Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Mar. 31, 2014 | 5-May-14 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'RAYMOND JAMES FINANCIAL INC | ' |
Entity Central Index Key | '0000720005 | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 141,075,088 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Assets: | ' | ' | ||
Cash and cash equivalents | $2,641,876 | [1] | $2,596,616 | [1] |
Assets segregated pursuant to regulations and other segregated assets | 2,555,155 | [2] | 4,064,827 | [2] |
Securities purchased under agreements to resell and other collateralized financings | 637,486 | 709,120 | ||
Financial instruments, at fair value: | ' | ' | ||
Trading instruments | 647,754 | 579,705 | ||
Available for sale securities | 646,569 | 698,844 | ||
Private equity investments | 191,401 | 216,391 | ||
Other investments | 218,192 | 248,512 | ||
Derivative instruments associated with offsetting matched book positions | 289,271 | 250,341 | ||
Receivables: | ' | ' | ||
Brokerage clients, net | 1,989,261 | 1,983,340 | ||
Stock borrowed | 185,868 | 146,749 | ||
Bank loans, net | 10,028,101 | 8,821,201 | ||
Brokers-dealers and clearing organizations | 85,086 | 243,101 | ||
Loans to financial advisors, net | 417,372 | 409,080 | ||
Other receivables | 492,221 | 407,329 | ||
Deposits with clearing organizations | 135,554 | [3] | 126,405 | [3] |
Prepaid expenses and other assets | 629,390 | 611,425 | ||
Investments in real estate partnerships held by consolidated variable interest entities | 258,633 | 272,096 | ||
Property and equipment, net | 244,984 | 244,416 | ||
Deferred income taxes, net | 216,882 | 195,160 | ||
Goodwill and identifiable intangible assets, net | 357,846 | 361,464 | ||
Total assets | 22,868,902 | 23,186,122 | ||
Liabilities and equity: | ' | ' | ||
Trading instruments sold but not yet purchased, at fair value | 200,458 | 220,656 | ||
Securities sold under agreements to repurchase | 377,677 | 300,933 | ||
Derivative instruments associated with offsetting matched book positions, at fair value | 289,271 | 250,341 | ||
Payables: | ' | ' | ||
Brokerage clients | 4,112,420 | 5,942,843 | ||
Stock loaned | 432,223 | 354,377 | ||
Bank deposits | 10,414,804 | [4] | 9,295,371 | [4] |
Broker-dealers and clearing organizations | 157,059 | 109,611 | ||
Trade and other | 702,013 | 630,344 | ||
Other Borrowings | 78,517 | 84,076 | ||
Accrued compensation, commissions and benefits | 649,895 | 741,787 | ||
Loans payable of consolidated variable interest entities | 53,505 | 62,938 | ||
Corporate debt | 1,192,699 | 1,194,508 | ||
Total liabilities | 18,660,541 | 19,187,785 | ||
Commitments and contingencies (See Note 16) | ' | ' | ||
Equity | ' | ' | ||
Preferred stock; $.10 par value; authorized 10,000,000 shares; issued and outstanding -0- shares | 0 | 0 | ||
Common stock; $.01 par value; authorized 350,000,000 shares; issued 145,680,145 at March 31, 2014 and 144,559,772 at September 30, 2013 | 1,439 | 1,429 | ||
Additional paid-in capital | 1,203,966 | 1,136,298 | ||
Retained earnings | 2,810,190 | 2,635,026 | ||
Treasury stock, at cost; 5,090,046 common shares at March 31, 2014 and 5,002,666 common shares at September 30, 2013 | -126,057 | -120,555 | ||
Accumulated other comprehensive income | -1,234 | 10,726 | ||
Total equity attributable to Raymond James Financial, Inc. | 3,888,304 | 3,662,924 | ||
Noncontrolling interests | 320,057 | 335,413 | ||
Total equity | 4,208,361 | 3,998,337 | ||
Total liabilities and equity | $22,868,902 | $23,186,122 | ||
[1] | The total amounts presented include cash and cash equivalents of $1.07 billion and $1.02 billion as of March 31, 2014 and September 30, 2013, respectively, which are either held directly by RJF or are otherwise invested by one of our subsidiaries on behalf of RJF, and are available without restrictions. | |||
[2] | Consists of cash maintained in accordance with Rule 15c3-3 under the Securities Exchange Act of 1934. RJ&A, as a broker-dealer carrying client accounts, is subject to requirements related to maintaining cash or qualified securities in segregated reserve accounts for the exclusive benefit of its’ clients. Additionally, RJ Ltd. is required to hold client Registered Retirement Savings Plan funds in trust. | |||
[3] | Consists of deposits of cash and cash equivalents or other short-term securities held by other clearing organizations or exchanges. | |||
[4] | Bank deposits exclude affiliate deposits of approximately $7 million and $6 million at March 31, 2014 and September 30, 2013, respectively. |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
Equity: | ' | ' |
Preferred stock, par value (in dollars per share) | $0.10 | $0.10 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 350,000,000 | 350,000,000 |
Common stock, shares issued (in shares) | 145,680,145 | 144,559,772 |
Treasury stock, shares (in shares) | 5,090,046 | 5,002,666 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | ||||
Revenues: | ' | ' | ' | ' | ||||
Securities commissions and fees | $805,719 | $764,989 | $1,587,899 | $1,503,573 | ||||
Investment banking | 67,311 | 50,255 | 147,108 | 135,125 | ||||
Investment advisory fees | 88,096 | 65,503 | 181,510 | 127,573 | ||||
Interest | 118,393 | 118,032 | 235,486 | 241,158 | ||||
Account and service fees | 101,024 | 88,400 | 194,598 | 176,851 | ||||
Net trading profit | 14,842 | 8,128 | 32,993 | 17,467 | ||||
Other | 9,240 | 74,991 | 33,805 | 106,060 | ||||
Total revenues | 1,204,625 | [1] | 1,170,298 | [1] | 2,413,399 | [1] | 2,307,807 | [1] |
Interest expense | 25,980 | 27,203 | 51,352 | 55,224 | ||||
Net revenues | 1,178,645 | 1,143,095 | 2,362,047 | 2,252,583 | ||||
Non-interest expenses: | ' | ' | ' | ' | ||||
Compensation, commissions and benefits | 812,291 | 763,047 | 1,617,236 | 1,525,595 | ||||
Communications and information processing | 69,503 | 65,018 | 131,357 | 125,384 | ||||
Occupancy and equipment costs | 39,897 | 38,694 | 79,582 | 78,172 | ||||
Clearance and floor brokerage | 9,876 | 11,405 | 19,830 | 21,573 | ||||
Business development | 36,667 | 31,488 | 68,911 | 62,117 | ||||
Investment sub-advisory fees | 13,798 | 8,410 | 25,597 | 16,460 | ||||
Bank loan loss provision | 1,979 | 3,737 | 3,615 | 6,660 | ||||
Acquisition related expenses | 0 | 20,922 | 0 | 38,304 | ||||
Other | 41,635 | 41,071 | 84,108 | 71,848 | ||||
Total non-interest expenses | 1,025,646 | 983,792 | 2,030,236 | 1,946,113 | ||||
Income including noncontrolling interests and before provision for income taxes | 152,999 | 159,303 | 331,811 | 306,470 | ||||
Provision for income taxes | 60,904 | 51,057 | 123,195 | 104,330 | ||||
Net income including noncontrolling interests | 92,095 | 108,246 | 208,616 | 202,140 | ||||
Net (loss) income attributable to noncontrolling interests | -12,465 | 28,286 | -12,577 | 36,306 | ||||
Net income attributable to Raymond James Financial, Inc. | 104,560 | 79,960 | 221,193 | 165,834 | ||||
Net income per common share - basic | $0.74 | $0.57 | $1.57 | $1.19 | ||||
Net income per common share - diluted | $0.72 | $0.56 | $1.54 | $1.17 | ||||
Weighted-average common shares outstanding - basic | 139,888 | 137,817 | 139,498 | 137,156 | ||||
Weighted-average common and common equivalent shares outstanding - diluted | 143,636 | 140,722 | 143,065 | 139,669 | ||||
Net income attributable to Raymond James Financial, Inc. | 104,560 | 79,960 | 221,193 | 165,834 | ||||
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ||||
Change in unrealized losses on available for sale securities and non-credit portion of other-than-temporary impairment losses | 3,482 | [2] | 3,606 | [2] | 4,576 | [2] | 13,744 | [2] |
Change in currency translations and net investment hedges | -10,261 | [2] | -4,991 | [2] | -16,536 | [2] | -8,677 | [2] |
Total comprehensive income | 97,781 | [2] | 78,575 | [2] | 209,233 | [2] | 170,901 | [2] |
Other-than-temporary impairment: | ' | ' | ' | ' | ||||
Total other-than-temporary impairment, net | 2,389 | 3,364 | 3,973 | 6,718 | ||||
Portion of pre-tax recoveries recognized in other comprehensive income | -2,389 | -3,364 | -4,000 | -7,103 | ||||
Net impairment losses recognized in other revenue | $0 | $0 | ($27) | ($385) | ||||
[1] | No individual client accounted for more than ten percent of total revenues in any of the periods presented. | |||||||
[2] | All components of other comprehensive income, net of tax, are attributable to Raymond James Financial, Inc. |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (USD $) | Total | Common stock, par value $.01 per share [Member] | Additional paid-in capital [Member] | Retained earnings [Member] | Treasury stock [Member] | Accumulated other comprehensive income [Member] | Total equity attributable to Raymond James Financial, Inc. [Member] | Noncontrolling interests [Member] | ||
In Thousands, unless otherwise specified | ||||||||||
Balance, beginning of year at Sep. 30, 2012 | ' | $1,404 | $1,030,288 | $2,346,563 | ($118,762) | $9,447 | [1] | ' | $411,342 | |
Changes in Shareholders' Equity: | ' | ' | ' | ' | ' | ' | ' | ' | ||
Employee stock purchases | ' | ' | 8,936 | ' | ' | ' | ' | ' | ||
Exercise of stock options and vesting of restricted stock units, net of forfeitures | ' | ' | 30,989 | ' | 4,103 | ' | ' | ' | ||
Restricted stock, stock option and restricted stock unit expense | ' | ' | 31,460 | ' | ' | ' | ' | ' | ||
Excess tax benefit from share-based payments | ' | ' | 2,512 | ' | ' | ' | ' | ' | ||
Net income attributable to Raymond James Financial, Inc. | 165,834 | ' | ' | 165,834 | ' | ' | ' | ' | ||
Cash dividends declared | ' | ' | ' | -39,027 | ' | ' | ' | ' | ||
Purchases/surrenders | ' | ' | ' | ' | -7,841 | ' | ' | ' | ||
Net change in unrealized losses on available for sale securities and non-credit portion of other-than-temporary impairment losses, net of tax | [1] | 13,744 | ' | ' | ' | ' | 13,744 | ' | ' | |
Net change in currency translations and net investment hedges, net of tax | [1] | ' | ' | ' | ' | ' | -8,677 | ' | ' | |
Total equity attributable to Raymond James Financial, Inc. | ' | ' | ' | ' | ' | ' | 3,470,756 | ' | ||
Net (loss) income attributable to noncontrolling interests | 36,306 | ' | ' | ' | ' | ' | ' | 36,306 | ||
Capital contributions | ' | ' | ' | ' | ' | ' | ' | 14,767 | ||
Distributions | ' | ' | ' | ' | ' | ' | ' | -34,627 | ||
Consolidation of acquired entity | [2] | ' | ' | ' | ' | ' | ' | ' | 7,592 | |
Other | ' | 20 | 173 | -410 | ' | ' | ' | 5,748 | ||
Balance, end of period at Mar. 31, 2013 | 3,911,884 | 1,424 | 1,104,358 | 2,472,960 | -122,500 | 14,514 | [1] | ' | 441,128 | |
Balance, beginning of year at Sep. 30, 2013 | 3,998,337 | 1,429 | 1,136,298 | 2,635,026 | -120,555 | 10,726 | [1] | ' | 335,413 | |
Changes in Shareholders' Equity: | ' | ' | ' | ' | ' | ' | ' | ' | ||
Employee stock purchases | ' | ' | 10,002 | ' | ' | ' | ' | ' | ||
Exercise of stock options and vesting of restricted stock units, net of forfeitures | ' | ' | 12,747 | ' | -3,289 | ' | ' | ' | ||
Restricted stock, stock option and restricted stock unit expense | ' | ' | 34,380 | ' | ' | ' | ' | ' | ||
Excess tax benefit from share-based payments | ' | ' | 9,877 | ' | ' | ' | ' | ' | ||
Net income attributable to Raymond James Financial, Inc. | 221,193 | ' | ' | 221,193 | ' | ' | ' | ' | ||
Cash dividends declared | ' | ' | ' | -45,733 | ' | ' | ' | ' | ||
Purchases/surrenders | ' | ' | ' | ' | -2,213 | ' | ' | ' | ||
Net change in unrealized losses on available for sale securities and non-credit portion of other-than-temporary impairment losses, net of tax | [1] | 4,576 | ' | ' | ' | ' | 4,575 | ' | ' | |
Net change in currency translations and net investment hedges, net of tax | [1] | ' | ' | ' | ' | ' | -16,535 | ' | ' | |
Total equity attributable to Raymond James Financial, Inc. | 3,888,304 | ' | ' | ' | ' | ' | 3,888,304 | ' | ||
Net (loss) income attributable to noncontrolling interests | -12,577 | ' | ' | ' | ' | ' | ' | -12,577 | ||
Capital contributions | ' | ' | ' | ' | ' | ' | ' | 11,682 | ||
Distributions | ' | ' | ' | ' | ' | ' | ' | -14,583 | ||
Consolidation of acquired entity | [2] | ' | ' | ' | ' | ' | ' | ' | 0 | |
Other | ' | 10 | 662 | -296 | ' | ' | ' | 122 | ||
Balance, end of period at Mar. 31, 2014 | $4,208,361 | $1,439 | $1,203,966 | $2,810,190 | ($126,057) | ($1,234) | [1] | ' | $320,057 | |
[1] | All components of other comprehensive income, net of tax, are attributable to Raymond James Financial, Inc. | |||||||||
[2] | On December 24, 2012, we acquired a 45% interest in ClariVest Asset Management, LLC. See Notes 1 and 3 for discussion. |
CONDENSED_CONSOLIDATED_STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY (Parenthetical) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Dec. 24, 2012 |
ClariVest Asset Management [Member] | |||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ' | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 | ' |
Business Acquisition Disclosures [Abstract] | ' | ' | ' |
Business acquisition, acquired interest | ' | ' | 45.00% |
CONDENSED_CONSOLIDATED_STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Cash flows from operating activities: | ' | ' | |
Net income attributable to Raymond James Financial, Inc. | $221,193 | $165,834 | |
Net (loss) income attributable to noncontrolling interests | -12,577 | 36,306 | |
Net income including noncontrolling interests | 208,616 | 202,140 | |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | ' | ' | |
Depreciation and amortization | 32,444 | 33,011 | |
Deferred income taxes | -23,518 | -196 | |
Premium and discount amortization on available for sale securities and unrealized/realized gain on other investments | -17,911 | -70,542 | |
Provisions for loan losses, legal proceedings, bad debts and other accruals | 9,339 | 10,965 | |
Share-based compensation expense | 37,416 | 33,688 | |
Goodwill impairment expense | 0 | 6,933 | |
Other | 7,571 | 10,180 | |
Net change in: | ' | ' | |
Assets segregated pursuant to regulations and other segregated assets | 1,509,672 | -851,231 | |
Securities purchased under agreements to resell and other collateralized financings, net of securities sold under agreements to repurchase | 148,378 | -9,274 | |
Stock loaned, net of stock borrowed | 38,727 | -68,452 | |
(Loans provided to) repayment of loans, to financial advisors, net | -14,100 | 16,224 | |
Brokerage client receivables and other accounts receivable, net | 80,143 | -113,581 | |
Trading instruments, net | -59,341 | 84,875 | |
Prepaid expenses and other assets | 82,714 | 39,111 | |
Brokerage client payables and other accounts payable | -1,802,701 | 867,203 | |
Accrued compensation, commissions and benefits | -92,635 | -70,863 | |
Proceeds from sales of securitizations and loans held for sale, net of purchases and originations of loans held for sale | -1,844 | 58,329 | |
Excess tax benefits from share-based payment arrangements | -9,877 | -2,512 | |
Net cash provided by operating activities | 133,093 | 176,008 | |
Cash flows from investing activities: | ' | ' | |
Additions to property and equipment | -31,320 | -46,933 | |
Increase in bank loans, net | -1,314,264 | -538,715 | |
Redemptions of Federal Home Loan Bank/Federal Reserve Bank stock, net | 1,389 | 1,067 | |
Proceeds from sales of loans held for investment | 82,991 | 95,988 | |
Sales of private equity and other investments, net | 36,469 | 2,006 | |
Purchases of available for sale securities | -1,305 | -62,102 | |
Available for sale securities maturations, repayments and redemptions | 69,665 | 62,272 | |
Proceeds from sales of available for sale securities | 370 | 13 | |
Investments in real estate partnerships held by consolidated variable interest entities, net of other investing activity | -4,457 | 1,575 | |
Business acquisition, net of cash acquired | -2,007 | -6,450 | |
Net cash used in investing activities | -1,162,469 | -491,279 | |
Cash flows from financing activities: | ' | ' | |
Proceeds from borrowed funds, net | 367 | 180,000 | |
Repayments of borrowed funds, net | -7,829 | -130,054 | |
Repayments of borrowings by consolidated variable interest entities which are real estate partnerships | -10,955 | -11,344 | |
Proceeds from capital contributed to and borrowings of consolidated variable interest entities which are real estate partnerships | 3,335 | 908 | |
Exercise of stock options and employee stock purchases | 21,684 | 44,219 | |
Increase in bank deposits | 1,119,433 | 474,638 | |
Purchase of treasury stock | -6,212 | -9,311 | |
Dividends on common stock | -42,760 | -37,457 | |
Excess tax benefits from share-based payment arrangements | 9,877 | 2,512 | |
Net cash provided by financing activities | 1,086,940 | 514,111 | |
Currency adjustment: | ' | ' | |
Effect of exchange rate changes on cash | -12,304 | -4,711 | |
Net increase in cash and cash equivalents | 45,260 | 194,129 | |
Cash and cash equivalents at beginning of year | 2,596,616 | [1] | 1,980,020 |
Cash and cash equivalents at end of period | 2,641,876 | [1] | 2,174,149 |
Supplemental disclosures of cash flow information: | ' | ' | |
Cash paid for interest | 49,750 | 53,442 | |
Cash paid for income taxes | 179,488 | 83,111 | |
Non-cash transfers of loans to other real estate owned | $2,448 | $1,902 | |
[1] | The total amounts presented include cash and cash equivalents of $1.07 billion and $1.02 billion as of March 31, 2014 and September 30, 2013, respectively, which are either held directly by RJF or are otherwise invested by one of our subsidiaries on behalf of RJF, and are available without restrictions. |
INTRODUCTION_AND_BASIS_OF_PRES
INTRODUCTION AND BASIS OF PRESENTATION | 6 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
INTRODUCTION AND BASIS OF PRESENTATION | ' |
INTRODUCTION AND BASIS OF PRESENTATION | |
Description of business | |
Raymond James Financial, Inc. (“RJF” or the “Company”) is a financial holding company headquartered in Florida whose broker-dealer subsidiaries are engaged in various financial service businesses, including the underwriting, distribution, trading and brokerage of equity and debt securities and the sale of mutual funds and other investment products. In addition, other subsidiaries of RJF provide investment management services for retail and institutional clients, corporate and retail banking, and trust services. As used herein, the terms “we,” “our” 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 on pages 120 - 122 in the section titled, “Evaluation of VIEs to determine whether consolidation is required” as presented in our Annual Report on Form 10-K for the year ended September 30, 2013, as filed with the United States (“U.S.”) Securities and Exchange Commission (the “2013 Form 10-K”) and in Note 9 herein. 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 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 the consolidated financial position and results of operations for the interim 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 and the consolidated financial statements and notes thereto included in our 2013 Form 10-K. To prepare condensed consolidated financial statements in conformity with GAAP, we must make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and could have a material impact on the condensed consolidated financial statements. | |
Fiscal year 2013 acquisition | |
On December 24, 2012, we completed our acquisition of a 45% interest in ClariVest Asset Management, LLC (“ClariVest”), an acquisition that bolsters our platform in the large-cap investment objective. During the second quarter, we made an earn-out payment to the sellers of ClariVest. See Note 3 for additional information. | |
Adoption of new accounting guidance | |
In December 2011, the Financial Accounting Standards Board (“FASB”) issued new guidance requiring additional disclosures regarding the nature of an entity’s rights of setoff and related arrangements associated with its financial instruments and derivative instruments. This guidance was further amended in January 2013. Specifically, this new guidance requires additional information about derivatives, repurchase agreements, reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset or subject to an enforceable master netting arrangement or similar agreement. This guidance was first effective for our quarter ended December 31, 2013. See Note 14 for these additional disclosures. | |
In February 2013, the FASB issued new guidance intended to improve the reporting of reclassifications out of accumulated other comprehensive income (“AOCI”). The new guidance requires us to report the effect of significant reclassifications out of AOCI on the respective line items in net income if the amount being reclassified is required under GAAP to be reclassified in its entirety to net income. For other amounts that are not required under GAAP to be reclassified in their entirety to net income in the same reporting period, we are required to cross-reference other disclosures required under GAAP that provide additional detail about those amounts. This new guidance was first effective for our quarter ended December 31, 2013. See Note 17 for these additional disclosures. | |
Significant subsidiaries | |
As of March 31, 2014, our significant subsidiaries, all wholly owned, include: Raymond James & Associates, Inc. (“RJ&A”), a domestic broker-dealer carrying client accounts, Raymond James Financial Services, Inc. (“RJFS”), an introducing domestic broker-dealer, Raymond James Financial Services Advisors, Inc. (“RJFSA”), a registered investment advisor, Raymond James Ltd. (“RJ Ltd.”), a broker-dealer headquartered in Canada, Eagle Asset Management, Inc. (“Eagle”) and Raymond James Bank, N.A. (“RJ Bank”), a national bank. | |
In mid-February 2013, the client accounts of Morgan Keegan & Company, Inc. (a broker-dealer hereinafter referred to as “MK & Co.”), a subsidiary which we had considered in certain prior periods to be a significant subsidiary, were transferred to RJ&A pursuant to our strategy to integrate the operations of MK & Co. and MK Holding, Inc. and certain of its affiliates (collectively referred to hereinafter as “Morgan Keegan”) into our own. RJF acquired Morgan Keegan from Regions Financial Corporation (“Regions”) on April 2, 2012 (the “Closing Date”). |
UPDATE_OF_SIGNIFICANT_ACCOUNTI
UPDATE OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
UPDATE OF SIGNIFICANT ACCOUNTING POLICIES | ' |
UPDATE OF SIGNIFICANT ACCOUNTING POLICIES | |
A summary of our significant accounting policies is included in Note 2 on pages 104 - 122 of our 2013 Form 10-K. There have been no significant changes in our significant accounting policies since September 30, 2013. | |
Brokerage client receivables, loans to financial advisors and allowance for doubtful accounts | |
As more fully described in Note 2 on page 112 of our 2013 Form 10-K, we have certain financing receivables that arise from businesses other than our banking business. Specifically, we offer loans to financial advisors and certain key revenue producers, primarily for recruiting and retention purposes. We present the outstanding balance of loans to financial advisors on our Condensed Consolidated Statements of Financial Condition, net of their applicable allowances for doubtful accounts. The allowance for doubtful accounts balance associated with all of our loans to financial advisors is $2.5 million and $2.8 million at March 31, 2014 and September 30, 2013, respectively. Of the March 31, 2014 loans to financial advisors, the portion of the balance associated with financial advisors who are no longer affiliated with us, after consideration of the allowance for doubtful accounts, is approximately $3.5 million. | |
Reclassifications | |
As more fully described in Note 1 on page 104, and Note 28 on page 187 of our 2013 Form 10-K, effective September 30, 2013 we implemented changes in our reportable segments. These segment changes had no effect on the historical financial results of operations. Prior period segment balances impacted by this change have been reclassified to conform to the current presentation. See Note 23 for presentation of segment information. | |
Certain other prior period amounts, none of which are material, have been reclassified to conform to the current presentation. |
ACQUISITIONS
ACQUISITIONS | 6 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Business Combinations [Abstract] | ' | |||||||
ACQUISITIONS | ' | |||||||
ACQUISITIONS | ||||||||
Acquisitions during fiscal year 2013 | ||||||||
On December 24, 2012 (the “ClariVest Acquisition Date”), we completed our acquisition of a 45% interest in ClariVest. On the ClariVest Acquisition Date, we paid approximately $8.8 million in cash to the sellers for our interest. A computation based upon the actual earnings of ClariVest during the one year period since the ClariVest Acquisition Date was performed and additional cash consideration owed to the sellers of approximately $2 million was paid during the three month period ended March 31, 2014. | ||||||||
As a result of certain protective rights we have under the operating agreement with ClariVest, we are consolidating ClariVest in our financial statements as of the ClariVest Acquisition Date. In addition, a put and call agreement was entered into on the ClariVest Acquisition Date that provides our Eagle subsidiary with various paths to majority ownership in ClariVest, the timing of which would depend upon the financial results of ClariVest’s business and the tenure of existing ClariVest management. The results of operations of ClariVest have been included in our results prospectively since December 24, 2012. For purposes of certain acquisition related financial reporting requirements, the ClariVest acquisition is not considered to be material to our overall financial condition. | ||||||||
See Note 10 for information regarding the identifiable intangible assets we recorded as a result of the ClariVest acquisition. | ||||||||
Acquisition related expense | ||||||||
Acquisition related expenses are recorded in the Condensed Consolidated Statement of Income and Comprehensive Income and include certain incremental expenses arising from our acquisitions. Acquisition related expenses in the current fiscal year are no longer material for separate disclosure since our integration of Morgan Keegan was substantially complete as of September 30, 2013. In the prior year periods, we incurred the following acquisition related expense: | ||||||||
Three months ended March 31, 2013 | Six months ended March 31, 2013 | |||||||
(in thousands) | ||||||||
Information systems integration and conversion costs (1) | $ | 10,381 | $ | 22,545 | ||||
Severance (2) | 5,806 | 6,205 | ||||||
Temporary services | 1,389 | 1,603 | ||||||
Occupancy and equipment costs (3) | 708 | 1,274 | ||||||
Financial advisory fees | — | 1,176 | ||||||
Legal | 435 | 459 | ||||||
Other integration costs | 2,203 | 5,042 | ||||||
Total acquisition related expense | $ | 20,922 | $ | 38,304 | ||||
-1 | Includes equipment costs related to the disposition of information systems equipment, and temporary services incurred specifically related to the information systems conversion. | |||||||
-2 | Represents all costs associated with eliminating positions as a result of the Morgan Keegan acquisition, partially offset by the favorable impact arising from the forfeiture of any unvested accrued benefits. | |||||||
-3 | Includes lease costs associated with the abandonment of certain facilities resulting from the Morgan Keegan acquisition. |
CASH_AND_CASH_EQUIVALENTS_ASSE
CASH AND CASH EQUIVALENTS, ASSETS SEGREGATED PURSUANT TO REGULATIONS AND DEPOSITS WITH CLEARING ORGANIZATIONS | 6 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Cash and Cash Equivalents [Abstract] | ' | |||||||
CASH AND CASH EQUIVALENTS, ASSETS SEGREGATED PURSUANT TO REGULATIONS AND DEPOSITS WITH CLEARING ORGANIZATIONS | ' | |||||||
CASH AND CASH EQUIVALENTS, ASSETS SEGREGATED PURSUANT TO REGULATIONS, AND DEPOSITS WITH CLEARING ORGANIZATIONS | ||||||||
Our cash equivalents include money market funds or highly liquid investments with original maturities of 90 days or less, other than those used for trading purposes. For discussion of our accounting policies regarding assets segregated pursuant to regulations and other segregated assets, see Note 2 on page 106 of our 2013 Form 10-K. | ||||||||
Our cash and cash equivalents, assets segregated pursuant to regulations or other segregated assets, and deposits with clearing organization balances are as follows: | ||||||||
March 31, | September 30, | |||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Cash and cash equivalents: | ||||||||
Cash in banks | $ | 2,630,650 | $ | 2,593,890 | ||||
Money market fund investments | 11,226 | 2,726 | ||||||
Total cash and cash equivalents (1) | 2,641,876 | 2,596,616 | ||||||
Cash segregated pursuant to federal regulations and other segregated assets (2) | 2,555,155 | 4,064,827 | ||||||
Deposits with clearing organizations (3) | 135,554 | 126,405 | ||||||
$ | 5,332,585 | $ | 6,787,848 | |||||
-1 | The total amounts presented include cash and cash equivalents of $1.07 billion and $1.02 billion as of March 31, 2014 and September 30, 2013, respectively, which are either held directly by RJF or are otherwise invested by one of our subsidiaries on behalf of RJF, and are available without restrictions. | |||||||
-2 | Consists of cash maintained in accordance with Rule 15c3-3 under the Securities Exchange Act of 1934. RJ&A, as a broker-dealer carrying client accounts, is subject to requirements related to maintaining cash or qualified securities in segregated reserve accounts for the exclusive benefit of its’ clients. Additionally, RJ Ltd. is required to hold client Registered Retirement Savings Plan funds in trust. | |||||||
-3 | Consists of deposits of cash and cash equivalents or other short-term securities held by other clearing organizations or exchanges. |
FAIR_VALUE
FAIR VALUE | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE | ' | |||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE | ||||||||||||||||||||||||||||||||||||||||||||
For a discussion of our valuation methodologies for assets, liabilities measured at fair value, and the fair value hierarchy, see Note 2 on pages 107 - 111 of our 2013 Form 10-K. There have been no material changes to our valuation methodologies since our year ended September 30, 2013. | ||||||||||||||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring and nonrecurring basis are presented below: | ||||||||||||||||||||||||||||||||||||||||||||
March 31, 2014 | Quoted prices | Significant | Significant | Netting | Balance as of | |||||||||||||||||||||||||||||||||||||||
in active | other | unobservable | adjustments (2) | March 31, | ||||||||||||||||||||||||||||||||||||||||
markets for | observable | inputs | 2014 | |||||||||||||||||||||||||||||||||||||||||
identical | inputs | (Level 3) | ||||||||||||||||||||||||||||||||||||||||||
assets | (Level 2) (1) | |||||||||||||||||||||||||||||||||||||||||||
(Level 1) (1) | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Assets at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||||||||||||||
Trading instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Municipal and provincial obligations | $ | 4,470 | $ | 166,759 | $ | — | $ | — | $ | 171,229 | ||||||||||||||||||||||||||||||||||
Corporate obligations | 2,582 | 64,716 | — | — | 67,298 | |||||||||||||||||||||||||||||||||||||||
Government and agency obligations | 6,390 | 54,442 | — | — | 60,832 | |||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed securities (“MBS”) and collateralized mortgage obligations (“CMOs”) | 693 | 149,871 | — | — | 150,564 | |||||||||||||||||||||||||||||||||||||||
Non-agency CMOs and asset-backed securities (“ABS”) | — | 37,692 | 13 | — | 37,705 | |||||||||||||||||||||||||||||||||||||||
Total debt securities | 14,135 | 473,480 | 13 | — | 487,628 | |||||||||||||||||||||||||||||||||||||||
Derivative contracts | — | 84,607 | — | (59,938 | ) | 24,669 | ||||||||||||||||||||||||||||||||||||||
Equity securities | 57,355 | 3,846 | 37 | — | 61,238 | |||||||||||||||||||||||||||||||||||||||
Corporate loans | — | 33,074 | — | — | 33,074 | |||||||||||||||||||||||||||||||||||||||
Other | 462 | 37,980 | 2,703 | — | 41,145 | |||||||||||||||||||||||||||||||||||||||
Total trading instruments | 71,952 | 632,987 | 2,753 | (59,938 | ) | 647,754 | ||||||||||||||||||||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||||||||||||||||||||||||||
Agency MBS and CMOs | — | 296,709 | — | — | 296,709 | |||||||||||||||||||||||||||||||||||||||
Non-agency CMOs | — | 125,563 | 38 | — | 125,601 | |||||||||||||||||||||||||||||||||||||||
Other securities | 2,084 | — | — | — | 2,084 | |||||||||||||||||||||||||||||||||||||||
Auction rate securities (“ARS”): | ||||||||||||||||||||||||||||||||||||||||||||
Municipals | — | — | 109,960 | (3) | — | 109,960 | ||||||||||||||||||||||||||||||||||||||
Preferred securities | — | — | 112,215 | — | 112,215 | |||||||||||||||||||||||||||||||||||||||
Total available for sale securities | 2,084 | 422,272 | 222,213 | — | 646,569 | |||||||||||||||||||||||||||||||||||||||
Private equity investments | — | — | 191,401 | (4) | — | 191,401 | ||||||||||||||||||||||||||||||||||||||
Other investments (5) | 215,141 | 1,263 | 1,788 | — | 218,192 | |||||||||||||||||||||||||||||||||||||||
Derivative instruments associated with offsetting matched book positions | — | 289,271 | — | — | 289,271 | |||||||||||||||||||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative contracts | — | 146 | — | — | 146 | |||||||||||||||||||||||||||||||||||||||
Other assets | — | — | 15 | — | 15 | |||||||||||||||||||||||||||||||||||||||
Total other assets | — | 146 | 15 | — | 161 | |||||||||||||||||||||||||||||||||||||||
Total assets at fair value on a recurring basis | $ | 289,177 | $ | 1,345,939 | $ | 418,170 | $ | (59,938 | ) | $ | 1,993,348 | |||||||||||||||||||||||||||||||||
Assets at fair value on a nonrecurring basis: (6) | ||||||||||||||||||||||||||||||||||||||||||||
Bank loans, net: | ||||||||||||||||||||||||||||||||||||||||||||
Impaired loans | $ | — | $ | 39,555 | $ | 50,489 | $ | — | $ | 90,044 | ||||||||||||||||||||||||||||||||||
Loans held for sale(7) | — | 1,515 | — | — | 1,515 | |||||||||||||||||||||||||||||||||||||||
Total bank loans, net | — | 41,070 | 50,489 | — | 91,559 | |||||||||||||||||||||||||||||||||||||||
Other real estate owned (“OREO”)(8) | — | 422 | — | — | 422 | |||||||||||||||||||||||||||||||||||||||
Total assets at fair value on a nonrecurring basis | $ | — | $ | 41,492 | $ | 50,489 | $ | — | $ | 91,981 | ||||||||||||||||||||||||||||||||||
(continued on next page) | ||||||||||||||||||||||||||||||||||||||||||||
March 31, 2014 | Quoted prices | Significant | Significant | Netting | Balance as of | |||||||||||||||||||||||||||||||||||||||
in active | other | unobservable | adjustments (2) | March 31, | ||||||||||||||||||||||||||||||||||||||||
markets for | observable | inputs | 2014 | |||||||||||||||||||||||||||||||||||||||||
identical | inputs | (Level 3) | ||||||||||||||||||||||||||||||||||||||||||
assets | (Level 2) (1) | |||||||||||||||||||||||||||||||||||||||||||
(Level 1) (1) | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
(continued from previous page) | ||||||||||||||||||||||||||||||||||||||||||||
Liabilities at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||||||||||||||
Trading instruments sold but not yet purchased: | ||||||||||||||||||||||||||||||||||||||||||||
Municipal and provincial obligations | $ | 5,680 | $ | 2,008 | $ | — | $ | — | $ | 7,688 | ||||||||||||||||||||||||||||||||||
Corporate obligations | 911 | 22,062 | — | — | 22,973 | |||||||||||||||||||||||||||||||||||||||
Government obligations | 147,663 | — | — | — | 147,663 | |||||||||||||||||||||||||||||||||||||||
Agency MBS and CMOs | 209 | 1,977 | — | — | 2,186 | |||||||||||||||||||||||||||||||||||||||
Total debt securities | 154,463 | 26,047 | — | — | 180,510 | |||||||||||||||||||||||||||||||||||||||
Derivative contracts | — | 69,999 | — | (64,171 | ) | 5,828 | ||||||||||||||||||||||||||||||||||||||
Equity securities | 14,050 | 70 | — | — | 14,120 | |||||||||||||||||||||||||||||||||||||||
Total trading instruments sold but not yet purchased | 168,513 | 96,116 | — | (64,171 | ) | 200,458 | ||||||||||||||||||||||||||||||||||||||
Derivative instruments associated with offsetting matched book positions | — | 289,271 | — | — | 289,271 | |||||||||||||||||||||||||||||||||||||||
Trade and other payables: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative contracts | — | 662 | — | — | 662 | |||||||||||||||||||||||||||||||||||||||
Other liabilities | — | — | 82 | (9) | — | 82 | ||||||||||||||||||||||||||||||||||||||
Total trade and other payables | — | 662 | 82 | — | 744 | |||||||||||||||||||||||||||||||||||||||
Total liabilities at fair value on a recurring basis | $ | 168,513 | $ | 386,049 | $ | 82 | $ | (64,171 | ) | $ | 490,473 | |||||||||||||||||||||||||||||||||
-1 | We had no transfers of financial instruments from Level 1 to Level 2 during the three and six months ended March 31, 2014. We had no transfers of financial instruments from Level 2 to Level 1 during the three and six months ended March 31, 2014. Our policy is that the end of each respective quarterly reporting period determines when transfers of financial instruments between levels are recognized. | |||||||||||||||||||||||||||||||||||||||||||
-2 | Where permitted, we have elected to net derivative receivables and derivative payables and the related cash collateral received and paid when a legally enforceable master netting agreement exists (see Note 14 for additional information regarding offsetting financial instruments). | |||||||||||||||||||||||||||||||||||||||||||
-3 | Includes $58 million of Jefferson County, Alabama Limited Obligation School Warrants ARS. | |||||||||||||||||||||||||||||||||||||||||||
-4 | The portion of these investments we do not own is approximately $55 million as of March 31, 2014 and are included as a component of noncontrolling interest in our Condensed Consolidated Statements of Financial Condition. The weighted average portion we own is approximately $136 million or 71% of the total private equity investments of $191 million included in our Condensed Consolidated Statements of Financial Condition. | |||||||||||||||||||||||||||||||||||||||||||
-5 | Other investments include $145 million of financial instruments that are related to MK & Co.’s obligations to perform under certain of its historic deferred compensation plans (see Note 2 on page 119, and Note 23 on page 176, of our 2013 Form 10-K for further information regarding these plans). | |||||||||||||||||||||||||||||||||||||||||||
-6 | Goodwill fair value measurements are classified within Level 3 of the fair value hierarchy, which are generally determined using unobservable inputs. See Note 10 for additional information regarding the annual impairment analysis. | |||||||||||||||||||||||||||||||||||||||||||
-7 | Includes individual loans classified as held for sale, which were recorded at a fair value lower than cost. | |||||||||||||||||||||||||||||||||||||||||||
-8 | Represents the fair value of foreclosed properties which were measured at a fair value subsequent to their initial classification as OREO. The recorded value in the Condensed Consolidated Statements of Financial Condition is net of the estimated selling costs. | |||||||||||||||||||||||||||||||||||||||||||
-9 | Includes forward commitments to purchase GNMA (as hereinafter defined) MBS arising from our fixed income public finance operations (see Note 16 for additional information regarding these commitments) and to a much lesser extent, other certain commitments. | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2013 | Quoted prices | Significant | Significant | Netting | Balance as of | |||||||||||||||||||||||||||||||||||||||
in active | other | unobservable | adjustments (2) | September 30, | ||||||||||||||||||||||||||||||||||||||||
markets for | observable | inputs | 2013 | |||||||||||||||||||||||||||||||||||||||||
identical | inputs | (Level 3) | ||||||||||||||||||||||||||||||||||||||||||
assets | (Level 2) (1) | |||||||||||||||||||||||||||||||||||||||||||
(Level 1) (1) | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Assets at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||||||||||||||
Trading instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Municipal and provincial obligations | $ | 10 | $ | 202,816 | $ | — | $ | — | $ | 202,826 | ||||||||||||||||||||||||||||||||||
Corporate obligations | 833 | 59,573 | — | — | 60,406 | |||||||||||||||||||||||||||||||||||||||
Government and agency obligations | 6,408 | 106,988 | — | — | 113,396 | |||||||||||||||||||||||||||||||||||||||
Agency MBS and CMOs | 155 | 92,994 | — | — | 93,149 | |||||||||||||||||||||||||||||||||||||||
Non-agency CMOs and ABS | — | 16,957 | 14 | — | 16,971 | |||||||||||||||||||||||||||||||||||||||
Total debt securities | 7,406 | 479,328 | 14 | — | 486,748 | |||||||||||||||||||||||||||||||||||||||
Derivative contracts | — | 89,633 | — | (61,524 | ) | 28,109 | ||||||||||||||||||||||||||||||||||||||
Equity securities | 48,749 | 4,231 | 35 | — | 53,015 | |||||||||||||||||||||||||||||||||||||||
Other | 1,413 | 6,464 | 3,956 | — | 11,833 | |||||||||||||||||||||||||||||||||||||||
Total trading instruments | 57,568 | 579,656 | 4,005 | (61,524 | ) | 579,705 | ||||||||||||||||||||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||||||||||||||||||||||||||
Agency MBS and CMOs | — | 326,029 | — | — | 326,029 | |||||||||||||||||||||||||||||||||||||||
Non-agency CMOs | — | 128,943 | 78 | — | 129,021 | |||||||||||||||||||||||||||||||||||||||
Other securities | 2,076 | — | — | — | 2,076 | |||||||||||||||||||||||||||||||||||||||
ARS: | ||||||||||||||||||||||||||||||||||||||||||||
Municipals | — | — | 130,934 | (3) | — | 130,934 | ||||||||||||||||||||||||||||||||||||||
Preferred securities | — | — | 110,784 | — | 110,784 | |||||||||||||||||||||||||||||||||||||||
Total available for sale securities | 2,076 | 454,972 | 241,796 | — | 698,844 | |||||||||||||||||||||||||||||||||||||||
Private equity investments | — | — | 216,391 | (4) | — | 216,391 | ||||||||||||||||||||||||||||||||||||||
Other investments (5) | 241,627 | 2,278 | 4,607 | — | 248,512 | |||||||||||||||||||||||||||||||||||||||
Derivative instruments associated with offsetting matched book positions | — | 250,341 | — | — | 250,341 | |||||||||||||||||||||||||||||||||||||||
Other receivables | — | — | 2,778 | (6) | — | 2,778 | ||||||||||||||||||||||||||||||||||||||
Other assets | — | — | 15 | — | 15 | |||||||||||||||||||||||||||||||||||||||
Total assets at fair value on a recurring basis | $ | 301,271 | $ | 1,287,247 | $ | 469,592 | $ | (61,524 | ) | $ | 1,996,586 | |||||||||||||||||||||||||||||||||
Assets at fair value on a nonrecurring basis: (7) | ||||||||||||||||||||||||||||||||||||||||||||
Bank loans, net | ||||||||||||||||||||||||||||||||||||||||||||
Impaired loans | — | 33,187 | 59,868 | — | 93,055 | |||||||||||||||||||||||||||||||||||||||
Loans held for sale(8) | — | 28,119 | — | — | 28,119 | |||||||||||||||||||||||||||||||||||||||
Total bank loans, net | — | 61,306 | 59,868 | — | 121,174 | |||||||||||||||||||||||||||||||||||||||
OREO(9) | — | 209 | — | — | 209 | |||||||||||||||||||||||||||||||||||||||
Total assets at fair value on a nonrecurring basis | $ | — | $ | 61,515 | $ | 59,868 | $ | — | $ | 121,383 | ||||||||||||||||||||||||||||||||||
(continued on next page) | ||||||||||||||||||||||||||||||||||||||||||||
September 30, 2013 | Quoted prices | Significant | Significant | Netting | Balance as of | |||||||||||||||||||||||||||||||||||||||
in active | other | unobservable | adjustments (2) | September 30, | ||||||||||||||||||||||||||||||||||||||||
markets for | observable | inputs | 2013 | |||||||||||||||||||||||||||||||||||||||||
identical | inputs | (Level 3) | ||||||||||||||||||||||||||||||||||||||||||
assets | (Level 2) (1) | |||||||||||||||||||||||||||||||||||||||||||
(Level 1) (1) | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
(continued from previous page) | ||||||||||||||||||||||||||||||||||||||||||||
Liabilities at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||||||||||||||
Trading instruments sold but not yet purchased: | ||||||||||||||||||||||||||||||||||||||||||||
Municipal and provincial obligations | $ | 165 | $ | 1,612 | $ | — | $ | — | $ | 1,777 | ||||||||||||||||||||||||||||||||||
Corporate obligations | 30 | 9,081 | — | — | 9,111 | |||||||||||||||||||||||||||||||||||||||
Government obligations | 169,816 | — | — | — | 169,816 | |||||||||||||||||||||||||||||||||||||||
Agency MBS and CMOs | 3,068 | — | — | — | 3,068 | |||||||||||||||||||||||||||||||||||||||
Total debt securities | 173,079 | 10,693 | — | — | 183,772 | |||||||||||||||||||||||||||||||||||||||
Derivative contracts | — | 74,920 | — | (69,279 | ) | 5,641 | ||||||||||||||||||||||||||||||||||||||
Equity securities | 31,151 | 92 | — | — | 31,243 | |||||||||||||||||||||||||||||||||||||||
Total trading instruments sold but not yet purchased | 204,230 | 85,705 | — | (69,279 | ) | 220,656 | ||||||||||||||||||||||||||||||||||||||
Derivative instruments associated with offsetting matched book positions | — | 250,341 | — | — | 250,341 | |||||||||||||||||||||||||||||||||||||||
Trade and other payables: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative contracts | — | 714 | — | — | 714 | |||||||||||||||||||||||||||||||||||||||
Other liabilities | — | — | 60 | — | 60 | |||||||||||||||||||||||||||||||||||||||
Total trade and other payables | — | 714 | 60 | — | 774 | |||||||||||||||||||||||||||||||||||||||
Total liabilities at fair value on a recurring basis | $ | 204,230 | $ | 336,760 | $ | 60 | $ | (69,279 | ) | $ | 471,771 | |||||||||||||||||||||||||||||||||
-1 | We had $860 thousand transfers of financial instruments from Level 1 to Level 2 during the year ended September 30, 2013. These transfers were a result of a decrease in availability and reliability of the observable inputs utilized in the respective instruments’ fair value measurement. We had $401 thousand in transfers of financial instruments from Level 2 to Level 1 during the year ended September 30, 2013. These transfers were a result of an increase in availability and reliability of the observable inputs utilized in the respective instruments’ fair value measurement. Our policy is that the end of each respective quarterly reporting period determines when transfers of financial instruments between levels are recognized. | |||||||||||||||||||||||||||||||||||||||||||
-2 | Where permitted, we have elected to net derivative receivables and derivative payables and the related cash collateral received and paid when a legally enforceable master netting agreement exists (see Note 14 for additional information regarding offsetting financial instruments). | |||||||||||||||||||||||||||||||||||||||||||
-3 | Includes $54 million of Jefferson County, Alabama Limited Obligation School Warrants ARS and $25 million of Jefferson County, Alabama Sewer Revenue Refunding Warrants ARS. | |||||||||||||||||||||||||||||||||||||||||||
-4 | Of the total private equity investments, the weighted-average portion we own is approximately 41%. Effectively, the economics associated with the portions of these investments we do not own become a component of noncontrolling interests on our Condensed Consolidated Statements of Financial Condition, and amounted to approximately $63 million of the total as of September 30, 2013. | |||||||||||||||||||||||||||||||||||||||||||
-5 | Other investments include $176 million of financial instruments that are related to obligations to perform under certain of MK & Co.’s historic deferred compensation plans (see Note 2 on page 119, and Note 23 on page 176, of our 2013 Form 10-K for further information regarding these plans). | |||||||||||||||||||||||||||||||||||||||||||
-6 | Primarily comprised of forward commitments to purchase GNMA (as hereinafter defined) MBS arising from our fixed income public finance operations (see Note 20 on page 171 of our 2013 Form 10-K for additional information). | |||||||||||||||||||||||||||||||||||||||||||
-7 | Goodwill fair value measurements are classified within Level 3 of the fair value hierarchy, which are generally determined using unobservable inputs. See Note 13 on pages 155 - 157 of our 2013 Form 10-K for additional information regarding the annual impairment analysis and our methods of estimating the fair value of reporting units that have an allocation of goodwill, including the key assumptions. | |||||||||||||||||||||||||||||||||||||||||||
-8 | Includes individual loans classified as held for sale, which were recorded at a fair value lower than cost. | |||||||||||||||||||||||||||||||||||||||||||
-9 | Represents the fair value of foreclosed properties which were measured at a fair value subsequent to their initial classification as OREO. The recorded value in the Condensed Consolidated Statements of Financial Condition is net of the estimated selling costs. | |||||||||||||||||||||||||||||||||||||||||||
The adjustment to fair value of the nonrecurring fair value measures for the six months ended March 31, 2014 resulted in a $176 thousand reversal of the provision for loan losses and $1.5 million in other losses. The adjustment to fair value of the nonrecurring fair value measures for the six months ended March 31, 2013 resulted in $5.7 million in additional provision for loan losses and $49 thousand in other losses. | ||||||||||||||||||||||||||||||||||||||||||||
Changes in Level 3 recurring fair value measurements | ||||||||||||||||||||||||||||||||||||||||||||
The realized and unrealized gains and losses for assets and liabilities within the Level 3 category presented in the tables below may include changes in fair value that were attributable to both observable and unobservable inputs. | ||||||||||||||||||||||||||||||||||||||||||||
Additional information about Level 3 assets and liabilities measured at fair value on a recurring basis is presented below: | ||||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2014 Level 3 assets at fair value | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Financial assets | Financial | |||||||||||||||||||||||||||||||||||||||||||
liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Trading instruments | Available for sale securities | Private equity, other investments and other assets | Payables- | |||||||||||||||||||||||||||||||||||||||||
trade and | ||||||||||||||||||||||||||||||||||||||||||||
other | ||||||||||||||||||||||||||||||||||||||||||||
Non- | Equity | Other | Non- | ARS – | ARS - | Private | Other | Other assets | Other | |||||||||||||||||||||||||||||||||||
agency | securities | agency | municipals | preferred | equity | investments | liabilities | |||||||||||||||||||||||||||||||||||||
CMOs & | CMOs | securities | investments | |||||||||||||||||||||||||||||||||||||||||
ABS | ||||||||||||||||||||||||||||||||||||||||||||
Fair value | $ | 13 | $ | 35 | $ | 4,199 | $ | 46 | $ | 108,458 | $ | 112,122 | $ | 209,977 | $ | 1,949 | $ | 15 | $ | (1,417 | ) | |||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
Total gains (losses) for the period: | ||||||||||||||||||||||||||||||||||||||||||||
Included in earnings | — | 5 | (32 | ) | — | 63 | 44 | 13 | 48 | — | 1,335 | |||||||||||||||||||||||||||||||||
Included in other comprehensive income | — | — | — | 6 | 1,849 | 374 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Purchases and contributions | — | 23 | 3,185 | — | — | — | 5,317 | — | — | — | ||||||||||||||||||||||||||||||||||
Sales | — | (26 | ) | (4,649 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Redemptions by issuer | — | — | — | — | (410 | ) | (325 | ) | — | (28 | ) | — | — | |||||||||||||||||||||||||||||||
Distributions | — | — | — | (14 | ) | — | — | (5,329 | ) | (181 | ) | — | — | |||||||||||||||||||||||||||||||
Transfers: (1) | ||||||||||||||||||||||||||||||||||||||||||||
Into Level 3 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Out of Level 3 | — | — | — | — | — | — | (18,577 | ) | (2) | — | — | — | ||||||||||||||||||||||||||||||||
Fair value | $ | 13 | $ | 37 | $ | 2,703 | $ | 38 | $ | 109,960 | $ | 112,215 | $ | 191,401 | $ | 1,788 | $ | 15 | $ | (82 | ) | |||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized gains (losses) for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period | $ | — | $ | 5 | $ | (32 | ) | $ | — | $ | 63 | $ | 44 | $ | 13 | $ | 60 | $ | — | $ | — | |||||||||||||||||||||||
-1 | Our policy is that the end of each respective quarterly reporting period determines when transfers of financial instruments between levels are recognized. | |||||||||||||||||||||||||||||||||||||||||||
-2 | The transfers out of Level 3 were primarily comprised of the portion of private equity investments which do not represent equity investments, whose balances were transferred to cash and cash equivalents or other receivables on our Consolidated Statements of Financial Condition, and whose carrying values approximate fair value. | |||||||||||||||||||||||||||||||||||||||||||
Six months ended March 31, 2014 Level 3 assets at fair value | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Financial assets | Financial | |||||||||||||||||||||||||||||||||||||||||||
liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Trading instruments | Available for sale securities | Private equity, other investments and other assets | Payables- | |||||||||||||||||||||||||||||||||||||||||
trade and | ||||||||||||||||||||||||||||||||||||||||||||
other | ||||||||||||||||||||||||||||||||||||||||||||
Non- | Equity | Other | Non- | ARS – | ARS - | Private | Other | Other receivables | Other assets | Other | ||||||||||||||||||||||||||||||||||
agency | securities | agency | municipals | preferred | equity | investments | liabilities | |||||||||||||||||||||||||||||||||||||
CMOs & | CMOs | securities | investments | |||||||||||||||||||||||||||||||||||||||||
ABS | ||||||||||||||||||||||||||||||||||||||||||||
Fair value | $ | 14 | $ | 35 | $ | 3,956 | $ | 78 | $ | 130,934 | $ | 110,784 | $ | 216,391 | $ | 4,607 | $ | 2,778 | $ | 15 | $ | (60 | ) | |||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
Total gains (losses) for the period: | ||||||||||||||||||||||||||||||||||||||||||||
Included in earnings | — | 4 | (201 | ) | (27 | ) | 5,584 | 44 | 4,781 | (1) | 73 | (2,778 | ) | — | (22 | ) | ||||||||||||||||||||||||||||
Included in other comprehensive income | — | — | — | 21 | 938 | 1,712 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Purchases and contributions | — | 24 | 10,448 | — | — | — | 9,332 | 63 | — | — | — | |||||||||||||||||||||||||||||||||
Sales | — | (26 | ) | (11,500 | ) | — | (370 | ) | — | (7,076 | ) | (2,698 | ) | — | — | — | ||||||||||||||||||||||||||||
Redemptions by issuer | — | — | — | — | (27,126 | ) | (325 | ) | — | (28 | ) | — | — | — | ||||||||||||||||||||||||||||||
Distributions | (1 | ) | — | — | (34 | ) | — | — | (13,450 | ) | (229 | ) | — | — | — | |||||||||||||||||||||||||||||
Transfers: (2) | ||||||||||||||||||||||||||||||||||||||||||||
Into Level 3 | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Out of Level 3 | — | — | — | — | — | — | (18,577 | ) | (3) | — | — | — | — | |||||||||||||||||||||||||||||||
Fair value | $ | 13 | $ | 37 | $ | 2,703 | $ | 38 | $ | 109,960 | $ | 112,215 | $ | 191,401 | $ | 1,788 | $ | — | $ | 15 | $ | (82 | ) | |||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized gains (losses) for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period | $ | 20 | $ | 4 | $ | (201 | ) | $ | (27 | ) | $ | 938 | $ | 1,712 | $ | 4,781 | $ | 166 | $ | — | $ | — | $ | (22 | ) | |||||||||||||||||||
-1 | Primarily results from valuation adjustments of certain private equity investments. Since we only own a portion of these investments, our share of the net valuation adjustments resulted in a gain of $4.4 million which is included in net income attributable to RJF (after noncontrolling interests). The noncontrolling interests’ share of the net valuation adjustments was a gain of approximately $400 thousand. | |||||||||||||||||||||||||||||||||||||||||||
-2 | Our policy is that the end of each respective quarterly reporting period determines when transfers of financial instruments between levels are recognized. | |||||||||||||||||||||||||||||||||||||||||||
-3 | The transfers out of Level 3 were primarily comprised of the portion of private equity investments which do not represent equity investments, whose balances were transferred to cash and cash equivalents or other receivables on our Consolidated Statements of Financial Condition, and whose carrying values approximate fair value. | |||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2013 Level 3 assets at fair value | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Financial assets | Financial | |||||||||||||||||||||||||||||||||||||||||||
liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Trading instruments | Available for sale securities | Private equity, other investments and other assets | Payables- | |||||||||||||||||||||||||||||||||||||||||
trade and | ||||||||||||||||||||||||||||||||||||||||||||
other | ||||||||||||||||||||||||||||||||||||||||||||
Non- | Equity | Other | Non- | ARS – | ARS - | Private | Other | Other assets | Other | |||||||||||||||||||||||||||||||||||
agency | securities | agency | municipals | preferred | equity | investments | liabilities | |||||||||||||||||||||||||||||||||||||
CMOs & | CMOs | securities | investments | |||||||||||||||||||||||||||||||||||||||||
ABS | ||||||||||||||||||||||||||||||||||||||||||||
Fair value December 31, 2012 | $ | 18 | $ | 19 | $ | 6,451 | $ | 125 | $ | 133,318 | $ | 104,976 | $ | 329,767 | $ | 4,123 | $ | — | $ | (98 | ) | |||||||||||||||||||||||
Total gains (losses) for the period: | ||||||||||||||||||||||||||||||||||||||||||||
Included in earnings | 4 | — | (20 | ) | — | 9 | — | 63,033 | (1) | 17 | — | — | ||||||||||||||||||||||||||||||||
Included in other comprehensive income | — | — | — | 310 | 1,328 | 1,043 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Purchases and contributions | — | — | 1,937 | — | — | — | 7,060 | — | — | — | ||||||||||||||||||||||||||||||||||
Sales | — | — | (2,005 | ) | — | — | — | — | (50 | ) | — | — | ||||||||||||||||||||||||||||||||
Redemptions by issuer | — | — | — | — | (25 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Distributions | (5 | ) | — | (625 | ) | (15 | ) | — | — | (2,145 | ) | (108 | ) | — | — | |||||||||||||||||||||||||||||
Transfers: (2) | ||||||||||||||||||||||||||||||||||||||||||||
Into Level 3 | — | 2 | — | — | — | — | — | — | 15 | — | ||||||||||||||||||||||||||||||||||
Out of Level 3 | — | — | (15 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Fair value | $ | 17 | $ | 21 | $ | 5,723 | $ | 420 | $ | 134,630 | $ | 106,019 | $ | 397,715 | $ | 3,982 | $ | 15 | $ | (98 | ) | |||||||||||||||||||||||
March 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized gains (losses) for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period | $ | 1 | $ | — | $ | (20 | ) | $ | — | $ | 1,328 | $ | 1,043 | $ | 63,033 | (1) | $ | 51 | $ | — | $ | — | ||||||||||||||||||||||
-1 | Primarily results from valuation adjustments of certain private equity investments. Since we only own a portion of these investments, our share of the net valuation adjustments resulted in a gain of $20.3 million which is included in net income attributable to RJF (after noncontrolling interests). The noncontrolling interests’ share of the net valuation adjustments was a gain of approximately $42.7 million. | |||||||||||||||||||||||||||||||||||||||||||
On March 8, 2013, a private equity partnership in which we held an interest entered into a definitive agreement (the “Albion Sale Agreement”) providing for the sale of our indirect investment in Albion Medical Holdings, Inc. (“Albion”). This sale transaction closed on April 29, 2013. Of the totals presented, $65.3 million of the gain (before consideration of the noncontrolling interests) for the three month period ended March 31, 2013 results from the increase in our fair value estimate resulting from terms of the Albion Sale Agreement, and $21.8 million is the impact on net income attributable to RJF (after consideration of the noncontrolling interests) in such period. | ||||||||||||||||||||||||||||||||||||||||||||
-2 | Our policy is that the end of each respective quarterly reporting period determines when transfers of financial instruments between levels are recognized. | |||||||||||||||||||||||||||||||||||||||||||
Six months ended March 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
Level 3 assets at fair value | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Financial assets | Financial | |||||||||||||||||||||||||||||||||||||||||||
liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Trading instruments | Available for sale securities | Private equity, other investments and other assets | Payables-trade | |||||||||||||||||||||||||||||||||||||||||
and other | ||||||||||||||||||||||||||||||||||||||||||||
Municipal & | Non- | Equity | Other | Non- | ARS – | ARS - | Private | Other | Other assets | Other | ||||||||||||||||||||||||||||||||||
provincial | agency | securities | agency | municipals | preferred | equity | investments | liabilities | ||||||||||||||||||||||||||||||||||||
obligations | CMOs & | CMOs | securities | investments | ||||||||||||||||||||||||||||||||||||||||
ABS | ||||||||||||||||||||||||||||||||||||||||||||
Fair value | $ | 553 | $ | 29 | $ | 6 | $ | 5,850 | $ | 249 | $ | 123,559 | $ | 110,193 | $ | 336,927 | $ | 4,092 | $ | — | $ | (98 | ) | |||||||||||||||||||||
September 30, 2012 | ||||||||||||||||||||||||||||||||||||||||||||
Total gains (losses) for the period: | ||||||||||||||||||||||||||||||||||||||||||||
Included in earnings | — | (4 | ) | 5 | (51 | ) | (335 | ) | 32 | 1,164 | 66,421 | (1) | 53 | — | — | |||||||||||||||||||||||||||||
Included in other comprehensive income | — | — | — | — | 533 | 11,289 | 2,649 | — | — | — | — | |||||||||||||||||||||||||||||||||
Purchases,and contributions | — | — | 44 | 3,210 | — | — | 25 | 10,653 | — | — | — | |||||||||||||||||||||||||||||||||
Sales | (553 | ) | — | (36 | ) | (2,008 | ) | — | — | — | — | (50 | ) | — | — | |||||||||||||||||||||||||||||
Redemptions by issuer | — | — | — | — | — | (250 | ) | (8,012 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Distributions | — | (8 | ) | — | (1,263 | ) | (27 | ) | — | — | (16,286 | ) | (113 | ) | — | — | ||||||||||||||||||||||||||||
Transfers: (2) | ||||||||||||||||||||||||||||||||||||||||||||
Into Level 3 | — | — | 2 | — | — | — | — | — | — | 15 | — | |||||||||||||||||||||||||||||||||
Out of Level 3 | — | — | — | (15 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Fair value | $ | — | $ | 17 | $ | 21 | $ | 5,723 | $ | 420 | $ | 134,630 | $ | 106,019 | $ | 397,715 | $ | 3,982 | $ | 15 | $ | (98 | ) | |||||||||||||||||||||
March 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized gains (losses) for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period | $ | — | $ | 18 | $ | 3 | $ | (51 | ) | $ | (335 | ) | $ | 11,289 | $ | 2,649 | $ | 66,421 | (1) | $ | 143 | $ | — | $ | — | |||||||||||||||||||
-1 | Primarily results from valuation adjustments of certain private equity investments. Since we only own a portion of these investments, our share of the net valuation adjustments resulted in a gain of $22.1 million which is included in net income attributable to RJF (after noncontrolling interests). The noncontrolling interests’ share of the net valuation adjustments was a gain of approximately $44.3 million. | |||||||||||||||||||||||||||||||||||||||||||
On March 8, 2013, a private equity partnership in which we held an interest entered into the Albion Sale Agreement. The sale transaction closed on April 29, 2013. Of the totals presented, $65.3 million of the gain (before consideration of the noncontrolling interests) for the six month period ended March 31, 2013 results from the increase in our fair value estimate resulting from terms of the Albion Sale Agreement, and $21.8 million is the impact on net income attributable to RJF (after consideration of the noncontrolling interests) in such period. | ||||||||||||||||||||||||||||||||||||||||||||
-2 | Our policy is that the end of each respective quarterly reporting period determines when transfers of financial instruments between levels are recognized. | |||||||||||||||||||||||||||||||||||||||||||
As of March 31, 2014, 8.7% of our assets and 3% of our liabilities are instruments measured at fair value on a recurring basis. Instruments measured at fair value on a recurring basis categorized as Level 3 as of March 31, 2014 represent 21% of our assets measured at fair value. In comparison, as of March 31, 2013, 11.6% and 3.6% of our assets and liabilities, respectively, represented instruments measured at fair value on a recurring basis. Instruments measured at fair value on a recurring basis categorized as Level 3 as of March 31, 2013 represented 25% of our assets measured at fair value. The balances of our level 3 assets have decreased compared to March 31, 2013 primarily as a result of the April 2013 sale of Albion, and the sale or redemption of a portion of our ARS portfolio, partially offset by valuation increases in the private equity portfolio. Level 3 instruments as a percentage of total financial instruments decreased by 4% as compared to March 31, 2013. Total financial instruments at March 31, 2014, primarily trading instruments, derivative instruments associated with offsetting matched book positions, and other investments which are not level 3 financial instruments have decreased as compared to March 31, 2013, impacting the calculation of Level 3 assets as a percentage of total financial instruments. | ||||||||||||||||||||||||||||||||||||||||||||
Gains and losses included in earnings are presented in net trading profit and other revenues in our Condensed Consolidated Statements of Income and Comprehensive Income as follows: | ||||||||||||||||||||||||||||||||||||||||||||
For the three months ended March 31, 2014 | Net trading | Other | ||||||||||||||||||||||||||||||||||||||||||
profit | revenues | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Total (losses) gains included in revenues | $ | (27 | ) | $ | 1,503 | |||||||||||||||||||||||||||||||||||||||
Change in unrealized (losses) gains for assets held at the end of the reporting period | $ | (27 | ) | $ | 180 | |||||||||||||||||||||||||||||||||||||||
For the six months ended March 31, 2014 | Net trading | Other | ||||||||||||||||||||||||||||||||||||||||||
profit | revenues | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Total (losses) gains included in revenues | $ | (197 | ) | $ | 7,655 | |||||||||||||||||||||||||||||||||||||||
Change in unrealized (losses) gains for assets held at the end of the reporting period | $ | (177 | ) | $ | 7,548 | |||||||||||||||||||||||||||||||||||||||
For the three months ended March 31, 2013 | Net trading | Other | ||||||||||||||||||||||||||||||||||||||||||
profit | revenues | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Total (losses) gains included in revenues | $ | (16 | ) | $ | 63,059 | |||||||||||||||||||||||||||||||||||||||
Change in unrealized (losses) gains for assets held at the end of the reporting period | $ | (19 | ) | $ | 65,455 | |||||||||||||||||||||||||||||||||||||||
For the six months ended March 31, 2013 | Net trading | Other | ||||||||||||||||||||||||||||||||||||||||||
profit | revenues | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Total (losses) gains included in revenues | $ | (50 | ) | $ | 67,335 | |||||||||||||||||||||||||||||||||||||||
Change in unrealized (losses) gains for assets held at the end of the reporting period | $ | (30 | ) | $ | 80,167 | |||||||||||||||||||||||||||||||||||||||
Quantitative information about level 3 fair value measurements | ||||||||||||||||||||||||||||||||||||||||||||
The significant assumptions used in the valuation of level 3 financial instruments are as follows (the table that follows includes the significant majority of the financial instruments we hold that are classified as level 3 measures): | ||||||||||||||||||||||||||||||||||||||||||||
Level 3 financial instrument | Fair value at | Valuation technique(s) | Unobservable input | Range (weighted-average) | ||||||||||||||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Recurring measurements: | ||||||||||||||||||||||||||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||||||||||||||||||||||||||
ARS: | ||||||||||||||||||||||||||||||||||||||||||||
Municipals | $ | 109,960 | Discounted cash flow | Average discount rate(a) | 3.15% - 7.64% (5.53%) | |||||||||||||||||||||||||||||||||||||||
Average interest rates applicable to future interest income on the securities(b) | 1.08% - 6.91% (3.67%) | |||||||||||||||||||||||||||||||||||||||||||
Prepayment year(c) | 2016 - 2023 (2020) | |||||||||||||||||||||||||||||||||||||||||||
Preferred securities | $ | 112,215 | Discounted cash flow | Average discount rate(a) | 3.3% - 5.21% (4.42%) | |||||||||||||||||||||||||||||||||||||||
Average interest rates applicable to future interest income on the securities(b) | 1.61% - 2.92% (2.22%) | |||||||||||||||||||||||||||||||||||||||||||
Prepayment year(c) | 2014 - 2018 (2018) | |||||||||||||||||||||||||||||||||||||||||||
Private equity investments: | $ | 37,849 | Income or market approach: | |||||||||||||||||||||||||||||||||||||||||
Scenario 1 - income approach - discounted cash flow | Discount rate(a) | 14% - 15% (14%) | ||||||||||||||||||||||||||||||||||||||||||
Terminal growth rate of cash flows | 3% - 3% (3%) | |||||||||||||||||||||||||||||||||||||||||||
Terminal year | 2014 - 2015 (2014) | |||||||||||||||||||||||||||||||||||||||||||
Scenario 2 - market approach - market multiple method | EBITDA Multiple(d) | 4.75 - 7.00 (5.39) | ||||||||||||||||||||||||||||||||||||||||||
Projected EBITDA growth(e) | 16.3% - 16.3% (16.3%) | |||||||||||||||||||||||||||||||||||||||||||
Weighting assigned to outcome of scenario 1/scenario 2 | 86%/14% | |||||||||||||||||||||||||||||||||||||||||||
$ | 153,552 | Transaction price or other investment-specific events(f) | Not meaningful(f) | Not meaningful(f) | ||||||||||||||||||||||||||||||||||||||||
Nonrecurring measurements: | ||||||||||||||||||||||||||||||||||||||||||||
Impaired loans: residential | $ | 26,165 | Discounted cash flow | Prepayment rate | 7 - 12 yrs. (10.35 yrs.) | |||||||||||||||||||||||||||||||||||||||
Impaired loans: corporate | $ | 24,324 | Appraisal, discounted cash flow, or distressed enterprise value(g) | Not meaningful(g) | Not meaningful(g) | |||||||||||||||||||||||||||||||||||||||
The text of the footnotes in the above table are on the following page. | ||||||||||||||||||||||||||||||||||||||||||||
The text of the footnotes to the table on the previous page are as follows: | ||||||||||||||||||||||||||||||||||||||||||||
(a) | Represents discount rates used when we have determined that market participants would take these discounts into account when pricing the investments. | |||||||||||||||||||||||||||||||||||||||||||
(b) | Future interest rates are projected based upon a forward interest rate curve, plus a spread over such projected base rate that is applicable to each future period for each security within this portfolio segment. The interest rates presented represent the average interest rate over all projected periods for securities within the portfolio segment. | |||||||||||||||||||||||||||||||||||||||||||
(c) | Assumed year of at least a partial redemption of the outstanding security by the issuer. | |||||||||||||||||||||||||||||||||||||||||||
(d) | Represents amounts used when we have determined that market participants would use such multiples when pricing the investments. | |||||||||||||||||||||||||||||||||||||||||||
(e) | Represents the projected growth in earnings before interest, taxes, depreciation and amortization (“EBITDA”) utilized in the valuation as compared to the prior periods reported EBITDA. | |||||||||||||||||||||||||||||||||||||||||||
(f) | Certain direct private equity investments are valued initially at the transaction price until either our annual review, significant transactions occur, new developments become known, or we receive information from the fund manager that allows us to update our proportionate share of net assets, when any of which indicate that a change in the carrying values of these investments is appropriate. | |||||||||||||||||||||||||||||||||||||||||||
(g) | The valuation techniques used for the impaired corporate loan portfolio as of March 31, 2014 were appraisals less selling costs for the collateral dependent loans, and either discounted cash flows or distressed enterprise value for the remaining impaired loans that are not collateral dependent. | |||||||||||||||||||||||||||||||||||||||||||
Qualitative disclosure about unobservable inputs | ||||||||||||||||||||||||||||||||||||||||||||
For our recurring fair value measurements categorized within Level 3 of the fair value hierarchy, the sensitivity of the fair value measurement to changes in significant unobservable inputs and interrelationships between those unobservable inputs are described below: | ||||||||||||||||||||||||||||||||||||||||||||
Auction rate securities: | ||||||||||||||||||||||||||||||||||||||||||||
One of the significant unobservable inputs used in the fair value measurement of auction rate securities presented within our available for sale securities portfolio relates to judgments regarding whether the level of observable trading activity is sufficient to conclude markets are active. Where insufficient levels of trading activity are determined to exist as of the reporting date, then management’s assessment of how much weight to apply to trading prices in inactive markets versus management’s own valuation models could significantly impact the valuation conclusion. The valuation of the securities impacted by changes in management’s assessment of market activity levels could be either higher or lower, depending upon the relationship of the inactive trading prices compared to the outcome of management’s internal valuation models. | ||||||||||||||||||||||||||||||||||||||||||||
The future interest rate and maturity assumptions impacting the valuation of the auction rate securities are directly related. As short-term interest rates rise, due to the variable nature of the penalty interest rate provisions embedded in most of these securities in the event auctions fail to set the security’s interest rate, then a penalty rate that is specified in the security increases. These penalty rates are based upon a stated interest rate spread over what is typically a short-term base interest rate index. Management estimates that at some level of increase in short-term interest rates, issuers of the securities will have the economic incentive to refinance (and thus prepay) the securities. Therefore, the short-term interest rate assumption directly impacts the input related to the timing of any projected prepayment. The faster and steeper short-term interest rates rise, the earlier prepayments will likely occur and the higher the fair value of the security. | ||||||||||||||||||||||||||||||||||||||||||||
Private equity investments: | ||||||||||||||||||||||||||||||||||||||||||||
The significant unobservable inputs used in the fair value measurement of private equity investments 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. Significant increases (or decreases) in our investment entities’ future economic performance will have a directly proportional impact on the valuation results. The value of our investment moves inversely with the market’s expectation of returns from such investments. Should the market require higher returns from industries in which we are invested, all other factors held constant, our investments will decrease in value. Should the market accept lower returns from industries in which we are invested, all other factors held constant, our investments will increase in value. | ||||||||||||||||||||||||||||||||||||||||||||
Fair value option | ||||||||||||||||||||||||||||||||||||||||||||
The fair value option is an accounting election that allows the reporting entity to apply fair value accounting for certain financial assets and liabilities on an instrument by instrument basis. As of March 31, 2014, we have elected not to choose the fair value option for any of our financial assets or liabilities not already recorded at fair value. | ||||||||||||||||||||||||||||||||||||||||||||
Other fair value disclosures | ||||||||||||||||||||||||||||||||||||||||||||
Many, but not all, of the financial instruments we hold are recorded at fair value in the Condensed Consolidated Statements of Financial Condition. Refer to Note 5 on pages 136 - 137 of our 2013 Form 10-K for discussion of the methods and assumptions we apply to the determination of fair value of our financial instruments that are not otherwise recorded at fair value. | ||||||||||||||||||||||||||||||||||||||||||||
The estimated fair values by level within the fair value hierarchy and the carrying amounts of our financial instruments that are not carried at fair value are as follows: | ||||||||||||||||||||||||||||||||||||||||||||
Quoted prices | Significant | Significant | Total estimated fair value | Carrying amount | ||||||||||||||||||||||||||||||||||||||||
in active | other | unobservable | ||||||||||||||||||||||||||||||||||||||||||
markets for | observable | inputs | ||||||||||||||||||||||||||||||||||||||||||
identical | inputs | (Level 3) | ||||||||||||||||||||||||||||||||||||||||||
assets | (Level 2) | |||||||||||||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||
Bank loans, net(1) | $ | — | $ | 118,261 | $ | 9,743,929 | $ | 9,862,190 | $ | 9,942,043 | ||||||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Bank deposits | $ | — | $ | 10,087,853 | $ | 330,764 | $ | 10,418,617 | $ | 10,414,804 | ||||||||||||||||||||||||||||||||||
Other borrowings | $ | — | $ | 78,517 | $ | — | $ | 78,517 | $ | 78,517 | ||||||||||||||||||||||||||||||||||
Corporate debt | $ | 365,400 | $ | 956,988 | $ | — | $ | 1,322,388 | $ | 1,192,699 | ||||||||||||||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||
Bank loans, net(1) | $ | — | $ | 83,012 | $ | 8,614,755 | $ | 8,697,767 | $ | 8,700,027 | ||||||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Bank deposits | $ | — | $ | 8,981,996 | $ | 320,196 | $ | 9,302,192 | $ | 9,295,371 | ||||||||||||||||||||||||||||||||||
Other borrowings | $ | — | $ | 84,076 | $ | — | $ | 84,076 | $ | 84,076 | ||||||||||||||||||||||||||||||||||
Corporate debt | $ | 352,520 | $ | 951,628 | $ | — | $ | 1,304,148 | $ | 1,194,508 | ||||||||||||||||||||||||||||||||||
-1 | Excludes all impaired loans and loans held for sale which have been recorded at fair value in the Condensed Consolidated Statement of Financial Condition at March 31, 2014 and September 30, 2013, respectively. |
TRADING_INSTRUMENTS_AND_TRADIN
TRADING INSTRUMENTS AND TRADING INSTRUMENTS SOLD BUT NOT YET PURCHASED | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
TRADING INSTRUMENTS AND TRADING INSTRUMENTS SOLD BUT NOT YET PURCHASED [Abstract] | ' | |||||||||||||||
TRADING INSTRUMENTS AND TRADING INSTRUMENTS SOLD BUT NOT YET PURCHASED | ' | |||||||||||||||
TRADING INSTRUMENTS AND TRADING INSTRUMENTS SOLD BUT NOT YET PURCHASED | ||||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||||
Trading | Instruments | Trading | Instruments | |||||||||||||
instruments | sold but not | instruments | sold but not | |||||||||||||
yet purchased | yet purchased | |||||||||||||||
(in thousands) | ||||||||||||||||
Municipal and provincial obligations | $ | 171,229 | $ | 7,688 | $ | 202,826 | $ | 1,777 | ||||||||
Corporate obligations | 67,298 | 22,973 | 60,406 | 9,111 | ||||||||||||
Government and agency obligations | 60,832 | 147,663 | 113,396 | 169,816 | ||||||||||||
Agency MBS and CMOs | 150,564 | 2,186 | 93,149 | 3,068 | ||||||||||||
Non-agency CMOs and ABS | 37,705 | — | 16,971 | — | ||||||||||||
Total debt securities | 487,628 | 180,510 | 486,748 | 183,772 | ||||||||||||
Derivative contracts (1) | 24,669 | 5,828 | 28,109 | 5,641 | ||||||||||||
Equity securities | 61,238 | 14,120 | 53,015 | 31,243 | ||||||||||||
Corporate loans | 33,074 | — | — | — | ||||||||||||
Other | 41,145 | — | 11,833 | — | ||||||||||||
Total | $ | 647,754 | $ | 200,458 | $ | 579,705 | $ | 220,656 | ||||||||
-1 | Represents the derivative contracts held for trading purposes. These balances do not include all derivative instruments since the derivative instruments associated with offsetting matched book positions are included on their own line item on our Condensed Consolidated Statements of Financial Condition. See Note 13 for further information regarding all of our derivative transactions, and see Note 14 for additional information regarding offsetting financial instruments. | |||||||||||||||
See Note 5 for additional information regarding the fair value of trading instruments and trading instruments sold but not yet purchased. |
AVAILABLE_FOR_SALE_SECURITIES
AVAILABLE FOR SALE SECURITIES | 6 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Available-for-sale Securities [Abstract] | ' | |||||||||||||||||||||||
AVAILABLE FOR SALE SECURITIES | ' | |||||||||||||||||||||||
AVAILABLE FOR SALE SECURITIES | ||||||||||||||||||||||||
Available for sale securities are comprised of MBS and CMOs owned by RJ Bank and ARS owned by one of our non-broker-dealer subsidiaries. Refer to the discussion of our available for sale securities accounting policies, including the fair value determination process, in Note 2 on pages 108 - 110 of our 2013 Form 10-K. | ||||||||||||||||||||||||
During the six months ended March 31, 2014, certain ARS were redeemed by their issuer or sold in market transactions. Such transactions resulted in aggregate proceeds of $27.8 million and a gain of $5.6 million in the six months ended March 31, 2014, which is recorded in other revenues on our Condensed Consolidated Statements of Income and Comprehensive Income. During the six months ended March 31, 2013, ARS with an aggregate par value of approximately $8.3 million were redeemed by their issuer at par, or sold at amounts approximating their par value pursuant to tender offers, resulting in a gain of $1.2 million, which is recorded in other revenues on our Condensed Consolidated Statements of Income and Comprehensive Income. | ||||||||||||||||||||||||
The amortized cost and fair values of available for sale securities are as follows: | ||||||||||||||||||||||||
Cost basis | Gross | Gross | Fair value | |||||||||||||||||||||
unrealized gains | unrealized losses | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||||||
Agency MBS and CMOs | $ | 297,575 | $ | 570 | $ | (1,436 | ) | $ | 296,709 | |||||||||||||||
Non-agency CMOs (1) | 133,977 | 138 | (8,514 | ) | 125,601 | |||||||||||||||||||
Other securities | 1,575 | 509 | — | 2,084 | ||||||||||||||||||||
Total RJ Bank available for sale securities | 433,127 | 1,217 | (9,950 | ) | 424,394 | |||||||||||||||||||
Auction rate securities: | ||||||||||||||||||||||||
Municipal obligations | 103,459 | 7,461 | (960 | ) | 109,960 | |||||||||||||||||||
Preferred securities | 104,527 | 7,688 | — | 112,215 | ||||||||||||||||||||
Total auction rate securities | 207,986 | 15,149 | (960 | ) | 222,175 | |||||||||||||||||||
Total available for sale securities | $ | 641,113 | $ | 16,366 | $ | (10,910 | ) | $ | 646,569 | |||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||||||
Agency MBS and CMOs | $ | 326,858 | $ | 707 | $ | (1,536 | ) | $ | 326,029 | |||||||||||||||
Non-agency CMOs (2) | 142,169 | 4 | (13,152 | ) | 129,021 | |||||||||||||||||||
Other securities | 1,575 | 501 | — | 2,076 | ||||||||||||||||||||
Total RJ Bank available for sale securities | 470,602 | 1,212 | (14,688 | ) | 457,126 | |||||||||||||||||||
Auction rate securities: | ||||||||||||||||||||||||
Municipal obligations | 125,371 | 6,831 | (1,268 | ) | 130,934 | |||||||||||||||||||
Preferred securities | 104,808 | 5,976 | — | 110,784 | ||||||||||||||||||||
Total auction rate securities | 230,179 | 12,807 | (1,268 | ) | 241,718 | |||||||||||||||||||
Total available for sale securities | $ | 700,781 | $ | 14,019 | $ | (15,956 | ) | $ | 698,844 | |||||||||||||||
-1 | As of March 31, 2014, the non-credit portion of other-than-temporary impairment (“OTTI”) recorded in AOCI was $7.1 million (before taxes). | |||||||||||||||||||||||
-2 | As of September 30, 2013, the non-credit portion of OTTI recorded in AOCI was $11.1 million (before taxes). | |||||||||||||||||||||||
See Note 5 for additional information regarding the fair value of available for sale securities. | ||||||||||||||||||||||||
The contractual maturities, amortized cost, carrying values and current yields for our available for sale securities are as presented below. Since RJ Bank’s available for sale securities are backed by mortgages, actual maturities will differ from contractual maturities because borrowers may have the right to prepay obligations without prepayment penalties. Expected maturities of ARS may differ significantly from contractual maturities, as issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Within one year | After one but | After five but | After ten years | Total | ||||||||||||||||||||
within five | within ten | |||||||||||||||||||||||
years | years | |||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||
Agency MBS & CMOs: | ||||||||||||||||||||||||
Amortized cost | $ | — | $ | 9,588 | $ | 17,284 | $ | 270,703 | $ | 297,575 | ||||||||||||||
Carrying value | — | 9,615 | 17,366 | 269,728 | 296,709 | |||||||||||||||||||
Weighted-average yield | — | 0.21 | % | 0.24 | % | 1 | % | 0.93 | % | |||||||||||||||
Non-agency CMOs: | ||||||||||||||||||||||||
Amortized cost | $ | — | $ | — | $ | — | $ | 133,977 | $ | 133,977 | ||||||||||||||
Carrying value | — | — | — | 125,601 | 125,601 | |||||||||||||||||||
Weighted-average yield | — | — | — | 2.5 | % | 2.5 | % | |||||||||||||||||
Other securities: | ||||||||||||||||||||||||
Amortized cost | $ | — | $ | — | $ | — | $ | 1,575 | $ | 1,575 | ||||||||||||||
Carrying value | — | — | — | 2,084 | 2,084 | |||||||||||||||||||
Weighted-average yield | — | — | — | — | — | |||||||||||||||||||
Sub-total agency MBS & CMOs, non-agency CMOs, and other securities: | ||||||||||||||||||||||||
Amortized cost | $ | — | $ | 9,588 | $ | 17,284 | $ | 406,255 | $ | 433,127 | ||||||||||||||
Carrying value | — | 9,615 | 17,366 | 397,413 | 424,394 | |||||||||||||||||||
Weighted-average yield | — | 0.21 | % | 0.24 | % | 1.47 | % | 1.39 | % | |||||||||||||||
Auction rate securities: | ||||||||||||||||||||||||
Municipal obligations | ||||||||||||||||||||||||
Amortized cost | $ | — | $ | 1,925 | $ | 6,600 | $ | 94,934 | $ | 103,459 | ||||||||||||||
Carrying value | — | 1,973 | 6,302 | 101,685 | 109,960 | |||||||||||||||||||
Weighted-average yield | — | 0.19 | % | 0.27 | % | 0.38 | % | 0.37 | % | |||||||||||||||
Preferred securities: | ||||||||||||||||||||||||
Amortized cost | $ | — | $ | — | $ | — | $ | 104,527 | $ | 104,527 | ||||||||||||||
Carrying value | — | — | — | 112,215 | 112,215 | |||||||||||||||||||
Weighted-average yield | — | — | — | 0.24 | % | 0.24 | % | |||||||||||||||||
Sub-total auction rate securities: | ||||||||||||||||||||||||
Amortized cost | $ | — | $ | 1,925 | $ | 6,600 | $ | 199,461 | $ | 207,986 | ||||||||||||||
Carrying value | — | 1,973 | 6,302 | 213,900 | 222,175 | |||||||||||||||||||
Weighted-average yield | — | 0.19 | % | 0.27 | % | 0.31 | % | 0.31 | % | |||||||||||||||
Total available for sale securities: | ||||||||||||||||||||||||
Amortized cost | $ | — | $ | 11,513 | $ | 23,884 | $ | 605,716 | $ | 641,113 | ||||||||||||||
Carrying value | — | 11,588 | 23,668 | 611,313 | 646,569 | |||||||||||||||||||
Weighted-average yield | — | 0.21 | % | 0.25 | % | 1.07 | % | 1.02 | % | |||||||||||||||
The gross unrealized losses and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position, are as follows: | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||
fair value | losses | fair value | losses | fair value | losses | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Agency MBS and CMOs | $ | 110,745 | $ | (728 | ) | $ | 57,358 | $ | (708 | ) | $ | 168,103 | $ | (1,436 | ) | |||||||||
Non-agency CMOs | 4,613 | (287 | ) | 85,793 | (8,227 | ) | 90,406 | (8,514 | ) | |||||||||||||||
ARS municipal obligations | 3,254 | (210 | ) | 18,373 | (750 | ) | 21,627 | (960 | ) | |||||||||||||||
Total | $ | 118,612 | $ | (1,225 | ) | $ | 161,524 | $ | (9,685 | ) | $ | 280,136 | $ | (10,910 | ) | |||||||||
September 30, 2013 | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||
fair value | losses | fair value | losses | fair value | losses | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Agency MBS and CMOs | $ | 157,580 | $ | (1,150 | ) | $ | 22,940 | $ | (386 | ) | $ | 180,520 | $ | (1,536 | ) | |||||||||
Non-agency CMOs | 4,906 | (556 | ) | 123,139 | (12,596 | ) | 128,045 | (13,152 | ) | |||||||||||||||
ARS municipal obligations | 771 | (100 | ) | 19,747 | (1,168 | ) | 20,518 | (1,268 | ) | |||||||||||||||
Total | $ | 163,257 | $ | (1,806 | ) | $ | 165,826 | $ | (14,150 | ) | $ | 329,083 | $ | (15,956 | ) | |||||||||
The reference point for determining when securities are in a loss position is the reporting period end. As such, it is possible that a security had a fair value that exceeded its amortized cost on other days during the period. | ||||||||||||||||||||||||
Agency MBS and CMOs | ||||||||||||||||||||||||
The Federal National Mortgage Association (“FNMA”), the Federal Home Loan Mortgage Corporation (“FHLMC”), as well as the Government National Mortgage Association (“GNMA”), guarantee the contractual cash flows of the agency MBS and CMOs. At March 31, 2014, of the 18 of our U.S. government-sponsored enterprise MBS and CMOs in an unrealized loss position, 12 were in a continuous unrealized loss position for less than 12 months and six were for 12 months or more. We do not consider these securities other-than-temporarily impaired due to the guarantee provided by FNMA, FHLMC, and GNMA as to the full payment of principal and interest, and the fact that we have the ability and intent to hold these securities to maturity. | ||||||||||||||||||||||||
Non-agency CMOs | ||||||||||||||||||||||||
All individual non-agency securities are evaluated for OTTI on a quarterly basis. Only those non-agency CMOs whose amortized cost basis we do not expect to recover in full are considered to be other than temporarily impaired, as we have the ability and intent to hold these securities to maturity. To assess whether the amortized cost basis of non-agency CMOs will be recovered, RJ Bank performs a cash flow analysis for each security. This comprehensive process considers borrower characteristics and the particular attributes of the loans underlying each security. Loan level analysis includes a review of historical default rates, loss severities, liquidations, prepayment speeds and delinquency trends. In addition to historical details, home prices and the economic outlook are considered to derive the assumptions utilized in the discounted cash flow model to project security-specific cash flows, which factors in the amount of credit enhancement specific to the security. The difference between the present value of the cash flows expected and the amortized cost basis is the credit loss, and it is recorded as OTTI. | ||||||||||||||||||||||||
The significant assumptions used in the cash flow analysis of non-agency CMOs are as follows: | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Range | Weighted- | |||||||||||||||||||||||
average (1) | ||||||||||||||||||||||||
Default rate | 0% - 30.1% | 9.18% | ||||||||||||||||||||||
Loss severity | 0% - 72.2% | 41.95% | ||||||||||||||||||||||
Prepayment rate | 0.7% - 21.7% | 7.67% | ||||||||||||||||||||||
(1) | Represents the expected activity for the next twelve months. | |||||||||||||||||||||||
At March 31, 2014, 18 of the 25 non-agency CMOs were in a continuous unrealized loss position. Of these, 16 were in that position for 12 months or more and two were in a continuous unrealized loss position for less than 12 months. Based on the expected cash flows derived from the model utilized in our analysis, we expect to recover all unrealized losses not already recorded in earnings on our non-agency CMOs. However, it is possible that the underlying loan collateral of these securities will perform worse than current expectations, which may lead to adverse changes in the cash flows expected to be collected on these securities and potential future OTTI losses. As residential mortgage loans are the underlying collateral of these securities, the unrealized losses at March 31, 2014 reflect the uncertainty in the markets for these instruments. | ||||||||||||||||||||||||
ARS | ||||||||||||||||||||||||
Our cost basis in the ARS we hold is the fair value of the securities in the period in which we acquired them. Only those ARS whose amortized cost basis we do not expect to recover in full are considered to be other-than-temporarily impaired, as we have the ability and intent to hold these securities to maturity. | ||||||||||||||||||||||||
Within our municipal ARS holdings, we hold Jefferson County, Alabama Limited Obligation School Warrants ARS (“Jeff Co. Schools ARS”). As of September 30, 2013, we also held Jefferson County, Alabama Sewer Revenue Refunding Warrants ARS (“Jeff Co. Sewers ARS”). During our first quarter ended December 31, 2013, the Jefferson County, Alabama voluntary petition for relief under Chapter 9 of the U.S. Bankruptcy Code in the U.S. District Court for the Northern District of Alabama was resolved. As a result of the resolution of this matter, Jefferson County redeemed the Jeff Co. Sewers ARS during our first quarter, and we received $26.5 million in proceeds from the redemption and realized a $5.5 million gain, which is reflected as a component of other revenues on our Condensed Consolidated Statements of Income and Comprehensive Income for the six months ended March 31, 2014. The Jeff Co. Schools ARS were not affected by the resolution of the Jefferson County, Alabama bankruptcy matter and therefore remain in our ARS portfolio as of March 31, 2014. | ||||||||||||||||||||||||
Within our ARS preferred securities, we analyze the credit ratings associated with each security as an indicator of potential credit impairment. As of March 31, 2014, and including subsequent ratings changes, all of the ARS preferred securities were rated investment grade by at least one rating agency. | ||||||||||||||||||||||||
Other-than-temporarily impaired securities | ||||||||||||||||||||||||
Although there is no intent to sell either our ARS or our non-agency CMOs, and it is not more likely than not that we will be required to sell these securities, we do not expect to recover the entire amortized cost basis of certain securities within these portfolios. | ||||||||||||||||||||||||
Changes in the amount of OTTI related to credit losses recognized in other revenues on available for sale securities are as follows: | ||||||||||||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Amount related to credit losses on securities we held at the beginning of the period | $ | 28,244 | $ | 27,966 | $ | 28,217 | $ | 27,581 | ||||||||||||||||
Additional increases to the amount related to credit loss for which an OTTI was previously recognized | — | — | 27 | 385 | ||||||||||||||||||||
Amount related to credit losses on securities we held at the end of the period | $ | 28,244 | $ | 27,966 | $ | 28,244 | $ | 27,966 | ||||||||||||||||
BANK_LOANS_NET
BANK LOANS, NET | 6 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||||||
BANK LOANS, NET | ' | |||||||||||||||||||||||||||||||
BANK LOANS, NET | ||||||||||||||||||||||||||||||||
Bank client receivables are comprised of loans originated or purchased by RJ Bank, and include commercial and industrial (“C&I”) loans, commercial and residential real estate loans, as well as securities based loans (“SBL”) and other consumer loans. These receivables are collateralized by first or second mortgages on residential or other real property, other assets of the borrower, or are unsecured. | ||||||||||||||||||||||||||||||||
For a discussion of our accounting policies regarding bank loans and allowances for losses, including the policies regarding loans held for investment, loans held for sale, off-balance sheet loan commitments, nonperforming assets, troubled debt restructurings (“TDRs”), impaired loans, the allowance for loan losses and reserve for unfunded lending commitments, and loan charge-off policies, see Note 2 on pages 112 – 116 of our 2013 Form 10-K. | ||||||||||||||||||||||||||||||||
We segregate our loan portfolio into five loan portfolio segments: C&I, commercial real estate (“CRE”), CRE construction, residential mortgage and SBL and other consumer loans. These portfolio segments also serve as the portfolio loan classes for purposes of credit analysis, except for residential mortgage loans, which are further disaggregated into residential first mortgage and residential home equity classes. | ||||||||||||||||||||||||||||||||
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 RJ Bank’s total loan portfolio: | ||||||||||||||||||||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||||||||||||||||||||
Balance | % | Balance | % | |||||||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||||
Loans held for sale, net(1) | $ | 122,256 | 1 | % | $ | 110,292 | 1 | % | ||||||||||||||||||||||||
Loans held for investment: | ||||||||||||||||||||||||||||||||
Domestic: | ||||||||||||||||||||||||||||||||
C&I loans | 4,946,263 | 49 | % | 4,439,668 | 50 | % | ||||||||||||||||||||||||||
CRE construction loans | 47,334 | — | 38,964 | — | ||||||||||||||||||||||||||||
CRE loans | 1,327,095 | 13 | % | 1,075,986 | 12 | % | ||||||||||||||||||||||||||
Residential mortgage loans | 1,739,652 | 17 | % | 1,743,787 | 20 | % | ||||||||||||||||||||||||||
SBL and other consumer loans | 771,092 | 8 | % | 554,210 | 6 | % | ||||||||||||||||||||||||||
Foreign: | ||||||||||||||||||||||||||||||||
C&I loans | 1,001,116 | 9 | % | 806,337 | 9 | % | ||||||||||||||||||||||||||
CRE construction loans | 59,362 | 1 | % | 21,876 | — | |||||||||||||||||||||||||||
CRE loans | 186,913 | 2 | % | 207,060 | 2 | % | ||||||||||||||||||||||||||
Residential mortgage loans | 2,264 | — | 1,863 | — | ||||||||||||||||||||||||||||
SBL and other consumer loans | 1,883 | — | 1,595 | — | ||||||||||||||||||||||||||||
Total loans held for investment | 10,082,974 | 8,891,346 | ||||||||||||||||||||||||||||||
Net unearned income and deferred expenses | (39,189 | ) | (43,936 | ) | ||||||||||||||||||||||||||||
Total loans held for investment, net(1) | 10,043,785 | 8,847,410 | ||||||||||||||||||||||||||||||
Total loans held for sale and investment | 10,166,041 | 100 | % | 8,957,702 | 100 | % | ||||||||||||||||||||||||||
Allowance for loan losses | (137,940 | ) | (136,501 | ) | ||||||||||||||||||||||||||||
Bank loans, net | $ | 10,028,101 | $ | 8,821,201 | ||||||||||||||||||||||||||||
-1 | Net of unearned income and deferred expenses, which includes purchase premiums, purchase discounts, and net deferred origination fees and costs. | |||||||||||||||||||||||||||||||
RJ Bank originated or purchased $255.4 million and $548.3 million of loans held for sale during the three and six months ended March 31, 2014, respectively, and $293.6 million and $675.3 million during the three and six months ended March 31, 2013, respectively. There were proceeds from the sale of held for sale loans of $34.3 million and $94.1 million during the three and six months ended March 31, 2014, respectively, and $84.7 million and $145.1 million during the three and six months ended March 31, 2013, respectively. Net gains resulting from such sales amounted to $234 thousand and $317 thousand during the three and six months ended March 31, 2014, respectively, and $1 million and $2.2 million during the three and six months ended March 31, 2013, respectively. Unrealized losses recorded in the Condensed Consolidated Statements of Income and Comprehensive Income to reflect the loans held for sale at the lower of cost or market value were $44 thousand and $139 thousand during the three and six months ended March 31, 2014, respectively, and $14 thousand and $128 thousand during the three and six months ended March 31, 2013, respectively. | ||||||||||||||||||||||||||||||||
The following table presents purchases and sales of any loans held for investment by portfolio segment: | ||||||||||||||||||||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Purchases | Sales | Purchases | Sales | Purchases | Sales | Purchases | Sales | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
C&I loans | $ | 110,406 | $ | 70,350 | $ | 65,525 | $ | 74,279 | $ | 237,736 | $ | 131,323 | $ | 104,799 | $ | 90,818 | ||||||||||||||||
Residential mortgage loans | 140 | — | 2,153 | — | 27,735 | — | 4,563 | — | ||||||||||||||||||||||||
Total | $ | 110,546 | $ | 70,350 | $ | 67,678 | $ | 74,279 | $ | 265,471 | $ | 131,323 | $ | 109,362 | $ | 90,818 | ||||||||||||||||
The following table presents the comparative data for nonperforming loans held for investment and total nonperforming assets: | ||||||||||||||||||||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||||
Nonaccrual loans: | ||||||||||||||||||||||||||||||||
C&I loans | $ | — | $ | 89 | ||||||||||||||||||||||||||||
CRE loans | 24,324 | 25,512 | ||||||||||||||||||||||||||||||
Residential mortgage loans: | ||||||||||||||||||||||||||||||||
First mortgage loans | 69,732 | 75,889 | ||||||||||||||||||||||||||||||
Home equity loans/lines | 408 | 468 | ||||||||||||||||||||||||||||||
Total nonaccrual loans | 94,464 | 101,958 | ||||||||||||||||||||||||||||||
Real estate owned and other repossessed assets, net: | ||||||||||||||||||||||||||||||||
Residential first mortgage | 2,968 | 2,434 | ||||||||||||||||||||||||||||||
Total nonperforming assets, net | $ | 97,432 | $ | 104,392 | ||||||||||||||||||||||||||||
Total nonperforming assets, net as a % of RJ Bank total assets | 0.83 | % | 0.99 | % | ||||||||||||||||||||||||||||
The table of nonperforming assets above excludes $10.8 million and $10.2 million, as of March 31, 2014 and September 30, 2013, respectively, of residential TDRs which were returned to accrual status in accordance with our policy. There are no accruing loans which are 90 days past due as of March 31, 2014 or September 30, 2013. | ||||||||||||||||||||||||||||||||
The gross interest income related to the nonperforming loans reflected in the previous table, which would have been recorded had these loans been current in accordance with their original terms, totaled $1 million and $1.8 million for the three and six months ended March 31, 2014, respectively, and $1.2 million and $2.3 million for the three and six months ended March 31, 2013, respectively. The interest income recognized on nonperforming loans was $326 thousand and $888 thousand for the three and six months ended March 31, 2014, respectively, and $412 thousand and $836 thousand for the three and six months ended March 31, 2013, respectively. | ||||||||||||||||||||||||||||||||
The following table presents an analysis of the payment status of loans held for investment: | ||||||||||||||||||||||||||||||||
30-59 | 60-89 | 90 days | Total | Current (1) | Total loans held for | |||||||||||||||||||||||||||
days | days | or more | past due | investment (2) | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
As of March 31, 2014: | ||||||||||||||||||||||||||||||||
C&I loans | $ | — | $ | 128 | $ | — | $ | 128 | $ | 5,947,251 | $ | 5,947,379 | ||||||||||||||||||||
CRE construction loans | — | — | — | — | 106,696 | 106,696 | ||||||||||||||||||||||||||
CRE loans | — | — | 10,320 | 10,320 | 1,503,688 | 1,514,008 | ||||||||||||||||||||||||||
Residential mortgage loans: | ||||||||||||||||||||||||||||||||
First mortgage loans | 3,766 | 946 | 40,086 | 44,798 | 1,675,444 | 1,720,242 | ||||||||||||||||||||||||||
Home equity loans/lines | — | — | 148 | 148 | 21,526 | 21,674 | ||||||||||||||||||||||||||
SBL and other consumer loans | — | — | — | — | 772,975 | 772,975 | ||||||||||||||||||||||||||
Total loans held for investment, net | $ | 3,766 | $ | 1,074 | $ | 50,554 | $ | 55,394 | $ | 10,027,580 | $ | 10,082,974 | ||||||||||||||||||||
As of September 30, 2013: | ||||||||||||||||||||||||||||||||
C&I loans | $ | 135 | $ | — | $ | — | $ | 135 | $ | 5,245,870 | $ | 5,246,005 | ||||||||||||||||||||
CRE construction loans | — | — | — | — | 60,840 | 60,840 | ||||||||||||||||||||||||||
CRE loans | — | — | 17 | 17 | 1,283,029 | 1,283,046 | ||||||||||||||||||||||||||
Residential mortgage loans: | ||||||||||||||||||||||||||||||||
First mortgage loans | 4,756 | 2,068 | 43,004 | 49,828 | 1,673,619 | 1,723,447 | ||||||||||||||||||||||||||
Home equity loans/lines | — | — | 372 | 372 | 21,831 | 22,203 | ||||||||||||||||||||||||||
SBL and other consumer loans | — | — | — | — | 555,805 | 555,805 | ||||||||||||||||||||||||||
Total loans held for investment, net | $ | 4,891 | $ | 2,068 | $ | 43,393 | $ | 50,352 | $ | 8,840,994 | $ | 8,891,346 | ||||||||||||||||||||
-1 | Includes $42 million and $55.5 million of nonaccrual loans at March 31, 2014 and September 30, 2013, respectively, which are performing pursuant to their contractual terms. | |||||||||||||||||||||||||||||||
-2 | Excludes any net unearned income and deferred expenses. | |||||||||||||||||||||||||||||||
The following table provides a summary of RJ Bank’s impaired loans: | ||||||||||||||||||||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||||||||||||||||||||
Gross | Unpaid | Allowance | Gross | Unpaid | Allowance | |||||||||||||||||||||||||||
recorded | principal | for losses | recorded | principal | for losses | |||||||||||||||||||||||||||
investment | balance | investment | balance | |||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Impaired loans with allowance for loan losses:(1) | ||||||||||||||||||||||||||||||||
C&I loans | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
CRE loans | — | — | — | 17 | 26 | 1 | ||||||||||||||||||||||||||
Residential mortgage loans: | ||||||||||||||||||||||||||||||||
First mortgage loans | 48,343 | 69,352 | 5,498 | 52,624 | 77,240 | 6,646 | ||||||||||||||||||||||||||
Home equity loans/lines | 36 | 74 | 3 | 36 | 74 | 4 | ||||||||||||||||||||||||||
Total | 48,379 | 69,426 | 5,501 | 52,677 | 77,340 | 6,651 | ||||||||||||||||||||||||||
Impaired loans without allowance for loan losses:(2) | ||||||||||||||||||||||||||||||||
C&I loans | — | — | — | 89 | 94 | — | ||||||||||||||||||||||||||
CRE loans | 24,324 | 44,575 | — | 25,495 | 45,229 | — | ||||||||||||||||||||||||||
Residential - first mortgage loans | 22,842 | 35,016 | — | 21,445 | 32,617 | — | ||||||||||||||||||||||||||
Total | 47,166 | 79,591 | — | 47,029 | 77,940 | — | ||||||||||||||||||||||||||
Total impaired loans | $ | 95,545 | $ | 149,017 | $ | 5,501 | $ | 99,706 | $ | 155,280 | $ | 6,651 | ||||||||||||||||||||
-1 | Impaired loan balances have had reserves established based upon management’s analysis. | |||||||||||||||||||||||||||||||
-2 | When the discounted cash flow, collateral value or market value equals or exceeds the carrying value of the loan, then the loan does not require an allowance. These are generally loans in process of foreclosure that have already been adjusted to fair value. | |||||||||||||||||||||||||||||||
The preceding table includes $2 million CRE and $37.9 million residential first mortgage TDR’s at March 31, 2014, and $2.2 million CRE and $36.6 million residential first mortgage TDR’s at September 30, 2013. | ||||||||||||||||||||||||||||||||
The average balance of the total impaired loans and the related interest income recognized in the Condensed Consolidated Statements of Income and Comprehensive Income are as follows: | ||||||||||||||||||||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Average impaired loan balance: | ||||||||||||||||||||||||||||||||
C&I loans | $ | — | $ | 22,504 | $ | 35 | $ | 20,877 | ||||||||||||||||||||||||
CRE loans | 24,702 | 4,879 | 24,949 | 6,577 | ||||||||||||||||||||||||||||
Residential mortgage loans: | ||||||||||||||||||||||||||||||||
First mortgage loans | 71,277 | 79,025 | 71,818 | 80,008 | ||||||||||||||||||||||||||||
Home equity loans/lines | 36 | 127 | 36 | 128 | ||||||||||||||||||||||||||||
Total | $ | 96,015 | $ | 106,535 | $ | 96,838 | $ | 107,590 | ||||||||||||||||||||||||
Interest income recognized: | ||||||||||||||||||||||||||||||||
Residential mortgage loans: | ||||||||||||||||||||||||||||||||
First mortgage loans | $ | 391 | $ | 330 | $ | 1,027 | $ | 661 | ||||||||||||||||||||||||
Home equity loans/lines | — | 1 | — | 2 | ||||||||||||||||||||||||||||
Total | $ | 391 | $ | 331 | $ | 1,027 | $ | 663 | ||||||||||||||||||||||||
During the three and six months ended March 31, 2014 and 2013, RJ Bank granted concessions to borrowers having financial difficulties, for which the resulting modification was deemed a TDR. All of the concessions granted for first mortgage residential loans were generally interest rate reductions, interest capitalization, amortization and maturity date extensions, or release of liability ordered under Chapter 7 bankruptcy not reaffirmed by the borrower. The table below presents the TDRs that occurred during the respective periods presented: | ||||||||||||||||||||||||||||||||
Number of | Pre-modification | Post-modification | ||||||||||||||||||||||||||||||
contracts | outstanding | outstanding | ||||||||||||||||||||||||||||||
recorded | recorded | |||||||||||||||||||||||||||||||
investment | investment | |||||||||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||||||||||||||
Residential – first mortgage loans | 4 | $ | 654 | $ | 702 | |||||||||||||||||||||||||||
Three months ended March 31, 2013 | ||||||||||||||||||||||||||||||||
Residential – first mortgage loans | 1 | $ | 662 | $ | 662 | |||||||||||||||||||||||||||
Six months ended March 31, 2014 | ||||||||||||||||||||||||||||||||
Residential – first mortgage loans | 12 | $ | 2,539 | $ | 2,699 | |||||||||||||||||||||||||||
Six months ended March 31, 2013 | ||||||||||||||||||||||||||||||||
Residential – first mortgage loans | 44 | $ | 14,953 | $ | 14,893 | |||||||||||||||||||||||||||
During the three and six months ended March 31, 2014, there were three residential first mortgage TDRs with a recorded investment of $852 thousand, for which there was a payment default and for which the respective loan was modified as a TDR within the 12 months prior to the default. During the three months ended March 31, 2013, there were no residential first mortgage TDRs for which there was a payment default and for which the respective loan was modified as a TDR within the 12 months prior to the default. During the six months ended March 31, 2013, there were two residential first mortgage TDRs with a recorded investment of $291 thousand, for which there was a payment default and for which the respective loan was modified as a TDR within the 12 months prior to the default. | ||||||||||||||||||||||||||||||||
As of March 31, 2014 and September 30, 2013, RJ Bank had no outstanding commitments on TDRs. | ||||||||||||||||||||||||||||||||
The credit quality of RJ Bank’s loan portfolio is summarized monthly by management using the standard asset classification system utilized by bank regulators for the residential mortgage and consumer loan portfolios and internal risk ratings, which correspond to the same standard asset classifications for the C&I, CRE construction, and CRE loan portfolios. 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 RJ Bank 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 RJ Bank 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 RJ Bank’s books as an asset, without establishment of a specific valuation allowance or charge-off, is not warranted. RJ Bank does not have any loan balances within this classification because, in accordance with its accounting policy, loans, or a portion thereof considered to be uncollectible, are charged-off prior to the assignment of this classification. | ||||||||||||||||||||||||||||||||
The credit quality of RJ Bank’s held for investment loan portfolio is as follows: | ||||||||||||||||||||||||||||||||
Residential mortgage | ||||||||||||||||||||||||||||||||
C&I | CRE | CRE | First | Home | SBL and other consumer | Total | ||||||||||||||||||||||||||
construction | mortgage | equity | ||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||||||
Pass | $ | 5,878,566 | $ | 106,696 | $ | 1,489,291 | $ | 1,627,759 | $ | 21,252 | $ | 772,975 | $ | 9,896,539 | ||||||||||||||||||
Special mention (1) | 42,444 | — | 193 | 19,455 | 14 | — | 62,106 | |||||||||||||||||||||||||
Substandard (1) | 26,369 | — | 22,491 | 73,028 | 408 | — | 122,296 | |||||||||||||||||||||||||
Doubtful (1) | — | — | 2,033 | — | — | — | 2,033 | |||||||||||||||||||||||||
Total | $ | 5,947,379 | $ | 106,696 | $ | 1,514,008 | $ | 1,720,242 | $ | 21,674 | $ | 772,975 | $ | 10,082,974 | ||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||||||||
Pass | $ | 5,012,786 | $ | 60,840 | $ | 1,257,130 | $ | 1,627,090 | $ | 21,582 | $ | 555,805 | $ | 8,535,233 | ||||||||||||||||||
Special mention (1) | 139,159 | — | 195 | 18,912 | 150 | — | 158,416 | |||||||||||||||||||||||||
Substandard (1) | 94,060 | — | 23,524 | 77,446 | 470 | — | 195,500 | |||||||||||||||||||||||||
Doubtful (1) | — | — | 2,197 | — | — | — | 2,197 | |||||||||||||||||||||||||
Total | $ | 5,246,005 | $ | 60,840 | $ | 1,283,046 | $ | 1,723,448 | $ | 22,202 | $ | 555,805 | $ | 8,891,346 | ||||||||||||||||||
-1 | Loans classified as special mention, substandard or doubtful are all considered to be “criticized” loans. | |||||||||||||||||||||||||||||||
The credit quality of RJ Bank’s performing residential first mortgage loan portfolio is additionally assessed utilizing updated loan-to-value (“LTV”) ratios. RJ Bank segregates all of its performing residential first mortgage loan portfolio with higher reserve percentages allocated to the higher LTV loans. Current LTVs are updated using the most recently available information (generally on a one-quarter lag) and are estimated based on the initial appraisal obtained at the time of origination, adjusted using relevant market indices for housing price changes that have occurred since origination. The value of the homes could vary from actual market values due to changes in the condition of the underlying property, variations in housing price changes within current valuation indices, and other factors. | ||||||||||||||||||||||||||||||||
The table below presents the most recently available update of the performing residential first mortgage loan portfolio summarized by current LTV. The amounts in the table represent the entire loan balance: | ||||||||||||||||||||||||||||||||
Balance(1) | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
LTV range: | ||||||||||||||||||||||||||||||||
LTV less than 50% | $ | 418,435 | ||||||||||||||||||||||||||||||
LTV greater than 50% but less than 80% | 766,830 | |||||||||||||||||||||||||||||||
LTV greater than 80% but less than 100% | 249,090 | |||||||||||||||||||||||||||||||
LTV greater than 100%, but less than 120% | 46,450 | |||||||||||||||||||||||||||||||
LTV greater than 120% but less than 140% | 7,356 | |||||||||||||||||||||||||||||||
LTV greater than 140% | 1,460 | |||||||||||||||||||||||||||||||
Total | $ | 1,489,621 | ||||||||||||||||||||||||||||||
-1 | Excludes loans that have full repurchase recourse for any delinquent loans. | |||||||||||||||||||||||||||||||
Changes in the allowance for loan losses of RJ Bank by portfolio segment are as follows: | ||||||||||||||||||||||||||||||||
Loans held for investment | ||||||||||||||||||||||||||||||||
C&I | CRE | CRE | Residential | SBL and other consumer | Total | |||||||||||||||||||||||||||
construction | mortgage | |||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 96,629 | $ | 1,647 | $ | 20,210 | $ | 18,300 | $ | 1,338 | $ | 138,124 | ||||||||||||||||||||
Provision (benefit) for loan losses | 1,113 | 169 | 2,133 | (1,641 | ) | 205 | 1,979 | |||||||||||||||||||||||||
Net (charge-offs)/recoveries: | ||||||||||||||||||||||||||||||||
Charge-offs | (1,805 | ) | — | — | (670 | ) | — | (2,475 | ) | |||||||||||||||||||||||
Recoveries | 12 | — | — | 625 | 6 | 643 | ||||||||||||||||||||||||||
Net (charge-offs)/recoveries | (1,793 | ) | — | — | (45 | ) | 6 | (1,832 | ) | |||||||||||||||||||||||
Foreign exchange translation adjustment | (247 | ) | (17 | ) | (67 | ) | — | — | (331 | ) | ||||||||||||||||||||||
Balance at March 31, 2014 | $ | 95,702 | $ | 1,799 | $ | 22,276 | $ | 16,614 | $ | 1,549 | $ | 137,940 | ||||||||||||||||||||
Six months ended March 31, 2014 | ||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 95,994 | $ | 1,000 | $ | 19,266 | $ | 19,126 | $ | 1,115 | $ | 136,501 | ||||||||||||||||||||
Provision (benefit) for loan losses | 2,015 | 824 | 3,062 | (2,702 | ) | 416 | 3,615 | |||||||||||||||||||||||||
Net (charge-offs)/recoveries: | ||||||||||||||||||||||||||||||||
Charge-offs | (1,845 | ) | — | — | (879 | ) | — | (2,724 | ) | |||||||||||||||||||||||
Recoveries | 16 | — | 80 | 1,069 | 18 | 1,183 | ||||||||||||||||||||||||||
Net (charge-offs)/recoveries | (1,829 | ) | — | 80 | 190 | 18 | (1,541 | ) | ||||||||||||||||||||||||
Foreign exchange translation adjustment | (478 | ) | (25 | ) | (132 | ) | — | — | (635 | ) | ||||||||||||||||||||||
Balance at March 31, 2014 | $ | 95,702 | $ | 1,799 | $ | 22,276 | $ | 16,614 | $ | 1,549 | $ | 137,940 | ||||||||||||||||||||
Three months ended March 31, 2013 | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 96,010 | $ | 874 | $ | 27,232 | $ | 23,073 | $ | 832 | $ | 148,021 | ||||||||||||||||||||
Provision (benefit) for loan losses | 3,248 | 148 | 998 | (762 | ) | 105 | 3,737 | |||||||||||||||||||||||||
Net (charge-offs)/recoveries: | ||||||||||||||||||||||||||||||||
Charge-offs | (460 | ) | — | — | (1,858 | ) | (75 | ) | (2,393 | ) | ||||||||||||||||||||||
Recoveries | — | — | 529 | 508 | 8 | 1,045 | ||||||||||||||||||||||||||
Net (charge-offs)/recoveries | (460 | ) | — | 529 | (1,350 | ) | (67 | ) | (1,348 | ) | ||||||||||||||||||||||
Foreign exchange translation adjustment | (91 | ) | (6 | ) | (27 | ) | — | — | (124 | ) | ||||||||||||||||||||||
Balance at March 31, 2013 | $ | 98,707 | $ | 1,016 | $ | 28,732 | $ | 20,961 | $ | 870 | $ | 150,286 | ||||||||||||||||||||
Six months ended March 31, 2013 | ||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 92,409 | $ | 739 | $ | 27,546 | $ | 26,138 | $ | 709 | $ | 147,541 | ||||||||||||||||||||
Provision (benefit) for loan losses | 6,984 | 287 | 154 | (988 | ) | 223 | 6,660 | |||||||||||||||||||||||||
Net (charge-offs)/recoveries: | ||||||||||||||||||||||||||||||||
Charge-offs | (550 | ) | — | — | (5,066 | ) | (75 | ) | (5,691 | ) | ||||||||||||||||||||||
Recoveries | — | — | 1,073 | 877 | 13 | 1,963 | ||||||||||||||||||||||||||
Net (charge-offs)/recoveries | (550 | ) | — | 1,073 | (4,189 | ) | (62 | ) | (3,728 | ) | ||||||||||||||||||||||
Foreign exchange translation adjustment | (136 | ) | (10 | ) | (41 | ) | — | — | (187 | ) | ||||||||||||||||||||||
Balance at March 31, 2013 | $ | 98,707 | $ | 1,016 | $ | 28,732 | $ | 20,961 | $ | 870 | $ | 150,286 | ||||||||||||||||||||
The following table presents, by loan portfolio segment, RJ Bank’s recorded investment and related allowance for loan losses: | ||||||||||||||||||||||||||||||||
Loans held for investment | ||||||||||||||||||||||||||||||||
C&I | CRE | CRE | Residential | SBL and other consumer | Total | |||||||||||||||||||||||||||
construction | mortgage | |||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | 2,333 | $ | — | $ | 2,333 | ||||||||||||||||||||
Collectively evaluated for impairment | 95,702 | 1,799 | 22,276 | 14,281 | 1,549 | 135,607 | ||||||||||||||||||||||||||
Total allowance for loan losses | $ | 95,702 | $ | 1,799 | $ | 22,276 | $ | 16,614 | $ | 1,549 | $ | 137,940 | ||||||||||||||||||||
Recorded investment:(1) | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | 24,324 | $ | 37,880 | $ | — | $ | 62,204 | ||||||||||||||||||||
Collectively evaluated for impairment | 5,947,379 | 106,696 | 1,489,684 | 1,704,036 | 772,975 | 10,020,770 | ||||||||||||||||||||||||||
Total recorded investment | $ | 5,947,379 | $ | 106,696 | $ | 1,514,008 | $ | 1,741,916 | $ | 772,975 | $ | 10,082,974 | ||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | 1 | $ | 2,379 | $ | — | $ | 2,380 | ||||||||||||||||||||
Collectively evaluated for impairment | 95,994 | 1,000 | 19,265 | 16,747 | 1,115 | 134,121 | ||||||||||||||||||||||||||
Total allowance for loan losses | $ | 95,994 | $ | 1,000 | $ | 19,266 | $ | 19,126 | $ | 1,115 | $ | 136,501 | ||||||||||||||||||||
Recorded investment:(1) | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 89 | $ | — | $ | 25,512 | $ | 36,648 | $ | — | $ | 62,249 | ||||||||||||||||||||
Collectively evaluated for impairment | 5,245,916 | 60,840 | 1,257,534 | 1,709,002 | 555,805 | 8,829,097 | ||||||||||||||||||||||||||
Total recorded investment | $ | 5,246,005 | $ | 60,840 | $ | 1,283,046 | $ | 1,745,650 | $ | 555,805 | $ | 8,891,346 | ||||||||||||||||||||
-1 | Excludes any net unearned income and deferred expenses. | |||||||||||||||||||||||||||||||
RJ Bank had no recorded investment in loans acquired with deteriorated credit quality as of either March 31, 2014 or September 30, 2013. | ||||||||||||||||||||||||||||||||
The reserve for unfunded lending commitments, included in trade and other payables on our Condensed Consolidated Statements of Financial Condition, was $11.5 million and $9.3 million at March 31, 2014 and September 30, 2013, respectively. |
VARIABLE_INTEREST_ENTITIES
VARIABLE INTEREST ENTITIES | 6 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
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. | ||||||||||||||||||||||||
We hold variable interests in the following VIE’s: Raymond James Employee Investment Funds I and II (the “EIF Funds”), a trust fund established for employee retention purposes (“Restricted Stock Trust Fund”), certain low-income housing tax credit funds (“LIHTC Funds”), various other partnerships and limited liability companies (“LLCs”) involving real estate (“Other Real Estate Limited Partnerships and LLCs”), certain new market tax credit funds (“NMTC Funds”), and certain funds formed for the purpose of making and managing investments in securities of other entities (“Managed Funds”). | ||||||||||||||||||||||||
Refer to Note 2 on pages 120 - 122 of our 2013 Form 10-K for a description of our principal involvement with VIEs and the accounting policies regarding determination of whether we are deemed to be the primary beneficiary of any VIEs. Other than as described below, as of March 31, 2014 there have been no significant changes in either the nature of our involvement with, or the accounting policies associated with the analysis of, VIEs as described in the 2013 Form 10-K. | ||||||||||||||||||||||||
Raymond James Tax Credit Funds, Inc. (“RJTCF”), a wholly owned subsidiary of RJF, is the managing member or general partner in LIHTC Funds having one or more investor members or limited partners. These LIHTC Funds are organized as limited partnerships or LLCs for the purpose of investing in a number of project partnerships, which are limited partnerships or LLCs that in turn purchase and develop low-income housing properties qualifying for tax credits. | ||||||||||||||||||||||||
VIEs where we are the primary beneficiary | ||||||||||||||||||||||||
Of the VIEs in which we hold an interest, we have determined that the EIF Funds, the Restricted Stock Trust Fund and certain LIHTC Funds require consolidation in our financial statements, as we are deemed the primary beneficiary of those VIEs. The aggregate assets and liabilities of the VIEs we consolidate are provided in the table below. | ||||||||||||||||||||||||
Aggregate | Aggregate | |||||||||||||||||||||||
assets (1) | liabilities (1) | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
LIHTC Funds | $ | 198,825 | $ | 55,036 | ||||||||||||||||||||
Guaranteed LIHTC Fund (2) | 75,804 | — | ||||||||||||||||||||||
Restricted Stock Trust Fund | 13,907 | 4,665 | ||||||||||||||||||||||
EIF Funds | 5,616 | — | ||||||||||||||||||||||
Total | $ | 294,152 | $ | 59,701 | ||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||
LIHTC Funds | $ | 208,634 | $ | 78,055 | ||||||||||||||||||||
Guaranteed LIHTC Fund (2) | 81,712 | — | ||||||||||||||||||||||
Restricted Stock Trust Fund | 13,075 | 6,710 | ||||||||||||||||||||||
EIF Funds | 7,588 | — | ||||||||||||||||||||||
Total | $ | 311,009 | $ | 84,765 | ||||||||||||||||||||
-1 | Aggregate assets and aggregate liabilities differ from the consolidated carrying value of assets and liabilities due to the elimination of intercompany assets and liabilities held by the consolidated VIE. | |||||||||||||||||||||||
-2 | In connection with one of the multi-investor tax credit funds in which RJTCF is the managing member, RJTCF has provided the investor members with a guaranteed return on their investment in the fund (the “Guaranteed LIHTC Fund”). See Note 16 for additional information regarding this commitment. | |||||||||||||||||||||||
The following table presents information about the carrying value of the assets, liabilities and equity of the VIEs which we consolidate and which are included within our Condensed Consolidated Statements of Financial Condition. The noncontrolling interests presented in this table represent the portion of these net assets which are not ours. | ||||||||||||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Assets segregated pursuant to regulations and other segregated assets | $ | 9,999 | $ | 11,857 | ||||||||||||||||||||
Receivables, other | 6,053 | 5,763 | ||||||||||||||||||||||
Investments in real estate partnerships held by consolidated variable interest entities | 258,633 | 272,096 | ||||||||||||||||||||||
Trust fund investment in RJF common stock (1) | 13,905 | 13,073 | ||||||||||||||||||||||
Prepaid expenses and other assets | 6,364 | 8,230 | ||||||||||||||||||||||
Total assets | $ | 294,954 | $ | 311,019 | ||||||||||||||||||||
Liabilities and equity: | ||||||||||||||||||||||||
Trade and other payables | $ | 12,721 | $ | 1,428 | ||||||||||||||||||||
Intercompany payables | 5,046 | 6,390 | ||||||||||||||||||||||
Loans payable of consolidated variable interest entities (2) | 53,505 | 62,938 | ||||||||||||||||||||||
Total liabilities | 71,272 | 70,756 | ||||||||||||||||||||||
RJF equity | 6,155 | 6,175 | ||||||||||||||||||||||
Noncontrolling interests | 217,527 | 234,088 | ||||||||||||||||||||||
Total equity | 223,682 | 240,263 | ||||||||||||||||||||||
Total liabilities and equity | $ | 294,954 | $ | 311,019 | ||||||||||||||||||||
-1 | Included in treasury stock in our Condensed Consolidated Statements of Financial Condition. | |||||||||||||||||||||||
-2 | Comprised of several non-recourse loans. We are not contingently liable under any of these loans. | |||||||||||||||||||||||
The following table presents information about the net income (loss) of the VIEs which we consolidate, and is included within our Condensed Consolidated Statements of Income and Comprehensive Income. The noncontrolling interests presented in this table represent the portion of the net loss from these VIEs which is not ours. | ||||||||||||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Interest | $ | — | $ | — | $ | 1 | $ | 3 | ||||||||||||||||
Other | (1,580 | ) | 2,509 | (1,416 | ) | 4,024 | ||||||||||||||||||
Total revenues | (1,580 | ) | 2,509 | (1,415 | ) | 4,027 | ||||||||||||||||||
Interest expense | 797 | 1,063 | 1,584 | 2,112 | ||||||||||||||||||||
Net revenues (expense) | (2,377 | ) | 1,446 | (2,999 | ) | 1,915 | ||||||||||||||||||
Non-interest expenses | 12,052 | 12,452 | 21,017 | 17,143 | ||||||||||||||||||||
Net loss including noncontrolling interests | (14,429 | ) | (11,006 | ) | (24,016 | ) | (15,228 | ) | ||||||||||||||||
Net loss attributable to noncontrolling interests | (14,420 | ) | (11,051 | ) | (23,996 | ) | (15,304 | ) | ||||||||||||||||
Net (loss) income attributable to RJF | $ | (9 | ) | $ | 45 | $ | (20 | ) | $ | 76 | ||||||||||||||
Low-income housing tax credit funds | ||||||||||||||||||||||||
RJTCF is the managing member or general partner in approximately 88 separate low-income housing tax credit funds having one or more investor members or limited partners, 76 of which are determined to be VIEs and 12 of which are determined not to be VIEs. RJTCF has concluded that it is the primary beneficiary of eight non-guaranteed LIHTC Fund VIEs and, accordingly, consolidates these funds. In addition, RJTCF consolidates the one Guaranteed LIHTC Fund VIE it sponsors (see Note 16 for further discussion of the guarantee obligation as well as other RJTCF commitments). RJTCF also consolidates six of the funds it determined not to be VIEs. | ||||||||||||||||||||||||
VIEs where we hold a variable interest but are not the primary beneficiary | ||||||||||||||||||||||||
Low-income housing tax credit funds | ||||||||||||||||||||||||
RJTCF does not consolidate the LIHTC Fund VIEs that it determines it is not the primary beneficiary of. Our risk of loss is limited to our investments in, advances to, and receivables due from these funds. | ||||||||||||||||||||||||
New market tax credit funds | ||||||||||||||||||||||||
One of our affiliates is the managing member of seven NMTC Funds, and, as discussed in Note 2 on page 122 of our 2013 Form 10-K, this affiliate is not deemed to be the primary beneficiary of these NMTC Funds. These NMTC Funds are therefore not consolidated. Our risk of loss is limited to our receivables due from these funds. | ||||||||||||||||||||||||
Other real estate limited partnerships and LLCs | ||||||||||||||||||||||||
We have a variable interest in several limited partnerships involved in various real estate activities in which a subsidiary is either the general partner or a limited partner. As discussed in Note 2 on page 122 of our 2013 Form 10-K, we have determined that we are not the primary beneficiary of these VIEs. Accordingly, we do not consolidate these partnerships or LLCs. The carrying value of our investment in these partnerships or LLCs represents our risk of loss. | ||||||||||||||||||||||||
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 table below. | ||||||||||||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||||||||||||
Aggregate | Aggregate | Our risk | Aggregate | Aggregate | Our risk | |||||||||||||||||||
assets | liabilities | of loss | assets | liabilities | of loss | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
LIHTC Funds | $ | 2,828,024 | $ | 829,589 | $ | 20,453 | $ | 2,532,457 | $ | 762,346 | $ | 14,387 | ||||||||||||
NMTC Funds | 140,492 | 147 | 13 | 140,499 | 278 | 13 | ||||||||||||||||||
Other Real Estate Limited Partnerships and LLCs | 28,993 | 36,016 | 198 | 30,240 | 35,512 | 212 | ||||||||||||||||||
Total | $ | 2,997,509 | $ | 865,752 | $ | 20,664 | $ | 2,703,196 | $ | 798,136 | $ | 14,612 | ||||||||||||
VIEs where we hold a variable interest but are not required to consolidate | ||||||||||||||||||||||||
Managed Funds | ||||||||||||||||||||||||
As described in Note 2 on page 122 of our 2013 Form 10-K, we have subsidiaries which serve as the general partner of the Managed Funds, which we determined to be VIEs that we are not required to consolidate since these funds satisfy the conditions for deferral of the determination of who is the primary beneficiary and therefore, the obligation to consolidate. | ||||||||||||||||||||||||
The aggregate assets, liabilities, and our exposure to loss from Managed Funds in which we hold a variable interest as of the dates indicated are provided in the table below: | ||||||||||||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||||||||||||
Aggregate | Aggregate | Our risk | Aggregate | Aggregate | Our risk | |||||||||||||||||||
assets | liabilities | of loss | assets | liabilities | of loss | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Managed Funds | $ | 50,597 | $ | 1,343 | $ | 91 | $ | 56,321 | $ | 1,415 | $ | 202 | ||||||||||||
GOODWILL_AND_IDENTIFIABLE_INTA
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS | 6 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
GOODWILL AND INDENTIFIABLE INTANGIBLE ASSETS | ' | |||||||||||||||||||||||
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS | ||||||||||||||||||||||||
The following are our goodwill and net identifiable intangible asset balances as of the dates indicated: | ||||||||||||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Goodwill | $ | 295,486 | $ | 295,486 | ||||||||||||||||||||
Identifiable intangible assets, net | 62,360 | 65,978 | ||||||||||||||||||||||
Total goodwill and identifiable intangible assets, net | $ | 357,846 | $ | 361,464 | ||||||||||||||||||||
Our goodwill and identified intangible assets result from various acquisitions. See Note 13 on pages 155 - 159 of our 2013 Form 10-K for a discussion of the components of our goodwill balance and additional information regarding our identifiable intangible assets. See the discussion of our intangible assets and goodwill accounting policies in Note 2 on pages 117 - 118 of our 2013 Form 10-K. | ||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
The following summarizes our goodwill by segment, along with the activity, as of the dates indicated: | ||||||||||||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||
Segment | Segment | |||||||||||||||||||||||
Private client group | Capital markets | Total | Private client group | Capital markets | Total | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Fiscal year 2014 | ||||||||||||||||||||||||
Goodwill as of beginning of period | $ | 174,584 | $ | 120,902 | $ | 295,486 | $ | 174,584 | $ | 120,902 | $ | 295,486 | ||||||||||||
Impairment losses | — | — | — | — | — | — | ||||||||||||||||||
Goodwill as of end of period | $ | 174,584 | $ | 120,902 | $ | 295,486 | $ | 174,584 | $ | 120,902 | $ | 295,486 | ||||||||||||
Fiscal year 2013 | ||||||||||||||||||||||||
Goodwill as of beginning of period | $ | 174,584 | $ | 127,835 | $ | 302,419 | $ | 173,317 | $ | 126,794 | $ | 300,111 | ||||||||||||
Adjustments to prior year additions (1) | — | — | — | 1,267 | 1,041 | 2,308 | ||||||||||||||||||
Impairment losses | — | (6,933 | ) | (2) | (6,933 | ) | — | (6,933 | ) | (2) | (6,933 | ) | ||||||||||||
Goodwill as of end of period | $ | 174,584 | $ | 120,902 | $ | 295,486 | $ | 174,584 | $ | 120,902 | $ | 295,486 | ||||||||||||
-1 | The goodwill adjustment in the prior year period arose from a change in a tax election pertaining to whether assets acquired and liabilities assumed are written-up to fair value for tax purposes. This election is made on an entity-by-entity basis, and during the period indicated our assumption regarding whether we would make such election changed for one of the Morgan Keegan entities we acquired. The offsetting balance associated with this adjustment to goodwill was the net deferred tax asset. | |||||||||||||||||||||||
-2 | The impairment expense in the three and six months ended March 31, 2013 is associated with the Raymond James European Securities, S.A.S. (“RJES”) reporting unit. We concluded that the goodwill associated with this reporting unit was completely impaired during such periods. Since we did not own 100% of RJES as of the goodwill impairment testing date, for the three and six month periods ended March 31, 2013 the effect of this impairment expense on the pre-tax income attributable to Raymond James Financial, Inc is approximately $4.6 million, and the portion of the impairment expense attributable to the noncontrolling interests is approximately $2.3 million. | |||||||||||||||||||||||
We performed our annual goodwill impairment testing during the quarter ended March 31, 2014, evaluating the balances as of December 31, 2013. We performed a qualitative assessment for each reporting unit that includes an allocation of goodwill to determine whether it is more likely than not that the carrying value of such reporting unit, including the recorded goodwill, is in excess of the fair value of the reporting unit. In any instance in which we are unable to qualitatively conclude that it is more likely than not that the fair value of the reporting unit exceeds the reporting unit carrying value including goodwill, a quantitative analysis of the fair value of the reporting unit would be performed. Based upon the outcome of our qualitative assessment, we determined that no quantitative analysis of the fair value of any reporting unit as of December 31, 2013 was required, and we concluded that none of the goodwill allocated to any of our reporting units as of December 31, 2013 was impaired. No events have occurred since December 31, 2013 that would cause us to update our latest annual impairment testing. | ||||||||||||||||||||||||
Identifiable intangible assets, net | ||||||||||||||||||||||||
The following table sets forth our identifiable intangible asset balances by segment, net of accumulated amortization, and activity for the periods indicated: | ||||||||||||||||||||||||
Segment | ||||||||||||||||||||||||
Private client group | Capital markets | Asset management | RJ Bank | Total | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
For the three months ended March 31, 2014 | ||||||||||||||||||||||||
Net identifiable intangible assets as of beginning of period | $ | 9,035 | $ | 42,099 | $ | 11,996 | $ | 1,014 | $ | 64,144 | ||||||||||||||
Additions | — | — | — | 118 | 118 | |||||||||||||||||||
Amortization expense | (146 | ) | (1,375 | ) | (333 | ) | (48 | ) | (1,902 | ) | ||||||||||||||
Impairment losses | — | — | — | — | — | |||||||||||||||||||
Net identifiable intangible assets as of end of period | $ | 8,889 | $ | 40,724 | $ | 11,663 | $ | 1,084 | $ | 62,360 | ||||||||||||||
For the six months ended March 31, 2014 | ||||||||||||||||||||||||
Net identifiable intangible assets as of beginning of period | $ | 9,191 | $ | 43,474 | $ | 12,329 | $ | 984 | $ | 65,978 | ||||||||||||||
Additions | — | — | — | 189 | 189 | |||||||||||||||||||
Amortization expense | (302 | ) | (2,750 | ) | (666 | ) | (89 | ) | (3,807 | ) | ||||||||||||||
Impairment losses | — | — | — | — | — | |||||||||||||||||||
Net identifiable intangible assets as of end of period | $ | 8,889 | $ | 40,724 | $ | 11,663 | $ | 1,084 | $ | 62,360 | ||||||||||||||
For the three months ended March 31, 2013 | ||||||||||||||||||||||||
Net identifiable intangible assets as of beginning of period | $ | 9,664 | $ | 49,098 | $ | 13,329 | $ | — | $ | 72,091 | ||||||||||||||
Additions | — | — | — | — | — | |||||||||||||||||||
Amortization expense | (162 | ) | (2,208 | ) | (333 | ) | — | (2,703 | ) | |||||||||||||||
Impairment losses | — | — | — | — | — | |||||||||||||||||||
Net identifiable intangible assets as of end of period | $ | 9,502 | $ | 46,890 | $ | 12,996 | $ | — | $ | 69,388 | ||||||||||||||
For the six months ended March 31, 2013 | ||||||||||||||||||||||||
Net identifiable intangible assets as of beginning of period | $ | 9,829 | $ | 51,306 | $ | — | $ | — | $ | 61,135 | ||||||||||||||
Additions | — | — | 13,329 | (1) | — | 13,329 | ||||||||||||||||||
Amortization expense | (327 | ) | (4,416 | ) | (333 | ) | — | (5,076 | ) | |||||||||||||||
Impairment losses | — | — | — | — | — | |||||||||||||||||||
Net identifiable intangible assets as of end of period | $ | 9,502 | $ | 46,890 | $ | 12,996 | $ | — | $ | 69,388 | ||||||||||||||
-1 | The additions in the prior year period are directly attributable to the customer list asset associated with our first quarter fiscal year 2013 acquisition of a 45% interest in ClariVest (see Note 3 for additional information). Since we are consolidating ClariVest, the amount represents the entire customer relationship intangible asset associated with the acquisition transaction; the amount shown is unadjusted by the 55% share of ClariVest attributable to others. The estimated useful life associated with this addition is approximately 10 years. | |||||||||||||||||||||||
Identifiable intangible assets by type are presented below: | ||||||||||||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||||||||||||
Gross carrying value | Accumulated amortization | Gross carrying value | Accumulated amortization | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Customer relationships | $ | 65,957 | $ | (11,281 | ) | $ | 65,957 | $ | (8,663 | ) | ||||||||||||||
Trade name | 2,000 | (2,000 | ) | 2,000 | (2,000 | ) | ||||||||||||||||||
Developed technology | 11,000 | (4,400 | ) | 11,000 | (3,300 | ) | ||||||||||||||||||
Non-compete agreements | 1,000 | (1,000 | ) | 1,000 | (1,000 | ) | ||||||||||||||||||
Mortgage servicing rights | 1,274 | (190 | ) | 1,085 | (101 | ) | ||||||||||||||||||
Total | $ | 81,231 | $ | (18,871 | ) | $ | 81,042 | $ | (15,064 | ) | ||||||||||||||
BANK_DEPOSITS
BANK DEPOSITS | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Deposits [Abstract] | ' | |||||||||||||||
BANK DEPOSITS | ' | |||||||||||||||
BANK DEPOSITS | ||||||||||||||||
Bank deposits include Negotiable Order of Withdrawal (“NOW”) accounts, demand deposits, savings and money market accounts and certificates of deposit of RJ Bank. The following table presents a summary of bank deposits including the weighted-average rate: | ||||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||||
Balance | Weighted-average rate (1) | Balance | Weighted-average rate (1) | |||||||||||||
($ in thousands) | ||||||||||||||||
Bank deposits: | ||||||||||||||||
NOW accounts | $ | 7,109 | 0.01 | % | $ | 7,003 | 0.01 | % | ||||||||
Demand deposits (non-interest-bearing) | 7,484 | — | 8,555 | — | ||||||||||||
Savings and money market accounts | 10,073,260 | 0.02 | % | 8,966,439 | 0.02 | % | ||||||||||
Certificates of deposit | 326,951 | 1.9 | % | 313,374 | 1.96 | % | ||||||||||
Total bank deposits(2) | $ | 10,414,804 | 0.08 | % | $ | 9,295,371 | 0.09 | % | ||||||||
-1 | Weighted-average rate calculation is based on the actual deposit balances at March 31, 2014 and September 30, 2013, respectively. | |||||||||||||||
-2 | Bank deposits exclude affiliate deposits of approximately $7 million and $6 million at March 31, 2014 and September 30, 2013, respectively. | |||||||||||||||
RJ Bank’s savings and money market accounts in the table above consist primarily of deposits that are cash balances swept from the investment accounts maintained at RJ&A. These balances are held in Federal Deposit Insurance Corporation (“FDIC”) insured bank accounts through the Raymond James Bank Deposit Program (“RJBDP”) administered by RJ&A. | ||||||||||||||||
Scheduled maturities of certificates of deposit are as follows: | ||||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||||
Denominations | Denominations | Denominations | Denominations | |||||||||||||
greater than or | less than $100,000 | greater than or | less than $100,000 | |||||||||||||
equal to $100,000 | equal to $100,000 | |||||||||||||||
(in thousands) | ||||||||||||||||
Three months or less | $ | 4,960 | $ | 6,360 | $ | 7,343 | $ | 8,540 | ||||||||
Over three through six months | 7,091 | 8,503 | 5,908 | 6,264 | ||||||||||||
Over six through twelve months | 18,189 | 18,701 | 9,459 | 13,976 | ||||||||||||
Over one through two years | 30,006 | 33,105 | 31,123 | 37,918 | ||||||||||||
Over two through three years | 47,875 | 36,449 | 33,404 | 27,873 | ||||||||||||
Over three through four years | 19,275 | 14,875 | 47,822 | 35,270 | ||||||||||||
Over four through five years | 61,592 | 19,970 | 36,574 | 11,900 | ||||||||||||
Total | $ | 188,988 | $ | 137,963 | $ | 171,633 | $ | 141,741 | ||||||||
Interest expense on deposits is summarized as follows: | ||||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||||
Certificates of deposit | $ | 1,508 | $ | 1,563 | $ | 3,056 | $ | 3,226 | ||||||||
Money market, savings and NOW accounts | 431 | 849 | 828 | 1,662 | ||||||||||||
Total interest expense on deposits | $ | 1,939 | $ | 2,412 | $ | 3,884 | $ | 4,888 | ||||||||
OTHER_BORROWINGS
OTHER BORROWINGS | 6 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
OTHER BORROWINGS [Abstract] | ' | |||||||
OTHER BORROWINGS | ' | |||||||
OTHER BORROWINGS | ||||||||
The following table details the components of other borrowings: | ||||||||
March 31, 2014 | September 30, 2013 | |||||||
(in thousands) | ||||||||
Other borrowings: | ||||||||
Borrowings on secured lines of credit (1) | $ | 78,517 | $ | 84,076 | ||||
Borrowings on unsecured lines of credit (2) | — | — | ||||||
Total other borrowings | $ | 78,517 | $ | 84,076 | ||||
-1 | Other than a $5 million borrowing outstanding on the Regions Credit Facility (as hereinafter defined) as of March 31, 2014, any borrowings on secured lines of credit are day-to-day and are generally utilized to finance certain fixed income securities. | |||||||
A subsidiary of RJF (the “Borrower”) is a party to a Revolving Credit Agreement (the “Regions Credit Facility”) with Regions Bank, an Alabama banking corporation (the “Lender”). The Regions Credit Facility provides for a revolving line of credit from the Lender to the Borrower and is subject to a guarantee in favor of the Lender provided by RJF. The proceeds from any borrowings under the line are used for working capital and general corporate purposes. The obligations under the Regions Credit Facility are secured by, subject to certain exceptions, all of the present and future ARS owned by the Borrower (the “Pledged ARS”). The amount of any borrowing under the Regions Credit Facility cannot exceed the lesser of 70% of the value of the Pledged ARS, or $100 million. The maximum amount available to borrow was $100 million and the outstanding borrowings were $5 million as of March 31, 2014. The Regions Credit Facility bears interest at a variable rate which is 2.75% over LIBOR. The facility expires on April 2, 2015. | ||||||||
-2 | Any borrowings on unsecured lines of credit are day-to-day and are generally utilized for cash management purposes. | |||||||
RJ Bank had no advances outstanding from the Federal Home Loan Bank of Atlanta (“FHLB”) as of either March 31, 2014 or September 30, 2013. | ||||||||
There were other collateralized financings outstanding in the amount of $378 million and $301 million as of March 31, 2014 and September 30, 2013, respectively. These other collateralized financings are included in securities sold under agreements to repurchase on the Condensed Consolidated Statements of Financial Condition. These financings are collateralized by non-customer, RJ&A-owned securities. See Note 14 for additional information regarding offsetting asset and liability balances. |
DERIVATIVE_FINANCIAL_INSTRUMEN
DERIVATIVE FINANCIAL INSTRUMENTS | 6 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ' | |||||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ||||||||||||||||||||
The significant accounting policies governing our derivative financial instruments, including our methodologies for determining fair value, are described in Note 2 on pages 110 - 111 of our 2013 Form 10-K. | ||||||||||||||||||||
Derivatives arising from our fixed income business operations | ||||||||||||||||||||
We enter into derivatives contracts as part of our fixed income operations in either over-the-counter market activities, or through “matched book” activities. Each of these activities are described further below. | ||||||||||||||||||||
We enter into interest rate swaps and futures contracts either as part of our fixed income business to facilitate customer transactions, to hedge a portion of our trading inventory, or to a limited extent for our own account. The majority of these derivative positions are executed in the over-the-counter market with financial institutions (the “OTC Derivatives Operations”). Cash flows related to the interest rate contracts arising from the OTC Derivative Operations are included as operating activities (the “trading instruments, net” line) on the Condensed Consolidated Statements of Cash Flows. | ||||||||||||||||||||
Either Raymond James Financial Products, LLC or Raymond James Capital Services, LLC (collectively the Raymond James matched book swap subsidiaries or “RJSS”) enter into derivative transactions (primarily interest rate swaps) with customers. In these activities, we do not use derivative instruments for trading or hedging purposes. For every derivative transaction RJSS enters into with a customer, RJSS enters into an offsetting transaction, on terms that mirror the customer transaction, with a credit support provider which is a third party financial institution. Due to this “pass-through” transaction structure, RJSS has completely mitigated the market and credit risk related to these derivative contracts. Therefore, the ultimate credit and market risk resides with the third party financial institution. RJSS only has credit risk related to its uncollected derivative transaction fee revenues. As a result of the structure of these transactions, we refer to the derivative contracts we enter into as a result of these operations as our offsetting “matched book” derivative operations (the “Offsetting Matched Book Derivatives Operations”). | ||||||||||||||||||||
Any collateral required to be exchanged under the contracts arising from the Offsetting Matched Book Derivatives Operations is administered directly by the customer and the third party financial institution. RJSS does not hold any collateral, or administer any collateral transactions, related to these instruments. We record the value of each derivative position arising from the Offsetting Matched Book Derivatives Operations at fair value, as either an asset or offsetting liability, presented as “derivative instruments associated with offsetting matched book positions,” as applicable, on our Condensed Consolidated Statements of Financial Condition. | ||||||||||||||||||||
The receivable for uncollected derivative transaction fee revenues of RJSS is $8 million at March 31, 2014 and September 30, 2013, and is included in other receivables on our Condensed Consolidated Statements of Financial Condition. | ||||||||||||||||||||
None of the derivatives described above arising from either our OTC Derivatives Operations or our Offsetting Matched Book Derivatives Operations are designated as fair value or cash flow hedges. | ||||||||||||||||||||
Derivatives arising from RJ Bank’s business operations | ||||||||||||||||||||
A Canadian subsidiary of RJ Bank conducts operations directly related to RJ Bank’s Canadian corporate loan portfolio. U.S. subsidiaries of RJ Bank utilize forward foreign exchange contracts to hedge RJ Bank’s foreign currency exposure due to its non-U.S. dollar net investment. Cash flows related to these derivative contracts are classified within operating activities in the Condensed Consolidated Statements of Cash Flows. | ||||||||||||||||||||
Description of the collateral we hold related to derivative contracts | ||||||||||||||||||||
Where permitted, we elect to net-by-counterparty certain derivative contracts entered into in our OTC Derivatives Operations and by RJ Bank’s U.S. subsidiaries. Certain of these contracts contain a legally enforceable master netting arrangement that allows for netting of all derivative transactions with each counterparty and, therefore, the fair value of those derivative contracts are netted by counterparty in the Condensed Consolidated Statements of Financial Condition. The credit support annex related to the interest rate swaps and certain forward foreign exchange contracts allows parties to the master agreement to mitigate their credit risk by requiring the party which is out of the money to post collateral. We accept collateral in the form of cash or other marketable securities. As we elect to net-by-counterparty the fair value of derivative contracts arising from our OTC Derivatives Operations, we also net-by-counterparty any cash collateral exchanged as part of those derivative agreements. Refer to Note 14 for additional information regarding offsetting asset and liability balances. | ||||||||||||||||||||
This cash collateral is recorded net-by-counterparty at the related fair value. The cash collateral included in the net fair value of all open derivative asset positions arising from our OTC Derivatives Operations aggregates to a net liability of $9 million and $13 million at March 31, 2014 and September 30, 2013, respectively. The cash collateral included in the net fair value of all open derivative liability positions from our OTC Derivatives Operations aggregates to a net asset of $14 million and $22 million at March 31, 2014 and September 30, 2013, respectively. Our maximum loss exposure under the interest rate swap contracts arising from our OTC Derivatives Operations at March 31, 2014 is $25 million. | ||||||||||||||||||||
RJ Bank provides to counterparties for the benefit of its U.S. subsidiaries, a guarantee of payment in the event of the subsidiaries’ default under forward foreign exchange contracts. Due to this RJ Bank guarantee and the short-term nature of these derivatives, RJ Bank’s U.S. subsidiaries are not required to post collateral and do not receive collateral with respect to certain derivative contracts with the respective counterparties. RJ Bank’s maximum loss exposure under the forward foreign exchange contracts at March 31, 2014 is approximately $1 million. | ||||||||||||||||||||
Derivative balances included in our financial statements | ||||||||||||||||||||
See the table below for the notional and fair value amounts of both the asset and liability derivatives. | ||||||||||||||||||||
Asset derivatives | ||||||||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||||||||
Balance sheet | Notional | Fair | Balance sheet | Notional | Fair | |||||||||||||||
location | amount | value(1) | location | amount | value(1) | |||||||||||||||
(in thousands) | ||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Forward foreign exchange contracts | Prepaid expenses and other assets | $ | 92,175 | $ | 146 | Prepaid expenses and other assets | $ | — | $ | — | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Interest rate contracts (2) | Trading instruments | $ | 2,546,517 | $ | 84,607 | Trading instruments | $ | 2,407,387 | $ | 89,633 | ||||||||||
Interest rate contracts (3) | Derivative instruments associated with offsetting matched book positions | $ | 2,190,008 | $ | 289,271 | Derivative instruments associated with offsetting matched book positions | $ | 1,944,408 | $ | 250,341 | ||||||||||
Liability derivatives | ||||||||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||||||||
Balance sheet | Notional | Fair | Balance sheet | Notional | Fair | |||||||||||||||
location | amount | value(1) | location | amount | value(1) | |||||||||||||||
(in thousands) | ||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Forward foreign exchange contracts | Trade and other payables | $ | 524,469 | $ | 528 | Trade and other payables | $ | 655,828 | $ | 637 | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Interest rate contracts (2) | Trading instruments sold | $ | 2,134,039 | $ | 69,999 | Trading instruments sold | $ | 2,420,531 | $ | 74,920 | ||||||||||
Interest rate contracts (3) | Derivative instruments associated with offsetting matched book positions | $ | 2,190,008 | $ | 289,271 | Derivative instruments associated with offsetting matched book positions | $ | 1,944,408 | $ | 250,341 | ||||||||||
Forward foreign exchange contracts | Trade and other payables | $ | 106,558 | $ | 134 | Trade and other payables | $ | 79,588 | $ | 77 | ||||||||||
-1 | The fair value in this table is presented on a gross basis before netting of cash collateral and before any netting by counterparty according to our legally enforceable master netting arrangements. The fair value in the Condensed Consolidated Statements of Financial Condition is presented net. See Note 14 for additional information regarding offsetting asset and liability balances. | |||||||||||||||||||
-2 | These contracts arise from our OTC Derivatives Operations. | |||||||||||||||||||
-3 | These contracts arise from our Offsetting Matched Book Derivatives Operations. | |||||||||||||||||||
Gains recognized on forward foreign exchange derivatives in AOCI totaled $14.4 million and $26 million, net of income taxes, for the three and six months ended March 31, 2014, respectively (see Note 17 for additional information). There was no hedge ineffectiveness and no components of derivative gains or losses were excluded from the assessment of hedge effectiveness for the three and six months ended March 31, 2014. | ||||||||||||||||||||
Gains recognized on forward foreign exchange derivatives in AOCI totaled $6.8 million and $9.8 million, net of income taxes, for the three and six months ended March 31, 2013, respectively. There was no hedge ineffectiveness and no components of derivative gains or losses were excluded from the assessment of hedge effectiveness for the three and six months ended March 31, 2013. | ||||||||||||||||||||
The table below sets forth the impact of the derivatives not designated as hedging instruments on the Condensed Consolidated Statements of Income and Comprehensive Income: | ||||||||||||||||||||
Amount of gain (loss) on derivatives | ||||||||||||||||||||
recognized in income | ||||||||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||
Location of gain (loss) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
recognized on derivatives in the | ||||||||||||||||||||
Condensed Consolidated Statements of | ||||||||||||||||||||
Income and Comprehensive Income | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Interest rate contracts (1) | Net trading (loss) profit | $ | (70 | ) | $ | 303 | $ | 579 | $ | 497 | ||||||||||
Interest rate contracts (2) | Other revenues | $ | 651 | $ | 213 | $ | 671 | $ | 403 | |||||||||||
Forward foreign exchange contracts | Other revenues | $ | 2,530 | $ | 625 | $ | 4,811 | $ | 999 | |||||||||||
-1 | These contracts arise from our OTC Derivatives Operations. | |||||||||||||||||||
-2 | These contracts arise from our Offsetting Matched Book Derivatives Operations. | |||||||||||||||||||
Risks associated with, and our risk mitigation related to, our derivative contracts | ||||||||||||||||||||
We are exposed to credit losses in the event of nonperformance by the counterparties to forward foreign exchange derivative agreements as well as the interest rate contracts associated with our OTC Derivatives Operations. 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. Currently, we anticipate that all of the counterparties will be able to fully satisfy their obligations under those agreements. For our OTC Derivatives Operations, we may require collateral from counterparties in the form of cash deposits 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. | ||||||||||||||||||||
We are exposed to interest rate risk related to the interest rate derivative agreements arising from our OTC Derivatives Operations. We are also exposed to foreign exchange risk related to our forward foreign exchange derivative agreements. We monitor exposure in our derivative agreements daily 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. These exposures are monitored both on a total portfolio basis and separately for each agreement for selected maturity periods. | ||||||||||||||||||||
Certain of the derivative instruments arising from our OTC Derivatives Operations and from RJ Bank’s forward foreign exchange contracts contain provisions that require our debt to maintain an investment grade rating from one or more of the major credit rating agencies. If our debt were to fall below investment grade, we would be in breach of these provisions, and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing overnight collateralization on our derivative instruments in liability positions. The aggregate fair value of all derivative instruments with such credit-risk-related contingent features that are in a liability position at March 31, 2014 is $3.5 million, for which we have posted collateral of $3.3 million in the normal course of business. If the credit-risk-related contingent features underlying these agreements were triggered on March 31, 2014, we would have been required to post an additional $200 thousand of collateral to our counterparties. | ||||||||||||||||||||
Our only exposure to credit risk in the Offsetting Matched Book Derivatives Operations is related to our uncollected derivative transaction fee revenues. We are not exposed to market risk as it relates to these derivative contracts due to the “pass-through” transaction structure more fully described above. |
DISCLOSURE_OF_OFFSETTING_ASSET
DISCLOSURE OF OFFSETTING ASSETS AND LIABILITIES | 6 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Offsetting [Abstract] | ' | ||||||||||||||||||||||||
DISCLOSURE OF OFFSETTING ASSETS AND LIABILITIES | ' | ||||||||||||||||||||||||
DISCLOSURE OF OFFSETTING ASSETS AND LIABILITIES | |||||||||||||||||||||||||
The following table presents information about the financial and derivative instruments that are offset or subject to an enforceable master netting arrangement or other similar agreement as of the dates indicated: | |||||||||||||||||||||||||
Gross amounts not offset in the Statement of Financial Condition | |||||||||||||||||||||||||
Gross amounts of recognized assets (liabilities) | Gross amounts offset in the Statement of Financial Condition | Net amounts presented in the Statement of Financial Condition | Financial instruments | Cash collateral received (paid) | Net amount | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
As of March 31, 2014: | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Securities purchased under agreements to resell and other collateralized financings | $ | 637,486 | $ | — | $ | 637,486 | $ | (659,039 | ) | $ | — | $ | (21,553 | ) | |||||||||||
Derivatives - interest rate contracts(1) | 84,607 | (59,938 | ) | 24,669 | (6,240 | ) | — | 18,429 | |||||||||||||||||
Derivative instruments associated with offsetting matched book positions | 289,271 | — | 289,271 | (289,271 | ) | (2) | — | — | |||||||||||||||||
Derivatives - forward foreign exchange contracts | 146 | — | 146 | — | — | 146 | |||||||||||||||||||
Stock borrowed | 185,868 | — | 185,868 | — | (182,215 | ) | 3,653 | ||||||||||||||||||
Total assets | $ | 1,197,378 | $ | (59,938 | ) | $ | 1,137,440 | $ | (954,550 | ) | $ | (182,215 | ) | $ | 675 | ||||||||||
Liabilities | |||||||||||||||||||||||||
Securities sold under agreements to repurchase | $ | (377,677 | ) | $ | — | $ | (377,677 | ) | $ | 393,159 | $ | — | $ | 15,482 | |||||||||||
Derivatives - interest rate contracts(1) | (69,999 | ) | 64,171 | (5,828 | ) | — | — | (5,828 | ) | ||||||||||||||||
Derivative instruments associated with offsetting matched book positions | (289,271 | ) | — | (289,271 | ) | 289,271 | (2) | — | — | ||||||||||||||||
Derivatives - forward foreign exchange contracts(3) | (662 | ) | — | (662 | ) | — | — | (662 | ) | ||||||||||||||||
Stock loaned | (432,223 | ) | — | (432,223 | ) | — | 421,321 | (10,902 | ) | ||||||||||||||||
Total liabilities | $ | (1,169,832 | ) | $ | 64,171 | $ | (1,105,661 | ) | $ | 682,430 | $ | 421,321 | $ | (1,910 | ) | ||||||||||
As of September 30, 2013: | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Securities purchased under agreements to resell and other collateralized financings | $ | 709,120 | $ | — | $ | 709,120 | $ | (725,935 | ) | $ | — | $ | (16,815 | ) | |||||||||||
Derivatives - interest rate contracts(1) | 89,633 | (61,524 | ) | 28,109 | (6,409 | ) | — | 21,700 | |||||||||||||||||
Derivative instruments associated with offsetting matched book positions | 250,341 | — | 250,341 | (250,341 | ) | (2) | — | — | |||||||||||||||||
Stock borrowed | 146,749 | — | 146,749 | — | (143,108 | ) | 3,641 | ||||||||||||||||||
Total assets | $ | 1,195,843 | $ | (61,524 | ) | $ | 1,134,319 | $ | (982,685 | ) | $ | (143,108 | ) | $ | 8,526 | ||||||||||
Liabilities | |||||||||||||||||||||||||
Securities sold under agreements to repurchase | $ | (300,933 | ) | $ | — | $ | (300,933 | ) | $ | 313,548 | $ | — | $ | 12,615 | |||||||||||
Derivatives - interest rate contracts(1) | (74,920 | ) | 69,279 | (5,641 | ) | — | — | (5,641 | ) | ||||||||||||||||
Derivative instruments associated with offsetting matched book positions | (250,341 | ) | — | (250,341 | ) | 250,341 | (2) | — | — | ||||||||||||||||
Derivatives - forward foreign exchange contracts(3) | (714 | ) | — | (714 | ) | — | — | (714 | ) | ||||||||||||||||
Stock loaned | (354,377 | ) | — | (354,377 | ) | — | 342,096 | (12,281 | ) | ||||||||||||||||
Total liabilities | $ | (981,285 | ) | $ | 69,279 | $ | (912,006 | ) | $ | 563,889 | $ | 342,096 | $ | (6,021 | ) | ||||||||||
The text of the footnotes in the above table are on the following page. | |||||||||||||||||||||||||
The text of the footnotes to the table on the previous page are as follows: | |||||||||||||||||||||||||
-1 | Derivatives - interest rate contracts are included in Trading instruments on our condensed consolidated statements of financial condition. See Note 13 for additional information. | ||||||||||||||||||||||||
-2 | Although these derivative arrangements do not meet the definition of a master netting arrangement as specified by GAAP, the nature of the agreement with the third party intermediary include terms that are similar to a master netting agreement, thus we present the offsetting amounts net in the table above. See Note 13 for further discussion of the “pass through” structure of the derivative instruments associated with Offsetting Matched Book Derivatives Operations. | ||||||||||||||||||||||||
-3 | Derivatives - forward foreign exchange contracts are included in trade and other payables on our condensed consolidated statements of financial condition. See Note 13 for additional information. | ||||||||||||||||||||||||
For financial statement purposes, we do not offset our repurchase agreements or securities borrowing, securities lending transactions and certain of our derivative instruments because the conditions for netting as specified by GAAP are not met. Our repurchase agreements, securities borrowing and securities lending transactions, and certain of our derivative instruments, are transacted under 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 two parties to the transaction. Although not offset on the condensed consolidated statements of financial position, these transactions are included in the preceding table. |
INCOME_TAXES
INCOME TAXES | 6 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES | |
For discussion of income tax matters, see Note 2 on page 120, and Note 19 on pages 167-169, of our 2013 Form 10-K. | |
For the three months ended March 31, 2014, our effective income tax rate was 36.8%, which is higher than the 34.9% effective tax rate for fiscal year 2013. The fiscal year 2013 effective tax rate was favorably impacted by a reversal of deferred taxes provided on foreign earnings, which reduced the rate by 1.9%. This reversal will not recur in fiscal year 2014. | |
For the six months ended March 31, 2014, our effective income tax rate was 35.8% , which is higher than the 34.9% effective tax rate for fiscal year 2013. Partially offsetting the impact of the prior year reversal of deferred taxes provided on foreign taxes described above, the current year-to-date effective tax rate benefited from the first quarter fiscal year 2014 recognition of prior year state tax refunds which resulted from a change in our state tax filing position. | |
As of March 31, 2014, we have not experienced significant changes in our unrecognized tax benefits balances from September 30, 2013. |
COMMITMENTS_CONTINGENCIES_AND_
COMMITMENTS, CONTINGENCIES AND GUARANTEES | 6 Months Ended | |||
Mar. 31, 2014 | ||||
COMMITMENTS, CONTINGENCIES AND GUARANTEES [Abstract] | ' | |||
COMMITMENTS, CONTINGENCIES AND GUARANTEES | ' | |||
COMMITMENTS, CONTINGENCIES AND GUARANTEES | ||||
Commitments and contingencies | ||||
In the normal course of business we enter into underwriting commitments. As of March 31, 2014, RJ&A had no open transactions involving such commitments. Transactions of RJ Ltd. involving such commitments that were recorded and open at March 31, 2014 were approximately $41 million in Canadian currency (“CDN”). | ||||
We utilize client marginable securities to satisfy deposits with clearing organizations. At March 31, 2014, we had client margin securities valued at $182 million pledged with a clearing organization to meet our requirement of $122 million. | ||||
As part of our recruiting efforts, we offer loans to prospective financial advisors and certain key revenue producers, primarily for recruiting and/or retention purposes (see Note 2 on page 112 of our 2013 Form 10-K for a discussion of our accounting policies governing these transactions). These commitments are contingent upon certain events occurring, including, but not limited to, the individual joining us and, in most circumstances, require them to meet certain production requirements. As of March 31, 2014, we had made commitments, to either prospects that had accepted our offer, or recently recruited producers, of approximately $32.8 million that had not yet been funded. | ||||
As of March 31, 2014, RJ Bank had not settled purchases of $133.6 million in syndicated loans. These loan purchases are expected to be settled within 90 days. | ||||
On October 9, 2013, RJ Bank entered into a forward-starting advance transaction with the FHLB to borrow $25 million on October 13, 2015. Once funded, this borrowing will bear interest at the rate of 3.4% and will mature on October 13, 2020. | ||||
See Note 21 for additional information regarding RJ Bank’s commitments to extend credit and other credit-related off-balance sheet financial instruments, such as standby letters of credit and loan purchases. | ||||
We have committed a total of $126.6 million, in amounts ranging from $200 thousand to $29.7 million, to 50 different independent venture capital or private equity partnerships. As of March 31, 2014, we have invested $98.9 million of the committed amounts and have received $72.7 million in distributions. We also control the general partner in seven internally-sponsored private equity limited partnerships, to which we have committed $69.6 million. As of March 31, 2014, we have invested $48.9 million of the committed amounts and have received $46.2 million in distributions. | ||||
RJF has committed to lend to RJTCF, or to guarantee obligations in connection with RJTCF’s low-income housing development/rehabilitation and syndication activities, in amounts aggregating up to $150 million upon request, subject to certain limitations and to annual review and renewal. At March 31, 2014, RJTCF has $32 million in outstanding cash borrowings and $38.4 million in unfunded commitments outstanding against this commitment. RJTCF borrows from RJF in order to make investments in, or fund loans or advances to, either partnerships that purchase and develop properties qualifying for tax credits (“Project Partnerships”) or LIHTC Funds. Investments in Project Partnerships are sold 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, and the proceeds from the sales are used to repay RJTCF’s borrowings from RJF. RJTCF may also make short-term loans or advances to Project Partnerships, and LIHTC Funds. | ||||
A subsidiary of RJ Bank has committed $31.8 million as an investor member in a low-income housing tax credit fund in which a subsidiary of RJTCF is the managing member. As of March 31, 2014, the RJ Bank subsidiary has invested $12 million of the committed amount. | ||||
RJ Bank has a committed limited partner investment of $3 million to a limited partnership, $735 thousand of this committed amount has been invested as of March 31, 2014. | ||||
At March 31, 2014, the approximate market values of collateral received that we can repledge were: | ||||
Sources of collateral | ||||
(in thousands) | ||||
Securities purchased under agreements to resell and other collateralized financings | $ | 659,039 | ||
Securities received in securities borrowed vs. cash transactions | 182,215 | |||
Collateral received for margin loans | 1,550,603 | |||
Securities received as collateral related to derivative contracts | 6,240 | |||
Total | $ | 2,398,097 | ||
Certain collateral was repledged. At March 31, 2014, the approximate market values of this portion of collateral and financial instruments that we own and pledged were: | ||||
Uses of collateral | ||||
and trading securities | ||||
(in thousands) | ||||
Securities sold under agreements to repurchase | $ | 393,159 | ||
Securities delivered in securities loaned vs. cash transactions | 421,321 | |||
Securities pledged as collateral under secured borrowing arrangements | 100,184 | |||
Collateral used for deposits at clearing organizations | 201,272 | |||
Total | $ | 1,115,936 | ||
Refer to Note 14 for additional information regarding offsetting asset and liability balances related to certain of the collateral balances reflected in the tables above. | ||||
As a part of our fixed income public finance operations, RJ&A enters into forward commitments to purchase GNMA MBS. The MBS securities are issued on behalf of various state and local housing finance agencies (“HFA”) and consist of the mortgages originated through their lending programs. RJ&A’s forward GNMA MBS purchase commitment arises at the time of the loan reservation for a borrower in the HFA lending program (these loan reservations fix the terms of the mortgage, including the interest rate and maximum principal amount). The underlying terms of the GNMA MBS purchase, including the price for the MBS security (which is dependent upon the interest rates associated with the underlying mortgages) are also fixed at loan reservation. At March 31, 2014, RJ&A had approximately $228 million principal amount of outstanding forward MBS purchase commitments which are expected to be purchased over the following 90 days. Upon acquisition of the MBS security, RJ&A typically sells such security in open market transactions as part of its fixed income operations. Given that the actual principal amount of the MBS security is not fixed and determinable at the date of RJ&A’s commitment to purchase, these forward MBS purchase commitments do not meet the definition of a “derivative instrument.” In order to hedge the market interest rate risk to which RJ&A would otherwise be exposed between the date of the commitment and the date of sale of the MBS, RJ&A enters into to be announced (“TBA”) security contracts with investors for generic MBS securities at specific rates and prices to be delivered on settlement dates in the future. These TBA securities are accounted for at fair value and are included in Agency MBS securities in the table of assets and liabilities measured at fair value included in Note 5, and at March 31, 2014 aggregate to a net asset having a fair value of $1 million. The estimated fair value of the purchase commitment is a relatively insignificant liability balance as of March 31, 2014. | ||||
As a result of extensive regulation of financial holding companies, banks, broker-dealers and investment advisory entities, RJF and certain of its subsidiaries are subject to regular reviews and inspections by regulatory authorities and self-regulatory organizations. The reviews can result in the imposition of sanctions for regulatory violations, ranging from non-monetary censure to fines and, in serious cases, temporary or permanent suspension from conducting business. In addition, regulatory agencies and self-regulatory organizations institute investigations from time to time into industry practices, which can also result in the imposition of sanctions. See Note 20 for additional information regarding regulatory capital requirements applicable to RJF and certain of its broker-dealer subsidiaries. | ||||
Guarantees | ||||
RJ Bank provides to its affiliate, Raymond James Capital Services, Inc. (“RJ Cap Services”), on behalf of certain corporate borrowers, a guarantee of payment in the event of the borrower’s default for exposure under interest rate swaps entered into with RJ Cap Services. At March 31, 2014, the exposure under these guarantees is $4.3 million, which was underwritten as part of RJ Bank’s corporate credit relationship with such borrowers. The outstanding interest rate swaps at March 31, 2014 have maturities ranging from August 2014 through May 2019. RJ Bank records an estimated reserve for its credit risk associated with the guarantee of these client swaps, which was insignificant as of March 31, 2014. The estimated total potential exposure under these guarantees is $7.4 million at March 31, 2014. | ||||
RJ Bank guarantees the forward foreign exchange contract obligations of its U.S. subsidiaries. See Note 13 for additional information regarding these derivatives. | ||||
RJF guarantees interest rate swap obligations of RJ Cap Services. See Note 13 for additional information regarding interest rate swaps. | ||||
We have from time to time authorized performance guarantees for the completion of trades with counterparties in Argentina. At March 31, 2014, there were no such outstanding performance guarantees. | ||||
In March 2008, RJF guaranteed an $8 million letter of credit issued for settlement purposes that was requested by the Capital Markets Board (“CMB”) for a joint venture we were at one time affiliated with in the country of Turkey. While our Turkish joint venture ceased operations in December 2008, the CMB has not released this letter of credit. The issuing bank has instituted an action seeking payment of its fees on the underlying letter of credit and to confirm that the guarantee remains in effect. | ||||
RJF has guaranteed the Borrower’s performance under the Regions Credit Facility. See further discussion in Note 12. | ||||
RJF guarantees the existing mortgage debt of RJ&A of approximately $43.8 million. | ||||
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 for securities held in customer accounts up to $500 thousand per customer, with a limitation of $250 thousand on claims for cash balances. We have purchased excess SIPC coverage through various syndicates of Lloyd’s (the “Excess SIPC Insurer”). For RJ&A, our clearing broker-dealer, the additional protection currently provided has an aggregate firm limit of $750 million, including a sub-limit of $1.9 million per customer for cash above basic SIPC. Account protection applies when a SIPC member fails financially and is unable to meet obligations to clients. This coverage does not protect against market fluctuations. RJF has provided an indemnity to the Excess SIPC Insurer against any and all losses they may incur associated with the excess SIPC policies. | ||||
RJTCF issues certain guarantees to various third parties related to Project Partnerships whose interests have been sold to one or more of the funds in which RJTCF is the managing member or general partner. In some instances, RJTCF is not the primary guarantor of these obligations, which aggregate to approximately $1.7 million as of March 31, 2014. | ||||
RJF has guaranteed RJTCF’s performance to various third parties on certain obligations arising from RJTCF’s sale and/or transfer of units in one of its fund offerings (“Fund 34”). Under such arrangements, RJTCF has provided either: (1) certain specific performance guarantees, including a provision whereby in certain circumstances, RJTCF will refund a portion of the investors’ capital contribution, or (2) a guaranteed return on their investment. Under the terms of the performance guarantees, neither RJF nor RJTCF have any further obligations. Further, based upon its most recent projections and performance of Fund 34, RJTCF does not anticipate that any future payments will be owed to these third parties under the guarantee of the return on investment. Under the guarantee of returns, should the underlying LIHTC project partnerships held by Fund 34 fail to deliver a certain amount of tax credits and other tax benefits over the next eight years, RJTCF is obligated to provide the investor with a specified return. A $32.3 million financing asset is included in prepaid expenses and other assets, and a related $32.3 million liability is included in trade and other payables on our Condensed Consolidated Statements of Financial Condition as of March 31, 2014. The maximum exposure to loss under this guarantee is approximately $35.5 million at March 31, 2014, which represents the undiscounted future payments due to investors. | ||||
Legal matter contingencies | ||||
Indemnification from Regions | ||||
On the Closing Date RJF completed its acquisition of all of the issued and outstanding shares of Morgan Keegan. The terms of the stock purchase agreement provide that Regions will indemnify RJF for losses incurred in connection with legal proceedings pending as of the closing date or commenced after the closing date and related to pre-closing matters, as well as any cost of defense pertaining thereto (see Note 3 on page 124 of our 2013 Form 10-K for a discussion of the indemnifications provided to RJF by Regions). All of the Morgan Keegan matters described below are subject to such indemnification provisions. Management estimates the range of potential liability of all such matters subject to indemnification, including the cost of defense, to be from $25 million to $200 million. Any loss arising from such matters, after consideration of the applicable annual deductible, if any, will be borne by Regions. As of March 31, 2014, a receivable from Regions of approximately $1 million is included in other receivables, an indemnification asset of approximately $161 million is included in other assets, and a liability for potential losses of approximately $159 million is included within trade and other payables, all of which are reflected on our Condensed Consolidated Statements of Financial Condition pertaining to the matters described below and the related indemnification from Regions. The amount included within trade and other payables is the amount within the range of potential liability related to such matters which management estimates is more likely than any other amount within such range. | ||||
Morgan Keegan matters subject to indemnification | ||||
In July 2006, MK & Co. and a former MK & Co. analyst were named as defendants in a lawsuit filed by a Canadian insurance and financial services company, Fairfax Financial Holdings, and its American subsidiary in the Circuit Court of Morris County, New Jersey. Plaintiffs made claims under a civil Racketeer Influenced and Corrupt Organizations (“RICO”) statute, for commercial disparagement, tortious interference with contractual relationships, tortious interference with prospective economic advantage and common law conspiracy. Plaintiffs alleged that defendants engaged in a multi-year conspiracy to publish and disseminate false and defamatory information about plaintiffs to improperly drive down plaintiff’s stock price, so that others could profit from short positions. Plaintiffs alleged that defendants’ actions damaged their reputations and harmed their business relationships. Plaintiffs alleged a number of categories of damages they sustained, including lost insurance business, lost financings and increased financing costs, increased audit fees and directors and officers insurance premiums and lost acquisitions, and have requested monetary damages. On May 11, 2012, the trial court ruled that New York law applied to plaintiff’s RICO claims, therefore the claims were not subject to treble damages. On June 27, 2012, the trial court dismissed plaintiffs’ tortious interference with prospective relations claim, but allowed other claims to go forward. A jury trial was set to begin on September 10, 2012. Prior to its commencement the court dismissed the remaining claims with prejudice. Plaintiffs have appealed the court’s rulings. | ||||
Certain of the Morgan Keegan entities, along with Regions, have been named in class-action lawsuits filed in federal and state courts on behalf of shareholders of Regions and investors who purchased shares of certain mutual funds in the Regions Morgan Keegan Fund complex (the “Regions Funds”). The Regions Funds were formerly managed by Morgan Asset Management (“MAM”), an entity which was at one time a subsidiary of one of the Morgan Keegan affiliates, but an entity which was not part of our Morgan Keegan acquisition (see further information regarding the Morgan Keegan acquisition in Note 3 on pages 123 - 124 of our 2013 Form 10-K). The complaints contain various allegations, including claims that the Regions Funds and the defendants misrepresented or failed to disclose material facts relating to the activities of the funds. In August 2013, the United States District Court for the Western District of Tennessee approved the settlement of the class action and the derivative action regarding the closed end funds for $62 million and $6 million, respectively. No class has been certified. Certain of the shareholders in the funds and other interested parties have entered into arbitration proceedings and individual civil claims, in lieu of participating in the class action lawsuits. | ||||
The states of Missouri and Texas are investigating alleged securities law violations by MK & Co. in the underwriting and sale of certain municipal bonds. An enforcement action was brought by the Missouri Secretary of State in April 2013, seeking monetary penalties and other relief. In November 2013, the state dismissed this enforcement action and refiled the same claims as a civil action in the Circuit Court for Boone County, Missouri. Civil actions were brought by certain investors of the bonds beginning in March 2012, seeking a return of their investment and unspecified compensatory and punitive damages. A putative, but currently uncertified class action was brought on behalf of purchasers of the bonds on September 4, 2012, seeking unspecified compensatory and punitive damages. These actions are in various stages of litigation, with the putative class action set for trial in September 2014. These matters are subject to the indemnification agreement with Regions. | ||||
Prior to the Closing Date, Morgan Keegan was involved in other litigation arising in the normal course of its business. On all such matters, RJF is subject to indemnification from Regions pursuant to the terms of the stock purchase agreement as summarized above. | ||||
Other matters | ||||
We are a defendant or co-defendant in various lawsuits and arbitrations incidental to our securities business as well as other corporate litigation. We are contesting the allegations in these cases and believe that there are meritorious defenses in each of these lawsuits and arbitrations. In view of the number and diversity of claims against us, the number of jurisdictions in which litigation is pending and the inherent difficulty of predicting the outcome of litigation and other claims, we cannot state with certainty what the eventual outcome of pending litigation or other claims will be. Refer to Note 2 on page 118 of our 2013 Form 10-K for a discussion of our criteria for establishing a range of possible loss related to such matters. Excluding any amounts subject to indemnification from Regions related to pre-Closing Date Morgan Keegan matters discussed above, as of March 31, 2014, management currently estimates the aggregate range of possible loss is from $0 to an amount of up to $7 million in excess of the accrued liability (if any) related to these matters. In the opinion of management, based on current available information, review with outside legal counsel, and consideration of the accrued liability amounts provided for in the accompanying condensed consolidated financial statements with respect to these matters, ultimate resolution of these matters will not have a material adverse impact on our financial position or cumulative results of operations. However, resolution of one or more of these matters may have a material effect on the results of operations in any future period, depending upon the ultimate resolution of those matters and upon the level of income for such period. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME | 6 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME [Abstract] | ' | |||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | ' | |||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | ||||||||||||||||||||||||
Accumulated other comprehensive income | ||||||||||||||||||||||||
The following table presents the after-tax changes in each component of accumulated other comprehensive income for the three and six months ended March 31, 2014: | ||||||||||||||||||||||||
Three months ended March 31, 2014 | Six months ended March 31, 2014 | |||||||||||||||||||||||
Unrealized loss on available for sale securities | Net currency translations and net investment hedges (1) | Total | Unrealized loss on available for sale securities | Net currency translations and net investment hedges (1) | Total | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Accumulated other comprehensive (loss) income as of the beginning of the period | $ | (182 | ) | $ | 5,727 | $ | 5,545 | $ | (1,276 | ) | $ | 12,002 | $ | 10,726 | ||||||||||
Other comprehensive income (loss) before reclassifications | 3,506 | (10,261 | ) | (6,755 | ) | 6,870 | (16,536 | ) | (9,666 | ) | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income | (24 | ) | — | (24 | ) | (2,294 | ) | — | (2,294 | ) | ||||||||||||||
Net other comprehensive income (loss) for the period | 3,482 | (10,261 | ) | (6,779 | ) | 4,576 | (16,536 | ) | (11,960 | ) | ||||||||||||||
Accumulated other comprehensive (loss) as of the end of the period | $ | 3,300 | $ | (4,534 | ) | $ | (1,234 | ) | $ | 3,300 | $ | (4,534 | ) | $ | (1,234 | ) | ||||||||
-1 | Includes net gains (losses) recognized on forward foreign exchange derivatives associated with hedges of RJ Bank’s foreign currency exposure due to it’s non-U.S. dollar net investments (see Note 13 for additional information on these derivatives). | |||||||||||||||||||||||
Reclassifications out of AOCI | ||||||||||||||||||||||||
The following table presents the income statement line items impacted by reclassifications out of accumulated other comprehensive income during the three and six months ended March 31, 2014: | ||||||||||||||||||||||||
Accumulated other comprehensive income components: | Increase (decrease) in amounts reclassified from accumulated other comprehensive income | Affected line items in income statement | ||||||||||||||||||||||
Three months ended March 31, 2014 | Six months ended March 31, 2014 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Available for sale securities: (1) | ||||||||||||||||||||||||
Auction rate securities (2) | $ | (39 | ) | $ | (3,758 | ) | Other revenue | |||||||||||||||||
RJ Bank available for sale securities | — | 27 | Other revenue | |||||||||||||||||||||
(39 | ) | (3,731 | ) | Total before tax | ||||||||||||||||||||
15 | 1,437 | Provision for income taxes | ||||||||||||||||||||||
Total reclassifications for the period | $ | (24 | ) | $ | (2,294 | ) | Net of tax | |||||||||||||||||
-1 | See Note 7 for additional information regarding the available for sale securities, and Note 5 for additional fair value information regarding these securities. | |||||||||||||||||||||||
-2 | For the three and six months ended March 31, 2014, other revenues include realized gains on the redemption or sale of ARS in the amount of $107 thousand and $5.6 million, respectively (see Note 7 for further information). The amounts presented in the table represent the reversal out of AOCI associated with such ARS’ redeemed or sold. The net of such realized gain and this reversal out of AOCI represents the net effect of such redemptions and sales activities on other comprehensive income (“OCI”) for each respective period, on a pre-tax basis. | |||||||||||||||||||||||
All of the components of other comprehensive income (loss) described above, net of tax, are attributable to RJF. |
INTEREST_INCOME_AND_INTEREST_E
INTEREST INCOME AND INTEREST EXPENSE | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Interest Income (Expense), Net [Abstract] | ' | |||||||||||||||
INTEREST INCOME AND INTEREST EXPENSE | ' | |||||||||||||||
INTEREST INCOME AND INTEREST EXPENSE | ||||||||||||||||
The components of interest income and interest expense are as follows: | ||||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||||
Interest income: | ||||||||||||||||
Margin balances | $ | 16,628 | $ | 14,940 | $ | 34,415 | $ | 31,104 | ||||||||
Assets segregated pursuant to regulations and other segregated assets | 3,558 | 4,353 | 8,188 | 8,439 | ||||||||||||
Bank loans, net of unearned income | 83,639 | 84,603 | 164,848 | 171,913 | ||||||||||||
Available for sale securities | 1,655 | 1,987 | 3,578 | 4,204 | ||||||||||||
Trading instruments | 4,615 | 5,110 | 9,143 | 10,960 | ||||||||||||
Stock loan | 2,809 | 1,951 | 4,682 | 3,342 | ||||||||||||
Loans to financial advisors | 1,647 | 1,792 | 3,303 | 3,152 | ||||||||||||
Corporate cash and all other | 3,842 | 3,296 | 7,329 | 8,044 | ||||||||||||
Total interest income | $ | 118,393 | $ | 118,032 | $ | 235,486 | $ | 241,158 | ||||||||
Interest expense: | ||||||||||||||||
Brokerage client liabilities | $ | 286 | $ | 591 | $ | 717 | $ | 1,140 | ||||||||
Retail bank deposits | 1,939 | 2,412 | 3,884 | 4,888 | ||||||||||||
Trading instruments sold but not yet purchased | 1,255 | 971 | 2,123 | 1,768 | ||||||||||||
Stock borrow | 814 | 608 | 1,306 | 1,112 | ||||||||||||
Borrowed funds | 876 | 1,353 | 1,848 | 2,667 | ||||||||||||
Senior notes | 19,010 | 19,028 | 38,020 | 38,094 | ||||||||||||
Interest expense of consolidated VIEs | 797 | 1,063 | 1,584 | 2,112 | ||||||||||||
Other | 1,003 | 1,177 | 1,870 | 3,443 | ||||||||||||
Total interest expense | 25,980 | 27,203 | 51,352 | 55,224 | ||||||||||||
Net interest income | 92,413 | 90,829 | 184,134 | 185,934 | ||||||||||||
Less: provision for loan losses | (1,979 | ) | (3,737 | ) | (3,615 | ) | (6,660 | ) | ||||||||
Net interest income after provision for loan losses | $ | 90,434 | $ | 87,092 | $ | 180,519 | $ | 179,274 | ||||||||
SHAREBASED_COMPENSATION
SHARE-BASED COMPENSATION | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||||
SHARE-BASED COMPENSATION | ' | |||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||
We maintain one share-based compensation plan for our employees, directors and non-employees (comprised of independent contractor financial advisors) the 2012 Stock Incentive Plan (the “2012 Plan”). The 2012 Plan permits us to grant share-based and cash-based awards designed to be exempt from the limitation on deductible compensation under Section 162(m) of the Internal Revenue Code. In our 2013 Form 10-K, our share-based compensation accounting policies are described in Note 2 on page 119. Other information relating to our employee and Board of Director share-based awards are outlined in our 2013 Form 10-K in Note 23, on pages 175 – 179, while Note 24 on pages 179 – 181 discusses our non-employee share-based awards. For purposes of this report, we have combined our presentation of both our employee and director share-based awards with our non-employee share-based awards | ||||||||||||||||
Stock option awards | ||||||||||||||||
Expense and income tax benefits related to our stock option awards granted to employees, directors and independent contractor financial advisors are presented below: | ||||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||||
Total share-based expense | $ | 3,128 | $ | 3,149 | $ | 6,861 | $ | 6,397 | ||||||||
Income tax benefits related to share-based expense | 483 | 600 | 1,278 | 995 | ||||||||||||
For the six months ended March 31, 2014, we realized $789 thousand of excess tax benefits related to our stock option awards. | ||||||||||||||||
During the three months ended March 31, 2014, we granted 10,100 stock options to employees and 5,625 stock options to our independent contractor financial advisors. During the six months ended March 31, 2014, we granted 944,050 stock options to employees and 61,125 stock options to our independent contractor financial advisors. During the three and six months ended March 31, 2014, no stock options were granted to outside directors. | ||||||||||||||||
Unrecognized pre-tax expense for stock option awards granted to employees, directors and independent contractor financial advisors, net of estimated forfeitures, and the remaining period over which the expense will be recognized as of March 31, 2014, are presented below: | ||||||||||||||||
Unrecognized | Remaining | |||||||||||||||
pre-tax expense | weighted- | |||||||||||||||
average period | ||||||||||||||||
(in thousands) | (in years) | |||||||||||||||
Employees and directors | $ | 24,934 | 3.5 | |||||||||||||
Independent contractor financial advisors | 2,249 | 3.6 | ||||||||||||||
The weighted-average grant-date fair value of stock option awards to employees for the three and six months ended March 31, 2014 were $17.83 and $16.19, respectively. | ||||||||||||||||
The fair value of each option awarded to our independent contractor financial advisors is estimated on the date of grant and periodically revalued using the Black-Scholes option pricing model. The weighted-average fair value for unvested options granted to independent contractor financial advisors as of March 31, 2014 was $26.50. | ||||||||||||||||
Restricted stock and restricted stock unit awards | ||||||||||||||||
Expense and income tax benefits related to our restricted equity awards (which include restricted stock and restricted stock units) granted to employees, directors and independent contractor financial advisors are presented below: | ||||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||||
Total share-based expense | $ | 12,422 | $ | 11,908 | $ | 29,057 | $ | 25,952 | ||||||||
Income tax benefits related to share-based expense | 4,304 | 3,975 | 10,220 | 8,895 | ||||||||||||
For the six months ended March 31, 2014, we realized $6.1 million of excess tax benefits related to our restricted equity awards. | ||||||||||||||||
During the three months ended March 31, 2014, we granted 41,031 restricted stock units to employees and 16,900 restricted stock units to outside directors. During the six months ended March 31, 2014, we granted 964,320 restricted stock units to employees and 16,900 restricted stock units to outside directors. We granted no restricted stock units to independent contractor financial advisors during the three and six months ended March 31, 2014. | ||||||||||||||||
Unrecognized pre-tax expense for restricted equity awards granted to employees, directors and independent contractor financial advisors, net of estimated forfeitures, and the remaining period over which the expense will be recognized as of March 31, 2014, are presented below: | ||||||||||||||||
Unrecognized | Remaining | |||||||||||||||
pre-tax expense | weighted- | |||||||||||||||
average period | ||||||||||||||||
(in thousands) | (in years) | |||||||||||||||
Employees and directors | $ | 106,166 | 2.9 | |||||||||||||
Independent contractor financial advisors | 209 | 1.6 | ||||||||||||||
The weighted-average grant-date fair value of restricted stock unit awards granted to employees and outside directors for the three and six months ended March 31, 2014 were $52.25 and $48.66, respectively. | ||||||||||||||||
The fair value of each restricted equity awards to our independent contractor financial advisors is computed on the date of grant and periodically revalued at the current stock price. The fair value for unvested restricted equity awards granted to independent contractor financial advisors as of March 31, 2014 was $55.93. |
REGULATIONS_AND_CAPITAL_REQUIR
REGULATIONS AND CAPITAL REQUIREMENTS | 6 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | ' | ||||||||||||||||||||
REGULATIONS AND CAPITAL REQUIREMENTS | ' | ||||||||||||||||||||
REGULATIONS AND CAPITAL REQUIREMENTS | |||||||||||||||||||||
For a discussion of the various regulations and capital requirements applicable to certain of our businesses and subsidiaries, see Note 25 on pages 181-184 of our 2013 Form 10-K. | |||||||||||||||||||||
RJF, as a financial holding company, and RJ Bank, are subject to various regulatory capital requirements administered by bank regulators. 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 and RJ Bank’s financial results. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, RJF and RJ Bank must meet specific capital guidelines that involve quantitative measures of our assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. RJF’s and RJ Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. | |||||||||||||||||||||
RJF and RJ Bank are required to maintain minimum amounts and ratios of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and Tier 1 capital to average assets (as defined). RJF and RJ Bank each calculate the Total Capital and Tier I Capital ratios in order to assess compliance with both regulatory requirements and their internal capital policies in addition to providing a measure of underutilized capital should these ratios become excessive. Capital levels are continually monitored to assess both RJF and RJ Bank’s capital position. At current capital levels, RJF and RJ Bank are each categorized as “well capitalized” under the regulatory framework for prompt corrective action. | |||||||||||||||||||||
To be categorized as “well capitalized,” RJF must maintain total risk-based, Tier 1 risk-based, and Tier 1 leverage ratios as set forth in the table below. | |||||||||||||||||||||
Actual | Requirement for capital | To be well capitalized under prompt | |||||||||||||||||||
adequacy purposes | corrective action | ||||||||||||||||||||
provisions | |||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
($ in thousands) | |||||||||||||||||||||
RJF as of March 31, 2014: | |||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 3,681,595 | 20 | % | $ | 1,472,638 | 8 | % | $ | 1,840,798 | 10 | % | |||||||||
Tier I capital (to risk-weighted assets) | 3,525,748 | 19.1 | % | 738,377 | 4 | % | 1,107,565 | 6 | % | ||||||||||||
Tier I capital (to adjusted assets) | 3,525,748 | 15.8 | % | 892,594 | 4 | % | 1,115,743 | 5 | % | ||||||||||||
RJF as of September 30, 2013: | |||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 3,445,136 | 19.8 | % | $ | 1,391,974 | 8 | % | $ | 1,739,968 | 10 | % | |||||||||
Tier I capital (to risk-weighted assets) | 3,294,595 | 18.9 | % | 697,269 | 4 | % | 1,045,903 | 6 | % | ||||||||||||
Tier I capital (to adjusted assets) | 3,294,595 | 14.5 | % | 908,854 | 4 | % | 1,136,067 | 5 | % | ||||||||||||
The increase in RJF’s Total capital (to risk-weighted assets) and Tier I capital (to risk-weighted assets) at March 31, 2014 compared to September 30, 2013 was the result of positive earnings during the six month period ended March 31, 2014 offset by an increase in corporate loans. The increase in RJF’s Tier I capital (to adjusted assets) ratio at March 31, 2014 compared to September 30, 2013 was primarily due to earnings during the six month period ended March 31, 2014 as well as a decrease in average segregated assets offset by an increase in average corporate loans. | |||||||||||||||||||||
To be categorized as “well capitalized,” RJ Bank must maintain minimum total risk-based, Tier I risk-based, and Tier I leverage ratios as set forth in the table below. | |||||||||||||||||||||
Actual | Requirement for capital | To be well capitalized under prompt | |||||||||||||||||||
adequacy purposes | corrective action | ||||||||||||||||||||
provisions | |||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
($ in thousands) | |||||||||||||||||||||
RJ Bank as of March 31, 2014: | |||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 1,342,360 | 12.5 | % | $ | 859,461 | 8 | % | $ | 1,074,327 | 10 | % | |||||||||
Tier I capital (to risk-weighted assets) | 1,207,652 | 11.2 | % | 429,731 | 4 | % | 644,596 | 6 | % | ||||||||||||
Tier I capital (to adjusted assets) | 1,207,652 | 10.4 | % | 463,755 | 4 | % | 579,693 | 5 | % | ||||||||||||
RJ Bank as of September 30, 2013: | |||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 1,234,268 | 13 | % | $ | 758,996 | 8 | % | $ | 948,745 | 10 | % | |||||||||
Tier I capital (to risk-weighted assets) | 1,115,113 | 11.8 | % | 379,498 | 4 | % | 569,247 | 6 | % | ||||||||||||
Tier I capital (to adjusted assets) | 1,115,113 | 10.4 | % | 430,154 | 4 | % | 537,692 | 5 | % | ||||||||||||
The decrease in RJ Bank’s Total capital (to risk-weighted assets) ratio and Tier I capital (to risk-weighted assets) ratio at March 31, 2014 compared to September 30, 2013 was primarily due to corporate loan growth during the six month period ended March 31, 2014. | |||||||||||||||||||||
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 net capital position of our wholly owned broker-dealer subsidiary RJ&A is as follows: | |||||||||||||||||||||
As of | |||||||||||||||||||||
March 31, 2014 | September 30, 2013 | ||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||
Raymond James & Associates, Inc.: | |||||||||||||||||||||
(Alternative Method elected) | |||||||||||||||||||||
Net capital as a percent of aggregate debit items | 28.44 | % | 23.14 | % | |||||||||||||||||
Net capital | $ | 508,221 | $ | 435,343 | |||||||||||||||||
Less: required net capital | (35,740 | ) | (37,625 | ) | |||||||||||||||||
Excess net capital | $ | 472,481 | $ | 397,718 | |||||||||||||||||
The net capital position of our wholly owned broker-dealer subsidiary RJFS is as follows: | |||||||||||||||||||||
As of | |||||||||||||||||||||
March 31, 2014 | September 30, 2013 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Raymond James Financial Services, Inc.: | |||||||||||||||||||||
(Alternative Method elected) | |||||||||||||||||||||
Net capital | $ | 18,584 | $ | 18,103 | |||||||||||||||||
Less: required net capital | (250 | ) | (250 | ) | |||||||||||||||||
Excess net capital | $ | 18,334 | $ | 17,853 | |||||||||||||||||
The risk adjusted capital of RJ Ltd. is as follows (in Canadian dollars): | |||||||||||||||||||||
As of | |||||||||||||||||||||
March 31, 2014 | September 30, 2013 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Raymond James Ltd.: | |||||||||||||||||||||
Risk adjusted capital before minimum | $ | 100,379 | $ | 52,777 | |||||||||||||||||
Less: required minimum capital | (250 | ) | (250 | ) | |||||||||||||||||
Risk adjusted capital | $ | 100,129 | $ | 52,527 | |||||||||||||||||
At March 31, 2014, all of our other active regulated domestic and international subsidiaries are in compliance with and met all capital requirements. |
FINANCIAL_INSTRUMENTS_WITH_OFF
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | 6 Months Ended | |||
Mar. 31, 2014 | ||||
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK [Abstract] | ' | |||
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | ' | |||
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | ||||
For a discussion of our financial instruments with off-balance-sheet risk, see Note 26 on pages 184 - 186 of our 2013 Form 10-K. | ||||
RJ 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 credit control assessments and each customer’s credit worthiness is evaluated on a case-by-case basis. Fixed-rate commitments, if any, are also subject to market risk resulting from fluctuations in interest rates and RJ Bank’s exposure is limited to the replacement value of those commitments. A summary of commitments to extend credit and other credit-related off-balance sheet financial instruments outstanding follows: | ||||
March 31, 2014 | ||||
(in thousands) | ||||
Standby letters of credit | $ | 107,515 | ||
Open end consumer lines of credit | 1,135,117 | |||
Commercial lines of credit | 1,795,685 | |||
Unfunded loan commitments | 210,999 | |||
Because many lending commitments expire without being funded in whole or part, the contract amounts are not estimates of RJ Bank’s actual future credit exposure or future liquidity requirements. RJ Bank maintains a reserve to provide for potential losses related to the unfunded lending commitments. See Note 8 for further discussion of this reserve for unfunded lending commitments. | ||||
RJ Ltd. is subject to foreign exchange risk primarily due to financial instruments denominated in U.S. dollars that may be impacted by fluctuation in foreign exchange rates. In order to mitigate this risk, RJ Ltd. enters into forward foreign exchange contracts. The fair value of these contracts is not significant. As of March 31, 2014, forward contracts outstanding to buy and sell U.S. dollars totaled CDN $4 million and CDN $10.3 million, respectively. RJ Bank is also subject to foreign exchange risk related to its net investment in a Canadian subsidiary. See Note 13 for information regarding how RJ Bank utilizes net investment hedges to mitigate a significant portion of this risk. | ||||
As a part of our fixed income public finance operations, RJ&A enters into forward commitments to purchase GNMA MBS. See Note 16 for information on these commitments. We utilize TBA security contracts to hedge our interest rate risk associated with these commitments. We are subject to loss if the timing of, or the actual amount of, GNMA MBS securities differs significantly from the term and notional amount of the TBA security contracts we enter into. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
EARNINGS PER SHARE | ' | |||||||||||||||
EARNINGS PER SHARE | ||||||||||||||||
The following table presents the computation of basic and diluted earnings per share: | ||||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
Income for basic earnings per common share: | ||||||||||||||||
Net income attributable to RJF | $ | 104,560 | $ | 79,960 | $ | 221,193 | $ | 165,834 | ||||||||
Less allocation of earnings and dividends to participating securities (1) | (656 | ) | (908 | ) | (1,530 | ) | (2,107 | ) | ||||||||
Net income attributable to RJF common shareholders | $ | 103,904 | $ | 79,052 | $ | 219,663 | $ | 163,727 | ||||||||
Income for diluted earnings per common share: | ||||||||||||||||
Net income attributable to RJF | $ | 104,560 | $ | 79,960 | $ | 221,193 | $ | 165,834 | ||||||||
Less allocation of earnings and dividends to participating securities (1) | (642 | ) | (894 | ) | (1,500 | ) | (2,078 | ) | ||||||||
Net income attributable to RJF common shareholders | $ | 103,918 | $ | 79,066 | $ | 219,693 | $ | 163,756 | ||||||||
Common shares: | ||||||||||||||||
Average common shares in basic computation | 139,888 | 137,817 | 139,498 | 137,156 | ||||||||||||
Dilutive effect of outstanding stock options and certain restricted stock units | 3,748 | 2,905 | 3,567 | 2,513 | ||||||||||||
Average common shares used in diluted computation | 143,636 | 140,722 | 143,065 | 139,669 | ||||||||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | 0.74 | $ | 0.57 | $ | 1.57 | $ | 1.19 | ||||||||
Diluted | $ | 0.72 | $ | 0.56 | $ | 1.54 | $ | 1.17 | ||||||||
Stock options and certain restricted stock units excluded from weighted-average diluted common shares because their effect would be antidilutive | 228 | 108 | 527 | 387 | ||||||||||||
-1 | Represents dividends paid during the period to participating securities plus an allocation of undistributed earnings to participating securities. Participating securities represent unvested restricted stock and certain restricted stock units and amounted to weighted-average shares of 896 thousand and 1.6 million for the three months ended March 31, 2014 and 2013, respectively. Participating securities amounted to weighted-average shares of 976 thousand and 1.8 million for the six months ended March 31, 2014 and 2013, respectively. Dividends paid to participating securities amounted to $133 thousand and $212 thousand for the three months ended March 31, 2014 and 2013, respectively. Dividends paid to participating securities amounted to $286 thousand and $465 thousand for the six months ended March 31, 2014 and 2013, respectively. 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 as follows: | ||||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Dividends per common share - declared | $ | 0.16 | $ | 0.14 | $ | 0.32 | $ | 0.28 | ||||||||
Dividends per common share - paid | $ | 0.16 | $ | 0.14 | $ | 0.3 | $ | 0.27 | ||||||||
SEGMENT_ANALYSIS
SEGMENT ANALYSIS | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
SEGMENT ANALYSIS | ' | |||||||||||||||
SEGMENT ANALYSIS | ||||||||||||||||
We currently operate through the following five business segments: “Private Client Group;” “Capital Markets;” “Asset Management;” RJ Bank; and our “Other” segment, which includes our principal capital and private equity activities as well as various corporate overhead costs of RJF including the interest cost on our public debt and the acquisition and integration costs associated with our acquisitions, most significantly Morgan Keegan. The business segments are 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 throughout our subsidiaries. For a further discussion of our business segments, see Note 28 on pages 187 - 190 of our 2013 Form 10-K. | ||||||||||||||||
Information concerning operations in these segments of business is as follows: | ||||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||||
Revenues: | ||||||||||||||||
Private Client Group | $ | 814,668 | $ | 728,822 | $ | 1,593,864 | $ | 1,443,124 | ||||||||
Capital Markets | 228,139 | 228,981 | 473,132 | 484,054 | ||||||||||||
Asset Management | 87,534 | 69,541 | 183,550 | 135,170 | ||||||||||||
RJ Bank | 87,157 | 89,821 | 171,030 | 181,871 | ||||||||||||
Other | 3,982 | 70,062 | 24,071 | 95,521 | ||||||||||||
Intersegment eliminations | (16,855 | ) | (16,929 | ) | (32,248 | ) | (31,933 | ) | ||||||||
Total revenues(1) | $ | 1,204,625 | $ | 1,170,298 | $ | 2,413,399 | $ | 2,307,807 | ||||||||
Income (loss) excluding noncontrolling interests and before provision for income taxes: | ||||||||||||||||
Private Client Group | $ | 77,115 | $ | 53,584 | $ | 148,625 | $ | 107,034 | ||||||||
Capital Markets | 29,571 | 16,389 | 63,016 | 45,642 | ||||||||||||
Asset Management | 29,864 | 20,860 | 61,700 | 41,803 | ||||||||||||
RJ Bank | 56,798 | 64,276 | 113,856 | 132,219 | ||||||||||||
Other (2) | (27,884 | ) | (24,092 | ) | (42,809 | ) | (56,534 | ) | ||||||||
Pre-tax income excluding noncontrolling interests | 165,464 | 131,017 | 344,388 | 270,164 | ||||||||||||
Add: net (loss) income attributable to noncontrolling interests | (12,465 | ) | 28,286 | (12,577 | ) | 36,306 | ||||||||||
Income including noncontrolling interests and before provision for income taxes | $ | 152,999 | $ | 159,303 | $ | 331,811 | $ | 306,470 | ||||||||
-1 | No individual client accounted for more than ten percent of total revenues in any of the periods presented. | |||||||||||||||
-2 | For the three and six months ended March 31, 2013, the Other segment includes acquisition related expenses pertaining to our acquisitions (primarily related to our Morgan Keegan acquisition, see Note 1 for additional information) in the amount of $20.9 million and $38.3 million, respectively. For the three and six months ended March 31, 2014, acquisition related expenses are no longer material for separate disclosure as our Morgan Keegan integration activities were substantially complete as of September 30, 2013. | |||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||||
Net interest income (expense): | ||||||||||||||||
Private Client Group | $ | 22,136 | $ | 21,030 | $ | 45,586 | $ | 42,592 | ||||||||
Capital Markets | 1,414 | 1,128 | 3,262 | 3,226 | ||||||||||||
Asset Management | 12 | 14 | 41 | 38 | ||||||||||||
RJ Bank | 84,527 | 85,197 | 166,641 | 172,943 | ||||||||||||
Other | (15,676 | ) | (16,540 | ) | (31,396 | ) | (32,865 | ) | ||||||||
Net interest income | $ | 92,413 | $ | 90,829 | $ | 184,134 | $ | 185,934 | ||||||||
The following table presents our total assets on a segment basis: | ||||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||||
(in thousands) | ||||||||||||||||
Total assets: | ||||||||||||||||
Private Client Group (1) | $ | 6,140,672 | $ | 7,649,030 | ||||||||||||
Capital Markets (2) | 2,552,157 | 2,548,663 | ||||||||||||||
Asset Management | 162,247 | 149,436 | ||||||||||||||
RJ Bank | 11,788,448 | 10,489,524 | ||||||||||||||
Other | 2,225,378 | 2,349,469 | ||||||||||||||
Total | $ | 22,868,902 | $ | 23,186,122 | ||||||||||||
-1 | Includes $174.6 million of goodwill at March 31, 2014 and September 30, 2013. | |||||||||||||||
-2 | Includes $120.9 million of goodwill at March 31, 2014 and September 30, 2013. | |||||||||||||||
We have operations in the United States, Canada, Europe and joint ventures in Latin America. Substantially all long-lived assets are located in the United States. Revenues and income before provision for income taxes and excluding noncontrolling interests, classified by major geographic areas in which they are earned, are as follows: | ||||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||||
Revenues: | ||||||||||||||||
United States | $ | 1,093,936 | $ | 1,059,022 | $ | 2,182,031 | $ | 2,098,044 | ||||||||
Canada | 76,380 | 84,404 | 164,494 | 156,819 | ||||||||||||
Europe | 25,588 | 21,284 | 50,584 | 42,174 | ||||||||||||
Other | 8,721 | 5,588 | 16,290 | 10,770 | ||||||||||||
Total | $ | 1,204,625 | $ | 1,170,298 | $ | 2,413,399 | $ | 2,307,807 | ||||||||
Pre-tax income excluding noncontrolling interests: | ||||||||||||||||
United States | $ | 153,577 | $ | 129,139 | $ | 320,183 | $ | 266,143 | ||||||||
Canada | 8,997 | 9,577 | 20,543 | 14,116 | ||||||||||||
Europe | 656 | (7,162 | ) | 855 | (7,230 | ) | ||||||||||
Other | 2,234 | (537 | ) | 2,807 | (2,865 | ) | ||||||||||
Total | $ | 165,464 | $ | 131,017 | $ | 344,388 | $ | 270,164 | ||||||||
Our total assets, classified by major geographic area in which they are held, are presented below: | ||||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||||
(in thousands) | ||||||||||||||||
Total assets: | ||||||||||||||||
United States (1) | $ | 21,028,364 | $ | 21,154,293 | ||||||||||||
Canada(2) | 1,759,620 | 1,965,648 | ||||||||||||||
Europe | 38,815 | 26,415 | ||||||||||||||
Other | 42,103 | 39,766 | ||||||||||||||
Total | $ | 22,868,902 | $ | 23,186,122 | ||||||||||||
-1 | Includes $262.5 million of goodwill at March 31, 2014 and September 30, 2013. | |||||||||||||||
-2 | Includes $33 million of goodwill at March 31, 2014 and September 30, 2013. |
INTRODUCTION_AND_BASIS_OF_PRES1
INTRODUCTION AND BASIS OF PRESENTATION (Policies) | 6 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [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 on pages 120 - 122 in the section titled, “Evaluation of VIEs to determine whether consolidation is required” as presented in our Annual Report on Form 10-K for the year ended September 30, 2013, as filed with the United States (“U.S.”) Securities and Exchange Commission (the “2013 Form 10-K”) and in Note 9 herein. 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 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 the consolidated financial position and results of operations for the interim 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 and the consolidated financial statements and notes thereto included in our 2013 Form 10-K. To prepare condensed consolidated financial statements in conformity with GAAP, we must make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and could have a material impact on the condensed consolidated financial statements. | |
Fiscal year 2013 Acquisition | ' |
Fiscal year 2013 acquisition | |
On December 24, 2012, we completed our acquisition of a 45% interest in ClariVest Asset Management, LLC (“ClariVest”), an acquisition that bolsters our platform in the large-cap investment objective. During the second quarter, we made an earn-out payment to the sellers of ClariVest. See Note 3 for additional information. | |
Adoption of new accounting guidance | ' |
Adoption of new accounting guidance | |
In December 2011, the Financial Accounting Standards Board (“FASB”) issued new guidance requiring additional disclosures regarding the nature of an entity’s rights of setoff and related arrangements associated with its financial instruments and derivative instruments. This guidance was further amended in January 2013. Specifically, this new guidance requires additional information about derivatives, repurchase agreements, reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset or subject to an enforceable master netting arrangement or similar agreement. This guidance was first effective for our quarter ended December 31, 2013. See Note 14 for these additional disclosures. | |
In February 2013, the FASB issued new guidance intended to improve the reporting of reclassifications out of accumulated other comprehensive income (“AOCI”). The new guidance requires us to report the effect of significant reclassifications out of AOCI on the respective line items in net income if the amount being reclassified is required under GAAP to be reclassified in its entirety to net income. For other amounts that are not required under GAAP to be reclassified in their entirety to net income in the same reporting period, we are required to cross-reference other disclosures required under GAAP that provide additional detail about those amounts. This new guidance was first effective for our quarter ended December 31, 2013. See Note 17 for these additional disclosures. | |
Significant subsidiaries | ' |
Significant subsidiaries | |
As of March 31, 2014, our significant subsidiaries, all wholly owned, include: Raymond James & Associates, Inc. (“RJ&A”), a domestic broker-dealer carrying client accounts, Raymond James Financial Services, Inc. (“RJFS”), an introducing domestic broker-dealer, Raymond James Financial Services Advisors, Inc. (“RJFSA”), a registered investment advisor, Raymond James Ltd. (“RJ Ltd.”), a broker-dealer headquartered in Canada, Eagle Asset Management, Inc. (“Eagle”) and Raymond James Bank, N.A. (“RJ Bank”), a national bank. | |
In mid-February 2013, the client accounts of Morgan Keegan & Company, Inc. (a broker-dealer hereinafter referred to as “MK & Co.”), a subsidiary which we had considered in certain prior periods to be a significant subsidiary, were transferred to RJ&A pursuant to our strategy to integrate the operations of MK & Co. and MK Holding, Inc. and certain of its affiliates (collectively referred to hereinafter as “Morgan Keegan”) into our own. RJF acquired Morgan Keegan from Regions Financial Corporation (“Regions”) on April 2, 2012 (the “Closing Date”). |
UPDATE_OF_SIGNIFICANT_ACCOUNTI1
UPDATE OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Update of significant accounting policies | ' |
A summary of our significant accounting policies is included in Note 2 on pages 104 - 122 of our 2013 Form 10-K. There have been no significant changes in our significant accounting policies since September 30, 2013. | |
Brokerage client receivables, loans to financial advisors and allowance for doubtful accounts | ' |
Brokerage client receivables, loans to financial advisors and allowance for doubtful accounts | |
As more fully described in Note 2 on page 112 of our 2013 Form 10-K, we have certain financing receivables that arise from businesses other than our banking business. Specifically, we offer loans to financial advisors and certain key revenue producers, primarily for recruiting and retention purposes. We present the outstanding balance of loans to financial advisors on our Condensed Consolidated Statements of Financial Condition, net of their applicable allowances for doubtful accounts. The allowance for doubtful accounts balance associated with all of our loans to financial advisors is $2.5 million and $2.8 million at March 31, 2014 and September 30, 2013, respectively. Of the March 31, 2014 loans to financial advisors, the portion of the balance associated with financial advisors who are no longer affiliated with us, after consideration of the allowance for doubtful accounts, is approximately $3.5 million. | |
Reclassifications | ' |
Reclassifications | |
As more fully described in Note 1 on page 104, and Note 28 on page 187 of our 2013 Form 10-K, effective September 30, 2013 we implemented changes in our reportable segments. These segment changes had no effect on the historical financial results of operations. Prior period segment balances impacted by this change have been reclassified to conform to the current presentation. See Note 23 for presentation of segment information. | |
Certain other prior period amounts, none of which are material, have been reclassified to conform to the current presentation. |
ACQUISITIONS_Morgan_Keegan_Tab
ACQUISITIONS, Morgan Keegan (Tables) | 6 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Acquisition Related Expense | ' | |||||||
In the prior year periods, we incurred the following acquisition related expense: | ||||||||
Three months ended March 31, 2013 | Six months ended March 31, 2013 | |||||||
(in thousands) | ||||||||
Information systems integration and conversion costs (1) | $ | 10,381 | $ | 22,545 | ||||
Severance (2) | 5,806 | 6,205 | ||||||
Temporary services | 1,389 | 1,603 | ||||||
Occupancy and equipment costs (3) | 708 | 1,274 | ||||||
Financial advisory fees | — | 1,176 | ||||||
Legal | 435 | 459 | ||||||
Other integration costs | 2,203 | 5,042 | ||||||
Total acquisition related expense | $ | 20,922 | $ | 38,304 | ||||
-1 | Includes equipment costs related to the disposition of information systems equipment, and temporary services incurred specifically related to the information systems conversion. | |||||||
-2 | Represents all costs associated with eliminating positions as a result of the Morgan Keegan acquisition, partially offset by the favorable impact arising from the forfeiture of any unvested accrued benefits. | |||||||
-3 | Includes lease costs associated with the abandonment of certain facilities resulting from the Morgan Keegan acquisition. |
CASH_AND_CASH_EQUIVALENTS_ASSE1
CASH AND CASH EQUIVALENTS, ASSETS SEGREGATED PURSUANT TO REGULATIONS AND DEPOSITS WITH CLEARING ORGANIZATIONS (Tables) | 6 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Cash and Cash Equivalents [Abstract] | ' | |||||||
Cash and Cash Equivalents | ' | |||||||
Our cash and cash equivalents, assets segregated pursuant to regulations or other segregated assets, and deposits with clearing organization balances are as follows: | ||||||||
March 31, | September 30, | |||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Cash and cash equivalents: | ||||||||
Cash in banks | $ | 2,630,650 | $ | 2,593,890 | ||||
Money market fund investments | 11,226 | 2,726 | ||||||
Total cash and cash equivalents (1) | 2,641,876 | 2,596,616 | ||||||
Cash segregated pursuant to federal regulations and other segregated assets (2) | 2,555,155 | 4,064,827 | ||||||
Deposits with clearing organizations (3) | 135,554 | 126,405 | ||||||
$ | 5,332,585 | $ | 6,787,848 | |||||
-1 | The total amounts presented include cash and cash equivalents of $1.07 billion and $1.02 billion as of March 31, 2014 and September 30, 2013, respectively, which are either held directly by RJF or are otherwise invested by one of our subsidiaries on behalf of RJF, and are available without restrictions. | |||||||
-2 | Consists of cash maintained in accordance with Rule 15c3-3 under the Securities Exchange Act of 1934. RJ&A, as a broker-dealer carrying client accounts, is subject to requirements related to maintaining cash or qualified securities in segregated reserve accounts for the exclusive benefit of its’ clients. Additionally, RJ Ltd. is required to hold client Registered Retirement Savings Plan funds in trust. | |||||||
-3 | Consists of deposits of cash and cash equivalents or other short-term securities held by other clearing organizations or exchanges. |
FAIR_VALUE_Tables
FAIR VALUE (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | ' | |||||||||||||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring and nonrecurring basis are presented below: | ||||||||||||||||||||||||||||||||||||||||||||
March 31, 2014 | Quoted prices | Significant | Significant | Netting | Balance as of | |||||||||||||||||||||||||||||||||||||||
in active | other | unobservable | adjustments (2) | March 31, | ||||||||||||||||||||||||||||||||||||||||
markets for | observable | inputs | 2014 | |||||||||||||||||||||||||||||||||||||||||
identical | inputs | (Level 3) | ||||||||||||||||||||||||||||||||||||||||||
assets | (Level 2) (1) | |||||||||||||||||||||||||||||||||||||||||||
(Level 1) (1) | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Assets at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||||||||||||||
Trading instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Municipal and provincial obligations | $ | 4,470 | $ | 166,759 | $ | — | $ | — | $ | 171,229 | ||||||||||||||||||||||||||||||||||
Corporate obligations | 2,582 | 64,716 | — | — | 67,298 | |||||||||||||||||||||||||||||||||||||||
Government and agency obligations | 6,390 | 54,442 | — | — | 60,832 | |||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed securities (“MBS”) and collateralized mortgage obligations (“CMOs”) | 693 | 149,871 | — | — | 150,564 | |||||||||||||||||||||||||||||||||||||||
Non-agency CMOs and asset-backed securities (“ABS”) | — | 37,692 | 13 | — | 37,705 | |||||||||||||||||||||||||||||||||||||||
Total debt securities | 14,135 | 473,480 | 13 | — | 487,628 | |||||||||||||||||||||||||||||||||||||||
Derivative contracts | — | 84,607 | — | (59,938 | ) | 24,669 | ||||||||||||||||||||||||||||||||||||||
Equity securities | 57,355 | 3,846 | 37 | — | 61,238 | |||||||||||||||||||||||||||||||||||||||
Corporate loans | — | 33,074 | — | — | 33,074 | |||||||||||||||||||||||||||||||||||||||
Other | 462 | 37,980 | 2,703 | — | 41,145 | |||||||||||||||||||||||||||||||||||||||
Total trading instruments | 71,952 | 632,987 | 2,753 | (59,938 | ) | 647,754 | ||||||||||||||||||||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||||||||||||||||||||||||||
Agency MBS and CMOs | — | 296,709 | — | — | 296,709 | |||||||||||||||||||||||||||||||||||||||
Non-agency CMOs | — | 125,563 | 38 | — | 125,601 | |||||||||||||||||||||||||||||||||||||||
Other securities | 2,084 | — | — | — | 2,084 | |||||||||||||||||||||||||||||||||||||||
Auction rate securities (“ARS”): | ||||||||||||||||||||||||||||||||||||||||||||
Municipals | — | — | 109,960 | (3) | — | 109,960 | ||||||||||||||||||||||||||||||||||||||
Preferred securities | — | — | 112,215 | — | 112,215 | |||||||||||||||||||||||||||||||||||||||
Total available for sale securities | 2,084 | 422,272 | 222,213 | — | 646,569 | |||||||||||||||||||||||||||||||||||||||
Private equity investments | — | — | 191,401 | (4) | — | 191,401 | ||||||||||||||||||||||||||||||||||||||
Other investments (5) | 215,141 | 1,263 | 1,788 | — | 218,192 | |||||||||||||||||||||||||||||||||||||||
Derivative instruments associated with offsetting matched book positions | — | 289,271 | — | — | 289,271 | |||||||||||||||||||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative contracts | — | 146 | — | — | 146 | |||||||||||||||||||||||||||||||||||||||
Other assets | — | — | 15 | — | 15 | |||||||||||||||||||||||||||||||||||||||
Total other assets | — | 146 | 15 | — | 161 | |||||||||||||||||||||||||||||||||||||||
Total assets at fair value on a recurring basis | $ | 289,177 | $ | 1,345,939 | $ | 418,170 | $ | (59,938 | ) | $ | 1,993,348 | |||||||||||||||||||||||||||||||||
Assets at fair value on a nonrecurring basis: (6) | ||||||||||||||||||||||||||||||||||||||||||||
Bank loans, net: | ||||||||||||||||||||||||||||||||||||||||||||
Impaired loans | $ | — | $ | 39,555 | $ | 50,489 | $ | — | $ | 90,044 | ||||||||||||||||||||||||||||||||||
Loans held for sale(7) | — | 1,515 | — | — | 1,515 | |||||||||||||||||||||||||||||||||||||||
Total bank loans, net | — | 41,070 | 50,489 | — | 91,559 | |||||||||||||||||||||||||||||||||||||||
Other real estate owned (“OREO”)(8) | — | 422 | — | — | 422 | |||||||||||||||||||||||||||||||||||||||
Total assets at fair value on a nonrecurring basis | $ | — | $ | 41,492 | $ | 50,489 | $ | — | $ | 91,981 | ||||||||||||||||||||||||||||||||||
(continued on next page) | ||||||||||||||||||||||||||||||||||||||||||||
March 31, 2014 | Quoted prices | Significant | Significant | Netting | Balance as of | |||||||||||||||||||||||||||||||||||||||
in active | other | unobservable | adjustments (2) | March 31, | ||||||||||||||||||||||||||||||||||||||||
markets for | observable | inputs | 2014 | |||||||||||||||||||||||||||||||||||||||||
identical | inputs | (Level 3) | ||||||||||||||||||||||||||||||||||||||||||
assets | (Level 2) (1) | |||||||||||||||||||||||||||||||||||||||||||
(Level 1) (1) | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
(continued from previous page) | ||||||||||||||||||||||||||||||||||||||||||||
Liabilities at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||||||||||||||
Trading instruments sold but not yet purchased: | ||||||||||||||||||||||||||||||||||||||||||||
Municipal and provincial obligations | $ | 5,680 | $ | 2,008 | $ | — | $ | — | $ | 7,688 | ||||||||||||||||||||||||||||||||||
Corporate obligations | 911 | 22,062 | — | — | 22,973 | |||||||||||||||||||||||||||||||||||||||
Government obligations | 147,663 | — | — | — | 147,663 | |||||||||||||||||||||||||||||||||||||||
Agency MBS and CMOs | 209 | 1,977 | — | — | 2,186 | |||||||||||||||||||||||||||||||||||||||
Total debt securities | 154,463 | 26,047 | — | — | 180,510 | |||||||||||||||||||||||||||||||||||||||
Derivative contracts | — | 69,999 | — | (64,171 | ) | 5,828 | ||||||||||||||||||||||||||||||||||||||
Equity securities | 14,050 | 70 | — | — | 14,120 | |||||||||||||||||||||||||||||||||||||||
Total trading instruments sold but not yet purchased | 168,513 | 96,116 | — | (64,171 | ) | 200,458 | ||||||||||||||||||||||||||||||||||||||
Derivative instruments associated with offsetting matched book positions | — | 289,271 | — | — | 289,271 | |||||||||||||||||||||||||||||||||||||||
Trade and other payables: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative contracts | — | 662 | — | — | 662 | |||||||||||||||||||||||||||||||||||||||
Other liabilities | — | — | 82 | (9) | — | 82 | ||||||||||||||||||||||||||||||||||||||
Total trade and other payables | — | 662 | 82 | — | 744 | |||||||||||||||||||||||||||||||||||||||
Total liabilities at fair value on a recurring basis | $ | 168,513 | $ | 386,049 | $ | 82 | $ | (64,171 | ) | $ | 490,473 | |||||||||||||||||||||||||||||||||
-1 | We had no transfers of financial instruments from Level 1 to Level 2 during the three and six months ended March 31, 2014. We had no transfers of financial instruments from Level 2 to Level 1 during the three and six months ended March 31, 2014. Our policy is that the end of each respective quarterly reporting period determines when transfers of financial instruments between levels are recognized. | |||||||||||||||||||||||||||||||||||||||||||
-2 | Where permitted, we have elected to net derivative receivables and derivative payables and the related cash collateral received and paid when a legally enforceable master netting agreement exists (see Note 14 for additional information regarding offsetting financial instruments). | |||||||||||||||||||||||||||||||||||||||||||
-3 | Includes $58 million of Jefferson County, Alabama Limited Obligation School Warrants ARS. | |||||||||||||||||||||||||||||||||||||||||||
-4 | The portion of these investments we do not own is approximately $55 million as of March 31, 2014 and are included as a component of noncontrolling interest in our Condensed Consolidated Statements of Financial Condition. The weighted average portion we own is approximately $136 million or 71% of the total private equity investments of $191 million included in our Condensed Consolidated Statements of Financial Condition. | |||||||||||||||||||||||||||||||||||||||||||
-5 | Other investments include $145 million of financial instruments that are related to MK & Co.’s obligations to perform under certain of its historic deferred compensation plans (see Note 2 on page 119, and Note 23 on page 176, of our 2013 Form 10-K for further information regarding these plans). | |||||||||||||||||||||||||||||||||||||||||||
-6 | Goodwill fair value measurements are classified within Level 3 of the fair value hierarchy, which are generally determined using unobservable inputs. See Note 10 for additional information regarding the annual impairment analysis. | |||||||||||||||||||||||||||||||||||||||||||
-7 | Includes individual loans classified as held for sale, which were recorded at a fair value lower than cost. | |||||||||||||||||||||||||||||||||||||||||||
-8 | Represents the fair value of foreclosed properties which were measured at a fair value subsequent to their initial classification as OREO. The recorded value in the Condensed Consolidated Statements of Financial Condition is net of the estimated selling costs. | |||||||||||||||||||||||||||||||||||||||||||
-9 | Includes forward commitments to purchase GNMA (as hereinafter defined) MBS arising from our fixed income public finance operations (see Note 16 for additional information regarding these commitments) and to a much lesser extent, other certain commitments. | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2013 | Quoted prices | Significant | Significant | Netting | Balance as of | |||||||||||||||||||||||||||||||||||||||
in active | other | unobservable | adjustments (2) | September 30, | ||||||||||||||||||||||||||||||||||||||||
markets for | observable | inputs | 2013 | |||||||||||||||||||||||||||||||||||||||||
identical | inputs | (Level 3) | ||||||||||||||||||||||||||||||||||||||||||
assets | (Level 2) (1) | |||||||||||||||||||||||||||||||||||||||||||
(Level 1) (1) | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Assets at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||||||||||||||
Trading instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Municipal and provincial obligations | $ | 10 | $ | 202,816 | $ | — | $ | — | $ | 202,826 | ||||||||||||||||||||||||||||||||||
Corporate obligations | 833 | 59,573 | — | — | 60,406 | |||||||||||||||||||||||||||||||||||||||
Government and agency obligations | 6,408 | 106,988 | — | — | 113,396 | |||||||||||||||||||||||||||||||||||||||
Agency MBS and CMOs | 155 | 92,994 | — | — | 93,149 | |||||||||||||||||||||||||||||||||||||||
Non-agency CMOs and ABS | — | 16,957 | 14 | — | 16,971 | |||||||||||||||||||||||||||||||||||||||
Total debt securities | 7,406 | 479,328 | 14 | — | 486,748 | |||||||||||||||||||||||||||||||||||||||
Derivative contracts | — | 89,633 | — | (61,524 | ) | 28,109 | ||||||||||||||||||||||||||||||||||||||
Equity securities | 48,749 | 4,231 | 35 | — | 53,015 | |||||||||||||||||||||||||||||||||||||||
Other | 1,413 | 6,464 | 3,956 | — | 11,833 | |||||||||||||||||||||||||||||||||||||||
Total trading instruments | 57,568 | 579,656 | 4,005 | (61,524 | ) | 579,705 | ||||||||||||||||||||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||||||||||||||||||||||||||
Agency MBS and CMOs | — | 326,029 | — | — | 326,029 | |||||||||||||||||||||||||||||||||||||||
Non-agency CMOs | — | 128,943 | 78 | — | 129,021 | |||||||||||||||||||||||||||||||||||||||
Other securities | 2,076 | — | — | — | 2,076 | |||||||||||||||||||||||||||||||||||||||
ARS: | ||||||||||||||||||||||||||||||||||||||||||||
Municipals | — | — | 130,934 | (3) | — | 130,934 | ||||||||||||||||||||||||||||||||||||||
Preferred securities | — | — | 110,784 | — | 110,784 | |||||||||||||||||||||||||||||||||||||||
Total available for sale securities | 2,076 | 454,972 | 241,796 | — | 698,844 | |||||||||||||||||||||||||||||||||||||||
Private equity investments | — | — | 216,391 | (4) | — | 216,391 | ||||||||||||||||||||||||||||||||||||||
Other investments (5) | 241,627 | 2,278 | 4,607 | — | 248,512 | |||||||||||||||||||||||||||||||||||||||
Derivative instruments associated with offsetting matched book positions | — | 250,341 | — | — | 250,341 | |||||||||||||||||||||||||||||||||||||||
Other receivables | — | — | 2,778 | (6) | — | 2,778 | ||||||||||||||||||||||||||||||||||||||
Other assets | — | — | 15 | — | 15 | |||||||||||||||||||||||||||||||||||||||
Total assets at fair value on a recurring basis | $ | 301,271 | $ | 1,287,247 | $ | 469,592 | $ | (61,524 | ) | $ | 1,996,586 | |||||||||||||||||||||||||||||||||
Assets at fair value on a nonrecurring basis: (7) | ||||||||||||||||||||||||||||||||||||||||||||
Bank loans, net | ||||||||||||||||||||||||||||||||||||||||||||
Impaired loans | — | 33,187 | 59,868 | — | 93,055 | |||||||||||||||||||||||||||||||||||||||
Loans held for sale(8) | — | 28,119 | — | — | 28,119 | |||||||||||||||||||||||||||||||||||||||
Total bank loans, net | — | 61,306 | 59,868 | — | 121,174 | |||||||||||||||||||||||||||||||||||||||
OREO(9) | — | 209 | — | — | 209 | |||||||||||||||||||||||||||||||||||||||
Total assets at fair value on a nonrecurring basis | $ | — | $ | 61,515 | $ | 59,868 | $ | — | $ | 121,383 | ||||||||||||||||||||||||||||||||||
(continued on next page) | ||||||||||||||||||||||||||||||||||||||||||||
September 30, 2013 | Quoted prices | Significant | Significant | Netting | Balance as of | |||||||||||||||||||||||||||||||||||||||
in active | other | unobservable | adjustments (2) | September 30, | ||||||||||||||||||||||||||||||||||||||||
markets for | observable | inputs | 2013 | |||||||||||||||||||||||||||||||||||||||||
identical | inputs | (Level 3) | ||||||||||||||||||||||||||||||||||||||||||
assets | (Level 2) (1) | |||||||||||||||||||||||||||||||||||||||||||
(Level 1) (1) | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
(continued from previous page) | ||||||||||||||||||||||||||||||||||||||||||||
Liabilities at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||||||||||||||
Trading instruments sold but not yet purchased: | ||||||||||||||||||||||||||||||||||||||||||||
Municipal and provincial obligations | $ | 165 | $ | 1,612 | $ | — | $ | — | $ | 1,777 | ||||||||||||||||||||||||||||||||||
Corporate obligations | 30 | 9,081 | — | — | 9,111 | |||||||||||||||||||||||||||||||||||||||
Government obligations | 169,816 | — | — | — | 169,816 | |||||||||||||||||||||||||||||||||||||||
Agency MBS and CMOs | 3,068 | — | — | — | 3,068 | |||||||||||||||||||||||||||||||||||||||
Total debt securities | 173,079 | 10,693 | — | — | 183,772 | |||||||||||||||||||||||||||||||||||||||
Derivative contracts | — | 74,920 | — | (69,279 | ) | 5,641 | ||||||||||||||||||||||||||||||||||||||
Equity securities | 31,151 | 92 | — | — | 31,243 | |||||||||||||||||||||||||||||||||||||||
Total trading instruments sold but not yet purchased | 204,230 | 85,705 | — | (69,279 | ) | 220,656 | ||||||||||||||||||||||||||||||||||||||
Derivative instruments associated with offsetting matched book positions | — | 250,341 | — | — | 250,341 | |||||||||||||||||||||||||||||||||||||||
Trade and other payables: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative contracts | — | 714 | — | — | 714 | |||||||||||||||||||||||||||||||||||||||
Other liabilities | — | — | 60 | — | 60 | |||||||||||||||||||||||||||||||||||||||
Total trade and other payables | — | 714 | 60 | — | 774 | |||||||||||||||||||||||||||||||||||||||
Total liabilities at fair value on a recurring basis | $ | 204,230 | $ | 336,760 | $ | 60 | $ | (69,279 | ) | $ | 471,771 | |||||||||||||||||||||||||||||||||
-1 | We had $860 thousand transfers of financial instruments from Level 1 to Level 2 during the year ended September 30, 2013. These transfers were a result of a decrease in availability and reliability of the observable inputs utilized in the respective instruments’ fair value measurement. We had $401 thousand in transfers of financial instruments from Level 2 to Level 1 during the year ended September 30, 2013. These transfers were a result of an increase in availability and reliability of the observable inputs utilized in the respective instruments’ fair value measurement. Our policy is that the end of each respective quarterly reporting period determines when transfers of financial instruments between levels are recognized. | |||||||||||||||||||||||||||||||||||||||||||
-2 | Where permitted, we have elected to net derivative receivables and derivative payables and the related cash collateral received and paid when a legally enforceable master netting agreement exists (see Note 14 for additional information regarding offsetting financial instruments). | |||||||||||||||||||||||||||||||||||||||||||
-3 | Includes $54 million of Jefferson County, Alabama Limited Obligation School Warrants ARS and $25 million of Jefferson County, Alabama Sewer Revenue Refunding Warrants ARS. | |||||||||||||||||||||||||||||||||||||||||||
-4 | Of the total private equity investments, the weighted-average portion we own is approximately 41%. Effectively, the economics associated with the portions of these investments we do not own become a component of noncontrolling interests on our Condensed Consolidated Statements of Financial Condition, and amounted to approximately $63 million of the total as of September 30, 2013. | |||||||||||||||||||||||||||||||||||||||||||
-5 | Other investments include $176 million of financial instruments that are related to obligations to perform under certain of MK & Co.’s historic deferred compensation plans (see Note 2 on page 119, and Note 23 on page 176, of our 2013 Form 10-K for further information regarding these plans). | |||||||||||||||||||||||||||||||||||||||||||
-6 | Primarily comprised of forward commitments to purchase GNMA (as hereinafter defined) MBS arising from our fixed income public finance operations (see Note 20 on page 171 of our 2013 Form 10-K for additional information). | |||||||||||||||||||||||||||||||||||||||||||
-7 | Goodwill fair value measurements are classified within Level 3 of the fair value hierarchy, which are generally determined using unobservable inputs. See Note 13 on pages 155 - 157 of our 2013 Form 10-K for additional information regarding the annual impairment analysis and our methods of estimating the fair value of reporting units that have an allocation of goodwill, including the key assumptions. | |||||||||||||||||||||||||||||||||||||||||||
-8 | Includes individual loans classified as held for sale, which were recorded at a fair value lower than cost. | |||||||||||||||||||||||||||||||||||||||||||
-9 | Represents the fair value of foreclosed properties which were measured at a fair value subsequent to their initial classification as OREO. The recorded value in the Condensed Consolidated Statements of Financial Condition is net of the estimated selling costs. | |||||||||||||||||||||||||||||||||||||||||||
Level 3 Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis, Roll Forward Table of Change in Balances | ' | |||||||||||||||||||||||||||||||||||||||||||
Additional information about Level 3 assets and liabilities measured at fair value on a recurring basis is presented below: | ||||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2014 Level 3 assets at fair value | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Financial assets | Financial | |||||||||||||||||||||||||||||||||||||||||||
liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Trading instruments | Available for sale securities | Private equity, other investments and other assets | Payables- | |||||||||||||||||||||||||||||||||||||||||
trade and | ||||||||||||||||||||||||||||||||||||||||||||
other | ||||||||||||||||||||||||||||||||||||||||||||
Non- | Equity | Other | Non- | ARS – | ARS - | Private | Other | Other assets | Other | |||||||||||||||||||||||||||||||||||
agency | securities | agency | municipals | preferred | equity | investments | liabilities | |||||||||||||||||||||||||||||||||||||
CMOs & | CMOs | securities | investments | |||||||||||||||||||||||||||||||||||||||||
ABS | ||||||||||||||||||||||||||||||||||||||||||||
Fair value | $ | 13 | $ | 35 | $ | 4,199 | $ | 46 | $ | 108,458 | $ | 112,122 | $ | 209,977 | $ | 1,949 | $ | 15 | $ | (1,417 | ) | |||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
Total gains (losses) for the period: | ||||||||||||||||||||||||||||||||||||||||||||
Included in earnings | — | 5 | (32 | ) | — | 63 | 44 | 13 | 48 | — | 1,335 | |||||||||||||||||||||||||||||||||
Included in other comprehensive income | — | — | — | 6 | 1,849 | 374 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Purchases and contributions | — | 23 | 3,185 | — | — | — | 5,317 | — | — | — | ||||||||||||||||||||||||||||||||||
Sales | — | (26 | ) | (4,649 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Redemptions by issuer | — | — | — | — | (410 | ) | (325 | ) | — | (28 | ) | — | — | |||||||||||||||||||||||||||||||
Distributions | — | — | — | (14 | ) | — | — | (5,329 | ) | (181 | ) | — | — | |||||||||||||||||||||||||||||||
Transfers: (1) | ||||||||||||||||||||||||||||||||||||||||||||
Into Level 3 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Out of Level 3 | — | — | — | — | — | — | (18,577 | ) | (2) | — | — | — | ||||||||||||||||||||||||||||||||
Fair value | $ | 13 | $ | 37 | $ | 2,703 | $ | 38 | $ | 109,960 | $ | 112,215 | $ | 191,401 | $ | 1,788 | $ | 15 | $ | (82 | ) | |||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized gains (losses) for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period | $ | — | $ | 5 | $ | (32 | ) | $ | — | $ | 63 | $ | 44 | $ | 13 | $ | 60 | $ | — | $ | — | |||||||||||||||||||||||
-1 | Our policy is that the end of each respective quarterly reporting period determines when transfers of financial instruments between levels are recognized. | |||||||||||||||||||||||||||||||||||||||||||
-2 | The transfers out of Level 3 were primarily comprised of the portion of private equity investments which do not represent equity investments, whose balances were transferred to cash and cash equivalents or other receivables on our Consolidated Statements of Financial Condition, and whose carrying values approximate fair value. | |||||||||||||||||||||||||||||||||||||||||||
Six months ended March 31, 2014 Level 3 assets at fair value | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Financial assets | Financial | |||||||||||||||||||||||||||||||||||||||||||
liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Trading instruments | Available for sale securities | Private equity, other investments and other assets | Payables- | |||||||||||||||||||||||||||||||||||||||||
trade and | ||||||||||||||||||||||||||||||||||||||||||||
other | ||||||||||||||||||||||||||||||||||||||||||||
Non- | Equity | Other | Non- | ARS – | ARS - | Private | Other | Other receivables | Other assets | Other | ||||||||||||||||||||||||||||||||||
agency | securities | agency | municipals | preferred | equity | investments | liabilities | |||||||||||||||||||||||||||||||||||||
CMOs & | CMOs | securities | investments | |||||||||||||||||||||||||||||||||||||||||
ABS | ||||||||||||||||||||||||||||||||||||||||||||
Fair value | $ | 14 | $ | 35 | $ | 3,956 | $ | 78 | $ | 130,934 | $ | 110,784 | $ | 216,391 | $ | 4,607 | $ | 2,778 | $ | 15 | $ | (60 | ) | |||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
Total gains (losses) for the period: | ||||||||||||||||||||||||||||||||||||||||||||
Included in earnings | — | 4 | (201 | ) | (27 | ) | 5,584 | 44 | 4,781 | (1) | 73 | (2,778 | ) | — | (22 | ) | ||||||||||||||||||||||||||||
Included in other comprehensive income | — | — | — | 21 | 938 | 1,712 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Purchases and contributions | — | 24 | 10,448 | — | — | — | 9,332 | 63 | — | — | — | |||||||||||||||||||||||||||||||||
Sales | — | (26 | ) | (11,500 | ) | — | (370 | ) | — | (7,076 | ) | (2,698 | ) | — | — | — | ||||||||||||||||||||||||||||
Redemptions by issuer | — | — | — | — | (27,126 | ) | (325 | ) | — | (28 | ) | — | — | — | ||||||||||||||||||||||||||||||
Distributions | (1 | ) | — | — | (34 | ) | — | — | (13,450 | ) | (229 | ) | — | — | — | |||||||||||||||||||||||||||||
Transfers: (2) | ||||||||||||||||||||||||||||||||||||||||||||
Into Level 3 | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Out of Level 3 | — | — | — | — | — | — | (18,577 | ) | (3) | — | — | — | — | |||||||||||||||||||||||||||||||
Fair value | $ | 13 | $ | 37 | $ | 2,703 | $ | 38 | $ | 109,960 | $ | 112,215 | $ | 191,401 | $ | 1,788 | $ | — | $ | 15 | $ | (82 | ) | |||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized gains (losses) for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period | $ | 20 | $ | 4 | $ | (201 | ) | $ | (27 | ) | $ | 938 | $ | 1,712 | $ | 4,781 | $ | 166 | $ | — | $ | — | $ | (22 | ) | |||||||||||||||||||
-1 | Primarily results from valuation adjustments of certain private equity investments. Since we only own a portion of these investments, our share of the net valuation adjustments resulted in a gain of $4.4 million which is included in net income attributable to RJF (after noncontrolling interests). The noncontrolling interests’ share of the net valuation adjustments was a gain of approximately $400 thousand. | |||||||||||||||||||||||||||||||||||||||||||
-2 | Our policy is that the end of each respective quarterly reporting period determines when transfers of financial instruments between levels are recognized. | |||||||||||||||||||||||||||||||||||||||||||
-3 | The transfers out of Level 3 were primarily comprised of the portion of private equity investments which do not represent equity investments, whose balances were transferred to cash and cash equivalents or other receivables on our Consolidated Statements of Financial Condition, and whose carrying values approximate fair value. | |||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2013 Level 3 assets at fair value | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Financial assets | Financial | |||||||||||||||||||||||||||||||||||||||||||
liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Trading instruments | Available for sale securities | Private equity, other investments and other assets | Payables- | |||||||||||||||||||||||||||||||||||||||||
trade and | ||||||||||||||||||||||||||||||||||||||||||||
other | ||||||||||||||||||||||||||||||||||||||||||||
Non- | Equity | Other | Non- | ARS – | ARS - | Private | Other | Other assets | Other | |||||||||||||||||||||||||||||||||||
agency | securities | agency | municipals | preferred | equity | investments | liabilities | |||||||||||||||||||||||||||||||||||||
CMOs & | CMOs | securities | investments | |||||||||||||||||||||||||||||||||||||||||
ABS | ||||||||||||||||||||||||||||||||||||||||||||
Fair value December 31, 2012 | $ | 18 | $ | 19 | $ | 6,451 | $ | 125 | $ | 133,318 | $ | 104,976 | $ | 329,767 | $ | 4,123 | $ | — | $ | (98 | ) | |||||||||||||||||||||||
Total gains (losses) for the period: | ||||||||||||||||||||||||||||||||||||||||||||
Included in earnings | 4 | — | (20 | ) | — | 9 | — | 63,033 | (1) | 17 | — | — | ||||||||||||||||||||||||||||||||
Included in other comprehensive income | — | — | — | 310 | 1,328 | 1,043 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Purchases and contributions | — | — | 1,937 | — | — | — | 7,060 | — | — | — | ||||||||||||||||||||||||||||||||||
Sales | — | — | (2,005 | ) | — | — | — | — | (50 | ) | — | — | ||||||||||||||||||||||||||||||||
Redemptions by issuer | — | — | — | — | (25 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Distributions | (5 | ) | — | (625 | ) | (15 | ) | — | — | (2,145 | ) | (108 | ) | — | — | |||||||||||||||||||||||||||||
Transfers: (2) | ||||||||||||||||||||||||||||||||||||||||||||
Into Level 3 | — | 2 | — | — | — | — | — | — | 15 | — | ||||||||||||||||||||||||||||||||||
Out of Level 3 | — | — | (15 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Fair value | $ | 17 | $ | 21 | $ | 5,723 | $ | 420 | $ | 134,630 | $ | 106,019 | $ | 397,715 | $ | 3,982 | $ | 15 | $ | (98 | ) | |||||||||||||||||||||||
March 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized gains (losses) for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period | $ | 1 | $ | — | $ | (20 | ) | $ | — | $ | 1,328 | $ | 1,043 | $ | 63,033 | (1) | $ | 51 | $ | — | $ | — | ||||||||||||||||||||||
-1 | Primarily results from valuation adjustments of certain private equity investments. Since we only own a portion of these investments, our share of the net valuation adjustments resulted in a gain of $20.3 million which is included in net income attributable to RJF (after noncontrolling interests). The noncontrolling interests’ share of the net valuation adjustments was a gain of approximately $42.7 million. | |||||||||||||||||||||||||||||||||||||||||||
On March 8, 2013, a private equity partnership in which we held an interest entered into a definitive agreement (the “Albion Sale Agreement”) providing for the sale of our indirect investment in Albion Medical Holdings, Inc. (“Albion”). This sale transaction closed on April 29, 2013. Of the totals presented, $65.3 million of the gain (before consideration of the noncontrolling interests) for the three month period ended March 31, 2013 results from the increase in our fair value estimate resulting from terms of the Albion Sale Agreement, and $21.8 million is the impact on net income attributable to RJF (after consideration of the noncontrolling interests) in such period. | ||||||||||||||||||||||||||||||||||||||||||||
-2 | Our policy is that the end of each respective quarterly reporting period determines when transfers of financial instruments between levels are recognized. | |||||||||||||||||||||||||||||||||||||||||||
Six months ended March 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
Level 3 assets at fair value | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Financial assets | Financial | |||||||||||||||||||||||||||||||||||||||||||
liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Trading instruments | Available for sale securities | Private equity, other investments and other assets | Payables-trade | |||||||||||||||||||||||||||||||||||||||||
and other | ||||||||||||||||||||||||||||||||||||||||||||
Municipal & | Non- | Equity | Other | Non- | ARS – | ARS - | Private | Other | Other assets | Other | ||||||||||||||||||||||||||||||||||
provincial | agency | securities | agency | municipals | preferred | equity | investments | liabilities | ||||||||||||||||||||||||||||||||||||
obligations | CMOs & | CMOs | securities | investments | ||||||||||||||||||||||||||||||||||||||||
ABS | ||||||||||||||||||||||||||||||||||||||||||||
Fair value | $ | 553 | $ | 29 | $ | 6 | $ | 5,850 | $ | 249 | $ | 123,559 | $ | 110,193 | $ | 336,927 | $ | 4,092 | $ | — | $ | (98 | ) | |||||||||||||||||||||
September 30, 2012 | ||||||||||||||||||||||||||||||||||||||||||||
Total gains (losses) for the period: | ||||||||||||||||||||||||||||||||||||||||||||
Included in earnings | — | (4 | ) | 5 | (51 | ) | (335 | ) | 32 | 1,164 | 66,421 | (1) | 53 | — | — | |||||||||||||||||||||||||||||
Included in other comprehensive income | — | — | — | — | 533 | 11,289 | 2,649 | — | — | — | — | |||||||||||||||||||||||||||||||||
Purchases,and contributions | — | — | 44 | 3,210 | — | — | 25 | 10,653 | — | — | — | |||||||||||||||||||||||||||||||||
Sales | (553 | ) | — | (36 | ) | (2,008 | ) | — | — | — | — | (50 | ) | — | — | |||||||||||||||||||||||||||||
Redemptions by issuer | — | — | — | — | — | (250 | ) | (8,012 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Distributions | — | (8 | ) | — | (1,263 | ) | (27 | ) | — | — | (16,286 | ) | (113 | ) | — | — | ||||||||||||||||||||||||||||
Transfers: (2) | ||||||||||||||||||||||||||||||||||||||||||||
Into Level 3 | — | — | 2 | — | — | — | — | — | — | 15 | — | |||||||||||||||||||||||||||||||||
Out of Level 3 | — | — | — | (15 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Fair value | $ | — | $ | 17 | $ | 21 | $ | 5,723 | $ | 420 | $ | 134,630 | $ | 106,019 | $ | 397,715 | $ | 3,982 | $ | 15 | $ | (98 | ) | |||||||||||||||||||||
March 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized gains (losses) for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period | $ | — | $ | 18 | $ | 3 | $ | (51 | ) | $ | (335 | ) | $ | 11,289 | $ | 2,649 | $ | 66,421 | (1) | $ | 143 | $ | — | $ | — | |||||||||||||||||||
-1 | Primarily results from valuation adjustments of certain private equity investments. Since we only own a portion of these investments, our share of the net valuation adjustments resulted in a gain of $22.1 million which is included in net income attributable to RJF (after noncontrolling interests). The noncontrolling interests’ share of the net valuation adjustments was a gain of approximately $44.3 million. | |||||||||||||||||||||||||||||||||||||||||||
On March 8, 2013, a private equity partnership in which we held an interest entered into the Albion Sale Agreement. The sale transaction closed on April 29, 2013. Of the totals presented, $65.3 million of the gain (before consideration of the noncontrolling interests) for the six month period ended March 31, 2013 results from the increase in our fair value estimate resulting from terms of the Albion Sale Agreement, and $21.8 million is the impact on net income attributable to RJF (after consideration of the noncontrolling interests) in such period. | ||||||||||||||||||||||||||||||||||||||||||||
-2 | Our policy is that the end of each respective quarterly reporting period determines when transfers of financial instruments between levels are recognized. | |||||||||||||||||||||||||||||||||||||||||||
Gains and Losses (Realized and Unrealized) Included in Revenues | ' | |||||||||||||||||||||||||||||||||||||||||||
Gains and losses included in earnings are presented in net trading profit and other revenues in our Condensed Consolidated Statements of Income and Comprehensive Income as follows: | ||||||||||||||||||||||||||||||||||||||||||||
For the three months ended March 31, 2014 | Net trading | Other | ||||||||||||||||||||||||||||||||||||||||||
profit | revenues | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Total (losses) gains included in revenues | $ | (27 | ) | $ | 1,503 | |||||||||||||||||||||||||||||||||||||||
Change in unrealized (losses) gains for assets held at the end of the reporting period | $ | (27 | ) | $ | 180 | |||||||||||||||||||||||||||||||||||||||
For the six months ended March 31, 2014 | Net trading | Other | ||||||||||||||||||||||||||||||||||||||||||
profit | revenues | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Total (losses) gains included in revenues | $ | (197 | ) | $ | 7,655 | |||||||||||||||||||||||||||||||||||||||
Change in unrealized (losses) gains for assets held at the end of the reporting period | $ | (177 | ) | $ | 7,548 | |||||||||||||||||||||||||||||||||||||||
For the three months ended March 31, 2013 | Net trading | Other | ||||||||||||||||||||||||||||||||||||||||||
profit | revenues | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Total (losses) gains included in revenues | $ | (16 | ) | $ | 63,059 | |||||||||||||||||||||||||||||||||||||||
Change in unrealized (losses) gains for assets held at the end of the reporting period | $ | (19 | ) | $ | 65,455 | |||||||||||||||||||||||||||||||||||||||
For the six months ended March 31, 2013 | Net trading | Other | ||||||||||||||||||||||||||||||||||||||||||
profit | revenues | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Total (losses) gains included in revenues | $ | (50 | ) | $ | 67,335 | |||||||||||||||||||||||||||||||||||||||
Change in unrealized (losses) gains for assets held at the end of the reporting period | $ | (30 | ) | $ | 80,167 | |||||||||||||||||||||||||||||||||||||||
Significant Assumptions Used in Valuation of Level 3 Financial Instruments | ' | |||||||||||||||||||||||||||||||||||||||||||
The significant assumptions used in the valuation of level 3 financial instruments are as follows (the table that follows includes the significant majority of the financial instruments we hold that are classified as level 3 measures): | ||||||||||||||||||||||||||||||||||||||||||||
Level 3 financial instrument | Fair value at | Valuation technique(s) | Unobservable input | Range (weighted-average) | ||||||||||||||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Recurring measurements: | ||||||||||||||||||||||||||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||||||||||||||||||||||||||
ARS: | ||||||||||||||||||||||||||||||||||||||||||||
Municipals | $ | 109,960 | Discounted cash flow | Average discount rate(a) | 3.15% - 7.64% (5.53%) | |||||||||||||||||||||||||||||||||||||||
Average interest rates applicable to future interest income on the securities(b) | 1.08% - 6.91% (3.67%) | |||||||||||||||||||||||||||||||||||||||||||
Prepayment year(c) | 2016 - 2023 (2020) | |||||||||||||||||||||||||||||||||||||||||||
Preferred securities | $ | 112,215 | Discounted cash flow | Average discount rate(a) | 3.3% - 5.21% (4.42%) | |||||||||||||||||||||||||||||||||||||||
Average interest rates applicable to future interest income on the securities(b) | 1.61% - 2.92% (2.22%) | |||||||||||||||||||||||||||||||||||||||||||
Prepayment year(c) | 2014 - 2018 (2018) | |||||||||||||||||||||||||||||||||||||||||||
Private equity investments: | $ | 37,849 | Income or market approach: | |||||||||||||||||||||||||||||||||||||||||
Scenario 1 - income approach - discounted cash flow | Discount rate(a) | 14% - 15% (14%) | ||||||||||||||||||||||||||||||||||||||||||
Terminal growth rate of cash flows | 3% - 3% (3%) | |||||||||||||||||||||||||||||||||||||||||||
Terminal year | 2014 - 2015 (2014) | |||||||||||||||||||||||||||||||||||||||||||
Scenario 2 - market approach - market multiple method | EBITDA Multiple(d) | 4.75 - 7.00 (5.39) | ||||||||||||||||||||||||||||||||||||||||||
Projected EBITDA growth(e) | 16.3% - 16.3% (16.3%) | |||||||||||||||||||||||||||||||||||||||||||
Weighting assigned to outcome of scenario 1/scenario 2 | 86%/14% | |||||||||||||||||||||||||||||||||||||||||||
$ | 153,552 | Transaction price or other investment-specific events(f) | Not meaningful(f) | Not meaningful(f) | ||||||||||||||||||||||||||||||||||||||||
Nonrecurring measurements: | ||||||||||||||||||||||||||||||||||||||||||||
Impaired loans: residential | $ | 26,165 | Discounted cash flow | Prepayment rate | 7 - 12 yrs. (10.35 yrs.) | |||||||||||||||||||||||||||||||||||||||
Impaired loans: corporate | $ | 24,324 | Appraisal, discounted cash flow, or distressed enterprise value(g) | Not meaningful(g) | Not meaningful(g) | |||||||||||||||||||||||||||||||||||||||
The text of the footnotes in the above table are on the following page. | ||||||||||||||||||||||||||||||||||||||||||||
The text of the footnotes to the table on the previous page are as follows: | ||||||||||||||||||||||||||||||||||||||||||||
(a) | Represents discount rates used when we have determined that market participants would take these discounts into account when pricing the investments. | |||||||||||||||||||||||||||||||||||||||||||
(b) | Future interest rates are projected based upon a forward interest rate curve, plus a spread over such projected base rate that is applicable to each future period for each security within this portfolio segment. The interest rates presented represent the average interest rate over all projected periods for securities within the portfolio segment. | |||||||||||||||||||||||||||||||||||||||||||
(c) | Assumed year of at least a partial redemption of the outstanding security by the issuer. | |||||||||||||||||||||||||||||||||||||||||||
(d) | Represents amounts used when we have determined that market participants would use such multiples when pricing the investments. | |||||||||||||||||||||||||||||||||||||||||||
(e) | Represents the projected growth in earnings before interest, taxes, depreciation and amortization (“EBITDA”) utilized in the valuation as compared to the prior periods reported EBITDA. | |||||||||||||||||||||||||||||||||||||||||||
(f) | Certain direct private equity investments are valued initially at the transaction price until either our annual review, significant transactions occur, new developments become known, or we receive information from the fund manager that allows us to update our proportionate share of net assets, when any of which indicate that a change in the carrying values of these investments is appropriate. | |||||||||||||||||||||||||||||||||||||||||||
(g) | The valuation techniques used for the impaired corporate loan portfolio as of March 31, 2014 were appraisals less selling costs for the collateral dependent loans, and either discounted cash flows or distressed enterprise value for the remaining impaired loans that are not collateral dependent. | |||||||||||||||||||||||||||||||||||||||||||
Carrying Amounts and Estimated Fair Values of Financial Instruments Not Carried at Fair Value | ' | |||||||||||||||||||||||||||||||||||||||||||
The estimated fair values by level within the fair value hierarchy and the carrying amounts of our financial instruments that are not carried at fair value are as follows: | ||||||||||||||||||||||||||||||||||||||||||||
Quoted prices | Significant | Significant | Total estimated fair value | Carrying amount | ||||||||||||||||||||||||||||||||||||||||
in active | other | unobservable | ||||||||||||||||||||||||||||||||||||||||||
markets for | observable | inputs | ||||||||||||||||||||||||||||||||||||||||||
identical | inputs | (Level 3) | ||||||||||||||||||||||||||||||||||||||||||
assets | (Level 2) | |||||||||||||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||
Bank loans, net(1) | $ | — | $ | 118,261 | $ | 9,743,929 | $ | 9,862,190 | $ | 9,942,043 | ||||||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Bank deposits | $ | — | $ | 10,087,853 | $ | 330,764 | $ | 10,418,617 | $ | 10,414,804 | ||||||||||||||||||||||||||||||||||
Other borrowings | $ | — | $ | 78,517 | $ | — | $ | 78,517 | $ | 78,517 | ||||||||||||||||||||||||||||||||||
Corporate debt | $ | 365,400 | $ | 956,988 | $ | — | $ | 1,322,388 | $ | 1,192,699 | ||||||||||||||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||
Bank loans, net(1) | $ | — | $ | 83,012 | $ | 8,614,755 | $ | 8,697,767 | $ | 8,700,027 | ||||||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Bank deposits | $ | — | $ | 8,981,996 | $ | 320,196 | $ | 9,302,192 | $ | 9,295,371 | ||||||||||||||||||||||||||||||||||
Other borrowings | $ | — | $ | 84,076 | $ | — | $ | 84,076 | $ | 84,076 | ||||||||||||||||||||||||||||||||||
Corporate debt | $ | 352,520 | $ | 951,628 | $ | — | $ | 1,304,148 | $ | 1,194,508 | ||||||||||||||||||||||||||||||||||
-1 | Excludes all impaired loans and loans held for sale which have been recorded at fair value in the Condensed Consolidated Statement of Financial Condition at March 31, 2014 and September 30, 2013, respectively. |
TRADING_INSTRUMENTS_AND_TRADIN1
TRADING INSTRUMENTS AND TRADING INSTRUMENTS SOLD BUT NOT YET PURCHASED (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
TRADING INSTRUMENTS AND TRADING INSTRUMENTS SOLD BUT NOT YET PURCHASED [Abstract] | ' | |||||||||||||||
Trading Instruments and Trading Instruments Sold but Not Yet Purchased | ' | |||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||||
Trading | Instruments | Trading | Instruments | |||||||||||||
instruments | sold but not | instruments | sold but not | |||||||||||||
yet purchased | yet purchased | |||||||||||||||
(in thousands) | ||||||||||||||||
Municipal and provincial obligations | $ | 171,229 | $ | 7,688 | $ | 202,826 | $ | 1,777 | ||||||||
Corporate obligations | 67,298 | 22,973 | 60,406 | 9,111 | ||||||||||||
Government and agency obligations | 60,832 | 147,663 | 113,396 | 169,816 | ||||||||||||
Agency MBS and CMOs | 150,564 | 2,186 | 93,149 | 3,068 | ||||||||||||
Non-agency CMOs and ABS | 37,705 | — | 16,971 | — | ||||||||||||
Total debt securities | 487,628 | 180,510 | 486,748 | 183,772 | ||||||||||||
Derivative contracts (1) | 24,669 | 5,828 | 28,109 | 5,641 | ||||||||||||
Equity securities | 61,238 | 14,120 | 53,015 | 31,243 | ||||||||||||
Corporate loans | 33,074 | — | — | — | ||||||||||||
Other | 41,145 | — | 11,833 | — | ||||||||||||
Total | $ | 647,754 | $ | 200,458 | $ | 579,705 | $ | 220,656 | ||||||||
-1 | Represents the derivative contracts held for trading purposes. These balances do not include all derivative instruments since the derivative instruments associated with offsetting matched book positions are included on their own line item on our Condensed Consolidated Statements of Financial Condition. See Note 13 for further information regarding all of our derivative transactions, and see Note 14 for additional information regarding offsetting financial instruments. |
AVAILABLE_FOR_SALE_SECURITIES_
AVAILABLE FOR SALE SECURITIES (Tables) | 6 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Available-for-sale Securities [Abstract] | ' | |||||||||||||||||||||||
Amortized Cost and Estimated Fair Values of Available For Sale Securities | ' | |||||||||||||||||||||||
The amortized cost and fair values of available for sale securities are as follows: | ||||||||||||||||||||||||
Cost basis | Gross | Gross | Fair value | |||||||||||||||||||||
unrealized gains | unrealized losses | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||||||
Agency MBS and CMOs | $ | 297,575 | $ | 570 | $ | (1,436 | ) | $ | 296,709 | |||||||||||||||
Non-agency CMOs (1) | 133,977 | 138 | (8,514 | ) | 125,601 | |||||||||||||||||||
Other securities | 1,575 | 509 | — | 2,084 | ||||||||||||||||||||
Total RJ Bank available for sale securities | 433,127 | 1,217 | (9,950 | ) | 424,394 | |||||||||||||||||||
Auction rate securities: | ||||||||||||||||||||||||
Municipal obligations | 103,459 | 7,461 | (960 | ) | 109,960 | |||||||||||||||||||
Preferred securities | 104,527 | 7,688 | — | 112,215 | ||||||||||||||||||||
Total auction rate securities | 207,986 | 15,149 | (960 | ) | 222,175 | |||||||||||||||||||
Total available for sale securities | $ | 641,113 | $ | 16,366 | $ | (10,910 | ) | $ | 646,569 | |||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||||||
Agency MBS and CMOs | $ | 326,858 | $ | 707 | $ | (1,536 | ) | $ | 326,029 | |||||||||||||||
Non-agency CMOs (2) | 142,169 | 4 | (13,152 | ) | 129,021 | |||||||||||||||||||
Other securities | 1,575 | 501 | — | 2,076 | ||||||||||||||||||||
Total RJ Bank available for sale securities | 470,602 | 1,212 | (14,688 | ) | 457,126 | |||||||||||||||||||
Auction rate securities: | ||||||||||||||||||||||||
Municipal obligations | 125,371 | 6,831 | (1,268 | ) | 130,934 | |||||||||||||||||||
Preferred securities | 104,808 | 5,976 | — | 110,784 | ||||||||||||||||||||
Total auction rate securities | 230,179 | 12,807 | (1,268 | ) | 241,718 | |||||||||||||||||||
Total available for sale securities | $ | 700,781 | $ | 14,019 | $ | (15,956 | ) | $ | 698,844 | |||||||||||||||
-1 | As of March 31, 2014, the non-credit portion of other-than-temporary impairment (“OTTI”) recorded in AOCI was $7.1 million (before taxes). | |||||||||||||||||||||||
-2 | As of September 30, 2013, the non-credit portion of OTTI recorded in AOCI was $11.1 million (before taxes). | |||||||||||||||||||||||
Contractual Maturities, Amortized Cost, Carrying Values, and Current Yields for Available For Sales Securities | ' | |||||||||||||||||||||||
The contractual maturities, amortized cost, carrying values and current yields for our available for sale securities are as presented below. Since RJ Bank’s available for sale securities are backed by mortgages, actual maturities will differ from contractual maturities because borrowers may have the right to prepay obligations without prepayment penalties. Expected maturities of ARS may differ significantly from contractual maturities, as issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Within one year | After one but | After five but | After ten years | Total | ||||||||||||||||||||
within five | within ten | |||||||||||||||||||||||
years | years | |||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||
Agency MBS & CMOs: | ||||||||||||||||||||||||
Amortized cost | $ | — | $ | 9,588 | $ | 17,284 | $ | 270,703 | $ | 297,575 | ||||||||||||||
Carrying value | — | 9,615 | 17,366 | 269,728 | 296,709 | |||||||||||||||||||
Weighted-average yield | — | 0.21 | % | 0.24 | % | 1 | % | 0.93 | % | |||||||||||||||
Non-agency CMOs: | ||||||||||||||||||||||||
Amortized cost | $ | — | $ | — | $ | — | $ | 133,977 | $ | 133,977 | ||||||||||||||
Carrying value | — | — | — | 125,601 | 125,601 | |||||||||||||||||||
Weighted-average yield | — | — | — | 2.5 | % | 2.5 | % | |||||||||||||||||
Other securities: | ||||||||||||||||||||||||
Amortized cost | $ | — | $ | — | $ | — | $ | 1,575 | $ | 1,575 | ||||||||||||||
Carrying value | — | — | — | 2,084 | 2,084 | |||||||||||||||||||
Weighted-average yield | — | — | — | — | — | |||||||||||||||||||
Sub-total agency MBS & CMOs, non-agency CMOs, and other securities: | ||||||||||||||||||||||||
Amortized cost | $ | — | $ | 9,588 | $ | 17,284 | $ | 406,255 | $ | 433,127 | ||||||||||||||
Carrying value | — | 9,615 | 17,366 | 397,413 | 424,394 | |||||||||||||||||||
Weighted-average yield | — | 0.21 | % | 0.24 | % | 1.47 | % | 1.39 | % | |||||||||||||||
Auction rate securities: | ||||||||||||||||||||||||
Municipal obligations | ||||||||||||||||||||||||
Amortized cost | $ | — | $ | 1,925 | $ | 6,600 | $ | 94,934 | $ | 103,459 | ||||||||||||||
Carrying value | — | 1,973 | 6,302 | 101,685 | 109,960 | |||||||||||||||||||
Weighted-average yield | — | 0.19 | % | 0.27 | % | 0.38 | % | 0.37 | % | |||||||||||||||
Preferred securities: | ||||||||||||||||||||||||
Amortized cost | $ | — | $ | — | $ | — | $ | 104,527 | $ | 104,527 | ||||||||||||||
Carrying value | — | — | — | 112,215 | 112,215 | |||||||||||||||||||
Weighted-average yield | — | — | — | 0.24 | % | 0.24 | % | |||||||||||||||||
Sub-total auction rate securities: | ||||||||||||||||||||||||
Amortized cost | $ | — | $ | 1,925 | $ | 6,600 | $ | 199,461 | $ | 207,986 | ||||||||||||||
Carrying value | — | 1,973 | 6,302 | 213,900 | 222,175 | |||||||||||||||||||
Weighted-average yield | — | 0.19 | % | 0.27 | % | 0.31 | % | 0.31 | % | |||||||||||||||
Total available for sale securities: | ||||||||||||||||||||||||
Amortized cost | $ | — | $ | 11,513 | $ | 23,884 | $ | 605,716 | $ | 641,113 | ||||||||||||||
Carrying value | — | 11,588 | 23,668 | 611,313 | 646,569 | |||||||||||||||||||
Weighted-average yield | — | 0.21 | % | 0.25 | % | 1.07 | % | 1.02 | % | |||||||||||||||
Available For Sale Securities in a Continuous Unrealized Loss Position | ' | |||||||||||||||||||||||
The gross unrealized losses and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position, are as follows: | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||
fair value | losses | fair value | losses | fair value | losses | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Agency MBS and CMOs | $ | 110,745 | $ | (728 | ) | $ | 57,358 | $ | (708 | ) | $ | 168,103 | $ | (1,436 | ) | |||||||||
Non-agency CMOs | 4,613 | (287 | ) | 85,793 | (8,227 | ) | 90,406 | (8,514 | ) | |||||||||||||||
ARS municipal obligations | 3,254 | (210 | ) | 18,373 | (750 | ) | 21,627 | (960 | ) | |||||||||||||||
Total | $ | 118,612 | $ | (1,225 | ) | $ | 161,524 | $ | (9,685 | ) | $ | 280,136 | $ | (10,910 | ) | |||||||||
September 30, 2013 | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||
fair value | losses | fair value | losses | fair value | losses | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Agency MBS and CMOs | $ | 157,580 | $ | (1,150 | ) | $ | 22,940 | $ | (386 | ) | $ | 180,520 | $ | (1,536 | ) | |||||||||
Non-agency CMOs | 4,906 | (556 | ) | 123,139 | (12,596 | ) | 128,045 | (13,152 | ) | |||||||||||||||
ARS municipal obligations | 771 | (100 | ) | 19,747 | (1,168 | ) | 20,518 | (1,268 | ) | |||||||||||||||
Total | $ | 163,257 | $ | (1,806 | ) | $ | 165,826 | $ | (14,150 | ) | $ | 329,083 | $ | (15,956 | ) | |||||||||
Non-Agency CMOs Cash Flow Analysis Assumptions | ' | |||||||||||||||||||||||
The significant assumptions used in the cash flow analysis of non-agency CMOs are as follows: | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Range | Weighted- | |||||||||||||||||||||||
average (1) | ||||||||||||||||||||||||
Default rate | 0% - 30.1% | 9.18% | ||||||||||||||||||||||
Loss severity | 0% - 72.2% | 41.95% | ||||||||||||||||||||||
Prepayment rate | 0.7% - 21.7% | 7.67% | ||||||||||||||||||||||
(1) | Represents the expected activity for the next twelve months. | |||||||||||||||||||||||
Credit Losses Recognized in Earnings on Available For Sale Securities | ' | |||||||||||||||||||||||
Changes in the amount of OTTI related to credit losses recognized in other revenues on available for sale securities are as follows: | ||||||||||||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Amount related to credit losses on securities we held at the beginning of the period | $ | 28,244 | $ | 27,966 | $ | 28,217 | $ | 27,581 | ||||||||||||||||
Additional increases to the amount related to credit loss for which an OTTI was previously recognized | — | — | 27 | 385 | ||||||||||||||||||||
Amount related to credit losses on securities we held at the end of the period | $ | 28,244 | $ | 27,966 | $ | 28,244 | $ | 27,966 | ||||||||||||||||
BANK_LOANS_NET_Tables
BANK LOANS, NET (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||||||
Held for Sale and Held for Investment Loan Portfolios | ' | |||||||||||||||||||||||||||||||
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 RJ Bank’s total loan portfolio: | ||||||||||||||||||||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||||||||||||||||||||
Balance | % | Balance | % | |||||||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||||
Loans held for sale, net(1) | $ | 122,256 | 1 | % | $ | 110,292 | 1 | % | ||||||||||||||||||||||||
Loans held for investment: | ||||||||||||||||||||||||||||||||
Domestic: | ||||||||||||||||||||||||||||||||
C&I loans | 4,946,263 | 49 | % | 4,439,668 | 50 | % | ||||||||||||||||||||||||||
CRE construction loans | 47,334 | — | 38,964 | — | ||||||||||||||||||||||||||||
CRE loans | 1,327,095 | 13 | % | 1,075,986 | 12 | % | ||||||||||||||||||||||||||
Residential mortgage loans | 1,739,652 | 17 | % | 1,743,787 | 20 | % | ||||||||||||||||||||||||||
SBL and other consumer loans | 771,092 | 8 | % | 554,210 | 6 | % | ||||||||||||||||||||||||||
Foreign: | ||||||||||||||||||||||||||||||||
C&I loans | 1,001,116 | 9 | % | 806,337 | 9 | % | ||||||||||||||||||||||||||
CRE construction loans | 59,362 | 1 | % | 21,876 | — | |||||||||||||||||||||||||||
CRE loans | 186,913 | 2 | % | 207,060 | 2 | % | ||||||||||||||||||||||||||
Residential mortgage loans | 2,264 | — | 1,863 | — | ||||||||||||||||||||||||||||
SBL and other consumer loans | 1,883 | — | 1,595 | — | ||||||||||||||||||||||||||||
Total loans held for investment | 10,082,974 | 8,891,346 | ||||||||||||||||||||||||||||||
Net unearned income and deferred expenses | (39,189 | ) | (43,936 | ) | ||||||||||||||||||||||||||||
Total loans held for investment, net(1) | 10,043,785 | 8,847,410 | ||||||||||||||||||||||||||||||
Total loans held for sale and investment | 10,166,041 | 100 | % | 8,957,702 | 100 | % | ||||||||||||||||||||||||||
Allowance for loan losses | (137,940 | ) | (136,501 | ) | ||||||||||||||||||||||||||||
Bank loans, net | $ | 10,028,101 | $ | 8,821,201 | ||||||||||||||||||||||||||||
-1 | Net of unearned income and deferred expenses, which includes purchase premiums, purchase discounts, and net deferred origination fees and costs. | |||||||||||||||||||||||||||||||
Loan Purchases and Sales | ' | |||||||||||||||||||||||||||||||
The following table presents purchases and sales of any loans held for investment by portfolio segment: | ||||||||||||||||||||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Purchases | Sales | Purchases | Sales | Purchases | Sales | Purchases | Sales | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
C&I loans | $ | 110,406 | $ | 70,350 | $ | 65,525 | $ | 74,279 | $ | 237,736 | $ | 131,323 | $ | 104,799 | $ | 90,818 | ||||||||||||||||
Residential mortgage loans | 140 | — | 2,153 | — | 27,735 | — | 4,563 | — | ||||||||||||||||||||||||
Total | $ | 110,546 | $ | 70,350 | $ | 67,678 | $ | 74,279 | $ | 265,471 | $ | 131,323 | $ | 109,362 | $ | 90,818 | ||||||||||||||||
Nonperforming Loans Held for Investment and Total Nonperforming Assets | ' | |||||||||||||||||||||||||||||||
The following table presents the comparative data for nonperforming loans held for investment and total nonperforming assets: | ||||||||||||||||||||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||||
Nonaccrual loans: | ||||||||||||||||||||||||||||||||
C&I loans | $ | — | $ | 89 | ||||||||||||||||||||||||||||
CRE loans | 24,324 | 25,512 | ||||||||||||||||||||||||||||||
Residential mortgage loans: | ||||||||||||||||||||||||||||||||
First mortgage loans | 69,732 | 75,889 | ||||||||||||||||||||||||||||||
Home equity loans/lines | 408 | 468 | ||||||||||||||||||||||||||||||
Total nonaccrual loans | 94,464 | 101,958 | ||||||||||||||||||||||||||||||
Real estate owned and other repossessed assets, net: | ||||||||||||||||||||||||||||||||
Residential first mortgage | 2,968 | 2,434 | ||||||||||||||||||||||||||||||
Total nonperforming assets, net | $ | 97,432 | $ | 104,392 | ||||||||||||||||||||||||||||
Total nonperforming assets, net as a % of RJ Bank total assets | 0.83 | % | 0.99 | % | ||||||||||||||||||||||||||||
Analysis of the Payment Status of Loans Held for Investment | ' | |||||||||||||||||||||||||||||||
The following table presents an analysis of the payment status of loans held for investment: | ||||||||||||||||||||||||||||||||
30-59 | 60-89 | 90 days | Total | Current (1) | Total loans held for | |||||||||||||||||||||||||||
days | days | or more | past due | investment (2) | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
As of March 31, 2014: | ||||||||||||||||||||||||||||||||
C&I loans | $ | — | $ | 128 | $ | — | $ | 128 | $ | 5,947,251 | $ | 5,947,379 | ||||||||||||||||||||
CRE construction loans | — | — | — | — | 106,696 | 106,696 | ||||||||||||||||||||||||||
CRE loans | — | — | 10,320 | 10,320 | 1,503,688 | 1,514,008 | ||||||||||||||||||||||||||
Residential mortgage loans: | ||||||||||||||||||||||||||||||||
First mortgage loans | 3,766 | 946 | 40,086 | 44,798 | 1,675,444 | 1,720,242 | ||||||||||||||||||||||||||
Home equity loans/lines | — | — | 148 | 148 | 21,526 | 21,674 | ||||||||||||||||||||||||||
SBL and other consumer loans | — | — | — | — | 772,975 | 772,975 | ||||||||||||||||||||||||||
Total loans held for investment, net | $ | 3,766 | $ | 1,074 | $ | 50,554 | $ | 55,394 | $ | 10,027,580 | $ | 10,082,974 | ||||||||||||||||||||
As of September 30, 2013: | ||||||||||||||||||||||||||||||||
C&I loans | $ | 135 | $ | — | $ | — | $ | 135 | $ | 5,245,870 | $ | 5,246,005 | ||||||||||||||||||||
CRE construction loans | — | — | — | — | 60,840 | 60,840 | ||||||||||||||||||||||||||
CRE loans | — | — | 17 | 17 | 1,283,029 | 1,283,046 | ||||||||||||||||||||||||||
Residential mortgage loans: | ||||||||||||||||||||||||||||||||
First mortgage loans | 4,756 | 2,068 | 43,004 | 49,828 | 1,673,619 | 1,723,447 | ||||||||||||||||||||||||||
Home equity loans/lines | — | — | 372 | 372 | 21,831 | 22,203 | ||||||||||||||||||||||||||
SBL and other consumer loans | — | — | — | — | 555,805 | 555,805 | ||||||||||||||||||||||||||
Total loans held for investment, net | $ | 4,891 | $ | 2,068 | $ | 43,393 | $ | 50,352 | $ | 8,840,994 | $ | 8,891,346 | ||||||||||||||||||||
-1 | Includes $42 million and $55.5 million of nonaccrual loans at March 31, 2014 and September 30, 2013, respectively, which are performing pursuant to their contractual terms. | |||||||||||||||||||||||||||||||
-2 | Excludes any net unearned income and deferred expenses. | |||||||||||||||||||||||||||||||
Summary of Impaired Loans | ' | |||||||||||||||||||||||||||||||
The following table provides a summary of RJ Bank’s impaired loans: | ||||||||||||||||||||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||||||||||||||||||||
Gross | Unpaid | Allowance | Gross | Unpaid | Allowance | |||||||||||||||||||||||||||
recorded | principal | for losses | recorded | principal | for losses | |||||||||||||||||||||||||||
investment | balance | investment | balance | |||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Impaired loans with allowance for loan losses:(1) | ||||||||||||||||||||||||||||||||
C&I loans | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
CRE loans | — | — | — | 17 | 26 | 1 | ||||||||||||||||||||||||||
Residential mortgage loans: | ||||||||||||||||||||||||||||||||
First mortgage loans | 48,343 | 69,352 | 5,498 | 52,624 | 77,240 | 6,646 | ||||||||||||||||||||||||||
Home equity loans/lines | 36 | 74 | 3 | 36 | 74 | 4 | ||||||||||||||||||||||||||
Total | 48,379 | 69,426 | 5,501 | 52,677 | 77,340 | 6,651 | ||||||||||||||||||||||||||
Impaired loans without allowance for loan losses:(2) | ||||||||||||||||||||||||||||||||
C&I loans | — | — | — | 89 | 94 | — | ||||||||||||||||||||||||||
CRE loans | 24,324 | 44,575 | — | 25,495 | 45,229 | — | ||||||||||||||||||||||||||
Residential - first mortgage loans | 22,842 | 35,016 | — | 21,445 | 32,617 | — | ||||||||||||||||||||||||||
Total | 47,166 | 79,591 | — | 47,029 | 77,940 | — | ||||||||||||||||||||||||||
Total impaired loans | $ | 95,545 | $ | 149,017 | $ | 5,501 | $ | 99,706 | $ | 155,280 | $ | 6,651 | ||||||||||||||||||||
-1 | Impaired loan balances have had reserves established based upon management’s analysis. | |||||||||||||||||||||||||||||||
-2 | When the discounted cash flow, collateral value or market value equals or exceeds the carrying value of the loan, then the loan does not require an allowance. These are generally loans in process of foreclosure that have already been adjusted to fair value. | |||||||||||||||||||||||||||||||
The preceding table includes $2 million CRE and $37.9 million residential first mortgage TDR’s at March 31, 2014, and $2.2 million CRE and $36.6 million residential first mortgage TDR’s at September 30, 2013. | ||||||||||||||||||||||||||||||||
The average balance of the total impaired loans and the related interest income recognized in the Condensed Consolidated Statements of Income and Comprehensive Income are as follows: | ||||||||||||||||||||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Average impaired loan balance: | ||||||||||||||||||||||||||||||||
C&I loans | $ | — | $ | 22,504 | $ | 35 | $ | 20,877 | ||||||||||||||||||||||||
CRE loans | 24,702 | 4,879 | 24,949 | 6,577 | ||||||||||||||||||||||||||||
Residential mortgage loans: | ||||||||||||||||||||||||||||||||
First mortgage loans | 71,277 | 79,025 | 71,818 | 80,008 | ||||||||||||||||||||||||||||
Home equity loans/lines | 36 | 127 | 36 | 128 | ||||||||||||||||||||||||||||
Total | $ | 96,015 | $ | 106,535 | $ | 96,838 | $ | 107,590 | ||||||||||||||||||||||||
Interest income recognized: | ||||||||||||||||||||||||||||||||
Residential mortgage loans: | ||||||||||||||||||||||||||||||||
First mortgage loans | $ | 391 | $ | 330 | $ | 1,027 | $ | 661 | ||||||||||||||||||||||||
Home equity loans/lines | — | 1 | — | 2 | ||||||||||||||||||||||||||||
Total | $ | 391 | $ | 331 | $ | 1,027 | $ | 663 | ||||||||||||||||||||||||
Impact of TDRs | ' | |||||||||||||||||||||||||||||||
The table below presents the TDRs that occurred during the respective periods presented: | ||||||||||||||||||||||||||||||||
Number of | Pre-modification | Post-modification | ||||||||||||||||||||||||||||||
contracts | outstanding | outstanding | ||||||||||||||||||||||||||||||
recorded | recorded | |||||||||||||||||||||||||||||||
investment | investment | |||||||||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||||||||||||||
Residential – first mortgage loans | 4 | $ | 654 | $ | 702 | |||||||||||||||||||||||||||
Three months ended March 31, 2013 | ||||||||||||||||||||||||||||||||
Residential – first mortgage loans | 1 | $ | 662 | $ | 662 | |||||||||||||||||||||||||||
Six months ended March 31, 2014 | ||||||||||||||||||||||||||||||||
Residential – first mortgage loans | 12 | $ | 2,539 | $ | 2,699 | |||||||||||||||||||||||||||
Six months ended March 31, 2013 | ||||||||||||||||||||||||||||||||
Residential – first mortgage loans | 44 | $ | 14,953 | $ | 14,893 | |||||||||||||||||||||||||||
Credit Quality of Held for Investment Loan Portfolio | ' | |||||||||||||||||||||||||||||||
The credit quality of RJ Bank’s held for investment loan portfolio is as follows: | ||||||||||||||||||||||||||||||||
Residential mortgage | ||||||||||||||||||||||||||||||||
C&I | CRE | CRE | First | Home | SBL and other consumer | Total | ||||||||||||||||||||||||||
construction | mortgage | equity | ||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||||||
Pass | $ | 5,878,566 | $ | 106,696 | $ | 1,489,291 | $ | 1,627,759 | $ | 21,252 | $ | 772,975 | $ | 9,896,539 | ||||||||||||||||||
Special mention (1) | 42,444 | — | 193 | 19,455 | 14 | — | 62,106 | |||||||||||||||||||||||||
Substandard (1) | 26,369 | — | 22,491 | 73,028 | 408 | — | 122,296 | |||||||||||||||||||||||||
Doubtful (1) | — | — | 2,033 | — | — | — | 2,033 | |||||||||||||||||||||||||
Total | $ | 5,947,379 | $ | 106,696 | $ | 1,514,008 | $ | 1,720,242 | $ | 21,674 | $ | 772,975 | $ | 10,082,974 | ||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||||||||
Pass | $ | 5,012,786 | $ | 60,840 | $ | 1,257,130 | $ | 1,627,090 | $ | 21,582 | $ | 555,805 | $ | 8,535,233 | ||||||||||||||||||
Special mention (1) | 139,159 | — | 195 | 18,912 | 150 | — | 158,416 | |||||||||||||||||||||||||
Substandard (1) | 94,060 | — | 23,524 | 77,446 | 470 | — | 195,500 | |||||||||||||||||||||||||
Doubtful (1) | — | — | 2,197 | — | — | — | 2,197 | |||||||||||||||||||||||||
Total | $ | 5,246,005 | $ | 60,840 | $ | 1,283,046 | $ | 1,723,448 | $ | 22,202 | $ | 555,805 | $ | 8,891,346 | ||||||||||||||||||
-1 | Loans classified as special mention, substandard or doubtful are all considered to be “criticized” loans. | |||||||||||||||||||||||||||||||
Performing Residential First Mortgage Loan Portfolio Summarized by Loan-to-value ratios | ' | |||||||||||||||||||||||||||||||
The table below presents the most recently available update of the performing residential first mortgage loan portfolio summarized by current LTV. The amounts in the table represent the entire loan balance: | ||||||||||||||||||||||||||||||||
Balance(1) | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
LTV range: | ||||||||||||||||||||||||||||||||
LTV less than 50% | $ | 418,435 | ||||||||||||||||||||||||||||||
LTV greater than 50% but less than 80% | 766,830 | |||||||||||||||||||||||||||||||
LTV greater than 80% but less than 100% | 249,090 | |||||||||||||||||||||||||||||||
LTV greater than 100%, but less than 120% | 46,450 | |||||||||||||||||||||||||||||||
LTV greater than 120% but less than 140% | 7,356 | |||||||||||||||||||||||||||||||
LTV greater than 140% | 1,460 | |||||||||||||||||||||||||||||||
Total | $ | 1,489,621 | ||||||||||||||||||||||||||||||
-1 | Excludes loans that have full repurchase recourse for any delinquent loans. | |||||||||||||||||||||||||||||||
Changes in the Allowance for Loan Losses | ' | |||||||||||||||||||||||||||||||
Changes in the allowance for loan losses of RJ Bank by portfolio segment are as follows: | ||||||||||||||||||||||||||||||||
Loans held for investment | ||||||||||||||||||||||||||||||||
C&I | CRE | CRE | Residential | SBL and other consumer | Total | |||||||||||||||||||||||||||
construction | mortgage | |||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 96,629 | $ | 1,647 | $ | 20,210 | $ | 18,300 | $ | 1,338 | $ | 138,124 | ||||||||||||||||||||
Provision (benefit) for loan losses | 1,113 | 169 | 2,133 | (1,641 | ) | 205 | 1,979 | |||||||||||||||||||||||||
Net (charge-offs)/recoveries: | ||||||||||||||||||||||||||||||||
Charge-offs | (1,805 | ) | — | — | (670 | ) | — | (2,475 | ) | |||||||||||||||||||||||
Recoveries | 12 | — | — | 625 | 6 | 643 | ||||||||||||||||||||||||||
Net (charge-offs)/recoveries | (1,793 | ) | — | — | (45 | ) | 6 | (1,832 | ) | |||||||||||||||||||||||
Foreign exchange translation adjustment | (247 | ) | (17 | ) | (67 | ) | — | — | (331 | ) | ||||||||||||||||||||||
Balance at March 31, 2014 | $ | 95,702 | $ | 1,799 | $ | 22,276 | $ | 16,614 | $ | 1,549 | $ | 137,940 | ||||||||||||||||||||
Six months ended March 31, 2014 | ||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 95,994 | $ | 1,000 | $ | 19,266 | $ | 19,126 | $ | 1,115 | $ | 136,501 | ||||||||||||||||||||
Provision (benefit) for loan losses | 2,015 | 824 | 3,062 | (2,702 | ) | 416 | 3,615 | |||||||||||||||||||||||||
Net (charge-offs)/recoveries: | ||||||||||||||||||||||||||||||||
Charge-offs | (1,845 | ) | — | — | (879 | ) | — | (2,724 | ) | |||||||||||||||||||||||
Recoveries | 16 | — | 80 | 1,069 | 18 | 1,183 | ||||||||||||||||||||||||||
Net (charge-offs)/recoveries | (1,829 | ) | — | 80 | 190 | 18 | (1,541 | ) | ||||||||||||||||||||||||
Foreign exchange translation adjustment | (478 | ) | (25 | ) | (132 | ) | — | — | (635 | ) | ||||||||||||||||||||||
Balance at March 31, 2014 | $ | 95,702 | $ | 1,799 | $ | 22,276 | $ | 16,614 | $ | 1,549 | $ | 137,940 | ||||||||||||||||||||
Three months ended March 31, 2013 | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 96,010 | $ | 874 | $ | 27,232 | $ | 23,073 | $ | 832 | $ | 148,021 | ||||||||||||||||||||
Provision (benefit) for loan losses | 3,248 | 148 | 998 | (762 | ) | 105 | 3,737 | |||||||||||||||||||||||||
Net (charge-offs)/recoveries: | ||||||||||||||||||||||||||||||||
Charge-offs | (460 | ) | — | — | (1,858 | ) | (75 | ) | (2,393 | ) | ||||||||||||||||||||||
Recoveries | — | — | 529 | 508 | 8 | 1,045 | ||||||||||||||||||||||||||
Net (charge-offs)/recoveries | (460 | ) | — | 529 | (1,350 | ) | (67 | ) | (1,348 | ) | ||||||||||||||||||||||
Foreign exchange translation adjustment | (91 | ) | (6 | ) | (27 | ) | — | — | (124 | ) | ||||||||||||||||||||||
Balance at March 31, 2013 | $ | 98,707 | $ | 1,016 | $ | 28,732 | $ | 20,961 | $ | 870 | $ | 150,286 | ||||||||||||||||||||
Six months ended March 31, 2013 | ||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 92,409 | $ | 739 | $ | 27,546 | $ | 26,138 | $ | 709 | $ | 147,541 | ||||||||||||||||||||
Provision (benefit) for loan losses | 6,984 | 287 | 154 | (988 | ) | 223 | 6,660 | |||||||||||||||||||||||||
Net (charge-offs)/recoveries: | ||||||||||||||||||||||||||||||||
Charge-offs | (550 | ) | — | — | (5,066 | ) | (75 | ) | (5,691 | ) | ||||||||||||||||||||||
Recoveries | — | — | 1,073 | 877 | 13 | 1,963 | ||||||||||||||||||||||||||
Net (charge-offs)/recoveries | (550 | ) | — | 1,073 | (4,189 | ) | (62 | ) | (3,728 | ) | ||||||||||||||||||||||
Foreign exchange translation adjustment | (136 | ) | (10 | ) | (41 | ) | — | — | (187 | ) | ||||||||||||||||||||||
Balance at March 31, 2013 | $ | 98,707 | $ | 1,016 | $ | 28,732 | $ | 20,961 | $ | 870 | $ | 150,286 | ||||||||||||||||||||
Recorded Investment and Related Allowance for Loan Losses, by Loan Portfolio Segment | ' | |||||||||||||||||||||||||||||||
The following table presents, by loan portfolio segment, RJ Bank’s recorded investment and related allowance for loan losses: | ||||||||||||||||||||||||||||||||
Loans held for investment | ||||||||||||||||||||||||||||||||
C&I | CRE | CRE | Residential | SBL and other consumer | Total | |||||||||||||||||||||||||||
construction | mortgage | |||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | 2,333 | $ | — | $ | 2,333 | ||||||||||||||||||||
Collectively evaluated for impairment | 95,702 | 1,799 | 22,276 | 14,281 | 1,549 | 135,607 | ||||||||||||||||||||||||||
Total allowance for loan losses | $ | 95,702 | $ | 1,799 | $ | 22,276 | $ | 16,614 | $ | 1,549 | $ | 137,940 | ||||||||||||||||||||
Recorded investment:(1) | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | 24,324 | $ | 37,880 | $ | — | $ | 62,204 | ||||||||||||||||||||
Collectively evaluated for impairment | 5,947,379 | 106,696 | 1,489,684 | 1,704,036 | 772,975 | 10,020,770 | ||||||||||||||||||||||||||
Total recorded investment | $ | 5,947,379 | $ | 106,696 | $ | 1,514,008 | $ | 1,741,916 | $ | 772,975 | $ | 10,082,974 | ||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | 1 | $ | 2,379 | $ | — | $ | 2,380 | ||||||||||||||||||||
Collectively evaluated for impairment | 95,994 | 1,000 | 19,265 | 16,747 | 1,115 | 134,121 | ||||||||||||||||||||||||||
Total allowance for loan losses | $ | 95,994 | $ | 1,000 | $ | 19,266 | $ | 19,126 | $ | 1,115 | $ | 136,501 | ||||||||||||||||||||
Recorded investment:(1) | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 89 | $ | — | $ | 25,512 | $ | 36,648 | $ | — | $ | 62,249 | ||||||||||||||||||||
Collectively evaluated for impairment | 5,245,916 | 60,840 | 1,257,534 | 1,709,002 | 555,805 | 8,829,097 | ||||||||||||||||||||||||||
Total recorded investment | $ | 5,246,005 | $ | 60,840 | $ | 1,283,046 | $ | 1,745,650 | $ | 555,805 | $ | 8,891,346 | ||||||||||||||||||||
-1 | Excludes any net unearned income and deferred expenses. |
VARIABLE_INTEREST_ENTITIES_Tab
VARIABLE INTEREST ENTITIES (Tables) | 6 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
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 table below. | ||||||||||||||||||||||||
Aggregate | Aggregate | |||||||||||||||||||||||
assets (1) | liabilities (1) | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
LIHTC Funds | $ | 198,825 | $ | 55,036 | ||||||||||||||||||||
Guaranteed LIHTC Fund (2) | 75,804 | — | ||||||||||||||||||||||
Restricted Stock Trust Fund | 13,907 | 4,665 | ||||||||||||||||||||||
EIF Funds | 5,616 | — | ||||||||||||||||||||||
Total | $ | 294,152 | $ | 59,701 | ||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||
LIHTC Funds | $ | 208,634 | $ | 78,055 | ||||||||||||||||||||
Guaranteed LIHTC Fund (2) | 81,712 | — | ||||||||||||||||||||||
Restricted Stock Trust Fund | 13,075 | 6,710 | ||||||||||||||||||||||
EIF Funds | 7,588 | — | ||||||||||||||||||||||
Total | $ | 311,009 | $ | 84,765 | ||||||||||||||||||||
-1 | Aggregate assets and aggregate liabilities differ from the consolidated carrying value of assets and liabilities due to the elimination of intercompany assets and liabilities held by the consolidated VIE. | |||||||||||||||||||||||
-2 | In connection with one of the multi-investor tax credit funds in which RJTCF is the managing member, RJTCF has provided the investor members with a guaranteed return on their investment in the fund (the “Guaranteed LIHTC Fund”). See Note 16 for additional information regarding this commitment. | |||||||||||||||||||||||
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, liabilities and equity of the VIEs which we consolidate and which are included within our Condensed Consolidated Statements of Financial Condition. The noncontrolling interests presented in this table represent the portion of these net assets which are not ours. | ||||||||||||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Assets segregated pursuant to regulations and other segregated assets | $ | 9,999 | $ | 11,857 | ||||||||||||||||||||
Receivables, other | 6,053 | 5,763 | ||||||||||||||||||||||
Investments in real estate partnerships held by consolidated variable interest entities | 258,633 | 272,096 | ||||||||||||||||||||||
Trust fund investment in RJF common stock (1) | 13,905 | 13,073 | ||||||||||||||||||||||
Prepaid expenses and other assets | 6,364 | 8,230 | ||||||||||||||||||||||
Total assets | $ | 294,954 | $ | 311,019 | ||||||||||||||||||||
Liabilities and equity: | ||||||||||||||||||||||||
Trade and other payables | $ | 12,721 | $ | 1,428 | ||||||||||||||||||||
Intercompany payables | 5,046 | 6,390 | ||||||||||||||||||||||
Loans payable of consolidated variable interest entities (2) | 53,505 | 62,938 | ||||||||||||||||||||||
Total liabilities | 71,272 | 70,756 | ||||||||||||||||||||||
RJF equity | 6,155 | 6,175 | ||||||||||||||||||||||
Noncontrolling interests | 217,527 | 234,088 | ||||||||||||||||||||||
Total equity | 223,682 | 240,263 | ||||||||||||||||||||||
Total liabilities and equity | $ | 294,954 | $ | 311,019 | ||||||||||||||||||||
-1 | Included in treasury stock in our Condensed Consolidated Statements of Financial Condition. | |||||||||||||||||||||||
-2 | Comprised of several non-recourse loans. We are not contingently liable under any of these loans. | |||||||||||||||||||||||
VIEs Where We are the Primary Beneficiary - Information about Net Income (Loss) of VIEs | ' | |||||||||||||||||||||||
The following table presents information about the net income (loss) of the VIEs which we consolidate, and is included within our Condensed Consolidated Statements of Income and Comprehensive Income. The noncontrolling interests presented in this table represent the portion of the net loss from these VIEs which is not ours. | ||||||||||||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Interest | $ | — | $ | — | $ | 1 | $ | 3 | ||||||||||||||||
Other | (1,580 | ) | 2,509 | (1,416 | ) | 4,024 | ||||||||||||||||||
Total revenues | (1,580 | ) | 2,509 | (1,415 | ) | 4,027 | ||||||||||||||||||
Interest expense | 797 | 1,063 | 1,584 | 2,112 | ||||||||||||||||||||
Net revenues (expense) | (2,377 | ) | 1,446 | (2,999 | ) | 1,915 | ||||||||||||||||||
Non-interest expenses | 12,052 | 12,452 | 21,017 | 17,143 | ||||||||||||||||||||
Net loss including noncontrolling interests | (14,429 | ) | (11,006 | ) | (24,016 | ) | (15,228 | ) | ||||||||||||||||
Net loss attributable to noncontrolling interests | (14,420 | ) | (11,051 | ) | (23,996 | ) | (15,304 | ) | ||||||||||||||||
Net (loss) income attributable to RJF | $ | (9 | ) | $ | 45 | $ | (20 | ) | $ | 76 | ||||||||||||||
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 table below. | ||||||||||||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||||||||||||
Aggregate | Aggregate | Our risk | Aggregate | Aggregate | Our risk | |||||||||||||||||||
assets | liabilities | of loss | assets | liabilities | of loss | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
LIHTC Funds | $ | 2,828,024 | $ | 829,589 | $ | 20,453 | $ | 2,532,457 | $ | 762,346 | $ | 14,387 | ||||||||||||
NMTC Funds | 140,492 | 147 | 13 | 140,499 | 278 | 13 | ||||||||||||||||||
Other Real Estate Limited Partnerships and LLCs | 28,993 | 36,016 | 198 | 30,240 | 35,512 | 212 | ||||||||||||||||||
Total | $ | 2,997,509 | $ | 865,752 | $ | 20,664 | $ | 2,703,196 | $ | 798,136 | $ | 14,612 | ||||||||||||
VIEs Where We Hold a Variable Interest but We are Not Required to Consolidate - Aggregate Assets, Liabilities, and Exposure to Loss | ' | |||||||||||||||||||||||
The aggregate assets, liabilities, and our exposure to loss from Managed Funds in which we hold a variable interest as of the dates indicated are provided in the table below: | ||||||||||||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||||||||||||
Aggregate | Aggregate | Our risk | Aggregate | Aggregate | Our risk | |||||||||||||||||||
assets | liabilities | of loss | assets | liabilities | of loss | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Managed Funds | $ | 50,597 | $ | 1,343 | $ | 91 | $ | 56,321 | $ | 1,415 | $ | 202 | ||||||||||||
GOODWILL_AND_IDENTIFIABLE_INTA1
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS (Tables) | 6 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of Goodwill and Net Identifiable Intangible Asset Balances | ' | |||||||||||||||||||||||
The following are our goodwill and net identifiable intangible asset balances as of the dates indicated: | ||||||||||||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Goodwill | $ | 295,486 | $ | 295,486 | ||||||||||||||||||||
Identifiable intangible assets, net | 62,360 | 65,978 | ||||||||||||||||||||||
Total goodwill and identifiable intangible assets, net | $ | 357,846 | $ | 361,464 | ||||||||||||||||||||
Schedule of Goodwill | ' | |||||||||||||||||||||||
The following summarizes our goodwill by segment, along with the activity, as of the dates indicated: | ||||||||||||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||
Segment | Segment | |||||||||||||||||||||||
Private client group | Capital markets | Total | Private client group | Capital markets | Total | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Fiscal year 2014 | ||||||||||||||||||||||||
Goodwill as of beginning of period | $ | 174,584 | $ | 120,902 | $ | 295,486 | $ | 174,584 | $ | 120,902 | $ | 295,486 | ||||||||||||
Impairment losses | — | — | — | — | — | — | ||||||||||||||||||
Goodwill as of end of period | $ | 174,584 | $ | 120,902 | $ | 295,486 | $ | 174,584 | $ | 120,902 | $ | 295,486 | ||||||||||||
Fiscal year 2013 | ||||||||||||||||||||||||
Goodwill as of beginning of period | $ | 174,584 | $ | 127,835 | $ | 302,419 | $ | 173,317 | $ | 126,794 | $ | 300,111 | ||||||||||||
Adjustments to prior year additions (1) | — | — | — | 1,267 | 1,041 | 2,308 | ||||||||||||||||||
Impairment losses | — | (6,933 | ) | (2) | (6,933 | ) | — | (6,933 | ) | (2) | (6,933 | ) | ||||||||||||
Goodwill as of end of period | $ | 174,584 | $ | 120,902 | $ | 295,486 | $ | 174,584 | $ | 120,902 | $ | 295,486 | ||||||||||||
-1 | The goodwill adjustment in the prior year period arose from a change in a tax election pertaining to whether assets acquired and liabilities assumed are written-up to fair value for tax purposes. This election is made on an entity-by-entity basis, and during the period indicated our assumption regarding whether we would make such election changed for one of the Morgan Keegan entities we acquired. The offsetting balance associated with this adjustment to goodwill was the net deferred tax asset. | |||||||||||||||||||||||
-2 | The impairment expense in the three and six months ended March 31, 2013 is associated with the Raymond James European Securities, S.A.S. (“RJES”) reporting unit. We concluded that the goodwill associated with this reporting unit was completely impaired during such periods. Since we did not own 100% of RJES as of the goodwill impairment testing date, for the three and six month periods ended March 31, 2013 the effect of this impairment expense on the pre-tax income attributable to Raymond James Financial, Inc is approximately $4.6 million, and the portion of the impairment expense attributable to the noncontrolling interests is approximately $2.3 million. | |||||||||||||||||||||||
Schedule of Net Amortizable Intangible Assets | ' | |||||||||||||||||||||||
The following table sets forth our identifiable intangible asset balances by segment, net of accumulated amortization, and activity for the periods indicated: | ||||||||||||||||||||||||
Segment | ||||||||||||||||||||||||
Private client group | Capital markets | Asset management | RJ Bank | Total | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
For the three months ended March 31, 2014 | ||||||||||||||||||||||||
Net identifiable intangible assets as of beginning of period | $ | 9,035 | $ | 42,099 | $ | 11,996 | $ | 1,014 | $ | 64,144 | ||||||||||||||
Additions | — | — | — | 118 | 118 | |||||||||||||||||||
Amortization expense | (146 | ) | (1,375 | ) | (333 | ) | (48 | ) | (1,902 | ) | ||||||||||||||
Impairment losses | — | — | — | — | — | |||||||||||||||||||
Net identifiable intangible assets as of end of period | $ | 8,889 | $ | 40,724 | $ | 11,663 | $ | 1,084 | $ | 62,360 | ||||||||||||||
For the six months ended March 31, 2014 | ||||||||||||||||||||||||
Net identifiable intangible assets as of beginning of period | $ | 9,191 | $ | 43,474 | $ | 12,329 | $ | 984 | $ | 65,978 | ||||||||||||||
Additions | — | — | — | 189 | 189 | |||||||||||||||||||
Amortization expense | (302 | ) | (2,750 | ) | (666 | ) | (89 | ) | (3,807 | ) | ||||||||||||||
Impairment losses | — | — | — | — | — | |||||||||||||||||||
Net identifiable intangible assets as of end of period | $ | 8,889 | $ | 40,724 | $ | 11,663 | $ | 1,084 | $ | 62,360 | ||||||||||||||
For the three months ended March 31, 2013 | ||||||||||||||||||||||||
Net identifiable intangible assets as of beginning of period | $ | 9,664 | $ | 49,098 | $ | 13,329 | $ | — | $ | 72,091 | ||||||||||||||
Additions | — | — | — | — | — | |||||||||||||||||||
Amortization expense | (162 | ) | (2,208 | ) | (333 | ) | — | (2,703 | ) | |||||||||||||||
Impairment losses | — | — | — | — | — | |||||||||||||||||||
Net identifiable intangible assets as of end of period | $ | 9,502 | $ | 46,890 | $ | 12,996 | $ | — | $ | 69,388 | ||||||||||||||
For the six months ended March 31, 2013 | ||||||||||||||||||||||||
Net identifiable intangible assets as of beginning of period | $ | 9,829 | $ | 51,306 | $ | — | $ | — | $ | 61,135 | ||||||||||||||
Additions | — | — | 13,329 | (1) | — | 13,329 | ||||||||||||||||||
Amortization expense | (327 | ) | (4,416 | ) | (333 | ) | — | (5,076 | ) | |||||||||||||||
Impairment losses | — | — | — | — | — | |||||||||||||||||||
Net identifiable intangible assets as of end of period | $ | 9,502 | $ | 46,890 | $ | 12,996 | $ | — | $ | 69,388 | ||||||||||||||
-1 | The additions in the prior year period are directly attributable to the customer list asset associated with our first quarter fiscal year 2013 acquisition of a 45% interest in ClariVest (see Note 3 for additional information). Since we are consolidating ClariVest, the amount represents the entire customer relationship intangible asset associated with the acquisition transaction; the amount shown is unadjusted by the 55% share of ClariVest attributable to others. The estimated useful life associated with this addition is approximately 10 years. | |||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets by Major Class | ' | |||||||||||||||||||||||
Identifiable intangible assets by type are presented below: | ||||||||||||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||||||||||||
Gross carrying value | Accumulated amortization | Gross carrying value | Accumulated amortization | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Customer relationships | $ | 65,957 | $ | (11,281 | ) | $ | 65,957 | $ | (8,663 | ) | ||||||||||||||
Trade name | 2,000 | (2,000 | ) | 2,000 | (2,000 | ) | ||||||||||||||||||
Developed technology | 11,000 | (4,400 | ) | 11,000 | (3,300 | ) | ||||||||||||||||||
Non-compete agreements | 1,000 | (1,000 | ) | 1,000 | (1,000 | ) | ||||||||||||||||||
Mortgage servicing rights | 1,274 | (190 | ) | 1,085 | (101 | ) | ||||||||||||||||||
Total | $ | 81,231 | $ | (18,871 | ) | $ | 81,042 | $ | (15,064 | ) | ||||||||||||||
BANK_DEPOSITS_Tables
BANK DEPOSITS (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Deposits [Abstract] | ' | |||||||||||||||
Summary of Bank Deposits | ' | |||||||||||||||
The following table presents a summary of bank deposits including the weighted-average rate: | ||||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||||
Balance | Weighted-average rate (1) | Balance | Weighted-average rate (1) | |||||||||||||
($ in thousands) | ||||||||||||||||
Bank deposits: | ||||||||||||||||
NOW accounts | $ | 7,109 | 0.01 | % | $ | 7,003 | 0.01 | % | ||||||||
Demand deposits (non-interest-bearing) | 7,484 | — | 8,555 | — | ||||||||||||
Savings and money market accounts | 10,073,260 | 0.02 | % | 8,966,439 | 0.02 | % | ||||||||||
Certificates of deposit | 326,951 | 1.9 | % | 313,374 | 1.96 | % | ||||||||||
Total bank deposits(2) | $ | 10,414,804 | 0.08 | % | $ | 9,295,371 | 0.09 | % | ||||||||
-1 | Weighted-average rate calculation is based on the actual deposit balances at March 31, 2014 and September 30, 2013, respectively. | |||||||||||||||
-2 | Bank deposits exclude affiliate deposits of approximately $7 million and $6 million at March 31, 2014 and September 30, 2013, respectively. | |||||||||||||||
Scheduled Maturities of Certificates of Deposit | ' | |||||||||||||||
Scheduled maturities of certificates of deposit are as follows: | ||||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||||
Denominations | Denominations | Denominations | Denominations | |||||||||||||
greater than or | less than $100,000 | greater than or | less than $100,000 | |||||||||||||
equal to $100,000 | equal to $100,000 | |||||||||||||||
(in thousands) | ||||||||||||||||
Three months or less | $ | 4,960 | $ | 6,360 | $ | 7,343 | $ | 8,540 | ||||||||
Over three through six months | 7,091 | 8,503 | 5,908 | 6,264 | ||||||||||||
Over six through twelve months | 18,189 | 18,701 | 9,459 | 13,976 | ||||||||||||
Over one through two years | 30,006 | 33,105 | 31,123 | 37,918 | ||||||||||||
Over two through three years | 47,875 | 36,449 | 33,404 | 27,873 | ||||||||||||
Over three through four years | 19,275 | 14,875 | 47,822 | 35,270 | ||||||||||||
Over four through five years | 61,592 | 19,970 | 36,574 | 11,900 | ||||||||||||
Total | $ | 188,988 | $ | 137,963 | $ | 171,633 | $ | 141,741 | ||||||||
Interest Expense on Deposits | ' | |||||||||||||||
Interest expense on deposits is summarized as follows: | ||||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||||
Certificates of deposit | $ | 1,508 | $ | 1,563 | $ | 3,056 | $ | 3,226 | ||||||||
Money market, savings and NOW accounts | 431 | 849 | 828 | 1,662 | ||||||||||||
Total interest expense on deposits | $ | 1,939 | $ | 2,412 | $ | 3,884 | $ | 4,888 | ||||||||
OTHER_BORROWINGS_Tables
OTHER BORROWINGS (Tables) | 6 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
OTHER BORROWINGS [Abstract] | ' | |||||||
Schedule of Short-term Debt | ' | |||||||
The following table details the components of other borrowings: | ||||||||
March 31, 2014 | September 30, 2013 | |||||||
(in thousands) | ||||||||
Other borrowings: | ||||||||
Borrowings on secured lines of credit (1) | $ | 78,517 | $ | 84,076 | ||||
Borrowings on unsecured lines of credit (2) | — | — | ||||||
Total other borrowings | $ | 78,517 | $ | 84,076 | ||||
-1 | Other than a $5 million borrowing outstanding on the Regions Credit Facility (as hereinafter defined) as of March 31, 2014, any borrowings on secured lines of credit are day-to-day and are generally utilized to finance certain fixed income securities. | |||||||
A subsidiary of RJF (the “Borrower”) is a party to a Revolving Credit Agreement (the “Regions Credit Facility”) with Regions Bank, an Alabama banking corporation (the “Lender”). The Regions Credit Facility provides for a revolving line of credit from the Lender to the Borrower and is subject to a guarantee in favor of the Lender provided by RJF. The proceeds from any borrowings under the line are used for working capital and general corporate purposes. The obligations under the Regions Credit Facility are secured by, subject to certain exceptions, all of the present and future ARS owned by the Borrower (the “Pledged ARS”). The amount of any borrowing under the Regions Credit Facility cannot exceed the lesser of 70% of the value of the Pledged ARS, or $100 million. The maximum amount available to borrow was $100 million and the outstanding borrowings were $5 million as of March 31, 2014. The Regions Credit Facility bears interest at a variable rate which is 2.75% over LIBOR. The facility expires on April 2, 2015. | ||||||||
-2 | Any borrowings on unsecured lines of credit are day-to-day and are generally utilized for cash management purposes. |
DERIVATIVE_FINANCIAL_INSTRUMEN1
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||
Notional and Fair Value Amounts of Asset and Liability Derivatives, by Balance Sheet Location | ' | |||||||||||||||||||
See the table below for the notional and fair value amounts of both the asset and liability derivatives. | ||||||||||||||||||||
Asset derivatives | ||||||||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||||||||
Balance sheet | Notional | Fair | Balance sheet | Notional | Fair | |||||||||||||||
location | amount | value(1) | location | amount | value(1) | |||||||||||||||
(in thousands) | ||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Forward foreign exchange contracts | Prepaid expenses and other assets | $ | 92,175 | $ | 146 | Prepaid expenses and other assets | $ | — | $ | — | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Interest rate contracts (2) | Trading instruments | $ | 2,546,517 | $ | 84,607 | Trading instruments | $ | 2,407,387 | $ | 89,633 | ||||||||||
Interest rate contracts (3) | Derivative instruments associated with offsetting matched book positions | $ | 2,190,008 | $ | 289,271 | Derivative instruments associated with offsetting matched book positions | $ | 1,944,408 | $ | 250,341 | ||||||||||
Liability derivatives | ||||||||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||||||||
Balance sheet | Notional | Fair | Balance sheet | Notional | Fair | |||||||||||||||
location | amount | value(1) | location | amount | value(1) | |||||||||||||||
(in thousands) | ||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Forward foreign exchange contracts | Trade and other payables | $ | 524,469 | $ | 528 | Trade and other payables | $ | 655,828 | $ | 637 | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Interest rate contracts (2) | Trading instruments sold | $ | 2,134,039 | $ | 69,999 | Trading instruments sold | $ | 2,420,531 | $ | 74,920 | ||||||||||
Interest rate contracts (3) | Derivative instruments associated with offsetting matched book positions | $ | 2,190,008 | $ | 289,271 | Derivative instruments associated with offsetting matched book positions | $ | 1,944,408 | $ | 250,341 | ||||||||||
Forward foreign exchange contracts | Trade and other payables | $ | 106,558 | $ | 134 | Trade and other payables | $ | 79,588 | $ | 77 | ||||||||||
-1 | The fair value in this table is presented on a gross basis before netting of cash collateral and before any netting by counterparty according to our legally enforceable master netting arrangements. The fair value in the Condensed Consolidated Statements of Financial Condition is presented net. See Note 14 for additional information regarding offsetting asset and liability balances. | |||||||||||||||||||
-2 | These contracts arise from our OTC Derivatives Operations. | |||||||||||||||||||
-3 | These contracts arise from our Offsetting Matched Book Derivatives Operations. | |||||||||||||||||||
Amount of Gain (Loss) on Derivatives Recognized in Income | ' | |||||||||||||||||||
The table below sets forth the impact of the derivatives not designated as hedging instruments on the Condensed Consolidated Statements of Income and Comprehensive Income: | ||||||||||||||||||||
Amount of gain (loss) on derivatives | ||||||||||||||||||||
recognized in income | ||||||||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||
Location of gain (loss) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
recognized on derivatives in the | ||||||||||||||||||||
Condensed Consolidated Statements of | ||||||||||||||||||||
Income and Comprehensive Income | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Interest rate contracts (1) | Net trading (loss) profit | $ | (70 | ) | $ | 303 | $ | 579 | $ | 497 | ||||||||||
Interest rate contracts (2) | Other revenues | $ | 651 | $ | 213 | $ | 671 | $ | 403 | |||||||||||
Forward foreign exchange contracts | Other revenues | $ | 2,530 | $ | 625 | $ | 4,811 | $ | 999 | |||||||||||
-1 | These contracts arise from our OTC Derivatives Operations. | |||||||||||||||||||
-2 | These contracts arise from our Offsetting Matched Book Derivatives Operations. |
DISCLOSURE_OF_OFFSETTING_ASSET1
DISCLOSURE OF OFFSETTING ASSETS AND LIABILITIES (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Offsetting [Abstract] | ' | ||||||||||||||||||||||||
Offsetting Assets and Liabilities | ' | ||||||||||||||||||||||||
The following table presents information about the financial and derivative instruments that are offset or subject to an enforceable master netting arrangement or other similar agreement as of the dates indicated: | |||||||||||||||||||||||||
Gross amounts not offset in the Statement of Financial Condition | |||||||||||||||||||||||||
Gross amounts of recognized assets (liabilities) | Gross amounts offset in the Statement of Financial Condition | Net amounts presented in the Statement of Financial Condition | Financial instruments | Cash collateral received (paid) | Net amount | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
As of March 31, 2014: | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Securities purchased under agreements to resell and other collateralized financings | $ | 637,486 | $ | — | $ | 637,486 | $ | (659,039 | ) | $ | — | $ | (21,553 | ) | |||||||||||
Derivatives - interest rate contracts(1) | 84,607 | (59,938 | ) | 24,669 | (6,240 | ) | — | 18,429 | |||||||||||||||||
Derivative instruments associated with offsetting matched book positions | 289,271 | — | 289,271 | (289,271 | ) | (2) | — | — | |||||||||||||||||
Derivatives - forward foreign exchange contracts | 146 | — | 146 | — | — | 146 | |||||||||||||||||||
Stock borrowed | 185,868 | — | 185,868 | — | (182,215 | ) | 3,653 | ||||||||||||||||||
Total assets | $ | 1,197,378 | $ | (59,938 | ) | $ | 1,137,440 | $ | (954,550 | ) | $ | (182,215 | ) | $ | 675 | ||||||||||
Liabilities | |||||||||||||||||||||||||
Securities sold under agreements to repurchase | $ | (377,677 | ) | $ | — | $ | (377,677 | ) | $ | 393,159 | $ | — | $ | 15,482 | |||||||||||
Derivatives - interest rate contracts(1) | (69,999 | ) | 64,171 | (5,828 | ) | — | — | (5,828 | ) | ||||||||||||||||
Derivative instruments associated with offsetting matched book positions | (289,271 | ) | — | (289,271 | ) | 289,271 | (2) | — | — | ||||||||||||||||
Derivatives - forward foreign exchange contracts(3) | (662 | ) | — | (662 | ) | — | — | (662 | ) | ||||||||||||||||
Stock loaned | (432,223 | ) | — | (432,223 | ) | — | 421,321 | (10,902 | ) | ||||||||||||||||
Total liabilities | $ | (1,169,832 | ) | $ | 64,171 | $ | (1,105,661 | ) | $ | 682,430 | $ | 421,321 | $ | (1,910 | ) | ||||||||||
As of September 30, 2013: | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Securities purchased under agreements to resell and other collateralized financings | $ | 709,120 | $ | — | $ | 709,120 | $ | (725,935 | ) | $ | — | $ | (16,815 | ) | |||||||||||
Derivatives - interest rate contracts(1) | 89,633 | (61,524 | ) | 28,109 | (6,409 | ) | — | 21,700 | |||||||||||||||||
Derivative instruments associated with offsetting matched book positions | 250,341 | — | 250,341 | (250,341 | ) | (2) | — | — | |||||||||||||||||
Stock borrowed | 146,749 | — | 146,749 | — | (143,108 | ) | 3,641 | ||||||||||||||||||
Total assets | $ | 1,195,843 | $ | (61,524 | ) | $ | 1,134,319 | $ | (982,685 | ) | $ | (143,108 | ) | $ | 8,526 | ||||||||||
Liabilities | |||||||||||||||||||||||||
Securities sold under agreements to repurchase | $ | (300,933 | ) | $ | — | $ | (300,933 | ) | $ | 313,548 | $ | — | $ | 12,615 | |||||||||||
Derivatives - interest rate contracts(1) | (74,920 | ) | 69,279 | (5,641 | ) | — | — | (5,641 | ) | ||||||||||||||||
Derivative instruments associated with offsetting matched book positions | (250,341 | ) | — | (250,341 | ) | 250,341 | (2) | — | — | ||||||||||||||||
Derivatives - forward foreign exchange contracts(3) | (714 | ) | — | (714 | ) | — | — | (714 | ) | ||||||||||||||||
Stock loaned | (354,377 | ) | — | (354,377 | ) | — | 342,096 | (12,281 | ) | ||||||||||||||||
Total liabilities | $ | (981,285 | ) | $ | 69,279 | $ | (912,006 | ) | $ | 563,889 | $ | 342,096 | $ | (6,021 | ) | ||||||||||
The text of the footnotes in the above table are on the following page. | |||||||||||||||||||||||||
The text of the footnotes to the table on the previous page are as follows: | |||||||||||||||||||||||||
-1 | Derivatives - interest rate contracts are included in Trading instruments on our condensed consolidated statements of financial condition. See Note 13 for additional information. | ||||||||||||||||||||||||
-2 | Although these derivative arrangements do not meet the definition of a master netting arrangement as specified by GAAP, the nature of the agreement with the third party intermediary include terms that are similar to a master netting agreement, thus we present the offsetting amounts net in the table above. See Note 13 for further discussion of the “pass through” structure of the derivative instruments associated with Offsetting Matched Book Derivatives Operations. | ||||||||||||||||||||||||
-3 | Derivatives - forward foreign exchange contracts are included in trade and other payables on our condensed consolidated statements of financial condition. See Note 13 for additional information. |
COMMITMENTS_CONTINGENCIES_AND_1
COMMITMENTS, CONTINGENCIES AND GUARANTEES (Tables) | 6 Months Ended | |||
Mar. 31, 2014 | ||||
COMMITMENTS, CONTINGENCIES AND GUARANTEES [Abstract] | ' | |||
Approximate Market Value of Collateral Received that Can Be Repledged | ' | |||
At March 31, 2014, the approximate market values of collateral received that we can repledge were: | ||||
Sources of collateral | ||||
(in thousands) | ||||
Securities purchased under agreements to resell and other collateralized financings | $ | 659,039 | ||
Securities received in securities borrowed vs. cash transactions | 182,215 | |||
Collateral received for margin loans | 1,550,603 | |||
Securities received as collateral related to derivative contracts | 6,240 | |||
Total | $ | 2,398,097 | ||
Approximate Market Values of Collateral Repledged | ' | |||
Certain collateral was repledged. At March 31, 2014, the approximate market values of this portion of collateral and financial instruments that we own and pledged were: | ||||
Uses of collateral | ||||
and trading securities | ||||
(in thousands) | ||||
Securities sold under agreements to repurchase | $ | 393,159 | ||
Securities delivered in securities loaned vs. cash transactions | 421,321 | |||
Securities pledged as collateral under secured borrowing arrangements | 100,184 | |||
Collateral used for deposits at clearing organizations | 201,272 | |||
Total | $ | 1,115,936 | ||
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 6 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME [Abstract] | ' | |||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income | ' | |||||||||||||||||||||||
The following table presents the after-tax changes in each component of accumulated other comprehensive income for the three and six months ended March 31, 2014: | ||||||||||||||||||||||||
Three months ended March 31, 2014 | Six months ended March 31, 2014 | |||||||||||||||||||||||
Unrealized loss on available for sale securities | Net currency translations and net investment hedges (1) | Total | Unrealized loss on available for sale securities | Net currency translations and net investment hedges (1) | Total | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Accumulated other comprehensive (loss) income as of the beginning of the period | $ | (182 | ) | $ | 5,727 | $ | 5,545 | $ | (1,276 | ) | $ | 12,002 | $ | 10,726 | ||||||||||
Other comprehensive income (loss) before reclassifications | 3,506 | (10,261 | ) | (6,755 | ) | 6,870 | (16,536 | ) | (9,666 | ) | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income | (24 | ) | — | (24 | ) | (2,294 | ) | — | (2,294 | ) | ||||||||||||||
Net other comprehensive income (loss) for the period | 3,482 | (10,261 | ) | (6,779 | ) | 4,576 | (16,536 | ) | (11,960 | ) | ||||||||||||||
Accumulated other comprehensive (loss) as of the end of the period | $ | 3,300 | $ | (4,534 | ) | $ | (1,234 | ) | $ | 3,300 | $ | (4,534 | ) | $ | (1,234 | ) | ||||||||
-1 | Includes net gains (losses) recognized on forward foreign exchange derivatives associated with hedges of RJ Bank’s foreign currency exposure due to it’s non-U.S. dollar net investments (see Note 13 for additional information on these derivatives). | |||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | ' | |||||||||||||||||||||||
The following table presents the income statement line items impacted by reclassifications out of accumulated other comprehensive income during the three and six months ended March 31, 2014: | ||||||||||||||||||||||||
Accumulated other comprehensive income components: | Increase (decrease) in amounts reclassified from accumulated other comprehensive income | Affected line items in income statement | ||||||||||||||||||||||
Three months ended March 31, 2014 | Six months ended March 31, 2014 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Available for sale securities: (1) | ||||||||||||||||||||||||
Auction rate securities (2) | $ | (39 | ) | $ | (3,758 | ) | Other revenue | |||||||||||||||||
RJ Bank available for sale securities | — | 27 | Other revenue | |||||||||||||||||||||
(39 | ) | (3,731 | ) | Total before tax | ||||||||||||||||||||
15 | 1,437 | Provision for income taxes | ||||||||||||||||||||||
Total reclassifications for the period | $ | (24 | ) | $ | (2,294 | ) | Net of tax | |||||||||||||||||
-1 | See Note 7 for additional information regarding the available for sale securities, and Note 5 for additional fair value information regarding these securities. | |||||||||||||||||||||||
-2 | For the three and six months ended March 31, 2014, other revenues include realized gains on the redemption or sale of ARS in the amount of $107 thousand and $5.6 million, respectively (see Note 7 for further information). The amounts presented in the table represent the reversal out of AOCI associated with such ARS’ redeemed or sold. The net of such realized gain and this reversal out of AOCI represents the net effect of such redemptions and sales activities on other comprehensive income (“OCI”) for each respective period, on a pre-tax basis. |
INTEREST_INCOME_AND_INTEREST_E1
INTEREST INCOME AND INTEREST EXPENSE (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Interest Income (Expense), Net [Abstract] | ' | |||||||||||||||
Interest Income and Interest Expense | ' | |||||||||||||||
The components of interest income and interest expense are as follows: | ||||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||||
Interest income: | ||||||||||||||||
Margin balances | $ | 16,628 | $ | 14,940 | $ | 34,415 | $ | 31,104 | ||||||||
Assets segregated pursuant to regulations and other segregated assets | 3,558 | 4,353 | 8,188 | 8,439 | ||||||||||||
Bank loans, net of unearned income | 83,639 | 84,603 | 164,848 | 171,913 | ||||||||||||
Available for sale securities | 1,655 | 1,987 | 3,578 | 4,204 | ||||||||||||
Trading instruments | 4,615 | 5,110 | 9,143 | 10,960 | ||||||||||||
Stock loan | 2,809 | 1,951 | 4,682 | 3,342 | ||||||||||||
Loans to financial advisors | 1,647 | 1,792 | 3,303 | 3,152 | ||||||||||||
Corporate cash and all other | 3,842 | 3,296 | 7,329 | 8,044 | ||||||||||||
Total interest income | $ | 118,393 | $ | 118,032 | $ | 235,486 | $ | 241,158 | ||||||||
Interest expense: | ||||||||||||||||
Brokerage client liabilities | $ | 286 | $ | 591 | $ | 717 | $ | 1,140 | ||||||||
Retail bank deposits | 1,939 | 2,412 | 3,884 | 4,888 | ||||||||||||
Trading instruments sold but not yet purchased | 1,255 | 971 | 2,123 | 1,768 | ||||||||||||
Stock borrow | 814 | 608 | 1,306 | 1,112 | ||||||||||||
Borrowed funds | 876 | 1,353 | 1,848 | 2,667 | ||||||||||||
Senior notes | 19,010 | 19,028 | 38,020 | 38,094 | ||||||||||||
Interest expense of consolidated VIEs | 797 | 1,063 | 1,584 | 2,112 | ||||||||||||
Other | 1,003 | 1,177 | 1,870 | 3,443 | ||||||||||||
Total interest expense | 25,980 | 27,203 | 51,352 | 55,224 | ||||||||||||
Net interest income | 92,413 | 90,829 | 184,134 | 185,934 | ||||||||||||
Less: provision for loan losses | (1,979 | ) | (3,737 | ) | (3,615 | ) | (6,660 | ) | ||||||||
Net interest income after provision for loan losses | $ | 90,434 | $ | 87,092 | $ | 180,519 | $ | 179,274 | ||||||||
SHAREBASED_COMPENSATION_Tables
SHARE-BASED COMPENSATION (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Stock option awards [Member] | ' | |||||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | |||||||||||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | ' | |||||||||||||||
Expense and income tax benefits related to our stock option awards granted to employees, directors and independent contractor financial advisors are presented below: | ||||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||||
Total share-based expense | $ | 3,128 | $ | 3,149 | $ | 6,861 | $ | 6,397 | ||||||||
Income tax benefits related to share-based expense | 483 | 600 | 1,278 | 995 | ||||||||||||
Schedule of Unrecognized Compensation Cost, Nonvested Awards | ' | |||||||||||||||
Unrecognized pre-tax expense for stock option awards granted to employees, directors and independent contractor financial advisors, net of estimated forfeitures, and the remaining period over which the expense will be recognized as of March 31, 2014, are presented below: | ||||||||||||||||
Unrecognized | Remaining | |||||||||||||||
pre-tax expense | weighted- | |||||||||||||||
average period | ||||||||||||||||
(in thousands) | (in years) | |||||||||||||||
Employees and directors | $ | 24,934 | 3.5 | |||||||||||||
Independent contractor financial advisors | 2,249 | 3.6 | ||||||||||||||
Restricted equity awards [Member] | ' | |||||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | |||||||||||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | ' | |||||||||||||||
Expense and income tax benefits related to our restricted equity awards (which include restricted stock and restricted stock units) granted to employees, directors and independent contractor financial advisors are presented below: | ||||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||||
Total share-based expense | $ | 12,422 | $ | 11,908 | $ | 29,057 | $ | 25,952 | ||||||||
Income tax benefits related to share-based expense | 4,304 | 3,975 | 10,220 | 8,895 | ||||||||||||
Schedule of Unrecognized Compensation Cost, Nonvested Awards | ' | |||||||||||||||
Unrecognized pre-tax expense for restricted equity awards granted to employees, directors and independent contractor financial advisors, net of estimated forfeitures, and the remaining period over which the expense will be recognized as of March 31, 2014, are presented below: | ||||||||||||||||
Unrecognized | Remaining | |||||||||||||||
pre-tax expense | weighted- | |||||||||||||||
average period | ||||||||||||||||
(in thousands) | (in years) | |||||||||||||||
Employees and directors | $ | 106,166 | 2.9 | |||||||||||||
Independent contractor financial advisors | 209 | 1.6 | ||||||||||||||
REGULATIONS_AND_CAPITAL_REQUIR1
REGULATIONS AND CAPITAL REQUIREMENTS (Tables) | 6 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Raymond James Financial, Inc. [Member] | ' | ||||||||||||||||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | ' | ||||||||||||||||||||
To be categorized as “well capitalized,” RJF must maintain total risk-based, Tier 1 risk-based, and Tier 1 leverage ratios as set forth in the table below. | |||||||||||||||||||||
Actual | Requirement for capital | To be well capitalized under prompt | |||||||||||||||||||
adequacy purposes | corrective action | ||||||||||||||||||||
provisions | |||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
($ in thousands) | |||||||||||||||||||||
RJF as of March 31, 2014: | |||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 3,681,595 | 20 | % | $ | 1,472,638 | 8 | % | $ | 1,840,798 | 10 | % | |||||||||
Tier I capital (to risk-weighted assets) | 3,525,748 | 19.1 | % | 738,377 | 4 | % | 1,107,565 | 6 | % | ||||||||||||
Tier I capital (to adjusted assets) | 3,525,748 | 15.8 | % | 892,594 | 4 | % | 1,115,743 | 5 | % | ||||||||||||
RJF as of September 30, 2013: | |||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 3,445,136 | 19.8 | % | $ | 1,391,974 | 8 | % | $ | 1,739,968 | 10 | % | |||||||||
Tier I capital (to risk-weighted assets) | 3,294,595 | 18.9 | % | 697,269 | 4 | % | 1,045,903 | 6 | % | ||||||||||||
Tier I capital (to adjusted assets) | 3,294,595 | 14.5 | % | 908,854 | 4 | % | 1,136,067 | 5 | % | ||||||||||||
RJ Bank [Member] | ' | ||||||||||||||||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | ' | ||||||||||||||||||||
To be categorized as “well capitalized,” RJ Bank must maintain minimum total risk-based, Tier I risk-based, and Tier I leverage ratios as set forth in the table below. | |||||||||||||||||||||
Actual | Requirement for capital | To be well capitalized under prompt | |||||||||||||||||||
adequacy purposes | corrective action | ||||||||||||||||||||
provisions | |||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
($ in thousands) | |||||||||||||||||||||
RJ Bank as of March 31, 2014: | |||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 1,342,360 | 12.5 | % | $ | 859,461 | 8 | % | $ | 1,074,327 | 10 | % | |||||||||
Tier I capital (to risk-weighted assets) | 1,207,652 | 11.2 | % | 429,731 | 4 | % | 644,596 | 6 | % | ||||||||||||
Tier I capital (to adjusted assets) | 1,207,652 | 10.4 | % | 463,755 | 4 | % | 579,693 | 5 | % | ||||||||||||
RJ Bank as of September 30, 2013: | |||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 1,234,268 | 13 | % | $ | 758,996 | 8 | % | $ | 948,745 | 10 | % | |||||||||
Tier I capital (to risk-weighted assets) | 1,115,113 | 11.8 | % | 379,498 | 4 | % | 569,247 | 6 | % | ||||||||||||
Tier I capital (to adjusted assets) | 1,115,113 | 10.4 | % | 430,154 | 4 | % | 537,692 | 5 | % | ||||||||||||
Raymond James & Associates, Inc. [Member] | ' | ||||||||||||||||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ||||||||||||||||||||
Computation of Net Capital under Securities and Exchange Commission Regulation | ' | ||||||||||||||||||||
The net capital position of our wholly owned broker-dealer subsidiary RJ&A is as follows: | |||||||||||||||||||||
As of | |||||||||||||||||||||
March 31, 2014 | September 30, 2013 | ||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||
Raymond James & Associates, Inc.: | |||||||||||||||||||||
(Alternative Method elected) | |||||||||||||||||||||
Net capital as a percent of aggregate debit items | 28.44 | % | 23.14 | % | |||||||||||||||||
Net capital | $ | 508,221 | $ | 435,343 | |||||||||||||||||
Less: required net capital | (35,740 | ) | (37,625 | ) | |||||||||||||||||
Excess net capital | $ | 472,481 | $ | 397,718 | |||||||||||||||||
Raymond James Financial Services Inc [Member] | ' | ||||||||||||||||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ||||||||||||||||||||
Computation of Net Capital under Securities and Exchange Commission Regulation | ' | ||||||||||||||||||||
The net capital position of our wholly owned broker-dealer subsidiary RJFS is as follows: | |||||||||||||||||||||
As of | |||||||||||||||||||||
March 31, 2014 | September 30, 2013 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Raymond James Financial Services, Inc.: | |||||||||||||||||||||
(Alternative Method elected) | |||||||||||||||||||||
Net capital | $ | 18,584 | $ | 18,103 | |||||||||||||||||
Less: required net capital | (250 | ) | (250 | ) | |||||||||||||||||
Excess net capital | $ | 18,334 | $ | 17,853 | |||||||||||||||||
Raymond James Ltd. [Member] | ' | ||||||||||||||||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ||||||||||||||||||||
Computation of Net Capital under Securities and Exchange Commission Regulation | ' | ||||||||||||||||||||
The risk adjusted capital of RJ Ltd. is as follows (in Canadian dollars): | |||||||||||||||||||||
As of | |||||||||||||||||||||
March 31, 2014 | September 30, 2013 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Raymond James Ltd.: | |||||||||||||||||||||
Risk adjusted capital before minimum | $ | 100,379 | $ | 52,777 | |||||||||||||||||
Less: required minimum capital | (250 | ) | (250 | ) | |||||||||||||||||
Risk adjusted capital | $ | 100,129 | $ | 52,527 | |||||||||||||||||
FINANCIAL_INSTRUMENTS_WITH_OFF1
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK (Tables) | 6 Months Ended | |||
Mar. 31, 2014 | ||||
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK [Abstract] | ' | |||
Summary of Commitments to Extend Credit and Other Credit-Related Off-Balance Sheet Financial Instruments Outstanding | ' | |||
A summary of commitments to extend credit and other credit-related off-balance sheet financial instruments outstanding follows: | ||||
March 31, 2014 | ||||
(in thousands) | ||||
Standby letters of credit | $ | 107,515 | ||
Open end consumer lines of credit | 1,135,117 | |||
Commercial lines of credit | 1,795,685 | |||
Unfunded loan commitments | 210,999 | |||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Computation of Basic and Diluted Earnings Per Share | ' | |||||||||||||||
The following table presents the computation of basic and diluted earnings per share: | ||||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
Income for basic earnings per common share: | ||||||||||||||||
Net income attributable to RJF | $ | 104,560 | $ | 79,960 | $ | 221,193 | $ | 165,834 | ||||||||
Less allocation of earnings and dividends to participating securities (1) | (656 | ) | (908 | ) | (1,530 | ) | (2,107 | ) | ||||||||
Net income attributable to RJF common shareholders | $ | 103,904 | $ | 79,052 | $ | 219,663 | $ | 163,727 | ||||||||
Income for diluted earnings per common share: | ||||||||||||||||
Net income attributable to RJF | $ | 104,560 | $ | 79,960 | $ | 221,193 | $ | 165,834 | ||||||||
Less allocation of earnings and dividends to participating securities (1) | (642 | ) | (894 | ) | (1,500 | ) | (2,078 | ) | ||||||||
Net income attributable to RJF common shareholders | $ | 103,918 | $ | 79,066 | $ | 219,693 | $ | 163,756 | ||||||||
Common shares: | ||||||||||||||||
Average common shares in basic computation | 139,888 | 137,817 | 139,498 | 137,156 | ||||||||||||
Dilutive effect of outstanding stock options and certain restricted stock units | 3,748 | 2,905 | 3,567 | 2,513 | ||||||||||||
Average common shares used in diluted computation | 143,636 | 140,722 | 143,065 | 139,669 | ||||||||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | 0.74 | $ | 0.57 | $ | 1.57 | $ | 1.19 | ||||||||
Diluted | $ | 0.72 | $ | 0.56 | $ | 1.54 | $ | 1.17 | ||||||||
Stock options and certain restricted stock units excluded from weighted-average diluted common shares because their effect would be antidilutive | 228 | 108 | 527 | 387 | ||||||||||||
-1 | Represents dividends paid during the period to participating securities plus an allocation of undistributed earnings to participating securities. Participating securities represent unvested restricted stock and certain restricted stock units and amounted to weighted-average shares of 896 thousand and 1.6 million for the three months ended March 31, 2014 and 2013, respectively. Participating securities amounted to weighted-average shares of 976 thousand and 1.8 million for the six months ended March 31, 2014 and 2013, respectively. Dividends paid to participating securities amounted to $133 thousand and $212 thousand for the three months ended March 31, 2014 and 2013, respectively. Dividends paid to participating securities amounted to $286 thousand and $465 thousand for the six months ended March 31, 2014 and 2013, respectively. 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 | ' | |||||||||||||||
Dividends per common share declared and paid are as follows: | ||||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Dividends per common share - declared | $ | 0.16 | $ | 0.14 | $ | 0.32 | $ | 0.28 | ||||||||
Dividends per common share - paid | $ | 0.16 | $ | 0.14 | $ | 0.3 | $ | 0.27 | ||||||||
SEGMENT_ANALYSIS_Tables
SEGMENT ANALYSIS (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Information Concerning Operations on a Segment Basis | ' | |||||||||||||||
Information concerning operations in these segments of business is as follows: | ||||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||||
Revenues: | ||||||||||||||||
Private Client Group | $ | 814,668 | $ | 728,822 | $ | 1,593,864 | $ | 1,443,124 | ||||||||
Capital Markets | 228,139 | 228,981 | 473,132 | 484,054 | ||||||||||||
Asset Management | 87,534 | 69,541 | 183,550 | 135,170 | ||||||||||||
RJ Bank | 87,157 | 89,821 | 171,030 | 181,871 | ||||||||||||
Other | 3,982 | 70,062 | 24,071 | 95,521 | ||||||||||||
Intersegment eliminations | (16,855 | ) | (16,929 | ) | (32,248 | ) | (31,933 | ) | ||||||||
Total revenues(1) | $ | 1,204,625 | $ | 1,170,298 | $ | 2,413,399 | $ | 2,307,807 | ||||||||
Income (loss) excluding noncontrolling interests and before provision for income taxes: | ||||||||||||||||
Private Client Group | $ | 77,115 | $ | 53,584 | $ | 148,625 | $ | 107,034 | ||||||||
Capital Markets | 29,571 | 16,389 | 63,016 | 45,642 | ||||||||||||
Asset Management | 29,864 | 20,860 | 61,700 | 41,803 | ||||||||||||
RJ Bank | 56,798 | 64,276 | 113,856 | 132,219 | ||||||||||||
Other (2) | (27,884 | ) | (24,092 | ) | (42,809 | ) | (56,534 | ) | ||||||||
Pre-tax income excluding noncontrolling interests | 165,464 | 131,017 | 344,388 | 270,164 | ||||||||||||
Add: net (loss) income attributable to noncontrolling interests | (12,465 | ) | 28,286 | (12,577 | ) | 36,306 | ||||||||||
Income including noncontrolling interests and before provision for income taxes | $ | 152,999 | $ | 159,303 | $ | 331,811 | $ | 306,470 | ||||||||
-1 | No individual client accounted for more than ten percent of total revenues in any of the periods presented. | |||||||||||||||
-2 | For the three and six months ended March 31, 2013, the Other segment includes acquisition related expenses pertaining to our acquisitions (primarily related to our Morgan Keegan acquisition, see Note 1 for additional information) in the amount of $20.9 million and $38.3 million, respectively. For the three and six months ended March 31, 2014, acquisition related expenses are no longer material for separate disclosure as our Morgan Keegan integration activities were substantially complete as of September 30, 2013. | |||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||||
Net interest income (expense): | ||||||||||||||||
Private Client Group | $ | 22,136 | $ | 21,030 | $ | 45,586 | $ | 42,592 | ||||||||
Capital Markets | 1,414 | 1,128 | 3,262 | 3,226 | ||||||||||||
Asset Management | 12 | 14 | 41 | 38 | ||||||||||||
RJ Bank | 84,527 | 85,197 | 166,641 | 172,943 | ||||||||||||
Other | (15,676 | ) | (16,540 | ) | (31,396 | ) | (32,865 | ) | ||||||||
Net interest income | $ | 92,413 | $ | 90,829 | $ | 184,134 | $ | 185,934 | ||||||||
The following table presents our total assets on a segment basis: | ||||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||||
(in thousands) | ||||||||||||||||
Total assets: | ||||||||||||||||
Private Client Group (1) | $ | 6,140,672 | $ | 7,649,030 | ||||||||||||
Capital Markets (2) | 2,552,157 | 2,548,663 | ||||||||||||||
Asset Management | 162,247 | 149,436 | ||||||||||||||
RJ Bank | 11,788,448 | 10,489,524 | ||||||||||||||
Other | 2,225,378 | 2,349,469 | ||||||||||||||
Total | $ | 22,868,902 | $ | 23,186,122 | ||||||||||||
-1 | Includes $174.6 million of goodwill at March 31, 2014 and September 30, 2013. | |||||||||||||||
-2 | Includes $120.9 million of goodwill at March 31, 2014 and September 30, 2013. | |||||||||||||||
Revenues, Income Before Provision for Income Taxes and Excluding Noncontrolling Interests, and Total Assets, Classified by Major Geographic Areas | ' | |||||||||||||||
Revenues and income before provision for income taxes and excluding noncontrolling interests, classified by major geographic areas in which they are earned, are as follows: | ||||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||||
Revenues: | ||||||||||||||||
United States | $ | 1,093,936 | $ | 1,059,022 | $ | 2,182,031 | $ | 2,098,044 | ||||||||
Canada | 76,380 | 84,404 | 164,494 | 156,819 | ||||||||||||
Europe | 25,588 | 21,284 | 50,584 | 42,174 | ||||||||||||
Other | 8,721 | 5,588 | 16,290 | 10,770 | ||||||||||||
Total | $ | 1,204,625 | $ | 1,170,298 | $ | 2,413,399 | $ | 2,307,807 | ||||||||
Pre-tax income excluding noncontrolling interests: | ||||||||||||||||
United States | $ | 153,577 | $ | 129,139 | $ | 320,183 | $ | 266,143 | ||||||||
Canada | 8,997 | 9,577 | 20,543 | 14,116 | ||||||||||||
Europe | 656 | (7,162 | ) | 855 | (7,230 | ) | ||||||||||
Other | 2,234 | (537 | ) | 2,807 | (2,865 | ) | ||||||||||
Total | $ | 165,464 | $ | 131,017 | $ | 344,388 | $ | 270,164 | ||||||||
Our total assets, classified by major geographic area in which they are held, are presented below: | ||||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||||
(in thousands) | ||||||||||||||||
Total assets: | ||||||||||||||||
United States (1) | $ | 21,028,364 | $ | 21,154,293 | ||||||||||||
Canada(2) | 1,759,620 | 1,965,648 | ||||||||||||||
Europe | 38,815 | 26,415 | ||||||||||||||
Other | 42,103 | 39,766 | ||||||||||||||
Total | $ | 22,868,902 | $ | 23,186,122 | ||||||||||||
-1 | Includes $262.5 million of goodwill at March 31, 2014 and September 30, 2013. | |||||||||||||||
-2 | Includes $33 million of goodwill at March 31, 2014 and September 30, 2013. |
INTRODUCTION_AND_BASIS_OF_PRES2
INTRODUCTION AND BASIS OF PRESENTATION (Details) | Mar. 31, 2014 | Dec. 24, 2012 |
ClariVest Asset Management [Member] | ||
Business Acquisition [Line Items] | ' | ' |
Percent ownership of subsidiaries that are consolidated (in hundredths) | 100.00% | ' |
Business acquisition, acquired interest | ' | 45.00% |
UPDATE_OF_SIGNIFICANT_ACCOUNTI2
UPDATE OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Brokerage client receivables, loans to financial advisors and allowance for doubtful accounts [Abstract] | ' | ' |
Allowance for doubtful accounts balance associated with our loans to financial advisors | $2.50 | $2.80 |
Loans associated with financial advisors no longer affiliated with us, net of allowance | $3.50 | ' |
ACQUISITIONS_Clarivest_Details
ACQUISITIONS, Clarivest (Details) (ClariVest Asset Management [Member], USD $) | 3 Months Ended | 6 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 24, 2012 |
ClariVest Asset Management [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Business acquisition, acquired interest | ' | ' | 45.00% |
Business acquisition, cost of acquired entity, cash paid | ' | $8.80 | ' |
Period during which actual earnings will be analyzed for possible additional consideration | ' | '1 year | ' |
Additional cash consideration | $2 | ' | ' |
ACQUISITIONS_Acquisition_Relat
ACQUISITIONS, Acquisition Related Expenses (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | ||
Business Combinations [Abstract] | ' | ' | ' | ' | ||
Information systems integration and conversion costs | ' | $10,381 | [1] | ' | $22,545 | [1] |
Financial advisory fees | ' | 0 | ' | 1,176 | ||
Occupancy and equipment costs | ' | 708 | [2] | ' | 1,274 | [2] |
Severance | ' | 5,806 | [3] | ' | 6,205 | [3] |
Temporary services | ' | 1,389 | ' | 1,603 | ||
Legal | ' | 435 | ' | 459 | ||
Other integration costs | ' | 2,203 | ' | 5,042 | ||
Total acquisition related expense | $0 | $20,922 | $0 | $38,304 | ||
[1] | Includes equipment costs related to the disposition of information systems equipment, and temporary services incurred specifically related to the information systems conversion. | |||||
[2] | Includes lease costs associated with the abandonment of certain facilities resulting from the Morgan Keegan acquisition. | |||||
[3] | Represents all costs associated with eliminating positions as a result of the Morgan Keegan acquisition, partially offset by the favorable impact arising from the forfeiture of any unvested accrued benefits. |
CASH_AND_CASH_EQUIVALENTS_ASSE2
CASH AND CASH EQUIVALENTS, ASSETS SEGREGATED PURSUANT TO REGULATIONS AND DEPOSITS WITH CLEARING ORGANIZATIONS (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | ||
Cash and cash equivalents: | ' | ' | ' | ' | ||
Cash in banks | $2,630,650,000 | $2,593,890,000 | ' | ' | ||
Money market fund investments | 11,226,000 | 2,726,000 | ' | ' | ||
Total cash and cash equivalents | 2,641,876,000 | [1] | 2,596,616,000 | [1] | 2,174,149,000 | 1,980,020,000 |
Cash segregated pursuant to federal regulations and other segregated assets | 2,555,155,000 | [2] | 4,064,827,000 | [2] | ' | ' |
Deposits with clearing organizations | 135,554,000 | [3] | 126,405,000 | [3] | ' | ' |
Total cash and cash equivalents, assets segregated pursuant to regulations, and deposits with clearing organizations | 5,332,585,000 | 6,787,848,000 | ' | ' | ||
Amount of cash and cash equivalents either on deposit or otherwise invested by subsidiaries on behalf of RJF | $1,070,000,000 | $1,020,000,000 | ' | ' | ||
[1] | The total amounts presented include cash and cash equivalents of $1.07 billion and $1.02 billion as of March 31, 2014 and September 30, 2013, respectively, which are either held directly by RJF or are otherwise invested by one of our subsidiaries on behalf of RJF, and are available without restrictions. | |||||
[2] | Consists of cash maintained in accordance with Rule 15c3-3 under the Securities Exchange Act of 1934. RJ&A, as a broker-dealer carrying client accounts, is subject to requirements related to maintaining cash or qualified securities in segregated reserve accounts for the exclusive benefit of its’ clients. Additionally, RJ Ltd. is required to hold client Registered Retirement Savings Plan funds in trust. | |||||
[3] | Consists of deposits of cash and cash equivalents or other short-term securities held by other clearing organizations or exchanges. |
FAIR_VALUE_Recurring_and_Nonre
FAIR VALUE, Recurring and Nonrecurring Fair Value Measurements (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | ||||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | $647,754,000 | $647,754,000 | ' | $579,705,000 | |||
Total available for sale securities | 646,569,000 | 646,569,000 | ' | 698,844,000 | |||
Derivative instruments associated with offsetting matched book positions | 289,271,000 | 289,271,000 | ' | 250,341,000 | |||
Other receivables | 492,221,000 | 492,221,000 | ' | 407,329,000 | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 200,458,000 | 200,458,000 | ' | 220,656,000 | |||
Derivative instruments associated with offsetting matched book positions | 289,271,000 | 289,271,000 | ' | 250,341,000 | |||
Transfers of Financial Instruments into (out of) Level 1 and 2 [Abstract] | ' | ' | ' | ' | |||
Fair value of financial instruments, level 1 to level 2 transfers | 0 | 0 | ' | 860,000 | |||
Fair value of financial instruments, level 2 to level 1 transfers | 0 | 0 | ' | 401,000 | |||
Adjustments to fair value of nonrecurring fair value measurements [Abstract] | ' | ' | ' | ' | |||
Additional provision for loan losses due to fair value adjustment | ' | 176,000 | 5,700,000 | ' | |||
Other losses due to fair value adjustment | ' | 1,500,000 | 49,000 | ' | |||
Measured at fair value on a recurring basis [Member] | MK&Co [Member] | ' | ' | ' | ' | |||
Adjustments to fair value of nonrecurring fair value measurements [Abstract] | ' | ' | ' | ' | |||
Other investments with obligations to perform under deferred compensation plan | 145,000,000 | 145,000,000 | ' | 176,000,000 | |||
Measured at fair value on a recurring basis [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | ' | ' | ' | 57,568,000 | [1] | ||
Total available for sale securities | 2,084,000 | [2] | 2,084,000 | [2] | ' | 2,076,000 | [1] |
Private equity investments | 0 | [2] | 0 | [2] | ' | 0 | [1] |
Other investments | 215,141,000 | [2],[3] | 215,141,000 | [2],[3] | ' | 241,627,000 | [1],[4] |
Derivative instruments associated with offsetting matched book positions | 0 | [2] | 0 | [2] | ' | 0 | [1] |
Other receivables | ' | ' | ' | 0 | [1] | ||
Other assets | 0 | [2] | 0 | [2] | ' | 0 | [1] |
Total assets at fair value on a recurring basis | 289,177,000 | [2] | 289,177,000 | [2] | ' | 301,271,000 | [1] |
Total bank loans, net | 0 | [5] | 0 | [5] | ' | 0 | [5] |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 168,513,000 | [2] | 168,513,000 | [2] | ' | 204,230,000 | [1] |
Derivative instruments associated with offsetting matched book positions | 0 | [2] | 0 | [2] | ' | 0 | [1] |
Total trade and other payables | 0 | [2] | 0 | [2] | ' | 0 | [1] |
Total liabilities at fair value on a recurring basis | 168,513,000 | [2] | 168,513,000 | [2] | ' | 204,230,000 | [1] |
Measured at fair value on a recurring basis [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | Municipal and provincial obligations [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 5,680,000 | [2] | 5,680,000 | [2] | ' | 165,000 | [1] |
Measured at fair value on a recurring basis [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | Corporate obligations [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 911,000 | [2] | 911,000 | [2] | ' | 30,000 | [1] |
Measured at fair value on a recurring basis [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | Government obligations [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 147,663,000 | [2] | 147,663,000 | [2] | ' | 169,816,000 | [1] |
Measured at fair value on a recurring basis [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | Agency MBS and CMOs [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 209,000 | [2] | 209,000 | [2] | ' | 3,068,000 | [1] |
Measured at fair value on a recurring basis [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | Total debt securities [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 154,463,000 | [2] | 154,463,000 | [2] | ' | 173,079,000 | [1] |
Measured at fair value on a recurring basis [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | Derivative contracts [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 0 | [2] | 0 | [2] | ' | 0 | [1] |
Total trade and other payables | 0 | [2] | 0 | [2] | ' | 0 | [1] |
Measured at fair value on a recurring basis [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | Equity securities [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 14,050,000 | [2] | 14,050,000 | [2] | ' | 31,151,000 | [1] |
Measured at fair value on a recurring basis [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | Other Liabilities [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Total trade and other payables | 0 | [2] | 0 | [2] | ' | 0 | [1] |
Measured at fair value on a recurring basis [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | Municipal and provincial obligations [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 4,470,000 | [2] | 4,470,000 | [2] | ' | 10,000 | [1] |
Measured at fair value on a recurring basis [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | Corporate obligations [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 2,582,000 | [2] | 2,582,000 | [2] | ' | 833,000 | [1] |
Measured at fair value on a recurring basis [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | Government and agency obligations [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 6,390,000 | [2] | 6,390,000 | [2] | ' | 6,408,000 | [1] |
Measured at fair value on a recurring basis [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | Agency MBS and CMOs [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 693,000 | [2] | 693,000 | [2] | ' | 155,000 | [1] |
Total available for sale securities | 0 | [2] | 0 | [2] | ' | 0 | [1] |
Measured at fair value on a recurring basis [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | Non-agency CMOs and ABS [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 0 | [2] | 0 | [2] | ' | 0 | [1] |
Measured at fair value on a recurring basis [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | Total debt securities [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 14,135,000 | [2] | 14,135,000 | [2] | ' | 7,406,000 | [1] |
Measured at fair value on a recurring basis [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | Derivative contracts [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 0 | [2] | 0 | [2] | ' | 0 | [1] |
Other assets | 0 | [2] | 0 | [2] | ' | ' | |
Measured at fair value on a recurring basis [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | Equity securities [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 57,355,000 | [2] | 57,355,000 | [2] | ' | 48,749,000 | [1] |
Measured at fair value on a recurring basis [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | Corporate Loans [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 0 | [2] | 0 | [2] | ' | ' | |
Measured at fair value on a recurring basis [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | Other securities [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 462,000 | [2] | 462,000 | [2] | ' | 1,413,000 | [1] |
Total available for sale securities | 2,084,000 | [2] | 2,084,000 | [2] | ' | 2,076,000 | [1] |
Measured at fair value on a recurring basis [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | Total trading instruments [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 71,952,000 | [2] | 71,952,000 | [2] | ' | ' | |
Measured at fair value on a recurring basis [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | Non-agency CMOs [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total available for sale securities | 0 | [2] | 0 | [2] | ' | 0 | [1] |
Measured at fair value on a recurring basis [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | ARS - municipals [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total available for sale securities | 0 | [2] | 0 | [2] | ' | 0 | [1] |
Measured at fair value on a recurring basis [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | ARS - Preferred securities [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total available for sale securities | 0 | [2] | 0 | [2] | ' | 0 | [1] |
Measured at fair value on a recurring basis [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | Other Assets [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Other assets | 0 | [2] | 0 | [2] | ' | ' | |
Measured at fair value on a recurring basis [Member] | Significant other observable inputs (Level 2) [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | ' | ' | ' | 579,656,000 | [1] | ||
Total available for sale securities | 422,272,000 | [2] | 422,272,000 | [2] | ' | 454,972,000 | [1] |
Private equity investments | 0 | [2] | 0 | [2] | ' | 0 | [1] |
Other investments | 1,263,000 | [2],[3] | 1,263,000 | [2],[3] | ' | 2,278,000 | [1],[4] |
Derivative instruments associated with offsetting matched book positions | 289,271,000 | [2] | 289,271,000 | [2] | ' | 250,341,000 | [1] |
Other receivables | ' | ' | ' | 0 | [1] | ||
Other assets | 146,000 | [2] | 146,000 | [2] | ' | 0 | [1] |
Total assets at fair value on a recurring basis | 1,345,939,000 | [2] | 1,345,939,000 | [2] | ' | 1,287,247,000 | [1] |
Total bank loans, net | 118,261,000 | [5] | 118,261,000 | [5] | ' | 83,012,000 | [5] |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 96,116,000 | [2] | 96,116,000 | [2] | ' | 85,705,000 | [1] |
Derivative instruments associated with offsetting matched book positions | 289,271,000 | [2] | 289,271,000 | [2] | ' | 250,341,000 | [1] |
Total trade and other payables | 662,000 | [2] | 662,000 | [2] | ' | 714,000 | [1] |
Total liabilities at fair value on a recurring basis | 386,049,000 | [2] | 386,049,000 | [2] | ' | 336,760,000 | [1] |
Measured at fair value on a recurring basis [Member] | Significant other observable inputs (Level 2) [Member] | Municipal and provincial obligations [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 2,008,000 | [2] | 2,008,000 | [2] | ' | 1,612,000 | [1] |
Measured at fair value on a recurring basis [Member] | Significant other observable inputs (Level 2) [Member] | Corporate obligations [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 22,062,000 | [2] | 22,062,000 | [2] | ' | 9,081,000 | [1] |
Measured at fair value on a recurring basis [Member] | Significant other observable inputs (Level 2) [Member] | Government obligations [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 0 | [2] | 0 | [2] | ' | 0 | [1] |
Measured at fair value on a recurring basis [Member] | Significant other observable inputs (Level 2) [Member] | Agency MBS and CMOs [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 1,977,000 | [2] | 1,977,000 | [2] | ' | 0 | [1] |
Measured at fair value on a recurring basis [Member] | Significant other observable inputs (Level 2) [Member] | Total debt securities [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 26,047,000 | [2] | 26,047,000 | [2] | ' | 10,693,000 | [1] |
Measured at fair value on a recurring basis [Member] | Significant other observable inputs (Level 2) [Member] | Derivative contracts [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 69,999,000 | [2] | 69,999,000 | [2] | ' | 74,920,000 | [1] |
Total trade and other payables | 662,000 | [2] | 662,000 | [2] | ' | 714,000 | [1] |
Measured at fair value on a recurring basis [Member] | Significant other observable inputs (Level 2) [Member] | Equity securities [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 70,000 | [2] | 70,000 | [2] | ' | 92,000 | [1] |
Measured at fair value on a recurring basis [Member] | Significant other observable inputs (Level 2) [Member] | Other Liabilities [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Total trade and other payables | 0 | [2] | 0 | [2] | ' | 0 | [1] |
Measured at fair value on a recurring basis [Member] | Significant other observable inputs (Level 2) [Member] | Municipal and provincial obligations [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 166,759,000 | [2] | 166,759,000 | [2] | ' | 202,816,000 | [1] |
Measured at fair value on a recurring basis [Member] | Significant other observable inputs (Level 2) [Member] | Corporate obligations [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 64,716,000 | [2] | 64,716,000 | [2] | ' | 59,573,000 | [1] |
Measured at fair value on a recurring basis [Member] | Significant other observable inputs (Level 2) [Member] | Government and agency obligations [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 54,442,000 | [2] | 54,442,000 | [2] | ' | 106,988,000 | [1] |
Measured at fair value on a recurring basis [Member] | Significant other observable inputs (Level 2) [Member] | Agency MBS and CMOs [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 149,871,000 | [2] | 149,871,000 | [2] | ' | 92,994,000 | [1] |
Total available for sale securities | 296,709,000 | [2] | 296,709,000 | [2] | ' | 326,029,000 | [1] |
Measured at fair value on a recurring basis [Member] | Significant other observable inputs (Level 2) [Member] | Non-agency CMOs and ABS [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 37,692,000 | [2] | 37,692,000 | [2] | ' | 16,957,000 | [1] |
Measured at fair value on a recurring basis [Member] | Significant other observable inputs (Level 2) [Member] | Total debt securities [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 473,480,000 | [2] | 473,480,000 | [2] | ' | 479,328,000 | [1] |
Measured at fair value on a recurring basis [Member] | Significant other observable inputs (Level 2) [Member] | Derivative contracts [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 84,607,000 | [2] | 84,607,000 | [2] | ' | 89,633,000 | [1] |
Other assets | 146,000 | [2] | 146,000 | [2] | ' | ' | |
Measured at fair value on a recurring basis [Member] | Significant other observable inputs (Level 2) [Member] | Equity securities [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 3,846,000 | [2] | 3,846,000 | [2] | ' | 4,231,000 | [1] |
Measured at fair value on a recurring basis [Member] | Significant other observable inputs (Level 2) [Member] | Corporate Loans [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 33,074,000 | [2] | 33,074,000 | [2] | ' | ' | |
Measured at fair value on a recurring basis [Member] | Significant other observable inputs (Level 2) [Member] | Other securities [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 37,980,000 | [2] | 37,980,000 | [2] | ' | 6,464,000 | [1] |
Total available for sale securities | 0 | [2] | 0 | [2] | ' | 0 | [1] |
Measured at fair value on a recurring basis [Member] | Significant other observable inputs (Level 2) [Member] | Total trading instruments [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 632,987,000 | [2] | 632,987,000 | [2] | ' | ' | |
Measured at fair value on a recurring basis [Member] | Significant other observable inputs (Level 2) [Member] | Non-agency CMOs [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total available for sale securities | 125,563,000 | [2] | 125,563,000 | [2] | ' | 128,943,000 | [1] |
Measured at fair value on a recurring basis [Member] | Significant other observable inputs (Level 2) [Member] | ARS - municipals [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total available for sale securities | 0 | [2] | 0 | [2] | ' | 0 | [1] |
Measured at fair value on a recurring basis [Member] | Significant other observable inputs (Level 2) [Member] | ARS - Preferred securities [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total available for sale securities | 0 | [2] | 0 | [2] | ' | 0 | [1] |
Measured at fair value on a recurring basis [Member] | Significant other observable inputs (Level 2) [Member] | Other Assets [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Other assets | 0 | [2] | 0 | [2] | ' | ' | |
Measured at fair value on a recurring basis [Member] | Significant unobservable inputs (Level 3) [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | ' | ' | ' | 4,005,000 | |||
Total available for sale securities | 222,213,000 | 222,213,000 | ' | 241,796,000 | |||
Private equity investments | 191,401,000 | [6] | 191,401,000 | [6] | ' | 216,391,000 | [7] |
Other investments | 1,788,000 | [3] | 1,788,000 | [3] | ' | 4,607,000 | [4] |
Derivative instruments associated with offsetting matched book positions | 0 | 0 | ' | 0 | |||
Other receivables | ' | ' | ' | 2,778,000 | [8] | ||
Other assets | 15,000 | 15,000 | ' | 15,000 | |||
Total assets at fair value on a recurring basis | 418,170,000 | 418,170,000 | ' | 469,592,000 | |||
Total bank loans, net | 9,743,929,000 | [5] | 9,743,929,000 | [5] | ' | 8,614,755,000 | [5] |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 0 | 0 | ' | 0 | |||
Derivative instruments associated with offsetting matched book positions | 0 | 0 | ' | 0 | |||
Total trade and other payables | 82,000 | 82,000 | ' | 60,000 | |||
Total liabilities at fair value on a recurring basis | 82,000 | 82,000 | ' | 60,000 | |||
Private Equity Investments [Abstract] | ' | ' | ' | ' | |||
Weighted-average ownership percentage (in hundredths) | 71.00% | 71.00% | ' | 41.00% | |||
Portion of significant private equity investments included in noncontrolling interests | 55,000,000 | 55,000,000 | ' | 63,000,000 | |||
Portion Of Private Equity Investments owned by Parent | 136,000,000 | 136,000,000 | ' | ' | |||
Measured at fair value on a recurring basis [Member] | Significant unobservable inputs (Level 3) [Member] | Municipal and provincial obligations [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 0 | 0 | ' | 0 | |||
Measured at fair value on a recurring basis [Member] | Significant unobservable inputs (Level 3) [Member] | Corporate obligations [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 0 | 0 | ' | 0 | |||
Measured at fair value on a recurring basis [Member] | Significant unobservable inputs (Level 3) [Member] | Government obligations [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 0 | 0 | ' | 0 | |||
Measured at fair value on a recurring basis [Member] | Significant unobservable inputs (Level 3) [Member] | Agency MBS and CMOs [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 0 | 0 | ' | 0 | |||
Measured at fair value on a recurring basis [Member] | Significant unobservable inputs (Level 3) [Member] | Total debt securities [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 0 | 0 | ' | 0 | |||
Measured at fair value on a recurring basis [Member] | Significant unobservable inputs (Level 3) [Member] | Derivative contracts [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 0 | 0 | ' | 0 | |||
Total trade and other payables | 0 | 0 | ' | 0 | |||
Measured at fair value on a recurring basis [Member] | Significant unobservable inputs (Level 3) [Member] | Equity securities [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 0 | 0 | ' | 0 | |||
Measured at fair value on a recurring basis [Member] | Significant unobservable inputs (Level 3) [Member] | Other Liabilities [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Total trade and other payables | 82,000 | [9] | 82,000 | [9] | ' | 60,000 | |
Measured at fair value on a recurring basis [Member] | Significant unobservable inputs (Level 3) [Member] | Municipal and provincial obligations [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 0 | 0 | ' | 0 | |||
Measured at fair value on a recurring basis [Member] | Significant unobservable inputs (Level 3) [Member] | Corporate obligations [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 0 | 0 | ' | 0 | |||
Measured at fair value on a recurring basis [Member] | Significant unobservable inputs (Level 3) [Member] | Government and agency obligations [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 0 | 0 | ' | 0 | |||
Measured at fair value on a recurring basis [Member] | Significant unobservable inputs (Level 3) [Member] | Agency MBS and CMOs [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 0 | 0 | ' | 0 | |||
Total available for sale securities | 0 | 0 | ' | 0 | |||
Measured at fair value on a recurring basis [Member] | Significant unobservable inputs (Level 3) [Member] | Non-agency CMOs and ABS [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 13,000 | 13,000 | ' | 14,000 | |||
Measured at fair value on a recurring basis [Member] | Significant unobservable inputs (Level 3) [Member] | Total debt securities [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 13,000 | 13,000 | ' | 14,000 | |||
Measured at fair value on a recurring basis [Member] | Significant unobservable inputs (Level 3) [Member] | Derivative contracts [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 0 | 0 | ' | 0 | |||
Other assets | 0 | 0 | ' | ' | |||
Measured at fair value on a recurring basis [Member] | Significant unobservable inputs (Level 3) [Member] | Equity securities [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 37,000 | 37,000 | ' | 35,000 | |||
Measured at fair value on a recurring basis [Member] | Significant unobservable inputs (Level 3) [Member] | Corporate Loans [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 0 | 0 | ' | ' | |||
Measured at fair value on a recurring basis [Member] | Significant unobservable inputs (Level 3) [Member] | Other securities [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 2,703,000 | 2,703,000 | ' | 3,956,000 | |||
Total available for sale securities | 0 | 0 | ' | 0 | |||
Measured at fair value on a recurring basis [Member] | Significant unobservable inputs (Level 3) [Member] | Total trading instruments [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 2,753,000 | 2,753,000 | ' | ' | |||
Measured at fair value on a recurring basis [Member] | Significant unobservable inputs (Level 3) [Member] | Non-agency CMOs [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total available for sale securities | 38,000 | 38,000 | ' | 78,000 | |||
Measured at fair value on a recurring basis [Member] | Significant unobservable inputs (Level 3) [Member] | ARS - municipals [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total available for sale securities | 109,960,000 | [10] | 109,960,000 | [10] | ' | 130,934,000 | [11] |
Measured at fair value on a recurring basis [Member] | Significant unobservable inputs (Level 3) [Member] | Jefferson County, Alabama Limited Obligation School Warrants ARS [Member] [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total available for sale securities | 58,000,000 | 58,000,000 | ' | 54,000,000 | |||
Measured at fair value on a recurring basis [Member] | Significant unobservable inputs (Level 3) [Member] | Jefferson County, Alabama Sewer Revenue Refunding Warrants ARS [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total available for sale securities | ' | ' | ' | 25,000,000 | |||
Measured at fair value on a recurring basis [Member] | Significant unobservable inputs (Level 3) [Member] | ARS - Preferred securities [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total available for sale securities | 112,215,000 | 112,215,000 | ' | 110,784,000 | |||
Measured at fair value on a recurring basis [Member] | Significant unobservable inputs (Level 3) [Member] | Other Assets [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Other assets | 15,000 | 15,000 | ' | ' | |||
Measured at fair value on a recurring basis [Member] | Netting adjustments [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | ' | ' | ' | -61,524,000 | [12] | ||
Total available for sale securities | 0 | [12] | 0 | [12] | ' | 0 | [12] |
Private equity investments | 0 | [12] | 0 | [12] | ' | 0 | [12] |
Other investments | 0 | [12],[3] | 0 | [12],[3] | ' | 0 | [12],[4] |
Derivative instruments associated with offsetting matched book positions | 0 | [12] | 0 | [12] | ' | 0 | [12] |
Other receivables | ' | ' | ' | 0 | [12] | ||
Other assets | 0 | [12] | 0 | [12] | ' | 0 | [12] |
Total assets at fair value on a recurring basis | -59,938,000 | [12] | -59,938,000 | [12] | ' | -61,524,000 | [12] |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | -64,171,000 | [12] | -64,171,000 | [12] | ' | -69,279,000 | [12] |
Derivative instruments associated with offsetting matched book positions | 0 | [12] | 0 | [12] | ' | 0 | [12] |
Total trade and other payables | 0 | [12] | 0 | [12] | ' | 0 | [12] |
Total liabilities at fair value on a recurring basis | -64,171,000 | [12] | -64,171,000 | [12] | ' | -69,279,000 | [12] |
Measured at fair value on a recurring basis [Member] | Netting adjustments [Member] | Municipal and provincial obligations [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 0 | [12] | 0 | [12] | ' | 0 | [12] |
Measured at fair value on a recurring basis [Member] | Netting adjustments [Member] | Corporate obligations [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 0 | [12] | 0 | [12] | ' | 0 | [12] |
Measured at fair value on a recurring basis [Member] | Netting adjustments [Member] | Government obligations [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 0 | [12] | 0 | [12] | ' | 0 | [12] |
Measured at fair value on a recurring basis [Member] | Netting adjustments [Member] | Agency MBS and CMOs [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 0 | [12] | 0 | [12] | ' | 0 | [12] |
Measured at fair value on a recurring basis [Member] | Netting adjustments [Member] | Total debt securities [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 0 | [12] | 0 | [12] | ' | 0 | [12] |
Measured at fair value on a recurring basis [Member] | Netting adjustments [Member] | Derivative contracts [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | -64,171,000 | [12] | -64,171,000 | [12] | ' | -69,279,000 | [12] |
Total trade and other payables | 0 | [12] | 0 | [12] | ' | 0 | [12] |
Measured at fair value on a recurring basis [Member] | Netting adjustments [Member] | Equity securities [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 0 | [12] | 0 | [12] | ' | 0 | [12] |
Measured at fair value on a recurring basis [Member] | Netting adjustments [Member] | Other Liabilities [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Total trade and other payables | 0 | [12] | 0 | [12] | ' | 0 | [12] |
Measured at fair value on a recurring basis [Member] | Netting adjustments [Member] | Municipal and provincial obligations [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 0 | [12] | 0 | [12] | ' | 0 | [12] |
Measured at fair value on a recurring basis [Member] | Netting adjustments [Member] | Corporate obligations [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 0 | [12] | 0 | [12] | ' | 0 | [12] |
Measured at fair value on a recurring basis [Member] | Netting adjustments [Member] | Government and agency obligations [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 0 | [12] | 0 | [12] | ' | 0 | [12] |
Measured at fair value on a recurring basis [Member] | Netting adjustments [Member] | Agency MBS and CMOs [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 0 | [12] | 0 | [12] | ' | 0 | [12] |
Total available for sale securities | 0 | [12] | 0 | [12] | ' | 0 | [12] |
Measured at fair value on a recurring basis [Member] | Netting adjustments [Member] | Non-agency CMOs and ABS [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 0 | [12] | 0 | [12] | ' | 0 | [12] |
Measured at fair value on a recurring basis [Member] | Netting adjustments [Member] | Total debt securities [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 0 | [12] | 0 | [12] | ' | 0 | [12] |
Measured at fair value on a recurring basis [Member] | Netting adjustments [Member] | Derivative contracts [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | -59,938,000 | [12] | -59,938,000 | [12] | ' | -61,524,000 | [12] |
Other assets | 0 | [12] | 0 | [12] | ' | ' | |
Measured at fair value on a recurring basis [Member] | Netting adjustments [Member] | Equity securities [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 0 | [12] | 0 | [12] | ' | 0 | [12] |
Measured at fair value on a recurring basis [Member] | Netting adjustments [Member] | Corporate Loans [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 0 | [12] | 0 | [12] | ' | ' | |
Measured at fair value on a recurring basis [Member] | Netting adjustments [Member] | Other securities [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 0 | [12] | 0 | [12] | ' | 0 | [12] |
Total available for sale securities | 0 | [12] | 0 | [12] | ' | 0 | [12] |
Measured at fair value on a recurring basis [Member] | Netting adjustments [Member] | Total trading instruments [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | -59,938,000 | [12] | -59,938,000 | [12] | ' | ' | |
Measured at fair value on a recurring basis [Member] | Netting adjustments [Member] | Non-agency CMOs [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total available for sale securities | 0 | [12] | 0 | [12] | ' | 0 | [12] |
Measured at fair value on a recurring basis [Member] | Netting adjustments [Member] | ARS - municipals [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total available for sale securities | 0 | [12] | 0 | [12] | ' | 0 | [12] |
Measured at fair value on a recurring basis [Member] | Netting adjustments [Member] | ARS - Preferred securities [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total available for sale securities | 0 | [12] | 0 | [12] | ' | 0 | [12] |
Measured at fair value on a recurring basis [Member] | Netting adjustments [Member] | Other Assets [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Other assets | 0 | [12] | 0 | [12] | ' | ' | |
Measured at fair value on a recurring basis [Member] | Total estimated fair value [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | ' | ' | ' | 579,705,000 | |||
Total available for sale securities | 646,569,000 | 646,569,000 | ' | 698,844,000 | |||
Private equity investments | 191,401,000 | 191,401,000 | ' | 216,391,000 | |||
Other investments | 218,192,000 | [3] | 218,192,000 | [3] | ' | 248,512,000 | [4] |
Derivative instruments associated with offsetting matched book positions | 289,271,000 | 289,271,000 | ' | 250,341,000 | |||
Other receivables | ' | ' | ' | 2,778,000 | |||
Other assets | 161,000 | 161,000 | ' | 15,000 | |||
Total assets at fair value on a recurring basis | 1,993,348,000 | 1,993,348,000 | ' | 1,996,586,000 | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 200,458,000 | 200,458,000 | ' | 220,656,000 | |||
Derivative instruments associated with offsetting matched book positions | 289,271,000 | 289,271,000 | ' | 250,341,000 | |||
Total trade and other payables | 744,000 | 744,000 | ' | 774,000 | |||
Total liabilities at fair value on a recurring basis | 490,473,000 | 490,473,000 | ' | 471,771,000 | |||
Measured at fair value on a recurring basis [Member] | Total estimated fair value [Member] | Municipal and provincial obligations [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 7,688,000 | 7,688,000 | ' | 1,777,000 | |||
Measured at fair value on a recurring basis [Member] | Total estimated fair value [Member] | Corporate obligations [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 22,973,000 | 22,973,000 | ' | 9,111,000 | |||
Measured at fair value on a recurring basis [Member] | Total estimated fair value [Member] | Government obligations [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 147,663,000 | 147,663,000 | ' | 169,816,000 | |||
Measured at fair value on a recurring basis [Member] | Total estimated fair value [Member] | Agency MBS and CMOs [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 2,186,000 | 2,186,000 | ' | 3,068,000 | |||
Measured at fair value on a recurring basis [Member] | Total estimated fair value [Member] | Total debt securities [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 180,510,000 | 180,510,000 | ' | 183,772,000 | |||
Measured at fair value on a recurring basis [Member] | Total estimated fair value [Member] | Derivative contracts [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 5,828,000 | 5,828,000 | ' | 5,641,000 | |||
Total trade and other payables | 662,000 | 662,000 | ' | 714,000 | |||
Measured at fair value on a recurring basis [Member] | Total estimated fair value [Member] | Equity securities [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Trading instruments sold but not yet purchased | 14,120,000 | 14,120,000 | ' | 31,243,000 | |||
Measured at fair value on a recurring basis [Member] | Total estimated fair value [Member] | Other Liabilities [Member] | ' | ' | ' | ' | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | |||
Total trade and other payables | 82,000 | 82,000 | ' | 60,000 | |||
Measured at fair value on a recurring basis [Member] | Total estimated fair value [Member] | Municipal and provincial obligations [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 171,229,000 | 171,229,000 | ' | 202,826,000 | |||
Measured at fair value on a recurring basis [Member] | Total estimated fair value [Member] | Corporate obligations [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 67,298,000 | 67,298,000 | ' | 60,406,000 | |||
Measured at fair value on a recurring basis [Member] | Total estimated fair value [Member] | Government and agency obligations [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 60,832,000 | 60,832,000 | ' | 113,396,000 | |||
Measured at fair value on a recurring basis [Member] | Total estimated fair value [Member] | Agency MBS and CMOs [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 150,564,000 | 150,564,000 | ' | 93,149,000 | |||
Total available for sale securities | 296,709,000 | 296,709,000 | ' | 326,029,000 | |||
Measured at fair value on a recurring basis [Member] | Total estimated fair value [Member] | Non-agency CMOs and ABS [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 37,705,000 | 37,705,000 | ' | 16,971,000 | |||
Measured at fair value on a recurring basis [Member] | Total estimated fair value [Member] | Total debt securities [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 487,628,000 | 487,628,000 | ' | 486,748,000 | |||
Measured at fair value on a recurring basis [Member] | Total estimated fair value [Member] | Derivative contracts [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 24,669,000 | 24,669,000 | ' | 28,109,000 | |||
Other assets | 146,000 | 146,000 | ' | ' | |||
Measured at fair value on a recurring basis [Member] | Total estimated fair value [Member] | Equity securities [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 61,238,000 | 61,238,000 | ' | 53,015,000 | |||
Measured at fair value on a recurring basis [Member] | Total estimated fair value [Member] | Corporate Loans [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 33,074,000 | 33,074,000 | ' | ' | |||
Measured at fair value on a recurring basis [Member] | Total estimated fair value [Member] | Other securities [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 41,145,000 | 41,145,000 | ' | 11,833,000 | |||
Total available for sale securities | 2,084,000 | 2,084,000 | ' | 2,076,000 | |||
Measured at fair value on a recurring basis [Member] | Total estimated fair value [Member] | Total trading instruments [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total trading instruments | 647,754,000 | 647,754,000 | ' | ' | |||
Measured at fair value on a recurring basis [Member] | Total estimated fair value [Member] | Non-agency CMOs [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total available for sale securities | 125,601,000 | 125,601,000 | ' | 129,021,000 | |||
Measured at fair value on a recurring basis [Member] | Total estimated fair value [Member] | ARS - municipals [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total available for sale securities | 109,960,000 | 109,960,000 | ' | 130,934,000 | |||
Measured at fair value on a recurring basis [Member] | Total estimated fair value [Member] | ARS - Preferred securities [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total available for sale securities | 112,215,000 | 112,215,000 | ' | 110,784,000 | |||
Measured at fair value on a recurring basis [Member] | Total estimated fair value [Member] | Other Assets [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Other assets | 15,000 | 15,000 | ' | ' | |||
Measured at fair value on a nonrecurring basis [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total bank loans, net | 0 | [13],[2] | 0 | [13],[2] | ' | 0 | [1],[14] |
OREO | 0 | [13],[15],[2] | 0 | [13],[15],[2] | ' | 0 | [1],[14],[15] |
Total assets at fair value on a nonrecurring basis | 0 | [13],[2] | 0 | [13],[2] | ' | 0 | [1],[14] |
Measured at fair value on a nonrecurring basis [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | Impaired loans [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total bank loans, net | 0 | [13],[2] | 0 | [13],[2] | ' | 0 | [1],[14] |
Measured at fair value on a nonrecurring basis [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | Loans Held for Sale [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total bank loans, net | 0 | [13],[16],[2] | 0 | [13],[16],[2] | ' | 0 | [1],[14],[16] |
Measured at fair value on a nonrecurring basis [Member] | Significant other observable inputs (Level 2) [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total bank loans, net | 41,070,000 | [13],[2] | 41,070,000 | [13],[2] | ' | 61,306,000 | [1],[14] |
OREO | 422,000 | [13],[15],[2] | 422,000 | [13],[15],[2] | ' | 209,000 | [1],[14],[15] |
Total assets at fair value on a nonrecurring basis | 41,492,000 | [13],[2] | 41,492,000 | [13],[2] | ' | 61,515,000 | [1],[14] |
Measured at fair value on a nonrecurring basis [Member] | Significant other observable inputs (Level 2) [Member] | Impaired loans [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total bank loans, net | 39,555,000 | [13],[2] | 39,555,000 | [13],[2] | ' | 33,187,000 | [1],[14] |
Measured at fair value on a nonrecurring basis [Member] | Significant other observable inputs (Level 2) [Member] | Loans Held for Sale [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total bank loans, net | 1,515,000 | [13],[16],[2] | 1,515,000 | [13],[16],[2] | ' | 28,119,000 | [1],[14],[16] |
Measured at fair value on a nonrecurring basis [Member] | Significant unobservable inputs (Level 3) [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total bank loans, net | 50,489,000 | [13] | 50,489,000 | [13] | ' | 59,868,000 | [14] |
OREO | 0 | [13],[15] | 0 | [13],[15] | ' | 0 | [14],[15] |
Total assets at fair value on a nonrecurring basis | 50,489,000 | [13] | 50,489,000 | [13] | ' | 59,868,000 | [14] |
Measured at fair value on a nonrecurring basis [Member] | Significant unobservable inputs (Level 3) [Member] | Impaired loans [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total bank loans, net | 50,489,000 | [13] | 50,489,000 | [13] | ' | 59,868,000 | [14] |
Measured at fair value on a nonrecurring basis [Member] | Significant unobservable inputs (Level 3) [Member] | Loans Held for Sale [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total bank loans, net | 0 | [13],[16] | 0 | [13],[16] | ' | 0 | [14],[16] |
Measured at fair value on a nonrecurring basis [Member] | Netting adjustments [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total bank loans, net | 0 | [12],[13] | 0 | [12],[13] | ' | 0 | [12],[14] |
OREO | 0 | [12],[13],[15] | 0 | [12],[13],[15] | ' | 0 | [12],[14],[15] |
Total assets at fair value on a nonrecurring basis | 0 | [12],[13] | 0 | [12],[13] | ' | 0 | [12],[14] |
Measured at fair value on a nonrecurring basis [Member] | Netting adjustments [Member] | Impaired loans [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total bank loans, net | 0 | [12],[13] | 0 | [12],[13] | ' | 0 | [12],[14] |
Measured at fair value on a nonrecurring basis [Member] | Netting adjustments [Member] | Loans Held for Sale [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total bank loans, net | 0 | [12],[13],[16] | 0 | [12],[13],[16] | ' | 0 | [12],[14],[16] |
Measured at fair value on a nonrecurring basis [Member] | Total estimated fair value [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total bank loans, net | 91,559,000 | [13] | 91,559,000 | [13] | ' | 121,174,000 | [14] |
OREO | 422,000 | [13],[15] | 422,000 | [13],[15] | ' | 209,000 | [14],[15] |
Total assets at fair value on a nonrecurring basis | 91,981,000 | [13] | 91,981,000 | [13] | ' | 121,383,000 | [14] |
Measured at fair value on a nonrecurring basis [Member] | Total estimated fair value [Member] | Impaired loans [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total bank loans, net | 90,044,000 | [13] | 90,044,000 | [13] | ' | 93,055,000 | [14] |
Measured at fair value on a nonrecurring basis [Member] | Total estimated fair value [Member] | Loans Held for Sale [Member] | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | |||
Total bank loans, net | $1,515,000 | [13],[16] | $1,515,000 | [13],[16] | ' | $28,119,000 | [14],[16] |
[1] | We had $860 thousand transfers of financial instruments from Level 1 to Level 2 during the year ended September 30, 2013. These transfers were a result of a decrease in availability and reliability of the observable inputs utilized in the respective instruments’ fair value measurement. We had $401 thousand in transfers of financial instruments from Level 2 to Level 1 during the year ended September 30, 2013. These transfers were a result of an increase in availability and reliability of the observable inputs utilized in the respective instruments’ fair value measurement. Our policy is that the end of each respective quarterly reporting period determines when transfers of financial instruments between levels are recognized. | ||||||
[2] | We had no transfers of financial instruments from Level 1 to Level 2 during the three and six months ended March 31, 2014. We had no transfers of financial instruments from Level 2 to Level 1 during the three and six months ended March 31, 2014. Our policy is that the end of each respective quarterly reporting period determines when transfers of financial instruments between levels are recognized. | ||||||
[3] | Other investments include $145 million of financial instruments that are related to MK & Co.’s obligations to perform under certain of its historic deferred compensation plans (see Note 2 on page 119, and Note 23 on page 176, of our 2013 Form 10-K for further information regarding these plans). | ||||||
[4] | Other investments include $176 million of financial instruments that are related to obligations to perform under certain of MK & Co.’s historic deferred compensation plans (see Note 2 on page 119, and Note 23 on page 176, of our 2013 Form 10-K for further information regarding these plans). | ||||||
[5] | Excludes all impaired loans and loans held for sale which have been recorded at fair value in the Condensed Consolidated Statement of Financial Condition at March 31, 2014 and September 30, 2013, respectively. | ||||||
[6] | The portion of these investments we do not own is approximately $55 million as of March 31, 2014 and are included as a component of noncontrolling interest in our Condensed Consolidated Statements of Financial Condition. The weighted average portion we own is approximately $136 million or 71% of the total private equity investments of $191 million included in our Condensed Consolidated Statements of Financial Condition. | ||||||
[7] | Of the total private equity investments, the weighted-average portion we own is approximately 41%. Effectively, the economics associated with the portions of these investments we do not own become a component of noncontrolling interests on our Condensed Consolidated Statements of Financial Condition, and amounted to approximately $63 million of the total as of September 30, 2013. | ||||||
[8] | Primarily comprised of forward commitments to purchase GNMA (as hereinafter defined) MBS arising from our fixed income public finance operations (see Note 20 on page 171 of our 2013 Form 10-K for additional information). | ||||||
[9] | Includes forward commitments to purchase GNMA (as hereinafter defined) MBS arising from our fixed income public finance operations (see Note 16 for additional information regarding these commitments) and to a much lesser extent, other certain commitments. | ||||||
[10] | Includes $58 million of Jefferson County, Alabama Limited Obligation School Warrants ARS. | ||||||
[11] | Includes $54 million of Jefferson County, Alabama Limited Obligation School Warrants ARS and $25 million of Jefferson County, Alabama Sewer Revenue Refunding Warrants ARS. | ||||||
[12] | Where permitted, we have elected to net derivative receivables and derivative payables and the related cash collateral received and paid when a legally enforceable master netting agreement exists (see Note 14 for additional information regarding offsetting financial instruments). | ||||||
[13] | Goodwill fair value measurements are classified within Level 3 of the fair value hierarchy, which are generally determined using unobservable inputs. See Note 10 for additional information regarding the annual impairment analysis. | ||||||
[14] | Goodwill fair value measurements are classified within Level 3 of the fair value hierarchy, which are generally determined using unobservable inputs. See Note 13 on pages 155 - 157 of our 2013 Form 10-K for additional information regarding the annual impairment analysis and our methods of estimating the fair value of reporting units that have an allocation of goodwill, including the key assumptions. | ||||||
[15] | Represents the fair value of foreclosed properties which were measured at a fair value subsequent to their initial classification as OREO. The recorded value in the Condensed Consolidated Statements of Financial Condition is net of the estimated selling costs. | ||||||
[16] | Includes individual loans classified as held for sale, which were recorded at a fair value lower than cost. |
FAIR_VALUE_Level_3_Financial_A
FAIR VALUE, Level 3 Financial Assets and Liabilities, Roll Forward (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Apr. 29, 2013 | Mar. 08, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||
Other Assets [Member] | Payables-trade and other [Member] | Payables-trade and other [Member] | Payables-trade and other [Member] | Payables-trade and other [Member] | Trading instruments [Member] | Trading instruments [Member] | Trading instruments [Member] | Trading instruments [Member] | Trading instruments [Member] | Trading instruments [Member] | Trading instruments [Member] | Trading instruments [Member] | Trading instruments [Member] | Trading instruments [Member] | Trading instruments [Member] | Trading instruments [Member] | Trading instruments [Member] | Available for sale securities [Member] | Available for sale securities [Member] | Available for sale securities [Member] | Available for sale securities [Member] | Available for sale securities [Member] | Available for sale securities [Member] | Available for sale securities [Member] | Available for sale securities [Member] | Available for sale securities [Member] | Available for sale securities [Member] | Available for sale securities [Member] | Available for sale securities [Member] | Private equity, other investments, and other assets [Member] | Private equity, other investments, and other assets [Member] | Private equity, other investments, and other assets [Member] | Private equity, other investments, and other assets [Member] | Private equity, other investments, and other assets [Member] | Private equity, other investments, and other assets [Member] | Private equity, other investments, and other assets [Member] | Private equity, other investments, and other assets [Member] | Private equity, other investments, and other assets [Member] | Private equity, other investments, and other assets [Member] | Private equity, other investments, and other assets [Member] | Private equity, other investments, and other assets [Member] | Private equity, other investments, and other assets [Member] | Private equity, other investments, and other assets [Member] | Private equity, other investments, and other assets [Member] | Private equity, other investments, and other assets [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Other liabilities fair value [Member] | Other liabilities fair value [Member] | Other liabilities fair value [Member] | Other liabilities fair value [Member] | Municipal and provincial obligations [Member] | Non-agency CMOs & ABS [Member] | Non-agency CMOs & ABS [Member] | Non-agency CMOs & ABS [Member] | Non-agency CMOs & ABS [Member] | Equity securities [Member] | Equity securities [Member] | Equity securities [Member] | Equity securities [Member] | Other [Member] | Other [Member] | Other [Member] | Other [Member] | Non-agency CMOs [Member] | Non-agency CMOs [Member] | Non-agency CMOs [Member] | Non-agency CMOs [Member] | ARS - municipals [Member] | ARS - municipals [Member] | ARS - municipals [Member] | ARS - municipals [Member] | ARS - Preferred securities [Member] | ARS - Preferred securities [Member] | ARS - Preferred securities [Member] | ARS - Preferred securities [Member] | Private equity investments [Member] | Private equity investments [Member] | Private equity investments [Member] | Private equity investments [Member] | Private equity investments [Member] | Private equity investments [Member] | Private equity investments [Member] | Private equity investments [Member] | Other investments [Member] | Other investments [Member] | Other investments [Member] | Other investments [Member] | Other receivables [Member] | Other Assets [Member] | Other Assets [Member] | Other Assets [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Albion Medical Holdings, Inc. [Member] | Albion Medical Holdings, Inc. [Member] | Albion Medical Holdings, Inc. [Member] | Albion Medical Holdings, Inc. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Level 3 recurring fair value measurements, assets [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Fair value at beginning of period | ' | ' | $0 | ' | ' | ' | ' | $553,000 | $13,000 | $18,000 | $14,000 | $29,000 | $35,000 | $19,000 | $35,000 | $6,000 | $4,199,000 | $6,451,000 | $3,956,000 | $5,850,000 | $46,000 | $125,000 | $78,000 | $249,000 | $108,458,000 | $133,318,000 | $130,934,000 | $123,559,000 | $112,122,000 | $104,976,000 | $110,784,000 | $110,193,000 | $209,977,000 | $329,767,000 | $216,391,000 | $336,927,000 | ' | ' | ' | ' | $1,949,000 | $4,123,000 | $4,607,000 | $4,092,000 | $2,778,000 | $15,000 | $0 | $15,000 | ||||||||||||||||||||||||||||||||||||||||||
Realized/unrealized gains (losses): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Included in earnings | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | 4,000 | 0 | -4,000 | 5,000 | 0 | 4,000 | 5,000 | -32,000 | -20,000 | -201,000 | -51,000 | 0 | 0 | -27,000 | -335,000 | 63,000 | 9,000 | 5,584,000 | 32,000 | 44,000 | 0 | 44,000 | 1,164,000 | 13,000 | 63,033,000 | [1] | 4,781,000 | [2] | 66,421,000 | [3] | ' | ' | ' | ' | 48,000 | 17,000 | 73,000 | 53,000 | -2,778,000 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Included in other comprehensive income | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6,000 | 310,000 | 21,000 | 533,000 | 1,849,000 | 1,328,000 | 938,000 | 11,289,000 | 374,000 | 1,043,000 | 1,712,000 | 2,649,000 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Purchases and contributions | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 23,000 | 0 | 24,000 | 44,000 | 3,185,000 | 1,937,000 | 10,448,000 | 3,210,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25,000 | 5,317,000 | 7,060,000 | 9,332,000 | 10,653,000 | ' | ' | ' | ' | 0 | 0 | 63,000 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Sales | ' | ' | 0 | ' | ' | ' | ' | -553,000 | 0 | 0 | 0 | 0 | -26,000 | 0 | -26,000 | -36,000 | -4,649,000 | -2,005,000 | -11,500,000 | -2,008,000 | 0 | 0 | 0 | 0 | 0 | 0 | -370,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7,076,000 | 0 | ' | ' | ' | ' | 0 | -50,000 | -2,698,000 | -50,000 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Redemptions by issuer | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -410,000 | -25,000 | -27,126,000 | -250,000 | -325,000 | 0 | -325,000 | -8,012,000 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | -28,000 | 0 | -28,000 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Distributions | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | -5,000 | -1,000 | -8,000 | 0 | 0 | 0 | 0 | 0 | -625,000 | 0 | -1,263,000 | -14,000 | -15,000 | -34,000 | -27,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5,329,000 | -2,145,000 | -13,450,000 | -16,286,000 | ' | ' | ' | ' | -181,000 | -108,000 | -229,000 | -113,000 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Transfers: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Into Level 3 | ' | ' | 15,000 | [4] | ' | ' | ' | ' | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 2,000 | [4] | 0 | [4] | 2,000 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | ' | ' | ' | ' | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 15,000 | [4] | 0 | [4] | ||||
Out of Level 3 | ' | ' | 0 | [4] | ' | ' | ' | ' | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | -15,000 | [4] | 0 | [4] | -15,000 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | -18,577,000 | [4],[5] | 0 | [4] | -18,577,000 | [4],[5] | 0 | [4] | ' | ' | ' | ' | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | ||||
Fair value at end of period | ' | ' | 15,000 | ' | ' | ' | ' | 0 | 13,000 | 17,000 | 13,000 | 17,000 | 37,000 | 21,000 | 37,000 | 21,000 | 2,703,000 | 5,723,000 | 2,703,000 | 5,723,000 | 38,000 | 420,000 | 38,000 | 420,000 | 109,960,000 | 134,630,000 | 109,960,000 | 134,630,000 | 112,215,000 | 106,019,000 | 112,215,000 | 106,019,000 | 191,401,000 | 397,715,000 | 191,401,000 | 397,715,000 | ' | ' | ' | ' | 1,788,000 | 3,982,000 | 1,788,000 | 3,982,000 | 0 | 15,000 | 15,000 | 15,000 | ||||||||||||||||||||||||||||||||||||||||||
Changes in Level 3 recurring fair value measurements, liabilities [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Fair value at beginning of period | ' | ' | ' | -1,417,000 | -98,000 | -60,000 | -98,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Realized/unrealized gains (losses): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Included in earnings | ' | ' | ' | 1,335,000 | 0 | -22,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Included in other comprehensive income | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Purchases and contributions | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Sales | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Redemptions by issuer | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Distributions | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Transfers: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Into level 3 | ' | ' | ' | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||
Out of level 3 | ' | ' | ' | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||
Fair value at end of period | ' | ' | ' | -82,000 | -98,000 | -82,000 | -98,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Change in unrealized gains (losses) for the period included in earnings (or changes in net assets/liabilities) for assets/liabilities held at the end of the reporting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Change in unrealized gains (losses) for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 1,000 | 20,000 | 18,000 | 5,000 | 0 | 4,000 | 3,000 | -32,000 | -20,000 | -201,000 | -51,000 | 0 | 0 | -27,000 | -335,000 | 63,000 | 1,328,000 | 938,000 | 11,289,000 | 44,000 | 1,043,000 | 1,712,000 | 2,649,000 | 13,000 | 63,033,000 | [1] | 4,781,000 | 66,421,000 | [3] | ' | ' | ' | ' | 60,000 | 51,000 | 166,000 | 143,000 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||
Change in unrealized gains (losses) for the period included in earnings (or changes in net liabilities) for liabilities held at the end of the reporting period | ' | ' | 0 | 0 | 0 | -22,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Valuation adjustments of certain private equity investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Share of the net valuation adjustments gain | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,300,000 | 4,400,000 | 22,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests' share of the net valuation adjustments gain | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,700,000 | 400,000 | 44,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Sales of private equity investments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Sales of private equity investments, sales transaction agreement date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3/8/2013 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Sales of private equity investment, sales transaction closing date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4/29/2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Gain on sale of private equity investments, before consideration of the noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65,300,000 | 65,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Gain on sale of private equity investments attributable to the parent, after consideration of noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $21,800,000 | $21,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Percentage of instruments measured at fair value on a recurring basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Instruments measured at fair value, percentage of assets (in hundredths) | 8.70% | 11.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Instruments measured at fair value, percentage of liabilities (in hundredths) | 3.00% | 3.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Instruments measured at fair value, level 3, percentage of assets (in hundredths) | 21.00% | 24.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Percentage change of level 3 financial instruments from prior year period | -4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
[1] | Primarily results from valuation adjustments of certain private equity investments. Since we only own a portion of these investments, our share of the net valuation adjustments resulted in a gain of $20.3 million which is included in net income attributable to RJF (after noncontrolling interests). The noncontrolling interests’ share of the net valuation adjustments was a gain of approximately $42.7 million.On March 8, 2013, a private equity partnership in which we held an interest entered into a definitive agreement (the “Albion Sale Agreementâ€) providing for the sale of our indirect investment in Albion Medical Holdings, Inc. (“Albionâ€). This sale transaction closed on April 29, 2013. Of the totals presented, $65.3 million of the gain (before consideration of the noncontrolling interests) for the three month period ended March 31, 2013 results from the increase in our fair value estimate resulting from terms of the Albion Sale Agreement, and $21.8 million is the impact on net income attributable to RJF (after consideration of the noncontrolling interests) in such period. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Primarily results from valuation adjustments of certain private equity investments. Since we only own a portion of these investments, our share of the net valuation adjustments resulted in a gain of $4.4 million which is included in net income attributable to RJF (after noncontrolling interests). The noncontrolling interests’ share of the net valuation adjustments was a gain of approximately $400 thousand. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Primarily results from valuation adjustments of certain private equity investments. Since we only own a portion of these investments, our share of the net valuation adjustments resulted in a gain of $22.1 million which is included in net income attributable to RJF (after noncontrolling interests). The noncontrolling interests’ share of the net valuation adjustments was a gain of approximately $44.3 million.On March 8, 2013, a private equity partnership in which we held an interest entered into the Albion Sale Agreement. The sale transaction closed on April 29, 2013. Of the totals presented, $65.3 million of the gain (before consideration of the noncontrolling interests) for the six month period ended March 31, 2013 results from the increase in our fair value estimate resulting from terms of the Albion Sale Agreement, and $21.8 million is the impact on net income attributable to RJF (after consideration of the noncontrolling interests) in such period. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Our policy is that the end of each respective quarterly reporting period determines when transfers of financial instruments between levels are recognized. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | The transfers out of Level 3 were primarily comprised of the portion of private equity investments which do not represent equity investments, whose balances were transferred to cash and cash equivalents or other receivables on our Consolidated Statements of Financial Condition, and whose carrying values approximate fair value. |
FAIR_VALUE_Gains_and_Losses_Re
FAIR VALUE, Gains and Losses (Realized and Unrealized) Included in Revenues (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Net trading profit [Member] | ' | ' | ' | ' |
Gains and Losses (Realized and Unrealized) Included in Revenues [Line Items] | ' | ' | ' | ' |
Total (losses) gains for the period included in revenues | ($27) | ($16) | ($197) | ($50) |
Change in unrealized (losses) gains for assets held at the end of the reporting period | -27 | -19 | -177 | -30 |
Other revenues [Member] | ' | ' | ' | ' |
Gains and Losses (Realized and Unrealized) Included in Revenues [Line Items] | ' | ' | ' | ' |
Total (losses) gains for the period included in revenues | 1,503 | 63,059 | 7,655 | 67,335 |
Change in unrealized (losses) gains for assets held at the end of the reporting period | $180 | $65,455 | $7,548 | $80,167 |
FAIR_VALUE_Significant_Assumpt
FAIR VALUE, Significant Assumptions Used in Valuation of Level 3 Financial Instruments (Details) (Significant unobservable inputs (Level 3) [Member], USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | ||||||||||||||||
In Thousands, unless otherwise specified | Measured at fair value on a recurring basis [Member] | Measured at fair value on a recurring basis [Member] | Measured at fair value on a recurring basis [Member] | Measured at fair value on a recurring basis [Member] | Measured at fair value on a recurring basis [Member] | Measured at fair value on a recurring basis [Member] | Measured at fair value on a recurring basis [Member] | Measured at fair value on a recurring basis [Member] | Measured at fair value on a recurring basis [Member] | Measured at fair value on a recurring basis [Member] | Measured at fair value on a recurring basis [Member] | Measured at fair value on a recurring basis [Member] | Measured at fair value on a recurring basis [Member] | Measured at fair value on a recurring basis [Member] | Measured at fair value on a recurring basis [Member] | Measured at fair value on a recurring basis [Member] | Measured at fair value on a recurring basis [Member] | Measured at fair value on a recurring basis [Member] | Measured at fair value on a recurring basis [Member] | Measured at fair value on a recurring basis [Member] | Measured at fair value on a recurring basis [Member] | Measured at fair value on a nonrecurring basis [Member] | Measured at fair value on a nonrecurring basis [Member] | Measured at fair value on a nonrecurring basis [Member] | Measured at fair value on a nonrecurring basis [Member] | ||||||||||||||||
ARS - municipals [Member] | ARS - municipals [Member] | ARS - municipals [Member] | ARS - municipals [Member] | ARS - Preferred securities [Member] | ARS - Preferred securities [Member] | ARS - Preferred securities [Member] | ARS - Preferred securities [Member] | Private equity investments [Member] | Private equity investments [Member] | Private equity investments [Member] | Private equity investments [Member] | Private equity investments [Member] | Private equity investments [Member] | Private equity investments [Member] | Private equity investments [Member] | Impaired loans residential [Member] | Impaired loans residential [Member] | Impaired loans residential [Member] | Impaired loans residential [Member] | Impaired loans corporate [Member] | |||||||||||||||||||||
Discounted cash flow [Member] | Discounted cash flow [Member] | Discounted cash flow [Member] | Discounted cash flow [Member] | Discounted cash flow [Member] | Discounted cash flow [Member] | Discounted cash flow [Member] | Discounted cash flow [Member] | Income or market approach [Member] | Income or market approach [Member] | Income or market approach [Member] | Income or market approach [Member] | Income or market approach [Member] | Income or market approach [Member] | Income or market approach [Member] | Transaction price or other investment-specific events [Member] | Discounted cash flow [Member] | Discounted cash flow [Member] | Discounted cash flow [Member] | Discounted cash flow [Member] | Appraisal, discounted cash flow, or distressed enterprise value [Member] | |||||||||||||||||||||
Minimum [Member] | Maximum [Member] | Weighted Average [Member] | Minimum [Member] | Maximum [Member] | Weighted Average [Member] | Income approach - discounted [Member] | Income approach - discounted [Member] | Income approach - discounted [Member] | Market approach - market multiple method [Member] | Market approach - market multiple method [Member] | Market approach - market multiple method [Member] | Minimum [Member] | Maximum [Member] | Weighted Average [Member] | |||||||||||||||||||||||||||
Minimum [Member] | Maximum [Member] | Weighted Average [Member] | Minimum [Member] | Maximum [Member] | Weighted Average [Member] | ||||||||||||||||||||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Total assets at fair value on a recurring basis | $418,170 | $469,592 | $109,960 | ' | ' | ' | $112,215 | ' | ' | ' | $37,849 | ' | ' | ' | ' | ' | ' | $153,552 | [1] | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||
Total assets at fair value on a nonrecurring basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,489 | [2] | $59,868 | [3] | $26,165 | $24,324 | [4] | |||||||||||||
Average discount rate (in hundredths) | ' | ' | ' | 3.15% | [5] | 7.64% | [5] | 5.53% | [5] | ' | 3.30% | [5] | 5.21% | [5] | 4.42% | [5] | ' | 14.00% | [5] | 15.00% | [5] | 14.00% | [5] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Average interest rates applicable to future interest income on the securities (in hundredths) | ' | ' | ' | 1.08% | [6] | 6.91% | [6] | 3.67% | [6] | ' | 1.61% | [6] | 2.92% | [6] | 2.22% | [6] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Prepayment year | ' | ' | ' | 31-Dec-16 | [7] | 31-Dec-23 | [7] | 31-Dec-20 | [7] | ' | 31-Dec-14 | [7] | 31-Dec-18 | [7] | 31-Dec-18 | [7] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Terminal growth rate of cash flows (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 3.00% | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Terminal year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-14 | 31-Dec-15 | 31-Dec-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
EBITDA Multiple | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.75 | [8] | 7 | [8] | 5.39 | [8] | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Projected EBITDA growth (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16.30% | [9] | 16.30% | [9] | 16.30% | [9] | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Weighting assigned to outcome of scenarios | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 86.00% | ' | ' | 14.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Prepayment rate (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | '12 years | '10 years 4 months 6 days | ' | ' | ' | ' | ||||||||||||||||
[1] | Certain direct private equity investments are valued initially at the transaction price until either our annual review, significant transactions occur, new developments become known, or we receive information from the fund manager that allows us to update our proportionate share of net assets, when any of which indicate that a change in the carrying values of these investments is appropriate. | ||||||||||||||||||||||||||||||||||||||||
[2] | Goodwill fair value measurements are classified within Level 3 of the fair value hierarchy, which are generally determined using unobservable inputs. See Note 10 for additional information regarding the annual impairment analysis. | ||||||||||||||||||||||||||||||||||||||||
[3] | Goodwill fair value measurements are classified within Level 3 of the fair value hierarchy, which are generally determined using unobservable inputs. See Note 13 on pages 155 - 157 of our 2013 Form 10-K for additional information regarding the annual impairment analysis and our methods of estimating the fair value of reporting units that have an allocation of goodwill, including the key assumptions. | ||||||||||||||||||||||||||||||||||||||||
[4] | The valuation techniques used for the impaired corporate loan portfolio as of March 31, 2014 were appraisals less selling costs for the collateral dependent loans, and either discounted cash flows or distressed enterprise value for the remaining impaired loans that are not collateral dependent. | ||||||||||||||||||||||||||||||||||||||||
[5] | Represents discount rates used when we have determined that market participants would take these discounts into account when pricing the investments. | ||||||||||||||||||||||||||||||||||||||||
[6] | Future interest rates are projected based upon a forward interest rate curve, plus a spread over such projected base rate that is applicable to each future period for each security within this portfolio segment. The interest rates presented represent the average interest rate over all projected periods for securities within the portfolio segment. | ||||||||||||||||||||||||||||||||||||||||
[7] | Assumed year of at least a partial redemption of the outstanding security by the issuer. | ||||||||||||||||||||||||||||||||||||||||
[8] | Represents amounts used when we have determined that market participants would use such multiples when pricing the investment | ||||||||||||||||||||||||||||||||||||||||
[9] | Represents the projected growth in earnings before interest, taxes, depreciation and amortization (“EBITDAâ€) utilized in the valuation as compared to the prior periods reported EBITDA. |
FAIR_VALUE_Carrying_Amounts_an
FAIR VALUE, Carrying Amounts and Estimated Fair Value of Financial Instruments Not Carried at Fair Value (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Financial liabilities: | ' | ' | ||
Other Borrowings | $78,517 | $84,076 | ||
Measured at fair value on a recurring basis [Member] | Total estimated fair value [Member] | ' | ' | ||
Financial assets: | ' | ' | ||
Total bank loans, net | 9,862,190 | [1] | 8,697,767 | [1] |
Financial liabilities: | ' | ' | ||
Bank deposits | 10,418,617 | 9,302,192 | ||
Other borrowings | 78,517 | 84,076 | ||
Corporate debt | 1,322,388 | 1,304,148 | ||
Measured at fair value on a recurring basis [Member] | Carrying Amount, Excluding All Impaired Loans and Loans Held for Sale, Fair Value Disclosure [Member] | ' | ' | ||
Financial assets: | ' | ' | ||
Total bank loans, net | 9,942,043 | [1] | 8,700,027 | [1] |
Measured at fair value on a recurring basis [Member] | Carrying amount [Member] | ' | ' | ||
Financial liabilities: | ' | ' | ||
Bank deposits | 10,414,804 | 9,295,371 | ||
Other borrowings | 78,517 | 84,076 | ||
Corporate debt | 1,192,699 | 1,194,508 | ||
Measured at fair value on a recurring basis [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | ' | ' | ||
Financial assets: | ' | ' | ||
Total bank loans, net | 0 | [1] | 0 | [1] |
Financial liabilities: | ' | ' | ||
Bank deposits | 0 | 0 | ||
Other borrowings | 0 | 0 | ||
Corporate debt | 365,400 | 352,520 | ||
Measured at fair value on a recurring basis [Member] | Significant other observable inputs (Level 2) [Member] | ' | ' | ||
Financial assets: | ' | ' | ||
Total bank loans, net | 118,261 | [1] | 83,012 | [1] |
Financial liabilities: | ' | ' | ||
Bank deposits | 10,087,853 | 8,981,996 | ||
Other borrowings | 78,517 | 84,076 | ||
Corporate debt | 956,988 | 951,628 | ||
Measured at fair value on a recurring basis [Member] | Significant unobservable inputs (Level 3) [Member] | ' | ' | ||
Financial assets: | ' | ' | ||
Total bank loans, net | 9,743,929 | [1] | 8,614,755 | [1] |
Financial liabilities: | ' | ' | ||
Bank deposits | 330,764 | 320,196 | ||
Other borrowings | 0 | 0 | ||
Corporate debt | $0 | $0 | ||
[1] | Excludes all impaired loans and loans held for sale which have been recorded at fair value in the Condensed Consolidated Statement of Financial Condition at March 31, 2014 and September 30, 2013, respectively. |
TRADING_INSTRUMENTS_AND_TRADIN2
TRADING INSTRUMENTS AND TRADING INSTRUMENTS SOLD BUT NOT YET PURCHASED (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Trading Instruments and Investments Sold, Not yet Purchased [Line Items] | ' | ' | ||
Trading instruments | $647,754 | $579,705 | ||
Trading instruments sold but not yet purchased | 200,458 | 220,656 | ||
Total debt securities [Member] | ' | ' | ||
Trading Instruments and Investments Sold, Not yet Purchased [Line Items] | ' | ' | ||
Trading instruments | 487,628 | 486,748 | ||
Trading instruments sold but not yet purchased | 180,510 | 183,772 | ||
Total debt securities [Member] | Municipal and provincial obligations [Member] | ' | ' | ||
Trading Instruments and Investments Sold, Not yet Purchased [Line Items] | ' | ' | ||
Trading instruments | 171,229 | 202,826 | ||
Trading instruments sold but not yet purchased | 7,688 | 1,777 | ||
Total debt securities [Member] | Corporate obligations [Member] | ' | ' | ||
Trading Instruments and Investments Sold, Not yet Purchased [Line Items] | ' | ' | ||
Trading instruments | 67,298 | 60,406 | ||
Trading instruments sold but not yet purchased | 22,973 | 9,111 | ||
Total debt securities [Member] | Government and agency obligations [Member] | ' | ' | ||
Trading Instruments and Investments Sold, Not yet Purchased [Line Items] | ' | ' | ||
Trading instruments | 60,832 | 113,396 | ||
Trading instruments sold but not yet purchased | 147,663 | 169,816 | ||
Total debt securities [Member] | Agency MBS and CMOs [Member] | ' | ' | ||
Trading Instruments and Investments Sold, Not yet Purchased [Line Items] | ' | ' | ||
Trading instruments | 150,564 | 93,149 | ||
Trading instruments sold but not yet purchased | 2,186 | 3,068 | ||
Total debt securities [Member] | Non-agency CMOs & ABS [Member] | ' | ' | ||
Trading Instruments and Investments Sold, Not yet Purchased [Line Items] | ' | ' | ||
Trading instruments | 37,705 | 16,971 | ||
Trading instruments sold but not yet purchased | 0 | 0 | ||
Derivative contracts [Member] | ' | ' | ||
Trading Instruments and Investments Sold, Not yet Purchased [Line Items] | ' | ' | ||
Trading instruments | 24,669 | [1] | 28,109 | [1] |
Trading instruments sold but not yet purchased | 5,828 | [1] | 5,641 | [1] |
Equity securities [Member] | ' | ' | ||
Trading Instruments and Investments Sold, Not yet Purchased [Line Items] | ' | ' | ||
Trading instruments | 61,238 | 53,015 | ||
Trading instruments sold but not yet purchased | 14,120 | 31,243 | ||
Corporate Loans [Member] | ' | ' | ||
Trading Instruments and Investments Sold, Not yet Purchased [Line Items] | ' | ' | ||
Trading instruments | 33,074 | 0 | ||
Trading instruments sold but not yet purchased | 0 | 0 | ||
Other [Member] | ' | ' | ||
Trading Instruments and Investments Sold, Not yet Purchased [Line Items] | ' | ' | ||
Trading instruments | 41,145 | 11,833 | ||
Trading instruments sold but not yet purchased | $0 | $0 | ||
[1] | Represents the derivative contracts held for trading purposes. These balances do not include all derivative instruments since the derivative instruments associated with offsetting matched book positions are included on their own line item on our Condensed Consolidated Statements of Financial Condition. See Note 13 for further information regarding all of our derivative transactions, and see Note 14 for additional information regarding offsetting financial instruments. |
AVAILABLE_FOR_SALE_SECURITIES_1
AVAILABLE FOR SALE SECURITIES (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | ||||
Sales of Available for Sale Securities [Abstract] | ' | ' | ' | ' | ' | |||
Proceeds from sales of available for sale securities | ' | ' | $370,000 | $13,000 | ' | |||
Schedule of Available for Sale Securities [Abstract] | ' | ' | ' | ' | ' | |||
Cost basis | 641,113,000 | ' | 641,113,000 | ' | 700,781,000 | |||
Gross unrealized gains | 16,366,000 | ' | 16,366,000 | ' | 14,019,000 | |||
Gross unrealized losses | -10,910,000 | ' | -10,910,000 | ' | -15,956,000 | |||
Fair value | 646,569,000 | ' | 646,569,000 | ' | 698,844,000 | |||
Amortized cost [Abstract] | ' | ' | ' | ' | ' | |||
Within one year | 0 | ' | 0 | ' | ' | |||
After one but within five years | 11,513,000 | ' | 11,513,000 | ' | ' | |||
After five but within ten years | 23,884,000 | ' | 23,884,000 | ' | ' | |||
After ten years | 605,716,000 | ' | 605,716,000 | ' | ' | |||
Total | 641,113,000 | ' | 641,113,000 | ' | ' | |||
Carrying value [Abstract] | ' | ' | ' | ' | ' | |||
Within one year | 0 | ' | 0 | ' | ' | |||
After one but within five years | 11,588,000 | ' | 11,588,000 | ' | ' | |||
After five but within ten years | 23,668,000 | ' | 23,668,000 | ' | ' | |||
After ten years | 611,313,000 | ' | 611,313,000 | ' | ' | |||
Total | 646,569,000 | ' | 646,569,000 | ' | ' | |||
Weighted-average yield [Abstract] | ' | ' | ' | ' | ' | |||
Within one year (in hundredths) | 0.00% | ' | 0.00% | ' | ' | |||
After one but within five years (in hundredths) | 0.21% | ' | 0.21% | ' | ' | |||
After five but within ten years (in hundredths) | 0.25% | ' | 0.25% | ' | ' | |||
After ten years (in hundredths) | 1.07% | ' | 1.07% | ' | ' | |||
Total (in hundredths) | 1.02% | ' | 1.02% | ' | ' | |||
Estimated fair value of securities in a continuous unrealized loss position [Abstract] | ' | ' | ' | ' | ' | |||
Less than 12 months | 118,612,000 | ' | 118,612,000 | ' | 163,257,000 | |||
12 months or more | 161,524,000 | ' | 161,524,000 | ' | 165,826,000 | |||
Unrealized losses on securities in a continuous unrealized loss position [Abstract] | ' | ' | ' | ' | ' | |||
Less than 12 months | -1,225,000 | ' | -1,225,000 | ' | -1,806,000 | |||
12 months or more | -9,685,000 | ' | -9,685,000 | ' | -14,150,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 280,136,000 | ' | 280,136,000 | ' | 329,083,000 | |||
Total | -10,910,000 | ' | -10,910,000 | ' | -15,956,000 | |||
Credit losses on debt securities recognized in earnings [Roll Forward] | ' | ' | ' | ' | ' | |||
Amount related to credit losses on securities we held at the beginning of the period | 28,244,000 | 27,966,000 | 28,217,000 | 27,581,000 | ' | |||
Additional increases to the amount related to credit loss for which an OTTI was previously recognized | 0 | 0 | 27,000 | 385,000 | ' | |||
Amount related to credit losses on securities we held at the end of the period | 28,244,000 | 27,966,000 | 28,244,000 | 27,966,000 | ' | |||
Total auction rate securities [Member] | ' | ' | ' | ' | ' | |||
Sales of Available for Sale Securities [Abstract] | ' | ' | ' | ' | ' | |||
Proceeds from sales of available for sale securities | ' | ' | 27,800,000 | 8,300,000 | ' | |||
Gain on sale of available for sale securities | 107,000 | ' | 5,600,000 | 1,200,000 | ' | |||
Jeff Co. Sewers ARS [Member] | ' | ' | ' | ' | ' | |||
Sales of Available for Sale Securities [Abstract] | ' | ' | ' | ' | ' | |||
Proceeds from sales of available for sale securities | ' | ' | 26,500,000 | ' | ' | |||
Gain on sale of available for sale securities | ' | ' | 5,500,000 | ' | ' | |||
RJ Bank [Member] | ' | ' | ' | ' | ' | |||
Schedule of Available for Sale Securities [Abstract] | ' | ' | ' | ' | ' | |||
Cost basis | 433,127,000 | ' | 433,127,000 | ' | 470,602,000 | |||
Gross unrealized gains | 1,217,000 | ' | 1,217,000 | ' | 1,212,000 | |||
Gross unrealized losses | -9,950,000 | ' | -9,950,000 | ' | -14,688,000 | |||
Fair value | 424,394,000 | ' | 424,394,000 | ' | 457,126,000 | |||
RJ Bank [Member] | Agency MBS and CMOs [Member] | ' | ' | ' | ' | ' | |||
Schedule of Available for Sale Securities [Abstract] | ' | ' | ' | ' | ' | |||
Cost basis | 297,575,000 | ' | 297,575,000 | ' | 326,858,000 | |||
Gross unrealized gains | 570,000 | ' | 570,000 | ' | 707,000 | |||
Gross unrealized losses | -1,436,000 | ' | -1,436,000 | ' | -1,536,000 | |||
Fair value | 296,709,000 | ' | 296,709,000 | ' | 326,029,000 | |||
Amortized cost [Abstract] | ' | ' | ' | ' | ' | |||
Within one year | 0 | ' | 0 | ' | ' | |||
After one but within five years | 9,588,000 | ' | 9,588,000 | ' | ' | |||
After five but within ten years | 17,284,000 | ' | 17,284,000 | ' | ' | |||
After ten years | 270,703,000 | ' | 270,703,000 | ' | ' | |||
Total | 297,575,000 | ' | 297,575,000 | ' | ' | |||
Carrying value [Abstract] | ' | ' | ' | ' | ' | |||
Within one year | 0 | ' | 0 | ' | ' | |||
After one but within five years | 9,615,000 | ' | 9,615,000 | ' | ' | |||
After five but within ten years | 17,366,000 | ' | 17,366,000 | ' | ' | |||
After ten years | 269,728,000 | ' | 269,728,000 | ' | ' | |||
Total | 296,709,000 | ' | 296,709,000 | ' | ' | |||
Weighted-average yield [Abstract] | ' | ' | ' | ' | ' | |||
Within one year (in hundredths) | 0.00% | ' | 0.00% | ' | ' | |||
After one but within five years (in hundredths) | 0.21% | ' | 0.21% | ' | ' | |||
After five but within ten years (in hundredths) | 0.24% | ' | 0.24% | ' | ' | |||
After ten years (in hundredths) | 1.00% | ' | 1.00% | ' | ' | |||
Total (in hundredths) | 0.93% | ' | 0.93% | ' | ' | |||
Estimated fair value of securities in a continuous unrealized loss position [Abstract] | ' | ' | ' | ' | ' | |||
Less than 12 months | 110,745,000 | ' | 110,745,000 | ' | 157,580,000 | |||
12 months or more | 57,358,000 | ' | 57,358,000 | ' | 22,940,000 | |||
Unrealized losses on securities in a continuous unrealized loss position [Abstract] | ' | ' | ' | ' | ' | |||
Less than 12 months | -728,000 | ' | -728,000 | ' | -1,150,000 | |||
12 months or more | -708,000 | ' | -708,000 | ' | -386,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 168,103,000 | ' | 168,103,000 | ' | 180,520,000 | |||
Total | -1,436,000 | ' | -1,436,000 | ' | -1,536,000 | |||
Number of available-for-sale investment positions [Abstract] | ' | ' | ' | ' | ' | |||
Number of available-for-sale investment positions determined to be in an unrealized loss position | 18 | ' | 18 | ' | ' | |||
Number of available-for-sale investment positions determined to be in an unrealized loss position continuously for 12 months or more | 6 | ' | 6 | ' | ' | |||
Number of available-for-sale investment positions determined to be in an unrealized loss position continuously for less than 12 months | 12 | ' | 12 | ' | ' | |||
RJ Bank [Member] | Non-agency CMOs [Member] | ' | ' | ' | ' | ' | |||
Schedule of Available for Sale Securities [Abstract] | ' | ' | ' | ' | ' | |||
Cost basis | 133,977,000 | [1] | ' | 133,977,000 | [1] | ' | 142,169,000 | [2] |
Gross unrealized gains | 138,000 | [1] | ' | 138,000 | [1] | ' | 4,000 | [2] |
Gross unrealized losses | -8,514,000 | [1] | ' | -8,514,000 | [1] | ' | -13,152,000 | [2] |
Fair value | 125,601,000 | [1] | ' | 125,601,000 | [1] | ' | 129,021,000 | [2] |
Non-credit portion of OTTI recorded in AOCI, before tax | 7,100,000 | ' | 7,100,000 | ' | 11,100,000 | |||
Amortized cost [Abstract] | ' | ' | ' | ' | ' | |||
Within one year | 0 | ' | 0 | ' | ' | |||
After one but within five years | 0 | ' | 0 | ' | ' | |||
After five but within ten years | 0 | ' | 0 | ' | ' | |||
After ten years | 133,977,000 | ' | 133,977,000 | ' | ' | |||
Total | 133,977,000 | ' | 133,977,000 | ' | ' | |||
Carrying value [Abstract] | ' | ' | ' | ' | ' | |||
Within one year | 0 | ' | 0 | ' | ' | |||
After one but within five years | 0 | ' | 0 | ' | ' | |||
After five but within ten years | 0 | ' | 0 | ' | ' | |||
After ten years | 125,601,000 | ' | 125,601,000 | ' | ' | |||
Total | 125,601,000 | ' | 125,601,000 | ' | ' | |||
Weighted-average yield [Abstract] | ' | ' | ' | ' | ' | |||
Within one year (in hundredths) | 0.00% | ' | 0.00% | ' | ' | |||
After one but within five years (in hundredths) | 0.00% | ' | 0.00% | ' | ' | |||
After five but within ten years (in hundredths) | 0.00% | ' | 0.00% | ' | ' | |||
After ten years (in hundredths) | 2.50% | ' | 2.50% | ' | ' | |||
Total (in hundredths) | 2.50% | ' | 2.50% | ' | ' | |||
Estimated fair value of securities in a continuous unrealized loss position [Abstract] | ' | ' | ' | ' | ' | |||
Less than 12 months | 4,613,000 | ' | 4,613,000 | ' | 4,906,000 | |||
12 months or more | 85,793,000 | ' | 85,793,000 | ' | 123,139,000 | |||
Unrealized losses on securities in a continuous unrealized loss position [Abstract] | ' | ' | ' | ' | ' | |||
Less than 12 months | -287,000 | ' | -287,000 | ' | -556,000 | |||
12 months or more | -8,227,000 | ' | -8,227,000 | ' | -12,596,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 90,406,000 | ' | 90,406,000 | ' | 128,045,000 | |||
Total | -8,514,000 | ' | -8,514,000 | ' | -13,152,000 | |||
Number of available-for-sale investment positions [Abstract] | ' | ' | ' | ' | ' | |||
Number of available-for-sale investment positions determined to be in an unrealized loss position | 18 | ' | 18 | ' | ' | |||
Number of available-for-sale investment positions | 25 | ' | 25 | ' | ' | |||
Number of available-for-sale investment positions determined to be in an unrealized loss position continuously for 12 months or more | 16 | ' | 16 | ' | ' | |||
Number of available-for-sale investment positions determined to be in an unrealized loss position continuously for less than 12 months | 2 | ' | 2 | ' | ' | |||
RJ Bank [Member] | Non-agency CMOs [Member] | Range, Low end [Member] | ' | ' | ' | ' | ' | |||
Significant assumptions [Abstract] | ' | ' | ' | ' | ' | |||
Default rate (in hundredths) | ' | ' | 0.00% | ' | ' | |||
Loss severity (in hundredths) | ' | ' | 0.00% | ' | ' | |||
Prepayment rate (in hundredths) | ' | ' | 0.70% | ' | ' | |||
RJ Bank [Member] | Non-agency CMOs [Member] | Range, High end [Member] | ' | ' | ' | ' | ' | |||
Significant assumptions [Abstract] | ' | ' | ' | ' | ' | |||
Default rate (in hundredths) | ' | ' | 30.10% | ' | ' | |||
Loss severity (in hundredths) | ' | ' | 72.20% | ' | ' | |||
Prepayment rate (in hundredths) | ' | ' | 21.70% | ' | ' | |||
RJ Bank [Member] | Non-agency CMOs [Member] | Weighted Average [Member] | ' | ' | ' | ' | ' | |||
Significant assumptions [Abstract] | ' | ' | ' | ' | ' | |||
Default rate (in hundredths) | ' | ' | 9.18% | [3] | ' | ' | ||
Loss severity (in hundredths) | ' | ' | 41.95% | [3] | ' | ' | ||
Prepayment rate (in hundredths) | ' | ' | 7.67% | [3] | ' | ' | ||
RJ Bank [Member] | Other securities [Member] | ' | ' | ' | ' | ' | |||
Schedule of Available for Sale Securities [Abstract] | ' | ' | ' | ' | ' | |||
Cost basis | 1,575,000 | ' | 1,575,000 | ' | 1,575,000 | |||
Gross unrealized gains | 509,000 | ' | 509,000 | ' | 501,000 | |||
Gross unrealized losses | 0 | ' | 0 | ' | 0 | |||
Fair value | 2,084,000 | ' | 2,084,000 | ' | 2,076,000 | |||
Amortized cost [Abstract] | ' | ' | ' | ' | ' | |||
Within one year | 0 | ' | 0 | ' | ' | |||
After one but within five years | 0 | ' | 0 | ' | ' | |||
After five but within ten years | 0 | ' | 0 | ' | ' | |||
After ten years | 1,575,000 | ' | 1,575,000 | ' | ' | |||
Total | 1,575,000 | ' | 1,575,000 | ' | ' | |||
Carrying value [Abstract] | ' | ' | ' | ' | ' | |||
Within one year | 0 | ' | 0 | ' | ' | |||
After one but within five years | 0 | ' | 0 | ' | ' | |||
After five but within ten years | 0 | ' | 0 | ' | ' | |||
After ten years | 2,084,000 | ' | 2,084,000 | ' | ' | |||
Total | 2,084,000 | ' | 2,084,000 | ' | ' | |||
Weighted-average yield [Abstract] | ' | ' | ' | ' | ' | |||
Within one year (in hundredths) | 0.00% | ' | 0.00% | ' | ' | |||
After one but within five years (in hundredths) | 0.00% | ' | 0.00% | ' | ' | |||
After five but within ten years (in hundredths) | 0.00% | ' | 0.00% | ' | ' | |||
After ten years (in hundredths) | 0.00% | ' | 0.00% | ' | ' | |||
Total (in hundredths) | 0.00% | ' | 0.00% | ' | ' | |||
RJ Bank [Member] | Sub-total agency MBS & CMOs and non-agency CMOs [Member] | ' | ' | ' | ' | ' | |||
Amortized cost [Abstract] | ' | ' | ' | ' | ' | |||
Within one year | 0 | ' | 0 | ' | ' | |||
After one but within five years | 9,588,000 | ' | 9,588,000 | ' | ' | |||
After five but within ten years | 17,284,000 | ' | 17,284,000 | ' | ' | |||
After ten years | 406,255,000 | ' | 406,255,000 | ' | ' | |||
Total | 433,127,000 | ' | 433,127,000 | ' | ' | |||
Carrying value [Abstract] | ' | ' | ' | ' | ' | |||
Within one year | 0 | ' | 0 | ' | ' | |||
After one but within five years | 9,615,000 | ' | 9,615,000 | ' | ' | |||
After five but within ten years | 17,366,000 | ' | 17,366,000 | ' | ' | |||
After ten years | 397,413,000 | ' | 397,413,000 | ' | ' | |||
Total | 424,394,000 | ' | 424,394,000 | ' | ' | |||
Weighted-average yield [Abstract] | ' | ' | ' | ' | ' | |||
Within one year (in hundredths) | 0.00% | ' | 0.00% | ' | ' | |||
After one but within five years (in hundredths) | 0.21% | ' | 0.21% | ' | ' | |||
After five but within ten years (in hundredths) | 0.24% | ' | 0.24% | ' | ' | |||
After ten years (in hundredths) | 1.47% | ' | 1.47% | ' | ' | |||
Total (in hundredths) | 1.39% | ' | 1.39% | ' | ' | |||
Non-broker-dealer subsidiaries [Member] | Auction rate securities: Municipal obligations [Member] | ' | ' | ' | ' | ' | |||
Schedule of Available for Sale Securities [Abstract] | ' | ' | ' | ' | ' | |||
Cost basis | 103,459,000 | ' | 103,459,000 | ' | 125,371,000 | |||
Gross unrealized gains | 7,461,000 | ' | 7,461,000 | ' | 6,831,000 | |||
Gross unrealized losses | -960,000 | ' | -960,000 | ' | -1,268,000 | |||
Fair value | 109,960,000 | ' | 109,960,000 | ' | 130,934,000 | |||
Amortized cost [Abstract] | ' | ' | ' | ' | ' | |||
Within one year | 0 | ' | 0 | ' | ' | |||
After one but within five years | 1,925,000 | ' | 1,925,000 | ' | ' | |||
After five but within ten years | 6,600,000 | ' | 6,600,000 | ' | ' | |||
After ten years | 94,934,000 | ' | 94,934,000 | ' | ' | |||
Total | 103,459,000 | ' | 103,459,000 | ' | ' | |||
Carrying value [Abstract] | ' | ' | ' | ' | ' | |||
Within one year | 0 | ' | 0 | ' | ' | |||
After one but within five years | 1,973,000 | ' | 1,973,000 | ' | ' | |||
After five but within ten years | 6,302,000 | ' | 6,302,000 | ' | ' | |||
After ten years | 101,685,000 | ' | 101,685,000 | ' | ' | |||
Total | 109,960,000 | ' | 109,960,000 | ' | ' | |||
Weighted-average yield [Abstract] | ' | ' | ' | ' | ' | |||
Within one year (in hundredths) | 0.00% | ' | 0.00% | ' | ' | |||
After one but within five years (in hundredths) | 0.19% | ' | 0.19% | ' | ' | |||
After five but within ten years (in hundredths) | 0.27% | ' | 0.27% | ' | ' | |||
After ten years (in hundredths) | 0.38% | ' | 0.38% | ' | ' | |||
Total (in hundredths) | 0.37% | ' | 0.37% | ' | ' | |||
Estimated fair value of securities in a continuous unrealized loss position [Abstract] | ' | ' | ' | ' | ' | |||
Less than 12 months | 3,254,000 | ' | 3,254,000 | ' | 771,000 | |||
12 months or more | 18,373,000 | ' | 18,373,000 | ' | 19,747,000 | |||
Unrealized losses on securities in a continuous unrealized loss position [Abstract] | ' | ' | ' | ' | ' | |||
Less than 12 months | -210,000 | ' | -210,000 | ' | -100,000 | |||
12 months or more | -750,000 | ' | -750,000 | ' | -1,168,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 21,627,000 | ' | 21,627,000 | ' | 20,518,000 | |||
Total | -960,000 | ' | -960,000 | ' | -1,268,000 | |||
Non-broker-dealer subsidiaries [Member] | Auction rate securities: Preferred securities [Member] | ' | ' | ' | ' | ' | |||
Schedule of Available for Sale Securities [Abstract] | ' | ' | ' | ' | ' | |||
Cost basis | 104,527,000 | ' | 104,527,000 | ' | 104,808,000 | |||
Gross unrealized gains | 7,688,000 | ' | 7,688,000 | ' | 5,976,000 | |||
Gross unrealized losses | 0 | ' | 0 | ' | 0 | |||
Fair value | 112,215,000 | ' | 112,215,000 | ' | 110,784,000 | |||
Amortized cost [Abstract] | ' | ' | ' | ' | ' | |||
Within one year | 0 | ' | 0 | ' | ' | |||
After one but within five years | 0 | ' | 0 | ' | ' | |||
After five but within ten years | 0 | ' | 0 | ' | ' | |||
After ten years | 104,527,000 | ' | 104,527,000 | ' | ' | |||
Total | 104,527,000 | ' | 104,527,000 | ' | ' | |||
Carrying value [Abstract] | ' | ' | ' | ' | ' | |||
Within one year | 0 | ' | 0 | ' | ' | |||
After one but within five years | 0 | ' | 0 | ' | ' | |||
After five but within ten years | 0 | ' | 0 | ' | ' | |||
After ten years | 112,215,000 | ' | 112,215,000 | ' | ' | |||
Total | 112,215,000 | ' | 112,215,000 | ' | ' | |||
Weighted-average yield [Abstract] | ' | ' | ' | ' | ' | |||
Within one year (in hundredths) | 0.00% | ' | 0.00% | ' | ' | |||
After one but within five years (in hundredths) | 0.00% | ' | 0.00% | ' | ' | |||
After five but within ten years (in hundredths) | 0.00% | ' | 0.00% | ' | ' | |||
After ten years (in hundredths) | 0.24% | ' | 0.24% | ' | ' | |||
Total (in hundredths) | 0.24% | ' | 0.24% | ' | ' | |||
Non-broker-dealer subsidiaries [Member] | Total auction rate securities [Member] | ' | ' | ' | ' | ' | |||
Schedule of Available for Sale Securities [Abstract] | ' | ' | ' | ' | ' | |||
Cost basis | 207,986,000 | ' | 207,986,000 | ' | 230,179,000 | |||
Gross unrealized gains | 15,149,000 | ' | 15,149,000 | ' | 12,807,000 | |||
Gross unrealized losses | -960,000 | ' | -960,000 | ' | -1,268,000 | |||
Fair value | 222,175,000 | ' | 222,175,000 | ' | 241,718,000 | |||
Amortized cost [Abstract] | ' | ' | ' | ' | ' | |||
Within one year | 0 | ' | 0 | ' | ' | |||
After one but within five years | 1,925,000 | ' | 1,925,000 | ' | ' | |||
After five but within ten years | 6,600,000 | ' | 6,600,000 | ' | ' | |||
After ten years | 199,461,000 | ' | 199,461,000 | ' | ' | |||
Total | 207,986,000 | ' | 207,986,000 | ' | ' | |||
Carrying value [Abstract] | ' | ' | ' | ' | ' | |||
Within one year | 0 | ' | 0 | ' | ' | |||
After one but within five years | 1,973,000 | ' | 1,973,000 | ' | ' | |||
After five but within ten years | 6,302,000 | ' | 6,302,000 | ' | ' | |||
After ten years | 213,900,000 | ' | 213,900,000 | ' | ' | |||
Total | $222,175,000 | ' | $222,175,000 | ' | ' | |||
Weighted-average yield [Abstract] | ' | ' | ' | ' | ' | |||
Within one year (in hundredths) | 0.00% | ' | 0.00% | ' | ' | |||
After one but within five years (in hundredths) | 0.19% | ' | 0.19% | ' | ' | |||
After five but within ten years (in hundredths) | 0.27% | ' | 0.27% | ' | ' | |||
After ten years (in hundredths) | 0.31% | ' | 0.31% | ' | ' | |||
Total (in hundredths) | 0.31% | ' | 0.31% | ' | ' | |||
[1] | As of March 31, 2014, the non-credit portion of other-than-temporary impairment (“OTTIâ€) recorded in AOCI was $7.1 million (before taxes). | |||||||
[2] | As of September 30, 2013, the non-credit portion of OTTI recorded in AOCI was $11.1 million (before taxes). | |||||||
[3] | Represents the expected activity for the next twelve months. |
BANK_LOANS_NET_Held_for_Sale_a
BANK LOANS, NET, Held for Sale and Held for Investment (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | ||
In Thousands, unless otherwise specified | segment | |||
Held for Sale and Held for Investment Loan Portfolios [Abstract] | ' | ' | ||
Number of loan portfolio segments | 5 | ' | ||
Loans Receivable Held-for-sale, Net [Abstract] | ' | ' | ||
Loans receivable held-for-sale, net | $122,256 | [1] | $110,292 | [1] |
Loans held for investment: | ' | ' | ||
Total loans held for investment | 10,082,974 | [2] | 8,891,346 | [2] |
Net unearned income and deferred expenses | -39,189 | -43,936 | ||
Total loans held for investment, net | 10,043,785 | [1] | 8,847,410 | [1] |
Total loans held for sale and investment | 10,166,041 | 8,957,702 | ||
Allowance for loan losses | -137,940 | -136,501 | ||
Bank loans, net | 10,028,101 | 8,821,201 | ||
Associated percentage of each major loan category in loan portfolios [Abstract] | ' | ' | ||
Loans held for sale, net (in hundredths) | 1.00% | [1] | 1.00% | [1] |
Total loans held for sale and investment (in hundredths) | 100.00% | 100.00% | ||
Domestic [Member] | ' | ' | ||
Loans held for investment: | ' | ' | ||
C&I loans | 4,946,263 | 4,439,668 | ||
CRE construction loans | 47,334 | 38,964 | ||
CRE loans | 1,327,095 | 1,075,986 | ||
Residential mortgage loans | 1,739,652 | 1,743,787 | ||
SBL and other consumer loans | 771,092 | 554,210 | ||
Associated percentage of each major loan category in loan portfolios [Abstract] | ' | ' | ||
C&I loans (in hundredths) | 49.00% | 50.00% | ||
CRE construction loans (in hundredths) | 0.00% | 0.00% | ||
CRE loans (in hundredths) | 13.00% | 12.00% | ||
Residential mortgage loans (in hundredths) | 17.00% | 20.00% | ||
SBL and other consumer loans (in hundredths) | 8.00% | 6.00% | ||
Foreign [Member] | ' | ' | ||
Loans held for investment: | ' | ' | ||
C&I loans | 1,001,116 | 806,337 | ||
CRE construction loans | 59,362 | 21,876 | ||
CRE loans | 186,913 | 207,060 | ||
Residential mortgage loans | 2,264 | 1,863 | ||
Associated percentage of each major loan category in loan portfolios [Abstract] | ' | ' | ||
C&I loans (in hundredths) | 9.00% | 9.00% | ||
CRE construction loans (in hundredths) | 1.00% | 0.00% | ||
CRE loans (in hundredths) | 2.00% | 2.00% | ||
Residential mortgage loans (in hundredths) | 0.00% | 0.00% | ||
The aggregate gross carrying amt. of all securities based lending (SBL) & consumer loans held in portfolio, prior to deducting def, inc. & the allow. for losses on SBL & consumer loans. | $1,883 | $1,595 | ||
SBL and other consumer loans (in hundredths) | 0.00% | 0.00% | ||
[1] | Net of unearned income and deferred expenses, which includes purchase premiums, purchase discounts, and net deferred origination fees and costs. | |||
[2] | Excludes any net unearned income and deferred expenses. |
BANK_LOANS_NET_Originations_Pu
BANK LOANS, NET, Originations, Purchases, and Sales (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Loans held for sale [Member] | ' | ' | ' | ' |
Payments for Origination and Purchases of Loans Held-for-sale [Abstract] | ' | ' | ' | ' |
Loans held for sale originated or purchased | $255,400,000 | $293,600,000 | $548,300,000 | $675,300,000 |
Proceeds from Sale of Loans Held-for-sale [Abstract] | ' | ' | ' | ' |
Proceeds from sale of loans held-for-sale | 34,300,000 | 84,700,000 | 94,100,000 | 145,100,000 |
Gain (loss) on sales of loans, net | 234,000 | 1,000,000 | 317,000 | 2,200,000 |
Unrealized loss on investments | 44,000 | 14,000 | 139,000 | 128,000 |
Loans held for investment [Member] | ' | ' | ' | ' |
Purchases and sales of loans held for investment by portfolio segment [Abstract] | ' | ' | ' | ' |
Purchases | 110,546,000 | 67,678,000 | 265,471,000 | 109,362,000 |
Sales | 70,350,000 | 74,279,000 | 131,323,000 | 90,818,000 |
Loans held for investment [Member] | C&I loans [Member] | ' | ' | ' | ' |
Purchases and sales of loans held for investment by portfolio segment [Abstract] | ' | ' | ' | ' |
Purchases | 110,406,000 | 65,525,000 | 237,736,000 | 104,799,000 |
Sales | 70,350,000 | 74,279,000 | 131,323,000 | 90,818,000 |
Loans held for investment [Member] | Residential mortgage loans [Member] | ' | ' | ' | ' |
Purchases and sales of loans held for investment by portfolio segment [Abstract] | ' | ' | ' | ' |
Purchases | 140,000 | 2,153,000 | 27,735,000 | 4,563,000 |
Sales | $0 | $0 | $0 | $0 |
BANK_LOANS_NET_Nonperforming_L
BANK LOANS, NET, Nonperforming Loans Held for Investment and Total Nonperforming Assets (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | |
Nonaccrual loans: | ' | ' | ' | ' | ' |
Total nonaccrual loans | $94,464,000 | ' | $94,464,000 | ' | $101,958,000 |
Amount excluded from nonperforming assets schedule | 10,800,000 | ' | 10,800,000 | ' | 10,200,000 |
Real estate owned and other repossessed assets, net: | ' | ' | ' | ' | ' |
Total nonperforming assets, net | 97,432,000 | ' | 97,432,000 | ' | 104,392,000 |
Total nonperforming assets, net as a % of RJ Bank total assets (in hundredths) | 0.83% | ' | 0.83% | ' | 0.99% |
Accruing Loans Which Are 90 Days Past Due [Abstract] | ' | ' | ' | ' | ' |
Number of accruing loans which are 90 days past due | 0 | ' | 0 | ' | 0 |
Interest income on nonperforming loans: | ' | ' | ' | ' | ' |
Gross interest income related to nonperforming loans | 1,000,000 | 1,200,000 | 1,800,000 | 2,300,000 | ' |
Interest income recognized on nonperforming loans | 326,000 | 412,000 | 888,000 | 836,000 | ' |
C&I loans [Member] | ' | ' | ' | ' | ' |
Nonaccrual loans: | ' | ' | ' | ' | ' |
Total nonaccrual loans | 0 | ' | 0 | ' | 89,000 |
CRE loans [Member] | ' | ' | ' | ' | ' |
Nonaccrual loans: | ' | ' | ' | ' | ' |
Total nonaccrual loans | 24,324,000 | ' | 24,324,000 | ' | 25,512,000 |
Residential mortgage - First mortgage loans [Member] | ' | ' | ' | ' | ' |
Nonaccrual loans: | ' | ' | ' | ' | ' |
Total nonaccrual loans | 69,732,000 | ' | 69,732,000 | ' | 75,889,000 |
Real estate owned and other repossessed assets, net: | ' | ' | ' | ' | ' |
Total real estate owned and other repossessed assets, net | 2,968,000 | ' | 2,968,000 | ' | 2,434,000 |
Residential mortgage - Home equity loans/lines [Member] | ' | ' | ' | ' | ' |
Nonaccrual loans: | ' | ' | ' | ' | ' |
Total nonaccrual loans | $408,000 | ' | $408,000 | ' | $468,000 |
BANK_LOANS_NET_Analysis_of_Pay
BANK LOANS, NET, Analysis of Payment Status of Loans Held for Investment (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | ||
Analysis of payment status of loans held for investment [Abstract] | ' | ' | ||
30-59 days | $3,766,000 | $4,891,000 | ||
60-89 days | 1,074,000 | 2,068,000 | ||
90 days or more | 50,554,000 | 43,393,000 | ||
Total past due | 55,394,000 | 50,352,000 | ||
Current | 10,027,580,000 | [1] | 8,840,994,000 | [1] |
Total loans held for investment, net | 10,082,974,000 | [2] | 8,891,346,000 | [2] |
Performing nonaccrual loans | 42,000,000 | 55,500,000 | ||
C&I loans [Member] | ' | ' | ||
Analysis of payment status of loans held for investment [Abstract] | ' | ' | ||
30-59 days | 0 | 135,000 | ||
60-89 days | 128,000 | 0 | ||
90 days or more | 0 | 0 | ||
Total past due | 128,000 | 135,000 | ||
Current | 5,947,251,000 | [1] | 5,245,870,000 | [1] |
Total loans held for investment, net | 5,947,379,000 | [2] | 5,246,005,000 | [2] |
CRE construction loans [Member] | ' | ' | ||
Analysis of payment status of loans held for investment [Abstract] | ' | ' | ||
30-59 days | 0 | 0 | ||
60-89 days | 0 | 0 | ||
90 days or more | 0 | 0 | ||
Total past due | 0 | 0 | ||
Current | 106,696,000 | [1] | 60,840,000 | [1] |
Total loans held for investment, net | 106,696,000 | [2] | 60,840,000 | [2] |
CRE loans [Member] | ' | ' | ||
Analysis of payment status of loans held for investment [Abstract] | ' | ' | ||
30-59 days | 0 | 0 | ||
60-89 days | 0 | 0 | ||
90 days or more | 10,320,000 | 17,000 | ||
Total past due | 10,320,000 | 17,000 | ||
Current | 1,503,688,000 | [1] | 1,283,029,000 | [1] |
Total loans held for investment, net | 1,514,008,000 | [2] | 1,283,046,000 | [2] |
Residential mortgage - First mortgage loans [Member] | ' | ' | ||
Analysis of payment status of loans held for investment [Abstract] | ' | ' | ||
30-59 days | 3,766,000 | 4,756,000 | ||
60-89 days | 946,000 | 2,068,000 | ||
90 days or more | 40,086,000 | 43,004,000 | ||
Total past due | 44,798,000 | 49,828,000 | ||
Current | 1,675,444,000 | [1] | 1,673,619,000 | [1] |
Total loans held for investment, net | 1,720,242,000 | [2] | 1,723,447,000 | [2] |
Residential mortgage - Home equity loans/lines [Member] | ' | ' | ||
Analysis of payment status of loans held for investment [Abstract] | ' | ' | ||
30-59 days | 0 | 0 | ||
60-89 days | 0 | 0 | ||
90 days or more | 148,000 | 372,000 | ||
Total past due | 148,000 | 372,000 | ||
Current | 21,526,000 | [1] | 21,831,000 | [1] |
Total loans held for investment, net | 21,674,000 | [2] | 22,203,000 | [2] |
Class of financing receivables related to SBL and other consumer financing receivables. [Member] | ' | ' | ||
Analysis of payment status of loans held for investment [Abstract] | ' | ' | ||
30-59 days | 0 | 0 | ||
60-89 days | 0 | 0 | ||
90 days or more | 0 | 0 | ||
Total past due | 0 | 0 | ||
Current | 772,975,000 | [1] | 555,805,000 | [1] |
Total loans held for investment, net | $772,975,000 | [2] | $555,805,000 | [2] |
[1] | Includes $42 million and $55.5 million of nonaccrual loans at March 31, 2014 and September 30, 2013, respectively, which are performing pursuant to their contractual terms. | |||
[2] | Excludes any net unearned income and deferred expenses. |
BANK_LOANS_NET_Summary_of_Impa
BANK LOANS, NET, Summary of Impaired Loans (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | ||||
Gross recorded investment: | ' | ' | ' | ' | ' | |||
Gross recorded investment, Impaired loans with allowance for loan losses | $48,379,000 | [1] | ' | $48,379,000 | [1] | ' | $52,677,000 | [1] |
Gross recorded investment, Impaired loans without allowance for loan losses | 47,166,000 | [2] | ' | 47,166,000 | [2] | ' | 47,029,000 | [2] |
Gross recorded investment | 95,545,000 | ' | 95,545,000 | ' | 99,706,000 | |||
Unpaid principal balance: | ' | ' | ' | ' | ' | |||
Unpaid principal balance, Impaired loans with allowance for loan losses | 69,426,000 | [1] | ' | 69,426,000 | [1] | ' | 77,340,000 | [1] |
Unpaid principal balance, impaired loans without allowance for loan losses | 79,591,000 | [2] | ' | 79,591,000 | [2] | ' | 77,940,000 | [2] |
Unpaid principal balance | 149,017,000 | ' | 149,017,000 | ' | 155,280,000 | |||
Loans and Leases Receivable, Allowance [Abstract] | ' | ' | ' | ' | ' | |||
Impaired loans with allowance for loan losses, allowance for losses | 5,501,000 | [1] | ' | 5,501,000 | [1] | ' | 6,651,000 | [1] |
Impaired loans without allowance for loan losses, allowance for loan losses | 0 | [2] | ' | 0 | [2] | ' | 0 | [2] |
Loan and Lease Receivables, Impaired [Abstract] | ' | ' | ' | ' | ' | |||
Average impaired loan balance | 96,015,000 | 106,535,000 | 96,838,000 | 107,590,000 | ' | |||
Interest income recognized | 391,000 | 331,000 | 1,027,000 | 663,000 | ' | |||
C&I loans | ' | ' | ' | ' | ' | |||
Gross recorded investment: | ' | ' | ' | ' | ' | |||
Gross recorded investment, Impaired loans with allowance for loan losses | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] |
Gross recorded investment, Impaired loans without allowance for loan losses | 0 | [2] | ' | 0 | [2] | ' | 89,000 | [2] |
Unpaid principal balance: | ' | ' | ' | ' | ' | |||
Unpaid principal balance, Impaired loans with allowance for loan losses | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] |
Unpaid principal balance, impaired loans without allowance for loan losses | 0 | [2] | ' | 0 | [2] | ' | 94,000 | [2] |
Loans and Leases Receivable, Allowance [Abstract] | ' | ' | ' | ' | ' | |||
Impaired loans with allowance for loan losses, allowance for losses | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] |
Impaired loans without allowance for loan losses, allowance for loan losses | 0 | [2] | ' | 0 | [2] | ' | 0 | [2] |
Loan and Lease Receivables, Impaired [Abstract] | ' | ' | ' | ' | ' | |||
Average impaired loan balance | 0 | 22,504,000 | 35,000 | 20,877,000 | ' | |||
CRE loans [Member] | ' | ' | ' | ' | ' | |||
Gross recorded investment: | ' | ' | ' | ' | ' | |||
Gross recorded investment, Impaired loans with allowance for loan losses | 0 | [1] | ' | 0 | [1] | ' | 17,000 | [1] |
Gross recorded investment, Impaired loans without allowance for loan losses | 24,324,000 | [2] | ' | 24,324,000 | [2] | ' | 25,495,000 | [2] |
Unpaid principal balance: | ' | ' | ' | ' | ' | |||
Unpaid principal balance, Impaired loans with allowance for loan losses | 0 | [1] | ' | 0 | [1] | ' | 26,000 | [1] |
Unpaid principal balance, impaired loans without allowance for loan losses | 44,575,000 | [2] | ' | 44,575,000 | [2] | ' | 45,229,000 | [2] |
Loans and Leases Receivable, Allowance [Abstract] | ' | ' | ' | ' | ' | |||
Impaired loans with allowance for loan losses, allowance for losses | 0 | [1] | ' | 0 | [1] | ' | 1,000 | [1] |
Impaired loans without allowance for loan losses, allowance for loan losses | 0 | [2] | ' | 0 | [2] | ' | 0 | [2] |
Loan and Lease Receivables, Impaired [Abstract] | ' | ' | ' | ' | ' | |||
Impaired loan, troubled debt restructurings | 2,000,000 | ' | 2,000,000 | ' | 2,200,000 | |||
Average impaired loan balance | 24,702,000 | 4,879,000 | 24,949,000 | 6,577,000 | ' | |||
Residential mortgage - First mortgage loans [Member] | ' | ' | ' | ' | ' | |||
Gross recorded investment: | ' | ' | ' | ' | ' | |||
Gross recorded investment, Impaired loans with allowance for loan losses | 48,343,000 | [1] | ' | 48,343,000 | [1] | ' | 52,624,000 | [1] |
Gross recorded investment, Impaired loans without allowance for loan losses | 22,842,000 | [2] | ' | 22,842,000 | [2] | ' | 21,445,000 | [2] |
Unpaid principal balance: | ' | ' | ' | ' | ' | |||
Unpaid principal balance, Impaired loans with allowance for loan losses | 69,352,000 | [1] | ' | 69,352,000 | [1] | ' | 77,240,000 | [1] |
Unpaid principal balance, impaired loans without allowance for loan losses | 35,016,000 | [2] | ' | 35,016,000 | [2] | ' | 32,617,000 | [2] |
Loans and Leases Receivable, Allowance [Abstract] | ' | ' | ' | ' | ' | |||
Impaired loans with allowance for loan losses, allowance for losses | 5,498,000 | [1] | ' | 5,498,000 | [1] | ' | 6,646,000 | [1] |
Impaired loans without allowance for loan losses, allowance for loan losses | 0 | [2] | ' | 0 | [2] | ' | 0 | [2] |
Loan and Lease Receivables, Impaired [Abstract] | ' | ' | ' | ' | ' | |||
Impaired loan, troubled debt restructurings | 37,900,000 | ' | 37,900,000 | ' | 36,600,000 | |||
Average impaired loan balance | 71,277,000 | 79,025,000 | 71,818,000 | 80,008,000 | ' | |||
Interest income recognized | 391,000 | 330,000 | 1,027,000 | 661,000 | ' | |||
Residential mortgage - Home equity loans/lines [Member] | ' | ' | ' | ' | ' | |||
Gross recorded investment: | ' | ' | ' | ' | ' | |||
Gross recorded investment, Impaired loans with allowance for loan losses | 36,000 | [1] | ' | 36,000 | [1] | ' | 36,000 | [1] |
Unpaid principal balance: | ' | ' | ' | ' | ' | |||
Unpaid principal balance, Impaired loans with allowance for loan losses | 74,000 | [1] | ' | 74,000 | [1] | ' | 74,000 | [1] |
Loans and Leases Receivable, Allowance [Abstract] | ' | ' | ' | ' | ' | |||
Impaired loans with allowance for loan losses, allowance for losses | 3,000 | [1] | ' | 3,000 | [1] | ' | 4,000 | [1] |
Loan and Lease Receivables, Impaired [Abstract] | ' | ' | ' | ' | ' | |||
Average impaired loan balance | 36,000 | 127,000 | 36,000 | 128,000 | ' | |||
Interest income recognized | $0 | $1,000 | $0 | $2,000 | ' | |||
[1] | Impaired loan balances have had reserves established based upon management’s analysis. | |||||||
[2] | When the discounted cash flow, collateral value or market value equals or exceeds the carrying value of the loan, then the loan does not require an allowance. These are generally loans in process of foreclosure that have already been adjusted to fair value. |
BANK_LOANS_NET_Impact_of_TDRs_
BANK LOANS, NET, Impact of TDRs (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Residential mortgage - First mortgage loans [Member] | Residential mortgage - First mortgage loans [Member] | Residential mortgage - First mortgage loans [Member] | Residential mortgage - First mortgage loans [Member] | |||
TDR | TDR | TDR | TDR | |||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' | ' |
Number of contracts | ' | ' | 4 | 1 | 12 | 44 |
Pre-modification outstanding recorded investment | ' | ' | $654,000 | $662,000 | $2,539,000 | $14,953,000 |
Post-modification outstanding recorded investment | ' | ' | 702,000 | 662,000 | 2,699,000 | 14,893,000 |
Payment default, number of contracts | ' | ' | 3 | 0 | 3 | 2 |
Payment default, recorded investment | ' | ' | 852,000 | 0 | 852,000 | 291,000 |
Outstanding commitments on TDRs | $0 | $0 | ' | ' | ' | ' |
BANK_LOANS_NET_Credit_Quality_
BANK LOANS, NET, Credit Quality of Held for Investment Loan Portfolio (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans held for investment | $10,082,974 | $8,891,346 | ||
Performing residential first mortgage loans | 1,489,621 | [1] | ' | |
LTV less than 50% [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Performing residential first mortgage loans | 418,435 | [1] | ' | |
LTV greater than 50% but less than 80% [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Performing residential first mortgage loans | 766,830 | [1] | ' | |
LTV greater than 80% but less than 100% [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Performing residential first mortgage loans | 249,090 | [1] | ' | |
LTV greater than 100% but less than 120% [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Performing residential first mortgage loans | 46,450 | [1] | ' | |
LTV greater than 120% but less than 140% [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Performing residential first mortgage loans | 7,356 | [1] | ' | |
LTV greater than 140% [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Performing residential first mortgage loans | 1,460 | [1] | ' | |
C&I loans [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans held for investment | 5,947,379 | 5,246,005 | ||
CRE construction loans [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans held for investment | 106,696 | 60,840 | ||
CRE loans [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans held for investment | 1,514,008 | 1,283,046 | ||
Residential mortgage - First mortgage loans [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans held for investment | 1,720,242 | 1,723,448 | ||
Residential mortgage - Home equity loans/lines [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans held for investment | 21,674 | 22,202 | ||
Class of financing receivables related to SBL and other consumer financing receivables. [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans held for investment | 772,975 | 555,805 | ||
Pass [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans held for investment | 9,896,539 | 8,535,233 | ||
Pass [Member] | C&I loans [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans held for investment | 5,878,566 | 5,012,786 | ||
Pass [Member] | CRE construction loans [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans held for investment | 106,696 | 60,840 | ||
Pass [Member] | CRE loans [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans held for investment | 1,489,291 | 1,257,130 | ||
Pass [Member] | Residential mortgage - First mortgage loans [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans held for investment | 1,627,759 | 1,627,090 | ||
Pass [Member] | Residential mortgage - Home equity loans/lines [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans held for investment | 21,252 | 21,582 | ||
Pass [Member] | Class of financing receivables related to SBL and other consumer financing receivables. [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans held for investment | 772,975 | 555,805 | ||
Special Mention [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans held for investment | 62,106 | [2] | 158,416 | [2] |
Special Mention [Member] | C&I loans [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans held for investment | 42,444 | [2] | 139,159 | [2] |
Special Mention [Member] | CRE construction loans [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans held for investment | 0 | [2] | 0 | [2] |
Special Mention [Member] | CRE loans [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans held for investment | 193 | [2] | 195 | [2] |
Special Mention [Member] | Residential mortgage - First mortgage loans [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans held for investment | 19,455 | [2] | 18,912 | [2] |
Special Mention [Member] | Residential mortgage - Home equity loans/lines [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans held for investment | 14 | [2] | 150 | [2] |
Special Mention [Member] | Class of financing receivables related to SBL and other consumer financing receivables. [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans held for investment | 0 | [2] | 0 | [2] |
Substandard [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans held for investment | 122,296 | [2] | 195,500 | [2] |
Substandard [Member] | C&I loans [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans held for investment | 26,369 | [2] | 94,060 | [2] |
Substandard [Member] | CRE construction loans [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans held for investment | 0 | [2] | 0 | [2] |
Substandard [Member] | CRE loans [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans held for investment | 22,491 | [2] | 23,524 | [2] |
Substandard [Member] | Residential mortgage - First mortgage loans [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans held for investment | 73,028 | [2] | 77,446 | [2] |
Substandard [Member] | Residential mortgage - Home equity loans/lines [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans held for investment | 408 | [2] | 470 | [2] |
Substandard [Member] | Class of financing receivables related to SBL and other consumer financing receivables. [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans held for investment | 0 | [2] | 0 | [2] |
Doubtful [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans held for investment | 2,033 | [2] | 2,197 | [2] |
Doubtful [Member] | C&I loans [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans held for investment | 0 | [2] | 0 | [2] |
Doubtful [Member] | CRE construction loans [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans held for investment | 0 | [2] | 0 | [2] |
Doubtful [Member] | CRE loans [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans held for investment | 2,033 | [2] | 2,197 | [2] |
Doubtful [Member] | Residential mortgage - First mortgage loans [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans held for investment | 0 | [2] | 0 | [2] |
Doubtful [Member] | Residential mortgage - Home equity loans/lines [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans held for investment | 0 | [2] | 0 | [2] |
Doubtful [Member] | Class of financing receivables related to SBL and other consumer financing receivables. [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Total loans held for investment | $0 | [2] | $0 | [2] |
[1] | Excludes loans that have full repurchase recourse for any delinquent loans. | |||
[2] | Loans classified as special mention, substandard or doubtful are all considered to be “criticized†loans. |
BANK_LOANS_NET_Changes_in_the_
BANK LOANS, NET, Changes in the Allowance for Loan Losses (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Changes in the allowance for loan losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | $138,124 | $148,021 | $136,501 | $147,541 |
Provision (benefit) for loan losses | 1,979 | 3,737 | 3,615 | 6,660 |
Net (charge-offs)/recoveries: | ' | ' | ' | ' |
Charge-offs | -2,475 | -2,393 | -2,724 | -5,691 |
Recoveries | 643 | 1,045 | 1,183 | 1,963 |
Net (charge-offs)/recoveries | -1,832 | -1,348 | -1,541 | -3,728 |
Foreign exchange translation adjustment | -331 | -124 | -635 | -187 |
Balance at end of period | 137,940 | 150,286 | 137,940 | 150,286 |
Loans held for investment [Member] | C&I loans [Member] | ' | ' | ' | ' |
Changes in the allowance for loan losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | 96,629 | 96,010 | 95,994 | 92,409 |
Provision (benefit) for loan losses | 1,113 | 3,248 | 2,015 | 6,984 |
Net (charge-offs)/recoveries: | ' | ' | ' | ' |
Charge-offs | -1,805 | -460 | -1,845 | -550 |
Recoveries | 12 | 0 | 16 | 0 |
Net (charge-offs)/recoveries | -1,793 | -460 | -1,829 | -550 |
Foreign exchange translation adjustment | -247 | -91 | -478 | -136 |
Balance at end of period | 95,702 | 98,707 | 95,702 | 98,707 |
Loans held for investment [Member] | CRE construction [Member] | ' | ' | ' | ' |
Changes in the allowance for loan losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | 1,647 | 874 | 1,000 | 739 |
Provision (benefit) for loan losses | 169 | 148 | 824 | 287 |
Net (charge-offs)/recoveries: | ' | ' | ' | ' |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Net (charge-offs)/recoveries | 0 | 0 | 0 | 0 |
Foreign exchange translation adjustment | -17 | -6 | -25 | -10 |
Balance at end of period | 1,799 | 1,016 | 1,799 | 1,016 |
Loans held for investment [Member] | CRE [Member] | ' | ' | ' | ' |
Changes in the allowance for loan losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | 20,210 | 27,232 | 19,266 | 27,546 |
Provision (benefit) for loan losses | 2,133 | 998 | 3,062 | 154 |
Net (charge-offs)/recoveries: | ' | ' | ' | ' |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 529 | 80 | 1,073 |
Net (charge-offs)/recoveries | 0 | 529 | 80 | 1,073 |
Foreign exchange translation adjustment | -67 | -27 | -132 | -41 |
Balance at end of period | 22,276 | 28,732 | 22,276 | 28,732 |
Loans held for investment [Member] | Residential mortgage [Member] | ' | ' | ' | ' |
Changes in the allowance for loan losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | 18,300 | 23,073 | 19,126 | 26,138 |
Provision (benefit) for loan losses | -1,641 | -762 | -2,702 | -988 |
Net (charge-offs)/recoveries: | ' | ' | ' | ' |
Charge-offs | -670 | -1,858 | -879 | -5,066 |
Recoveries | 625 | 508 | 1,069 | 877 |
Net (charge-offs)/recoveries | -45 | -1,350 | 190 | -4,189 |
Foreign exchange translation adjustment | 0 | 0 | 0 | 0 |
Balance at end of period | 16,614 | 20,961 | 16,614 | 20,961 |
Loans held for investment [Member] | Portfolio segment of the company's total financing receivables related to SBL and other consumer receivables. [Member] | ' | ' | ' | ' |
Changes in the allowance for loan losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | 1,338 | 832 | 1,115 | 709 |
Provision (benefit) for loan losses | 205 | 105 | 416 | 223 |
Net (charge-offs)/recoveries: | ' | ' | ' | ' |
Charge-offs | 0 | -75 | 0 | -75 |
Recoveries | 6 | 8 | 18 | 13 |
Net (charge-offs)/recoveries | 6 | -67 | 18 | -62 |
Foreign exchange translation adjustment | 0 | 0 | 0 | 0 |
Balance at end of period | $1,549 | $870 | $1,549 | $870 |
BANK_LOANS_NET_Allowance_for_L
BANK LOANS, NET, Allowance for Loan Losses, Loans Individually and Collectively Evaluated for Impairment (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | ||
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ||
Individually evaluated for impairment | $2,333,000 | ' | $2,380,000 | ' | ' | ' | ||
Collectively evaluated for impairment | 135,607,000 | ' | 134,121,000 | ' | ' | ' | ||
Total allowance for loan losses | 137,940,000 | 138,124,000 | 136,501,000 | 150,286,000 | 148,021,000 | 147,541,000 | ||
Recorded investment: | ' | ' | ' | ' | ' | ' | ||
Individually evaluated for impairment | 62,204,000 | [1] | ' | 62,249,000 | [1] | ' | ' | ' |
Collectively evaluated for impairment | 10,020,770,000 | [1] | ' | 8,829,097,000 | [1] | ' | ' | ' |
Total recorded investment | 10,082,974,000 | [1] | ' | 8,891,346,000 | [1] | ' | ' | ' |
Recorded Investment in Loans Acquired with Deteriorated Credit Quality [Abstract] | ' | ' | ' | ' | ' | ' | ||
Loans, acquired with deteriorated credit quality | 0 | ' | 0 | ' | ' | ' | ||
Loans held for investment [Member] | C&I loans [Member] | ' | ' | ' | ' | ' | ' | ||
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ||
Individually evaluated for impairment | 0 | ' | 0 | ' | ' | ' | ||
Collectively evaluated for impairment | 95,702,000 | ' | 95,994,000 | ' | ' | ' | ||
Total allowance for loan losses | 95,702,000 | 96,629,000 | 95,994,000 | 98,707,000 | 96,010,000 | 92,409,000 | ||
Recorded investment: | ' | ' | ' | ' | ' | ' | ||
Individually evaluated for impairment | 0 | [1] | ' | 89,000 | [1] | ' | ' | ' |
Collectively evaluated for impairment | 5,947,379,000 | [1] | ' | 5,245,916,000 | [1] | ' | ' | ' |
Total recorded investment | 5,947,379,000 | [1] | ' | 5,246,005,000 | [1] | ' | ' | ' |
Loans held for investment [Member] | CRE construction [Member] | ' | ' | ' | ' | ' | ' | ||
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ||
Individually evaluated for impairment | 0 | ' | 0 | ' | ' | ' | ||
Collectively evaluated for impairment | 1,799,000 | ' | 1,000,000 | ' | ' | ' | ||
Total allowance for loan losses | 1,799,000 | 1,647,000 | 1,000,000 | 1,016,000 | 874,000 | 739,000 | ||
Recorded investment: | ' | ' | ' | ' | ' | ' | ||
Individually evaluated for impairment | 0 | [1] | ' | 0 | [1] | ' | ' | ' |
Collectively evaluated for impairment | 106,696,000 | [1] | ' | 60,840,000 | [1] | ' | ' | ' |
Total recorded investment | 106,696,000 | [1] | ' | 60,840,000 | [1] | ' | ' | ' |
Loans held for investment [Member] | CRE [Member] | ' | ' | ' | ' | ' | ' | ||
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ||
Individually evaluated for impairment | 0 | ' | 1,000 | ' | ' | ' | ||
Collectively evaluated for impairment | 22,276,000 | ' | 19,265,000 | ' | ' | ' | ||
Total allowance for loan losses | 22,276,000 | 20,210,000 | 19,266,000 | 28,732,000 | 27,232,000 | 27,546,000 | ||
Recorded investment: | ' | ' | ' | ' | ' | ' | ||
Individually evaluated for impairment | 24,324,000 | [1] | ' | 25,512,000 | [1] | ' | ' | ' |
Collectively evaluated for impairment | 1,489,684,000 | [1] | ' | 1,257,534,000 | [1] | ' | ' | ' |
Total recorded investment | 1,514,008,000 | [1] | ' | 1,283,046,000 | [1] | ' | ' | ' |
Loans held for investment [Member] | Residential mortgage [Member] | ' | ' | ' | ' | ' | ' | ||
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ||
Individually evaluated for impairment | 2,333,000 | ' | 2,379,000 | ' | ' | ' | ||
Collectively evaluated for impairment | 14,281,000 | ' | 16,747,000 | ' | ' | ' | ||
Total allowance for loan losses | 16,614,000 | 18,300,000 | 19,126,000 | 20,961,000 | 23,073,000 | 26,138,000 | ||
Recorded investment: | ' | ' | ' | ' | ' | ' | ||
Individually evaluated for impairment | 37,880,000 | [1] | ' | 36,648,000 | [1] | ' | ' | ' |
Collectively evaluated for impairment | 1,704,036,000 | [1] | ' | 1,709,002,000 | [1] | ' | ' | ' |
Total recorded investment | 1,741,916,000 | [1] | ' | 1,745,650,000 | [1] | ' | ' | ' |
Loans held for investment [Member] | Portfolio segment of the company's total financing receivables related to SBL and other consumer receivables. [Member] | ' | ' | ' | ' | ' | ' | ||
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ||
Individually evaluated for impairment | 0 | ' | 0 | ' | ' | ' | ||
Collectively evaluated for impairment | 1,549,000 | ' | 1,115,000 | ' | ' | ' | ||
Total allowance for loan losses | 1,549,000 | 1,338,000 | 1,115,000 | 870,000 | 832,000 | 709,000 | ||
Recorded investment: | ' | ' | ' | ' | ' | ' | ||
Individually evaluated for impairment | 0 | [1] | ' | 0 | [1] | ' | ' | ' |
Collectively evaluated for impairment | 772,975,000 | [1] | ' | 555,805,000 | [1] | ' | ' | ' |
Total recorded investment | 772,975,000 | [1] | ' | 555,805,000 | [1] | ' | ' | ' |
RJ Bank [Member] | ' | ' | ' | ' | ' | ' | ||
Reserve for unfunded lending commitments [Abstract] | ' | ' | ' | ' | ' | ' | ||
Reserve for unfunded lending commitments | $11,500,000 | ' | $9,300,000 | ' | ' | ' | ||
[1] | Excludes any net unearned income and deferred expenses. |
VARIABLE_INTEREST_ENTITIES_Det
VARIABLE INTEREST ENTITIES (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | |||||
investor | investor | |||||||||
Fund | Fund | |||||||||
Assets: | ' | ' | ' | ' | ' | |||||
Assets segregated pursuant to regulations and other segregated assets | $2,555,155 | [1] | ' | $2,555,155 | [1] | ' | $4,064,827 | [1] | ||
Investments in real estate partnerships held by consolidated variable interest entities | 258,633 | ' | 258,633 | ' | 272,096 | |||||
Prepaid expenses and other assets | 629,390 | ' | 629,390 | ' | 611,425 | |||||
Total assets | 22,868,902 | ' | 22,868,902 | ' | 23,186,122 | |||||
Liabilities and Equity: | ' | ' | ' | ' | ' | |||||
Trade and other payables | 702,013 | ' | 702,013 | ' | 630,344 | |||||
Loans payable of consolidated variable interest entities | 53,505 | ' | 53,505 | ' | 62,938 | |||||
Total liabilities | 18,660,541 | ' | 18,660,541 | ' | 19,187,785 | |||||
RJF equity | 3,888,304 | ' | 3,888,304 | ' | 3,662,924 | |||||
Noncontrolling interests | 320,057 | ' | 320,057 | ' | 335,413 | |||||
Total equity | 4,208,361 | 3,911,884 | 4,208,361 | 3,911,884 | 3,998,337 | |||||
Total liabilities and equity | 22,868,902 | ' | 22,868,902 | ' | 23,186,122 | |||||
Revenues: | ' | ' | ' | ' | ' | |||||
Interest | 118,393 | 118,032 | 235,486 | 241,158 | ' | |||||
Other | 9,240 | 74,991 | 33,805 | 106,060 | ' | |||||
Total revenues | 1,204,625 | [2] | 1,170,298 | [2] | 2,413,399 | [2] | 2,307,807 | [2] | ' | |
Interest expense | 25,980 | 27,203 | 51,352 | 55,224 | ' | |||||
Net revenues (expense) | 1,178,645 | 1,143,095 | 2,362,047 | 2,252,583 | ' | |||||
Non-interest expenses | 1,025,646 | 983,792 | 2,030,236 | 1,946,113 | ' | |||||
Net loss including noncontrolling interests | 92,095 | 108,246 | 208,616 | 202,140 | ' | |||||
Net loss attributable to noncontrolling interests | -12,465 | 28,286 | -12,577 | 36,306 | ' | |||||
Net income (loss) attributable to RJF | 104,560 | 79,960 | 221,193 | 165,834 | ' | |||||
Low-income housing tax credit funds [Abstract] | ' | ' | ' | ' | ' | |||||
Number of low-income housing tax credit (LIHTC) funds | 88 | ' | 88 | ' | ' | |||||
Minimum number of investor members or limited partners of LIHTC funds | 1 | ' | 1 | ' | ' | |||||
Number of low-income housing tax credit (LIHTC) funds determined to be VIE's | 76 | ' | 76 | ' | ' | |||||
Number of low-income housing tax credit (LIHTC) funds not determined to be VIE's | 12 | ' | 12 | ' | ' | |||||
Number of non-guaranteed tax credit funds | 8 | ' | 8 | ' | ' | |||||
Number of guaranteed tax credit funds | 1 | ' | 1 | ' | ' | |||||
Number of tax credit funds consolidated but not determined to be VIE's | 6 | ' | 6 | ' | ' | |||||
Variable interest entities, not primary beneficiary [Abstract] | ' | ' | ' | ' | ' | |||||
Number of affiliates which function as the managing member of NMTC Funds | 1 | ' | ' | ' | ' | |||||
Number of NMTC Funds managed by one of our affiliates, not deemed to be primary beneficiary | 7 | ' | 7 | ' | ' | |||||
LIHTC Funds - Primary Beneficiary [Member] | ' | ' | ' | ' | ' | |||||
Variable interest entity, consolidated, aggregate assets and liabilities [Abstract] | ' | ' | ' | ' | ' | |||||
Aggregate assets | 198,825 | [3] | ' | 198,825 | [3] | ' | 208,634 | [3] | ||
Aggregate liabilities | 55,036 | [3] | ' | 55,036 | [3] | ' | 78,055 | [3] | ||
Guaranteed LIHTC Fund - Primary Beneficiary [Member] | ' | ' | ' | ' | ' | |||||
Variable interest entity, consolidated, aggregate assets and liabilities [Abstract] | ' | ' | ' | ' | ' | |||||
Aggregate assets | 75,804 | [3],[4] | ' | 75,804 | [3],[4] | ' | 81,712 | [3],[4] | ||
Aggregate liabilities | 0 | [3],[4] | ' | 0 | [3],[4] | ' | 0 | [3],[4] | ||
Low-income housing tax credit funds [Abstract] | ' | ' | ' | ' | ' | |||||
Number of multi-investor tax credit funds in which RJTCF is the managing member and has provided the investor member with a guaranteed rate of return | 1 | ' | ' | ' | ' | |||||
Restricted Stock Trust Fund - Primary Beneficiary [Member] | ' | ' | ' | ' | ' | |||||
Variable interest entity, consolidated, aggregate assets and liabilities [Abstract] | ' | ' | ' | ' | ' | |||||
Aggregate assets | 13,907 | [3] | ' | 13,907 | [3] | ' | 13,075 | [3] | ||
Aggregate liabilities | 4,665 | [3] | ' | 4,665 | [3] | ' | 6,710 | [3] | ||
EIF Funds - Primary Beneficiary [Member] | ' | ' | ' | ' | ' | |||||
Variable interest entity, consolidated, aggregate assets and liabilities [Abstract] | ' | ' | ' | ' | ' | |||||
Aggregate assets | 5,616 | [3] | ' | 5,616 | [3] | ' | 7,588 | [3] | ||
Aggregate liabilities | 0 | [3] | ' | 0 | [3] | ' | 0 | [3] | ||
Total VIEs - Primary Beneficiary [Member] | ' | ' | ' | ' | ' | |||||
Variable interest entity, consolidated, aggregate assets and liabilities [Abstract] | ' | ' | ' | ' | ' | |||||
Aggregate assets | 294,152 | [3] | ' | 294,152 | [3] | ' | 311,009 | [3] | ||
Aggregate liabilities | 59,701 | [3] | ' | 59,701 | [3] | ' | 84,765 | [3] | ||
Assets: | ' | ' | ' | ' | ' | |||||
Assets segregated pursuant to regulations and other segregated assets | 9,999 | ' | 9,999 | ' | 11,857 | |||||
Receivables, other | 6,053 | ' | 6,053 | ' | 5,763 | |||||
Investments in real estate partnerships held by consolidated variable interest entities | 258,633 | ' | 258,633 | ' | 272,096 | |||||
Trust fund investment in RJF common stock | 13,905 | [5] | ' | 13,905 | [5] | ' | 13,073 | [5] | ||
Prepaid expenses and other assets | 6,364 | ' | 6,364 | ' | 8,230 | |||||
Total assets | 294,954 | ' | 294,954 | ' | 311,019 | |||||
Liabilities and Equity: | ' | ' | ' | ' | ' | |||||
Trade and other payables | 12,721 | ' | 12,721 | ' | 1,428 | |||||
Intercompany payables | 5,046 | ' | 5,046 | ' | 6,390 | |||||
Loans payable of consolidated variable interest entities | 53,505 | [6] | ' | 53,505 | [6] | ' | 62,938 | [6] | ||
Total liabilities | 71,272 | ' | 71,272 | ' | 70,756 | |||||
RJF equity | 6,155 | ' | 6,155 | ' | 6,175 | |||||
Noncontrolling interests | 217,527 | ' | 217,527 | ' | 234,088 | |||||
Total equity | 223,682 | ' | 223,682 | ' | 240,263 | |||||
Total liabilities and equity | 294,954 | ' | 294,954 | ' | 311,019 | |||||
Revenues: | ' | ' | ' | ' | ' | |||||
Interest | 0 | 0 | 1 | 3 | ' | |||||
Other | -1,580 | 2,509 | -1,416 | 4,024 | ' | |||||
Total revenues | -1,580 | 2,509 | -1,415 | 4,027 | ' | |||||
Interest expense | 797 | 1,063 | 1,584 | 2,112 | ' | |||||
Net revenues (expense) | -2,377 | 1,446 | -2,999 | 1,915 | ' | |||||
Non-interest expenses | 12,052 | 12,452 | 21,017 | 17,143 | ' | |||||
Net loss including noncontrolling interests | -14,429 | -11,006 | -24,016 | -15,228 | ' | |||||
Net loss attributable to noncontrolling interests | -14,420 | -11,051 | -23,996 | -15,304 | ' | |||||
Net income (loss) attributable to RJF | -9 | 45 | -20 | 76 | ' | |||||
LIHTC Funds - Not Primary Beneficiary [Member] | ' | ' | ' | ' | ' | |||||
Variable interest entity, nonconsolidated, carrying amount of assets and liabilities [Abstract] | ' | ' | ' | ' | ' | |||||
Aggregate assets | 2,828,024 | ' | 2,828,024 | ' | 2,532,457 | |||||
Aggregate liabilities | 829,589 | ' | 829,589 | ' | 762,346 | |||||
Our risk of loss | 20,453 | ' | 20,453 | ' | 14,387 | |||||
NMTC Funds - Not Primary Beneficiary [Member] | ' | ' | ' | ' | ' | |||||
Variable interest entity, nonconsolidated, carrying amount of assets and liabilities [Abstract] | ' | ' | ' | ' | ' | |||||
Aggregate assets | 140,492 | ' | 140,492 | ' | 140,499 | |||||
Aggregate liabilities | 147 | ' | 147 | ' | 278 | |||||
Our risk of loss | 13 | ' | 13 | ' | 13 | |||||
Other Real Estate Limited Partnerships and LLCs - Not Primary Beneficiary [Member] | ' | ' | ' | ' | ' | |||||
Variable interest entity, nonconsolidated, carrying amount of assets and liabilities [Abstract] | ' | ' | ' | ' | ' | |||||
Aggregate assets | 28,993 | ' | 28,993 | ' | 30,240 | |||||
Aggregate liabilities | 36,016 | ' | 36,016 | ' | 35,512 | |||||
Our risk of loss | 198 | ' | 198 | ' | 212 | |||||
Total VIEs - Not Primary Beneficiary [Member] | ' | ' | ' | ' | ' | |||||
Variable interest entity, nonconsolidated, carrying amount of assets and liabilities [Abstract] | ' | ' | ' | ' | ' | |||||
Aggregate assets | 2,997,509 | ' | 2,997,509 | ' | 2,703,196 | |||||
Aggregate liabilities | 865,752 | ' | 865,752 | ' | 798,136 | |||||
Our risk of loss | 20,664 | ' | 20,664 | ' | 14,612 | |||||
Managed Funds [Member] | ' | ' | ' | ' | ' | |||||
Variable interest entity, nonconsolidated, carrying amount of assets and liabilities [Abstract] | ' | ' | ' | ' | ' | |||||
Aggregate assets | 50,597 | ' | 50,597 | ' | 56,321 | |||||
Aggregate liabilities | 1,343 | ' | 1,343 | ' | 1,415 | |||||
Our risk of loss | $91 | ' | $91 | ' | $202 | |||||
[1] | Consists of cash maintained in accordance with Rule 15c3-3 under the Securities Exchange Act of 1934. RJ&A, as a broker-dealer carrying client accounts, is subject to requirements related to maintaining cash or qualified securities in segregated reserve accounts for the exclusive benefit of its’ clients. Additionally, RJ Ltd. is required to hold client Registered Retirement Savings Plan funds in trust. | |||||||||
[2] | No individual client accounted for more than ten percent of total revenues in any of the periods presented. | |||||||||
[3] | Aggregate assets and aggregate liabilities differ from the consolidated carrying value of assets and liabilities due to the elimination of intercompany assets and liabilities held by the consolidated VIE. | |||||||||
[4] | In connection with one of the multi-investor tax credit funds in which RJTCF is the managing member, RJTCF has provided the investor members with a guaranteed return on their investment in the fund (the “Guaranteed LIHTC Fundâ€). See Note 16 for additional information regarding this commitment. | |||||||||
[5] | Included in treasury stock in our Condensed Consolidated Statements of Financial Condition. | |||||||||
[6] | Comprised of several non-recourse loans. We are not contingently liable under any of these loans. |
GOODWILL_AND_IDENTIFIABLE_INTA2
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS, Schedule of Goodwill and Net Identifiable Intangible Asset Balances (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' | ' | ' |
Goodwill | $295,486 | $295,486 | $295,486 | $295,486 | $302,419 | $300,111 |
Identifiable intangible assets, net | 62,360 | ' | 65,978 | ' | ' | ' |
Total goodwill and identifiable intangible assets, net | $357,846 | ' | $361,464 | ' | ' | ' |
GOODWILL_AND_IDENTIFIABLE_INTA3
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS, Schedule of Goodwill (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |||
Goodwill [Roll Forward] | ' | ' | ' | ' | |||
Goodwill (beginning of the period) | $295,486 | $302,419 | $295,486 | $300,111 | |||
Adjustments to prior year additions | ' | 0 | 0 | [1] | 2,308 | [1] | |
Goodwill impairment expense | 0 | -6,933 | 0 | -6,933 | |||
Goodwill (end of the period) | 295,486 | 295,486 | 295,486 | 295,486 | |||
Private client group [Member] | ' | ' | ' | ' | |||
Goodwill [Roll Forward] | ' | ' | ' | ' | |||
Goodwill (beginning of the period) | 174,584 | 174,584 | 174,584 | 173,317 | |||
Adjustments to prior year additions | ' | 0 | 0 | [1] | 1,267 | [1] | |
Goodwill impairment expense | 0 | 0 | 0 | 0 | |||
Goodwill (end of the period) | 174,584 | 174,584 | 174,584 | 174,584 | |||
Capital markets [Member] | ' | ' | ' | ' | |||
Goodwill [Roll Forward] | ' | ' | ' | ' | |||
Goodwill (beginning of the period) | 120,902 | 127,835 | 120,902 | 126,794 | |||
Adjustments to prior year additions | ' | 0 | 0 | [1] | 1,041 | [1] | |
Goodwill impairment expense | 0 | -6,933 | [2] | 0 | -6,933 | [2] | |
Goodwill (end of the period) | 120,902 | 120,902 | 120,902 | 120,902 | |||
Portion attributable to RJF pre-tax income [Member] | Capital markets [Member] | ' | ' | ' | ' | |||
Goodwill [Roll Forward] | ' | ' | ' | ' | |||
Goodwill impairment expense | ' | -4,600 | -4,600 | ' | |||
Portion attributable to non-controllling interests [Member] | Capital markets [Member] | ' | ' | ' | ' | |||
Goodwill [Roll Forward] | ' | ' | ' | ' | |||
Goodwill impairment expense | ' | ($2,300) | ($2,400) | ' | |||
[1] | The goodwill adjustment in the prior year period arose from a change in a tax election pertaining to whether assets acquired and liabilities assumed are written-up to fair value for tax purposes. This election is made on an entity-by-entity basis, and during the period indicated our assumption regarding whether we would make such election changed for one of the Morgan Keegan entities we acquired. The offsetting balance associated with this adjustment to goodwill was the net deferred tax asset. | ||||||
[2] | The impairment expense in the three and six months ended March 31, 2013 is associated with the Raymond James European Securities, S.A.S. (“RJESâ€) reporting unit. We concluded that the goodwill associated with this reporting unit was completely impaired during such periods. Since we did not own 100% of RJES as of the goodwill impairment testing date, for the three and six month periods ended March 31, 2013 the effect of this impairment expense on the pre-tax income attributable to Raymond James Financial, Inc is approximately $4.6 million, and the portion of the impairment expense attributable to the noncontrolling interests is approximately $2.3 million. |
GOODWILL_AND_IDENTIFIABLE_INTA4
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS, Net Amortizable Intangible Assets (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 24, 2012 | |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ' | ' | |
Net identifiable intangible assets (beginning of the period) | $64,144 | $72,091 | $65,978 | $61,135 | ' | |
Additions | 118 | 0 | 189 | 13,329 | ' | |
Amortization expense | -1,902 | -2,703 | -3,807 | -5,076 | ' | |
Impairment losses | 0 | 0 | 0 | 0 | ' | |
Net identifiable intangible assets (end of the period) | 62,360 | 69,388 | 62,360 | 69,388 | ' | |
Private client group [Member] | ' | ' | ' | ' | ' | |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ' | ' | |
Net identifiable intangible assets (beginning of the period) | 9,035 | 9,664 | 9,191 | 9,829 | ' | |
Additions | 0 | 0 | 0 | 0 | ' | |
Amortization expense | -146 | -162 | -302 | -327 | ' | |
Impairment losses | 0 | 0 | 0 | 0 | ' | |
Net identifiable intangible assets (end of the period) | 8,889 | 9,502 | 8,889 | 9,502 | ' | |
Capital markets [Member] | ' | ' | ' | ' | ' | |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ' | ' | |
Net identifiable intangible assets (beginning of the period) | 42,099 | 49,098 | 43,474 | 51,306 | ' | |
Additions | 0 | 0 | 0 | 0 | ' | |
Amortization expense | -1,375 | -2,208 | -2,750 | -4,416 | ' | |
Impairment losses | 0 | 0 | 0 | 0 | ' | |
Net identifiable intangible assets (end of the period) | 40,724 | 46,890 | 40,724 | 46,890 | ' | |
Asset management [Member] | ' | ' | ' | ' | ' | |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ' | ' | |
Net identifiable intangible assets (beginning of the period) | 11,996 | 13,329 | 12,329 | 0 | ' | |
Additions | 0 | 0 | 0 | 13,329 | [1] | ' |
Amortization expense | -333 | -333 | -666 | -333 | ' | |
Impairment losses | 0 | 0 | 0 | 0 | ' | |
Net identifiable intangible assets (end of the period) | 11,663 | 12,996 | 11,663 | 12,996 | ' | |
ClariVest Business Acquisition [Abstract] | ' | ' | ' | ' | ' | |
Business acquisition, acquired interest | ' | ' | ' | ' | 45.00% | |
Portion of ClariVest attributable to others | ' | ' | ' | ' | 55.00% | |
Finite-lived intangible asset, useful life | ' | ' | ' | '10 years | ' | |
RJ Bank [Member] | ' | ' | ' | ' | ' | |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ' | ' | |
Net identifiable intangible assets (beginning of the period) | 1,014 | 0 | 984 | 0 | ' | |
Additions | 118 | 0 | 189 | 0 | ' | |
Amortization expense | -48 | 0 | -89 | 0 | ' | |
Impairment losses | ' | 0 | 0 | 0 | ' | |
Net identifiable intangible assets (end of the period) | $1,084 | $0 | $1,084 | $0 | ' | |
[1] | The additions in the prior year period are directly attributable to the customer list asset associated with our first quarter fiscal year 2013 acquisition of a 45% interest in ClariVest (see Note 3 for additional information). Since we are consolidating ClariVest, the amount represents the entire customer relationship intangible asset associated with the acquisition transaction; the amount shown is unadjusted by the 55% share of ClariVest attributable to others. The estimated useful life associated with this addition is approximately 10 years. |
GOODWILL_AND_IDENTIFIABLE_INTA5
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS, Intangible Assets, by Type (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying value | $81,231 | $81,042 |
Accumulated amortization | -18,871 | -15,064 |
Customer relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying value | 65,957 | 65,957 |
Accumulated amortization | -11,281 | -8,663 |
Trade name [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying value | 2,000 | 2,000 |
Accumulated amortization | -2,000 | -2,000 |
Developed technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying value | 11,000 | 11,000 |
Accumulated amortization | -4,400 | -3,300 |
Non-compete agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying value | 1,000 | 1,000 |
Accumulated amortization | -1,000 | -1,000 |
Mortgage servicing rights [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying value | 1,274 | 1,085 |
Accumulated amortization | ($190) | ($101) |
BANK_DEPOSITS_Details
BANK DEPOSITS (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | ||||
Bank deposits: | ' | ' | ' | ' | ' | |||
NOW accounts | $7,109,000 | ' | $7,109,000 | ' | $7,003,000 | |||
Demand deposits (non-interest bearing) | 7,484,000 | ' | 7,484,000 | ' | 8,555,000 | |||
Savings and money market accounts | 10,073,260,000 | ' | 10,073,260,000 | ' | 8,966,439,000 | |||
Certificates of deposit | 326,951,000 | ' | 326,951,000 | ' | 313,374,000 | |||
Total bank deposits | 10,414,804,000 | [1] | ' | 10,414,804,000 | [1] | ' | 9,295,371,000 | [1] |
Affiliate bank deposits excluded from total bank deposits | 7,000,000 | ' | 7,000,000 | ' | 6,000,000 | |||
Weighted-average rate [Abstract] | ' | ' | ' | ' | ' | |||
NOW accounts, weighted-average rate (in hundredths) | 0.01% | [2] | ' | 0.01% | [2] | ' | 0.01% | [2] |
Demand deposits (non-interest-bearing), weighted-average rate (in hundredths) | 0.00% | [2] | ' | 0.00% | [2] | ' | 0.00% | [2] |
Savings and money market accounts, weighted-average rate (in hundredths) | 0.02% | [2] | ' | 0.02% | [2] | ' | 0.02% | [2] |
Certificates of deposit, weighted-average rate (in hundredths) | 1.90% | [2] | ' | 1.90% | [2] | ' | 1.96% | [2] |
Total bank deposits, weighted-average rate (in hundredths) | 0.08% | [1],[2] | ' | 0.08% | [1],[2] | ' | 0.09% | [1],[2] |
Scheduled maturities of certificates of deposit, denominations greater than or equal to $100,000 [Abstract] | ' | ' | ' | ' | ' | |||
Three months or less | 4,960,000 | ' | 4,960,000 | ' | 7,343,000 | |||
Over three through six months | 7,091,000 | ' | 7,091,000 | ' | 5,908,000 | |||
Over six through twelve months | 18,189,000 | ' | 18,189,000 | ' | 9,459,000 | |||
Over one through two years | 30,006,000 | ' | 30,006,000 | ' | 31,123,000 | |||
Over two through three years | 47,875,000 | ' | 47,875,000 | ' | 33,404,000 | |||
Over three through four years | 19,275,000 | ' | 19,275,000 | ' | 47,822,000 | |||
Over four through five years | 61,592,000 | ' | 61,592,000 | ' | 36,574,000 | |||
Total certificates of deposit, denominations greater than or equal to 100,000 | 188,988,000 | ' | 188,988,000 | ' | 171,633,000 | |||
Scheduled maturities of certificates of deposit, denominations less than 100,000 [Abstract] | ' | ' | ' | ' | ' | |||
Three months or less | 6,360,000 | ' | 6,360,000 | ' | 8,540,000 | |||
Over three through six months | 8,503,000 | ' | 8,503,000 | ' | 6,264,000 | |||
Over six through twelve months | 18,701,000 | ' | 18,701,000 | ' | 13,976,000 | |||
Over one through two years | 33,105,000 | ' | 33,105,000 | ' | 37,918,000 | |||
Over two through three years | 36,449,000 | ' | 36,449,000 | ' | 27,873,000 | |||
Over three through four years | 14,875,000 | ' | 14,875,000 | ' | 35,270,000 | |||
Over four through five years | 19,970,000 | ' | 19,970,000 | ' | 11,900,000 | |||
Total certificates of deposit, denominations less than 100,000 | 137,963,000 | ' | 137,963,000 | ' | 141,741,000 | |||
Interest expense on deposits [Abstract] | ' | ' | ' | ' | ' | |||
Certificates of deposit | 1,508,000 | 1,563,000 | 3,056,000 | 3,226,000 | ' | |||
Money market, savings and NOW accounts | 431,000 | 849,000 | 828,000 | 1,662,000 | ' | |||
Total interest expense on deposits | $1,939,000 | $2,412,000 | $3,884,000 | $4,888,000 | ' | |||
[1] | Bank deposits exclude affiliate deposits of approximately $7 million and $6 million at March 31, 2014 and September 30, 2013, respectively. | |||||||
[2] | Weighted-average rate calculation is based on the actual deposit balances at March 31, 2014 and September 30, 2013, respectively. |
OTHER_BORROWINGS_Details
OTHER BORROWINGS (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | ||||
Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | FHLB advances [Member] | FHLB advances [Member] | |||||||
New Regions Credit Agreement [Member] | |||||||||||||
Other Borrowings [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Line of credit facility, amount outstanding | $78,517,000 | $84,076,000 | $78,517,000 | [1] | $84,076,000 | [1] | $5,000,000 | $0 | [2] | $0 | [2] | $0 | $0 |
Line of credit facility, maximum borrowing capacity, percentage of secured ARS | ' | ' | ' | ' | 70.00% | ' | ' | ' | ' | ||||
LIne of credit facility, maximum borrowing capacity, dollar amount of secured ARS | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ||||
Line of credit facility, maximum borrowing capacity | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ||||
Line of credit facility, interest rate description | ' | ' | ' | ' | '0.0275 | ' | ' | ' | ' | ||||
Line of credit facility, expiration date | ' | ' | ' | ' | 2-Apr-15 | ' | ' | ' | ' | ||||
Securities sold under agreements to repurchase | $377,677,000 | $300,933,000 | ' | ' | ' | ' | ' | ' | ' | ||||
[1] | Other than a $5 million borrowing outstanding on the Regions Credit Facility (as hereinafter defined) as of March 31, 2014, any borrowings on secured lines of credit are day-to-day and are generally utilized to finance certain fixed income securities.A subsidiary of RJF (the “Borrowerâ€) is a party to a Revolving Credit Agreement (the “Regions Credit Facilityâ€) with Regions Bank, an Alabama banking corporation (the “Lenderâ€). The Regions Credit Facility provides for a revolving line of credit from the Lender to the Borrower and is subject to a guarantee in favor of the Lender provided by RJF. The proceeds from any borrowings under the line are used for working capital and general corporate purposes. The obligations under the Regions Credit Facility are secured by, subject to certain exceptions, all of the present and future ARS owned by the Borrower (the “Pledged ARSâ€). The amount of any borrowing under the Regions Credit Facility cannot exceed the lesser of 70% of the value of the Pledged ARS, or $100 million. The maximum amount available to borrow was $100 million and the outstanding borrowings were $5 million as of March 31, 2014. The Regions Credit Facility bears interest at a variable rate which is 2.75% over LIBOR. The facility expires on April 2, 2015. | ||||||||||||
[2] | Any borrowings on unsecured lines of credit are day-to-day and are generally utilized for cash management purposes. |
DERIVATIVE_FINANCIAL_INSTRUMEN2
DERIVATIVE FINANCIAL INSTRUMENTS (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
Derivative [Line Items] | ' | ' |
Receivable for uncollectible derivative transaction revenues | $8,000,000 | $8,000,000 |
Maximum loss exposure on interest rate derivatives | 25,000,000 | ' |
Derivative asset position [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Cash collateral included in net fair value of all open derivative positions, aggregate net liability | 9,000,000 | 13,000,000 |
Derivative liability position [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Cash collateral included in the net fair value of all open derivative liability positions, aggregate net asset | 14,000,000 | 22,000,000 |
RJ Bank [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maximum loss exposure under forward foreign exchange contracts | $1,000,000 | ' |
Matched Book Derivatives [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Number of designated as fair value hedges | 0 | ' |
Number of derivatives designated as cash flow hedges | 0 | ' |
OTC Derivatives [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Number of designated as fair value hedges | 0 | ' |
Number of derivatives designated as cash flow hedges | 0 | ' |
DERIVATIVE_FINANCIAL_INSTRUMEN3
DERIVATIVE FINANCIAL INSTRUMENTS, Balance Sheet Location (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | ||||||||||||||||
Forward foreign exchange contracts [Member] | Forward foreign exchange contracts [Member] | Forward foreign exchange contracts [Member] | Forward foreign exchange contracts [Member] | Forward foreign exchange contracts [Member] | Forward foreign exchange contracts [Member] | Forward foreign exchange contracts [Member] | Forward foreign exchange contracts [Member] | Forward foreign exchange contracts [Member] | Forward foreign exchange contracts [Member] | Forward foreign exchange contracts [Member] | Forward foreign exchange contracts [Member] | Interest rate contracts [Member] | Interest rate contracts [Member] | Interest rate contracts [Member] | Interest rate contracts [Member] | Interest rate contracts [Member] | Interest rate contracts [Member] | Interest rate contracts [Member] | Interest rate contracts [Member] | |||||||||||||||||
Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Designated as hedging instrument [Member] | Derivatives not designated as hedging instruments [Member] | Derivatives not designated as hedging instruments [Member] | Derivatives not designated as hedging instruments [Member] | Derivatives not designated as hedging instruments [Member] | Derivatives not designated as hedging instruments [Member] | Derivatives not designated as hedging instruments [Member] | Derivatives not designated as hedging instruments [Member] | Derivatives not designated as hedging instruments [Member] | |||||||||||||||||||||
Other Assets [Member] | Other Assets [Member] | Trade and other payables [Member] | Trade and other payables [Member] | Accumulated other comprehensive income [Member] | Accumulated other comprehensive income [Member] | Accumulated other comprehensive income [Member] | Accumulated other comprehensive income [Member] | Trade and other payables [Member] | Trade and other payables [Member] | Trading instruments [Member] | Trading instruments [Member] | Derivative instruments associated with offsetting matched book positions [Member] | Derivative instruments associated with offsetting matched book positions [Member] | Trading instruments sold [Member] | Trading instruments sold [Member] | |||||||||||||||||||||
Asset derivatives [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Notional amount | ' | ' | $92,175,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,546,517,000 | [1] | $2,407,387,000 | [1] | $2,190,008,000 | [2] | $1,944,408,000 | [2] | ' | ' | ||||||||||||
Fair value | ' | ' | 146,000 | [3] | 0 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | 84,607,000 | [4] | 89,633,000 | [4] | 84,607,000 | [1],[3] | 89,633,000 | [1],[3] | 289,271,000 | [2],[3] | 250,341,000 | [2],[3] | ' | ' | ||||||||
Liabilities derviatives [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Notional amount | ' | ' | ' | ' | 524,469,000 | 655,828,000 | ' | ' | ' | ' | 106,558,000 | 79,588,000 | ' | ' | ' | ' | 2,190,008,000 | [2] | 1,944,408,000 | [2] | 2,134,039,000 | [1] | 2,420,531,000 | [1] | ||||||||||||
Fair value | 662,000 | [5] | 714,000 | [5] | ' | ' | 528,000 | [3] | 637,000 | [3] | ' | ' | ' | ' | 134,000 | [3] | 77,000 | [3] | 69,999,000 | [4] | 74,920,000 | [4] | ' | ' | 289,271,000 | [2],[3] | 250,341,000 | [2],[3] | 69,999,000 | [1],[3] | 74,920,000 | [1],[3] | ||||
Net gains recognized in accumulated other comprehensive income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Net gains recognized on forward foreign exchange derivatives | ' | ' | ' | ' | ' | ' | 14,400,000 | 6,800,000 | 26,000,000 | 9,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Hedge ineffectiveness | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Components of derivative gain (loss) excluded from the assessment of hedge effectiveness | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
[1] | These contracts arise from our OTC Derivatives Operations. | |||||||||||||||||||||||||||||||||||
[2] | These contracts arise from our Offsetting Matched Book Derivatives Operations. | |||||||||||||||||||||||||||||||||||
[3] | The fair value in this table is presented on a gross basis before netting of cash collateral and before any netting by counterparty according to our legally enforceable master netting arrangements. The fair value in the Condensed Consolidated Statements of Financial Condition is presented net. See Note 14 for additional information regarding offsetting asset and liability balances. | |||||||||||||||||||||||||||||||||||
[4] | Derivatives - interest rate contracts are included in Trading instruments on our condensed consolidated statements of financial condition. See Note 13 for additional information | |||||||||||||||||||||||||||||||||||
[5] | Derivatives - forward foreign exchange contracts are included in trade and other payables on our condensed consolidated statements of financial condition. See Note 13 for additional information. |
DERIVATIVE_FINANCIAL_INSTRUMEN4
DERIVATIVE FINANCIAL INSTRUMENTS, Income Statement Location (Details) (Derivatives not designated as hedging instruments [Member], USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | ||||
Net trading profits [Member] | Interest rate contracts [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of gain (loss) on derivatives recognized in Income | ($70) | [1] | $303 | [1] | $579 | [1] | $497 | [1] |
Other revenues [Member] | Interest rate contracts [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of gain (loss) on derivatives recognized in Income | 651 | [2] | 213 | [2] | 671 | [2] | 403 | [2] |
Other revenues [Member] | Forward foreign exchange contracts [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of gain (loss) on derivatives recognized in Income | $2,530 | $625 | $4,811 | $999 | ||||
[1] | These contracts arise from our OTC Derivatives Operations. | |||||||
[2] | These contracts arise from our Offsetting Matched Book Derivatives Operations. |
DERIVATIVE_FINANCIAL_INSTRUMEN5
DERIVATIVE FINANCIAL INSTRUMENTS, Risk (Details) (USD $) | Mar. 31, 2014 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Derivative in liability position fair value | $3,500,000 |
Derivative in liability position posted collateral | 3,300,000 |
Derivative in liability position additional collateral posted if contingent features are triggered | $200,000 |
DISCLOSURE_OF_OFFSETTING_ASSET2
DISCLOSURE OF OFFSETTING ASSETS AND LIABILITIES (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Securities Purchased under Agreements to Resell and Other Collateralized Financings [Abstract] | ' | ' | ||
Securities purchased under agreements to resell and other collateralized financings, Gross amounts of recognized assets | $637,486 | $709,120 | ||
Securities purchased under agreements to resell and other collateralized financings, Gross amounts offset in the Statement of Financial Condition | 0 | 0 | ||
Securities purchased under agreements to resell and other collateralized financings, Net amounts presented in the Statement of Financial Condition | 637,486 | 709,120 | ||
Securities purchased under agreements to resell or other collateralized financings, Gross amounts not offset in the Statement of Financial Condition, Financial instruments | -659,039 | -725,935 | ||
Securities purchased under agreements to resell and other collateralized financings, Gross amounts not offset in the Statement of Financial Condition, Cash collateral (paid) | 0 | 0 | ||
Securities purchased under agreements to resell and other collateralized financings, Net amount | -21,553 | -16,815 | ||
Stock Borrowed [Abstract] | ' | ' | ||
Stock borrowed, Gross amounts of recognized assets | 185,868 | 146,749 | ||
Stock borrowed, Gross amounts offset in the Statement of Financial Condition | 0 | 0 | ||
Stock borrowed, Net amounts presented in the Statement of Financial Condition | 185,868 | 146,749 | ||
Stock borrowed, Gross amounts not offset in the Statement of Financial Condition, Financial instruments | 0 | 0 | ||
Stock borrowed, Gross amounts not offset in the Statement of Financial Condition, Cash collateral (paid) | -182,215 | -143,108 | ||
Stock borrowed, Net amount | 3,653 | 3,641 | ||
Total assets [Abstract] | ' | ' | ||
Total assets, Gross amounts of recognized assets | 1,197,378 | 1,195,843 | ||
Total assets, Gross amounts offset in the Statement of Financial Condition | -59,938 | -61,524 | ||
Total assets, Net amounts presented in the Statement of Financial Condition | 1,137,440 | 1,134,319 | ||
Total assets, Gross amounts not offset in the Statement of Financial Condition, Financial instruments | -954,550 | -982,685 | ||
Total assets, Gross amounts not offset in the Statement of Financial Condition, Cash collateral (paid) | -182,215 | -143,108 | ||
Total assets, Net amount | 675 | 8,526 | ||
Securities Sold under Agreements to Repurchase [Abstract] | ' | ' | ||
Securities sold under agreements to repurchase, Gross amounts of recognized (liabilities) | -377,677 | -300,933 | ||
Securities sold under agreements to repurchase, Gross amounts offset in the Statement of Financial Condition | 0 | 0 | ||
Securities sold under agreements to repurchase, Net amounts presented in the Statement of Financial Condition | -377,677 | -300,933 | ||
Securities sold under agreements to repurchase, Gross amounts not offset in the Statement of Financial Condition, Financial instrument | 393,159 | 313,548 | ||
Securities sold under agreements to repurchase, Gross amounts not offset in the Statement of Financial Condition, Cash collateral received | 0 | 0 | ||
Securities sold under agreements to repurchase, Net amount | 15,482 | 12,615 | ||
Stock Loaned [Abstract] | ' | ' | ||
Stock loaned, Gross amounts of recognized (liabilities) | -432,223 | -354,377 | ||
Stock loaned, Gross amounts offset in the Statement of Financial Condition | 0 | 0 | ||
Stock loaned, Net amounts presented in the Statement of Financial Condition | -432,223 | -354,377 | ||
Stock loaned, Gross amounts not offset in the Statement of Financial Condition, Financial instruments | 0 | 0 | ||
Stock loaned, Gross amounts not offset in the Statement of Financial Condition, Cash collateral received | 421,321 | 342,096 | ||
Stock loaned, Net amount | -10,902 | -12,281 | ||
Total Liabilities [Abstract] | ' | ' | ||
Total liabilities, Gross amounts of recognized (liabilities) | -1,169,832 | -981,285 | ||
Total liabilities, Gross amounts offset in the Statement of Financial Condition | 64,171 | 69,279 | ||
Total liabilities, Net amounts presented in the Statements of Financial Condition | -1,105,661 | -912,006 | ||
Total liabilities, Gross amounts not offset in the Statement of Financial Condition, Financial instruments | 682,430 | 563,889 | ||
Total liabilities, Gross amounts not offset in the Statement of Financial Condition, Cash collateral received | 421,321 | 342,096 | ||
Total liabilities, Net amount | -1,910 | -6,021 | ||
Interest rate contracts [Member] | ' | ' | ||
Derivative Assets [Abstract] | ' | ' | ||
Derivative assets, Gross amounts of recognized assets | 84,607 | [1] | 89,633 | [1] |
Derivative assets, Gross amounts offset in the Statement of Financial Condition | -59,938 | [1] | -61,524 | [1] |
Derivative assets, Net amounts presented in the Statement of Financial Condition | 24,669 | [1] | 28,109 | [1] |
Derivative assets, Gross amounts not offset in the Statement of Financial Condition, Financial instruments | -6,240 | [1] | -6,409 | [1] |
Derivative assets, Gross amounts not offset in the Statement of Financial Condition, Cash collateral (paid) | 0 | [1] | 0 | [1] |
Derivative assets, Net amount | 18,429 | [1] | 21,700 | [1] |
Derivative Liabilities [Abstract] | ' | ' | ||
Derivative liabilities, Gross amounts of recognized (liabilities) | -69,999 | [1] | -74,920 | [1] |
Derivative liabilities, Gross amounts offset in the Statement of Financial Condition | 64,171 | [1] | 69,279 | [1] |
Derivative liabilities, Net amounts presented in the Statement of Financial Condition | -5,828 | [1] | -5,641 | [1] |
Derivative liabilities, Gross amounts not offset in the Statement of Financial Condition, Financial instruments | 0 | [1] | 0 | [1] |
Derivative liabilities, Gross amounts not offset in the Statement of Financial Condition, Cash collateral received | 0 | [1] | 0 | [1] |
Derivative liabilities, Net amount | -5,828 | [1] | -5,641 | [1] |
Derivative instruments associated with offsetting matched book positions [Member] | ' | ' | ||
Derivative Assets [Abstract] | ' | ' | ||
Derivative assets, Gross amounts of recognized assets | 289,271 | 250,341 | ||
Derivative assets, Gross amounts offset in the Statement of Financial Condition | 0 | 0 | ||
Derivative assets, Net amounts presented in the Statement of Financial Condition | 289,271 | 250,341 | ||
Derivative assets, Gross amounts not offset in the Statement of Financial Condition, Financial instruments | -289,271 | [2] | -250,341 | [2] |
Derivative assets, Gross amounts not offset in the Statement of Financial Condition, Cash collateral (paid) | 0 | 0 | ||
Derivative assets, Net amount | 0 | 0 | ||
Derivative Liabilities [Abstract] | ' | ' | ||
Derivative liabilities, Gross amounts of recognized (liabilities) | -289,271 | -250,341 | ||
Derivative liabilities, Gross amounts offset in the Statement of Financial Condition | 0 | 0 | ||
Derivative liabilities, Net amounts presented in the Statement of Financial Condition | -289,271 | -250,341 | ||
Derivative liabilities, Gross amounts not offset in the Statement of Financial Condition, Financial instruments | 289,271 | [2] | 250,341 | [2] |
Derivative liabilities, Gross amounts not offset in the Statement of Financial Condition, Cash collateral received | 0 | 0 | ||
Derivative liabilities, Net amount | 0 | 0 | ||
Foreign exchange Forward [Member] | ' | ' | ||
Derivative Assets [Abstract] | ' | ' | ||
Derivative assets, Gross amounts of recognized assets | 146 | ' | ||
Derivative assets, Gross amounts offset in the Statement of Financial Condition | 0 | ' | ||
Derivative assets, Net amounts presented in the Statement of Financial Condition | 146 | ' | ||
Derivative assets, Gross amounts not offset in the Statement of Financial Condition, Financial instruments | 0 | ' | ||
Derivative assets, Gross amounts not offset in the Statement of Financial Condition, Cash collateral (paid) | 0 | ' | ||
Derivative assets, Net amount | 146 | ' | ||
Forward foreign exchange contracts [Member] | ' | ' | ||
Derivative Liabilities [Abstract] | ' | ' | ||
Derivative liabilities, Gross amounts of recognized (liabilities) | -662 | [3] | -714 | [3] |
Derivative liabilities, Gross amounts offset in the Statement of Financial Condition | 0 | [3] | 0 | [3] |
Derivative liabilities, Net amounts presented in the Statement of Financial Condition | -662 | [3] | -714 | [3] |
Derivative liabilities, Gross amounts not offset in the Statement of Financial Condition, Financial instruments | 0 | [3] | 0 | [3] |
Derivative liabilities, Gross amounts not offset in the Statement of Financial Condition, Cash collateral received | 0 | [3] | 0 | [3] |
Derivative liabilities, Net amount | ($662) | [3] | ($714) | [3] |
[1] | Derivatives - interest rate contracts are included in Trading instruments on our condensed consolidated statements of financial condition. See Note 13 for additional information | |||
[2] | Although these derivative arrangements do not meet the definition of a master netting arrangement as specified by GAAP, the nature of the agreement with the third party intermediary include terms that are similar to a master netting agreement, thus we present the offsetting amounts net in the table above. See Note 13 for further discussion of the “pass through†structure of the derivative instruments associated with Offsetting Matched Book Derivatives Operations. | |||
[3] | Derivatives - forward foreign exchange contracts are included in trade and other payables on our condensed consolidated statements of financial condition. See Note 13 for additional information. |
INCOME_TAXES_Details
INCOME TAXES (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Effective income tax rate | 36.80% | 35.80% | 34.90% |
Reduction in annual tax rate due to impact of reversal of deferred taxes provided on foreign earnings | ' | ' | 1.90% |
COMMITMENTS_CONTINGENCIES_AND_2
COMMITMENTS, CONTINGENCIES AND GUARANTEES, Commitments and Contingencies (Details) | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
USD ($) | Underwriting commitment [Member] | Underwriting commitment [Member] | Deposits with clearing organizations [Member] | Loans to financial advisors and certain key revenue producers commitment [Member] | RJ Bank syndicated loans [Member] | Forward starting advance transaction with FHLB [Member] | Independent venture capital or private equity partnerships commitment [Member] | Total Independent Venture Capital Private Equity Partnerships and Private Equity Limited Partnerships [Member] | Internally sponsored private equity limited partnership commitment [Member] | Commitment to lend to RJTCF [Member] | Commitment to lend to RJTCF [Member] | RJ Bank commitment to lend to limited partnership [Member] | Forward GNMA MBS purchase committments [Member] | TBA securities [Member] | |
Raymond James & Associates, Inc. [Member] | Raymond James Ltd. [Member] | USD ($) | USD ($) | RJ Bank [Member] | RJ Bank [Member] | USD ($) | USD ($) | USD ($) | USD ($) | Subsidiary of RJ Bank [Member] | RJ Bank [Member] | Raymond James & Associates, Inc. [Member] | Raymond James & Associates, Inc. [Member] | ||
USD ($) | CAD | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||
Commitments and Contingencies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of commitment | ' | $0 | 41,000,000 | ' | $32,800,000 | ' | $25,000,000 | $126,600,000 | ' | $69,600,000 | $150,000,000 | $31,800,000 | $3,000,000 | $228,000,000 | ' |
Value of margin securities pledged | ' | ' | ' | 182,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of deposit required with clearing organization | ' | ' | ' | 122,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of purchased syndicated loans not yet settled | ' | ' | ' | ' | ' | 133,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlement of purchased syndicated loans (in days) | ' | ' | ' | ' | ' | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance date of borrowing | ' | ' | ' | ' | ' | ' | 9-Oct-13 | ' | ' | ' | ' | ' | ' | ' | ' |
Funding date of borrowing | ' | ' | ' | ' | ' | ' | 13-Oct-15 | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate of borrowing | ' | ' | ' | ' | ' | ' | 3.40% | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date of borrowing | ' | ' | ' | ' | ' | ' | 13-Oct-20 | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of commitment, minimum increment | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' |
Amount of commitment, maximum increment | ' | ' | ' | ' | ' | ' | ' | 29,700,000 | ' | ' | ' | ' | ' | ' | ' |
Number of different independent venture capital or private equity partnerships | ' | ' | ' | ' | ' | ' | ' | 50 | ' | ' | ' | ' | ' | ' | ' |
Amount of commitment fulfilled | ' | ' | ' | ' | ' | ' | ' | ' | 98,900,000 | 48,900,000 | ' | 12,000,000 | 735,000 | ' | ' |
Amount of invested distributions received | ' | ' | ' | ' | ' | ' | ' | ' | 72,700,000 | 46,200,000 | ' | ' | ' | ' | ' |
Number of internally sponsored private equity limited partnerships in which we control the general partner | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | ' | ' | ' | ' | ' |
Cash funded to invest in loans or investments in project partnerships | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,000,000 | ' | ' | ' | ' |
Reserve for unfunded lending commitments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,400,000 | ' | ' | ' | ' |
Number of days that investments in project partnerships are typically sold (in days) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | ' | ' | ' | ' |
Expected time of purchase (in days) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | ' |
Net asset fair value of TBA securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 |
Approximate market values of collateral received that can be repledged [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities purchased under agreements to resell and other collateralized financings | 659,039,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities received in securities borrowed vs. cash transactions | 182,215,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collateral received for margin loans | 1,550,603,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities received as collateral related to derivative contracts | 6,240,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | 2,398,097,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Approximate market values of collateral repledged and financial instruments that we own and pledged [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities sold under agreements to repurchase | 393,159,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities delivered in securities loaned vs. cash transactions | 421,321,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collateral used for secured loans | 100,184,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collateral used for deposits at clearing organizations | 201,272,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | $1,115,936,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
COMMITMENTS_CONTINGENCIES_AND_3
COMMITMENTS, CONTINGENCIES AND GUARANTEES, Guarantees (Details) (USD $) | 6 Months Ended |
Mar. 31, 2014 | |
Fund | |
Interest rate swap guarantee [Member] | ' |
Guarantees [Abstract] | ' |
Current exposure of guarantees | $4,300,000 |
Maturity date of interest rate swap guarantees - low range | '8/1/2014 |
Maturity date of interest rate swap guarantees - high range | '5/1/2019 |
Estimated total potential exposure of guarantee | 7,400,000 |
Performance guarantees for completion of trades with counterparties [Member] | ' |
Guarantees [Abstract] | ' |
Current exposure of guarantees | 0 |
Letter of credit guarantee [Member] | ' |
Guarantees [Abstract] | ' |
Current exposure of guarantees | 8,000,000 |
Mortgage debt guarantee [Member] | ' |
Guarantees [Abstract] | ' |
Current exposure of guarantees | 43,800,000 |
Securities Industry Protection Corporation (SIPC) [Member] | ' |
Guarantees [Abstract] | ' |
SIPC fund securities per customer limit | 500,000 |
Per customer upper limit claims for cash balances | 250,000 |
Raymond James & Associates, Inc. [Member] | ' |
Guarantees [Abstract] | ' |
Excess SIPC insured amount upper limit | 750,000,000 |
Excess SIPC Sub-limit per customer cash above basic SIPC | 1,900,000 |
Project partnerships sold guarantee [Member] | ' |
Guarantees [Abstract] | ' |
Current exposure of guarantees | 1,700,000 |
Delivery of certain tax credits and other tax benefits guarantee [Member] | ' |
Guarantees [Abstract] | ' |
Current exposure of guarantees | 35,500,000 |
Number of funds offering guaranteed performance to various third-parties on certain obligations | 1 |
Number of years under the guarantee to deliver a certain amount of tax credits and other tax benefits (in years) | '8 years |
Low-income housing tax credit fund financing asset | 32,300,000 |
Amount of liability related to the low-income housing tax credit fund financing asset | $32,300,000 |
COMMITMENTS_CONTINGENCIES_AND_4
COMMITMENTS, CONTINGENCIES AND GUARANTEES, Legal Matters Contingencies (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Indemnification Agreement [Member] | Pending Litigation [Member] | Pending Litigation [Member] | Pending Litigation [Member] | |||
Regions Funds, Class Action [Member] | Regions Funds, Derivative Action [Member] | Various Lawsuits [Member] | ||||
Legal matter contingencies [Abstract] | ' | ' | ' | ' | ' | ' |
Estimate of range of possible loss, minimum | ' | ' | $25,000,000 | ' | ' | $0 |
Estimate of range of possible loss, maximum | ' | ' | 200,000,000 | ' | ' | 7,000,000 |
Receivable from Regions included in other receivables | 492,221,000 | 407,329,000 | 1,000,000 | ' | ' | ' |
Indemnification asset included in other assets | ' | ' | 161,000,000 | ' | ' | ' |
Indemnification liability for potential losses included in trade and other payables | ' | ' | 159,000,000 | ' | ' | ' |
Loss Contingency, Settlement [Abstract] | ' | ' | ' | ' | ' | ' |
Loss Contingency, Settlement Agreement, Consideration | ' | ' | ' | $62,000,000 | $6,000,000 | ' |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE INCOME, After Tax Changes in Each Component (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | ||
After-tax changes in each component of accumulated other comprehensive income [Roll Forward] | ' | ' | ||
Accumulated other comprehensive (loss) income as of the beginning of the period | $5,545 | $10,726 | ||
Other comprehensive income (loss) before reclassifications | -6,755 | -9,666 | ||
Amounts reclassified from accumulated other comprehensive income | -24 | -2,294 | ||
Net other comprehensive income (loss) for the period | -6,779 | -11,960 | ||
Accumulated other comprehensive (loss) income as of the end of the period | -1,234 | -1,234 | ||
Unrealized loss on available for sale securities [Member] | ' | ' | ||
After-tax changes in each component of accumulated other comprehensive income [Roll Forward] | ' | ' | ||
Accumulated other comprehensive (loss) income as of the beginning of the period | -182 | -1,276 | ||
Other comprehensive income (loss) before reclassifications | 3,506 | 6,870 | ||
Amounts reclassified from accumulated other comprehensive income | -24 | -2,294 | ||
Net other comprehensive income (loss) for the period | 3,482 | 4,576 | ||
Accumulated other comprehensive (loss) income as of the end of the period | 3,300 | 3,300 | ||
Net currency translations and net investment hedges [Member] | ' | ' | ||
After-tax changes in each component of accumulated other comprehensive income [Roll Forward] | ' | ' | ||
Accumulated other comprehensive (loss) income as of the beginning of the period | 5,727 | [1] | 12,002 | [1] |
Other comprehensive income (loss) before reclassifications | -10,261 | [1] | -16,536 | [1] |
Amounts reclassified from accumulated other comprehensive income | 0 | [1] | 0 | [1] |
Net other comprehensive income (loss) for the period | -10,261 | [1] | -16,536 | [1] |
Accumulated other comprehensive (loss) income as of the end of the period | ($4,534) | [1] | ($4,534) | [1] |
[1] | Includes net gains (losses) recognized on forward foreign exchange derivatives associated with hedges of RJ Bank’s foreign currency exposure due to it’s non-U.S. dollar net investments (see Note 13 for additional information on these derivatives). |
ACCUMULATED_OTHER_COMPREHENSIV3
ACCUMULATED OTHER COMPREHENSIVE INCOME, Reclassifications Out of Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||
Other revenue | $9,240 | $74,991 | $33,805 | $106,060 | ||
Provision for income taxes | 60,904 | 51,057 | 123,195 | 104,330 | ||
Net income attributable to Raymond James Financial, Inc. | 104,560 | 79,960 | 221,193 | 165,834 | ||
Auction rate securities [Member] | ' | ' | ' | ' | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||
Gain on sale of available for sale securities | 107 | ' | 5,600 | 1,200 | ||
Available for sale securities [Member] | Reclassification out of accumulated other comprehensive income [Member] | ' | ' | ' | ' | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||
Total before tax | -39 | [1] | ' | -3,731 | [1] | ' |
Provision for income taxes | 15 | [1] | ' | 1,437 | [1] | ' |
Net income attributable to Raymond James Financial, Inc. | -24 | [1] | ' | -2,294 | [1] | ' |
Available for sale securities [Member] | Auction rate securities [Member] | Reclassification out of accumulated other comprehensive income [Member] | ' | ' | ' | ' | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||
Other revenue | -39 | [1],[2] | ' | -3,758 | [1],[2] | ' |
Available for sale securities [Member] | RJ Bank available for sale securities [Member] | Reclassification out of accumulated other comprehensive income [Member] | ' | ' | ' | ' | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||
Other revenue | $0 | [1] | ' | $27 | [1] | ' |
[1] | See Note 7 for additional information regarding the available for sale securities, and Note 5 for additional fair value information regarding these securities. | |||||
[2] | For the three and six months ended March 31, 2014, other revenues include realized gains on the redemption or sale of ARS in the amount of $107 thousand and $5.6 million, respectively (see Note 7 for further information). The amounts presented in the table represent the reversal out of AOCI associated with such ARS’ redeemed or sold. The net of such realized gain and this reversal out of AOCI represents the net effect of such redemptions and sales activities on other comprehensive income (“OCIâ€) for each respective period, on a pre-tax basis. |
INTEREST_INCOME_AND_INTEREST_E2
INTEREST INCOME AND INTEREST EXPENSE (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Interest income: | ' | ' | ' | ' |
Margin balances | $16,628 | $14,940 | $34,415 | $31,104 |
Assets segregated pursuant to regulations and other segregated assets | 3,558 | 4,353 | 8,188 | 8,439 |
Bank loans, net of unearned income | 83,639 | 84,603 | 164,848 | 171,913 |
Available for sale securities | 1,655 | 1,987 | 3,578 | 4,204 |
Trading instruments | 4,615 | 5,110 | 9,143 | 10,960 |
Stock loan | 2,809 | 1,951 | 4,682 | 3,342 |
Loans to financial advisors | 1,647 | 1,792 | 3,303 | 3,152 |
Corporate cash and all other | 3,842 | 3,296 | 7,329 | 8,044 |
Total interest income | 118,393 | 118,032 | 235,486 | 241,158 |
Interest expense: | ' | ' | ' | ' |
Brokerage client liabilities | 286 | 591 | 717 | 1,140 |
Retail bank deposits | 1,939 | 2,412 | 3,884 | 4,888 |
Trading instruments sold but not yet purchased | 1,255 | 971 | 2,123 | 1,768 |
Stock borrow | 814 | 608 | 1,306 | 1,112 |
Borrowed funds | 876 | 1,353 | 1,848 | 2,667 |
Senior notes | 19,010 | 19,028 | 38,020 | 38,094 |
Interest expense of consolidated VIEs | 797 | 1,063 | 1,584 | 2,112 |
Other | 1,003 | 1,177 | 1,870 | 3,443 |
Total interest expense | 25,980 | 27,203 | 51,352 | 55,224 |
Net interest income | 92,413 | 90,829 | 184,134 | 185,934 |
Less: provision for loan losses | -1,979 | -3,737 | -3,615 | -6,660 |
Net interest income after provision for loan losses | $90,434 | $87,092 | $180,519 | $179,274 |
SHAREBASED_COMPENSATION_Detail
SHARE-BASED COMPENSATION (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Schedule of Share-based Compensation Arrangements Employees Nonemployees By Share Based Payment Award [Line Items] | ' | ' | ' | ' |
Number of share-based compensation plans for our employees | 1 | ' | 1 | ' |
Stock Incentive Plan 2012 [Member] | Stock option awards [Member] | ' | ' | ' | ' |
Compensation plans expense and income tax benefits [Abstract] | ' | ' | ' | ' |
Total share-based (expense reduction) expense | $3,128 | $3,149 | $6,861 | $6,397 |
Income tax benefits related to share-based expense | 483 | 600 | 1,278 | 995 |
Excess tax benefit (deficiency) related to share based compensation | ' | ' | 789 | ' |
Stock Incentive Plan 2012 [Member] | Restricted equity awards [Member] | ' | ' | ' | ' |
Compensation plans expense and income tax benefits [Abstract] | ' | ' | ' | ' |
Total share-based (expense reduction) expense | 12,422 | 11,908 | 29,057 | 25,952 |
Income tax benefits related to share-based expense | 4,304 | 3,975 | 10,220 | 8,895 |
Excess tax benefit (deficiency) related to share based compensation | ' | ' | 6,100 | ' |
Stock Incentive Plan 2012 [Member] | Employees [Member] | Stock option awards [Member] | ' | ' | ' | ' |
Stock Option Awards [Abstract] | ' | ' | ' | ' |
Stock options granted (in shares) | 10,100 | ' | 944,050 | ' |
Unrecognized pre-tax expense [Abstract] | ' | ' | ' | ' |
Weighted-average grant date fair value per option (in dollars per share) | $17.83 | ' | $16.19 | ' |
Stock Incentive Plan 2012 [Member] | Employees [Member] | Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Restricted stock plans [Abstract] | ' | ' | ' | ' |
Shares of restricted stock awards granted (in shares) | 41,031 | ' | 964,320 | ' |
Stock Incentive Plan 2012 [Member] | Outside Directors [Member] | Stock option awards [Member] | ' | ' | ' | ' |
Stock Option Awards [Abstract] | ' | ' | ' | ' |
Stock options granted (in shares) | 0 | ' | 0 | ' |
Stock Incentive Plan 2012 [Member] | Outside Directors [Member] | Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Restricted stock plans [Abstract] | ' | ' | ' | ' |
Shares of restricted stock awards granted (in shares) | 16,900 | ' | 16,900 | ' |
Stock Incentive Plan 2012 [Member] | Employees and Directors [Member] | Stock option awards [Member] | ' | ' | ' | ' |
Unrecognized pre-tax expense [Abstract] | ' | ' | ' | ' |
Unrecognized pre-tax expense | 24,934 | ' | 24,934 | ' |
Weighted-average period of recognition (in years) | ' | ' | '3 years 6 months 0 days | ' |
Stock Incentive Plan 2012 [Member] | Employees and Directors [Member] | Restricted equity awards [Member] | ' | ' | ' | ' |
Unrecognized pre-tax expense [Abstract] | ' | ' | ' | ' |
Unrecognized pre-tax expense | 106,166 | ' | 106,166 | ' |
Weighted-average period of recognition (in years) | ' | ' | '2 years 10 months 24 days | ' |
Restricted stock plans [Abstract] | ' | ' | ' | ' |
Weighted-average grant-date fair value of awards granted (in dollars per share) | $52.25 | ' | $48.66 | ' |
Stock Incentive Plan 2012 [Member] | Independent Contractor [Member] | Stock option awards [Member] | ' | ' | ' | ' |
Stock Option Awards [Abstract] | ' | ' | ' | ' |
Stock options granted (in shares) | 5,625 | ' | 61,125 | ' |
Unrecognized pre-tax expense [Abstract] | ' | ' | ' | ' |
Unrecognized pre-tax expense | 2,249 | ' | 2,249 | ' |
Weighted-average period of recognition (in years) | ' | ' | '3 years 7 months 6 days | ' |
Weighted-average fair value for unvested options granted (in dollars per share) | $26.50 | ' | $26.50 | ' |
Stock Incentive Plan 2012 [Member] | Independent Contractor [Member] | Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Restricted stock plans [Abstract] | ' | ' | ' | ' |
Shares of restricted stock awards granted (in shares) | 0 | ' | 0 | ' |
Stock Incentive Plan 2012 [Member] | Independent Contractor [Member] | Restricted equity awards [Member] | ' | ' | ' | ' |
Unrecognized pre-tax expense [Abstract] | ' | ' | ' | ' |
Unrecognized pre-tax expense | $209 | ' | $209 | ' |
Weighted-average period of recognition (in years) | ' | ' | '1 year 7 months 6 days | ' |
Restricted stock plans [Abstract] | ' | ' | ' | ' |
Weighted-average fair value for unvested restricted stock awards (in dollars per share) | $55.93 | ' | $55.93 | ' |
REGULATIONS_AND_CAPITAL_REQUIR2
REGULATIONS AND CAPITAL REQUIREMENTS (Details) | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | Raymond James Financial, Inc. [Member] | Raymond James Financial, Inc. [Member] | RJ Bank [Member] | RJ Bank [Member] | Raymond James & Associates, Inc. [Member] | Raymond James & Associates, Inc. [Member] | Raymond James Financial Services, Inc. [Member] | Raymond James Financial Services, Inc. [Member] | Raymond James Ltd. [Member] | Raymond James Ltd. [Member] |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | CAD | |
Total Capital (to risk-weighted assets) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual, amount | $3,681,595 | $3,445,136 | $1,342,360 | $1,234,268 | ' | ' | ' | ' | ' | ' |
Actual, ratio (in hundredths) | 20.00% | 19.80% | 12.50% | 13.00% | ' | ' | ' | ' | ' | ' |
Requirement for capital adequacy purposes, amount | 1,472,638 | 1,391,974 | 859,461 | 758,996 | ' | ' | ' | ' | ' | ' |
Requirement for capital adequacy purposes, ratio (in hundredths) | 8.00% | 8.00% | 8.00% | 8.00% | ' | ' | ' | ' | ' | ' |
To be well capitalized under prompt corrective action provisions, amount | 1,840,798 | 1,739,968 | 1,074,327 | 948,745 | ' | ' | ' | ' | ' | ' |
To be well capitalized under prompt corrective action provisions, ratio (in hundredths) | 10.00% | 10.00% | 10.00% | 10.00% | ' | ' | ' | ' | ' | ' |
Tier I Capital (to Risk-Weighted Assets) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual, amount | 3,525,748 | 3,294,595 | 1,207,652 | 1,115,113 | ' | ' | ' | ' | ' | ' |
Actual, ratio (in hundredths) | 19.10% | 18.90% | 11.20% | 11.80% | ' | ' | ' | ' | ' | ' |
Requirement for capital adequacy purposes, amount | 738,377 | 697,269 | 429,731 | 379,498 | ' | ' | ' | ' | ' | ' |
Requirement for capital adequacy purposes, ratio (in hundredths) | 4.00% | 4.00% | 4.00% | 4.00% | ' | ' | ' | ' | ' | ' |
To be well capitalized under prompt corrective action provisions, amount | 1,107,565 | 1,045,903 | 644,596 | 569,247 | ' | ' | ' | ' | ' | ' |
To be well capitalized under prompt corrective action provisions, ratio (in hundredths) | 6.00% | 6.00% | 6.00% | 6.00% | ' | ' | ' | ' | ' | ' |
Tier I Capital (to Adjusted Assets) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual, amount | 3,525,748 | 3,294,595 | 1,207,652 | 1,115,113 | ' | ' | ' | ' | ' | ' |
Actual, ratio (in hundredths) | 15.80% | 14.50% | 10.40% | 10.40% | ' | ' | ' | ' | ' | ' |
Requirement for capital adequacy purposes, amount | 892,594 | 908,854 | 463,755 | 430,154 | ' | ' | ' | ' | ' | ' |
Requirement for capital adequacy purposes, ratio (in hundredths) | 4.00% | 4.00% | 4.00% | 4.00% | ' | ' | ' | ' | ' | ' |
To be well capitalized under prompt corrective action provisions, amount | 1,115,743 | 1,136,067 | 579,693 | 537,692 | ' | ' | ' | ' | ' | ' |
To be well capitalized under prompt corrective action provisions, ratio (in hundredths) | 5.00% | 5.00% | 5.00% | 5.00% | ' | ' | ' | ' | ' | ' |
Alternative Method Elected [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net capital as a percent of aggregate debit items (in hundredths) | ' | ' | ' | ' | 28.44% | 23.14% | ' | ' | ' | ' |
Net capital | ' | ' | ' | ' | 508,221 | 435,343 | 18,584 | 18,103 | ' | ' |
Less: required net capital | ' | ' | ' | ' | -35,740 | -37,625 | -250 | -250 | ' | ' |
Excess net capital | ' | ' | ' | ' | 472,481 | 397,718 | 18,334 | 17,853 | ' | ' |
Risk adjusted capital of Canadian broker-dealer subsidiary [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk adjusted capital before minimum | ' | ' | ' | ' | ' | ' | ' | ' | 100,379 | 52,777 |
Less: required minimum capital | ' | ' | ' | ' | ' | ' | ' | ' | -250 | -250 |
Risk adjusted capital | ' | ' | ' | ' | ' | ' | ' | ' | 100,129 | 52,527 |
FINANCIAL_INSTRUMENTS_WITH_OFF2
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK (Details) | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | Standby letters of credit [Member] | Open end consumer lines of credit [Member] | Commercial lines of credit [Member] | Unfunded loan commitments [Member] | Foreign exchange Forward [Member] |
USD ($) | USD ($) | USD ($) | USD ($) | Canada, Dollars | |
CAD | |||||
Schedule of Off-Balance Sheet Risks [Line Items] | ' | ' | ' | ' | ' |
Commitments to extend credit and other credit related financial instruments | $107,515 | $1,135,117 | $1,795,685 | $210,999 | ' |
Notional amount of foreign currency derivative purchase contracts | ' | ' | ' | ' | 4,000 |
Notional amount of foreign currency derivative sale contracts | ' | ' | ' | ' | 10,300 |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | ||||
Income for basic earnings per common share: | ' | ' | ' | ' | ||||
Net income attributable to Raymond James Financial, Inc. | $104,560 | $79,960 | $221,193 | $165,834 | ||||
Less allocation of earnings and dividends to participating securities | -656 | [1] | -908 | [1] | -1,530 | [1] | -2,107 | [1] |
Net income attributable to RJF common shareholders | 103,904 | 79,052 | 219,663 | 163,727 | ||||
Income for diluted earnings per common share: | ' | ' | ' | ' | ||||
Net income attributable to Raymond James Financial, Inc. | 104,560 | 79,960 | 221,193 | 165,834 | ||||
Less allocation of earnings and dividends to participating securities | -642 | [1] | -894 | [1] | -1,500 | [1] | -2,078 | [1] |
Net income attributable to RJF common shareholders | 103,918 | 79,066 | 219,693 | 163,756 | ||||
Common shares: | ' | ' | ' | ' | ||||
Average common shares in basic computation (in shares) | 139,888 | 137,817 | 139,498 | 137,156 | ||||
Dilutive effect of outstanding stock options and certain restricted stock units (in shares) | 3,748 | 2,905 | 3,567 | 2,513 | ||||
Average common shares used in diluted computation (in shares) | 143,636 | 140,722 | 143,065 | 139,669 | ||||
Earnings per common share: | ' | ' | ' | ' | ||||
Basic (in dollars per share) | $0.74 | $0.57 | $1.57 | $1.19 | ||||
Diluted (in dollars per share) | $0.72 | $0.56 | $1.54 | $1.17 | ||||
Stock options and certain restricted stock units excluded from weighted-average diluted common shares because their effect would be antidilutive (in shares) | 228 | 108 | 527 | 387 | ||||
Participating securities [Abstract] | ' | ' | ' | ' | ||||
Participating securities (in shares) | 896 | 1,600 | 976 | 1,800 | ||||
Dividends paid to participating securities | $133 | $212 | $286 | $465 | ||||
Dividends per common share declared and paid [Abstract] | ' | ' | ' | ' | ||||
Dividends per common share - declared (in dollars per share) | $0.16 | $0.14 | $0.32 | $0.28 | ||||
Dividends per common share - paid (in dollars per share) | $0.16 | $0.14 | $0.30 | $0.27 | ||||
[1] | Represents dividends paid during the period to participating securities plus an allocation of undistributed earnings to participating securities. Participating securities represent unvested restricted stock and certain restricted stock units and amounted to weighted-average shares of 896 thousand and 1.6 million for the three months ended March 31, 2014 and 2013, respectively. Participating securities amounted to weighted-average shares of 976 thousand and 1.8 million for the six months ended March 31, 2014 and 2013, respectively. Dividends paid to participating securities amounted to $133 thousand and $212 thousand for the three months ended March 31, 2014 and 2013, respectively. Dividends paid to participating securities amounted to $286 thousand and $465 thousand for the six months ended March 31, 2014 and 2013, respectively. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed. |
SEGMENT_ANALYSIS_Information_C
SEGMENT ANALYSIS, Information Concerning Operations (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | |||||
segment | |||||||||||||
Disclosure of Other Information about Entity's Reportable Segments | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Number of business segments | ' | ' | 5 | ' | ' | ' | ' | ' | |||||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total revenues | $1,204,625 | [1] | $1,170,298 | [1] | $2,413,399 | [1] | $2,307,807 | [1] | ' | ' | ' | ' | |
Pre-tax income excluding noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Pre-tax income excluding noncontrolling interests | 165,464 | 131,017 | 344,388 | 270,164 | ' | ' | ' | ' | |||||
Net (loss) income attributable to noncontrolling interests | -12,465 | 28,286 | -12,577 | 36,306 | ' | ' | ' | ' | |||||
Income including noncontrolling interests and before provision for income taxes | 152,999 | 159,303 | 331,811 | 306,470 | ' | ' | ' | ' | |||||
Net interest income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net interest income | 92,413 | 90,829 | 184,134 | 185,934 | ' | ' | ' | ' | |||||
Total assets: | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total assets | 22,868,902 | ' | 22,868,902 | ' | ' | 23,186,122 | ' | ' | |||||
Goodwill: | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Goodwill | 295,486 | 295,486 | 295,486 | 295,486 | 295,486 | 295,486 | 302,419 | 300,111 | |||||
Private Client Group [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Goodwill: | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Goodwill | 174,584 | 174,584 | 174,584 | 174,584 | 174,584 | 174,584 | 174,584 | 173,317 | |||||
Capital Markets [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Goodwill: | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Goodwill | 120,902 | 120,902 | 120,902 | 120,902 | 120,902 | 120,902 | 127,835 | 126,794 | |||||
Operating Segments [Member] | Private Client Group [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total revenues | 814,668 | 728,822 | 1,593,864 | 1,443,124 | ' | ' | ' | ' | |||||
Pre-tax income excluding noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Pre-tax income excluding noncontrolling interests | 77,115 | 53,584 | 148,625 | 107,034 | ' | ' | ' | ' | |||||
Net interest income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net interest income | 22,136 | 21,030 | 45,586 | 42,592 | ' | ' | ' | ' | |||||
Total assets: | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total assets | 6,140,672 | [2] | ' | 6,140,672 | [2] | ' | ' | 7,649,030 | [2] | ' | ' | ||
Goodwill: | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Goodwill | 174,584 | ' | 174,584 | ' | ' | 174,584 | ' | ' | |||||
Operating Segments [Member] | Capital Markets [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total revenues | 228,139 | 228,981 | 473,132 | 484,054 | ' | ' | ' | ' | |||||
Pre-tax income excluding noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Pre-tax income excluding noncontrolling interests | 29,571 | 16,389 | 63,016 | 45,642 | ' | ' | ' | ' | |||||
Net interest income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net interest income | 1,414 | 1,128 | 3,262 | 3,226 | ' | ' | ' | ' | |||||
Total assets: | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total assets | 2,552,157 | [3] | ' | 2,552,157 | [3] | ' | ' | 2,548,663 | [3] | ' | ' | ||
Goodwill: | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Goodwill | 120,902 | ' | 120,902 | ' | ' | 120,902 | ' | ' | |||||
Operating Segments [Member] | Asset management [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total revenues | 87,534 | 69,541 | 183,550 | 135,170 | ' | ' | ' | ' | |||||
Pre-tax income excluding noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Pre-tax income excluding noncontrolling interests | 29,864 | 20,860 | 61,700 | 41,803 | ' | ' | ' | ' | |||||
Net interest income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net interest income | 12 | 14 | 41 | 38 | ' | ' | ' | ' | |||||
Total assets: | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total assets | 162,247 | ' | 162,247 | ' | ' | 149,436 | ' | ' | |||||
Operating Segments [Member] | RJ Bank [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total revenues | 87,157 | 89,821 | 171,030 | 181,871 | ' | ' | ' | ' | |||||
Pre-tax income excluding noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Pre-tax income excluding noncontrolling interests | 56,798 | 64,276 | 113,856 | 132,219 | ' | ' | ' | ' | |||||
Net interest income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net interest income | 84,527 | 85,197 | 166,641 | 172,943 | ' | ' | ' | ' | |||||
Total assets: | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total assets | 11,788,448 | ' | 11,788,448 | ' | ' | 10,489,524 | ' | ' | |||||
Operating Segments [Member] | Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Disclosure of Other Information about Entity's Reportable Segments | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Business combination acquisition and integration expenses | ' | 20,922 | ' | 38,304 | ' | ' | ' | ' | |||||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total revenues | 3,982 | 70,062 | 24,071 | 95,521 | ' | ' | ' | ' | |||||
Pre-tax income excluding noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Pre-tax income excluding noncontrolling interests | -27,884 | [3] | -24,092 | [3] | -42,809 | [4] | -56,534 | [4] | ' | ' | ' | ' | |
Net interest income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net interest income | -15,676 | -16,540 | -31,396 | -32,865 | ' | ' | ' | ' | |||||
Total assets: | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total assets | 2,225,378 | ' | 2,225,378 | ' | ' | 2,349,469 | ' | ' | |||||
Intersegment Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total revenues | -16,855 | -16,929 | -32,248 | -31,933 | ' | ' | ' | ' | |||||
Noncontrolling Interest [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Pre-tax income excluding noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net (loss) income attributable to noncontrolling interests | ' | ' | ($12,577) | $36,306 | ' | ' | ' | ' | |||||
Total Revenues [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Disclosure of Other Information about Entity's Reportable Segments | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Major customer percentage | ' | ' | 10.00% | ' | ' | ' | ' | ' | |||||
[1] | No individual client accounted for more than ten percent of total revenues in any of the periods presented. | ||||||||||||
[2] | Includes $174.6 million of goodwill at March 31, 2014 and September 30, 2013. | ||||||||||||
[3] | Includes $120.9 million of goodwill at March 31, 2014 and September 30, 2013. | ||||||||||||
[4] | For the three and six months ended March 31, 2013, the Other segment includes acquisition related expenses pertaining to our acquisitions (primarily related to our Morgan Keegan acquisition, see Note 1 for additional information) in the amount of $20.9 million and $38.3 million, respectively. For the three and six months ended March 31, 2014, acquisition related expenses are no longer material for separate disclosure as our Morgan Keegan integration activities were substantially complete as of September 30, 2013. |
SEGMENT_ANALYSIS_Classified_by
SEGMENT ANALYSIS, Classified by Major Geographic Areas (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | |||||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total revenues | $1,204,625 | [1] | $1,170,298 | [1] | $2,413,399 | [1] | $2,307,807 | [1] | ' | ' | ' | ' | |
Pre-tax income excluding noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Pre-tax income excluding noncontrolling interests | 165,464 | 131,017 | 344,388 | 270,164 | ' | ' | ' | ' | |||||
Total assets: | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total assets | 22,868,902 | ' | 22,868,902 | ' | ' | 23,186,122 | ' | ' | |||||
Goodwill: | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Goodwill | 295,486 | 295,486 | 295,486 | 295,486 | 295,486 | 295,486 | 302,419 | 300,111 | |||||
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total revenues | 1,093,936 | 1,059,022 | 2,182,031 | 2,098,044 | ' | ' | ' | ' | |||||
Pre-tax income excluding noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Pre-tax income excluding noncontrolling interests | 153,577 | 129,139 | 320,183 | 266,143 | ' | ' | ' | ' | |||||
Total assets: | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total assets | 21,028,364 | [2] | ' | 21,028,364 | [2] | ' | ' | 21,154,293 | [2] | ' | ' | ||
Goodwill: | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Goodwill | 262,500 | ' | 262,500 | ' | ' | 262,450 | ' | ' | |||||
Canada [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total revenues | 76,380 | 84,404 | 164,494 | 156,819 | ' | ' | ' | ' | |||||
Pre-tax income excluding noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Pre-tax income excluding noncontrolling interests | 8,997 | 9,577 | 20,543 | 14,116 | ' | ' | ' | ' | |||||
Total assets: | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total assets | 1,759,620 | [3] | ' | 1,759,620 | [3] | ' | ' | 1,965,648 | [3] | ' | ' | ||
Goodwill: | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Goodwill | 33,000 | ' | 33,000 | ' | ' | 33,037 | ' | ' | |||||
Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total revenues | 25,588 | 21,284 | 50,584 | 42,174 | ' | ' | ' | ' | |||||
Pre-tax income excluding noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Pre-tax income excluding noncontrolling interests | 656 | -7,162 | 855 | -7,230 | ' | ' | ' | ' | |||||
Total assets: | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total assets | 38,815 | ' | 38,815 | ' | ' | 26,415 | ' | ' | |||||
Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total revenues | 8,721 | 5,588 | 16,290 | 10,770 | ' | ' | ' | ' | |||||
Pre-tax income excluding noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Pre-tax income excluding noncontrolling interests | 2,234 | -537 | 2,807 | -2,865 | ' | ' | ' | ' | |||||
Total assets: | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total assets | $42,103 | ' | $42,103 | ' | ' | $39,766 | ' | ' | |||||
[1] | No individual client accounted for more than ten percent of total revenues in any of the periods presented. | ||||||||||||
[2] | Includes $262.5 million of goodwill at March 31, 2014 and September 30, 2013. | ||||||||||||
[3] | Includes $33 million of goodwill at March 31, 2014 and September 30, 2013. |