Raymond James Financial (RJF) 8-K Announces Third Quarter Results

Exhibit 99.1

July 21, 2010                                                                                                           FOR IMMEDIATE RELEASE

RAYMOND JAMES FINANCIAL, INC.

ANNOUNCES THIRD QUARTER RESULTS

ST. PETERSBURG, Fla. – Raymond James Financial, Inc. today reported net income of $60,687,000, or $0.48 per diluted share, for the third quarter ended June 30, 2010. In comparison, the firm earned $42,595,000, or $0.35 per diluted share, for the third quarter of fiscal 2009, and $55,628,000, or $0.45 per diluted share, for the immediately preceding quarter. Net revenues were $747,373,000, 19 percent higher than 2009’s third quarter. Net income for the first nine months of fiscal 2010 was $159,218,000, or $1.28 per diluted share, 45 percent higher than 2009’s $109,781,000, or $0.90 per diluted share.

“While we’re pleased that third-quarter results compare favorably to the prior year, the positive comparison is not surprising given the financial crisis that persisted in 2009. Nonetheless, it’s rewarding to have the trend continue in relation to the most recent quarter, even as the markets retracted midway,” said CEO Paul Reilly. “The firm’s diversified business strategy and commitment to conservative decision making continues to deliver solid results even in uncertain times.”

“The Private Client Group largely drove the increase in our results over the second quarter.  Despite a slight decrease from the preceding quarter in the overall number of financial advisors, improved productivity fueled the rise in commission revenues. Stimulated by increased market activity, Equity Capital Markets had a strong quarter, although a decline in Fixed Income trading profits dragged that segment’s results down in comparison to the preceding quarter. Notably, though Raymond James Bank had lower net interest income, the bank incurred the lowest loan loss provision expense in two years and anticipates being able to resume growth in overall loan balances. Finally, firm-wide expense control resulted in improved margins.

“Although the equity markets have improved considerably from last year and substantial attention is being paid to economic sustainability, we’re prepared for a gradual, albeit bumpy, recovery,” Reilly said. “Despite the uncertainty of short-term market conditions, we’ll continue to stay the course – a strategy that has earned the firm 90 consecutive quarters of profitability with this report.”

The company will conduct its quarterly conference call Thursday, July 22, at 8:15 a.m. ET. For a listen-only connection, visit raymondjames.com/analystcall for a live audio webcast. The subjects to be covered may include forward-looking information. Questions may be posed to management by participants on the analyst call-in line, and in response the company may disclose additional material information.

Raymond James Financial (NYSE-RJF) is a Florida-based diversified holding company providing financial services to individuals, corporations and municipalities through its subsidiary companies. Its three wholly owned broker/dealers (Raymond James & Associates, Raymond James Financial Services and Raymond James Ltd.) and Raymond James Investment Services Limited, a majority-owned independent contractor subsidiary in the United Kingdom, have a total of more than 5,300 financial advisors serving approximately 1.9 million accounts in more than 2,300 locations throughout the United States, Canada and overseas. In addition, total client assets are approximately $231 billion, of which $30 billion are managed by the firm’s asset management subsidiaries.

To the extent that Raymond James makes or publishes forward-looking statements (regarding economic conditions, management expectations, strategic objectives, business prospects, anticipated expense savings, loan reserves/losses, financial results, anticipated results of litigation and regulatory proceedings, and other similar matters), a variety of factors, many of which are beyond Raymond James’ control, could cause actual results and experiences to differ materially from the expectations and objectives expressed in these statements. These factors are described in Raymond James’ 2009 annual report on Form 10-K and quarterly reports on Form 10 - -Q for the quarters ended December 31, 2009 and March 31, 2010, which are available on raymondjames.com and sec.gov.

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Raymond James Financial, Inc.
Unaudited Report
(in thousands, except per share amounts)
	Three Months Ended
	June 30, 2010		June 30, 2009		% Change			Mar 31, 2010		% Change
Total Revenues	$	763,612	$	636,923		20	%	$	749,987		2	%
Net Revenues		747,373		629,470		19	%		734,439		2	%
Pre-Tax Income		97,511		72,309		35	%		89,656		9	%
Net Income		60,687		42,595		42	%		55,628		9	%
Income for basic earnings per common share1:
Net income applicable to RJF, Inc. common shareholders	$	58,133	$	40,797		42	%	$	53,241		9	%
Income for diluted earnings per common share1:
Net income applicable to RJF, Inc. common shareholders	$	58,139	$	40,797		43	%	$	53,245		9	%
Earnings per common share1:
Basic	$	0.49	$	0.35		40	%	$	0.45		9	%
Diluted	$	0.48	$	0.35		37	%	$	0.45		7	%
	Nine Months Ended
	June 30, 2010		June 30, 2009		% Change
Income for basic earnings per common share1:
Net income applicable to RJF, Inc. common shareholders	$	152,492	$	105,284		45	%
Income for diluted earnings per common share1:
Net income applicable to RJF, Inc. common shareholders	$	152,503	$	105,286		45	%
Earnings per common share1:
Basic	$	1.28	$	0.90		42	%
Diluted	$	1.28	$	0.90		42	%

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1 During the three months ended December 31, 2009, we changed the methodology used to calculate basic and diluted earnings per share in accordance with new accounting guidance (Financial Accounting Standard Board ASC 260-10-45). The new guidance requires unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) to be considered participating securities and, therefore, included in the earnings allocation in computing earnings per share. Our unvested restricted shares and restricted stock units granted as part of our share-based compensation are considered participating securities. Prior period earnings per basic and diluted  shares have been restated. Earnings per basic and diluted shares have been reduced by $0.01 for the quarter ended June 30, 2009 a nd have been reduced by $0.04 and $0.03 for the year ended June 30, 2009, respectively.

	Balance Sheet Data
	June 2010	September 2009
Total assets	$    14.9 bil.	$   18.2 bil.2
Shareholders' equity	$ 2,220 mil.	$ 2,032 mil.
Book value per share	$18.49	$17.11

	Management Data
	Quarter Ended
	June 2010		June 2009		March 2010		December 2009
Total financial advisors:
United States		4,739		4,749		4,750		4,755
Canada		454		469		462		458
United Kingdom		144		115		133		116
# Lead managed/co-managed:
Corporate public offerings in U.S.		20		32		28		24
Corporate public offerings in Canada		9		6		6		6
Financial Assets Under Management:
Managed Accounts (excluding
Money Market Funds)	$ 27.5 bil.		$ 22.6 bil.		$ 29.3 bil.		$ 27.6 bil.
Client Assets under Administration	$ 231 bil.		$ 196 bil.		$ 242 bil.		$ 232 bil.
Client Margin Balances	$1,385 mil.		$1,187 mil.		$1,401 mil.		$1,347 mil.

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2 Total assets include $3.2 billion invested in qualifying assets comprised of $2.0 billion in reverse repurchase agreements (collateralized by GNMA and U.S. Treasury securities) and $1.2 billion in U.S. Treasury securities, offset by $900 million in overnight borrowing and $2.3 billion in customer deposits, the majority of which were redirected during October 2009 to third party banks participating in the Raymond James Bank Deposit Program, to meet point-in-time regulatory balance sheet composition requirements related to RJ Bank’s qualifying as a thrift institution.

	Three Months Ended
	June 30, 2010			June 30, 2009			% Change			March 31, 2010			% Change
	(in 000’s)
Revenues:
Private Client Group	$	484,780		$	370,719			31	%	$	470,157			3	%
Capital Markets		154,077			138,524			11	%		149,770			3	%
Asset Management		49,296			40,069			23	%		48,616			1	%
RJ Bank		69,647			80,747			(14	%)		71,530			(3	%)
Emerging Markets		4,391			3,208			37	%		3,884			13	%
Stock Loan/Borrow		2,573			2,361			9	%		2,218			16	%
Proprietary Capital		4,445			9,881			(55	%)		12,683			(65	%)
Other		2,217			3,203			(31	%)		2,038			9	%
Intersegment Eliminations		(7,814	)		(11,789	)		34	%		(10,909	)		28	%
Total Revenues	$	763,612		$	636,923			20	%	$	749,987			2	%
Pre-Tax Income:
Private Client Group	$	44,792		$	18,321			144	%	$	36,543			23	%
Capital Markets		19,623			20,224			(3	%)		21,999			(11	%)
Asset Management		12,152			6,691			82	%		11,235			8	%
RJ Bank		29,185			27,406			6	%		30,822			(5	%)
Emerging Markets		(1,109	)		(1,311	)		15	%		(1,570	)		29	%
Stock Loan/Borrow		720			885			(19	%)		646			11	%
Proprietary Capital		3,090			(308	)	NM				(42	)	NM
Other		(10,942	)		401		NM				(9,977	)		(10	%)
Pre-Tax Income	$	97,511		$	72,309			35	%	$	89,656			9	%

	Nine Months Ended
	June 30, 2010			June 30, 2009			% Change
	(in 000’s)
Revenues:
Private Client Group	$	1,409,761		$	1,136,305			24	%
Capital Markets		437,620			391,243			12	%
Asset Management		147,910			132,870			11	%
RJBank		210,099			273,322			(23	%)
Emerging Markets		11,993			10,628			13	%
Stock Loan/Borrow		6,666			8,258			(19	%)
Proprietary Capital		17,093			9,780			75	%
Other		6,013			4,587			31	%
Intersegment Eliminations		(30,887	)		(42,497	)		27	%
Total Revenues	$	2,216,268		$	1,924,496			15	%
Pre-Tax Income:
Private Client Group	$	113,047		$	62,587			81	%
Capital Markets		53,016			50,495			5	%
Asset Management		35,453			20,669			72	%
RJBank		84,644			69,616			22	%
Emerging Markets		(4,091	)		(4,065	)		(1	%)
Stock Loan/Borrow		2,053			2,955			(31	%)
Proprietary Capital		2,236			(1,354	)	NM
Other		(29,803	)		(14,012	)		(113	%)
Pre-Tax Income	$	256,555		$	186,891			37	%

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
Quarter-to-Date
(in thousands, except per share amounts)
	Three Months Ended
	June 30, 2010			June 30, 2009		% Change			March 31, 2010		% Change
Revenues:
Securities commissions and fees	$	505,246		$	405,925		24	%	$	479,302		5	%
Investment banking		41,914			20,586		104	%		44,839		(7	%)
Investment advisory fees		44,318			32,229		38	%		42,218		5	%
Interest		92,780			98,037		(5	%)		93,275		(1	%)
Net trading profits		3,047			13,272		(77	%)		10,170		(70	%)
Financial service fees		41,718			30,909		35	%		39,286		6	%
Other		34,589			35,965		(4	%)		40,897		(15	%)
Total revenues		763,612			636,923		20	%		749,987		2	%
Interest expense		16,239			7,453		118	%		15,548		4	%
Net revenues		747,373			629,470		19	%		734,439		2	%
Non-interest expenses:
Compensation, commissions
and benefits		513,676			406,809		26	%		497,419		3	%
Communications and information
processing		29,995			26,690		12	%		32,445		(8	%)
Occupancy and equipment costs		26,679			26,299		1	%		25,892		3	%
Clearance and floor brokerage		9,480			8,377		13	%		8,828		7	%
Business development		18,878			18,652		1	%		20,614		(8	%)
Investment advisory fees		6,988			5,049		38	%		6,827		2	%
Bank loan loss provision		17,098			29,790		(43	%)		19,937		(14	%)
Other		29,232			31,114		(6	%)		28,269		3	%
Total non-interest expenses		652,026			552,780		18	%		640,231		2	%
Income including noncontrolling interests
and before provision for income taxes		95,347			76,690		24	%		94,208		1	%
Provision for income taxes		36,824			29,714		24	%		34,028		8	%
Net income (loss) including
noncontrolling interests		58,523			46,976		25	%		60,180		(3	%)
Net income (loss) attributable to
noncontrolling interests		(2,164	)		4,381	NM				4,552	NM
Net income attributable to Raymond
James Financial, Inc.	$	60,687		$	42,595		42	%	$	55,628		9	%
Net Income per common share basic	$	0.49		$	0.35		40	%	$	0.45		9	%
Net Income per common share diluted	$	0.48		$	0.35		37	%	$	0.45		7	%
Weighted average common shares
outstanding-basic		119,622			117,930					119,288
Weighted average common
and common equivalent
shares outstanding-diluted		120,019			117,951					119,580

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
Year-to-Date
(in thousands, except per share amounts)
	Nine Months Ended
	June 30, 2010		June 30, 2009			% Change
Revenues:
Securities commissions and fees	$	1,453,699	$	1,193,855			22	%
Investment banking		112,471		59,320			90	%
Investment advisory fees		130,511		110,954			18	%
Interest		277,427		349,722			(21	%)
Net trading profits		24,854		35,213			(29	%)
Financial service fees		117,786		94,849			24	%
Other		99,520		80,583			23	%
Total revenues		2,216,268		1,924,496			15	%
Interest expense		47,489		46,088			3	%
Net revenues		2,168,779		1,878,408			15	%
Non-interest expenses:
Compensation, commissions
and benefits		1,482,174		1,217,965			22	%
Communications and information
processing		90,514		91,869			(1	%)
Occupancy and equipment costs		79,286		77,679			2	%
Clearance and floor brokerage		26,810		24,429			10	%
Business development		59,373		62,193			(5	%)
Investment advisory fees		20,373		17,888			14	%
Bank loan loss provision		59,870		129,639			(54	%)
Other		93,711		77,173			21	%
Total non-interest expenses		1,912,111		1,698,835			13	%
Income including noncontrolling interests
and before provision for income taxes		256,668		179,573			43	%
Provision for income taxes		97,337		77,110			26	%
Net income (loss) including
noncontrolling interests		159,331		102,463			56	%
Net income (loss) attributable to
noncontrolling interests		113		(7,318	)	NM
Net income applicable to Raymond
James Financial, Inc.	$	159,218	$	109,781			45	%
Net income per common share-basic	$	1.28	$	0.90			42	%
Net income per common share-diluted	$	1.28	$	0.90			42	%
Weighted average common shares
outstanding-basic		119,180		116,995
Weighted average common
and common equivalent
shares outstanding-diluted		119,456		117,064

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RAYMOND JAMES BANK

Raymond James Bank, FSB (RJ Bank) is a federally chartered savings bank, regulated by the Office of Thrift Supervision (OTS), which provides residential, consumer and commercial loans, as well as FDIC-insured deposit accounts, to clients of Raymond James Financial, Inc. (RJF) broker-dealer subsidiaries and to the general public. RJ Bank also purchases residential whole loan packages to hold for investment and is active in bank participations and corporate loan syndications. RJ Bank operates from a single branch location adjacent to the Raymond James headquarters complex in St. Petersburg, Florida. RJ Bank’s deposits consist predominately of cash balances swept from the client investment accounts carried by Raymond James & Associates, Inc. (RJ&A) in the Raymond James Bank Deposit Program (RJBDP).

Corporate & Commercial Real Estate Loan Portfolio

RJ Bank's corporate and commercial real estate loan portfolio is comprised of project finance real estate loans and commercial lines of credit and term loans. Approximately 90 percent of the corporate loan portfolio is participations in Shared National Credits (SNC) or other large syndicated loans. The SNCs are loan syndications totaling over $20 million that are shared among three or more regulated institutions. RJ Bank is sometimes involved in the syndication of the loan at inception and some of these loans have been purchased in secondary trading markets. The remainder of the corporate loan portfolio is comprised of smaller participations and direct loans. Regardless of the source, all loans are independently underwritten to RJ Bank credit policies, are subject to loan committee approval, and credit quality is cont inually monitored by corporate lending staff.  The corporate lending staff has direct access and a regular dialogue with the borrowers’ management teams. Approximately one third of the corporate borrowers also have a capital markets relationship with RJ&A. More than half of RJ Bank's corporate borrowers are public companies. RJ Bank's corporate loans are generally secured by all assets of the borrower and in some instances are secured by mortgages on specific real estate. In a limited number of transactions, loans in the portfolio are extended on an unsecured basis. During the most recent quarter, Corporate and Commercial Real Estate (CRE) Banking closed 38 new loan transactions representing $585.2 million in new loan commitments.  Despite the sizable increase in new loan commitments, pay-downs or full repayments on existing loans, continue to suppress incremental loan growth.

Residential Loan Portfolio

RJ Bank's residential loan portfolio consists primarily of first mortgage loans originated by RJ Bank via referrals from RJF Private Client Group financial advisors, and first mortgage loans purchased by RJ Bank, originated by select large financial institutions. These purchased mortgage loans represent approximately 90 percent of RJ Bank's residential portfolio. All of RJ Bank's residential loans adhere to strict RJ Bank underwriting parameters pertaining to credit score and credit history, debt-to-income ratio of the borrower, loan-to-value (LTV), and combined LTV (including second mortgage/ home equity loans). On average, three-fourths of the purchased residential loans are re-underwritten with new credit information and valuations, if warranted, by RJ Bank staff prior to purchase, with the remainder coming from lo ng-standing sources and meeting extremely high credit criteria. Approximately 90 percent of the residential loans are fully documented loans to owner-occupant borrowers for their primary and second home residences. Virtually all of RJ Bank's residential loans are adjustable rate mortgage (ARM) loans. Approximately 60 percent of first lien residential mortgage loans are ARMs with interest-only payments based on a fixed rate for an initial period of the loan, typically 3-5 years, then become fully amortizing, subject to annual and lifetime interest rate caps. RJ Bank does not originate or purchase option ARM loans with negative amortization, payment options, reverse mortgages, or other types of exotic loan products. Loans with deeply discounted teaser rates are not originated or purchased. Adjustable mortgage rate resets in the next six months are expected to be at rates similar to or lower than the current loan rates. RJ Bank has a long history with these types of loans. Originated 15 or 30-year fixed rate mo rtgages are typically sold to correspondents and only retained on an exception basis. All of RJ Bank’s first mortgage loans are serviced by the seller or by third party professional firms. Retail Lending closed and funded $30.1 million in the most recent quarter.

Asset Quality

During the quarter, the Allowance for Loan Losses (ALL) as a percentage of total loans increased slightly from 2.32% to 2.33%. Total net loan charge-offs for the current quarter were $18.4 million, compared to the prior quarter’s $20.7 million.  Net charge-offs in the corporate loan portfolio totaled $11.6 million as compared to $13.0 million in the prior quarter.  More than half of the corporate charge-off amount was taken on a CRE loan that was placed on non-performing status last quarter.  The remaining $6.8 million in net charge-offs were taken on residential loans, which was also an improvement from last quarter’s $7.7 million.  Loan loss provision expense for the current quarter was $17.1 million, compared to the previous quarter’s provision expense of $1 9.9 million.  The largest contributor to provision expense continues to be additional reserves taken on CRE project related loans.  Over 30 day past-due residential loans increased by 0.42% compared to the prior quarter’s increase of 0.20%.  However, the gross dollars of delinquencies increased by only $2.5 million compared to the prior quarter’s increase of $3.2 million.  Total nonperforming loans increased by $12.5 million during the current quarter, compared to the prior quarter’s increase of $5.8 million.  Although progress was made during the current quarter in the resolution of existing nonperforming loans, two additional CRE project related loans were placed on nonperforming status during the period.  Other Real Estate Owned (OREO) balances decreased during the current quarter to $22.8 million from $25.4 million, as sales of residential OREO outpaced new residential foreclosures.

Investments

RJ Bank’s investment portfolio consists of mortgage backed securities, Federal Home Loan Bank (FHLB) stock and a small Community Reinvestment Act investment. About 42 percent of the portfolio is invested in relatively short average-life floating rate government agency securities.  Most of the remaining mortgage-backed securities portfolio is comprised of non-agency collateralized mortgage obligations (CMO). These CMO securities were purchased based on the underlying loan characteristics such as LTV ratio, credit scores, property type, location and level of credit enhancement. Current characteristics of each security owned such as delinquency and foreclosure levels, credit enhancement, projected losses and coverage are reviewed monthly by management.

All mortgage securities are classified as Available for Sale and the fair value reported includes an aggregate pretax unrealized loss of $59.5 million. These securities have experienced losses in fair value due to ongoing economic uncertainty and continued illiquidity in the markets and a significant widening of interest rate spreads. Certain securities were considered to be other-than-temporarily impaired (OTTI) as of June 30, 2010. Even though there is no intent to sell these securities and it is highly unlikely the securities will be required to be sold, RJ Bank does not expect to recover the entire amortized cost basis of these securities, and therefore, recorded $2.5 million of OTTI loss in other revenue during the quarter. This is based on RJ Bank’s evaluation of the performance and underlying characterist ics of the securities including the level of current and estimated credit losses relative to the level of credit enhancement which are subject to change depending on a number of factors such as economic conditions, changes in home prices, delinquency and foreclosure statistics, among others.

$ in 000s           UNAUDITED	Three Months	Three Months	Three Months	Three Months	Three Months
	Ending	Ending	Ending	Ending	Ending
	6/30/2010	3/31/2010	12/31/2009	9/30/2009	6/30/2009
Net Revenues(1)	$65,033	$66,881	$63,998	$66,354	$77,164
Net Interest Income	$62,466	$67,202	$65,611	$68,335	$75,608
Loan Loss Provision Expense	$17,098	$19,937	$22,835	$39,702	$29,790
Pre-tax Income	$29,185	$30,822	$24,637	$10,395	$27,406
Net Interest Margin
(% Earning Assets) (11)	3.32%	3.50%	2.99%(12)	3.14%(12)	3.41%
Net Interest Spread (Interest-Earning
(Assets Yield – Cost Of Funds) (11)	3.29%	3.48%	2.97%(12)	3.12%(12)	3.39%
	As of	As of	As of	As of	As of
	6/30/2010	3/31/2010	12/31/2009	9/30/2009(10)	6/30/2009
Total Assets	$7,462,415	$7,620,012	$7,882,574	$11,137,440	$8,311,838
Adjusted Total Assets(2)				$7,937,440
Total Loans, Net	$6,169,613	$6,236,923	$6,452,530	$6,593,973	$7,075,572
Total Deposits	$6,469,727	$6,731,459	$7,007,069	$9,423,387(2)	$7,637,558
Raymond James Bank Deposit
Program Deposits (RJBDP)(3)	$6,124,753	$6,399,841	$6,678,167	$9,109,983(2)	$7,364,126
Available for Sale Securities,
at Fair Value	$424,336	$455,766	$488,988	$509,065	$537,143
Net Unrealized Loss on Available
For Sale Securities, Before Tax	$(59,489)	$(68,898)	$(76,897)	$(97,753)	$(119,545)
Tangible Common Equity/ Total
Assets	11.20%	10.65%	9.98%	9.55%(9)	8.28%
Total Capital (to Risk-Weighted Assets)	13.8%(13)	13.6%	13.0%	12.7%	11.4%
Tier I Capital (to Adjusted Assets)	11.6%(13)	11.2%	10.5%	7.3%(9)	9.0%
Commercial Real Estate Loans(4) (5)	$1,000,946	$1,091,991	$1,154,736	$1,244,112	$1,303,518
Corporate Loans(5)	$3,229,736	$3,061,930	$3,189,117	$3,115,485	$3,317,291
Residential/Consumer Loans(5)	$2,122,977	$2,269,696	$2,291,112	$2,421,638	$2,631,918
Allowance for Loan Losses	$147,091	$148,358	$149,164	$150,272	$137,028
Allowance for Loan Losses
(as % Loans)	2.33%	2.32%	2.26%	2.23%	1.90%
Net Charge-offs	$18,365	$20,743	$23,943	$26,458	$34,106
Nonperforming Loans(6)	$153,741	$141,214	$135,377	$158,382	$150,396
Other Real Estate Owned	$22,770	$25,389	$8,372	$8,691	$9,300
Total Nonperforming Assets(7)	$176,511	$166,603	$143,749	$167,073	$159,696
Nonperforming Assets
(as % of Adjusted Total Assets)	2.37%	2.19%	1.82%	2.10%(9)	1.92%
Total Nonperforming Assets/Tangible
Common Equity + Allowance for
Loan Losses (Texas Ratio)	17.95%	17.36%	15.36%	18.40%	19.35%
1-4 Family Residential Loans
over 30 days past due
(as % Residential Loans)	4.60%	4.18%	3.98%	3.71%	2.75%
Residential First Mortgage
Loan Weighted Average
LTV / FICO(8)	64%/751	64%/752	64%/751	64%/751	63%/751
1-4 Family Mortgage	5.1% CA (14)	5.5% CA (14)	5.6% CA	6.1% CA(9)	6.4% CA
Geographic Concentration	3.5% NY	3.8% NY	4.1% NY	4.3% NY(9)	4.5% NY
(top 5 states, dollars	3.4% FL	3.4% FL	3.4% FL	3.5% FL(9)	3.4% FL
outstanding as a	1.6% NJ	1.7% NJ	1.8% NJ	1.9% NJ(9)	2.0% NJ
percent of Adjusted Total Assets)	1.3% VA	1.3% VA	1.3% VA	1.4% VA(9)	1.4% VA
Number of Corporate Borrowers	285	270	261	251	255

Outstanding Balances of Corporate and Commercial Real Estate Loans by Industry Category at 6/30/10 (in millions)
Corporate Loan Portfolio			Commercial Real Estate Loan Portfolio
Telecommunications	$	281.0	Hospitality	$	231.7
Consumer Products/Services		254.2	Retail		209.0
Media		205.9	Multi-family		145.5
Natural Gas Pipeline		204.9	Office		138.4
Hospitals		194.3	Industrial		65.9
Finance/Insurance		165.6	Special Purpose		56.8
Healthcare Providers (Non-Hospital)		159.5	Mixed Use		55.7
Industrial Manufacturing		158.7	Commercial Acquisition and
Restaurants		151.2	Development		49.0
Gaming		150.2	Healthcare /Senior Living Facilities		33.3
Automotive/Transportation		149.7	Residential Acquisition and
Pharmaceuticals		142.2	Development		11.3
Chemicals		138.2	Condominium		4.3
Business Systems		132.3	Total Commercial Real Estate
Sports		114.1	Loan Portfolio	$	1,000.9	*
Retail Trade		107.6
Technology		98.4
Energy		92.4
Food and Beverage		77.5
Mining and Minerals		74.6	*Of this total, $357.1 million represents loans to Real Estate
Private Banking		58.0	Investment Trusts and $74.8 million represents construction
Defense/Government Contractors		47.4	loans.
Government Guaranteed SBA/USDA		40.1
Environmental Services		16.2
Medical Products		10.8
Agriculture		4.7
Total Corporate Loan Portfolio	$	3,229.7

(1)   Net revenue equals gross revenue, which includes interest income and non-interest income (including securities losses), less interest expense.

(2)   At 9/30/09, total assets were adjusted to exclude the $2.3 billion in additional RJBDP deposits, the majority of which were redirected during October 2009 to third-party banks participating in the multi-bank sweep program, and the $900 million FHLB advance repaid on 10/1/09. See information in footnote 10 below for additional information.

(3)   Beginning in October 2008, the RJBDP cash sweep option was temporarily discontinued to all new client accounts. However, in September 2009, RJ&A revised this cash sweep option from a single-bank (RJ Bank) to a multi-bank (RJ Bank and other non-affiliated banks) program where client deposit accounts are deposited through a third-party service into interest-bearing deposit accounts ($245,000 per bank for individual accounts and $490,000 for joint accounts) at up to 12 banks.

(4)   Commercial Real Estate Loans are secured by non-owner occupied commercial real estate properties or their repayment is dependent upon the operation/sale of commercial properties.

(5)   Outstanding loan balances are shown gross of unearned income and deferred expenses. Note that the 06/30/09 balances were changed to reflect succeeding period presentation.

(6)   Nonperforming Loans includes 90+ days Past Due plus Nonaccrual Loans.

(7)   Includes Nonperforming Loans and Other Real Estate Owned.

(8)   At origination. A small group of local loans representing less than 0.5% of residential portfolio excluded.

(9)   Tangible Common Equity and Tier I Capital as well as Nonperforming Assets and Concentration ratios are presented as a percent of Adjusted Total Assets (see note 2 above). Had Total Assets (GAAP assets) been used in the calculation of these ratios, the resulting disclosures would have been as follows:  Tangible Common Equity to Total Assets of 6.80%; Tier I Capital (to Adjusted Assets) of 10.3%; Nonperforming Assets to Total Assets of 1.50%; and Geographic Concentrations for CA, NY, FL, NJ, and VA of 4.3%, 3.0%, 2.5%, 1.4%, and 1.0%, respectively.

(10)   At 9/30/09, RJ Bank had an additional $2.3 billion of deposits received through the RJBDP, which were utilized at 9/30/09 along with additional short-term FHLB advances of $900 million to meet point-in-time regulatory balance sheet composition requirements related to its qualifying as a thrift institution. The latter action was discussed well in advance with the OTS. These deposits and short-term borrowings were invested in qualifying assets comprised of $2.0 billion in reverse repurchase agreements (collateralized by GNMA and U.S. Treasury securities) and $1.2 billion in U.S. Treasury securities and the necessary qualification was met. RJ Bank repaid the borrowings on 10/01/09 and the majority of the RJBDP deposits were redirected during October 2009 to third-party banks participating in the multi-bank sweep program. The September 30, 2009 results ar e presented on the previous page, along with adjusted assets excluding the additional RJBDP deposits and borrowing, respectively.

(11)   During the quarter ended 03/31/10, RJ Bank revised its yield/cost calculations to exclude any fair value adjustments and to utilize contractual days versus 90-day quarters. The Net Interest Spread and Net Interest Margin presented for periods prior to 03/31/10 above were restated from the ratios previously reported.

(12)   Net Interest Margin and Net Interest Spread percentages were negatively impacted by 0.16% and 0.33% for the quarters ended September 30, 2009 and December 31, 2009, respectively, due to excess RJBDP deposits held for the majority of both September and October and part of November as the new  multi-bank sweep program was implemented. These deposits were invested in short term liquid investments producing very little interest rate spread.

(13)   Estimated.

(14)   This concentration ratio for the state of CA excludes 1.5% for purchased loans that have full repurchase recourse for any delinquent loans.

For more information, contact Anthea Penrose at 727-567-2824.

Please visit the Raymond James Press Center at raymondjames.com/media.