30, 2020 | 93,225 | $ | 90.50 | — | $487 | ||||||||||||||||||
December 1, 2020 – December 31, 2020 | 116,759 | $ | 93.02 | 107,750 | $740 | ||||||||||||||||||
First quarter | 211,188 | $ | 91.84 | 107,750 | |||||||||||||||||||
January 1, 2021 – January 31, 2021 | 2,401 | $ | 100.06 | — | $740 | ||||||||||||||||||
February 1, 2021 – February 28, 2021 | 6,941 | $ | 99.93 | — | $740 | ||||||||||||||||||
March 1, 2021 – March 31, 2021 | 501,760 | $ | 120.05 | 500,000 | $680 | ||||||||||||||||||
Second quarter | 511,102 | $ | 119.69 | 500,000 | |||||||||||||||||||
April 1, 2021 – April 30, 2021 | 887 | $ | 128.91 | — | $680 | ||||||||||||||||||
May 1, 2021 – May 31, 2021 | — | $ | — | — | $680 | ||||||||||||||||||
June 1, 2021 – June 30, 2021 | 375,000 | $ | 128.55 | 375,000 | $632 | ||||||||||||||||||
Third quarter | 375,887 | $ | 128.55 | 375,000 | |||||||||||||||||||
Fiscal year-to-date total | 1,098,177 | $ | 117.36 | 982,750 |
Exhibit Number | Description | ||||
3.1 | |||||
3.2 | |||||
4.1 | Eighth Supplemental Indenture, dated as of April 1, 2021, for the 3.750% Senior Notes due 2051, between Raymond James Financial, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee, incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on April 2, 2021. | ||||
10.1 | Third Amendment to Credit Agreement, dated as of April 19, 2021, among Raymond James Financial, Inc., Raymond James & Associates, Inc., the Lenders party thereto and Bank of America, N.A., incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on April 22, 2021. | ||||
31.1 | |||||
31.2 | |||||
32 | |||||
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. | |||||||||||
(Registrant) | |||||||||||
Date: | August 9, 2021 | /s/ Paul C. Reilly | |||||||||
Paul C. Reilly | |||||||||||
Chairman and Chief Executive Officer | |||||||||||
Date: | August 9, 2021 | /s/ Paul M. Shoukry | |||||||||
Paul M. Shoukry | |||||||||||
Chief Financial Officer and Treasurer |
Date: August 9, 2021 |
/s/ PAUL C. REILLY | |||||
Paul C. Reilly | |||||
Chairman and Chief Executive Officer |
Date: August 9, 2021 |
/s/ PAUL M. SHOUKRY | |||||
Paul M. Shoukry | |||||
Chief Financial Officer and Treasurer |
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 |
August 9, 2021 |
/s/ PAUL M. SHOUKRY | |||||
Paul M. Shoukry | |||||
Chief Financial Officer and Treasurer |
August 9, 2021 |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY (Unaudited) (Parenthetical) - $ / shares |
Jun. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Common stock, par value per share (in usd per share) | $ 0.01 | $ 0.01 |
ORGANIZATION AND BASIS OF PRESENTATION |
9 Months Ended |
---|---|
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | ORGANIZATION AND BASIS OF PRESENTATION Organization Raymond James Financial, Inc. (“RJF,” the “firm” or the “Company”) is a financial holding company which, together with its subsidiaries, is engaged in various financial services activities, including providing investment management services to retail and institutional clients, the underwriting, distribution, trading and brokerage of equity and debt securities, and the sale of mutual funds and other investment products. The firm also provides corporate and retail banking services, and trust services. For further information about our business segments, see Note 23 of this Form 10-Q. As used herein, the terms “our,” “we,” or “us” refer to RJF and/or one or more of its subsidiaries. Basis of presentation The accompanying unaudited condensed consolidated financial statements include the accounts of RJF and its consolidated subsidiaries that are generally controlled through a majority voting interest. We consolidate all of our 100%-owned subsidiaries. In addition, we consolidate any variable interest entity (“VIE”) in which we are the primary beneficiary. Additional information on these VIEs is provided in Note 2 of our Annual Report on Form 10-K (“2020 Form 10-K”) for the year ended September 30, 2020, as filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”) and in Note 10 of this Form 10-Q. When we do not have a controlling interest in an entity, but we exert significant influence over the entity, we apply the equity method of accounting. All material intercompany balances and transactions have been eliminated in consolidation. Accounting estimates and assumptions Certain financial information that is normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) but is not required for interim reporting purposes has been condensed or omitted. These unaudited condensed consolidated financial statements reflect, in the opinion of management, all adjustments necessary for a fair presentation of our consolidated financial position and results of operations for the periods presented. The nature of our business is such that the results of any interim period are not necessarily indicative of results for a full year. These unaudited condensed consolidated financial statements should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the Consolidated Financial Statements and Notes thereto included in our 2020 Form 10-K. To prepare condensed consolidated financial statements in accordance with GAAP, we must make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from those estimates and could have a material impact on the condensed consolidated financial statements. Reclassifications Certain prior-period amounts have been reclassified to conform to the current period’s presentation.
|
UPDATE OF SIGNIFICANT ACCOUNTING POLICIES |
9 Months Ended |
---|---|
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
UPDATE OF SIGNIFICANT ACCOUNTING POLICIES | UPDATE OF SIGNIFICANT ACCOUNTING POLICIESA summary of our significant accounting policies is included in Note 2 of our 2020 Form 10-K. During the nine months ended June 30, 2021, there were no significant changes to our significant accounting policies other than the accounting policies adopted or modified as part of our implementation of new or amended accounting guidance, as noted in the following sections. Accounting guidance adopted in fiscal 2021 Credit losses In June 2016, the Financial Accounting Standards Board (“FASB”) issued new guidance related to the measurement of credit losses on financial instruments (ASU 2016-13), which replaces the incurred credit loss and other models with the Current Expected Credit Losses (“CECL”) model. The guidance involves several aspects of the accounting for credit losses related to certain financial instruments, including assets measured at amortized cost, available-for-sale debt securities and certain off-balance sheet commitments. The new guidance, and subsequent updates, broadens the information that an entity must consider in developing its estimated credit losses expected to occur over the remaining life of in-scope financial assets. The measurement of expected credit losses includes historical experience, current conditions and reasonable and supportable economic forecasts. This new guidance was effective for our fiscal year beginning on October 1, 2020 and was adopted under a modified retrospective approach. The impact of adoption of this new standard resulted in an increase in our allowance for credit losses of $42 million (including $25 million related to loans to financial advisors, $9 million related to funded bank loans and $8 million related to unfunded lending commitments) and a corresponding reduction in the beginning balance of retained earnings of $35 million, net of tax. Prior-period amounts were calculated under the incurred loss model and have not been restated. See Notes 8 and 9 for further information related to bank loans and loans to financial advisors and the related allowances for credit losses. The following sections highlight changes to our accounting policies as a result of this adoption. Available-for-sale securities Available-for-sale securities are generally held by Raymond James Bank and are classified at the date of purchase. They are comprised primarily of agency mortgage-backed securities (“MBS”) and agency collateralized mortgage obligations (“CMOs”), which are guaranteed by the U.S. government or its agencies. Available-for-sale securities owned by Raymond James Bank are used as part of its interest rate risk and liquidity management strategies and may be sold in response to changes in interest rates, changes in prepayment risks, or other factors. As a result of the adoption of the new CECL guidance, credit losses on available-for-sale securities are limited to the difference between the security’s amortized cost basis and its fair value and should be recognized through an allowance for credit losses rather than as a direct reduction in amortized cost basis. Given that our available-for-sale securities portfolio is comprised of government agency securities for which payments of both principal and interest are guaranteed, and based on the lack of historical credit losses, we expect zero credit losses on this portfolio and the related accrued interest receivable. On a quarterly basis, we reassess our expectation of zero credit losses to consider changes in the available-for-sale securities portfolio. Other receivables, net Other receivables primarily include receivables from brokers, dealers and clearing organizations, accrued interest receivables and accrued fees from product sponsors. Receivables from brokers, dealers and clearing organizations primarily consist of deposits placed with clearing organizations, which includes initial margin, and receivables related to sales of securities which have traded, but not yet settled including amounts receivable for securities failed to deliver. We present “Other receivables, net” on our Condensed Consolidated Statements of Financial Condition, net of any allowance for credit losses. However, these receivables generally have minimal credit risk due to the low probability of clearing organization default and the short-term nature of receivables related to securities settlements and therefore, the allowance for credit losses on such receivables is not significant. Any allowance for credit losses for other receivables is estimated using assumptions based on historical experience, current facts and other factors. We update these estimates through periodic evaluations against actual trends experienced. As permitted under the CECL guidance, we include accrued interest receivables related to our financial assets in “Other receivables, net” on the Condensed Consolidated Statements of Financial Condition instead of with the related financial instrument. We reverse any uncollectible accrued interest into interest income generally when the related financial asset is moved to nonaccrual status. As we write off uncollectible amounts in a timely manner, we do not recognize an allowance for credit losses against accrued interest receivable. Loans to financial advisors, net We offer loans to financial advisors for recruiting and retention purposes. The decision to extend credit to a financial advisor or other key revenue producer is generally based on their ability to generate future revenues. Loans offered are generally repaid over a to 10 year period, with interest recognized as earned, and are contingent upon affiliation with us. These loans are not assignable by the financial advisor and may only be assigned by us to a successor in interest. There is no fee income associated with these loans. In the event that the financial advisor is no longer affiliated with us, any unpaid balance of such loan becomes immediately due and payable to us. Based upon the nature of these financing receivables, affiliation status is the primary credit risk factor within this portfolio. We present the outstanding balance of loans to financial advisors on our Condensed Consolidated Statements of Financial Condition, net of the allowance for credit losses. Refer to the allowance for credit losses section that follows for further information related to our allowance for credit losses on our loans to financial advisors. See Note 9 for additional information on our loans to financial advisors. Loans to financial advisors are considered past due once they are 30 days or more delinquent as to the payment of contractual interest or principal. Loans are placed on nonaccrual status when we determine that full payment of contractual principal and interest is in doubt, or the loan is past due 180 days or more as to contractual interest or principal. When a loan is placed on nonaccrual status, the accrued and unpaid interest receivable is written-off against interest income. Interest is recognized on a cash basis until the loan qualifies for return to accrual status. Loans are returned to an accrual status when the loans have been brought contractually current with the original terms and have been maintained on a current basis for a reasonable period, generally six months. When we determine that it is likely a loan will not be collected in full, the loan is evaluated for a potential write down of the carrying value. After consideration of the borrower’s ability to restructure the loan, sources of repayment, and other factors affecting the borrower’s ability to repay the debt, the portion of the loan deemed a confirmed loss, if any, is charged-off. A charge-off is taken against the allowance for credit losses for the difference between the amortized cost and the amount we estimate will ultimately be collected. Additional charge-offs are taken if there is an adverse change in the expected cash flows. Allowance for credit losses We evaluate our held for investment bank loans, unfunded lending commitments, loans to financial advisors and certain other financial assets to estimate an allowance for credit losses over the remaining life of the financial instrument. The remaining life of our financial assets is determined by considering contractual terms and expected prepayments, among other factors. We employ multiple methodologies in estimating an allowance for credit losses and our approaches differ by type of financial asset and the risk characteristics within each financial asset type. Our estimates are based on ongoing evaluations of the portfolio, the related credit risk characteristics, and the overall economic and environmental conditions affecting the financial assets. For certain of our financial assets with collateral maintenance provisions (e.g., collateralized agreements, margin loans and securities-based loans), we apply the practical expedient allowed under the CECL model in estimating an allowance for credit losses. We reasonably expect that borrowers (or counterparties, as applicable) will replenish the collateral as required. As a result, we estimate zero credit losses to the extent that the fair value equals or exceeds the related carrying value of the financial asset. When the fair value of the collateral securing the financial asset is less than the carrying value, qualitative factors such as historical experience (adjusted for current risk characteristics and economic conditions) as well as reasonable and supportable forecasts are considered in estimating the allowance for credit losses on the unsecured portion of the financial asset. Credit losses are charged-off against the allowance when we believe the uncollectibility of the financial asset is confirmed. Subsequent recoveries, if any, are credited to the allowance once received. A credit loss expense, or benefit, is recorded in earnings in an amount necessary to adjust the allowance for credit losses to our estimate as of the end of each reporting period. Our provision or benefit for credit losses for outstanding bank loans is included in “Bank loan provision/(benefit) for credit losses” on our Condensed Consolidated Statements of Income and Comprehensive Income and our provision or benefit for credit losses for all other financing receivables and unfunded lending commitments is included in “Other” expense. Loans We generally estimate the allowance for credit losses on our loan portfolios using credit risk models which incorporate relevant available information from internal and external sources relating to past events, current conditions, and reasonable and supportable economic forecasts. After testing the reasonableness of a variety of economic forecast scenarios, we select a single forecast scenario for use in our models. Our forecasts incorporate assumptions related to macroeconomic indicators including, but not limited to, U.S. gross domestic product, equity market indices, unemployment rates, and commercial real estate and residential home price indices. At the conclusion of our reasonable and supportable forecast period, which currently ranges from to three years depending on the model and macroeconomic variables, we use a straight-line reversion approach over a one-year period to revert to historical loss information for commercial and industrial (“C&I”), real estate investment trust (“REIT”) and tax-exempt loans. For commercial real estate (“CRE”) and residential mortgage loans, we incorporate a reasonable and supportable forecast of various macroeconomic variables over the remaining life of the assets. The development of the forecast used for CRE and residential mortgage loans incorporates an assumption that each macroeconomic variable will revert to a long-term expectation starting in years to of the forecast and largely completing within the first five years of the forecast. We assess the length of the reasonable and supportable forecast period and the reversion period, our reversion approach, our economic forecasts and our methodology for estimating the historical loss information on a quarterly basis. The allowance for credit losses on loans is generally evaluated and measured on a collective basis, typically by loan portfolio segment, due to similar risk characteristics. When a loan does not share similar risk characteristics with other loans, the loan is evaluated for credit losses on an individual basis. Various risk characteristics are considered when determining whether the loan should be collectively evaluated including, but not limited to, financial asset type, internal risk ratings, collateral type, industry of the borrower, and historical or expected credit loss patterns. The allowance for credit losses on collectively evaluated loans is comprised of two components: (a) a quantitative allowance; and (b) a qualitative allowance, which is based on an analysis of model limitations and other factors not considered by the quantitative models. There are several factors considered in estimating the quantitative allowance for credit losses on collectively evaluated loans which generally include, but are not limited to, the internal risk rating, historical loss experience (including adjustments due to current risk characteristics and economic conditions), prepayments, borrower-controlled extensions, and expected recoveries. We use third-party data for historical information on collectively evaluated corporate loans (C&I, CRE and REIT loans) and residential mortgage loans. The qualitative portion of our allowance for credit losses includes certain factors that are not incorporated into the quantitative estimate and would generally require adjustments to the allowance for credit losses. These qualitative factors are intended to address developing trends related to each portfolio segment and would generally include, but are not limited to: changes in lending policies and procedures, including changes in underwriting standards and collection; our loan review process; volume and severity of delinquent loans; changes in the nature, volume and terms of loans; credit concentrations; changes in the value of underlying collateral; changes in legal and regulatory environments; and local, regional, national and international economic conditions. Held for investment bank loans The allowance for credit losses for the C&I, CRE (primarily loans that are secured by income-producing properties and commercial real estate construction loans), REIT (loans made to businesses that own or finance income-producing real estate), tax-exempt and residential mortgage portfolio segments is estimated using credit risk models that project a probability of default (“PD”), which is then multiplied by the loss given default (“LGD”) and the estimated exposure at default (“EAD”) at the loan-level for every period remaining in the loan’s expected life, including the maturity period. Historical data, combined with macroeconomic variables, are used in estimating the PD, LGD and EAD. Our credit risk models consider several factors when estimating the expected credit losses which may include, but are not limited to, financial performance and position, estimated prepayments, geographic location, industry or sector type, debt type, loan size, capital structure, initial risk levels and the economic outlook. Additional factors considered by the residential mortgage model include Fair Isaac Corporation (“FICO”) scores and loan-to-value (“LTV”) ratios. We generally use one of two methods to measure the allowance for credit losses on individually evaluated loans. A discounted cash flow approach is used to estimate the allowance for credit losses on certain nonaccrual corporate loans and all troubled debt restructurings (“TDRs”) that are not collateral-dependent. For collateral-dependent loans and for instances where foreclosure is probable, we use an approach that considers the fair value of the collateral less selling costs when measuring the allowance for credit losses. A loan is collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale of the collateral. See Note 8 for further information about our bank loans, including credit quality indicators considered in developing the allowance for credit losses. Unfunded lending commitments We estimate credit losses on unfunded lending commitments using a methodology consistent with that used in the corresponding bank loan portfolio segment and also based on the expected funding probabilities for fully binding commitments. As a result, the allowance for credit losses for unfunded lending commitments will vary depending upon the mix of lending commitments and future funding expectations. All classes of individually evaluated unfunded lending commitments are analyzed in conjunction with the specific allowance process previously described. The allowance for credit losses related to unfunded lending commitments is included in “Other payables” on our Condensed Consolidated Statements of Financial Condition. Loans to financial advisors The allowance for credit losses on loans to financial advisors is estimated using credit risk models that incorporate average annual loan-level loss rates and estimated prepayments based on historical data. The qualitative component of our estimate considers internal and external factors that are not incorporated into the quantitative estimate such as the reasonable and supportable forecast period. In estimating an allowance for credit losses on our individually-evaluated loans to financial advisors, we generally take into account the affiliation status of the financial advisor (i.e., whether the advisor is actively affiliated with us or has terminated affiliation with us), the borrower’s ability to restructure the loan, sources of repayment, and other factors affecting the borrower’s ability to repay the debt.
|
ACQUISITIONS |
9 Months Ended |
---|---|
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS Acquisitions announced and completed during the nine months ended June 30, 2021 NWPS In December 2020, we completed our acquisition of all of the outstanding shares of NWPS Holdings, Inc. and its wholly-owned subsidiaries (collectively “NWPS”), doing business as NWPS and Northwest Plan Services. As an independent provider of retirement plan administration, consulting, actuarial and administration services, the addition of NWPS expands our retirement services offerings, which now include retirement plan administration services, to advisors and clients. For purposes of certain acquisition-related financial reporting requirements, the NWPS acquisition was not considered a material acquisition. NWPS has been integrated into our Private Client Group (“PCG”) segment and its results of operations have been included in our results prospectively from the closing date of December 24, 2020. During the nine months ended June 30, 2021, the NWPS acquisition resulted in the addition of $139 million of goodwill and $96 million of identifiable intangible assets. The goodwill associated with this acquisition primarily represents synergies from combining NWPS with our existing businesses. The identifiable intangible assets primarily relate to client relationships and have a weighted-average useful life of 24.8 years. Financo In March 2021, we completed our acquisition of all of the outstanding ownership interests of Financo, LLC and its subsidiaries (collectively “Financo”), an investment bank focused on the consumer sector. The addition of Financo expands our investment banking capabilities in the consumer and retail space, both domestically and internationally. For purposes of certain acquisition-related financial reporting requirements, the Financo acquisition was not considered a material acquisition. Financo has been integrated into our Capital Markets segment and its results of operations have been included in our results prospectively from the closing date of March 30, 2021. During the nine months ended June 30, 2021, the Financo acquisition resulted in the addition of $30 million of goodwill and $9 million of identifiable intangible assets. The goodwill associated with this acquisition primarily represents synergies from combining Financo with our existing businesses and is generally deductible for tax purposes over 15 years. The identifiable intangible assets primarily relate to client relationships and have a weighted-average useful life of 9 months. See Notes 2 and 10 of our 2020 Form 10-K and Note 11 of this Form 10-Q for additional information about our goodwill and identifiable intangible assets, including the related accounting policies. Acquisition announcements Cebile On May 25, 2021, we announced we had entered into a definitive agreement to acquire all of the outstanding shares of Cebile Capital (“Cebile”), a leading private fund placement agent and secondary market advisor to private equity firms. The addition of Cebile deepens our investment banking relationships with the private equity community and expands our related service offerings. For purposes of certain acquisition-related financial reporting requirements, the Cebile acquisition will not be considered a material acquisition. Cebile will operate within our Capital Markets segment upon closing of the acquisition, which we expect to occur during our fiscal fourth quarter of 2021 once all regulatory and other closing conditions are satisfactorily resolved. Charles Stanley On July 29, 2021, we announced our firm intention to make an offer for the entire issued and to be issued share capital of United Kingdom (“U.K.”)-based Charles Stanley Group PLC (“Charles Stanley”) at a price of £5.15 per share, or approximately £279 million. The combination would provide us the opportunity to accelerate growth in the U.K.; and, through Charles Stanley’s multiple affiliation options, give us the ability to offer wealth management affiliation choices consistent with our model in Canada and the U.S. For purposes of certain acquisition-related financial reporting requirements, the Charles Stanley acquisition will not be considered a material acquisition. The transaction, subject to U.K. Financial Conduct Authority and Charles Stanley shareholder approval, is expected to close in our fiscal first quarter of 2022. Charles Stanley will operate within our PCG segment upon completion of the acquisition. Acquisition-related expenses Certain acquisition and integration costs associated with these acquisitions were included in “Acquisition-related expenses” during fiscal 2021 on our Condensed Consolidated Statements of Income and Comprehensive Income. Such costs primarily included legal and other professional fees and, with respect to Financo, amortization expense related to intangible assets with short useful lives.
|
FAIR VALUE |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE | FAIR VALUE Our “Financial instruments” and “Financial instrument liabilities” on our Condensed Consolidated Statements of Financial Condition are recorded at fair value under GAAP. For further information about such instruments and our significant accounting policies related to fair value, see Notes 2 and 3 of our 2020 Form 10-K. The following tables present assets and liabilities measured at fair value on a recurring basis. Netting adjustments represent the impact of counterparty and collateral netting on our derivative balances included on our Condensed Consolidated Statements of Financial Condition. See Note 6 for additional information.
(1) Substantially all of our available-for-sale securities consist of agency MBS and agency CMOs. See Note 5 for further information. (2) These assets are comprised of U.S. Treasuries purchased to meet certain deposit requirements with clearing organizations or to meet future customer reserve requirements. Level 3 recurring fair value measurements The following tables present the changes in fair value for Level 3 assets and liabilities measured at fair value on a recurring basis. The realized and unrealized gains and losses in the tables may include changes in fair value that were attributable to both observable and unobservable inputs. In the following tables, gains/(losses) on trading instruments are reported in “Principal transactions” and gains/(losses) on other investments are reported in “Other” revenues.
The net unrealized gains included in earnings on our Level 3 private equity investments for the three and nine months ended June 30, 2021 primarily reflected the impact of continued improvement in market conditions and an improved outlook for certain of our investments. Of these gains, $9 million and $18 million were attributable to noncontrolling interests, which are reflected as an offset in “Other” expenses on our Condensed Consolidated Statements of Income and Comprehensive Income.
The net unrealized losses on our Level 3 private equity investments for the nine months ended June 30, 2020 were primarily driven by the then anticipated negative impact of the coronavirus (“COVID-19”) pandemic on certain of our investments. Of these losses, $20 million were attributable to noncontrolling interests, which are reflected as an offset in “Other” expenses on our Condensed Consolidated Statements of Income and Comprehensive Income. As of June 30, 2021, 22% of our assets and 1% of our liabilities were measured at fair value on a recurring basis. In comparison, as of September 30, 2020, 19% of our assets and 2% of our liabilities were measured at fair value on a recurring basis. The increase in assets measured at fair value on a recurring basis as a percentage of total assets was primarily due to a significant increase in assets segregated pursuant to regulations at fair value during fiscal 2021, driven by a significant increase in client cash balances. As of both June 30, 2021 and September 30, 2020, Level 3 assets represented less than 1% of our assets measured at fair value on a recurring basis. Quantitative information about level 3 fair value measurements The following table presents the valuation techniques and significant unobservable inputs used in the valuation of certain of our private equity investments classified as level 3. These inputs represent those that a market participant would take into account when pricing these instruments. Weighted averages are calculated by weighting each input by the relative fair value of the related financial instrument. 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 or new developments become known.
Qualitative information about unobservable inputs The significant unobservable inputs used in the fair value measurement of private equity investments generally relate to the financial performance of the investment entity and the market’s required return on investments from entities in industries in which we hold investments. Increases in the discount rate would have resulted in a lower fair value measurement. Increases in the terminal EBITDA multiple would have resulted in a higher fair value measurement. Increases in the terminal year are dependent upon each investment’s strategy, but generally result in a lower fair value measurement. Investments in private equity measured at net asset value per share As more fully described in Note 2 of our 2020 Form 10-K, as a practical expedient, we utilize NAV or its equivalent to determine the recorded value of a portion of our private equity investments portfolio. We utilize NAV when the fund investment does not have a readily determinable fair value and the NAV of the fund is calculated in a manner consistent with the measurement principles of investment company accounting, including measurement of the investments at fair value. Our private equity portfolio as of June 30, 2021 includes various direct investments, as well as investments in third-party private equity funds and various legacy private equity funds which we sponsor. The portfolio is primarily invested in a broad range of strategies including leveraged buyouts, growth capital, distressed capital, venture capital and mezzanine capital. Due to the closed-end nature of certain of our fund investments, such investments cannot be redeemed directly with the funds. Our investment is monetized by distributions received through the liquidation of the underlying assets of those funds, the timing of which is uncertain. The following table presents the recorded value and unfunded commitments related to our private equity investments portfolio.
Of the total private equity investments, the portions we owned were $115 million and $90 million as of June 30, 2021 and September 30, 2020, respectively. The portions of the private equity investments we did not own were $44 million and $26 million as of June 30, 2021 and September 30, 2020, respectively, and were included as a component of noncontrolling interests on our Condensed Consolidated Statements of Financial Condition. As a financial holding company, we are subject to holding period limitations for our merchant banking activities. As a result, we will be required to exit certain of our private equity investments by February 2022. Additionally, many of our private equity fund investments meet the definition of prohibited covered funds as defined by the Volcker Rule enacted pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank Act”). We have received approval from the Board of Governors of the Federal Reserve System (“the Fed”) to continue to hold the majority of our covered fund investments until July 2022. Financial instruments measured at fair value on a nonrecurring basis The following table presents assets measured at fair value on a nonrecurring basis along with the valuation techniques and significant unobservable inputs used in the valuation of the assets classified as level 3. These inputs represent those that a market participant would take into account when pricing these instruments. Weighted averages are calculated by weighting each input by the relative fair value of the related financial instrument.
(1) The valuation techniques used to estimate the fair values are based on collateral value less selling costs for the collateral-dependent loans and discounted cash flows for loans that are not collateral-dependent. Financial instruments not recorded at fair value Many, but not all, of the financial instruments we hold were recorded at fair value on the Condensed Consolidated Statements of Financial Condition. The following table presents the estimated fair value and fair value hierarchy of financial assets and liabilities that are not recorded at fair value in accordance with GAAP on the Condensed Consolidated Statements of Financial Condition at June 30, 2021 and September 30, 2020. This table excludes financial instruments that are carried at amounts which approximate fair value. Refer to Note 3 of our 2020 Form 10-K for a discussion of the fair value hierarchy classifications of our financial instruments that are not recorded at fair value.
|
AVAILABLE-FOR-SALE SECURITIES |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Securities, Available-for-sale [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVAILABLE-FOR-SALE SECURITIES | AVAILABLE-FOR-SALE SECURITIES Available-for-sale securities are primarily comprised of agency MBS and agency CMOs owned by Raymond James Bank. As of October 1, 2020, we adopted new accounting guidance related to the measurement of credit losses on financial instruments, including available-for-sale securities. Refer to Note 2 for further information about this guidance and a discussion of our available-for-sale securities. The following table details the amortized costs and fair values of our available-for-sale securities.
The amortized costs and fair values in the preceding table exclude $14 million and $15 million of accrued interest on available-for-sale securities as of June 30, 2021 and September 30, 2020, respectively, which was included in “Other receivables, net” on our Condensed Consolidated Statements of Financial Condition. See Note 4 for additional information regarding the fair value of available-for-sale securities. The following table details the contractual maturities, amortized costs, carrying values and current yields for our available-for-sale securities. Since our MBS and CMO available-for-sale securities are backed by mortgages, actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations without prepayment penalties. As a result, as of June 30, 2021, the weighted-average life of our available-for-sale securities portfolio was approximately 4 years.
The following table details the gross unrealized losses and fair values of securities that were in a loss position at the reporting period end, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position.
The contractual cash flows of our available-for-sale securities are guaranteed by the U.S. government or its agencies. At June 30, 2021, of the 208 available-for-sale securities in an unrealized loss position, 205 were in a continuous unrealized loss position for less than 12 months and three securities were in a continuous unrealized loss position for greater than 12 months. We do not consider unrealized losses associated with these securities to be credit losses due to the guarantee of the full payment of principal and interest, and the fact that we have the ability and intent to hold these securities. In addition, unrealized losses related to these available-for-sale securities are generally due to changes in market interest rates. At June 30, 2021, based on our assessment of this portfolio, we did not recognize an allowance for credit losses on our available-for-sale securities. At June 30, 2021, debt securities we held in excess of ten percent of our equity included those issued by the Federal National Home Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corporation (“FHLMC”) with amortized costs of $4.84 billion and $2.79 billion, respectively, which also approximated the fair values of the securities. During the three and nine months ended June 30, 2021, we received proceeds of $450 million and $969 million, respectively, from the sales of agency MBS and agency CMO available-for-sale securities. During the three and nine months ended June 30, 2020, we received proceeds of $222 million from sales of available-for-sale securities. These sales resulted in insignificant gains in each period, which were included in “Other” revenues on our Condensed Consolidated Statements of Income and Comprehensive Income.
|
DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES | DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES Our derivative assets and derivative liabilities are recorded at fair value and are included in “Derivative assets” and “Derivative liabilities” on our Condensed Consolidated Statements of Financial Condition. Cash flows related to our derivatives are included within operating activities on the Condensed Consolidated Statements of Cash Flows. The significant accounting policies governing our derivatives, including our methodologies for determining fair value, are described in Note 2 of our 2020 Form 10-K. Derivative balances included on our financial statements The following table presents the gross fair values and notional amounts of derivatives by product type, the amounts of counterparty and cash collateral netting on our Condensed Consolidated Statements of Financial Condition, as well as collateral posted and received under credit support agreements that do not meet the criteria for netting under GAAP.
(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. The following table details the gains/(losses) included in accumulated other comprehensive income (“AOCI”), net of income taxes, on derivatives designated as hedging instruments. These gains/(losses) included any amounts reclassified from AOCI to net income during the period. See Note 17 for additional information.
There were no components of derivative gains or losses excluded from the assessment of hedge effectiveness for each of the three and nine months ended June 30, 2021 and 2020. We expect to reclassify $16 million of interest expense out of AOCI and into earnings within the next 12 months. The maximum length of time over which forecasted transactions are or will be hedged is 6 years. The following table details the gains/(losses) on derivatives not designated as hedging instruments recognized on the Condensed Consolidated Statements of Income and Comprehensive Income.
Risks associated with our derivatives and related risk mitigation Credit risk We are exposed to credit losses in the event of nonperformance by the counterparties to derivatives that are not cleared through a clearing organization. Where we are subject to credit exposure, we perform a credit evaluation of counterparties prior to entering into derivative transactions and we monitor their credit standings. We may require initial margin or collateral from counterparties in the form of cash or other marketable securities to support certain of these obligations as established by the credit threshold specified by the agreement and/or as a result of monitoring the credit standing of the counterparties. Our only exposure to credit risk on matched book derivatives is related to our uncollected derivative transaction fee revenues, which were insignificant as of both June 30, 2021 and September 30, 2020. We are not exposed to market risk on these derivatives due to the pass-through transaction structure described in Note 2 of our 2020 Form 10-K. Interest rate and foreign exchange risk We are exposed to interest rate risk related to certain of our interest rate derivatives. We are also exposed to foreign exchange risk related to our forward foreign exchange derivatives. On a daily basis, we monitor our risk exposure on our derivatives based on established limits with respect to a number of factors, including interest rate, foreign exchange spot and forward rates, spread, ratio, basis and volatility risks, both for the total portfolio and by maturity period.
|
COLLATERALIZED AGREEMENTS AND FINANCINGS |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsetting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COLLATERALIZED AGREEMENTS AND FINANCINGS | COLLATERALIZED AGREEMENTS AND FINANCINGS Collateralized agreements are comprised of securities purchased under agreements to resell (“reverse repurchase agreements”) and securities borrowed. Collateralized financings are comprised of securities sold under agreements to repurchase (“repurchase agreements”) and securities loaned. We enter into these transactions in order to facilitate client activities, acquire securities to cover short positions and finance certain firm activities. The significant accounting policies governing our collateralized agreements and financings are described in Note 2 of our 2020 Form 10-K. Our reverse repurchase agreements, repurchase agreements, securities borrowing and securities lending transactions are governed by master agreements that are widely used by counterparties and that may allow for net settlements of payments in the normal course, as well as offsetting of all contracts with a given counterparty in the event of bankruptcy or default of one of the parties to the transaction. For financial statement purposes, we do not offset our reverse repurchase agreements, repurchase agreements, securities borrowed and securities loaned because the conditions for netting as specified by GAAP are not met. Although not offset on the Condensed Consolidated Statements of Financial Condition, these transactions are included in the following table.
The total amount of collateral received under reverse repurchase agreements and the total amount of collateral posted under repurchase agreements exceeds the carrying value of these agreements on our Condensed Consolidated Statements of Financial Condition. Collateral received and pledged We receive cash and securities as collateral, primarily in connection with reverse repurchase agreements, securities borrowed, derivative transactions and client margin loans. The collateral we receive reduces our credit exposure to individual counterparties. In many cases, we are permitted to deliver or repledge financial instruments we have received as collateral to satisfy our collateral requirements under our repurchase agreements, securities lending agreements or other secured borrowings, to satisfy deposit requirements with clearing organizations, or to otherwise meet either our or our clients’ settlement requirements. The following table presents financial instruments at fair value that we received as collateral, were not included on our Condensed Consolidated Statements of Financial Condition, and that were available to be delivered or repledged, along with the balances of such instruments that were delivered or repledged, to satisfy one of our purposes previously described.
Encumbered assets We pledge certain of our assets to collateralize either repurchase agreements or other secured borrowings, maintain lines of credit, or to satisfy our collateral or settlement requirements with counterparties or clearing organizations who may or may not have the right to deliver or repledge such instruments. The following table presents information about our assets that have been pledged for one of the purposes previously described.
Repurchase agreements, repurchase-to-maturity transactions and securities loaned accounted for as secured borrowings The following table presents the remaining contractual maturity of repurchase agreements and securities lending transactions accounted for as secured borrowings.
As of both June 30, 2021 and September 30, 2020, we did not have any “repurchase-to-maturity” agreements, which are repurchase agreements where a security is transferred under an agreement to repurchase and the maturity date of the repurchase agreement matches the maturity date of the underlying security.
|
BANK LOANS, NET |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BANK LOANS, NET | BANK LOANS, NET Bank client receivables are comprised of loans originated or purchased by Raymond James Bank and include C&I loans, REIT loans, tax-exempt loans, commercial and residential real estate loans, and SBL and other loans. These receivables are collateralized by first and, to a lesser extent, second mortgages on residential or other real property, other assets of the borrower, a pledge of revenue, securities or are unsecured. See Note 2 of our 2020 Form 10-K for a discussion of accounting policies related to bank loans. As of October 1, 2020, we adopted new accounting guidance related to the measurement of credit losses on financial instruments. See Note 2 for further information about this guidance and a discussion of our accounting policies related to our allowance for credit losses. We segregate our loan portfolio into six loan portfolio segments: C&I, CRE, REIT, tax-exempt, residential mortgage, and SBL and other. Upon adoption, we redefined certain of our portfolio segments to align with the new methodology applied in determining the allowance for credit losses. Prior-period loan portfolio segment balances have been revised to conform to the current presentation. Loan balances in the following tables are presented at amortized cost (outstanding principal balance net of unearned income and deferred expenses, which include purchase premiums, purchase discounts and net deferred origination fees and costs), except for certain held for sale loans recorded at fair value. Bank loans are presented on our Condensed Consolidated Statements of Financial Condition at amortized cost (or fair value where applicable) less the allowance for credit losses. The following table presents the balances for both the held for sale and held for investment loan portfolios, as well as the associated percentage of each portfolio segment in Raymond James Bank’s total loan portfolio.
The allowance for credit losses as of June 30, 2021 was determined using the new CECL methodology, which was adopted on October 1, 2020. Prior periods have not been restated and were calculated under the incurred loss methodology. Accrued interest receivables presented in the preceding table are reported in “Other receivables, net” on our Condensed Consolidated Statements of Financial Condition. At June 30, 2021, the FHLB had a blanket lien on Raymond James Bank’s residential mortgage loan portfolio as security for the repayment of certain borrowings. See Note 14 of our 2020 Form 10-K for more information regarding borrowings from the FHLB. Held for sale loans Raymond James Bank originated or purchased $385 million and $1.50 billion of loans held for sale during the three and nine months ended June 30, 2021, respectively, and $185 million and $1.33 billion during the three and nine months ended June 30, 2020, respectively. Proceeds from the sale of these held for sale loans amounted to $230 million and $625 million during the three and nine months ended June 30, 2021, respectively, and $130 million and $564 million during the three and nine months ended June 30, 2020, respectively. Net gains resulting from such sales were insignificant in all periods during the three and nine months ended June 30, 2021 and 2020. Purchases and sales of loans held for investment The following table presents purchases and sales of loans held for investment by portfolio segment.
Sales in the preceding table represent the recorded investment (i.e., net of charge-offs and discounts or premiums) of loans held for investment that were transferred to loans held for sale and subsequently sold to a third party during the respective period. As more fully described in Note 2 of our 2020 Form 10-K, corporate loan sales generally occur as part of our credit management activities. Aging analysis of loans held for investment The following table presents information on delinquency status of our loans held for investment.
The preceding table includes $28 million and $15 million at June 30, 2021 and September 30, 2020, respectively, of nonaccrual loans which were current pursuant to their contractual terms. The table also includes TDRs of $13 million for both CRE and residential first mortgage loans at June 30, 2021, and $6 million and $15 million, respectively, at September 30, 2020. Other real estate owned, included in “Other assets” on our Condensed Consolidated Statements of Financial Condition, was insignificant at both June 30, 2021 and September 30, 2020. Collateral-dependent loans A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale of the underlying collateral. At June 30, 2021, we had $27 million of collateral-dependent CRE loans, which were fully collateralized by retail and industrial real estate, and $8 million of collateral-dependent residential loans, which were fully collateralized by single family homes. Collateral-dependent loans do not include loans to borrowers who have been granted forbearance as result of the COVID-19 pandemic or loans for which the borrower had requested a loan modification, where the request had been initiated but had not been approved or completed as of the end of the quarter. Such loans may be considered collateral-dependent after the forbearance period expires. The recorded investment in mortgage loans secured by one-to-four family residential properties for which formal foreclosure proceedings were in process was $4 million and $6 million at June 30, 2021 and September 30, 2020, respectively. Credit quality indicators The credit quality of our bank loan portfolio is summarized monthly by management using internal risk ratings, which align with the standard asset classification system utilized by bank regulators. These classifications are divided into three groups: Not Classified (Pass), Special Mention, and Classified or Adverse Rating (Substandard, Doubtful and Loss). These terms are defined as follows: Pass – Loans which are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less costs to acquire and sell, of any underlying collateral in a timely manner. Special Mention – Loans which have potential weaknesses that deserve management’s close attention. These loans are not adversely classified and do not expose us to sufficient risk to warrant an adverse classification. Substandard – Loans which are inadequately protected by the current sound worth and paying capacity of the obligor or by the collateral pledged, if any. Loans with this classification are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Doubtful – Loans which have all the weaknesses inherent in loans classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable on the basis of currently-known facts, conditions and values. Loss – Loans which are considered by management to be uncollectible and of such little value that their continuance on our books as an asset, without establishment of a specific valuation allowance or charge-off, is not warranted. We do not have any loan balances within this classification because, in accordance with our accounting policy, loans, or a portion thereof considered to be uncollectible are charged-off prior to the assignment of this classification. The following tables present our held for investment bank loan portfolio by year of origination and credit quality indicator as of June 30, 2021.
Loans classified as special mention, substandard or doubtful are all considered to be “criticized” loans. We also monitor the credit quality of the residential mortgage loan portfolio utilizing FICO scores and LTV ratios. A FICO score measures a borrower’s creditworthiness by considering factors such as payment and credit history. LTV measures the carrying value of the loan as a percentage of the value of the property securing the loan. The following table presents the held for investment residential mortgage loan portfolio by FICO score and by LTV ratio at origination.
Allowance for credit losses The following table presents changes in the allowance for credit losses on held for investment bank loans by portfolio segment.
The allowance for credit losses on held for investment bank loans decreased $23 million to $322 million during three months ended June 30, 2021, primarily due to an improved forecast for macroeconomic inputs, including unemployment and gross domestic product, and improved credit ratings within the corporate loan portfolio. The allowance for credit losses decreased $41 million to $322 million since the adoption of CECL on October 1, 2020, largely attributable to improved forecasts for certain macroeconomic inputs to our CECL model since our adoption date, including improved outlooks on unemployment and gross domestic product, which favorably impact most of our loan portfolios, as well as improved credit ratings within our corporate loan portfolio. The allowance for credit losses on unfunded lending commitments, which is included in “Other payables” on our Condensed Consolidated Statements of Financial Condition, was $15 million, $17 million and $12 million at June 30, 2021, March 31, 2021 and September 30, 2020, respectively. The decrease in the allowance for credit losses on unfunded lending commitments during the three months ended June 30, 2021 was primarily due to an improved outlook for commercial real estate compared with March 31, 2021. The increase in the allowance for credit losses on unfunded lending commitments as of June 30, 2021 compared with September 30, 2020 was predominantly due to the adoption impact of CECL. See Note 2 for further information about the adoption of CECL and the impact to the allowance for credit losses. LOANS TO FINANCIAL ADVISORS, NETLoans to financial advisors are primarily comprised of loans originated as a part of our recruiting activities. See Note 2 for a discussion of our accounting policies related to loans to financial advisors and the related allowance for credit losses. The following table presents the balances for our loans to financial advisors and the related accrued interest receivable.
(1) These loans were predominately current. (2) These loans were predominately past due for a period of 180 days or more and on nonaccrual status. The allowance for credit losses as of June 30, 2021 was determined using the CECL methodology, which we adopted on October 1, 2020. Prior periods calculated under the incurred loss methodology have not been restated. The increase in the allowance from September 30, 2020 to June 30, 2021 was primarily due to the October 1, 2020 CECL adoption, which resulted in an increase in our allowance for credit losses of $25 million. See Note 2 for further information on the CECL adoption. Accrued interest receivables presented in the preceding table are reported in “Other receivables, net” on the Condensed Consolidated Statements of Financial Condition.
|
LOANS TO FINANCIAL ADVISORS, NET |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LOANS TO FINANCIAL ADVISORS, NET | BANK LOANS, NET Bank client receivables are comprised of loans originated or purchased by Raymond James Bank and include C&I loans, REIT loans, tax-exempt loans, commercial and residential real estate loans, and SBL and other loans. These receivables are collateralized by first and, to a lesser extent, second mortgages on residential or other real property, other assets of the borrower, a pledge of revenue, securities or are unsecured. See Note 2 of our 2020 Form 10-K for a discussion of accounting policies related to bank loans. As of October 1, 2020, we adopted new accounting guidance related to the measurement of credit losses on financial instruments. See Note 2 for further information about this guidance and a discussion of our accounting policies related to our allowance for credit losses. We segregate our loan portfolio into six loan portfolio segments: C&I, CRE, REIT, tax-exempt, residential mortgage, and SBL and other. Upon adoption, we redefined certain of our portfolio segments to align with the new methodology applied in determining the allowance for credit losses. Prior-period loan portfolio segment balances have been revised to conform to the current presentation. Loan balances in the following tables are presented at amortized cost (outstanding principal balance net of unearned income and deferred expenses, which include purchase premiums, purchase discounts and net deferred origination fees and costs), except for certain held for sale loans recorded at fair value. Bank loans are presented on our Condensed Consolidated Statements of Financial Condition at amortized cost (or fair value where applicable) less the allowance for credit losses. The following table presents the balances for both the held for sale and held for investment loan portfolios, as well as the associated percentage of each portfolio segment in Raymond James Bank’s total loan portfolio.
The allowance for credit losses as of June 30, 2021 was determined using the new CECL methodology, which was adopted on October 1, 2020. Prior periods have not been restated and were calculated under the incurred loss methodology. Accrued interest receivables presented in the preceding table are reported in “Other receivables, net” on our Condensed Consolidated Statements of Financial Condition. At June 30, 2021, the FHLB had a blanket lien on Raymond James Bank’s residential mortgage loan portfolio as security for the repayment of certain borrowings. See Note 14 of our 2020 Form 10-K for more information regarding borrowings from the FHLB. Held for sale loans Raymond James Bank originated or purchased $385 million and $1.50 billion of loans held for sale during the three and nine months ended June 30, 2021, respectively, and $185 million and $1.33 billion during the three and nine months ended June 30, 2020, respectively. Proceeds from the sale of these held for sale loans amounted to $230 million and $625 million during the three and nine months ended June 30, 2021, respectively, and $130 million and $564 million during the three and nine months ended June 30, 2020, respectively. Net gains resulting from such sales were insignificant in all periods during the three and nine months ended June 30, 2021 and 2020. Purchases and sales of loans held for investment The following table presents purchases and sales of loans held for investment by portfolio segment.
Sales in the preceding table represent the recorded investment (i.e., net of charge-offs and discounts or premiums) of loans held for investment that were transferred to loans held for sale and subsequently sold to a third party during the respective period. As more fully described in Note 2 of our 2020 Form 10-K, corporate loan sales generally occur as part of our credit management activities. Aging analysis of loans held for investment The following table presents information on delinquency status of our loans held for investment.
The preceding table includes $28 million and $15 million at June 30, 2021 and September 30, 2020, respectively, of nonaccrual loans which were current pursuant to their contractual terms. The table also includes TDRs of $13 million for both CRE and residential first mortgage loans at June 30, 2021, and $6 million and $15 million, respectively, at September 30, 2020. Other real estate owned, included in “Other assets” on our Condensed Consolidated Statements of Financial Condition, was insignificant at both June 30, 2021 and September 30, 2020. Collateral-dependent loans A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale of the underlying collateral. At June 30, 2021, we had $27 million of collateral-dependent CRE loans, which were fully collateralized by retail and industrial real estate, and $8 million of collateral-dependent residential loans, which were fully collateralized by single family homes. Collateral-dependent loans do not include loans to borrowers who have been granted forbearance as result of the COVID-19 pandemic or loans for which the borrower had requested a loan modification, where the request had been initiated but had not been approved or completed as of the end of the quarter. Such loans may be considered collateral-dependent after the forbearance period expires. The recorded investment in mortgage loans secured by one-to-four family residential properties for which formal foreclosure proceedings were in process was $4 million and $6 million at June 30, 2021 and September 30, 2020, respectively. Credit quality indicators The credit quality of our bank loan portfolio is summarized monthly by management using internal risk ratings, which align with the standard asset classification system utilized by bank regulators. These classifications are divided into three groups: Not Classified (Pass), Special Mention, and Classified or Adverse Rating (Substandard, Doubtful and Loss). These terms are defined as follows: Pass – Loans which are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less costs to acquire and sell, of any underlying collateral in a timely manner. Special Mention – Loans which have potential weaknesses that deserve management’s close attention. These loans are not adversely classified and do not expose us to sufficient risk to warrant an adverse classification. Substandard – Loans which are inadequately protected by the current sound worth and paying capacity of the obligor or by the collateral pledged, if any. Loans with this classification are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Doubtful – Loans which have all the weaknesses inherent in loans classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable on the basis of currently-known facts, conditions and values. Loss – Loans which are considered by management to be uncollectible and of such little value that their continuance on our books as an asset, without establishment of a specific valuation allowance or charge-off, is not warranted. We do not have any loan balances within this classification because, in accordance with our accounting policy, loans, or a portion thereof considered to be uncollectible are charged-off prior to the assignment of this classification. The following tables present our held for investment bank loan portfolio by year of origination and credit quality indicator as of June 30, 2021.
Loans classified as special mention, substandard or doubtful are all considered to be “criticized” loans. We also monitor the credit quality of the residential mortgage loan portfolio utilizing FICO scores and LTV ratios. A FICO score measures a borrower’s creditworthiness by considering factors such as payment and credit history. LTV measures the carrying value of the loan as a percentage of the value of the property securing the loan. The following table presents the held for investment residential mortgage loan portfolio by FICO score and by LTV ratio at origination.
Allowance for credit losses The following table presents changes in the allowance for credit losses on held for investment bank loans by portfolio segment.
The allowance for credit losses on held for investment bank loans decreased $23 million to $322 million during three months ended June 30, 2021, primarily due to an improved forecast for macroeconomic inputs, including unemployment and gross domestic product, and improved credit ratings within the corporate loan portfolio. The allowance for credit losses decreased $41 million to $322 million since the adoption of CECL on October 1, 2020, largely attributable to improved forecasts for certain macroeconomic inputs to our CECL model since our adoption date, including improved outlooks on unemployment and gross domestic product, which favorably impact most of our loan portfolios, as well as improved credit ratings within our corporate loan portfolio. The allowance for credit losses on unfunded lending commitments, which is included in “Other payables” on our Condensed Consolidated Statements of Financial Condition, was $15 million, $17 million and $12 million at June 30, 2021, March 31, 2021 and September 30, 2020, respectively. The decrease in the allowance for credit losses on unfunded lending commitments during the three months ended June 30, 2021 was primarily due to an improved outlook for commercial real estate compared with March 31, 2021. The increase in the allowance for credit losses on unfunded lending commitments as of June 30, 2021 compared with September 30, 2020 was predominantly due to the adoption impact of CECL. See Note 2 for further information about the adoption of CECL and the impact to the allowance for credit losses. LOANS TO FINANCIAL ADVISORS, NETLoans to financial advisors are primarily comprised of loans originated as a part of our recruiting activities. See Note 2 for a discussion of our accounting policies related to loans to financial advisors and the related allowance for credit losses. The following table presents the balances for our loans to financial advisors and the related accrued interest receivable.
(1) These loans were predominately current. (2) These loans were predominately past due for a period of 180 days or more and on nonaccrual status. The allowance for credit losses as of June 30, 2021 was determined using the CECL methodology, which we adopted on October 1, 2020. Prior periods calculated under the incurred loss methodology have not been restated. The increase in the allowance from September 30, 2020 to June 30, 2021 was primarily due to the October 1, 2020 CECL adoption, which resulted in an increase in our allowance for credit losses of $25 million. See Note 2 for further information on the CECL adoption. Accrued interest receivables presented in the preceding table are reported in “Other receivables, net” on the Condensed Consolidated Statements of Financial Condition.
|
VARIABLE INTEREST ENTITIES |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES A VIE requires consolidation by the entity’s primary beneficiary. We evaluate all of the entities in which we are involved to determine if the entity is a VIE and if so, whether we hold a variable interest and are the primary beneficiary. Refer to Note 2 of our 2020 Form 10-K for a discussion of our principal involvement with VIEs and the accounting policies regarding determination of whether we are deemed to be the primary beneficiary of VIEs. VIEs where we are the primary beneficiary Of the VIEs in which we hold an interest, we have determined that certain limited partnerships which are part of our private equity portfolio (“Private Equity Interests”), certain Low-Income Housing Tax Credit (“LIHTC”) funds and the trust we utilize in connection with restricted stock unit (“RSU”) awards granted to certain employees of one of our Canadian subsidiaries (the “Restricted Stock Trust Fund”) require consolidation in our financial statements, as we are deemed the primary beneficiary of such VIEs. The aggregate assets and liabilities of the VIEs we consolidate are provided in the following table. Aggregate assets and aggregate liabilities may differ from the consolidated carrying value of assets and liabilities due to the elimination of intercompany assets and liabilities held by the consolidated VIE.
The following table presents information about the carrying value of the assets and liabilities of the VIEs which we consolidate and which are included on our Condensed Consolidated Statements of Financial Condition. Intercompany balances are eliminated in consolidation and not reflected in the following table.
VIEs where we hold a variable interest but are not the primary beneficiary As discussed in Note 2 of our 2020 Form 10-K, we have concluded that for certain VIEs we are not the primary beneficiary and therefore do not consolidate these VIEs. Such VIEs include certain Private Equity Interests, certain LIHTC funds, and other limited partnerships. Our risk of loss for these VIEs is limited to our investments in, advances to, and/or receivables due from these VIEs. Aggregate assets, liabilities and risk of loss The aggregate assets, liabilities, and our exposure to loss from those VIEs in which we hold a variable interest, but as to which we have concluded we are not the primary beneficiary, are provided in the following table.
|
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS, NET |
9 Months Ended |
---|---|
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS, NET | GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS, NETOur goodwill and identifiable intangible assets result from various acquisitions. During the nine months ended June 30, 2021, we acquired NWPS and Financo, both of which resulted in goodwill and identifiable intangible assets. See Note 3 for additional information on these acquisitions and the related goodwill and identifiable intangible assets. See Notes 2 and 10 of our 2020 Form 10-K for additional information about our goodwill and intangible assets, including the related accounting policies. We perform goodwill and indefinite-lived intangible asset impairment testing on an annual basis or when an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value or indicate that the asset is impaired. We performed our latest annual impairment testing for our goodwill and indefinite-lived intangible asset as of January 1, 2021, our annual evaluation date, evaluating balances as of December 31, 2020. In this annual evaluation, we performed a qualitative impairment assessment for each of our reporting units that had goodwill, as well as for our indefinite-lived intangible asset. Our qualitative assessments consider macroeconomic indicators, such as trends in equity and fixed income markets, gross domestic product, unemployment rates, interest rates, and housing markets. We also consider regulatory changes, reporting unit specific results, and changes in key personnel and strategy. Changes in these indicators, and our ability to respond to such changes, may trigger the need for impairment testing at a point other than our annual assessment date. Based upon the outcome of these qualitative assessments, no impairment was identified. No events have occurred since such assessments that would cause us to update this impairment testing.
|
LEASES |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEASES | LEASES The following table presents the balances related to our leases on our Condensed Consolidated Statements of Financial Condition. The weighted-average remaining lease term and discount rate for our leases was 5.8 years and 3.70%, respectively, as of June 30, 2021. See Note 2 of our 2020 Form 10-K for a discussion of our accounting policies related to leases.
Lease expense The following table details the components of lease expense, which is included in “Occupancy and equipment” expense on our Condensed Consolidated Statements of Income and Comprehensive Income. Lease expense is recognized on a straight-line basis over the lease term if the ROU asset has not been impaired or abandoned.
Variable lease costs in the preceding table include payments for common area maintenance charges and other variable costs that are not reflected in the measurement of ROU assets and lease liabilities. Lease liabilities The maturities by fiscal year of our lease liabilities as of June 30, 2021 are presented in the following table.
Lease payments in the preceding table exclude $136 million of legally binding minimum lease payments for leases signed but not yet commenced. These leases are estimated to commence between fiscal year 2021 and 2022 with lease terms ranging from one year to 11 years.
|
BANK DEPOSITS |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BANK DEPOSITS | BANK DEPOSITS Bank deposits include savings and money market accounts, certificates of deposit with Raymond James Bank, Negotiable Order of Withdrawal (“NOW”) accounts and demand deposits. The following table presents a summary of bank deposits, as well as the weighted-average interest rates on such deposits. The calculation of the weighted-average rates were based on the actual deposit balances and rates at each respective period end.
Total bank deposits in the preceding table exclude affiliate deposits of $185 million at both June 30, 2021 and September 30, 2020, all of which were held in a deposit account at Raymond James Bank on behalf of RJF. Savings and money market accounts in the preceding table consist primarily of deposits that are cash balances swept to Raymond James Bank from the client investment accounts maintained at Raymond James & Associates, Inc. (“RJ&A”). These balances are held in Federal Deposit Insurance Corporation (“FDIC”)-insured bank accounts through the Raymond James Bank Deposit Program (“RJBDP”). The aggregate amount of individual time deposit account balances that exceeded the FDIC insurance limit at June 30, 2021 was approximately $23 million. The following table sets forth the scheduled maturities of certificates of deposit.
Interest expense on deposits, excluding interest expense related to affiliate deposits, is summarized in the following table.
|
SENIOR NOTES PAYABLE |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SENIOR NOTES PAYABLE | SENIOR NOTES PAYABLE The following table summarizes our senior notes payable.
In March 2020, we sold in a registered underwritten public offering $500 million in aggregate principal amount of 4.65% senior notes due April 2030. Interest on these senior notes is payable semi-annually. We may redeem some or all of these senior notes at any time prior to January 1, 2030, at a redemption price equal to the greater of (i) 100% of the principal amount of the notes redeemed, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon, discounted to the redemption date at a discount rate equal to a designated U.S. Treasury rate, plus 50 basis points; and on or after January 1, 2030, at 100% of the principal amount of the notes redeemed; plus, in each case, accrued and unpaid interest thereon to the redemption date. In July 2016, we sold in a registered underwritten public offering $300 million in aggregate principal amount of 4.95% senior notes due July 2046. In May 2017, we reopened the offering and sold, in a registered underwritten public offering, an additional $500 million in aggregate principal amount of 4.95% senior notes due July 2046. These additional senior notes were consolidated, formed into a single series, and are fully fungible with the $300 million in aggregate principal amount of 4.95% senior notes issued in July 2016. Interest on these senior notes is payable semi-annually. We may redeem some or all of these senior notes at any time prior to their maturity, at a redemption price equal to the greater of (i) 100% of the principal amount of the notes redeemed, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon, discounted to the redemption date at a discount rate equal to a designated U.S. Treasury rate, plus 45 basis points, plus accrued and unpaid interest thereon to the redemption date. In April 2021, we sold in a registered underwritten public offering $750 million in aggregate principal amount of 3.75% senior notes due April 2051. Interest on these senior notes is payable semi-annually. We may redeem some or all of these senior notes at any time prior to October 1, 2050, at a redemption price equal to the greater of (i) 100% of the principal amount of the notes redeemed, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon, discounted to the redemption date at a discount rate equal to a designated U.S. Treasury rate, plus 20 basis points; and on or after October 1, 2050, at 100% of the principal amount of the notes redeemed; plus, in each case, accrued and unpaid interest thereon to the redemption date. Tender offers and redemptions of certain senior notes Concurrently with the launch of our offering of $750 million in aggregate principal amount of 3.75% senior notes due April 2051 described above, we commenced cash tender offers (the “Tender Offers”) for any and all of our then outstanding 5.625% senior notes due 2024 and 3.625% senior notes due 2026 (the “Pre-existing Notes”). Pursuant to the Tender Offers, in April 2021 we repurchased an aggregate of $332 million outstanding Pre-existing Notes for an aggregate purchase price of $373 million. In addition, in April 2021 we issued notices of redemption to holders of the Pre-existing Notes pursuant to the indentures governing such notes, to redeem any Pre-existing Notes that remained outstanding following the closing of the Tender Offers. In May 2021 we redeemed the remaining outstanding balance of the Pre-existing Notes of $418 million for an aggregate redemption price of $473 million. These repurchases and redemptions of the Pre-existing Notes were funded with the net proceeds from our 3.75% senior notes due April 2051 and cash on hand, and resulted in a loss of $98 million which is comprised of make-whole premiums, unamortized debt issuance costs which were accelerated, and certain legal and professional fees. This loss was presented in “Losses on extinguishment of debt” on our Condensed Consolidated Statements of Income and Comprehensive Income in our third fiscal quarter of 2021.
|
INCOME TAXES |
9 Months Ended |
---|---|
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The income tax provision for interim periods is comprised of tax on ordinary income provided at the most recent estimated annual effective tax rate, adjusted for the tax effect of discrete items. We estimate the annual effective tax rate quarterly based on the forecasted pre-tax results of our U.S. and non-U.S. operations. Items unrelated to current year ordinary income are recognized entirely in the period identified as a discrete item of tax. These discrete items generally relate to changes in tax laws, adjustments to the actual liability determined upon filing tax returns, excess tax benefits related to share-based compensation and adjustments to previously recorded reserves for uncertain tax positions. For discussion of income tax accounting policies and other income tax related information, see Notes 2 and 16 of our 2020 Form 10-K. Effective tax rate Our effective income tax rate was 20.9% for the nine months ended June 30, 2021, which was lower than the 22.2% effective tax rate for fiscal 2020. The decrease in the effective income tax rate was primarily due to an increase in valuation gains associated with our company-owned life insurance policies which are not subject to tax. Uncertain tax positions Although management cannot predict with any degree of certainty the timing of ultimate resolution of matters under review by various taxing jurisdictions, it is reasonably possible that our uncertain tax position liability balance may decrease within the next 12 months by up to $4 million as a result of the expiration of statutes of limitations and the completion of tax authorities’ examinations.
|
COMMITMENTS, CONTINGENCIES AND GUARANTEES |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMITMENTS, CONTINGENCIES AND GUARANTEES | COMMITMENTS, CONTINGENCIES AND GUARANTEES Commitments and contingencies Underwriting commitments In the normal course of business, we enter into commitments for debt and equity underwritings. As of June 30, 2021, we had three such open underwriting commitments, which were subsequently settled in open market transactions and did not result in significant losses. Lending commitments and other credit-related financial instruments Raymond James Bank has outstanding, at any time, a significant number of commitments to extend credit and other credit-related off-balance sheet financial instruments, such as standby letters of credit and loan purchases, which then extend over varying periods of time. These arrangements are subject to strict underwriting assessments and each customer’s credit worthiness is evaluated on a case-by-case basis. Fixed-rate commitments are subject to market risk resulting from fluctuations in interest rates and our exposure is limited to the replacement value of those commitments. The following table presents Raymond James Bank’s commitments to extend credit and other credit-related off-balance sheet financial instruments outstanding.
Open-end consumer lines of credit primarily represent the unfunded amounts of bank loans to consumers that are secured by marketable securities at advance rates consistent with industry standards. The proceeds from repayment or, if necessary, the liquidation of collateral, which is monitored daily, are expected to satisfy the amounts drawn against these existing lines of credit. These lines of credit are primarily uncommitted, as we reserve the right to not make any advances or may terminate these lines at any time. Because many of Raymond James Bank’s lending commitments expire without being funded in whole or in part, the contractual amounts are not estimates of our actual future credit exposure or future liquidity requirements. The allowance for credit losses calculated under CECL provides for potential losses related to the unfunded lending commitments. See Notes 2 and 8 for further discussion of this allowance for credit losses related to unfunded lending commitments. RJ&A enters into margin lending arrangements which allow customers to borrow against the value of qualifying securities. Margin loans are collateralized by the securities held in the customer’s account at RJ&A. Collateral levels and established credit terms are monitored daily and we require customers to deposit additional collateral or reduce balances as necessary. We offer loans to prospective financial advisors for recruiting and retention purposes (see Notes 2 and 9 for further discussion of our loans to financial advisors). These offers are contingent upon certain events occurring, including the individuals joining us and meeting certain conditions outlined in their offer. Investment commitments We had unfunded commitments to various investments, including private equity investments and certain Raymond James Bank investments, of $37 million as of June 30, 2021. Other commitments Raymond James Tax Credit Funds, Inc. (“RJTCF”) sells investments in project partnerships to various LIHTC funds, which have third-party investors, and for which RJTCF serves as the managing member or general partner. RJTCF typically sells investments in project partnerships to LIHTC funds within 90 days of their acquisition. Until such investments are sold to LIHTC funds, RJTCF is responsible for funding investment commitments to such partnerships. As of June 30, 2021, RJTCF had committed approximately $167 million to project partnerships that had not yet been sold to LIHTC funds. Because we expect to sell these project partnerships to LIHTC funds and the equity funding events arise over future periods, the contractual commitments are not expected to materially impact our future liquidity requirements. RJTCF may also make short-term loans or advances to project partnerships and LIHTC funds. As a part of our fixed income public finance operations, we enter into forward commitments to purchase agency MBS. See Note 2 of our 2020 Form 10-K for further discussion of these activities. At June 30, 2021, we had $222 million of principal amount of outstanding forward MBS purchase commitments, which were expected to be purchased within 90 days following commitment. In order to hedge the market interest rate risk to which we would otherwise be exposed between the date of the commitment and the date of sale of the MBS, we enter into TBA security contracts with investors for generic MBS at specific rates and prices to be delivered on settlement dates in the future. We may be subject to loss if the timing of, or the actual amount of, the MBS differs significantly from the term and notional amount of the TBA security contract to which we entered. These TBA securities and related purchase commitments are accounted for at fair value. As of June 30, 2021, the fair value of the TBA securities and the estimated fair value of the purchase commitments were insignificant. For information regarding our lease commitments, including the maturities of our lease liabilities, see Note 12. Guarantees Our U.S. broker-dealer subsidiaries are required by federal law to be members of the Securities Investors Protection Corporation (“SIPC”). The SIPC fund provides protection up to $500 thousand per client for securities and cash held in client accounts, including a limitation of $250 thousand on claims for cash balances. We have purchased excess SIPC coverage through various syndicates of Lloyd’s of London. For RJ&A, our clearing broker-dealer, the additional protection currently provided has an aggregate firm limit of $750 million for cash and securities, including a sub-limit of $1.9 million per client for cash above basic SIPC. Account protection applies when a SIPC member fails financially and is unable to meet its obligations to clients. This coverage does not protect against market fluctuations. RJF has provided an indemnity to Lloyd’s of London against any and all losses they may incur associated with the excess SIPC policies. We guarantee the debt of one of our private equity investments. The amount of such debt, including the undrawn portion of a revolving credit facility, was $13 million as of June 30, 2021. The debt, which matures in 2022, is secured by substantially all of the assets of the borrower. Legal and regulatory matter contingencies In the normal course of our business, we have been named, from time to time, as a defendant in various legal actions, including arbitrations, class actions and other litigation, arising in connection with our activities as a diversified financial services institution. RJF and certain of its subsidiaries are subject to regular reviews and inspections by regulatory authorities and self-regulatory organizations. Reviews can result in the imposition of sanctions for regulatory violations, ranging from non-monetary censures to fines and, in serious cases, temporary or permanent suspension from conducting business, or limitations on certain business activities. In addition, regulatory agencies and self-regulatory organizations institute investigations from time to time, among other things, into industry practices, which can also result in the imposition of such sanctions. We may contest liability and/or the amount of damages, as appropriate, in each pending matter. Over the last several years, the level of litigation and investigatory activity (both formal and informal) by government and self-regulatory agencies in the financial services industry continues to be significant. There can be no assurance that material losses will not be incurred from claims that have not yet been asserted or are not yet determined to be material. For many legal and regulatory matters, we are unable to estimate a range of reasonably possible loss as we cannot predict if, how or when such proceedings or investigations will be resolved or what the eventual settlement, fine, penalty or other relief, if any, may be. A large number of factors may contribute to this inherent unpredictability: the proceeding is in its early stages; the damages sought are unspecified, unsupported or uncertain; it is unclear whether a case brought as a class action will be allowed to proceed on that basis; the other party is seeking relief other than or in addition to compensatory damages (including, in the case of regulatory and governmental proceedings, potential fines and penalties); the matters present significant legal uncertainties; we have not engaged in settlement discussions; discovery is not complete; there are significant facts in dispute; and numerous parties are named as defendants (including where it is uncertain how liability might be shared among defendants). Subject to the foregoing, after consultation with counsel, we believe that the outcome of such litigation and regulatory proceedings will not have a material adverse effect on our consolidated financial condition. However, the outcome of such litigation and regulatory proceedings could be material to our operating results and cash flows for a particular future period, depending on, among other things, our revenues or income for such period. There are certain matters for which we are unable to estimate the upper end of the range of reasonably possible loss. With respect to legal and regulatory matters for which management has been able to estimate a range of reasonably possible loss as of June 30, 2021, we estimated the upper end of the range of reasonably possible aggregate loss to be approximately $175 million in excess of the aggregate accruals for such matters. Refer to Note 2 of our 2020 Form 10-K for a discussion of our criteria for recognizing liabilities for contingencies.
|
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) All of the components of other comprehensive income (“OCI”), net of tax, were attributable to RJF. The following table presents the net change in AOCI as well as the changes, and the related tax effects, of each component of AOCI.
Reclassifications from AOCI to net income, excluding taxes, for the three and nine months ended June 30, 2021 were primarily recorded in “Other” revenue and “Interest expense” on the Condensed Consolidated Statements of Income and Comprehensive Income. Our net investment hedges and cash flow hedges relate to our derivatives associated with Raymond James Bank’s business operations. For further information about our significant accounting policies related to derivatives, see Note 2 of our 2020 Form 10-K. See Note 6 of this Form 10-Q for additional information on these derivatives.
|
REVENUES |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVENUES | REVENUES The following tables present our sources of revenues by segment. For further information about our significant accounting policies related to revenue recognition, see Note 2 of our 2020 Form 10-K. See Note 23 of this Form 10-Q for additional information on our segment results.
(1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.
(1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.
(1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.
(1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers. At June 30, 2021 and September 30, 2020, net receivables related to contracts with customers were $359 million and $342 million, respectively.
|
INTEREST INCOME AND INTEREST EXPENSE |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Income (Expense), Net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INTEREST INCOME AND INTEREST EXPENSE | INTEREST INCOME AND INTEREST EXPENSE The following table details the components of interest income and interest expense.
Interest expense related to bank deposits in the preceding table excludes interest expense associated with affiliate deposits, which has been eliminated in consolidation.
|
SHARE-BASED COMPENSATION |
9 Months Ended |
---|---|
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION We have one share-based compensation plan for our employees, Board of Directors and independent contractor financial advisors. Generally, we reissue our treasury shares under The Amended and Restated 2012 Stock Incentive Plan; however, we are also permitted to issue new shares. Annual share-based compensation awards are primarily issued during our fiscal first quarter of each year. Our share-based compensation accounting policies are described in Note 2 of our 2020 Form 10-K. Other information related to our share-based awards is presented in Note 21 of our 2020 Form 10-K. During the three and nine months ended June 30, 2021, we granted approximately 50 thousand and 1.5 million RSUs, respectively, to employees and outside members of our Board of Directors with a weighted-average grant-date fair value of $131.81 and $94.75, respectively. For the three and nine months ended June 30, 2021, total compensation expense for RSUs granted to our employees and members of our Board of Directors was $27 million and $98 million, respectively, compared with $22 million and $89 million for the three and nine months ended June 30, 2020, respectively. As of June 30, 2021, there were $209 million of total pre-tax compensation costs not yet recognized (net of estimated forfeitures) related to RSUs granted to employees and members of our Board of Directors, including those granted during the nine months ended June 30, 2021. These costs are expected to be recognized over a weighted-average period of 3.1 years.
|
REGULATORY CAPITAL REQUIREMENTS |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REGULATORY CAPITAL REQUIREMENTS | REGULATORY CAPITAL REQUIREMENTSRJF, as a bank holding company and financial holding company, Raymond James Bank, our banking subsidiary, Raymond James Trust, N.A. (“RJ Trust”), and our broker-dealer subsidiaries are subject to capital requirements by various regulatory authorities. Capital levels of each entity are monitored to ensure compliance with our various regulatory capital requirements. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on our financial results. As a bank holding company under the Bank Holding Company Act of 1956, as amended (the “BHC Act”) that has made an election to be a financial holding company (“FHC”), RJF is subject to supervision, examination and regulation by the Fed. We are subject to the Fed’s capital rules which establish an integrated regulatory capital framework and implement, in the U.S., the Basel III regulatory capital reforms from the Basel Committee on Banking Supervision and certain changes required by the Dodd-Frank Act. We apply the standardized approach for calculating risk-weighted assets and are also subject to the market risk provisions of the Fed’s capital rules (“market risk rule”). Under these rules, minimum requirements are established for both the quantity and quality of capital held by banking organizations. RJF and Raymond James Bank are required to maintain minimum ratios of common equity tier 1 (“CET1”), tier 1 and total capital to risk-weighted assets, as well as minimum leverage ratios (defined as tier 1 capital divided by adjusted average assets). These capital ratios incorporate quantitative measures of our assets, liabilities, and certain off-balance sheet items as calculated under the regulatory capital rules and are subject to qualitative judgments by the regulators about components, risk-weightings, and other factors. RJF and Raymond James Bank each calculate these ratios in order to assess compliance with both regulatory requirements and their internal capital policies. In order to maintain our ability to take certain capital actions, including dividends and common equity repurchases, and to make bonus payments, we must hold a capital conservation buffer above our minimum risk-based capital requirements. As of June 30, 2021, both RJF’s and Raymond James Bank’s capital levels exceeded the capital conservation buffer requirement and were each categorized as “well-capitalized.” For further discussion of regulatory capital requirements applicable to certain of our businesses and subsidiaries, see Note 22 of our 2020 Form 10-K. To meet requirements for capital adequacy purposes or to be categorized as “well-capitalized,” RJF must maintain minimum CET1, Tier 1 capital, Total capital and Tier 1 leverage amounts and ratios as set forth in the following table.
As of June 30, 2021, RJF’s regulatory capital increase was driven by positive earnings, partially offset by dividends and share repurchases, as well as an increase in goodwill and identifiable intangible assets arising from the NWPS and Financo acquisitions. See Note 3 for additional information. RJF’s Tier 1 and Total capital ratios increased compared to September 30, 2020, resulting from the increase in regulatory capital, partially offset by an increase in risk-weighted assets. The increase in risk-weighted assets was driven by increases in our loan portfolio and available-for-sale securities. RJF’s Tier 1 leverage ratio at June 30, 2021 decreased compared to September 30, 2020 due to increased average assets, driven by higher assets segregated pursuant to regulations due to an increase in client cash in the Client Interest Program (“CIP”), as well as growth in loans and available-for-sale securities. The impact of higher average assets was partially offset by the increase in regulatory capital. To meet the requirements for capital adequacy or to be categorized as “well-capitalized,” Raymond James Bank must maintain CET1, Tier 1 capital, Total capital and Tier 1 leverage amounts and ratios as set forth in the following table.
As of June 30, 2021, Raymond James Bank’s regulatory capital increase was driven by positive earnings. Raymond James Bank’s Tier 1 capital and Total capital ratios at June 30, 2021 increased compared to September 30, 2020, due to the increase in regulatory capital, partially offset by the impact of higher risk-weighted assets, primarily resulting from increases in our loan portfolio and available-for-sale securities. Raymond James Bank’s Tier 1 leverage ratio at June 30, 2021 decreased compared to September 30, 2020, due to increased average assets, driven by the growth in loans and available-for-sale securities, which was partially offset by the impact of the increase in regulatory capital. Certain of our broker-dealer subsidiaries are subject to the requirements of the Uniform Net Capital Rule (Rule 15c3-1) under the Securities Exchange Act of 1934. The following table presents the net capital position of RJ&A.
As of June 30, 2021, Raymond James Financial Services, Inc. (“RJFS”), Raymond James Ltd. (“RJ Ltd.”), RJ Trust, and all of our other active regulated domestic and international subsidiaries were in compliance with and exceeded all applicable capital requirements.
|
EARNINGS PER SHARE |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE | EARNINGS PER SHARE The following table presents the computation of basic and diluted earnings per common share.
The allocation of earnings and dividends to participating securities in the preceding table represents dividends paid during the period to participating securities, consisting of certain RSUs, plus an allocation of undistributed earnings to such participating securities. Participating securities and related dividends paid on these participating securities were insignificant for the three and nine months ended June 30, 2021 and 2020. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed. Dividends per common share declared and paid are detailed in the following table for each respective period.
|
SEGMENT INFORMATION |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION We currently operate through the following five segments: PCG; Capital Markets; Asset Management; Raymond James Bank; and Other. The segments are determined based upon factors such as the services provided and the distribution channels served and are consistent with how we assess performance and determine how to allocate our resources. For a further discussion of our segments, see Note 24 of our 2020 Form 10-K. The following table presents information concerning operations in these segments.
No individual client accounted for more than ten percent of revenues in any of the periods presented. The following table presents our net interest income on a segment basis.
The following table presents our total assets on a segment basis.
The following table presents goodwill, which was included in our total assets, on a segment basis.
(1) The balance includes $139 million of goodwill arising from our acquisition of NWPS in December 2020. (2) The balance includes $30 million of goodwill arising from our acquisition of Financo in March 2021. We have operations in the U.S., Canada and Europe. Substantially all long-lived assets are located in the U.S. The following table presents our net revenues and pre-tax income classified by major geographic area in which they were earned.
The following table presents our total assets by major geographic area in which they were held.
The following table presents goodwill, which was included in our total assets, classified by major geographic area in which it was held.
(1) The balance includes $139 million of goodwill arising from our acquisition of NWPS in December 2020 and $30 million of goodwill arising from our acquisition of Financo in March 2021.
|
UPDATE OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
9 Months Ended |
---|---|
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accompanying unaudited condensed consolidated financial statements include the accounts of RJF and its consolidated subsidiaries that are generally controlled through a majority voting interest. We consolidate all of our 100%-owned subsidiaries. In addition, we consolidate any variable interest entity (“VIE”) in which we are the primary beneficiary. Additional information on these VIEs is provided in Note 2 of our Annual Report on Form 10-K (“2020 Form 10-K”) for the year ended September 30, 2020, as filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”) and in Note 10 of this Form 10-Q. When we do not have a controlling interest in an entity, but we exert significant influence over the entity, we apply the equity method of accounting. All material intercompany balances and transactions have been eliminated in consolidation.
|
Accounting estimates and assumptions | Accounting estimates and assumptions Certain financial information that is normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) but is not required for interim reporting purposes has been condensed or omitted. These unaudited condensed consolidated financial statements reflect, in the opinion of management, all adjustments necessary for a fair presentation of our consolidated financial position and results of operations for the periods presented. The nature of our business is such that the results of any interim period are not necessarily indicative of results for a full year. These unaudited condensed consolidated financial statements should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the Consolidated Financial Statements and Notes thereto included in our 2020 Form 10-K. To prepare condensed consolidated financial statements in accordance with GAAP, we must make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from those estimates and could have a material impact on the condensed consolidated financial statements.
|
Reclassifications | Reclassifications Certain prior-period amounts have been reclassified to conform to the current period’s presentation.
|
Accounting guidance adopted | Accounting guidance adopted in fiscal 2021 Credit losses In June 2016, the Financial Accounting Standards Board (“FASB”) issued new guidance related to the measurement of credit losses on financial instruments (ASU 2016-13), which replaces the incurred credit loss and other models with the Current Expected Credit Losses (“CECL”) model. The guidance involves several aspects of the accounting for credit losses related to certain financial instruments, including assets measured at amortized cost, available-for-sale debt securities and certain off-balance sheet commitments. The new guidance, and subsequent updates, broadens the information that an entity must consider in developing its estimated credit losses expected to occur over the remaining life of in-scope financial assets. The measurement of expected credit losses includes historical experience, current conditions and reasonable and supportable economic forecasts. This new guidance was effective for our fiscal year beginning on October 1, 2020 and was adopted under a modified retrospective approach. The impact of adoption of this new standard resulted in an increase in our allowance for credit losses of $42 million (including $25 million related to loans to financial advisors, $9 million related to funded bank loans and $8 million related to unfunded lending commitments) and a corresponding reduction in the beginning balance of retained earnings of $35 million, net of tax. Prior-period amounts were calculated under the incurred loss model and have not been restated. See Notes 8 and 9 for further information related to bank loans and loans to financial advisors and the related allowances for credit losses. The following sections highlight changes to our accounting policies as a result of this adoption. Available-for-sale securities Available-for-sale securities are generally held by Raymond James Bank and are classified at the date of purchase. They are comprised primarily of agency mortgage-backed securities (“MBS”) and agency collateralized mortgage obligations (“CMOs”), which are guaranteed by the U.S. government or its agencies. Available-for-sale securities owned by Raymond James Bank are used as part of its interest rate risk and liquidity management strategies and may be sold in response to changes in interest rates, changes in prepayment risks, or other factors. As a result of the adoption of the new CECL guidance, credit losses on available-for-sale securities are limited to the difference between the security’s amortized cost basis and its fair value and should be recognized through an allowance for credit losses rather than as a direct reduction in amortized cost basis. Given that our available-for-sale securities portfolio is comprised of government agency securities for which payments of both principal and interest are guaranteed, and based on the lack of historical credit losses, we expect zero credit losses on this portfolio and the related accrued interest receivable. On a quarterly basis, we reassess our expectation of zero credit losses to consider changes in the available-for-sale securities portfolio. Other receivables, net Other receivables primarily include receivables from brokers, dealers and clearing organizations, accrued interest receivables and accrued fees from product sponsors. Receivables from brokers, dealers and clearing organizations primarily consist of deposits placed with clearing organizations, which includes initial margin, and receivables related to sales of securities which have traded, but not yet settled including amounts receivable for securities failed to deliver. We present “Other receivables, net” on our Condensed Consolidated Statements of Financial Condition, net of any allowance for credit losses. However, these receivables generally have minimal credit risk due to the low probability of clearing organization default and the short-term nature of receivables related to securities settlements and therefore, the allowance for credit losses on such receivables is not significant. Any allowance for credit losses for other receivables is estimated using assumptions based on historical experience, current facts and other factors. We update these estimates through periodic evaluations against actual trends experienced. As permitted under the CECL guidance, we include accrued interest receivables related to our financial assets in “Other receivables, net” on the Condensed Consolidated Statements of Financial Condition instead of with the related financial instrument. We reverse any uncollectible accrued interest into interest income generally when the related financial asset is moved to nonaccrual status. As we write off uncollectible amounts in a timely manner, we do not recognize an allowance for credit losses against accrued interest receivable. Loans to financial advisors, net We offer loans to financial advisors for recruiting and retention purposes. The decision to extend credit to a financial advisor or other key revenue producer is generally based on their ability to generate future revenues. Loans offered are generally repaid over a to 10 year period, with interest recognized as earned, and are contingent upon affiliation with us. These loans are not assignable by the financial advisor and may only be assigned by us to a successor in interest. There is no fee income associated with these loans. In the event that the financial advisor is no longer affiliated with us, any unpaid balance of such loan becomes immediately due and payable to us. Based upon the nature of these financing receivables, affiliation status is the primary credit risk factor within this portfolio. We present the outstanding balance of loans to financial advisors on our Condensed Consolidated Statements of Financial Condition, net of the allowance for credit losses. Refer to the allowance for credit losses section that follows for further information related to our allowance for credit losses on our loans to financial advisors. See Note 9 for additional information on our loans to financial advisors. Loans to financial advisors are considered past due once they are 30 days or more delinquent as to the payment of contractual interest or principal. Loans are placed on nonaccrual status when we determine that full payment of contractual principal and interest is in doubt, or the loan is past due 180 days or more as to contractual interest or principal. When a loan is placed on nonaccrual status, the accrued and unpaid interest receivable is written-off against interest income. Interest is recognized on a cash basis until the loan qualifies for return to accrual status. Loans are returned to an accrual status when the loans have been brought contractually current with the original terms and have been maintained on a current basis for a reasonable period, generally six months. When we determine that it is likely a loan will not be collected in full, the loan is evaluated for a potential write down of the carrying value. After consideration of the borrower’s ability to restructure the loan, sources of repayment, and other factors affecting the borrower’s ability to repay the debt, the portion of the loan deemed a confirmed loss, if any, is charged-off. A charge-off is taken against the allowance for credit losses for the difference between the amortized cost and the amount we estimate will ultimately be collected. Additional charge-offs are taken if there is an adverse change in the expected cash flows. Allowance for credit losses We evaluate our held for investment bank loans, unfunded lending commitments, loans to financial advisors and certain other financial assets to estimate an allowance for credit losses over the remaining life of the financial instrument. The remaining life of our financial assets is determined by considering contractual terms and expected prepayments, among other factors. We employ multiple methodologies in estimating an allowance for credit losses and our approaches differ by type of financial asset and the risk characteristics within each financial asset type. Our estimates are based on ongoing evaluations of the portfolio, the related credit risk characteristics, and the overall economic and environmental conditions affecting the financial assets. For certain of our financial assets with collateral maintenance provisions (e.g., collateralized agreements, margin loans and securities-based loans), we apply the practical expedient allowed under the CECL model in estimating an allowance for credit losses. We reasonably expect that borrowers (or counterparties, as applicable) will replenish the collateral as required. As a result, we estimate zero credit losses to the extent that the fair value equals or exceeds the related carrying value of the financial asset. When the fair value of the collateral securing the financial asset is less than the carrying value, qualitative factors such as historical experience (adjusted for current risk characteristics and economic conditions) as well as reasonable and supportable forecasts are considered in estimating the allowance for credit losses on the unsecured portion of the financial asset. Credit losses are charged-off against the allowance when we believe the uncollectibility of the financial asset is confirmed. Subsequent recoveries, if any, are credited to the allowance once received. A credit loss expense, or benefit, is recorded in earnings in an amount necessary to adjust the allowance for credit losses to our estimate as of the end of each reporting period. Our provision or benefit for credit losses for outstanding bank loans is included in “Bank loan provision/(benefit) for credit losses” on our Condensed Consolidated Statements of Income and Comprehensive Income and our provision or benefit for credit losses for all other financing receivables and unfunded lending commitments is included in “Other” expense. Loans We generally estimate the allowance for credit losses on our loan portfolios using credit risk models which incorporate relevant available information from internal and external sources relating to past events, current conditions, and reasonable and supportable economic forecasts. After testing the reasonableness of a variety of economic forecast scenarios, we select a single forecast scenario for use in our models. Our forecasts incorporate assumptions related to macroeconomic indicators including, but not limited to, U.S. gross domestic product, equity market indices, unemployment rates, and commercial real estate and residential home price indices. At the conclusion of our reasonable and supportable forecast period, which currently ranges from to three years depending on the model and macroeconomic variables, we use a straight-line reversion approach over a one-year period to revert to historical loss information for commercial and industrial (“C&I”), real estate investment trust (“REIT”) and tax-exempt loans. For commercial real estate (“CRE”) and residential mortgage loans, we incorporate a reasonable and supportable forecast of various macroeconomic variables over the remaining life of the assets. The development of the forecast used for CRE and residential mortgage loans incorporates an assumption that each macroeconomic variable will revert to a long-term expectation starting in years to of the forecast and largely completing within the first five years of the forecast. We assess the length of the reasonable and supportable forecast period and the reversion period, our reversion approach, our economic forecasts and our methodology for estimating the historical loss information on a quarterly basis. The allowance for credit losses on loans is generally evaluated and measured on a collective basis, typically by loan portfolio segment, due to similar risk characteristics. When a loan does not share similar risk characteristics with other loans, the loan is evaluated for credit losses on an individual basis. Various risk characteristics are considered when determining whether the loan should be collectively evaluated including, but not limited to, financial asset type, internal risk ratings, collateral type, industry of the borrower, and historical or expected credit loss patterns. The allowance for credit losses on collectively evaluated loans is comprised of two components: (a) a quantitative allowance; and (b) a qualitative allowance, which is based on an analysis of model limitations and other factors not considered by the quantitative models. There are several factors considered in estimating the quantitative allowance for credit losses on collectively evaluated loans which generally include, but are not limited to, the internal risk rating, historical loss experience (including adjustments due to current risk characteristics and economic conditions), prepayments, borrower-controlled extensions, and expected recoveries. We use third-party data for historical information on collectively evaluated corporate loans (C&I, CRE and REIT loans) and residential mortgage loans. The qualitative portion of our allowance for credit losses includes certain factors that are not incorporated into the quantitative estimate and would generally require adjustments to the allowance for credit losses. These qualitative factors are intended to address developing trends related to each portfolio segment and would generally include, but are not limited to: changes in lending policies and procedures, including changes in underwriting standards and collection; our loan review process; volume and severity of delinquent loans; changes in the nature, volume and terms of loans; credit concentrations; changes in the value of underlying collateral; changes in legal and regulatory environments; and local, regional, national and international economic conditions. Held for investment bank loans The allowance for credit losses for the C&I, CRE (primarily loans that are secured by income-producing properties and commercial real estate construction loans), REIT (loans made to businesses that own or finance income-producing real estate), tax-exempt and residential mortgage portfolio segments is estimated using credit risk models that project a probability of default (“PD”), which is then multiplied by the loss given default (“LGD”) and the estimated exposure at default (“EAD”) at the loan-level for every period remaining in the loan’s expected life, including the maturity period. Historical data, combined with macroeconomic variables, are used in estimating the PD, LGD and EAD. Our credit risk models consider several factors when estimating the expected credit losses which may include, but are not limited to, financial performance and position, estimated prepayments, geographic location, industry or sector type, debt type, loan size, capital structure, initial risk levels and the economic outlook. Additional factors considered by the residential mortgage model include Fair Isaac Corporation (“FICO”) scores and loan-to-value (“LTV”) ratios. We generally use one of two methods to measure the allowance for credit losses on individually evaluated loans. A discounted cash flow approach is used to estimate the allowance for credit losses on certain nonaccrual corporate loans and all troubled debt restructurings (“TDRs”) that are not collateral-dependent. For collateral-dependent loans and for instances where foreclosure is probable, we use an approach that considers the fair value of the collateral less selling costs when measuring the allowance for credit losses. A loan is collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale of the collateral. See Note 8 for further information about our bank loans, including credit quality indicators considered in developing the allowance for credit losses. Unfunded lending commitments We estimate credit losses on unfunded lending commitments using a methodology consistent with that used in the corresponding bank loan portfolio segment and also based on the expected funding probabilities for fully binding commitments. As a result, the allowance for credit losses for unfunded lending commitments will vary depending upon the mix of lending commitments and future funding expectations. All classes of individually evaluated unfunded lending commitments are analyzed in conjunction with the specific allowance process previously described. The allowance for credit losses related to unfunded lending commitments is included in “Other payables” on our Condensed Consolidated Statements of Financial Condition. Loans to financial advisors The allowance for credit losses on loans to financial advisors is estimated using credit risk models that incorporate average annual loan-level loss rates and estimated prepayments based on historical data. The qualitative component of our estimate considers internal and external factors that are not incorporated into the quantitative estimate such as the reasonable and supportable forecast period. In estimating an allowance for credit losses on our individually-evaluated loans to financial advisors, we generally take into account the affiliation status of the financial advisor (i.e., whether the advisor is actively affiliated with us or has terminated affiliation with us), the borrower’s ability to restructure the loan, sources of repayment, and other factors affecting the borrower’s ability to repay the debt.
|
FAIR VALUE (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | The following tables present assets and liabilities measured at fair value on a recurring basis. Netting adjustments represent the impact of counterparty and collateral netting on our derivative balances included on our Condensed Consolidated Statements of Financial Condition. See Note 6 for additional information.
(1) Substantially all of our available-for-sale securities consist of agency MBS and agency CMOs. See Note 5 for further information. (2) These assets are comprised of U.S. Treasuries purchased to meet certain deposit requirements with clearing organizations or to meet future customer reserve requirements.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 3 Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis, Roll Forward Table of Change in Balances | The following tables present the changes in fair value for Level 3 assets and liabilities measured at fair value on a recurring basis. The realized and unrealized gains and losses in the tables may include changes in fair value that were attributable to both observable and unobservable inputs. In the following tables, gains/(losses) on trading instruments are reported in “Principal transactions” and gains/(losses) on other investments are reported in “Other” revenues.
The net unrealized gains included in earnings on our Level 3 private equity investments for the three and nine months ended June 30, 2021 primarily reflected the impact of continued improvement in market conditions and an improved outlook for certain of our investments. Of these gains, $9 million and $18 million were attributable to noncontrolling interests, which are reflected as an offset in “Other” expenses on our Condensed Consolidated Statements of Income and Comprehensive Income.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Assumptions Used in Valuation of Level 3 Financial Instruments | The following table presents the valuation techniques and significant unobservable inputs used in the valuation of certain of our private equity investments classified as level 3. These inputs represent those that a market participant would take into account when pricing these instruments. Weighted averages are calculated by weighting each input by the relative fair value of the related financial instrument. 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 or new developments become known.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value of recorded value and unfunded commitments | The following table presents the recorded value and unfunded commitments related to our private equity investments portfolio.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements, Nonrecurring | The following table presents assets measured at fair value on a nonrecurring basis along with the valuation techniques and significant unobservable inputs used in the valuation of the assets classified as level 3. These inputs represent those that a market participant would take into account when pricing these instruments. Weighted averages are calculated by weighting each input by the relative fair value of the related financial instrument.
(1) The valuation techniques used to estimate the fair values are based on collateral value less selling costs for the collateral-dependent loans and discounted cash flows for loans that are not collateral-dependent.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amounts and Estimated Fair Values of Financial Instruments Not Carried at Fair Value | The following table presents the estimated fair value and fair value hierarchy of financial assets and liabilities that are not recorded at fair value in accordance with GAAP on the Condensed Consolidated Statements of Financial Condition at June 30, 2021 and September 30, 2020. This table excludes financial instruments that are carried at amounts which approximate fair value. Refer to Note 3 of our 2020 Form 10-K for a discussion of the fair value hierarchy classifications of our financial instruments that are not recorded at fair value.
|
AVAILABLE-FOR-SALE SECURITIES (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Securities, Available-for-sale [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost and Estimated Fair Values of Available-For-Sale Securities | The following table details the amortized costs and fair values of our available-for-sale securities.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contractual Maturities, Amortized Cost, Carrying Values, and Current Yields for Available-For-Sales Securities | The following table details the contractual maturities, amortized costs, carrying values and current yields for our available-for-sale securities. Since our MBS and CMO available-for-sale securities are backed by mortgages, actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations without prepayment penalties. As a result, as of June 30, 2021, the weighted-average life of our available-for-sale securities portfolio was approximately 4 years.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-For-Sale Securities in a Continuous Unrealized Loss Position | The following table details the gross unrealized losses and fair values of securities that were in a loss position at the reporting period end, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position.
|
DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Assets at Fair Value | The following table presents the gross fair values and notional amounts of derivatives by product type, the amounts of counterparty and cash collateral netting on our Condensed Consolidated Statements of Financial Condition, as well as collateral posted and received under credit support agreements that do not meet the criteria for netting under GAAP.
(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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Liabilities at Fair Value | The following table presents the gross fair values and notional amounts of derivatives by product type, the amounts of counterparty and cash collateral netting on our Condensed Consolidated Statements of Financial Condition, as well as collateral posted and received under credit support agreements that do not meet the criteria for netting under GAAP.
(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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) | The following table details the gains/(losses) included in accumulated other comprehensive income (“AOCI”), net of income taxes, on derivatives designated as hedging instruments. These gains/(losses) included any amounts reclassified from AOCI to net income during the period. See Note 17 for additional information.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table details the gains/(losses) included in accumulated other comprehensive income (“AOCI”), net of income taxes, on derivatives designated as hedging instruments. These gains/(losses) included any amounts reclassified from AOCI to net income during the period. See Note 17 for additional information.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount of Gain (Loss) on Derivatives Recognized in Income | The following table details the gains/(losses) on derivatives not designated as hedging instruments recognized on the Condensed Consolidated Statements of Income and Comprehensive Income.
|
COLLATERALIZED AGREEMENTS AND FINANCINGS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsetting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsetting assets | Although not offset on the Condensed Consolidated Statements of Financial Condition, these transactions are included in the following table.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsetting liabilities | Although not offset on the Condensed Consolidated Statements of Financial Condition, these transactions are included in the following table.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateral | The following table presents financial instruments at fair value that we received as collateral, were not included on our Condensed Consolidated Statements of Financial Condition, and that were available to be delivered or repledged, along with the balances of such instruments that were delivered or repledged, to satisfy one of our purposes previously described.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Encumbered assets | The following table presents information about our assets that have been pledged for one of the purposes previously described.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfer of certain financial assets accounted for as secured borrowings | The following table presents the remaining contractual maturity of repurchase agreements and securities lending transactions accounted for as secured borrowings.
|
BANK LOANS, NET (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | The following table presents the balances for both the held for sale and held for investment loan portfolios, as well as the associated percentage of each portfolio segment in Raymond James Bank’s total loan portfolio.
(1) These loans were predominately current. (2) These loans were predominately past due for a period of 180 days or more and on nonaccrual status.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan Purchases and Sales | The following table presents purchases and sales of loans held for investment by portfolio segment.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Analysis of the Payment Status of Loans Held for Investment | The following table presents information on delinquency status of our loans held for investment.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Quality of Held for Investment Loan Portfolio | The following tables present our held for investment bank loan portfolio by year of origination and credit quality indicator as of June 30, 2021.
The following table presents the held for investment residential mortgage loan portfolio by FICO score and by LTV ratio at origination.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in the Allowance for Loan Losses | The following table presents changes in the allowance for credit losses on held for investment bank loans by portfolio segment.
|
LOANS TO FINANCIAL ADVISORS, NET (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | The following table presents the balances for both the held for sale and held for investment loan portfolios, as well as the associated percentage of each portfolio segment in Raymond James Bank’s total loan portfolio.
(1) These loans were predominately current. (2) These loans were predominately past due for a period of 180 days or more and on nonaccrual status.
|
VARIABLE INTEREST ENTITIES (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
VIEs where we are the primary beneficiary - aggregate assets and liabilities | The aggregate assets and liabilities of the VIEs we consolidate are provided in the following table. Aggregate assets and aggregate liabilities may differ from the consolidated carrying value of assets and liabilities due to the elimination of intercompany assets and liabilities held by the consolidated VIE.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
VIEs where we are the primary beneficiary - carrying value of assets, liabilities and equity | The following table presents information about the carrying value of the assets and liabilities of the VIEs which we consolidate and which are included on our Condensed Consolidated Statements of Financial Condition. Intercompany balances are eliminated in consolidation and not reflected in the following table.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
VIEs where we hold a variable interest but we are not the primary beneficiary - aggregate assets, liabilities and exposure to loss | The aggregate assets, liabilities, and our exposure to loss from those VIEs in which we hold a variable interest, but as to which we have concluded we are not the primary beneficiary, are provided in the following table.
|
LEASES (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets And Liabilities, Lessee | The following table presents the balances related to our leases on our Condensed Consolidated Statements of Financial Condition. The weighted-average remaining lease term and discount rate for our leases was 5.8 years and 3.70%, respectively, as of June 30, 2021. See Note 2 of our 2020 Form 10-K for a discussion of our accounting policies related to leases.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Lease Costs | The following table details the components of lease expense, which is included in “Occupancy and equipment” expense on our Condensed Consolidated Statements of Income and Comprehensive Income. Lease expense is recognized on a straight-line basis over the lease term if the ROU asset has not been impaired or abandoned.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Operating Lease Maturities | The maturities by fiscal year of our lease liabilities as of June 30, 2021 are presented in the following table.
|
BANK DEPOSITS (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Bank Deposits | The following table presents a summary of bank deposits, as well as the weighted-average interest rates on such deposits. The calculation of the weighted-average rates were based on the actual deposit balances and rates at each respective period end.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Scheduled Maturities of Certificates of Deposit | The following table sets forth the scheduled maturities of certificates of deposit.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Expense on Deposits | Interest expense on deposits, excluding interest expense related to affiliate deposits, is summarized in the following table.
|
SENIOR NOTES PAYABLE (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt | The following table summarizes our senior notes payable.
|
COMMITMENTS, CONTINGENCIES AND GUARANTEES COMMITMENTS, CONTINGENCIES AND GUARANTEES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Commitments to Extend Credit and Other Credit-Related Off-Balance Sheet Financial Instruments Outstanding | The following table presents Raymond James Bank’s commitments to extend credit and other credit-related off-balance sheet financial instruments outstanding.
|
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the net change in AOCI as well as the changes, and the related tax effects, of each component of AOCI.
|
REVENUES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following tables present our sources of revenues by segment. For further information about our significant accounting policies related to revenue recognition, see Note 2 of our 2020 Form 10-K. See Note 23 of this Form 10-Q for additional information on our segment results.
(1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.
(1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.
(1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.
(1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.
|
INTEREST INCOME AND INTEREST EXPENSE (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Income (Expense), Net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Income and Interest Expense | The following table details the components of interest income and interest expense.
|
REGULATORY CAPITAL REQUIREMENTS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Raymond James Financial Inc | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Minimum Requirements Under Regulatory Framework | To meet requirements for capital adequacy purposes or to be categorized as “well-capitalized,” RJF must maintain minimum CET1, Tier 1 capital, Total capital and Tier 1 leverage amounts and ratios as set forth in the following table.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RJ Bank | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Minimum Requirements Under Regulatory Framework | To meet the requirements for capital adequacy or to be categorized as “well-capitalized,” Raymond James Bank must maintain CET1, Tier 1 capital, Total capital and Tier 1 leverage amounts and ratios as set forth in the following table.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Raymond James & Associates Inc | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Capital and Risk Adjusted Capital Positions of Certain Businesses and Subsidiaries | The following table presents the net capital position of RJ&A.
|
EARNINGS PER SHARE (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of Basic and Diluted Earnings Per Share | The following table presents the computation of basic and diluted earnings per common share.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends per Common Share Declared and Paid | Dividends per common share declared and paid are detailed in the following table for each respective period.
|
SEGMENT INFORMATION (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Revenue from Segments to Consolidated | The following table presents information concerning operations in these segments.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Net Income (Loss) from Segments to Consolidated | The following table presents information concerning operations in these segments.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Other Significant Items from Segments to Consolidated | The following table presents our net interest income on a segment basis.
The following table presents goodwill, which was included in our total assets, on a segment basis.
(1) The balance includes $139 million of goodwill arising from our acquisition of NWPS in December 2020. (2) The balance includes $30 million of goodwill arising from our acquisition of Financo in March 2021.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Total Assets from Segment to Consolidated | The following table presents our total assets on a segment basis.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues, Income Before Provision for Income Taxes and Excluding Noncontrolling Interests, and Total Assets, Classified by Major Geographic Areas | The following table presents our net revenues and pre-tax income classified by major geographic area in which they were earned.
The following table presents our total assets by major geographic area in which they were held.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-lived Assets by Geographic Areas | The following table presents goodwill, which was included in our total assets, classified by major geographic area in which it was held.
(1) The balance includes $139 million of goodwill arising from our acquisition of NWPS in December 2020 and $30 million of goodwill arising from our acquisition of Financo in March 2021.
|
ORGANIZATION AND BASIS OF PRESENTATION (Details) |
Jun. 30, 2021 |
---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Percent ownership of subsidiaries that are consolidated (in hundredths) | 100.00% |
ACQUISITIONS (Details) £ / shares in Units, £ in Millions, $ in Millions |
1 Months Ended | 9 Months Ended | |
---|---|---|---|
Jul. 29, 2021
GBP (£)
£ / shares
|
Dec. 31, 2020
USD ($)
|
Jun. 30, 2021
USD ($)
|
|
NWPS | |||
Business Acquisition [Line Items] | |||
Goodwill, acquired during period | $ 139 | ||
Intangible assets acquired | $ 96 | ||
Intangible asset useful life | 24 years 9 months 18 days | ||
Financo | |||
Business Acquisition [Line Items] | |||
Goodwill, acquired during period | $ 30 | ||
Intangible assets acquired | $ 9 | ||
Intangible asset useful life | 9 months | ||
Tax deductible period | 15 years | ||
Charles Stanley | Subsequent Event | |||
Business Acquisition [Line Items] | |||
Share price (in dollars per share) | £ / shares | £ 5.15 | ||
Consideration | £ | £ 279 |
FAIR VALUE, Significant Assumptions Used in Valuation of Level 3 Financial Instruments (Details) - Recurring $ in Millions |
Jun. 30, 2021
USD ($)
|
Sep. 30, 2020
USD ($)
|
---|---|---|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value on a recurring basis | $ 12,553 | $ 8,935 |
Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value on a recurring basis | 100 | 71 |
Private equity investments | Level 3 | Discounted cash flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value on a recurring basis | $ 66 | $ 37 |
Discount rate | Private equity investments | Level 3 | Discounted cash flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Discount rate / multiple applied to revenue | 25 | 25 |
EBITDA Multiple | Private equity investments | Level 3 | Discounted cash flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Discount rate / multiple applied to revenue | 9.0 |
FAIR VALUE, Investments in Private Equity Measured at Net Asset Value Per Share (Details) - Private equity investments - Recurring - USD ($) $ in Millions |
Jun. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Private equity investments measured at NAV | $ 93 | $ 79 |
Private equity investments not measured at NAV | 66 | 37 |
Total private equity investments | 159 | 116 |
Total equity attributable to Raymond James Financial, Inc. | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Total private equity investments | 115 | 90 |
Unfunded commitment | 8 | 9 |
Noncontrolling interests | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Total private equity investments | $ 44 | $ 26 |
FAIR VALUE, Carrying Amounts and Estimated Fair Value of Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Carrying amount | ||
Financial assets: | ||
Bank loans, net | $ 23,788 | $ 21,125 |
Financial liabilities: | ||
Bank deposits - certificates of deposit | 880 | 1,017 |
Senior notes payable | 2,037 | 2,045 |
Recurring | Total estimated fair value | ||
Financial assets: | ||
Bank loans, net | 23,683 | 21,191 |
Financial liabilities: | ||
Bank deposits - certificates of deposit | 904 | 1,056 |
Senior notes payable | 2,457 | 2,504 |
Recurring | Level 2 | Total estimated fair value | ||
Financial assets: | ||
Bank loans, net | 69 | 72 |
Financial liabilities: | ||
Bank deposits - certificates of deposit | 0 | 0 |
Senior notes payable | 2,457 | 2,504 |
Recurring | Level 3 | Total estimated fair value | ||
Financial assets: | ||
Bank loans, net | 23,614 | 21,119 |
Financial liabilities: | ||
Bank deposits - certificates of deposit | 904 | 1,056 |
Senior notes payable | $ 0 | $ 0 |
DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES, Derivative Gain (Loss) Recognized in AOCI (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Cash flow hedges | $ (2) | $ (4) | $ 22 | $ (37) |
Total gains/(losses) in AOCI, net of taxes | (11) | (25) | (26) | (19) |
Interest rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Cash flow hedges | (2) | (4) | 22 | (37) |
Foreign exchange | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net investment hedges | $ (9) | $ (21) | $ (48) | $ 18 |
DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES (Details) - USD ($) |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2022 |
|
Derivative [Line Items] | |||||
Gain (loss) excluded from assessment of hedge effectiveness | $ 0 | $ 0 | $ 0 | $ 0 | |
Interest expense | $ 40,000,000 | $ 42,000,000 | $ 115,000,000 | $ 136,000,000 | |
RJ Bank | |||||
Derivative [Line Items] | |||||
Maximum length of time hedged in cash flow hedge | 6 years | ||||
Forecast | Reclassification out of accumulated other comprehensive income | |||||
Derivative [Line Items] | |||||
Interest expense | $ 16,000,000 |
DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES, Income Statement Location (Details) - Derivatives not designated as hedging instruments - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Principal transactions/other revenues | Interest rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in fair value of derivative asset or liability | $ 2 | $ 0 | $ 12 | $ 5 |
Other revenues | Foreign exchange | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in fair value of derivative asset or liability | (9) | (19) | (39) | 13 |
Principal transactions | Other | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in fair value of derivative asset or liability | 1 | 0 | 3 | 0 |
Compensation, commissions and benefits expense | Other | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in fair value of derivative asset or liability | $ 0 | $ 0 | $ 0 | $ (1) |
COLLATERALIZED AGREEMENTS AND FINANCINGS, Collateral (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Collateral Received that Can be Resold or Repledged [Abstract] | ||
Collateral we received that was available to be delivered or repledged | $ 3,515 | $ 2,869 |
Collateral that we delivered or repledged | $ 973 | $ 788 |
COLLATERALIZED AGREEMENTS AND FINANCINGS, Encumbered Assets (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Financial instruments owned, at fair value, pledged to counterparties that: | ||
Had the right to deliver or repledge | $ 379 | $ 325 |
Did not have the right to deliver or repledge | 65 | 65 |
Bank loans, net pledged at the Federal Home Loan Bank (“FHLB”) and the Federal Reserve Bank of Atlanta | $ 5,581 | $ 5,367 |
BANK LOANS, NET, Originations, Purchases, and Sales (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Loans held for sale | ||||
Financing Receivables, Schedule of Purchases and Sales [Line Items] | ||||
Loans held for sale originated or purchased | $ 385 | $ 185 | $ 1,500 | $ 1,330 |
Proceeds from sale of loans held-for-sale | 230 | 130 | 625 | 564 |
Loans held for investment | ||||
Financing Receivables, Schedule of Purchases and Sales [Line Items] | ||||
Purchases | 571 | 113 | 1,391 | 739 |
Sales | 116 | 292 | 216 | 312 |
Loans held for investment | C&I loans | ||||
Financing Receivables, Schedule of Purchases and Sales [Line Items] | ||||
Purchases | 381 | 0 | 1,041 | 363 |
Sales | 116 | 265 | 216 | 285 |
Loans held for investment | CRE loans | ||||
Financing Receivables, Schedule of Purchases and Sales [Line Items] | ||||
Purchases | 0 | 0 | 0 | 5 |
Sales | 0 | 27 | 0 | 27 |
Loans held for investment | Residential mortgage loans | ||||
Financing Receivables, Schedule of Purchases and Sales [Line Items] | ||||
Purchases | 190 | 113 | 350 | 371 |
Sales | $ 0 | $ 0 | $ 0 | $ 0 |
LOANS TO FINANCIAL ADVISORS, NET, Balance of Loans to Financial Advisors (Details) - USD ($) $ in Millions |
9 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Oct. 01, 2020 |
Sep. 30, 2020 |
|
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Currently affiliated with the firm | $ 1,059 | $ 1,001 | |
No longer affiliated with the firm | 12 | 15 | |
Total loans to financial advisors | 1,071 | 1,016 | |
Allowance for credit losses | (29) | (4) | |
Loans to financial advisors, net | 1,042 | 1,012 | |
Accrued interest receivable on loans to financial advisors | $ 4 | 4 | |
Past due period | 180 days | ||
Impact of CECL adoption | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for credit losses | $ (25) | $ (25) |
VARIABLE INTEREST ENTITIES, Primary Beneficiary - Carrying Value of Assets, Liabilities and Equity (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Sep. 30, 2019 |
---|---|---|---|---|
Assets: | ||||
Cash and cash equivalents and assets segregated pursuant to regulations | $ 11,864 | $ 9,634 | $ 8,837 | $ 5,971 |
Other assets | 1,637 | 1,525 | ||
Total assets | 57,161 | 47,482 | ||
Liabilities: | ||||
Other payables | 1,801 | 1,513 | ||
Total liabilities | 49,243 | 40,306 | ||
Noncontrolling interests | 55 | 62 | ||
Variable Interest Entity, Primary Beneficiary | ||||
Assets: | ||||
Total assets | 144 | 221 | ||
Liabilities: | ||||
Total liabilities | 31 | 94 | ||
Variable Interest Entity, Primary Beneficiary | Carrying amount | ||||
Assets: | ||||
Cash and cash equivalents and assets segregated pursuant to regulations | 7 | 9 | ||
Other investments | 56 | 37 | ||
Other assets | 65 | 164 | ||
Total assets | 128 | 210 | ||
Liabilities: | ||||
Other payables | 7 | 76 | ||
Total liabilities | 7 | 76 | ||
Noncontrolling interests | $ 55 | $ 62 |
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS, NET (Details) |
Jan. 01, 2021
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
Impairment | $ 0 |
LEASES - Operating Lease Assets and Liabilities (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Leases [Abstract] | ||
Weighted-average remaining lease term (years) | 5 years 9 months 18 days | |
Weighted-average discount rate | 3.70% | |
Operating lease assets | $ 344 | $ 321 |
Operating lease liabilities | $ 372 | $ 345 |
LEASES - Lease Cost (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Leases [Abstract] | ||||
Lease costs | $ 27 | $ 25 | $ 81 | $ 71 |
Variable lease cost | $ 7 | $ 6 | $ 20 | $ 18 |
LEASES - Operating Lease Maturities (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Lessee, Lease, Description [Line Items] | ||
Remainder of 2021 | $ 18 | |
2022 | 98 | |
2023 | 81 | |
2024 | 60 | |
2025 | 46 | |
Thereafter | 114 | |
Gross lease payments | 417 | |
Less: interest | (45) | |
Present value of lease liabilities | 372 | $ 345 |
Legally binding minimum lease payments | $ 136 | |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Contract term | 1 year | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Contract term | 11 years |
BANK DEPOSITS, Summary of Bank Deposits (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Bank deposits: | ||
Savings and money market accounts | $ 29,257 | $ 25,604 |
Certificates of deposit | 880 | 1,017 |
NOW accounts | 171 | 156 |
Demand deposits (non-interest-bearing) | 32 | 24 |
Total bank deposits | $ 30,340 | $ 26,801 |
Weighted-average rate [Abstract] | ||
Savings and money market accounts, weighted-average rate (in hundredths) | 0.01% | 0.01% |
Certificates of deposit, weighted-average rate (in hundredths) | 1.91% | 1.94% |
NOW accounts, weighted-average rate (in hundredths) | 1.76% | 1.92% |
Demand deposits (non-interest-bearing), weighted-average rate (in hundredths) | 0.00% | 0.00% |
Total bank deposits, weighted-average rate (in hundredths) | 0.07% | 0.09% |
Related party deposit liabilities | $ 185 | $ 185 |
Time deposit amount that exceeds FDIC insurance limit | $ 23 |
BANK DEPOSITS, Schedule Maturities of Certificates of Deposit (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Scheduled maturities of certificates of deposit, denominations greater than or equal to $100,000 [Abstract] | ||
Three months or less | $ 29 | $ 59 |
Over three through six months | 11 | 26 |
Over six through twelve months | 33 | 19 |
Over one through two years | 61 | 43 |
Over two through three years | 55 | 67 |
Over three through four years | 6 | 37 |
Over four through five years | 8 | 7 |
Total certificates of deposit | 203 | 258 |
Scheduled maturities of certificates of deposit, denominations less than 100,000 [Abstract] | ||
Three months or less | 26 | 76 |
Over three through six months | 85 | 18 |
Over six through twelve months | 104 | 26 |
Over one through two years | 149 | 206 |
Over two through three years | 157 | 170 |
Over three through four years | 149 | 165 |
Over four through five years | 7 | 98 |
Total certificates of deposit | $ 677 | $ 759 |
BANK DEPOSITS, Summary of Interest Expense on Deposits (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Interest expense on deposits [Abstract] | ||||
Savings, money market, and NOW accounts | $ 1 | $ 2 | $ 4 | $ 20 |
Certificates of deposit | 4 | 5 | 13 | 15 |
Total interest expense on deposits | $ 5 | $ 7 | $ 17 | $ 35 |
SENIOR NOTES PAYABLE - Schedule of Senior Notes (Details) - Senior Notes - USD ($) $ in Millions |
Jun. 30, 2021 |
Apr. 30, 2021 |
Sep. 30, 2020 |
Mar. 31, 2020 |
Jul. 31, 2016 |
---|---|---|---|---|---|
Debt Instrument [Line Items] | |||||
Senior notes payable | $ 2,050 | $ 2,050 | |||
Unaccreted premium | 5 | 10 | |||
Unamortized debt issuance costs | (18) | (15) | |||
Total senior notes payable | 2,037 | 2,045 | |||
Senior Notes Due 2030 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 4.65% | ||||
Senior notes payable | 500 | 500 | |||
Senior Notes Due 2046 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 4.95% | ||||
Senior notes payable | 800 | 800 | |||
Senior Notes Due 2051 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 3.75% | ||||
Senior notes payable | 750 | 0 | |||
Senior Notes Due 2024 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 5.625% | ||||
Senior notes payable | 0 | 250 | |||
Senior Notes Due 2026 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 3.625% | ||||
Senior notes payable | $ 0 | $ 500 |
INCOME TAXES (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 20.90% | 22.20% |
Unrecognized tax benefits, period increase (decrease) | $ (4) |
COMMITMENTS, CONTINGENCIES AND GUARANTEES, Commitments and Contingencies (Details) $ in Millions |
9 Months Ended |
---|---|
Jun. 30, 2021
USD ($)
agreement
| |
Underwriting commitment | |
Commitments [Line Items] | |
Number of open underwriting commitments | agreement | 3 |
Independent venture capital or private equity investment commitment | |
Commitments [Line Items] | |
Amount of commitment | $ 37 |
Commitment to lend to RJTCF | |
Commitments [Line Items] | |
Amount of commitment | $ 167 |
Number of days that investments in project partnerships typically sold | 90 days |
Forward GNMA MBS purchase commitments | |
Commitments [Line Items] | |
Amount of commitment | $ 222 |
Expected time of purchase (in days) | 90 days |
COMMITMENTS, CONTINGENCIES AND GUARANTEES, Summary of Commitments to Extend Credit and Other Credit-Related Off-Balance Sheet Financial Instruments Outstanding (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Open-end consumer lines of credit (primarily SBL) | $ 15,866 | $ 12,148 |
Commercial lines of credit | 1,813 | 1,482 |
Unfunded loan commitments | 502 | 532 |
Standby letters of credit | $ 24 | $ 33 |
COMMITMENTS, CONTINGENCIES AND GUARANTEES, Guarantees 1 (Details) - Securities Industry Protection Corporation (SIPC) $ in Thousands |
Jun. 30, 2021
USD ($)
|
---|---|
Guarantees [Abstract] | |
SIPC fund securities per customer limit (up to) | $ 500 |
Per customer upper limit claims for cash balances | $ 250 |
COMMITMENTS, CONTINGENCIES AND GUARANTEES, Guarantees 2 (Details) $ in Millions |
Jun. 30, 2021
USD ($)
|
---|---|
Raymond James & Associates Inc | |
Guarantor Obligations [Line Items] | |
Excess SIPC insured amount upper limit | $ 750.0 |
Excess SIPC Sub-limit per customer cash above basic SIPC | 1.9 |
Financial Guarantee | Private equity investments | |
Guarantor Obligations [Line Items] | |
Current exposure of guarantees | $ 13.0 |
COMMITMENTS, CONTINGENCIES AND GUARANTEES, Legal and Regulatory Matters Contingencies (Details) $ in Millions |
Jun. 30, 2021
USD ($)
|
---|---|
Pending Litigation | Various lawsuits | |
Loss Contingencies [Line Items] | |
Range of loss portion not accrued | $ 175 |
INTEREST INCOME AND INTEREST EXPENSE (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Interest income: | ||||
Cash and cash equivalents | $ 3 | $ 4 | $ 9 | $ 37 |
Assets segregated pursuant to regulations | 3 | 3 | 11 | 25 |
Available-for-sale securities | 20 | 23 | 64 | 60 |
Brokerage client receivables | 19 | 18 | 56 | 66 |
Bank loans, net of unearned income and deferred expenses | 150 | 157 | 437 | 561 |
All other | 10 | 12 | 31 | 50 |
Total Interest income | 205 | 217 | 608 | 799 |
Interest expense: | ||||
Bank deposits | 5 | 7 | 17 | 35 |
Brokerage client payables | 1 | 3 | 3 | 9 |
Other borrowings | 4 | 5 | 14 | 15 |
Senior notes payable | 25 | 24 | 73 | 61 |
All other | 5 | 3 | 8 | 16 |
Total interest expense | 40 | 42 | 115 | 136 |
Net interest income | 165 | 175 | 493 | 663 |
Bank loan (provision)/benefit for credit losses | 19 | (81) | 37 | (188) |
Net interest income after bank loan (provision)/benefit for credit losses | $ 184 | $ 94 | $ 530 | $ 475 |
SEGMENT INFORMATION, Classified by Major Geographic Areas (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|---|
Dec. 31, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Sep. 30, 2020 |
|
Revenues: | ||||||
Total net revenues | $ 2,471 | $ 1,834 | $ 7,065 | $ 5,911 | ||
Pre-tax income | ||||||
Total pre-tax income | 385 | 198 | 1,231 | 796 | ||
Total assets: | ||||||
Total assets | 57,161 | 57,161 | $ 47,482 | |||
Goodwill: | ||||||
Goodwill | 637 | 637 | 466 | |||
NWPS | ||||||
Goodwill: | ||||||
Goodwill, acquired during period | $ 139 | |||||
U.S. | ||||||
Revenues: | ||||||
Total net revenues | 2,275 | 1,706 | 6,548 | 5,501 | ||
Pre-tax income | ||||||
Total pre-tax income | 353 | 191 | 1,165 | 770 | ||
Total assets: | ||||||
Total assets | 53,361 | 53,361 | 44,090 | |||
Goodwill: | ||||||
Goodwill | 602 | 602 | 433 | |||
Canada | ||||||
Revenues: | ||||||
Total net revenues | 128 | 86 | 363 | 293 | ||
Pre-tax income | ||||||
Total pre-tax income | 15 | 5 | 41 | 26 | ||
Total assets: | ||||||
Total assets | 3,627 | 3,627 | 3,260 | |||
Goodwill: | ||||||
Goodwill | 26 | 26 | 24 | |||
Europe | ||||||
Revenues: | ||||||
Total net revenues | 68 | 42 | 154 | 117 | ||
Pre-tax income | ||||||
Total pre-tax income | 17 | $ 2 | 25 | $ 0 | ||
Total assets: | ||||||
Total assets | 173 | 173 | 132 | |||
Goodwill: | ||||||
Goodwill | $ 9 | $ 9 | $ 9 |
Label | Element | Value |
---|---|---|
Accounting Standards Update [Extensible List] | us-gaap_AccountingStandardsUpdateExtensibleList | us-gaap:AccountingStandardsUpdate201613Member |
6 C]91F,RCZ9
MOZ"(2<\5),P5SYIX[SG.L-B-GR1#S>LRBGUAZ ZA
M+C;M'>!Y4 ^,T*
M^A"KUEK&4-F5M'[##!."',F2#&W!MU">,?Z3;@0@G5BCIM"]Q7YE'-'3S@@.
M!9E346(+*Q*K0(HBN%H9"W,OK*IV\$N$3VI(=Q@2]9AT@H' 44LV9BUTX/3K
M=/JI*Y 159,1Q9U:0> 99JNAOC@FZ^8ZRR"N$P>!)YX.,_*'M@5^!J%CU>!U
M<'>&%Y@MJRRK6]GWADRGG!>(,B7.4.X\>I%44&V'.@C_YAIU)N,8]\%@T%SC
M3G0^/&!B@*85)]&IB$;G(@)U-.Q &5GN$H4H6#^)T@=X"I;"KG"2T\BA1G%,[PQ9
MGF= E$@ <0Y(]K1IEC[XO"W5X,:VP_O;OTU=9_*:-*X S;I[#@3"#EF'';!V
M,*D)65KSR!:GM&P2Q1B=THI:,']I?>IX48R?6K;C",_#3Z=B8@VQKC>D<;
MS!C7FKA3@4&_X.-P.A..BX^-^X6==R>V&.$A/CGZT_V&1\9/'N ;ZT&C&7^Z
M[;%>9OC(W
MR363' T)9)8K-_?Y'P6K"2V*.@@T.U.HH0NPC>-HDBBTH GWO=T&U3<7R)#
M)>]*5BL6O[-)YG(*U*3LTIB245A: RXE7B\^QHQNN[D189X82N
#*SI@$+F"P85*"7VAY"9TG-7ONY31%TBC \>'I"'8$G(D&6,N4!N:4@=R
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M*K3OJ\R]_ 7%2QRKRA@Q7<,1="RBD([)0IHO?\-P )Y7--'UUP!],E'BR6
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MA6^*KB9US'<"<)^@4GR]E["W#@(\U:Y][
H*XAYE
MX0$R0,)BZIZ+C7\'^9>2%L\=JQ4 AI5%W*TD!Y*NJ!.,?8X[,WTDWM/(]3@
MDIIB%D#&8#9KV_3#V#X6--&4UWB087U?0'2@-]*0)4)!,45;$-Z,"YJPL):I
M]%7*M( 6TM(%4DO %4(CP#$!YF#!)@HVM7*K%"'-GT1E@@;U*Q),DL.
-.^>H<&&NHN'.05XB;TG53RS%4HIFEPX%0_F/508WC
ML^_('+8271UU8AU1591,.T(2PL0G!B#U)C5--I[M#;-A:K9]77K@-]!^GV@'
MADYL7%\L92I747'95U;KC"_1]\*Q+QLWO'ZZ+()& +L4;"\Q9J@++/\KF5-5^C$)C0._ZLT
M C^:H+M
MNI[:/L#+3><(2SBG>B !"--*$72]E"N1*6E;E'\3R#L(V4II-L[6^(C)5Z&V
MQ2*(\5[+FLB?((:)*(NHUBL&3