Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Mar. 31, 2015 | 4-May-15 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | RAYMOND JAMES FINANCIAL INC | |
Entity Central Index Key | 720005 | |
Current Fiscal Year End Date | -21 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 143,842,998 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Cash and cash equivalents | $2,540,137 | $2,199,063 |
Assets segregated pursuant to regulations and other segregated assets | 2,560,449 | 2,489,264 |
Securities purchased under agreements to resell and other collateralized financings | 469,503 | 446,016 |
Financial instruments, at fair value: | ||
Trading instruments | 797,531 | 679,393 |
Available for sale securities | 531,940 | 562,289 |
Private equity investments | 220,944 | 211,666 |
Other investments | 208,976 | 215,751 |
Derivative instruments associated with offsetting matched book positions | 421,850 | 323,337 |
Receivables: | ||
Brokerage clients, net | 1,920,558 | 2,126,804 |
Stock borrowed | 167,338 | 158,988 |
Bank loans, net | 12,060,663 | 10,964,299 |
Brokers-dealers and clearing organizations | 118,020 | 107,116 |
Loans to financial advisors, net | 463,193 | 424,928 |
Other | 479,575 | 544,180 |
Deposits with clearing organizations | 216,178 | 150,457 |
Prepaid expenses and other assets | 713,323 | 655,256 |
Property and equipment, net | 242,071 | 245,401 |
Deferred income taxes, net | 259,456 | 231,325 |
Goodwill and identifiable intangible assets, net | 350,673 | 354,261 |
Total assets | 24,967,935 | 23,325,652 |
Liabilities and equity: | ||
Trading instruments sold but not yet purchased, at fair value | 372,340 | 238,400 |
Securities sold under agreements to repurchase | 277,383 | 244,495 |
Derivative instruments associated with offsetting matched book positions, at fair value | 421,850 | 323,337 |
Payables: | ||
Brokerage clients | 4,151,420 | 3,956,104 |
Stock loaned | 395,609 | 417,383 |
Bank deposits | 11,272,013 | 10,028,924 |
Brokers-dealers and clearing organizations | 152,762 | 216,530 |
Trade and other | 637,809 | 763,235 |
Other borrowings | 721,716 | 654,916 |
Accrued compensation, commissions and benefits | 689,230 | 814,359 |
Corporate debt | 1,188,916 | 1,190,836 |
Total liabilities | 20,316,025 | 18,892,396 |
Commitments and contingencies (see Note 15) | ||
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 147,830,937 at March 31, 2015 and 146,103,658 at September 30, 2014 | 1,476 | 1,444 |
Additional paid-in capital | 1,318,988 | 1,239,046 |
Retained earnings | 3,211,083 | 3,023,845 |
Treasury stock, at cost; 5,062,126 common shares at March 31, 2015 and 4,900,266 common shares at September 30, 2014 | -133,327 | -121,211 |
Accumulated other comprehensive loss | -22,795 | -1,888 |
Total equity attributable to Raymond James Financial, Inc. | 4,375,425 | 4,141,236 |
Noncontrolling interests | 276,485 | 292,020 |
Total equity | 4,651,910 | 4,433,256 |
Total liabilities and equity | 24,967,935 | 23,325,652 |
LIHTC Funds - Primary Beneficiary | ||
Receivables: | ||
Investments in real estate partnerships held by consolidated variable interest entities | 225,557 | 235,858 |
Payables: | ||
Loans payable of consolidated variable interest entities | $34,977 | $43,877 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
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) | 147,830,937 | 146,103,658 |
Treasury stock, shares (in shares) | 5,062,126 | 4,900,266 |
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, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | ||||
Revenues: | ||||||||
Securities commissions and fees | $860,214 | $805,719 | $1,694,223 | $1,587,899 | ||||
Investment banking | 74,240 | 67,311 | 151,778 | 147,108 | ||||
Investment advisory fees | 91,016 | 88,096 | 189,777 | 181,510 | ||||
Interest | 134,413 | 118,393 | 266,522 | 235,486 | ||||
Account and service fees | 111,966 | 101,024 | 223,124 | 194,598 | ||||
Net trading profit | 17,060 | 14,842 | 25,941 | 32,993 | ||||
Other | 23,715 | 9,240 | 41,103 | 33,805 | ||||
Total revenues | 1,312,624 | 1,204,625 | 2,592,468 | 2,413,399 | ||||
Interest expense | -26,846 | -25,980 | -54,230 | -51,352 | ||||
Net revenues | 1,285,778 | 1,178,645 | 2,538,238 | 2,362,047 | ||||
Non-interest expenses: | ||||||||
Compensation, commissions and benefits | 882,234 | 812,291 | 1,720,488 | 1,617,236 | ||||
Communications and information processing | 67,635 | 69,503 | 126,747 | 131,357 | ||||
Occupancy and equipment costs | 41,604 | 39,897 | 80,831 | 79,582 | ||||
Clearance and floor brokerage | 13,588 | 9,876 | 23,086 | 19,830 | ||||
Business development | 42,490 | 36,667 | 79,480 | 68,911 | ||||
Investment sub-advisory fees | 14,987 | 13,798 | 29,242 | 25,597 | ||||
Bank loan loss provision | 3,937 | 1,979 | 13,302 | 3,615 | ||||
Other | 43,670 | 41,635 | 90,780 | 84,108 | ||||
Total non-interest expenses | 1,110,145 | 1,025,646 | 2,163,956 | 2,030,236 | ||||
Income including noncontrolling interests and before provision for income taxes | 175,633 | 152,999 | 374,282 | 331,811 | ||||
Provision for income taxes | 66,857 | 60,904 | 143,469 | 123,195 | ||||
Net income including noncontrolling interests | 108,776 | 92,095 | 230,813 | 208,616 | ||||
Net loss attributable to noncontrolling interests | -4,687 | -12,465 | -8,946 | -12,577 | ||||
Net income attributable to Raymond James Financial, Inc. | 113,463 | 104,560 | 239,759 | 221,193 | ||||
Net income per common share b basic | $0.79 | $0.74 | $1.68 | $1.57 | ||||
Net income per common share b diluted | $0.77 | $0.72 | $1.64 | $1.54 | ||||
Weighted-average common shares outstanding b basic | 142,320 | 139,888 | 141,813 | 139,498 | ||||
Weighted-average common and common equivalent shares outstanding b diluted | 146,050 | 143,636 | 146,188 | 143,065 | ||||
Net income attributable to Raymond James Financial, Inc. | 113,463 | 104,560 | 239,759 | 221,193 | ||||
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 | 2,337 | [1] | 3,482 | [1] | 2,313 | [1] | 4,576 | [1] |
Net change in currency translations and net investment hedges, net of tax | -15,279 | [1] | -10,261 | [1] | -21,719 | [1] | -16,536 | [1] |
Cash flow hedges, net of tax | -1,501 | [1] | 0 | [1] | -1,501 | [1] | 0 | [1] |
Total comprehensive income | 99,020 | [1] | 97,781 | [1] | 218,852 | [1] | 209,233 | [1] |
Other-than-temporary impairment: | ||||||||
Total other-than-temporary impairment, net | -627 | 2,389 | 1,124 | 3,973 | ||||
Portion of pre-tax losses (recoveries) recognized in other comprehensive income | 627 | -2,389 | -1,124 | -4,000 | ||||
Net impairment losses recognized in other revenue | $0 | $0 | $0 | ($27) | ||||
[1] | 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, 2013 | $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 including noncontrolling interests | 208,616 | 221,193 | -12,577 | |||||||
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 | 4,576 | |||||||
Net change in currency translations and net investment hedges, net of tax | [1] | -16,536 | -16,536 | |||||||
Cash flow hedges, net of tax | [1] | 0 | 0 | |||||||
Capital contributions | 11,682 | |||||||||
Distributions | -14,583 | |||||||||
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] | 3,888,304 | 320,057 | |
Balance, beginning of year at Sep. 30, 2014 | 4,433,256 | 1,444 | 1,239,046 | 3,023,845 | -121,211 | -1,888 | [1] | 292,020 | ||
Changes in Shareholders' Equity: | ||||||||||
Employee stock purchases | 11,116 | |||||||||
Exercise of stock options and vesting of restricted stock units, net of forfeitures | 22,286 | -5,016 | ||||||||
Restricted stock, stock option and restricted stock unit expense | 38,685 | |||||||||
Excess tax benefit from share-based payments | 7,577 | |||||||||
Net income including noncontrolling interests | 230,813 | 239,759 | -8,946 | |||||||
Cash dividends declared | -52,526 | |||||||||
Purchases/surrenders | -7,100 | |||||||||
Net change in unrealized losses on available for sale securities and non-credit portion of other-than-temporary impairment losses, net of tax | [1] | 2,313 | 2,313 | |||||||
Net change in currency translations and net investment hedges, net of tax | [1] | -21,719 | -21,719 | |||||||
Cash flow hedges, net of tax | [1] | -1,501 | -1,501 | |||||||
Capital contributions | 10,008 | |||||||||
Distributions | -10,860 | |||||||||
Other | 32 | 278 | 5 | -5,737 | ||||||
Balance, end of period at Mar. 31, 2015 | $4,651,910 | $1,476 | $1,318,988 | $3,211,083 | ($133,327) | ($22,795) | [1] | $4,375,425 | $276,485 | |
[1] | All components of other comprehensive income, net of tax, are attributable to Raymond James Financial, Inc. |
CONDENSED_CONSOLIDATED_STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY (Parenthetical) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 | Mar. 31, 2014 |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Common stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 |
CONDENSED_CONSOLIDATED_STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash flows from operating activities: | ||
Net income attributable to Raymond James Financial, Inc. | $239,759,000 | $221,193,000 |
Net loss attributable to noncontrolling interests | -8,946,000 | -12,577,000 |
Net income including noncontrolling interests | 230,813,000 | 208,616,000 |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | ||
Depreciation and amortization | 33,929,000 | 32,444,000 |
Deferred income taxes | -26,277,000 | -23,518,000 |
Premium and discount amortization on available for sale securities and unrealized/realized gain on other investments | -21,278,000 | -17,911,000 |
Provisions for loan losses, legal proceedings, bad debts and other accruals | 17,312,000 | 9,339,000 |
Share-based compensation expense | 40,509,000 | 37,416,000 |
Other | 16,137,000 | 10,884,000 |
Net change in: | ||
Assets segregated pursuant to regulations and other segregated assets | -71,185,000 | 1,509,672,000 |
Securities purchased under agreements to resell and other collateralized financings, net of securities sold under agreements to repurchase | 9,401,000 | 148,378,000 |
Stock loaned, net of stock borrowed | -30,124,000 | 38,727,000 |
Loans provided to financial advisors, net of repayments | -47,438,000 | -17,413,000 |
Brokerage client receivables and other accounts receivable, net | 259,882,000 | 80,143,000 |
Trading instruments, net | 34,333,000 | -59,341,000 |
Prepaid expenses and other assets | 28,802,000 | 82,714,000 |
Brokerage client payables and other accounts payable | 56,800,000 | -1,802,701,000 |
Accrued compensation, commissions and benefits | -125,006,000 | -92,635,000 |
Purchases and originations of loans held for sale, net of proceeds from sales of securitizations and loans held for sale | -18,347,000 | -1,844,000 |
Excess tax benefits from share-based payment arrangements | -7,577,000 | -9,877,000 |
Net cash provided by operating activities | 380,686,000 | 133,093,000 |
Cash flows from investing activities: | ||
Additions to property and equipment | -29,643,000 | -31,320,000 |
Increase in bank loans, net | -1,279,233,000 | -1,314,264,000 |
(Purchases)/redemptions of Federal Home Loan Bank/Federal Reserve Bank stock | -4,446,000 | 1,389,000 |
Proceeds from sales of loans held for investment | 42,255,000 | 82,991,000 |
(Purchases of or contributions to)/sales proceeds or distributions received from, private equity and other investments, net | -19,776,000 | 36,469,000 |
Purchases of available for sale securities | 0 | -1,305,000 |
Available for sale securities maturations, repayments and redemptions | 33,855,000 | 69,665,000 |
Proceeds from sales of available for sale securities | 47,000 | 370,000 |
Business acquisition, net of cash acquired | 0 | 2,007,000 |
Net cash used in investing activities | -1,265,646,000 | -1,162,469,000 |
Cash flows from financing activities: | ||
Proceeds from borrowed funds, net | 366,600,000 | 367,000 |
Repayments of borrowed funds, net | -301,814,000 | -7,829,000 |
Repayments of borrowings by consolidated variable interest entities which are real estate partnerships | -9,903,000 | -10,955,000 |
Exercise of stock options and employee stock purchases | 34,526,000 | 21,684,000 |
Increase in bank deposits | 1,243,089,000 | 1,119,433,000 |
Purchases of treasury stock | -14,877,000 | -6,212,000 |
Dividends on common stock | -49,405,000 | -42,760,000 |
Excess tax benefits from share-based payment arrangements | 7,577,000 | 9,877,000 |
Net cash provided by financing activities | 1,275,903,000 | 1,086,940,000 |
Currency adjustment: | ||
Effect of exchange rate changes on cash | -49,869,000 | -12,304,000 |
Net increase in cash and cash equivalents | 341,074,000 | 45,260,000 |
Cash and cash equivalents at beginning of year | 2,199,063,000 | 2,596,616,000 |
Cash and cash equivalents at end of period | 2,540,137,000 | 2,641,876,000 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 53,080,000 | 49,750,000 |
Cash paid for income taxes | 209,571,000 | 179,488,000 |
Non-cash transfers of loans to other real estate owned | 3,653,000 | 2,448,000 |
LIHTC Funds - Primary Beneficiary | ||
Cash flows from investing activities: | ||
Investments in real estate partnerships held by consolidated variable interest entities, net of other investing activity | -8,705,000 | -4,457,000 |
Cash flows from financing activities: | ||
Proceeds from capital contributed to and borrowings of consolidated variable interest entities which are real estate partnerships | $110,000 | $3,335,000 |
INTRODUCTION_AND_BASIS_OF_PRES
INTRODUCTION AND BASIS OF PRESENTATION | 6 Months Ended |
Mar. 31, 2015 | |
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 115 - 118 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, 2014, as filed with the United States (“U.S.”) Securities and Exchange Commission (the “2014 Form 10-K”) and in Note 8 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 2014 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. | |
Significant subsidiaries | |
As of March 31, 2015, 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”) a registered investment advisor, and Raymond James Bank, N.A. (“RJ Bank”) a national bank. | |
Recent acquisition activities | |
On March 2, 2015, RJF entered into a definitive agreement to acquire Cougar Global Investments, Ltd. (“Cougar”), a Toronto, Canada-based asset manager. Cougar markets its investment services to high net worth individuals, families, foundations, trusts and institutions in Canada and the United States. As of December 31, 2014, Cougar had more than $1 billion in assets under management. We completed this acquisition on April 30, 2015. Cougar’s activities will be reported in our asset management segment and Eagle will offer Cougar’s global asset allocation strategies to its clients worldwide. For purposes of certain acquisition related financial reporting requirements, the Cougar acquisition is not considered to be material to our overall financial condition. | |
Reclassifications | |
Certain prior period amounts, none of which are material, have been reclassified to conform to the current period’s presentation. |
UPDATE_OF_SIGNIFICANT_ACCOUNTI
UPDATE OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Mar. 31, 2015 | |
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 100 - 118 of our 2014 Form 10-K. There have been no significant changes in our significant accounting policies since September 30, 2014. | |
Brokerage client receivables, loans to financial advisors and allowance for doubtful accounts | |
As more fully described in Note 2 on page 107 - 108 of our 2014 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 $3.3 million and $2.5 million at March 31, 2015 and September 30, 2014, respectively. Of the March 31, 2015 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 $4.9 million. |
CASH_AND_CASH_EQUIVALENTS_ASSE
CASH AND CASH EQUIVALENTS, ASSETS SEGREGATED PURSUANT TO REGULATIONS, AND DEPOSITS WITH CLEARING ORGANIZATIONS | 6 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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 102 of our 2014 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, | |||||||
2015 | 2014 | |||||||
(in thousands) | ||||||||
Cash and cash equivalents: | ||||||||
Cash in banks | $ | 2,532,322 | $ | 2,195,683 | ||||
Money market fund investments | 7,815 | 3,380 | ||||||
Total cash and cash equivalents (1) | 2,540,137 | 2,199,063 | ||||||
Cash segregated pursuant to federal regulations and other segregated assets (2) | 2,560,449 | 2,489,264 | ||||||
Deposits with clearing organizations (3) | 216,178 | 150,457 | ||||||
$ | 5,316,764 | $ | 4,838,784 | |||||
-1 | The total amounts presented include cash and cash equivalents of $1.21 billion as of March 31, 2015 and September 30, 2014, which is either held directly by RJF in depository accounts at third party financial institutions, held in a depository account at RJ Bank, or is otherwise invested by one of our subsidiaries on behalf of RJF, all of which are available without restrictions. | |||||||
-2 | Consists of cash and cash equivalents 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, 2015 | |||||||||||||||||||||||||||||||||||||||||||||
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 102 - 107 of our 2014 Form 10-K. There have been no material changes to our valuation methodologies since our year ended September 30, 2014. | |||||||||||||||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring and nonrecurring basis are presented below: | |||||||||||||||||||||||||||||||||||||||||||||
March 31, 2015 | Quoted prices | Significant | Significant | Netting | Balance as of | ||||||||||||||||||||||||||||||||||||||||
in active | other | unobservable | adjustments (2) | March 31, | |||||||||||||||||||||||||||||||||||||||||
markets for | observable | inputs | 2015 | ||||||||||||||||||||||||||||||||||||||||||
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 | $ | 4,955 | $ | 239,564 | $ | — | $ | — | $ | 244,519 | |||||||||||||||||||||||||||||||||||
Corporate obligations | 15,899 | 80,174 | — | — | 96,073 | ||||||||||||||||||||||||||||||||||||||||
Government and agency obligations | 38,717 | 125,291 | — | — | 164,008 | ||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed securities (“MBS”) and collateralized mortgage obligations (“CMOs”) | 603 | 139,800 | — | — | 140,403 | ||||||||||||||||||||||||||||||||||||||||
Non-agency CMOs and asset-backed securities (“ABS”) | — | 51,800 | 10 | — | 51,810 | ||||||||||||||||||||||||||||||||||||||||
Total debt securities | 60,174 | 636,629 | 10 | — | 696,813 | ||||||||||||||||||||||||||||||||||||||||
Derivative contracts | — | 121,414 | — | (79,697 | ) | 41,717 | |||||||||||||||||||||||||||||||||||||||
Equity securities | 36,790 | 5,579 | 14 | — | 42,383 | ||||||||||||||||||||||||||||||||||||||||
Other | 657 | 15,181 | 780 | — | 16,618 | ||||||||||||||||||||||||||||||||||||||||
Total trading instruments | 97,621 | 778,803 | 804 | (79,697 | ) | 797,531 | |||||||||||||||||||||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||||||||||||||||||||||||
Agency MBS and CMOs | — | 240,488 | — | — | 240,488 | ||||||||||||||||||||||||||||||||||||||||
Non-agency CMOs | — | 87,362 | — | — | 87,362 | ||||||||||||||||||||||||||||||||||||||||
Other securities | 2,028 | — | — | — | 2,028 | ||||||||||||||||||||||||||||||||||||||||
Auction rate securities (“ARS”): | |||||||||||||||||||||||||||||||||||||||||||||
Municipals | — | — | 89,614 | (3) | — | 89,614 | |||||||||||||||||||||||||||||||||||||||
Preferred securities | — | — | 112,448 | — | 112,448 | ||||||||||||||||||||||||||||||||||||||||
Total available for sale securities | 2,028 | 327,850 | 202,062 | — | 531,940 | ||||||||||||||||||||||||||||||||||||||||
Private equity investments | — | — | 220,944 | (4) | — | 220,944 | |||||||||||||||||||||||||||||||||||||||
Other investments (5) | 206,888 | 1,172 | 916 | — | 208,976 | ||||||||||||||||||||||||||||||||||||||||
Derivative instruments associated with offsetting matched book positions | — | 421,850 | — | — | 421,850 | ||||||||||||||||||||||||||||||||||||||||
Deposits with clearing organizations(6) | 23,592 | — | — | — | 23,592 | ||||||||||||||||||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||||||||||||||
Derivatives - forward foreign exchange contracts | — | 8,000 | — | — | 8,000 | ||||||||||||||||||||||||||||||||||||||||
Other assets | — | — | 2,196 | (7) | — | 2,196 | |||||||||||||||||||||||||||||||||||||||
Total other assets | — | 8,000 | 2,196 | — | 10,196 | ||||||||||||||||||||||||||||||||||||||||
Total assets at fair value on a recurring basis | $ | 330,129 | $ | 1,537,675 | $ | 426,922 | $ | (79,697 | ) | $ | 2,215,029 | ||||||||||||||||||||||||||||||||||
Assets at fair value on a nonrecurring basis: | |||||||||||||||||||||||||||||||||||||||||||||
Bank loans, net: | |||||||||||||||||||||||||||||||||||||||||||||
Impaired loans | $ | — | $ | 30,566 | $ | 51,444 | $ | — | $ | 82,010 | |||||||||||||||||||||||||||||||||||
Loans held for sale(8) | — | 49,130 | — | — | 49,130 | ||||||||||||||||||||||||||||||||||||||||
Total bank loans, net | — | 79,696 | 51,444 | — | 131,140 | ||||||||||||||||||||||||||||||||||||||||
Other real estate owned (“OREO”)(9) | — | 1,196 | — | — | 1,196 | ||||||||||||||||||||||||||||||||||||||||
Total assets at fair value on a nonrecurring basis | $ | — | $ | 80,892 | $ | 51,444 | $ | — | $ | 132,336 | |||||||||||||||||||||||||||||||||||
(continued on next page) | |||||||||||||||||||||||||||||||||||||||||||||
March 31, 2015 | Quoted prices | Significant | Significant | Netting | Balance as of | ||||||||||||||||||||||||||||||||||||||||
in active | other | unobservable | adjustments (2) | March 31, | |||||||||||||||||||||||||||||||||||||||||
markets for | observable | inputs | 2015 | ||||||||||||||||||||||||||||||||||||||||||
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 | $ | 4,482 | $ | 394 | $ | — | $ | — | $ | 4,876 | |||||||||||||||||||||||||||||||||||
Corporate obligations | 33 | 18,615 | — | — | 18,648 | ||||||||||||||||||||||||||||||||||||||||
Government obligations | 284,821 | — | — | — | 284,821 | ||||||||||||||||||||||||||||||||||||||||
Agency MBS and CMOs | 1,834 | — | — | — | 1,834 | ||||||||||||||||||||||||||||||||||||||||
Total debt securities | 291,170 | 19,009 | — | — | 310,179 | ||||||||||||||||||||||||||||||||||||||||
Derivative contracts | — | 105,050 | — | (79,028 | ) | 26,022 | |||||||||||||||||||||||||||||||||||||||
Equity securities | 34,387 | 1 | — | — | 34,388 | ||||||||||||||||||||||||||||||||||||||||
Other securities | 2 | 1,749 | — | — | 1,751 | ||||||||||||||||||||||||||||||||||||||||
Total trading instruments sold but not yet purchased | 325,559 | 125,809 | — | (79,028 | ) | 372,340 | |||||||||||||||||||||||||||||||||||||||
Derivative instruments associated with offsetting matched book positions | — | 421,850 | — | — | 421,850 | ||||||||||||||||||||||||||||||||||||||||
Trade and other payables: | |||||||||||||||||||||||||||||||||||||||||||||
Derivative contracts(10) | — | 2,481 | — | — | 2,481 | ||||||||||||||||||||||||||||||||||||||||
Other liabilities | — | — | 58 | — | 58 | ||||||||||||||||||||||||||||||||||||||||
Total trade and other payables | — | 2,481 | 58 | — | 2,539 | ||||||||||||||||||||||||||||||||||||||||
Total liabilities at fair value on a recurring basis | $ | 325,559 | $ | 550,140 | $ | 58 | $ | (79,028 | ) | $ | 796,729 | ||||||||||||||||||||||||||||||||||
-1 | We had $600 thousand and $1.1 million in transfers of financial instruments from Level 1 to Level 2 during the three and six months ended March 31, 2015, respectively. 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 $1.1 million in transfers of financial instruments from Level 2 to Level 1 during the six months ended March 31, 2015. 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 | For derivative transactions not cleared through an exchange, and 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 13 for additional information regarding offsetting financial instruments). Deposits associated with derivative transactions cleared through an exchange are included in deposits with clearing organizations on our Condensed Consolidated Statements of Financial Condition. | ||||||||||||||||||||||||||||||||||||||||||||
-3 | Includes $62 million of Jefferson County, Alabama Limited Obligation School Warrants ARS. | ||||||||||||||||||||||||||||||||||||||||||||
-4 | The portion of these investments we do not own is approximately $56 million as of March 31, 2015 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 $165 million or 75% of the total private equity investments of $221 million included in our Condensed Consolidated Statements of Financial Condition. | ||||||||||||||||||||||||||||||||||||||||||||
-5 | Other investments include $143 million of financial instruments that are related to obligations to perform under certain deferred compensation plans (see Note 2 on page 114, and Note 24 on page 173, of our 2014 Form 10-K for further information regarding these plans). | ||||||||||||||||||||||||||||||||||||||||||||
-6 | Consists of deposits we provide to clearing organizations or exchanges that are in the form of marketable securities. | ||||||||||||||||||||||||||||||||||||||||||||
-7 | Includes forward commitments to purchase GNMA or FNMA (as hereinafter defined) MBS arising from our fixed income public finance operations, and to a much lesser extent, other certain commitments. See Note 2 on page 104, and Note 21 on page 167 of our 2014 Form 10-K, as well as Note 15 in this report, for additional information regarding the GNMA or FNMA MBS commitments. | ||||||||||||||||||||||||||||||||||||||||||||
-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. | ||||||||||||||||||||||||||||||||||||||||||||
-10 | Consists of RJ Bank Interest Hedges (as hereinafter defined), see Note 12 for additional information. | ||||||||||||||||||||||||||||||||||||||||||||
September 30, 2014 | Quoted prices | Significant | Significant | Netting | Balance as of | ||||||||||||||||||||||||||||||||||||||||
in active | other | unobservable | adjustments (2) | September 30, | |||||||||||||||||||||||||||||||||||||||||
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 | $ | 11,407 | $ | 192,482 | $ | — | $ | — | $ | 203,889 | |||||||||||||||||||||||||||||||||||
Corporate obligations | 1,989 | 109,939 | — | — | 111,928 | ||||||||||||||||||||||||||||||||||||||||
Government and agency obligations | 7,376 | 93,986 | — | — | 101,362 | ||||||||||||||||||||||||||||||||||||||||
Agency MBS and CMOs | 247 | 127,172 | — | — | 127,419 | ||||||||||||||||||||||||||||||||||||||||
Non-agency CMOs and ABS | — | 58,364 | 11 | — | 58,375 | ||||||||||||||||||||||||||||||||||||||||
Total debt securities | 21,019 | 581,943 | 11 | — | 602,973 | ||||||||||||||||||||||||||||||||||||||||
Derivative contracts | — | 89,923 | — | (61,718 | ) | 28,205 | |||||||||||||||||||||||||||||||||||||||
Equity securities | 28,834 | 5,264 | 44 | — | 34,142 | ||||||||||||||||||||||||||||||||||||||||
Corporate loans | — | 990 | — | — | 990 | ||||||||||||||||||||||||||||||||||||||||
Other | 566 | 10,208 | 2,309 | — | 13,083 | ||||||||||||||||||||||||||||||||||||||||
Total trading instruments | 50,419 | 688,328 | 2,364 | (61,718 | ) | 679,393 | |||||||||||||||||||||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||||||||||||||||||||||||
Agency MBS and CMOs | — | 267,720 | — | — | 267,720 | ||||||||||||||||||||||||||||||||||||||||
Non-agency CMOs | — | 91,918 | — | — | 91,918 | ||||||||||||||||||||||||||||||||||||||||
Other securities | 1,916 | — | — | — | 1,916 | ||||||||||||||||||||||||||||||||||||||||
ARS: | |||||||||||||||||||||||||||||||||||||||||||||
Municipals | — | — | 86,696 | (3) | — | 86,696 | |||||||||||||||||||||||||||||||||||||||
Preferred securities | — | — | 114,039 | — | 114,039 | ||||||||||||||||||||||||||||||||||||||||
Total available for sale securities | 1,916 | 359,638 | 200,735 | — | 562,289 | ||||||||||||||||||||||||||||||||||||||||
Private equity investments | — | — | 211,666 | (4) | — | 211,666 | |||||||||||||||||||||||||||||||||||||||
Other investments (5) | 212,753 | 1,267 | 1,731 | — | 215,751 | ||||||||||||||||||||||||||||||||||||||||
Derivative instruments associated with offsetting matched book positions | — | 323,337 | — | — | 323,337 | ||||||||||||||||||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||||||||||||||
Derivative contracts | — | 2,462 | — | — | 2,462 | ||||||||||||||||||||||||||||||||||||||||
Other assets | — | — | 787 | (6) | — | 787 | |||||||||||||||||||||||||||||||||||||||
Total other assets | — | 2,462 | 787 | — | 3,249 | ||||||||||||||||||||||||||||||||||||||||
Total assets at fair value on a recurring basis | $ | 265,088 | $ | 1,375,032 | $ | 417,283 | $ | (61,718 | ) | $ | 1,995,685 | ||||||||||||||||||||||||||||||||||
Assets at fair value on a nonrecurring basis: | |||||||||||||||||||||||||||||||||||||||||||||
Bank loans, net: | |||||||||||||||||||||||||||||||||||||||||||||
Impaired loans | $ | — | $ | 34,799 | $ | 55,528 | $ | — | $ | 90,327 | |||||||||||||||||||||||||||||||||||
Loans held for sale(7) | — | 22,611 | — | — | 22,611 | ||||||||||||||||||||||||||||||||||||||||
Total bank loans, net | — | 57,410 | 55,528 | — | 112,938 | ||||||||||||||||||||||||||||||||||||||||
OREO(8) | — | 768 | — | — | 768 | ||||||||||||||||||||||||||||||||||||||||
Total assets at fair value on a nonrecurring basis | $ | — | $ | 58,178 | $ | 55,528 | $ | — | $ | 113,706 | |||||||||||||||||||||||||||||||||||
(continued on next page) | |||||||||||||||||||||||||||||||||||||||||||||
September 30, 2014 | Quoted prices | Significant | Significant | Netting | Balance as of | ||||||||||||||||||||||||||||||||||||||||
in active | other | unobservable | adjustments (2) | September 30, | |||||||||||||||||||||||||||||||||||||||||
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 | $ | 11,093 | $ | 554 | $ | — | $ | — | $ | 11,647 | |||||||||||||||||||||||||||||||||||
Corporate obligations | 29 | 15,304 | — | — | 15,333 | ||||||||||||||||||||||||||||||||||||||||
Government obligations | 187,424 | — | — | — | 187,424 | ||||||||||||||||||||||||||||||||||||||||
Agency MBS and CMOs | 738 | — | — | — | 738 | ||||||||||||||||||||||||||||||||||||||||
Total debt securities | 199,284 | 15,858 | — | — | 215,142 | ||||||||||||||||||||||||||||||||||||||||
Derivative contracts | — | 75,668 | — | (63,296 | ) | 12,372 | |||||||||||||||||||||||||||||||||||||||
Equity securities | 10,884 | 2 | — | — | 10,886 | ||||||||||||||||||||||||||||||||||||||||
Total trading instruments sold but not yet purchased | 210,168 | 91,528 | — | (63,296 | ) | 238,400 | |||||||||||||||||||||||||||||||||||||||
Derivative instruments associated with offsetting matched book positions | — | 323,337 | — | — | 323,337 | ||||||||||||||||||||||||||||||||||||||||
Other liabilities | — | — | 58 | — | 58 | ||||||||||||||||||||||||||||||||||||||||
Total liabilities at fair value on a recurring basis | $ | 210,168 | $ | 414,865 | $ | 58 | $ | (63,296 | ) | $ | 561,795 | ||||||||||||||||||||||||||||||||||
-1 | We had $800 thousand in transfers of financial instruments from Level 1 to Level 2 during the year ended September 30, 2014. 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 $1.3 million in transfers of financial instruments from Level 2 to Level 1 during the year ended September 30, 2014. 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 | For derivative transactions not cleared through an exchange, and 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 13 for additional information regarding offsetting financial instruments). Deposits associated with derivative transactions cleared through an exchange are included in deposits with clearing organizations on our Condensed Consolidated Statements of Financial Condition. | ||||||||||||||||||||||||||||||||||||||||||||
-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 September 30, 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 $157 million or 74% of the total private equity investments of $212 million included in our Condensed Consolidated Statements of Financial Condition. | ||||||||||||||||||||||||||||||||||||||||||||
-5 | Other investments include $144 million of financial instruments that are related to obligations to perform under certain deferred compensation plans (see Note 2 on page 114, and Note 24 on page 173, of our 2014 Form 10-K for further information regarding these plans). | ||||||||||||||||||||||||||||||||||||||||||||
-6 | Primarily comprised of forward commitments to purchase GNMA or FNMA (as hereinafter defined) MBS arising from our fixed income public finance operations (see Note 2 on page 104, and Note 21 on page 167 of our 2014 Form 10-K for additional information). | ||||||||||||||||||||||||||||||||||||||||||||
-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. | ||||||||||||||||||||||||||||||||||||||||||||
The adjustment to fair value of the nonrecurring fair value measures for the six months ended March 31, 2015 resulted in a $222 thousand additional provision for loan losses relating to impaired loans and $149 thousand in other losses relating to loans held for sale and OREO. 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 provision for loan losses relating to impaired loans and $1.5 million in other losses relating to loans held for sale and OREO. | |||||||||||||||||||||||||||||||||||||||||||||
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, 2015 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 | ARS – | ARS - | Private | Other | Other assets | Other | |||||||||||||||||||||||||||||||||||||
agency | securities | municipals | preferred | equity | investments | liabilities | |||||||||||||||||||||||||||||||||||||||
CMOs & | securities | investments | |||||||||||||||||||||||||||||||||||||||||||
ABS | |||||||||||||||||||||||||||||||||||||||||||||
Fair value | $ | 11 | $ | 14 | $ | 5,264 | $ | 85,814 | $ | 112,955 | $ | 208,674 | $ | 1,564 | $ | 2,407 | $ | (58 | ) | ||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||
Total gains (losses) for the period: | |||||||||||||||||||||||||||||||||||||||||||||
Included in earnings | — | — | (20 | ) | 2 | 25 | 14,414 | (1) | 41 | (211 | ) | — | |||||||||||||||||||||||||||||||||
Included in other comprehensive income | — | — | — | 3,843 | (282 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||
Purchases and contributions | — | — | 11,358 | — | — | 2,241 | — | — | — | ||||||||||||||||||||||||||||||||||||
Sales | — | — | (15,822 | ) | (45 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Redemptions by issuer | — | — | — | — | (250 | ) | — | (663 | ) | — | — | ||||||||||||||||||||||||||||||||||
Distributions | (1 | ) | — | — | — | — | (4,385 | ) | (26 | ) | — | — | |||||||||||||||||||||||||||||||||
Transfers: (2) | |||||||||||||||||||||||||||||||||||||||||||||
Into Level 3 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Out of Level 3 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Fair value | $ | 10 | $ | 14 | $ | 780 | $ | 89,614 | $ | 112,448 | $ | 220,944 | $ | 916 | $ | 2,196 | $ | (58 | ) | ||||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||
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 | $ | — | $ | — | $ | — | $ | 3,843 | $ | (282 | ) | $ | 14,414 | $ | 41 | $ | (211 | ) | $ | — | |||||||||||||||||||||||||
-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 $9.8 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 $4.6 million. | ||||||||||||||||||||||||||||||||||||||||||||
-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, 2015 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 | ARS – | ARS - | Private | Other | Other assets | Other | |||||||||||||||||||||||||||||||||||||
agency | securities | municipals | preferred | equity | investments | liabilities | |||||||||||||||||||||||||||||||||||||||
CMOs & | securities | investments | |||||||||||||||||||||||||||||||||||||||||||
ABS | |||||||||||||||||||||||||||||||||||||||||||||
Fair value | $ | 11 | $ | 44 | $ | 2,309 | $ | 86,696 | $ | 114,039 | $ | 211,666 | $ | 1,731 | $ | 787 | $ | (58 | ) | ||||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||
Total gains (losses) for the period: | |||||||||||||||||||||||||||||||||||||||||||||
Included in earnings | — | 5 | (40 | ) | 2 | 25 | 17,060 | (1) | 81 | 1,409 | — | ||||||||||||||||||||||||||||||||||
Included in other comprehensive income | — | — | — | 2,961 | (1,366 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||
Purchases and contributions | — | 20 | 23,333 | — | — | 6,343 | — | — | — | ||||||||||||||||||||||||||||||||||||
Sales | — | — | (24,822 | ) | (45 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Redemptions by issuer | — | — | — | — | (250 | ) | — | (673 | ) | — | — | ||||||||||||||||||||||||||||||||||
Distributions | (1 | ) | — | — | — | — | (14,125 | ) | (223 | ) | — | — | |||||||||||||||||||||||||||||||||
Transfers: (2) | |||||||||||||||||||||||||||||||||||||||||||||
Into Level 3 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Out of Level 3 | — | (55 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Fair value | $ | 10 | $ | 14 | $ | 780 | $ | 89,614 | $ | 112,448 | $ | 220,944 | $ | 916 | $ | 2,196 | $ | (58 | ) | ||||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||
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 | $ | — | $ | 2,961 | $ | (1,366 | ) | $ | 17,060 | $ | 81 | $ | 1,409 | $ | — | ||||||||||||||||||||||||||
-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 $12.2 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 $4.9 million. | ||||||||||||||||||||||||||||||||||||||||||||
-2 | Our policy is that the end of each respective quarterly reporting period determines when transfers of financial instruments between levels are recognized. | ||||||||||||||||||||||||||||||||||||||||||||
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 December 31, 2013 | $ | 13 | $ | 35 | $ | 4,199 | $ | 46 | $ | 108,458 | $ | 112,122 | $ | 209,977 | $ | 1,949 | $ | 15 | $ | (1,417 | ) | ||||||||||||||||||||||||
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 Condensed 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 September 30, 2013 | $ | 14 | $ | 35 | $ | 3,956 | $ | 78 | $ | 130,934 | $ | 110,784 | $ | 216,391 | $ | 4,607 | $ | 2,778 | $ | 15 | $ | (60 | ) | ||||||||||||||||||||||
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 Condensed Consolidated Statements of Financial Condition, and whose carrying values approximate fair value. | ||||||||||||||||||||||||||||||||||||||||||||
As of March 31, 2015, 8.9% of our assets and 3.9% 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, 2015 represent 19% of our assets measured at fair value. In comparison, as of March 31, 2014, 8.7% and 3% 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, 2014 represented 21% of our assets measured at fair value. Level 3 instruments as a percentage of total financial instruments decreased by 2% as compared to March 31, 2014, a result of the increase in total instruments measured at fair value on a recurring basis as of March 31, 2015. As of March 31, 2015, the balances of our level 3 assets have increased compared to March 31, 2014 primarily as a result of the increase in the value of our private equity investments since March 31, 2014. | |||||||||||||||||||||||||||||||||||||||||||||
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, 2015 | Net trading | Other | |||||||||||||||||||||||||||||||||||||||||||
profit | revenues | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Total (losses) gains included in revenues | $ | (20 | ) | $ | 14,271 | ||||||||||||||||||||||||||||||||||||||||
Change in unrealized gains for assets held at the end of the reporting period | $ | — | $ | 17,805 | |||||||||||||||||||||||||||||||||||||||||
For the six months ended March 31, 2015 | Net trading | Other | |||||||||||||||||||||||||||||||||||||||||||
profit | revenues | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Total (losses) gains included in revenues | $ | (35 | ) | $ | 18,577 | ||||||||||||||||||||||||||||||||||||||||
Change in unrealized gains for assets held at the end of the reporting period | $ | 5 | $ | 20,145 | |||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||
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, | |||||||||||||||||||||||||||||||||||||||||||||
2015 | |||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Recurring measurements: | |||||||||||||||||||||||||||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||||||||||||||||||||||||
ARS: | |||||||||||||||||||||||||||||||||||||||||||||
Municipals | $ | 61,500 | Recent trades | Observed trades (in inactive markets) of in-portfolio securities | 94% of par - 94% of par (94% of par) | ||||||||||||||||||||||||||||||||||||||||
Comparability adjustments(a) | +/- 3% of par (+/- 3% of par) | ||||||||||||||||||||||||||||||||||||||||||||
Municipals | $ | 10,505 | Income or market approach: | ||||||||||||||||||||||||||||||||||||||||||
Scenario 1 - recent trades | Observed trades (in inactive markets) of in-portfolio securities | 70% of par - 70% of par (70% of par) | |||||||||||||||||||||||||||||||||||||||||||
Scenario 2 - discounted cash flow | Average discount rate(b) | 5.10% - 6.94% (6.02%) | |||||||||||||||||||||||||||||||||||||||||||
Average interest rates applicable to future interest income on the securities(c) | 1.49% - 3.19% (2.34%) | ||||||||||||||||||||||||||||||||||||||||||||
Prepayment year(d) | 2017 - 2024 (2021) | ||||||||||||||||||||||||||||||||||||||||||||
Weighting assigned to outcome of scenario1/ scenario 2 | 20%/80% | ||||||||||||||||||||||||||||||||||||||||||||
Municipals | $ | 17,609 | Discounted cash flow | Average discount rate(b) | 3.32% - 5.94% (3.84%) | ||||||||||||||||||||||||||||||||||||||||
Average interest rates applicable to future interest income on the securities(c) | 1.28% - 4.25% (1.41%) | ||||||||||||||||||||||||||||||||||||||||||||
Prepayment year(d) | 2017 - 2024 (2020) | ||||||||||||||||||||||||||||||||||||||||||||
Preferred securities | $ | 112,448 | Discounted cash flow | Average discount rate(b) | 3.43% - 4.91% (4.13%) | ||||||||||||||||||||||||||||||||||||||||
Average interest rates applicable to future interest income on the securities(c) | 1.88% - 3.21% (1.99%) | ||||||||||||||||||||||||||||||||||||||||||||
Prepayment year(d) | 2015 - 2019 (2019) | ||||||||||||||||||||||||||||||||||||||||||||
Private equity investments: | $ | 46,402 | Income or market approach: | ||||||||||||||||||||||||||||||||||||||||||
Scenario 1 - income approach - discounted cash flow | Discount rate(b) | 13% - 17.5% (15.9%) | |||||||||||||||||||||||||||||||||||||||||||
Terminal growth rate of cash flows | 3% - 3% (3%) | ||||||||||||||||||||||||||||||||||||||||||||
Terminal year | 2016 - 2018 (2017) | ||||||||||||||||||||||||||||||||||||||||||||
Scenario 2 - market approach - market multiple method | EBITDA Multiple(e) | 4.75 - 7.5 (6.3) | |||||||||||||||||||||||||||||||||||||||||||
Weighting assigned to outcome of scenario 1/scenario 2 | 72%/28% | ||||||||||||||||||||||||||||||||||||||||||||
$ | 174,542 | Transaction price or other investment-specific events(f) | Not meaningful(f) | Not meaningful(f) | |||||||||||||||||||||||||||||||||||||||||
Nonrecurring measurements: | |||||||||||||||||||||||||||||||||||||||||||||
Impaired loans: residential | $ | 24,075 | Discounted cash flow | Prepayment rate | 7 yrs. - 12 yrs. (10.3 yrs.) | ||||||||||||||||||||||||||||||||||||||||
Impaired loans: corporate | $ | 27,369 | 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) | Management estimates that market participants apply this range of either discount or premium, as applicable, to the limited observable trade data in order to assess the value of the securities within this portfolio segment. | ||||||||||||||||||||||||||||||||||||||||||||
(b) | Represents discount rates used when we have determined that market participants would take these discounts into account when pricing the investments. | ||||||||||||||||||||||||||||||||||||||||||||
(c) | Future interest rates are projected based upon a forward interest rate path, plus a spread over such projected base rate that is applicable to each future period for each security within this portfolio segment. The interest rates presented represent the average interest rate over all projected periods for securities within the portfolio segment. | ||||||||||||||||||||||||||||||||||||||||||||
(d) | Assumed year of at least a partial redemption of the outstanding security by the issuer. | ||||||||||||||||||||||||||||||||||||||||||||
(e) | Represents amounts used when we have determined that market participants would use such multiples when pricing the investments. | ||||||||||||||||||||||||||||||||||||||||||||
(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, 2015 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, 2015, 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 131 - 132 of our 2014 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, 2015 | |||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||||||||||||||||||
Bank loans, net(1) | $ | — | $ | 38,848 | $ | 11,854,431 | $ | 11,893,279 | $ | 11,935,121 | |||||||||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||||||||||||||||||
Bank deposits | $ | — | $ | 10,921,350 | $ | 353,769 | $ | 11,275,119 | $ | 11,272,013 | |||||||||||||||||||||||||||||||||||
Corporate debt | $ | 378,700 | $ | 958,688 | $ | — | $ | 1,337,388 | $ | 1,188,916 | |||||||||||||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||||||||||||||||||
Bank loans, net(1) | $ | — | $ | 23,678 | $ | 10,738,136 | $ | 10,761,814 | $ | 10,857,662 | |||||||||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||||||||||||||||||
Bank deposits | $ | — | $ | 9,684,221 | $ | 344,234 | $ | 10,028,455 | $ | 10,028,924 | |||||||||||||||||||||||||||||||||||
Corporate debt | $ | 366,100 | $ | 955,170 | $ | — | $ | 1,321,270 | $ | 1,190,836 | |||||||||||||||||||||||||||||||||||
-1 | Excludes all impaired loans and loans held for sale which have been recorded at fair value in the Condensed Consolidated Statements of Financial Condition at March 31, 2015 and September 30, 2014, respectively. |
TRADING_INSTRUMENTS_AND_TRADIN
TRADING INSTRUMENTS AND TRADING INSTRUMENTS SOLD BUT NOT YET PURCHASED | 6 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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, 2015 | September 30, 2014 | |||||||||||||||
Trading | Instruments | Trading | Instruments | |||||||||||||
instruments | sold but not | instruments | sold but not | |||||||||||||
yet purchased | yet purchased | |||||||||||||||
(in thousands) | ||||||||||||||||
Municipal and provincial obligations | $ | 244,519 | $ | 4,876 | $ | 203,889 | $ | 11,647 | ||||||||
Corporate obligations | 96,073 | 18,648 | 111,928 | 15,333 | ||||||||||||
Government and agency obligations | 164,008 | 284,821 | 101,362 | 187,424 | ||||||||||||
Agency MBS and CMOs | 140,403 | 1,834 | 127,419 | 738 | ||||||||||||
Non-agency CMOs and ABS | 51,810 | — | 58,375 | — | ||||||||||||
Total debt securities | 696,813 | 310,179 | 602,973 | 215,142 | ||||||||||||
Derivative contracts (1) | 41,717 | 26,022 | 28,205 | 12,372 | ||||||||||||
Equity securities | 42,383 | 34,388 | 34,142 | 10,886 | ||||||||||||
Corporate loans | — | — | 990 | — | ||||||||||||
Other | 16,618 | 1,751 | 13,083 | — | ||||||||||||
Total | $ | 797,531 | $ | 372,340 | $ | 679,393 | $ | 238,400 | ||||||||
-1 | Represents the derivative contracts held for trading purposes. These balances do not include all derivative instruments. See Note 12 for further information regarding all of our derivative transactions, and see Note 13 for additional information regarding offsetting financial instruments. | |||||||||||||||
See Note 4 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, 2015 | ||||||||||||||||||||||||
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 104 - 106 of our 2014 Form 10-K. | ||||||||||||||||||||||||
There were no proceeds from the sale of available for sale securities held by RJ Bank in either of the three or six month periods ended March 31, 2015 or 2014. | ||||||||||||||||||||||||
Certain securities in the ARS portion of the available for sale securities portfolio have been redeemed by their issuer or sold in market transactions. Sale or redemption activities within the ARS portion of the portfolio resulted in aggregate proceeds of $295 thousand and an insignificant gain which is included in other revenues on our Condensed Consolidated Statements of Income and Comprehensive Income in the three and six months ended March 31, 2015. During the three and six months ended March 31, 2014, sale or redemption activities within the ARS portion of the portfolio resulted in aggregate proceeds of approximately $700 thousand and $27.8 million, respectively, and an insignificant gain in the three months ended March 31, 2014, and a gain of $5.6 million in the six months ended March 31, 2014, which are recorded in other revenues on our Condensed Consolidated Statements of Income and Comprehensive Income. Nearly all of the ARS proceeds and gain in the prior year six month period ended March 31, 2014 resulted from the redemption of the Jefferson County Sewer Revenue Refunding Warrants ARS. | ||||||||||||||||||||||||
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, 2015 | ||||||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||||||
Agency MBS and CMOs | $ | 239,776 | $ | 1,066 | $ | (354 | ) | $ | 240,488 | |||||||||||||||
Non-agency CMOs (1) | 93,272 | 24 | (5,934 | ) | 87,362 | |||||||||||||||||||
Other securities | 1,575 | 453 | — | 2,028 | ||||||||||||||||||||
Total RJ Bank available for sale securities | 334,623 | 1,543 | (6,288 | ) | 329,878 | |||||||||||||||||||
Auction rate securities: | ||||||||||||||||||||||||
Municipal obligations | 81,492 | 9,683 | (1,561 | ) | 89,614 | |||||||||||||||||||
Preferred securities | 104,302 | 8,146 | — | 112,448 | ||||||||||||||||||||
Total auction rate securities | 185,794 | 17,829 | (1,561 | ) | 202,062 | |||||||||||||||||||
Total available for sale securities | $ | 520,417 | $ | 19,372 | $ | (7,849 | ) | $ | 531,940 | |||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||||||
Agency MBS and CMOs | $ | 267,927 | $ | 822 | $ | (1,029 | ) | $ | 267,720 | |||||||||||||||
Non-agency CMOs (2) | 98,946 | 56 | (7,084 | ) | 91,918 | |||||||||||||||||||
Other securities | 1,575 | 341 | — | 1,916 | ||||||||||||||||||||
Total RJ Bank available for sale securities | 368,448 | 1,219 | (8,113 | ) | 361,554 | |||||||||||||||||||
Auction rate securities: | ||||||||||||||||||||||||
Municipal obligations | 81,535 | 6,240 | (1,079 | ) | 86,696 | |||||||||||||||||||
Preferred securities | 104,526 | 9,513 | — | 114,039 | ||||||||||||||||||||
Total auction rate securities | 186,061 | 15,753 | (1,079 | ) | 200,735 | |||||||||||||||||||
Total available for sale securities | $ | 554,509 | $ | 16,972 | $ | (9,192 | ) | $ | 562,289 | |||||||||||||||
-1 | As of March 31, 2015, the non-credit portion of other-than-temporary impairment (“OTTI”) recorded in accumulated other comprehensive income (loss) (“AOCI”) was $4.9 million (before taxes). See Note 16 for additional information. | |||||||||||||||||||||||
-2 | As of September 30, 2014, the non-credit portion of OTTI recorded in AOCI was $6.1 million (before taxes). | |||||||||||||||||||||||
See Note 4 for additional information regarding the fair value of available for sale securities. | ||||||||||||||||||||||||
The contractual maturities, amortized cost, carrying values and current yields for our available for sale securities are as presented below. Since RJ Bank’s available for sale securities (MBS & CMOs) are backed by mortgages, actual maturities will differ from contractual maturities because borrowers may have the right to prepay obligations without prepayment penalties. Expected maturities of ARS may differ significantly from contractual maturities, as issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||
Within one year | After one but | After five but | After ten years | Total | ||||||||||||||||||||
within five | within ten | |||||||||||||||||||||||
years | years | |||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||
Agency MBS & CMOs: | ||||||||||||||||||||||||
Amortized cost | $ | — | $ | 7,463 | $ | 10,466 | $ | 221,847 | $ | 239,776 | ||||||||||||||
Carrying value | — | 7,480 | 10,541 | 222,467 | 240,488 | |||||||||||||||||||
Weighted-average yield | — | 0.26 | % | 0.48 | % | 0.97 | % | 0.94 | % | |||||||||||||||
Non-agency CMOs: | ||||||||||||||||||||||||
Amortized cost | $ | — | $ | — | $ | — | $ | 93,272 | $ | 93,272 | ||||||||||||||
Carrying value | — | — | — | 87,362 | 87,362 | |||||||||||||||||||
Weighted-average yield | — | — | — | 2.39 | % | 2.39 | % | |||||||||||||||||
Other securities: | ||||||||||||||||||||||||
Amortized cost | $ | — | $ | — | $ | — | $ | 1,575 | $ | 1,575 | ||||||||||||||
Carrying value | — | — | — | 2,028 | 2,028 | |||||||||||||||||||
Weighted-average yield | — | — | — | — | — | |||||||||||||||||||
Sub-total agency MBS & CMOs, non-agency CMOs, and other securities: | ||||||||||||||||||||||||
Amortized cost | $ | — | $ | 7,463 | $ | 10,466 | $ | 316,694 | $ | 334,623 | ||||||||||||||
Carrying value | — | 7,480 | 10,541 | 311,857 | 329,878 | |||||||||||||||||||
Weighted-average yield | — | 0.26 | % | 0.48 | % | 1.36 | % | 1.32 | % | |||||||||||||||
Auction rate securities: | ||||||||||||||||||||||||
Municipal obligations | ||||||||||||||||||||||||
Amortized cost | $ | — | $ | — | $ | — | $ | 81,492 | $ | 81,492 | ||||||||||||||
Carrying value | — | — | — | 89,614 | 89,614 | |||||||||||||||||||
Weighted-average yield | — | — | — | 0.42 | % | 0.42 | % | |||||||||||||||||
Preferred securities: | ||||||||||||||||||||||||
Amortized cost | $ | — | $ | — | $ | — | $ | 104,302 | $ | 104,302 | ||||||||||||||
Carrying value | — | — | — | 112,448 | 112,448 | |||||||||||||||||||
Weighted-average yield | — | — | — | 0.27 | % | 0.27 | % | |||||||||||||||||
Sub-total auction rate securities: | ||||||||||||||||||||||||
Amortized cost | $ | — | $ | — | $ | — | $ | 185,794 | $ | 185,794 | ||||||||||||||
Carrying value | — | — | — | 202,062 | 202,062 | |||||||||||||||||||
Weighted-average yield | — | — | — | 0.34 | % | 0.34 | % | |||||||||||||||||
Total available for sale securities: | ||||||||||||||||||||||||
Amortized cost | $ | — | $ | 7,463 | $ | 10,466 | $ | 502,488 | $ | 520,417 | ||||||||||||||
Carrying value | — | 7,480 | 10,541 | 513,919 | 531,940 | |||||||||||||||||||
Weighted-average yield | — | 0.26 | % | 0.48 | % | 0.96 | % | 0.95 | % | |||||||||||||||
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, 2015 | ||||||||||||||||||||||||
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 | $ | — | $ | — | $ | 54,584 | $ | (354 | ) | $ | 54,584 | $ | (354 | ) | ||||||||||
Non-agency CMOs | 18,921 | (769 | ) | 64,519 | (5,165 | ) | 83,440 | (5,934 | ) | |||||||||||||||
ARS municipal obligations | 226 | (2 | ) | 11,593 | (1,559 | ) | 11,819 | (1,561 | ) | |||||||||||||||
Total | $ | 19,147 | $ | (771 | ) | $ | 130,696 | $ | (7,078 | ) | $ | 149,843 | $ | (7,849 | ) | |||||||||
September 30, 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 | $ | 18,062 | $ | (53 | ) | $ | 71,688 | $ | (976 | ) | $ | 89,750 | $ | (1,029 | ) | |||||||||
Non-agency CMOs | 5,506 | (357 | ) | 69,970 | (6,727 | ) | 75,476 | (7,084 | ) | |||||||||||||||
ARS municipal obligations | — | — | 12,072 | (1,079 | ) | 12,072 | (1,079 | ) | ||||||||||||||||
Total | $ | 23,568 | $ | (410 | ) | $ | 153,730 | $ | (8,782 | ) | $ | 177,298 | $ | (9,192 | ) | |||||||||
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, 2015, all seven of our U.S. government-sponsored enterprise MBS and CMOs were in a continuous unrealized loss position 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, 2015 | ||||||||||||||||||||||||
Range | Weighted- | |||||||||||||||||||||||
average (1) | ||||||||||||||||||||||||
Default rate | 0% - 10.2% | 4.06% | ||||||||||||||||||||||
Loss severity | 0% - 73.4% | 41.23% | ||||||||||||||||||||||
Prepayment rate | 5% - 20% | 8.78% | ||||||||||||||||||||||
(1) | Represents the expected activity for the next twelve months. | |||||||||||||||||||||||
At March 31, 2015, 17 of the 19 non-agency CMOs were in a continuous unrealized loss position. Of these, 12 were in that position for 12 months or more and five 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, 2015 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. The par value of the ARS we hold as of March 31, 2015 is $221.5 million. 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. All of our ARS securities are evaluated for OTTI on a quarterly basis. | ||||||||||||||||||||||||
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, 2015, and including subsequent ratings changes, all of the ARS preferred securities were rated investment grade by at least one rating agency and there is no potential impairment since the fair values of these securities exceed their cost basis. | ||||||||||||||||||||||||
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, as of March 31, 2015 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, | |||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Amount related to credit losses on securities we held at the beginning of the period | $ | 18,703 | $ | 28,244 | $ | 18,703 | $ | 28,217 | ||||||||||||||||
Additional increases to the amount related to credit loss for which an OTTI was previously recognized | — | — | — | 27 | ||||||||||||||||||||
Amount related to credit losses on securities we held at the end of the period | $ | 18,703 | $ | 28,244 | $ | 18,703 | $ | 28,244 | ||||||||||||||||
BANK_LOANS_NET
BANK LOANS, NET | 6 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||
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, tax-exempt loans, securities based loans (“SBL”), as well as commercial and residential real estate loans. These receivables are collateralized by first or second mortgages on residential or other real property, other assets of the borrower, a pledge of revenue, 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 108 – 112 of our 2014 Form 10-K. | ||||||||||||||||||||||||||||||||
We segregate our loan portfolio into six loan portfolio segments: C&I, commercial real estate (“CRE”), CRE construction, tax-exempt, residential mortgage, and SBL. 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, 2015 | September 30, 2014 | |||||||||||||||||||||||||||||||
Balance | % | Balance | % | |||||||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||||
Loans held for sale, net(1) | $ | 87,974 | 1 | % | $ | 45,988 | — | |||||||||||||||||||||||||
Loans held for investment: | ||||||||||||||||||||||||||||||||
Domestic: | ||||||||||||||||||||||||||||||||
C&I loans | 5,776,977 | 47 | % | 5,378,592 | 49 | % | ||||||||||||||||||||||||||
CRE construction loans | 78,820 | 1 | % | 76,733 | 1 | % | ||||||||||||||||||||||||||
CRE loans | 1,468,813 | 12 | % | 1,415,093 | 13 | % | ||||||||||||||||||||||||||
Tax-exempt loans | 361,644 | 3 | % | 122,218 | 1 | % | ||||||||||||||||||||||||||
Residential mortgage loans | 1,963,336 | 16 | % | 1,749,513 | 16 | % | ||||||||||||||||||||||||||
SBL | 1,249,930 | 10 | % | 1,021,358 | 9 | % | ||||||||||||||||||||||||||
Foreign: | ||||||||||||||||||||||||||||||||
C&I loans | 1,036,223 | 8 | % | 1,043,755 | 9 | % | ||||||||||||||||||||||||||
CRE construction loans | 22,094 | — | 17,462 | — | ||||||||||||||||||||||||||||
CRE loans | 204,132 | 2 | % | 274,070 | 2 | % | ||||||||||||||||||||||||||
Residential mortgage loans | 2,865 | — | 2,234 | — | ||||||||||||||||||||||||||||
SBL | 1,954 | — | 2,390 | — | ||||||||||||||||||||||||||||
Total loans held for investment | 12,166,788 | 11,103,418 | ||||||||||||||||||||||||||||||
Net unearned income and deferred expenses | (34,091 | ) | (37,533 | ) | ||||||||||||||||||||||||||||
Total loans held for investment, net(1) | 12,132,697 | 11,065,885 | ||||||||||||||||||||||||||||||
Total loans held for sale and investment | 12,220,671 | 100 | % | 11,111,873 | 100 | % | ||||||||||||||||||||||||||
Allowance for loan losses | (160,008 | ) | (147,574 | ) | ||||||||||||||||||||||||||||
Bank loans, net | $ | 12,060,663 | $ | 10,964,299 | ||||||||||||||||||||||||||||
-1 | Net of unearned income and deferred expenses, which includes purchase premiums, purchase discounts, and net deferred origination fees and costs. | |||||||||||||||||||||||||||||||
At March 31, 2015, the Federal Home Loan Bank of Atlanta (“FHLB”) had a blanket lien on RJ Bank’s residential mortgage loan portfolio as security for the repayment of certain borrowings. See Note 11 for more information regarding borrowings from the FHLB. | ||||||||||||||||||||||||||||||||
Loans held for sale | ||||||||||||||||||||||||||||||||
RJ Bank originated or purchased $219.7 million and $617.6 million of loans held for sale during the three and six months ended March 31, 2015, respectively, and $255.4 million and $548.3 million during the three and six months ended March 31, 2014, respectively. Proceeds from the sale of held for sale loans amounted to $60.2 million and $97.5 million during the three and six months ended March 31, 2015, respectively, and $34.3 million and $94.1 million during the three and six months ended March 31, 2014, respectively. Both the net gains resulting from such sales, and unrealized losses resulting from adjustments of the carrying value of loans held for sale to reflect the lower of cost or market, were insignificant in each of the three and six months ended March 31, 2015 and 2014. | ||||||||||||||||||||||||||||||||
Purchases and sales of loans held for investment | ||||||||||||||||||||||||||||||||
As more fully described in Note 2 of our 2014 Form 10-K, corporate loan sales generally occur as part of a loan workout situation. | ||||||||||||||||||||||||||||||||
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, | |||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||||||||
Purchases | Sales | Purchases | Sales | Purchases | Sales | Purchases | Sales | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
C&I loans | $ | 106,197 | $ | 25,500 | $ | 110,406 | $ | 70,350 | $ | 260,281 | $ | 32,360 | $ | 237,736 | $ | 131,323 | ||||||||||||||||
Residential mortgage loans | 1,337 | — | 140 | — | 213,309 | (1) | — | 27,735 | — | |||||||||||||||||||||||
Total | $ | 107,534 | $ | 25,500 | $ | 110,546 | $ | 70,350 | $ | 473,590 | $ | 32,360 | $ | 265,471 | $ | 131,323 | ||||||||||||||||
-1 | Includes the purchase of a loan portfolio totaling $207.3 million in principal loan balance. | |||||||||||||||||||||||||||||||
Aging analysis of loans held for investment | ||||||||||||||||||||||||||||||||
The following table presents an analysis of the payment status of loans held for investment: | ||||||||||||||||||||||||||||||||
30-89 | 90 days or more | Total past due and accruing | Nonaccrual (1) | Current and accruing | Total loans held for | |||||||||||||||||||||||||||
days and accruing | and accruing | investment (2) | ||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
As of March 31, 2015: | ||||||||||||||||||||||||||||||||
C&I loans | $ | 173 | $ | — | $ | 173 | $ | — | $ | 6,813,027 | $ | 6,813,200 | ||||||||||||||||||||
CRE construction loans | — | — | — | — | 100,914 | 100,914 | ||||||||||||||||||||||||||
CRE loans | — | — | — | 17,171 | 1,655,774 | 1,672,945 | ||||||||||||||||||||||||||
Tax-exempt loans | — | — | — | — | 361,644 | 361,644 | ||||||||||||||||||||||||||
Residential mortgage loans: | ||||||||||||||||||||||||||||||||
First mortgage loans | 2,795 | — | 2,795 | 52,182 | 1,890,746 | 1,945,723 | ||||||||||||||||||||||||||
Home equity loans/lines | 30 | — | 30 | 285 | 20,163 | 20,478 | ||||||||||||||||||||||||||
SBL | — | — | — | — | 1,251,884 | 1,251,884 | ||||||||||||||||||||||||||
Total loans held for investment, net | $ | 2,998 | $ | — | $ | 2,998 | $ | 69,638 | $ | 12,094,152 | $ | 12,166,788 | ||||||||||||||||||||
As of September 30, 2014: | ||||||||||||||||||||||||||||||||
C&I loans | $ | 124 | $ | — | $ | 124 | $ | — | $ | 6,422,223 | $ | 6,422,347 | ||||||||||||||||||||
CRE construction loans | — | — | — | — | 94,195 | 94,195 | ||||||||||||||||||||||||||
CRE loans | — | — | — | 18,876 | 1,670,287 | 1,689,163 | ||||||||||||||||||||||||||
Tax-exempt | — | — | — | — | 122,218 | 122,218 | ||||||||||||||||||||||||||
Residential mortgage loans: | ||||||||||||||||||||||||||||||||
First mortgage loans | 1,648 | — | 1,648 | 61,391 | 1,668,724 | 1,731,763 | ||||||||||||||||||||||||||
Home equity loans/lines | 57 | — | 57 | 398 | 19,529 | 19,984 | ||||||||||||||||||||||||||
SBL | — | — | — | — | 1,023,748 | 1,023,748 | ||||||||||||||||||||||||||
Total loans held for investment, net | $ | 1,829 | $ | — | $ | 1,829 | $ | 80,665 | $ | 11,020,924 | $ | 11,103,418 | ||||||||||||||||||||
-1 | Includes $36.9 million and $41.4 million of nonaccrual loans at March 31, 2015 and September 30, 2014, respectively, which are performing pursuant to their contractual terms. | |||||||||||||||||||||||||||||||
-2 | Excludes any net unearned income and deferred expenses. | |||||||||||||||||||||||||||||||
Nonperforming loans represent those loans on nonaccrual status, troubled debt restructurings, and accruing loans which are 90 days or more past due and in the process of collection. 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 $487 thousand and $1.2 million for the three and six months ended March 31, 2015, respectively, and $1 million and $1.8 million for the three and six months ended March 31, 2014, respectively. The interest income recognized on nonperforming loans was $417 thousand and $645 thousand for the three and six months ended March 31, 2015, respectively, and $326 thousand and $888 thousand for the three and six months ended March 31, 2014, respectively. | ||||||||||||||||||||||||||||||||
Other real estate owned, included in other assets on our Condensed Consolidated Statements of Financial Condition, was $6.5 million at March 31, 2015 and $5.4 million at September 30, 2014. | ||||||||||||||||||||||||||||||||
Impaired loans and troubled debt restructurings | ||||||||||||||||||||||||||||||||
The following table provides a summary of RJ Bank’s impaired loans: | ||||||||||||||||||||||||||||||||
March 31, 2015 | September 30, 2014 | |||||||||||||||||||||||||||||||
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 | $ | 11,418 | $ | 12,022 | $ | 1,220 | $ | 11,959 | $ | 12,563 | $ | 1,289 | ||||||||||||||||||||
Residential - first mortgage loans | 39,266 | 54,529 | 4,376 | 43,806 | 61,372 | 5,012 | ||||||||||||||||||||||||||
Total | 50,684 | 66,551 | 5,596 | 55,765 | 73,935 | 6,301 | ||||||||||||||||||||||||||
Impaired loans without allowance for loan losses:(2) | ||||||||||||||||||||||||||||||||
CRE loans | 17,171 | 28,446 | — | 18,876 | 39,717 | — | ||||||||||||||||||||||||||
Residential - first mortgage loans | 19,751 | 29,451 | — | 21,987 | 32,949 | — | ||||||||||||||||||||||||||
Total | 36,922 | 57,897 | — | 40,863 | 72,666 | — | ||||||||||||||||||||||||||
Total impaired loans | $ | 87,606 | $ | 124,448 | $ | 5,596 | $ | 96,628 | $ | 146,601 | $ | 6,301 | ||||||||||||||||||||
-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 $17.2 million CRE, $11.4 million of C&I, and $33.9 million residential first mortgage TDR’s at March 31, 2015, and $18.9 million CRE, $12 million C&I, and $36.6 million residential first mortgage TDR’s at September 30, 2014. | ||||||||||||||||||||||||||||||||
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, | |||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Average impaired loan balance: | ||||||||||||||||||||||||||||||||
C&I loans | $ | 11,613 | $ | — | $ | 11,732 | $ | 35 | ||||||||||||||||||||||||
CRE loans | 17,257 | 24,702 | 17,394 | 24,949 | ||||||||||||||||||||||||||||
Residential mortgage loans: | ||||||||||||||||||||||||||||||||
First mortgage loans | 59,875 | 71,277 | 61,493 | 71,818 | ||||||||||||||||||||||||||||
Home equity loans/lines | — | 36 | — | 36 | ||||||||||||||||||||||||||||
Total | $ | 88,745 | $ | 96,015 | $ | 90,619 | $ | 96,838 | ||||||||||||||||||||||||
Interest income recognized: | ||||||||||||||||||||||||||||||||
Residential mortgage loans: | ||||||||||||||||||||||||||||||||
First mortgage loans | $ | 426 | $ | 391 | $ | 741 | $ | 1,027 | ||||||||||||||||||||||||
Total | $ | 426 | $ | 391 | $ | 741 | $ | 1,027 | ||||||||||||||||||||||||
During the three and six months ended March 31, 2015 and 2014, RJ Bank granted concessions to borrowers having financial difficulties, for which the resulting modification was deemed a TDR. The concessions granted for the respective first mortgage residential loans presented in the table below were interest rate reductions, amortization and maturity date extensions, capitalization of past due payments, 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, 2015 | ||||||||||||||||||||||||||||||||
Residential – first mortgage loans | 1 | $ | 133 | $ | 134 | |||||||||||||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||||||||||||||
Residential – first mortgage loans | 4 | $ | 654 | $ | 702 | |||||||||||||||||||||||||||
Six months ended March 31, 2015 | ||||||||||||||||||||||||||||||||
Residential – first mortgage loans | 3 | $ | 290 | $ | 293 | |||||||||||||||||||||||||||
Six months ended March 31, 2014 | ||||||||||||||||||||||||||||||||
Residential – first mortgage loans | 12 | $ | 2,539 | $ | 2,699 | |||||||||||||||||||||||||||
There were no 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 three and six months ended March 31, 2015. 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. | ||||||||||||||||||||||||||||||||
As of March 31, 2015 and as of September 30, 2014, RJ Bank had one outstanding commitment on a C&I TDR in the amount of $560 thousand. | ||||||||||||||||||||||||||||||||
Credit quality indicators | ||||||||||||||||||||||||||||||||
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 SBL and residential mortgage loan portfolios and internal risk ratings, which correspond to the same standard asset classifications for the corporate 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 | Tax-exempt | First | Home | SBL | Total | |||||||||||||||||||||||||
construction | mortgage | equity | ||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||||||||
Pass | $ | 6,712,843 | $ | 100,914 | $ | 1,640,839 | $ | 361,644 | $ | 1,867,841 | $ | 20,125 | $ | 1,251,884 | $ | 11,956,090 | ||||||||||||||||
Special mention (1) | 69,647 | — | 14,566 | — | 16,336 | 66 | — | 100,615 | ||||||||||||||||||||||||
Substandard (1) | 30,710 | — | 17,540 | — | 61,546 | 287 | — | 110,083 | ||||||||||||||||||||||||
Total | $ | 6,813,200 | $ | 100,914 | $ | 1,672,945 | $ | 361,644 | $ | 1,945,723 | $ | 20,478 | $ | 1,251,884 | $ | 12,166,788 | ||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||||||||
Pass | $ | 6,321,662 | $ | 94,195 | $ | 1,669,897 | $ | 122,218 | $ | 1,647,325 | $ | 19,572 | $ | 1,023,748 | $ | 10,898,617 | ||||||||||||||||
Special mention (1) | 83,101 | — | 191 | — | 15,346 | — | — | 98,638 | ||||||||||||||||||||||||
Substandard (1) | 17,584 | — | 18,167 | — | 69,092 | 412 | — | 105,255 | ||||||||||||||||||||||||
Doubtful (1) | — | — | 908 | — | — | — | — | 908 | ||||||||||||||||||||||||
Total | $ | 6,422,347 | $ | 94,195 | $ | 1,689,163 | $ | 122,218 | $ | 1,731,763 | $ | 19,984 | $ | 1,023,748 | $ | 11,103,418 | ||||||||||||||||
-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% | $ | 557,456 | ||||||||||||||||||||||||||||||
LTV greater than 50% but less than 80% | 976,306 | |||||||||||||||||||||||||||||||
LTV greater than 80% but less than 100% | 169,304 | |||||||||||||||||||||||||||||||
LTV greater than 100%, but less than 120% | 23,864 | |||||||||||||||||||||||||||||||
LTV greater than 120% | 4,011 | |||||||||||||||||||||||||||||||
Total | $ | 1,730,941 | ||||||||||||||||||||||||||||||
-1 | Excludes loans that have full repurchase recourse for any delinquent loans. | |||||||||||||||||||||||||||||||
Allowance for loan losses and reserve for unfunded lending commitments | ||||||||||||||||||||||||||||||||
Changes in the allowance for loan losses of RJ Bank by portfolio segment are as follows: | ||||||||||||||||||||||||||||||||
Loans held for investment | ||||||||||||||||||||||||||||||||
C&I | CRE | CRE | Tax-exempt | Residential mortgage | SBL | Total | ||||||||||||||||||||||||||
construction | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Three months ended March 31, 2015 | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 109,582 | $ | 1,709 | $ | 25,095 | $ | 2,738 | $ | 15,319 | 2,324 | $ | 156,767 | |||||||||||||||||||
Provision (benefit) for loan losses | 1,530 | (8 | ) | 900 | 1,171 | 168 | 176 | 3,937 | ||||||||||||||||||||||||
Net (charge-offs)/recoveries: | ||||||||||||||||||||||||||||||||
Charge-offs | — | — | — | — | (411 | ) | — | (411 | ) | |||||||||||||||||||||||
Recoveries | 536 | — | — | — | — | 6 | 542 | |||||||||||||||||||||||||
Net (charge-offs)/recoveries | 536 | — | — | — | (411 | ) | 6 | 131 | ||||||||||||||||||||||||
Foreign exchange translation adjustment | (523 | ) | (26 | ) | (278 | ) | — | — | — | (827 | ) | |||||||||||||||||||||
Balance at March 31, 2015 | $ | 111,125 | $ | 1,675 | $ | 25,717 | $ | 3,909 | $ | 15,076 | $ | 2,506 | $ | 160,008 | ||||||||||||||||||
Six months ended March 31, 2015 | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 103,179 | $ | 1,594 | $ | 25,022 | 1,380 | 14,350 | 2,049 | $ | 147,574 | |||||||||||||||||||||
Provision for loan losses | 8,364 | 117 | 1,062 | 2,529 | 787 | 443 | 13,302 | |||||||||||||||||||||||||
Net (charge-offs)/recoveries: | ||||||||||||||||||||||||||||||||
Charge-offs | (238 | ) | — | — | — | (638 | ) | — | (876 | ) | ||||||||||||||||||||||
Recoveries | 536 | — | — | — | 577 | 14 | 1,127 | |||||||||||||||||||||||||
Net (charge-offs)/recoveries | 298 | — | — | — | (61 | ) | 14 | 251 | ||||||||||||||||||||||||
Foreign exchange translation adjustment | (716 | ) | (36 | ) | (367 | ) | — | — | — | (1,119 | ) | |||||||||||||||||||||
Balance at March 31, 2015 | $ | 111,125 | $ | 1,675 | $ | 25,717 | $ | 3,909 | $ | 15,076 | $ | 2,506 | $ | 160,008 | ||||||||||||||||||
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 period | $ | 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 | ||||||||||||||||||
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 | Tax-exempt | Residential | SBL | Total | ||||||||||||||||||||||||||
construction | mortgage | |||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,220 | $ | — | $ | — | $ | — | $ | 4,376 | $ | — | $ | 5,596 | ||||||||||||||||||
Collectively evaluated for impairment | 109,905 | 1,675 | 25,717 | 3,909 | 10,700 | 2,506 | 154,412 | |||||||||||||||||||||||||
Total allowance for loan losses | $ | 111,125 | $ | 1,675 | $ | 25,717 | $ | 3,909 | $ | 15,076 | $ | 2,506 | $ | 160,008 | ||||||||||||||||||
Recorded investment:(1) | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 11,418 | $ | — | $ | 17,171 | $ | — | $ | 59,017 | $ | — | $ | 87,606 | ||||||||||||||||||
Collectively evaluated for impairment | 6,801,782 | 100,914 | 1,655,774 | 361,644 | 1,907,184 | 1,251,884 | 12,079,182 | |||||||||||||||||||||||||
Total recorded investment | $ | 6,813,200 | $ | 100,914 | $ | 1,672,945 | $ | 361,644 | $ | 1,966,201 | $ | 1,251,884 | $ | 12,166,788 | ||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,289 | $ | — | $ | — | $ | — | $ | 5,012 | $ | — | $ | 6,301 | ||||||||||||||||||
Collectively evaluated for impairment | 101,890 | 1,594 | 25,022 | 1,380 | 9,338 | 2,049 | 141,273 | |||||||||||||||||||||||||
Total allowance for loan losses | $ | 103,179 | $ | 1,594 | $ | 25,022 | $ | 1,380 | $ | 14,350 | $ | 2,049 | $ | 147,574 | ||||||||||||||||||
Recorded investment:(1) | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 11,959 | $ | — | $ | 18,876 | $ | — | $ | 65,793 | $ | — | $ | 96,628 | ||||||||||||||||||
Collectively evaluated for impairment | 6,410,388 | 94,195 | 1,670,287 | 122,218 | 1,685,954 | 1,023,748 | 11,006,790 | |||||||||||||||||||||||||
Total recorded investment | $ | 6,422,347 | $ | 94,195 | $ | 1,689,163 | $ | 122,218 | $ | 1,751,747 | $ | 1,023,748 | $ | 11,103,418 | ||||||||||||||||||
-1 | Excludes any net unearned income and deferred expenses. | |||||||||||||||||||||||||||||||
The reserve for unfunded lending commitments, included in trade and other payables on our Condensed Consolidated Statements of Financial Condition, was $13.2 million and $10 million at March 31, 2015 and September 30, 2014, respectively. |
VARIABLE_INTEREST_ENTITIES
VARIABLE INTEREST ENTITIES | 6 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
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 115 - 118 of our 2014 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, 2015 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 2014 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, 2015 | ||||||||||||||||||||||||
LIHTC Funds | $ | 156,603 | $ | 49,467 | ||||||||||||||||||||
Guaranteed LIHTC Fund (2) | 73,151 | 2,101 | ||||||||||||||||||||||
Restricted Stock Trust Fund | 9,727 | 9,727 | ||||||||||||||||||||||
EIF Funds | 5,559 | — | ||||||||||||||||||||||
Total | $ | 245,040 | $ | 61,295 | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||
LIHTC Funds | $ | 179,050 | $ | 60,180 | ||||||||||||||||||||
Guaranteed LIHTC Fund (2) | 74,798 | — | ||||||||||||||||||||||
Restricted Stock Trust Fund | 6,608 | 6,608 | ||||||||||||||||||||||
EIF Funds | 6,041 | — | ||||||||||||||||||||||
Total | $ | 266,497 | $ | 66,788 | ||||||||||||||||||||
-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 one investor member with a guaranteed return on their investment in the fund (the “Guaranteed LIHTC Fund”). See Note 15 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, 2015 | September 30, 2014 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Assets segregated pursuant to regulations and other segregated assets | $ | 10,221 | $ | 10,887 | ||||||||||||||||||||
Receivables, other | 5,817 | 5,812 | ||||||||||||||||||||||
Investments in real estate partnerships held by consolidated variable interest entities | 225,557 | 235,858 | ||||||||||||||||||||||
Trust fund investment in RJF common stock (1) | 9,726 | 6,607 | ||||||||||||||||||||||
Prepaid expenses and other assets | 5,197 | 5,728 | ||||||||||||||||||||||
Total assets | $ | 256,518 | $ | 264,892 | ||||||||||||||||||||
Liabilities and equity: | ||||||||||||||||||||||||
Trade and other payables | $ | 18,913 | $ | 10,157 | ||||||||||||||||||||
Intercompany payables | 9,721 | 6,608 | ||||||||||||||||||||||
Loans payable of consolidated variable interest entities (2) | 34,977 | 43,877 | ||||||||||||||||||||||
Total liabilities | 63,611 | 60,642 | ||||||||||||||||||||||
RJF equity | 6,152 | 6,165 | ||||||||||||||||||||||
Noncontrolling interests | 186,755 | 198,085 | ||||||||||||||||||||||
Total equity | 192,907 | 204,250 | ||||||||||||||||||||||
Total liabilities and equity | $ | 256,518 | $ | 264,892 | ||||||||||||||||||||
-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, | |||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Interest | $ | 2 | $ | — | $ | 2 | $ | 1 | ||||||||||||||||
Other | (382 | ) | (1,580 | ) | 292 | (1,416 | ) | |||||||||||||||||
Total revenues | (380 | ) | (1,580 | ) | 294 | (1,415 | ) | |||||||||||||||||
Interest expense | (537 | ) | (797 | ) | (1,066 | ) | (1,584 | ) | ||||||||||||||||
Net revenues (expense) | (917 | ) | (2,377 | ) | (772 | ) | (2,999 | ) | ||||||||||||||||
Non-interest expenses (1) | 11,085 | 12,052 | 19,099 | 21,017 | ||||||||||||||||||||
Net loss including noncontrolling interests | (12,002 | ) | (14,429 | ) | (19,871 | ) | (24,016 | ) | ||||||||||||||||
Net loss attributable to noncontrolling interests | (11,975 | ) | (14,420 | ) | (19,858 | ) | (23,996 | ) | ||||||||||||||||
Net loss attributable to RJF | $ | (27 | ) | $ | (9 | ) | $ | (13 | ) | $ | (20 | ) | ||||||||||||
-1 | Primarily comprised of items reported in other expense on our Condensed Consolidated Statements of Income and Comprehensive Income. | |||||||||||||||||||||||
Low-income housing tax credit funds | ||||||||||||||||||||||||
RJTCF is the managing member or general partner in 98 separate low-income housing tax credit funds having one or more investor members or limited partners, 86 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 15 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 six NMTC Funds, and, as discussed in Note 2 on page 117 of our 2014 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 117 of our 2014 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, 2015 | September 30, 2014 | |||||||||||||||||||||||
Aggregate | Aggregate | Our risk | Aggregate | Aggregate | Our risk | |||||||||||||||||||
assets | liabilities | of loss | assets | liabilities | of loss | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
LIHTC Funds | $ | 3,266,464 | $ | 946,849 | $ | 20,033 | $ | 2,988,224 | $ | 899,586 | $ | 48,915 | ||||||||||||
NMTC Funds | 65,503 | 30 | 12 | 83,474 | 2 | 13 | ||||||||||||||||||
Other Real Estate Limited Partnerships and LLCs | 29,671 | 36,369 | 172 | 30,202 | 36,262 | 183 | ||||||||||||||||||
Total | $ | 3,361,638 | $ | 983,248 | $ | 20,217 | $ | 3,101,900 | $ | 935,850 | $ | 49,111 | ||||||||||||
VIEs where we hold a variable interest but are not required to consolidate | ||||||||||||||||||||||||
Managed Funds | ||||||||||||||||||||||||
As described in Note 2 on page 117 - 118 of our 2014 Form 10-K, we have subsidiaries which serve as the general partner of the Managed Funds. For the Managed Funds, the primary beneficiary assessment applies prior accounting guidance which assesses who will absorb a majority of the entity’s expected losses, receive a majority of the entity’s expected residual returns, or both. Based upon the outcome of our assessments, we have determined that we are not required to consolidate the Managed Funds. | ||||||||||||||||||||||||
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, 2015 | September 30, 2014 | |||||||||||||||||||||||
Aggregate | Aggregate | Our risk | Aggregate | Aggregate | Our risk | |||||||||||||||||||
assets | liabilities | of loss | assets | liabilities | of loss | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Managed Funds | $ | 102,524 | $ | 47 | $ | 94 | $ | 103,618 | $ | 11 | $ | 94 | ||||||||||||
GOODWILL_AND_IDENTIFIABLE_INTA
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS | 6 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
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, 2015 | September 30, 2014 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Goodwill | $ | 295,486 | $ | 295,486 | ||||||||||||||||||||
Identifiable intangible assets, net | 55,187 | 58,775 | ||||||||||||||||||||||
Total goodwill and identifiable intangible assets, net | $ | 350,673 | $ | 354,261 | ||||||||||||||||||||
Our goodwill and identified intangible assets result from various acquisitions. See Note 13 on pages 150 - 154 of our 2014 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 page 113 of our 2014 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 2015 | ||||||||||||||||||||||||
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 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 | ||||||||||||
We performed our annual goodwill impairment testing during the quarter ended March 31, 2015, evaluating the balances as of December 31, 2014. 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, 2014 was required, and we concluded that none of the goodwill allocated to any of our reporting units as of December 31, 2014 was impaired. No events have occurred since December 31, 2014 that would cause us to update this 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, 2015 | ||||||||||||||||||||||||
Net identifiable intangible assets as of beginning of period | $ | 8,472 | $ | 36,600 | $ | 10,663 | $ | 1,253 | $ | 56,988 | ||||||||||||||
Additions | — | — | — | 118 | 118 | |||||||||||||||||||
Amortization expense | (139 | ) | (1,375 | ) | (333 | ) | (72 | ) | (1,919 | ) | ||||||||||||||
Impairment losses | — | — | — | — | — | |||||||||||||||||||
Net identifiable intangible assets as of end of period | $ | 8,333 | $ | 35,225 | $ | 10,330 | $ | 1,299 | $ | 55,187 | ||||||||||||||
For the six months ended March 31, 2015 | ||||||||||||||||||||||||
Net identifiable intangible assets as of beginning of period | $ | 8,611 | $ | 37,975 | $ | 10,996 | $ | 1,193 | $ | 58,775 | ||||||||||||||
Additions | — | — | — | 233 | 233 | |||||||||||||||||||
Amortization expense | (278 | ) | (2,750 | ) | (666 | ) | (127 | ) | (3,821 | ) | ||||||||||||||
Impairment losses | — | — | — | — | — | |||||||||||||||||||
Net identifiable intangible assets as of end of period | $ | 8,333 | $ | 35,225 | $ | 10,330 | $ | 1,299 | $ | 55,187 | ||||||||||||||
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 | ||||||||||||||
Identifiable intangible assets by type are presented below: | ||||||||||||||||||||||||
March 31, 2015 | September 30, 2014 | |||||||||||||||||||||||
Gross carrying value | Accumulated amortization | Gross carrying value | Accumulated amortization | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Customer relationships | $ | 65,957 | $ | (16,469 | ) | $ | 65,957 | $ | (13,875 | ) | ||||||||||||||
Trade name | — | — | 2,000 | (2,000 | ) | |||||||||||||||||||
Developed technology | 11,000 | (6,600 | ) | 11,000 | (5,500 | ) | ||||||||||||||||||
Non-compete agreements | — | — | 1,000 | (1,000 | ) | |||||||||||||||||||
Mortgage servicing rights | 1,726 | (427 | ) | 1,493 | (300 | ) | ||||||||||||||||||
Total | $ | 78,683 | $ | (23,496 | ) | $ | 81,450 | $ | (22,675 | ) | ||||||||||||||
BANK_DEPOSITS
BANK DEPOSITS | 6 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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, 2015 | September 30, 2014 | |||||||||||||||
Balance | Weighted-average rate (1) | Balance | Weighted-average rate (1) | |||||||||||||
($ in thousands) | ||||||||||||||||
Bank deposits: | ||||||||||||||||
NOW accounts | $ | 6,027 | 0.01 | % | $ | 5,792 | 0.01 | % | ||||||||
Demand deposits (non-interest-bearing) | 4,776 | — | 8,386 | — | ||||||||||||
Savings and money market accounts | 10,910,547 | 0.02 | % | 9,670,043 | 0.02 | % | ||||||||||
Certificates of deposit | 350,663 | 1.71 | % | 344,703 | 1.81 | % | ||||||||||
Total bank deposits(2) | $ | 11,272,013 | 0.07 | % | $ | 10,028,924 | 0.09 | % | ||||||||
-1 | Weighted-average rate calculation is based on the actual deposit balances at March 31, 2015 and September 30, 2014, respectively. | |||||||||||||||
-2 | Bank deposits exclude affiliate deposits of approximately $421 million and $509 million at March 31, 2015 and September 30, 2014, respectively. These affiliate deposits include $400 million and $500 million, held in a deposit account on behalf of RJF as of March 31, 2015 and September 30, 2014, 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, 2015 | September 30, 2014 | |||||||||||||||
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 | $ | 8,631 | $ | 8,928 | $ | 11,761 | $ | 9,482 | ||||||||
Over three through six months | 9,127 | 12,614 | 9,067 | 10,317 | ||||||||||||
Over six through twelve months | 15,917 | 14,311 | 15,809 | 21,002 | ||||||||||||
Over one through two years | 46,987 | 35,468 | 33,366 | 27,722 | ||||||||||||
Over two through three years | 17,555 | 13,742 | 45,842 | 33,529 | ||||||||||||
Over three through four years | 58,808 | 19,563 | 35,362 | 11,301 | ||||||||||||
Over four through five years | 62,053 | 26,959 | 55,556 | 24,587 | ||||||||||||
Total | $ | 219,078 | $ | 131,585 | $ | 206,763 | $ | 137,940 | ||||||||
Interest expense on deposits is summarized as follows: | ||||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(in thousands) | ||||||||||||||||
Certificates of deposit | $ | 1,459 | $ | 1,508 | $ | 2,983 | $ | 3,056 | ||||||||
Money market, savings and NOW accounts | 631 | 431 | 1,244 | 828 | ||||||||||||
Total interest expense on deposits | $ | 2,090 | $ | 1,939 | $ | 4,227 | $ | 3,884 | ||||||||
OTHER_BORROWINGS
OTHER BORROWINGS | 6 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Other Borrowings [Abstract] | |||||||||
OTHER BORROWINGS | OTHER BORROWINGS | ||||||||
The following table details the components of other borrowings: | |||||||||
March 31, 2015 | September 30, 2014 | ||||||||
(in thousands) | |||||||||
Other borrowings: | |||||||||
FHLB advances | $ | 550,000 | (1) | $ | 500,000 | (2) | |||
Borrowings on secured lines of credit (3) | 171,600 | 154,700 | |||||||
Borrowings on ClariVest revolving credit facility (4) | 116 | 216 | |||||||
Borrowings on unsecured lines of credit (5) | — | — | |||||||
Total other borrowings | $ | 721,716 | $ | 654,916 | |||||
-1 | Borrowings from the FHLB as of March 31, 2015 are comprised of two floating-rate advances. One FHLB advance in the amount of $250 million, matures in September 2017, and has an interest rate which resets monthly. RJ Bank has the option to prepay this advance on each interest reset date without penalty. The other FHLB advance, in the amount of $300 million, matures in March 2017 and has an interest rate which resets quarterly. We use interest rate swaps to manage the risk of increases in interest rates associated with this floating-rate advance by converting a portion of the variable interest rate to a fixed interest rate. Refer to Note 12 for information regarding these interest rate swaps which are accounted for as hedging instruments. Both of the FHLB advances are secured by a blanket lien granted to the FHLB on RJ Bank’s residential mortgage loan portfolio. The weighted average interest rate on these advances is 0.27%. | ||||||||
-2 | Borrowings from the FHLB as of September 30, 2014 are comprised of two $250 million floating-rate advances. The weighted average interest rate on these advances is 0.20%. These advances are secured by a blanket lien granted to the FHLB on RJ Bank’s residential mortgage loan portfolio and mature in September, 2017. The interest rate resets on a monthly basis for one of the advances and a quarterly basis for the other. RJ Bank has the option to prepay each advance without penalty on each interest reset date. | ||||||||
-3 | Other than a $5 million borrowing outstanding on the Regions Credit Facility (as hereinafter defined) as of both March 31, 2015 and September 30, 2014, any borrowings on secured lines of credit are day-to-day and are generally utilized to finance certain fixed income securities. | ||||||||
As of both March 31, 2015 and September 30, 2014, a subsidiary of RJF (the “Borrower”) is a party to a Revolving Credit Agreement (the “Regions Credit Facility”) with Regions Bank. The Regions Credit Facility provides for a revolving line of credit and is subject to a guarantee in favor of Regions Bank 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 $91 million and the outstanding borrowings were $5 million as of March 31, 2015. The Regions Credit Facility bears interest at a variable rate which is 2.75% over LIBOR. On April 2, 2015, the Regions Credit Facility expired, was not renewed, and the outstanding balance was paid to the Lender. | |||||||||
-4 | The outstanding balance on the revolving line of credit provided to ClariVest Asset Management, LLC (“ClariVest”), a subsidiary of Eagle, by a third party lender (the “ClariVest Facility”). The maximum amount available to borrow under ClariVest Facility is $500 thousand, bearing interest at a variable rate which is 1% over the lenders prime rate. The ClariVest Facility expires on September 10, 2018. | ||||||||
-5 | Any borrowings on unsecured lines of credit are day-to-day and are generally utilized for cash management purposes. | ||||||||
There were other collateralized financings outstanding in the amount of $277 million and $244 million as of March 31, 2015 and September 30, 2014, 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 13 for additional information regarding offsetting asset and liability balances as well as additional information regarding the collateral. |
DERIVATIVE_FINANCIAL_INSTRUMEN
DERIVATIVE FINANCIAL INSTRUMENTS | 6 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
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 page 106 of our 2014 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 client 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 either directly with financial institutions or trades cleared through an exchange (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, Inc. or Morgan Keegan Capital Services, LLC (collectively the Raymond James matched book swap subsidiaries or “RJSS”) enter into derivative transactions (primarily interest rate swaps) with clients. 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. In these activities, we do not use derivative instruments for trading or hedging purposes. 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 client 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 $7 million as of both March 31, 2015 and September 30, 2014, 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 | ||||||||||||||||||||
We enter into derivatives contracts as part of RJ Bank’s business operations through its hedging activities, which include forward foreign exchange contracts and interest rate swaps. Each of these activities is described further below. | ||||||||||||||||||||
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. | ||||||||||||||||||||
The cash flows associated with certain assets held by RJ Bank provide interest income at fixed interest rates. Therefore, the value of these assets, absent any risk mitigation, is subject to fluctuation based upon changes in market rates of interest over time. In February 2015, we entered into certain interest rate swap contracts (the “RJ Bank Interest Hedges”) which swap variable interest payments on certain debt for fixed interest payments. Through the RJ Bank Interest Hedges, RJ Bank is able to mitigate a significant portion of the market risk associated with certain fixed interest earning assets held by RJ Bank. | ||||||||||||||||||||
The RJ Bank Interest Hedges are recorded at fair value on the Condensed Consolidated Statements of Financial Condition and are designated as cash flow hedges. The effective portion of the related gain or loss is recorded, net of tax, in shareholders’ equity as part of the cash flow hedge component of AOCI and subsequently reclassified to earnings when the hedged transaction affects earnings, specifically upon the incurrence of interest expense on certain borrowings. The ineffective portions of the related gain and loss are immediately recognized into earnings in the Condensed Consolidated Statements of Income and Comprehensive Income. Hedge effectiveness is assessed at inception and each reporting period utilizing regression analysis and performed using the hypothetical derivative method. However, as the key terms of the hedging instrument and hedged transaction match at inception, management expects there to be no ineffectiveness impacting earnings from this hedge while it is outstanding. As a result of these derivative transactions being executed through a clearing exchange, the cash deposit associated with this transaction that we have provided to the exchange, is included as a component of deposits with clearing organizations on our Condensed Consolidated Statements of Financial Condition. The fair value of RJ Bank Interest Hedges is obtained from internal pricing models that consider current market trading levels and the contractual prices for the underlying financial instruments, as well as time value, yield curve and other volatility factors underlying the positions. Since our model inputs can be observed in a liquid market and the models do not require significant judgment, such derivative contracts are classified within Level 2 of the fair value hierarchy. We utilize values obtained from a third party to corroborate the output of our internal pricing models. | ||||||||||||||||||||
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. 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 13 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 $19 million as of March 31, 2015 and $21 million as of September 30, 2014. 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 $19 million and $23 million at March 31, 2015 and September 30, 2014, respectively. Our maximum loss exposure under the interest rate swap contracts arising from our OTC Derivatives Operations at March 31, 2015 is $42 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. As of March 31, 2015, all of RJ Bank’s forward foreign exchange contracts are assets, therefore we consider there to be no significant exposure to loss under these contracts. | ||||||||||||||||||||
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, 2015 | September 30, 2014 | |||||||||||||||||||
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 | $ | 553,766 | $ | 6,794 | Prepaid expenses and other assets | $ | 609,018 | $ | 2,101 | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Interest rate contracts (2) | Trading instruments | $ | 2,510,991 | $ | 121,414 | Trading instruments | $ | 2,198,357 | $ | 89,923 | ||||||||||
Interest rate contracts (3) | Derivative instruments associated with offsetting matched book positions | $ | 1,766,733 | $ | 421,850 | Derivative instruments associated with offsetting matched book positions | $ | 1,796,288 | $ | 323,337 | ||||||||||
Forward foreign exchange contracts | Prepaid expenses and other assets | $ | 98,531 | $ | 1,206 | Prepaid expenses and other assets | $ | 105,179 | $ | 361 | ||||||||||
Liability derivatives | ||||||||||||||||||||
March 31, 2015 | September 30, 2014 | |||||||||||||||||||
Balance sheet | Notional | Fair | Balance sheet | Notional | Fair | |||||||||||||||
location | amount | value(1) | location | amount | value(1) | |||||||||||||||
(in thousands) | ||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Interest rate contracts (4) | Trade and other payables | $ | 200,000 | $ | 2,481 | Trade and other payables | $ | — | $ | — | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Interest rate contracts (2) | Trading instruments sold | $ | 2,497,071 | $ | 105,050 | Trading instruments sold | $ | 2,185,085 | $ | 75,668 | ||||||||||
Interest rate contracts (3) | Derivative instruments associated with offsetting matched book positions | $ | 1,766,733 | $ | 421,850 | Derivative instruments associated with offsetting matched book positions | $ | 1,796,288 | $ | 323,337 | ||||||||||
-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 13 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. | |||||||||||||||||||
-4 | These contracts are associated with our RJ Bank Interest Hedges activities. | |||||||||||||||||||
Gains recognized on forward foreign exchange derivatives in AOCI totaled $30.5 million and $43.6 million, net of income taxes, for the three and six months ended March 31, 2015, respectively (see Note 16 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, 2015. | ||||||||||||||||||||
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 16 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. | ||||||||||||||||||||
A loss of $1.5 million was recognized on the RJ Bank Interest Hedges in AOCI, net of income taxes, for the three and six months ended March 31, 2015 (see Note 16 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, 2015. RJ Bank expects to reclassify an estimated $3.3 million as additional interest expense out of AOCI and into earnings within the next 12 months. The maximum length of time over which forecasted transactions are or will be hedged is ten years. | ||||||||||||||||||||
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: | ||||||||||||||||||||
Location of gain (loss) | Amount of gain (loss) on derivatives | |||||||||||||||||||
recognized on derivatives in the | recognized in income | |||||||||||||||||||
Condensed Consolidated Statements of | Three months ended March 31, | Six months ended March 31, | ||||||||||||||||||
Income and Comprehensive Income | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Interest rate contracts (1) | Net trading profit | $ | 2,403 | $ | (70 | ) | $ | 2,280 | $ | 579 | ||||||||||
Interest rate contracts (2) | Other revenues | $ | 44 | $ | 651 | $ | 66 | $ | 671 | |||||||||||
Forward foreign exchange contracts | Other revenues | $ | 8,683 | $ | 2,530 | $ | 12,305 | $ | 4,811 | |||||||||||
-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 that are not cleared through an exchange. 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 that are not cleared through an exchange, 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 required to maintain cash or marketable security deposits with the exchange we utilize to clear our OTC Derivatives transactions that are cleared through such exchanges. These deposits are a component of deposits with clearing organizations on our Condensed Consolidated Statements of Financial Condition. | ||||||||||||||||||||
We are exposed to interest rate risk related to the interest rate derivative agreements arising from certain of our OTC Derivatives Operations and RJ Bank Interest Hedges. We are also exposed to foreign exchange risk related to our forward foreign exchange derivative agreements. We monitor exposure in our derivative agreements which we have risk due to fluctuations in interest rates 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, 2015 is $23.3 million, for which we have posted collateral of $22.3 million in the normal course of business. If the credit-risk-related contingent features underlying these agreements were triggered on March 31, 2015, we would have been required to post an additional $1 million 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, COLLATERAL AND ENCUMBERED ASSETS | 6 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Disclosure of Offsetting Assets and Liabilities, Collateral and Encumbered Assets [Abstract] | |||||||||||||||||||||||||
DISCLOSURE OF OFFSETTING ASSETS AND LIABILITIES, COLLATERAL AND ENCUMBERED ASSETS | DISCLOSURE OF OFFSETTING ASSETS AND LIABILITIES, COLLATERAL AND ENCUMBERED ASSETS | ||||||||||||||||||||||||
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 (received) paid | Net amount | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
As of March 31, 2015: | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Securities purchased under agreements to resell and other collateralized financings | $ | 469,503 | $ | — | $ | 469,503 | $ | (469,503 | ) | (1) | $ | — | $ | — | |||||||||||
Derivatives - interest rate contracts(2) | 121,414 | (79,697 | ) | 41,717 | (9,273 | ) | — | 32,444 | |||||||||||||||||
Derivative instruments associated with offsetting matched book positions | 421,850 | — | 421,850 | (421,850 | ) | (3) | — | — | |||||||||||||||||
Derivatives - forward foreign exchange contracts(4) | 8,000 | — | 8,000 | — | — | 8,000 | |||||||||||||||||||
Stock borrowed | 167,338 | — | 167,338 | (159,418 | ) | — | 7,920 | ||||||||||||||||||
Total assets | $ | 1,188,105 | $ | (79,697 | ) | $ | 1,108,408 | $ | (1,060,044 | ) | $ | — | $ | 48,364 | |||||||||||
Liabilities | |||||||||||||||||||||||||
Securities sold under agreements to repurchase | $ | (277,383 | ) | $ | — | $ | (277,383 | ) | $ | 277,383 | (5) | $ | — | $ | — | ||||||||||
Derivatives - RJ Bank Interest Hedges | (2,481 | ) | — | (2,481 | ) | — | 2,481 | (6) | — | ||||||||||||||||
Derivatives - interest rate contracts(2) | (105,050 | ) | 79,028 | (26,022 | ) | 4,101 | (7) | 15,941 | (7) | (5,980 | ) | ||||||||||||||
Derivative instruments associated with offsetting matched book positions | (421,850 | ) | — | (421,850 | ) | 421,850 | (3) | — | — | ||||||||||||||||
Stock loaned | (395,609 | ) | — | (395,609 | ) | 381,327 | — | (14,282 | ) | ||||||||||||||||
Total liabilities | $ | (1,202,373 | ) | $ | 79,028 | $ | (1,123,345 | ) | $ | 1,084,661 | $ | 18,422 | $ | (20,262 | ) | ||||||||||
As of September 30, 2014: | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Securities purchased under agreements to resell and other collateralized financings | $ | 446,016 | $ | — | $ | 446,016 | $ | (446,016 | ) | (1) | $ | — | $ | — | |||||||||||
Derivatives - interest rate contracts(2) | 89,923 | (61,718 | ) | 28,205 | (3,877 | ) | — | 24,328 | |||||||||||||||||
Derivative instruments associated with offsetting matched book positions | 323,337 | — | 323,337 | (323,337 | ) | (3) | — | — | |||||||||||||||||
Derivatives - forward foreign exchange contracts(4) | 2,462 | — | 2,462 | — | — | 2,462 | |||||||||||||||||||
Stock borrowed | 158,988 | — | 158,988 | (153,261 | ) | — | 5,727 | ||||||||||||||||||
Total assets | $ | 1,020,726 | $ | (61,718 | ) | $ | 959,008 | $ | (926,491 | ) | $ | — | $ | 32,517 | |||||||||||
Liabilities | |||||||||||||||||||||||||
Securities sold under agreements to repurchase | $ | (244,495 | ) | $ | — | $ | (244,495 | ) | $ | 244,495 | (5) | $ | — | $ | — | ||||||||||
Derivatives - interest rate contracts(2) | (75,668 | ) | 63,296 | (12,372 | ) | 3,502 | (7) | 4,620 | (7) | (4,250 | ) | ||||||||||||||
Derivative instruments associated with offsetting matched book positions | (323,337 | ) | — | (323,337 | ) | 323,337 | (3) | — | — | ||||||||||||||||
Stock loaned | (417,383 | ) | — | (417,383 | ) | 402,180 | — | (15,203 | ) | ||||||||||||||||
Total liabilities | $ | (1,060,883 | ) | $ | 63,296 | $ | (997,587 | ) | $ | 973,514 | $ | 4,620 | $ | (19,453 | ) | ||||||||||
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 | We are over-collateralized since the actual amount of financial instruments pledged as collateral for securities purchased under agreements to resell and other collateralized financings amounts to $483.8 million and $463.7 million as of March 31, 2015 and September 30, 2014, respectively. | ||||||||||||||||||||||||
-2 | Derivatives - interest rate contracts are included in Trading instruments on our Condensed Consolidated Statements of Financial Condition. See Note 12 for additional information. | ||||||||||||||||||||||||
-3 | 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 12 for further discussion of the “pass through” structure of the derivative instruments associated with Offsetting Matched Book Derivatives Operations. | ||||||||||||||||||||||||
-4 | As of March 31, 2015 and September 30, 2014. the fair value of the forward foreign exchange contract derivatives are in an asset position and are included in prepaid expenses and other assets on our Condensed Consolidated Statements of Financial Condition. See Note 12 for additional information. | ||||||||||||||||||||||||
-5 | We are over-collateralized since the actual amount of financial instruments pledged as collateral for securities sold under agreements to repurchase amounts to $289.4 million and $253.7 million as of March 31, 2015 and September 30, 2014, respectively. | ||||||||||||||||||||||||
-6 | Derivatives - RJ Bank Interest Hedges are included in other liabilities on our Condensed Consolidated Statements of Financial Condition. See Note 12 for additional information. The RJ Bank Interest Hedges are transacted through an exchange. The nature of the agreement with the clearing member exchange includes terms that are similar to a master netting agreement, thus we present offsetting deposits paid to the exchange assoicated with these contracts. These deposits are included in deposits with clearing organizations on our Condensed Consolidated Statements of Financial Condition. We are over-collateralized since the actual amount of cash deposited with the exchange for these RJ Bank Interest Hedges amounts to $8.9 million as of March 31, 2015. | ||||||||||||||||||||||||
-7 | For the portion of these derivative contracts that are transacted through an exchange, the nature of the agreement with the clearing member exchange include terms that are similar to a master netting agreement, thus we present offsetting deposits paid to the exchange associated with these contracts. These deposits are a component of deposits with clearing organizations on our Condensed Consolidated Statements of Financial Condition. See Note 12 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 including those transacted through an exchange 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 transacted through an exchange, are governed by master agreements that are widely used by counterparties and that may allow for net settlements of payments in the normal course as well as offsetting of all contracts with a given counterparty in the event of bankruptcy or default of one of the two parties to the transaction. Although not offset on the Condensed Consolidated Statements of Financial Condition, these transactions are included in the preceding table. | |||||||||||||||||||||||||
Collateral and deposits with clearing organizations | |||||||||||||||||||||||||
We receive cash and securities as collateral, primarily in connection with Reverse Repurchase Agreements, securities borrowed, derivative transactions not transacted through an exchange, client margin loans arising from our domestic operations, and the secured call loans that are held by RJ Ltd. The cash collateral we receive is primarily associated with our OTC Derivative Operations (see Note 12 for additional information). The collateral we receive reduces our credit exposure to individual counterparties. | |||||||||||||||||||||||||
We also pay cash to the exchange, or receive cash from the exchange, related to derivative contracts transacted through an exchange. We account for such cash as a component of deposits with clearing organizations on our Condensed Consolidated Statements of Financial Condition. | |||||||||||||||||||||||||
In many cases, we are permitted to deliver or repledge financial instruments we have received as collateral, for our own use in our repurchase agreements, securities lending agreements, other secured borrowings, satisfaction of deposit requirements with clearing organizations, or otherwise meeting either our, or our clients, settlement requirements. | |||||||||||||||||||||||||
The table below presents financial instruments at fair value, that we received as collateral, are not included on our Condensed Consolidated Statements of Financial Condition, and that were available to be delivered or repledged, along with the balances of such instruments that were used to deliver or repledge, to satisfy one of our purposes described above: | |||||||||||||||||||||||||
March 31, 2015 | September 30, 2014 | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Collateral we received that is available to be delivered or repledged | $ | 2,146,076 | $ | 2,178,868 | |||||||||||||||||||||
Collateral that we delivered or repledged | 949,809 | (1) | 879,071 | (2) | |||||||||||||||||||||
-1 | The collateral delivered or repledged as of March 31, 2015, includes client margin securities which we pledged with a clearing organization in the amount of $155.4 million which were applied against our requirement of $125.1 million. | ||||||||||||||||||||||||
-2 | The collateral delivered or repledged as of September 30, 2014, includes client margin securities which we pledged with a clearing organization in the amount of $138.8 million which were applied against our requirement of $116.5 million. | ||||||||||||||||||||||||
Encumbered assets | |||||||||||||||||||||||||
We pledge certain of our trading instrument assets to collateralize either Repurchase Agreements, other secured borrowings, or to satisfy our settlement requirements, with counterparties who may or may not have the right to deliver or repledge such securities. | |||||||||||||||||||||||||
The table below presents information about the fair value of our assets that have been pledged for one of the purposes described above: | |||||||||||||||||||||||||
March 31, 2015 | September 30, 2014 | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Financial instruments owned, at fair value, pledged to counterparties that: | |||||||||||||||||||||||||
Had the right to deliver or repledge | $ | 417,609 | $ | 394,746 | |||||||||||||||||||||
Did not have the right to deliver or repledge | 137,467 | (1) | 50,983 | (2) | |||||||||||||||||||||
-1 | Assets delivered or repledged as of March 31, 2015, includes securities which we pledged with a clearing organization in the amount of $24.4 million which were applied against our requirement of $125.1 million (client margin securities we pledged which are described in the preceding table constitute the remainder of the assets pledged to meet the requirement). | ||||||||||||||||||||||||
-2 | Assets delivered or repledged as of September 30, 2014, includes securities which we pledged with a clearing organization in the amount of $18.9 million which were applied against our requirement of $116.5 million (client margin securities we pledged which are described in the preceding table constitute the remainder of the assets pledged to meet the requirement). |
INCOME_TAXES
INCOME TAXES | 6 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES |
For discussion of income tax accounting policies and other income tax related information, see Note 2 on page 115, and Note 20 on pages 163 - 166, of our 2014 Form 10-K. | |
For the three months ended March 31, 2015, our effective income tax rate is 37.1%, which is higher than the 35.8% effective tax rate for fiscal year 2014. The primary factor contributing to the increase in the current quarter effective tax rate compared to the prior year rate is a reduction in the amount of our non-taxable income associated with our corporate owned life insurance. In addition, the fiscal year 2014 effective tax rate was favorably impacted by the recognition of prior year state tax refunds, a benefit that is not expected to recur in fiscal year 2015. | |
For the six months ended March 31, 2015, our effective income tax rate is 37.4%, which is higher than the 35.8% effective tax rate for fiscal year 2014. The factors contributing to the increase in the current year-to-date effective tax rate compared to the prior fiscal year rate are the same factors that are described in the preceding paragraph for the quarter. | |
As of March 31, 2015, we have not experienced significant changes in our unrecognized tax benefits balances from September 30, 2014. |
COMMITMENTS_CONTINGENCIES_AND_
COMMITMENTS, CONTINGENCIES AND GUARANTEES | 6 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [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, 2015, RJ&A had two open transactions involving such commitments which were subsequently settled in open market transactions at amounts which approximated the carrying value of these commitments in our Condensed Consolidated Statements of Financial Condition as of March 31, 2015. Transactions of RJ Ltd. involving such commitments that were recorded and open at March 31, 2015 were approximately $52.1 million in Canadian currency (“CDN”). | |
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 pages 107 - 108 of our 2014 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. As of March 31, 2015, we had made commitments, to either prospects that had accepted our offer, or recently recruited producers, of approximately $59.6 million that had not yet been funded. | |
As of March 31, 2015, RJ Bank had not settled purchases of $46.3 million in syndicated loans. These loan purchases are expected to be settled within 90 days. | |
A subsidiary of RJ Bank has committed $61.6 million as an investor member in a low-income housing tax credit fund in which a subsidiary of RJTCF is the managing member (see the discussion of “direct investments in LIHTC project partnerships” in Note 2 on page 117 of our 2014 Form 10-K for information regarding the accounting policies governing these investments). As of March 31, 2015, the RJ Bank subsidiary has invested $20.6 million of the committed amount. | |
RJ Bank has a committed limited partner investment of $3 million to a limited partnership, $1.2 million of this committed amount has been invested as of March 31, 2015. | |
During fiscal year 2014, 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 20 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 unfunded commitments to various venture capital or private equity partnerships, which aggregate to approximately $56 million as of March 31, 2015. Of the total, we have unfunded commitments to internally-sponsored private equity limited partnerships in which we control the general partner, of approximately $20 million. | |
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 $250 million upon request, subject to certain limitations and to annual review and renewal. At March 31, 2015, RJTCF has $39.7 million in outstanding cash borrowings and $88.9 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. | |
As a part of our fixed income public finance operations, RJ&A enters into forward commitments to purchase GNMA or FNMA MBS (see the discussion of these activities within “financial instruments owned, financial instruments sold but not purchased and fair value” in Note 2 on page 104 of our 2014 Form 10-K). At March 31, 2015, RJ&A had approximately $498 million principal amount of outstanding forward MBS purchase commitments which are expected to be purchased over the following 90 days. 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 4, and at March 31, 2015 aggregate to a net liability having a fair value of $2.2 million. The estimated fair value of the purchase commitment is a $2.2 million asset balance as of March 31, 2015. | |
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 19 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, 2015, the exposure under these guarantees is $6.6 million, which was underwritten as part of RJ Bank’s corporate credit relationship with such borrowers. The outstanding interest rate swaps at March 31, 2015 have maturities ranging from June 2015 through December 2026. 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, 2015. The estimated total potential exposure under these guarantees is $30.4 million at March 31, 2015. | |
RJ Bank guarantees the forward foreign exchange contract obligations of its U.S. subsidiaries. See Note 12 for additional information regarding these derivatives. | |
RJF guarantees interest rate swap obligations of RJ Cap Services. See Note 12 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, 2015, 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 11. | |
RJF guarantees the existing mortgage debt of RJ&A of approximately $39.8 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 client accounts up to $500 thousand per client, 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 for cash and securities, including a sub-limit of $1.9 million per client for cash above basic SIPC. Account protection applies when a SIPC member fails financially and is unable to meet 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 $1.6 million as of March 31, 2015. | |
RJTCF has provided a guaranteed return on investment to a third party investor in one of its fund offerings (“Fund 34”), and RJF has guaranteed RJTCF’s performance under the arrangement. Under the terms of the performance guarantee, should the underlying LIHTC project partnerships held by Fund 34 fail to deliver a certain amount of tax credits and other tax benefits to this investor over the next seven years, RJTCF is obligated to pay the investor an amount that results in the investor achieving a minimum specified return on their investment. A $28.4 million financing asset is included in prepaid expenses and other assets, and a related $28.4 million liability is included in trade and other payables on our Condensed Consolidated Statements of Financial Condition as of March 31, 2015 related to this obligation. The maximum exposure to loss under this guarantee is approximately $35.4 million at March 31, 2015, which represents the undiscounted future payments due the investor. | |
Legal matter contingencies | |
Indemnification from Regions | |
On April 2, 2012 (the “Closing Date”), RJF completed its acquisition of all of the issued and outstanding shares of Morgan Keegan & Company, Inc. (a broker-dealer hereinafter referred to as “MK & Co.”) and MK Holding, Inc. and certain of its affiliates (collectively referred to hereinafter as “Morgan Keegan”) from Regions Financial Corporation (“Regions”). 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 that are received prior to April 2, 2015, as well as any cost of defense pertaining thereto (see Note 3 on pages 118 - 119 of our 2014 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 $37 million to $205 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, 2015, a receivable from Regions of approximately $800 thousand is included in other receivables, an indemnification asset of approximately $149 million is included in other assets, and a liability for potential losses of approximately $147 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 118 - 119 of our 2014 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 SEC and 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 brought by the Missouri Secretary of State in April 2013, seeking monetary penalties and other relief, was dismissed and refiled in November 2013. A civil action was brought by institutional investors of the bonds in March 2012, seeking a return of their investment and unspecified compensatory and punitive damages. Trial of this case is currently set for July 2015 in the Circuit Court for Cole County, Missouri. A class action was brought on behalf of retail purchasers of the bonds in September 2012, seeking unspecified compensatory and punitive damages. In September 2014, the District Court for the Western District of Missouri granted class certification. The matter was resolved and the settlement approved by the District Court in January 2015. Other individual investors and investor groups have also filed arbitration claims or separate civil claims, which are pending in various stages and several have been resolved. | |
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 regulatory investigations and other corporate litigation. We are contesting the allegations in these matters and believe that there are meritorious defenses in each. 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 114 of our 2014 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, 2015, management currently estimates the aggregate range of possible loss is from $0 to an amount of up to $9 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, 2015 | ||||||||||||||||
Equity [Abstract] | ||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | |||||||||||||||
Accumulated other comprehensive income (loss) | ||||||||||||||||
The following table presents the after-tax changes in each component of accumulated other comprehensive income (loss) for the three and six months ended March 31, 2015 and 2014: | ||||||||||||||||
Unrealized gains on available for sale securities | Net currency translations and net investment hedges (1) | Cash flow hedges(2) | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Three months ended March 31, 2015 | ||||||||||||||||
Accumulated other comprehensive income (loss) as of the beginning of the period | $ | 4,721 | $ | (13,073 | ) | $ | — | $ | (8,352 | ) | ||||||
Other comprehensive income (loss) before reclassifications and taxes | 3,801 | 441 | (2,481 | ) | 1,761 | |||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income, before tax | (2 | ) | — | 60 | 58 | |||||||||||
Pre-tax net other comprehensive income (loss) | 3,799 | 441 | (2,421 | ) | 1,819 | |||||||||||
Income tax effect | (1,462 | ) | (15,720 | ) | 920 | (16,262 | ) | |||||||||
Net other comprehensive income (loss) for the period, net of tax | 2,337 | (15,279 | ) | (1,501 | ) | (14,443 | ) | |||||||||
Accumulated other comprehensive income (loss) as of March 31, 2015 | $ | 7,058 | $ | (28,352 | ) | $ | (1,501 | ) | $ | (22,795 | ) | |||||
Six months ended March 31, 2015 | ||||||||||||||||
Accumulated other comprehensive income (loss) as of the beginning of the period | $ | 4,745 | $ | (6,633 | ) | $ | — | $ | (1,888 | ) | ||||||
Other comprehensive income (loss) before reclassifications and taxes | 3,745 | 733 | (2,481 | ) | 1,997 | |||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income, before tax | (2 | ) | — | 60 | 58 | |||||||||||
Pre-tax net other comprehensive income (loss) | 3,743 | 733 | (2,421 | ) | 2,055 | |||||||||||
Income tax effect | (1,430 | ) | (22,452 | ) | 920 | (22,962 | ) | |||||||||
Net other comprehensive income (loss) for the period, net of tax | 2,313 | (21,719 | ) | (1,501 | ) | (20,907 | ) | |||||||||
Accumulated other comprehensive income (loss) as of March 31, 2015 | $ | 7,058 | $ | (28,352 | ) | $ | (1,501 | ) | $ | (22,795 | ) | |||||
Three months ended March 31, 2014 | ||||||||||||||||
Accumulated other comprehensive (loss) income as of the beginning of the period | $ | (182 | ) | $ | 5,727 | $ | — | $ | 5,545 | |||||||
Other comprehensive income (loss) before reclassifications and taxes | 5,668 | (2,691 | ) | — | 2,977 | |||||||||||
Amounts reclassified from accumulated other comprehensive loss, before tax | (39 | ) | — | — | (39 | ) | ||||||||||
Pre-tax net other comprehensive income (loss) | 5,629 | (2,691 | ) | — | 2,938 | |||||||||||
Income tax effect | (2,147 | ) | (7,570 | ) | — | (9,717 | ) | |||||||||
Net other comprehensive income (loss) for the period, net of tax | 3,482 | (10,261 | ) | — | (6,779 | ) | ||||||||||
Accumulated other comprehensive income (loss) as of March 31, 2014 | $ | 3,300 | $ | (4,534 | ) | $ | — | $ | (1,234 | ) | ||||||
Six months ended March 31, 2014 | ||||||||||||||||
Accumulated other comprehensive (loss) income as of the beginning of the period | $ | (1,276 | ) | $ | 12,002 | $ | — | $ | 10,726 | |||||||
Other comprehensive income (loss) before reclassifications and taxes | 11,127 | (2,898 | ) | — | 8,229 | |||||||||||
Amounts reclassified from accumulated other comprehensive loss, before tax | (3,731 | ) | — | — | (3,731 | ) | ||||||||||
Pre-tax net other comprehensive income (loss) | 7,396 | (2,898 | ) | — | 4,498 | |||||||||||
Income tax effect | (2,820 | ) | (13,638 | ) | — | (16,458 | ) | |||||||||
Net other comprehensive income (loss) for the period, net of tax | 4,576 | (16,536 | ) | — | (11,960 | ) | ||||||||||
Accumulated other comprehensive income (loss) as of March 31, 2014 | $ | 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 its non-U.S. dollar net investments (see Note 12 for additional information on these derivatives). | |||||||||||||||
-2 | Represents the RJ Bank Interest Hedges (see Note 12 for additional information on these derivatives). | |||||||||||||||
Reclassifications out of accumulated other comprehensive income | ||||||||||||||||
The following table presents the income statement line items impacted by reclassifications out of accumulated other comprehensive income (loss), and the related tax effects, for the periods indicated: | ||||||||||||||||
Accumulated other comprehensive income (loss) components: | Increase (decrease) in amounts reclassified from accumulated other comprehensive income (loss) | Affected line items in income statement | ||||||||||||||
(in thousands) | ||||||||||||||||
Three months ended March 31, 2015 | ||||||||||||||||
Available for sale securities: (1) | ||||||||||||||||
Auction rate securities | $ | (2 | ) | Other revenue | ||||||||||||
RJ Bank available for sale securities | — | Other revenue | ||||||||||||||
RJ Bank Interest Hedges(2) | 60 | Interest expense | ||||||||||||||
58 | Total before tax | |||||||||||||||
(22 | ) | Provision for income taxes | ||||||||||||||
Total reclassifications for the period | $ | 36 | Net of tax | |||||||||||||
Six months ended March 31, 2015 | ||||||||||||||||
Available for sale securities: (1) | ||||||||||||||||
Auction rate securities | $ | (2 | ) | Other revenue | ||||||||||||
RJ Bank available for sale securities | — | Other revenue | ||||||||||||||
RJ Bank Interest Hedges(2) | 60 | Interest expense | ||||||||||||||
58 | Total before tax | |||||||||||||||
(22 | ) | Provision for income taxes | ||||||||||||||
Total reclassifications for the period | $ | 36 | Net of tax | |||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||
Available for sale securities: (1) | ||||||||||||||||
Auction rate securities | $ | (39 | ) | Other revenue | ||||||||||||
RJ Bank available for sale securities | — | Other revenue | ||||||||||||||
(39 | ) | Total before tax | ||||||||||||||
15 | Provision for income taxes | |||||||||||||||
Total reclassifications for the period | $ | (24 | ) | Net of tax | ||||||||||||
Six months ended March 31, 2014 | ||||||||||||||||
Available for sale securities: (1) | ||||||||||||||||
Auction rate securities (3) | $ | (3,758 | ) | Other revenue | ||||||||||||
RJ Bank available for sale securities | 27 | Other revenue | ||||||||||||||
(3,731 | ) | Total before tax | ||||||||||||||
1,437 | Provision for income taxes | |||||||||||||||
Total reclassifications for the period | $ | (2,294 | ) | Net of tax | ||||||||||||
-1 | See Note 6 for additional information regarding the available for sale securities, and Note 4 for additional fair value information regarding these securities. | |||||||||||||||
-2 | See Note 12 for additional information regarding the RJ Bank Interest Hedges, and Note 4 for additional fair value information regarding these derivatives. | |||||||||||||||
-3 | For the six months ended March 31, 2014, other revenues include realized gains on the redemption or sale of ARS in the amount of $5.6 million (see Note 6 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, 2015 | ||||||||||||||||
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, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(in thousands) | ||||||||||||||||
Interest income: | ||||||||||||||||
Margin balances | $ | 16,237 | $ | 16,628 | $ | 33,513 | $ | 34,415 | ||||||||
Assets segregated pursuant to regulations and other segregated assets | 3,179 | 3,558 | 6,789 | 8,188 | ||||||||||||
Bank loans, net of unearned income | 100,054 | 83,639 | 196,812 | 164,848 | ||||||||||||
Available for sale securities | 1,284 | 1,655 | 2,596 | 3,578 | ||||||||||||
Trading instruments | 4,925 | 4,615 | 9,425 | 9,143 | ||||||||||||
Stock loan | 3,699 | 2,809 | 7,210 | 4,682 | ||||||||||||
Loans to financial advisors | 1,687 | 1,647 | 3,437 | 3,303 | ||||||||||||
Corporate cash and all other | 3,348 | 3,842 | 6,740 | 7,329 | ||||||||||||
Total interest income | $ | 134,413 | $ | 118,393 | $ | 266,522 | $ | 235,486 | ||||||||
Interest expense: | ||||||||||||||||
Brokerage client liabilities | $ | 241 | $ | 286 | $ | 524 | $ | 717 | ||||||||
Retail bank deposits | 2,090 | 1,939 | 4,227 | 3,884 | ||||||||||||
Trading instruments sold but not yet purchased | 1,133 | 1,255 | 2,218 | 2,123 | ||||||||||||
Stock borrow | 1,795 | 814 | 3,413 | 1,306 | ||||||||||||
Borrowed funds | 1,129 | 876 | 2,188 | 1,848 | ||||||||||||
Senior notes | 19,009 | 19,010 | 38,019 | 38,020 | ||||||||||||
Interest expense of consolidated VIEs | 537 | 797 | 1,066 | 1,584 | ||||||||||||
Other | 912 | 1,003 | 2,575 | 1,870 | ||||||||||||
Total interest expense | 26,846 | 25,980 | 54,230 | 51,352 | ||||||||||||
Net interest income | 107,567 | 92,413 | 212,292 | 184,134 | ||||||||||||
Subtract: provision for loan losses | (3,937 | ) | (1,979 | ) | (13,302 | ) | (3,615 | ) | ||||||||
Net interest income after provision for loan losses | $ | 103,630 | $ | 90,434 | $ | 198,990 | $ | 180,519 | ||||||||
SHAREBASED_COMPENSATION
SHARE-BASED COMPENSATION | 6 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||||
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION | |||||||||||||||
We maintain one share-based compensation plan for our employees, Board of Directors and non-employees (comprised of independent contractor financial advisors). The 2012 Stock Incentive 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 2014 Form 10-K, our share-based compensation accounting policies are described in Note 2 on page 114. Other information relating to our employee and Board of Director share-based awards are outlined in our 2014 Form 10-K in Note 24, on pages 172 – 176, while Note 25 on pages 176 – 178 discusses our non-employee share-based awards. For purposes of this report, we have combined our presentation of both our employee and Board of Director share-based awards with our non-employee share-based awards. | ||||||||||||||||
Stock option awards | ||||||||||||||||
Expense and income tax benefits related to our stock options awards granted to employees, members of our Board of Directors and independent contractor financial advisors are presented below: | ||||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(in thousands) | ||||||||||||||||
Total share-based expense | $ | 2,571 | $ | 3,128 | $ | 5,688 | $ | 6,861 | ||||||||
Income tax benefit related to share-based expense | 250 | 483 | 626 | 1,278 | ||||||||||||
For the six months ended March 31, 2015, we realized $1 million of excess tax benefits related to our stock option awards. | ||||||||||||||||
During the three months ended March 31, 2015, we granted 7,779 stock options to employees and no stock options were granted to our independent contractor financial advisors. During the six months ended March 31, 2015, we granted 1,093,279 stock options to employees and 39,200 stock options were granted to our independent contractor financial advisors. During the three and six months ended March 31, 2015, no stock options were granted to outside directors. | ||||||||||||||||
Unrecognized pre-tax expense for stock option awards granted to employees, members of our Board of 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, 2015, are presented below: | ||||||||||||||||
Unrecognized | Remaining | |||||||||||||||
pre-tax expense | weighted- | |||||||||||||||
average amortization period | ||||||||||||||||
(in thousands) | (in years) | |||||||||||||||
Employees and members of our Board of Directors | $ | 29,043 | 3.5 | |||||||||||||
Independent contractor financial advisors | 1,825 | 3.4 | ||||||||||||||
The weighted-average grant-date fair value of stock option awards to employees and members of our Board of Directors for the three and six months ended March 31, 2015 was $14.31 and $14.20, 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 stock options granted to independent contractor financial advisors as of March 31, 2015 was $22.01. | ||||||||||||||||
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, members of our Board of Directors, and independent contractor financial advisors are presented below: | ||||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(in thousands) | ||||||||||||||||
Total share-based expense | $ | 14,189 | $ | 12,422 | $ | 33,155 | $ | 29,057 | ||||||||
Income tax benefit related to share-based expense | 5,038 | 4,304 | 11,900 | 10,220 | ||||||||||||
For the six months ended March 31, 2015, we realized $8.1 million of excess tax benefits related to our restricted equity awards. | ||||||||||||||||
During the three and six months ended March 31, 2015, we granted 79,698 and 1,128,971, respectively, restricted stock units to employees. During the three and six months ended March 31, 2015, we granted 16,656 restricted stock units to outside members of our Board of Directors. We granted no restricted stock units to our independent contractor financial advisors during the three and six months ended March 31, 2015. | ||||||||||||||||
Unrecognized pre-tax expense for restricted equity awards granted to employees, members of our Board of 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, 2015, are presented below: | ||||||||||||||||
Unrecognized | Remaining | |||||||||||||||
pre-tax expense | weighted- | |||||||||||||||
average amortization period | ||||||||||||||||
(in thousands) | (in years) | |||||||||||||||
Employees and members of our Board of Directors | $ | 108,156 | 3 | |||||||||||||
Independent contractor financial advisors | 65 | 1.3 | ||||||||||||||
The weighted-average grant-date fair value of restricted stock unit awards granted to employees and outside members of our Board of Directors for the three and six months ended March 31, 2015 were $56.87 and $56.15, respectively. | ||||||||||||||||
The fair value of each restricted equity award 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, 2015 was $56.78 per unit. |
REGULATIONS_AND_CAPITAL_REQUIR
REGULATIONS AND CAPITAL REQUIREMENTS | 6 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | |||||||||||||||||||||
REGULATIONS AND CAPITAL REQUIREMENTS | REGULATIONS AND CAPITAL REQUIREMENTS | ||||||||||||||||||||
RJF, as a financial holding company, and RJ Bank, are subject to various regulatory capital requirements. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on our 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. | |||||||||||||||||||||
Effective January 1, 2015, RJF and RJ Bank became subject to Basel III. Under the Basel III rules, the quantity and quality of regulatory capital increases, a capital conservation buffer is established, selected changes were made to the calculation of risk-weighted assets, and a new ratio, common equity Tier 1 was introduced, all of which are applicable to both RJF and RJ Bank. RJF and RJ Bank report regulatory capital under Basel III under the standardized approach. Various aspects of Basel III will be subject to multi-year transition periods through December 31, 2018. Prior to January 1, 2015, RJF and RJ Bank were subject to the capital requirements of Basel 2.5 and Basel I, respectively. | |||||||||||||||||||||
RJF and RJ Bank are required to maintain minimum amounts and ratios of Total, Tier 1 capital (as defined in the regulations)to risk-weighted assets (as defined), Tier 1 capital to average assets (as defined), and under rules defined in Basel III, Common equity Tier 1 capital to risk-weighted assets. RJF and RJ Bank each calculate these ratios in order to assess compliance with both regulatory requirements and their internal capital policies. Effective January 1, 2016, RJF and RJ Bank will be required to report their capital conservation buffers. Capital levels are 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. | |||||||||||||||||||||
For further discussion of the various regulations and capital requirements applicable to certain of our businesses and subsidiaries, see Note 26 on pages 178 - 181 of our 2014 Form 10-K. | |||||||||||||||||||||
To meet requirements for capital adequacy purposes or to be categorized as “well capitalized,” RJF must maintain minimum Common equity tier 1, Tier 1 risk-based, Total risk-based, and Tier 1 leverage amounts and 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, 2015: | |||||||||||||||||||||
(computed in accordance with Basel III) | |||||||||||||||||||||
Common equity tier 1 capital | $ | 3,912,863 | 19.2 | % | $ | 916,946 | 4.5 | % | $ | 1,324,477 | 6.5 | % | |||||||||
Tier 1 capital | 3,912,863 | 19.2 | % | 1,222,595 | 6 | % | 1,630,126 | 8 | % | ||||||||||||
Total capital | 4,093,835 | 20.1 | % | 1,630,126 | 8 | % | 2,037,658 | 10 | % | ||||||||||||
Tier 1 leverage | 3,912,863 | 16.2 | % | 966,350 | 4 | % | 1,207,937 | 5 | % | ||||||||||||
RJF as of September 30, 2014: | |||||||||||||||||||||
(computed in accordance with Basel 2.5) | |||||||||||||||||||||
Tier 1 capital | $ | 3,775,385 | 19.7 | % | $ | 765,589 | 4 | % | $ | 1,148,384 | 6 | % | |||||||||
Total capital | 3,940,516 | 20.6 | % | 1,531,178 | 8 | % | 1,913,973 | 10 | % | ||||||||||||
Tier 1 leverage | 3,775,385 | 16.4 | % | 919,546 | 4 | % | 1,149,433 | 5 | % | ||||||||||||
The decrease in RJF’s Total capital, Tier 1 capital and Tier 1 leverage ratios at March 31, 2015 compared to September 30, 2014 was primarily the result of the change in rules governing the computations in Basel III versus Basel 2.5 as well as the significant loan growth during the period offset by our increase in earnings during the six month period ended March 31, 2015. | |||||||||||||||||||||
To meet the requirements for capital adequacy or to be categorized as “well capitalized,” RJ Bank must maintain minimum Common equity Tier 1, tier 1 risk-based, Total risk-based, and Tier 1 leverage amounts and 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, 2015: | |||||||||||||||||||||
(computed in accordance with Basel III) | |||||||||||||||||||||
Common equity tier I capital | $ | 1,437,093 | 11.5 | % | $ | 561,822 | 4.5 | % | $ | 811,520 | 6.5 | % | |||||||||
Tier 1 capital | 1,437,093 | 11.5 | % | 749,096 | 6 | % | 998,794 | 8 | % | ||||||||||||
Total capital | 1,593,572 | 12.8 | % | 998,794 | 8 | % | 1,248,493 | 10 | % | ||||||||||||
Tier 1 leverage | 1,437,093 | 10.8 | % | 530,077 | 4 | % | 662,596 | 5 | % | ||||||||||||
RJ Bank as of September 30, 2014: | |||||||||||||||||||||
(computed in accordance with Basel I) | |||||||||||||||||||||
Tier 1 capital | $ | 1,314,374 | 11.2 | % | $ | 467,926 | 4 | % | $ | 701,889 | 6 | % | |||||||||
Total capital | 1,460,895 | 12.5 | % | 935,852 | 8 | % | 1,169,815 | 10 | % | ||||||||||||
Tier 1 leverage | 1,314,374 | 10.7 | % | 492,186 | 4 | % | 615,232 | 5 | % | ||||||||||||
The increase in RJ Bank’s Total and Tier 1 capital ratios and Tier 1 leverage ratio at March 31, 2015 compared to September 30, 2014 was primarily due to earnings and a $35 million capital contribution from RJF, which exceed the impact of significant loan growth during the six month period ended March 31, 2015. The impact from the conversion to Basel III on the capital ratios was insignificant. | |||||||||||||||||||||
Certain of our broker-dealer subsidiaries are subject to the requirements of the Uniform Net Capital Rule (Rule 15c3-1) under the Securities Exchange Act of 1934. | |||||||||||||||||||||
The net capital position of our wholly owned broker-dealer subsidiary RJ&A is as follows: | |||||||||||||||||||||
As of | |||||||||||||||||||||
March 31, 2015 | September 30, 2014 | ||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||
Raymond James & Associates, Inc.: | |||||||||||||||||||||
(Alternative Method elected) | |||||||||||||||||||||
Net capital as a percent of aggregate debit items | 24.99 | % | 24.14 | % | |||||||||||||||||
Net capital | $ | 440,542 | $ | 442,866 | |||||||||||||||||
Less: required net capital | (35,251 | ) | (36,694 | ) | |||||||||||||||||
Excess net capital | $ | 405,291 | $ | 406,172 | |||||||||||||||||
The net capital position of our wholly owned broker-dealer subsidiary RJFS is as follows: | |||||||||||||||||||||
As of | |||||||||||||||||||||
March 31, 2015 | September 30, 2014 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Raymond James Financial Services, Inc.: | |||||||||||||||||||||
(Alternative Method elected) | |||||||||||||||||||||
Net capital | $ | 19,363 | $ | 23,748 | |||||||||||||||||
Less: required net capital | (250 | ) | (250 | ) | |||||||||||||||||
Excess net capital | $ | 19,113 | $ | 23,498 | |||||||||||||||||
The risk adjusted capital of RJ Ltd. is as follows (in Canadian dollars): | |||||||||||||||||||||
As of | |||||||||||||||||||||
March 31, 2015 | September 30, 2014 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Raymond James Ltd.: | |||||||||||||||||||||
Risk adjusted capital before minimum | $ | 112,192 | $ | 107,645 | |||||||||||||||||
Less: required minimum capital | (250 | ) | (250 | ) | |||||||||||||||||
Risk adjusted capital | $ | 111,942 | $ | 107,395 | |||||||||||||||||
At March 31, 2015, 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, 2015 | ||||
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 27 on pages 181 - 182 of our 2014 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 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. | ||||
RJ Bank’s commitments to extend credit and other credit-related off-balance sheet financial instruments outstanding are as follows: | ||||
March 31, 2015 | ||||
(in thousands) | ||||
Standby letters of credit | $ | 83,968 | ||
Open-end consumer lines of credit | 1,897,896 | |||
Commercial lines of credit | 1,604,622 | |||
Unfunded loan commitments | 259,206 | |||
Because many of RJ Bank’s 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 7 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, 2015, forward contracts outstanding to buy and sell U.S. dollars totaled CDN $6.9 million and CDN $10.4 million, respectively. RJ Bank is also subject to foreign exchange risk related to its net investment in a Canadian subsidiary. See Note 12 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 or FNMA MBS. See Note 15 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, the 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, 2015 | ||||||||||||||||
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, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
Income for basic earnings per common share: | ||||||||||||||||
Net income attributable to RJF | $ | 113,463 | $ | 104,560 | $ | 239,759 | $ | 221,193 | ||||||||
Less allocation of earnings and dividends to participating securities (1) | (371 | ) | (656 | ) | (823 | ) | (1,530 | ) | ||||||||
Net income attributable to RJF common shareholders | $ | 113,092 | $ | 103,904 | $ | 238,936 | $ | 219,663 | ||||||||
Income for diluted earnings per common share: | ||||||||||||||||
Net income attributable to RJF | $ | 113,463 | $ | 104,560 | $ | 239,759 | $ | 221,193 | ||||||||
Less allocation of earnings and dividends to participating securities (1) | (364 | ) | (642 | ) | (803 | ) | (1,500 | ) | ||||||||
Net income attributable to RJF common shareholders | $ | 113,099 | $ | 103,918 | $ | 238,956 | $ | 219,693 | ||||||||
Common shares: | ||||||||||||||||
Average common shares in basic computation | 142,320 | 139,888 | 141,813 | 139,498 | ||||||||||||
Dilutive effect of outstanding stock options and certain restricted stock units | 3,730 | 3,748 | 4,375 | 3,567 | ||||||||||||
Average common shares used in diluted computation | 146,050 | 143,636 | 146,188 | 143,065 | ||||||||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | 0.79 | $ | 0.74 | $ | 1.68 | $ | 1.57 | ||||||||
Diluted | $ | 0.77 | $ | 0.72 | $ | 1.64 | $ | 1.54 | ||||||||
Stock options and certain restricted stock units excluded from weighted-average diluted common shares because their effect would be antidilutive | 2,062 | 228 | 2,294 | 527 | ||||||||||||
-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 472 thousand and 896 thousand for the three months ended March 31, 2015 and 2014, respectively. Participating securities amounted to weighted-average shares of 493 thousand and 976 thousand for the six months ended March 31, 2015 and 2014, respectively. Dividends paid to participating securities amounted to $81 thousand and $133 thousand for the three months ended March 31, 2015 and 2014, respectively. Dividends paid to participating securities amounted to $159 thousand and $286 thousand for the six months ended March 31, 2015 and 2014, 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, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Dividends per common share - declared | $ | 0.18 | $ | 0.16 | $ | 0.36 | $ | 0.32 | ||||||||
Dividends per common share - paid | $ | 0.18 | $ | 0.16 | $ | 0.34 | $ | 0.3 | ||||||||
SEGMENT_ANALYSIS
SEGMENT ANALYSIS | 6 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION | |||||||||||||||
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. 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 29 on pages 183 - 186 of our 2014 Form 10-K. | ||||||||||||||||
Information concerning operations in these segments of business is as follows: | ||||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(in thousands) | ||||||||||||||||
Revenues: | ||||||||||||||||
Private Client Group | $ | 873,634 | $ | 817,581 | $ | 1,722,877 | $ | 1,600,330 | ||||||||
Capital Markets | 238,921 | 225,226 | 474,095 | 466,666 | ||||||||||||
Asset Management | 94,022 | 87,534 | 193,652 | 183,550 | ||||||||||||
RJ Bank | 105,390 | 87,157 | 208,346 | 171,030 | ||||||||||||
Other | 17,806 | 3,982 | 27,572 | 24,071 | ||||||||||||
Intersegment eliminations | (17,149 | ) | (16,855 | ) | (34,074 | ) | (32,248 | ) | ||||||||
Total revenues(1) | $ | 1,312,624 | $ | 1,204,625 | $ | 2,592,468 | $ | 2,413,399 | ||||||||
Income (loss) excluding noncontrolling interests and before provision for income taxes: | ||||||||||||||||
Private Client Group | $ | 75,420 | $ | 77,115 | $ | 168,164 | $ | 148,625 | ||||||||
Capital Markets | 20,848 | 29,571 | 48,501 | 63,016 | ||||||||||||
Asset Management | 31,095 | 29,864 | 70,891 | 61,700 | ||||||||||||
RJ Bank | 71,264 | 56,798 | 135,620 | 113,856 | ||||||||||||
Other | (18,307 | ) | (27,884 | ) | (39,948 | ) | (42,809 | ) | ||||||||
Pre-tax income excluding noncontrolling interests | 180,320 | 165,464 | 383,228 | 344,388 | ||||||||||||
Add: net loss attributable to noncontrolling interests | (4,687 | ) | (12,465 | ) | (8,946 | ) | (12,577 | ) | ||||||||
Income including noncontrolling interests and before provision for income taxes | $ | 175,633 | $ | 152,999 | $ | 374,282 | $ | 331,811 | ||||||||
-1 | No individual client accounted for more than ten percent of total revenues in any of the periods presented. | |||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(in thousands) | ||||||||||||||||
Net interest income (expense): | ||||||||||||||||
Private Client Group | $ | 21,696 | $ | 22,136 | $ | 43,759 | $ | 45,586 | ||||||||
Capital Markets | 2,034 | 1,414 | 4,127 | 3,262 | ||||||||||||
Asset Management | 24 | 12 | 91 | 41 | ||||||||||||
RJ Bank | 99,857 | 84,527 | 196,579 | 166,641 | ||||||||||||
Other | (16,044 | ) | (15,676 | ) | (32,264 | ) | (31,396 | ) | ||||||||
Net interest income | $ | 107,567 | $ | 92,413 | $ | 212,292 | $ | 184,134 | ||||||||
The following table presents our total assets on a segment basis: | ||||||||||||||||
March 31, 2015 | September 30, 2014 | |||||||||||||||
(in thousands) | ||||||||||||||||
Total assets: | ||||||||||||||||
Private Client Group (1) | $ | 6,338,908 | $ | 6,255,176 | ||||||||||||
Capital Markets (2) | 2,909,119 | 2,645,926 | ||||||||||||||
Asset Management | 173,249 | 186,170 | ||||||||||||||
RJ Bank | 13,327,340 | 12,036,945 | ||||||||||||||
Other | 2,219,319 | 2,201,435 | ||||||||||||||
Total | $ | 24,967,935 | $ | 23,325,652 | ||||||||||||
-1 | Includes $174.6 million of goodwill at March 31, 2015 and September 30, 2014. | |||||||||||||||
-2 | Includes $120.9 million of goodwill at March 31, 2015 and September 30, 2014. | |||||||||||||||
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, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(in thousands) | ||||||||||||||||
Revenues: | ||||||||||||||||
United States | $ | 1,214,397 | $ | 1,093,936 | $ | 2,395,705 | $ | 2,182,031 | ||||||||
Canada | 69,581 | 76,380 | 137,293 | 164,494 | ||||||||||||
Europe | 21,211 | 25,588 | 45,125 | 50,584 | ||||||||||||
Other | 7,435 | 8,721 | 14,345 | 16,290 | ||||||||||||
Total | $ | 1,312,624 | $ | 1,204,625 | $ | 2,592,468 | $ | 2,413,399 | ||||||||
Pre-tax income (loss) excluding noncontrolling interests: | ||||||||||||||||
United States | $ | 176,602 | $ | 153,577 | $ | 378,787 | $ | 320,183 | ||||||||
Canada | 5,262 | 8,997 | 7,487 | 20,543 | ||||||||||||
Europe | (1,970 | ) | 656 | (3,726 | ) | 855 | ||||||||||
Other | 426 | 2,234 | 680 | 2,807 | ||||||||||||
Total | $ | 180,320 | $ | 165,464 | $ | 383,228 | $ | 344,388 | ||||||||
Our total assets, classified by major geographic area in which they are held, are presented below: | ||||||||||||||||
March 31, 2015 | September 30, 2014 | |||||||||||||||
(in thousands) | ||||||||||||||||
Total assets: | ||||||||||||||||
United States (1) | $ | 23,319,673 | $ | 21,469,999 | ||||||||||||
Canada(2) | 1,568,758 | 1,773,703 | ||||||||||||||
Europe | 32,878 | 39,872 | ||||||||||||||
Other | 46,626 | 42,078 | ||||||||||||||
Total | $ | 24,967,935 | $ | 23,325,652 | ||||||||||||
-1 | Includes $262.5 million of goodwill at March 31, 2015 and September 30, 2014. | |||||||||||||||
-2 | Includes $33 million of goodwill at March 31, 2015 and September 30, 2014. |
UPDATE_OF_SIGNIFICANT_ACCOUNTI1
UPDATE OF SIGNIFICANT ACCOUNTING POLICIES UPDATE OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation |
The accompanying unaudited condensed consolidated financial statements include the accounts of RJF and its consolidated subsidiaries that are generally controlled through a majority voting interest. We consolidate all of our 100% owned subsidiaries. In addition we consolidate any variable interest entity (“VIE”) in which we are the primary beneficiary. Additional information on these VIEs is provided in Note 2 on pages 115 - 118 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, 2014, as filed with the United States (“U.S.”) Securities and Exchange Commission (the “2014 Form 10-K”) and in Note 8 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 2014 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. | |
Reclassifications | Reclassifications |
Certain prior period amounts, none of which are material, have been reclassified to conform to the current period’s presentation. | |
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 107 - 108 of our 2014 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. |
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, 2015 | ||||||||
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, | |||||||
2015 | 2014 | |||||||
(in thousands) | ||||||||
Cash and cash equivalents: | ||||||||
Cash in banks | $ | 2,532,322 | $ | 2,195,683 | ||||
Money market fund investments | 7,815 | 3,380 | ||||||
Total cash and cash equivalents (1) | 2,540,137 | 2,199,063 | ||||||
Cash segregated pursuant to federal regulations and other segregated assets (2) | 2,560,449 | 2,489,264 | ||||||
Deposits with clearing organizations (3) | 216,178 | 150,457 | ||||||
$ | 5,316,764 | $ | 4,838,784 | |||||
-1 | The total amounts presented include cash and cash equivalents of $1.21 billion as of March 31, 2015 and September 30, 2014, which is either held directly by RJF in depository accounts at third party financial institutions, held in a depository account at RJ Bank, or is otherwise invested by one of our subsidiaries on behalf of RJF, all of which are available without restrictions. | |||||||
-2 | Consists of cash and cash equivalents 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, 2015 | |||||||||||||||||||||||||||||||||||||||||||||
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, 2015 | Quoted prices | Significant | Significant | Netting | Balance as of | ||||||||||||||||||||||||||||||||||||||||
in active | other | unobservable | adjustments (2) | March 31, | |||||||||||||||||||||||||||||||||||||||||
markets for | observable | inputs | 2015 | ||||||||||||||||||||||||||||||||||||||||||
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 | $ | 4,955 | $ | 239,564 | $ | — | $ | — | $ | 244,519 | |||||||||||||||||||||||||||||||||||
Corporate obligations | 15,899 | 80,174 | — | — | 96,073 | ||||||||||||||||||||||||||||||||||||||||
Government and agency obligations | 38,717 | 125,291 | — | — | 164,008 | ||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed securities (“MBS”) and collateralized mortgage obligations (“CMOs”) | 603 | 139,800 | — | — | 140,403 | ||||||||||||||||||||||||||||||||||||||||
Non-agency CMOs and asset-backed securities (“ABS”) | — | 51,800 | 10 | — | 51,810 | ||||||||||||||||||||||||||||||||||||||||
Total debt securities | 60,174 | 636,629 | 10 | — | 696,813 | ||||||||||||||||||||||||||||||||||||||||
Derivative contracts | — | 121,414 | — | (79,697 | ) | 41,717 | |||||||||||||||||||||||||||||||||||||||
Equity securities | 36,790 | 5,579 | 14 | — | 42,383 | ||||||||||||||||||||||||||||||||||||||||
Other | 657 | 15,181 | 780 | — | 16,618 | ||||||||||||||||||||||||||||||||||||||||
Total trading instruments | 97,621 | 778,803 | 804 | (79,697 | ) | 797,531 | |||||||||||||||||||||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||||||||||||||||||||||||
Agency MBS and CMOs | — | 240,488 | — | — | 240,488 | ||||||||||||||||||||||||||||||||||||||||
Non-agency CMOs | — | 87,362 | — | — | 87,362 | ||||||||||||||||||||||||||||||||||||||||
Other securities | 2,028 | — | — | — | 2,028 | ||||||||||||||||||||||||||||||||||||||||
Auction rate securities (“ARS”): | |||||||||||||||||||||||||||||||||||||||||||||
Municipals | — | — | 89,614 | (3) | — | 89,614 | |||||||||||||||||||||||||||||||||||||||
Preferred securities | — | — | 112,448 | — | 112,448 | ||||||||||||||||||||||||||||||||||||||||
Total available for sale securities | 2,028 | 327,850 | 202,062 | — | 531,940 | ||||||||||||||||||||||||||||||||||||||||
Private equity investments | — | — | 220,944 | (4) | — | 220,944 | |||||||||||||||||||||||||||||||||||||||
Other investments (5) | 206,888 | 1,172 | 916 | — | 208,976 | ||||||||||||||||||||||||||||||||||||||||
Derivative instruments associated with offsetting matched book positions | — | 421,850 | — | — | 421,850 | ||||||||||||||||||||||||||||||||||||||||
Deposits with clearing organizations(6) | 23,592 | — | — | — | 23,592 | ||||||||||||||||||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||||||||||||||
Derivatives - forward foreign exchange contracts | — | 8,000 | — | — | 8,000 | ||||||||||||||||||||||||||||||||||||||||
Other assets | — | — | 2,196 | (7) | — | 2,196 | |||||||||||||||||||||||||||||||||||||||
Total other assets | — | 8,000 | 2,196 | — | 10,196 | ||||||||||||||||||||||||||||||||||||||||
Total assets at fair value on a recurring basis | $ | 330,129 | $ | 1,537,675 | $ | 426,922 | $ | (79,697 | ) | $ | 2,215,029 | ||||||||||||||||||||||||||||||||||
Assets at fair value on a nonrecurring basis: | |||||||||||||||||||||||||||||||||||||||||||||
Bank loans, net: | |||||||||||||||||||||||||||||||||||||||||||||
Impaired loans | $ | — | $ | 30,566 | $ | 51,444 | $ | — | $ | 82,010 | |||||||||||||||||||||||||||||||||||
Loans held for sale(8) | — | 49,130 | — | — | 49,130 | ||||||||||||||||||||||||||||||||||||||||
Total bank loans, net | — | 79,696 | 51,444 | — | 131,140 | ||||||||||||||||||||||||||||||||||||||||
Other real estate owned (“OREO”)(9) | — | 1,196 | — | — | 1,196 | ||||||||||||||||||||||||||||||||||||||||
Total assets at fair value on a nonrecurring basis | $ | — | $ | 80,892 | $ | 51,444 | $ | — | $ | 132,336 | |||||||||||||||||||||||||||||||||||
(continued on next page) | |||||||||||||||||||||||||||||||||||||||||||||
March 31, 2015 | Quoted prices | Significant | Significant | Netting | Balance as of | ||||||||||||||||||||||||||||||||||||||||
in active | other | unobservable | adjustments (2) | March 31, | |||||||||||||||||||||||||||||||||||||||||
markets for | observable | inputs | 2015 | ||||||||||||||||||||||||||||||||||||||||||
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 | $ | 4,482 | $ | 394 | $ | — | $ | — | $ | 4,876 | |||||||||||||||||||||||||||||||||||
Corporate obligations | 33 | 18,615 | — | — | 18,648 | ||||||||||||||||||||||||||||||||||||||||
Government obligations | 284,821 | — | — | — | 284,821 | ||||||||||||||||||||||||||||||||||||||||
Agency MBS and CMOs | 1,834 | — | — | — | 1,834 | ||||||||||||||||||||||||||||||||||||||||
Total debt securities | 291,170 | 19,009 | — | — | 310,179 | ||||||||||||||||||||||||||||||||||||||||
Derivative contracts | — | 105,050 | — | (79,028 | ) | 26,022 | |||||||||||||||||||||||||||||||||||||||
Equity securities | 34,387 | 1 | — | — | 34,388 | ||||||||||||||||||||||||||||||||||||||||
Other securities | 2 | 1,749 | — | — | 1,751 | ||||||||||||||||||||||||||||||||||||||||
Total trading instruments sold but not yet purchased | 325,559 | 125,809 | — | (79,028 | ) | 372,340 | |||||||||||||||||||||||||||||||||||||||
Derivative instruments associated with offsetting matched book positions | — | 421,850 | — | — | 421,850 | ||||||||||||||||||||||||||||||||||||||||
Trade and other payables: | |||||||||||||||||||||||||||||||||||||||||||||
Derivative contracts(10) | — | 2,481 | — | — | 2,481 | ||||||||||||||||||||||||||||||||||||||||
Other liabilities | — | — | 58 | — | 58 | ||||||||||||||||||||||||||||||||||||||||
Total trade and other payables | — | 2,481 | 58 | — | 2,539 | ||||||||||||||||||||||||||||||||||||||||
Total liabilities at fair value on a recurring basis | $ | 325,559 | $ | 550,140 | $ | 58 | $ | (79,028 | ) | $ | 796,729 | ||||||||||||||||||||||||||||||||||
-1 | We had $600 thousand and $1.1 million in transfers of financial instruments from Level 1 to Level 2 during the three and six months ended March 31, 2015, respectively. 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 $1.1 million in transfers of financial instruments from Level 2 to Level 1 during the six months ended March 31, 2015. 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 | For derivative transactions not cleared through an exchange, and 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 13 for additional information regarding offsetting financial instruments). Deposits associated with derivative transactions cleared through an exchange are included in deposits with clearing organizations on our Condensed Consolidated Statements of Financial Condition. | ||||||||||||||||||||||||||||||||||||||||||||
-3 | Includes $62 million of Jefferson County, Alabama Limited Obligation School Warrants ARS. | ||||||||||||||||||||||||||||||||||||||||||||
-4 | The portion of these investments we do not own is approximately $56 million as of March 31, 2015 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 $165 million or 75% of the total private equity investments of $221 million included in our Condensed Consolidated Statements of Financial Condition. | ||||||||||||||||||||||||||||||||||||||||||||
-5 | Other investments include $143 million of financial instruments that are related to obligations to perform under certain deferred compensation plans (see Note 2 on page 114, and Note 24 on page 173, of our 2014 Form 10-K for further information regarding these plans). | ||||||||||||||||||||||||||||||||||||||||||||
-6 | Consists of deposits we provide to clearing organizations or exchanges that are in the form of marketable securities. | ||||||||||||||||||||||||||||||||||||||||||||
-7 | Includes forward commitments to purchase GNMA or FNMA (as hereinafter defined) MBS arising from our fixed income public finance operations, and to a much lesser extent, other certain commitments. See Note 2 on page 104, and Note 21 on page 167 of our 2014 Form 10-K, as well as Note 15 in this report, for additional information regarding the GNMA or FNMA MBS commitments. | ||||||||||||||||||||||||||||||||||||||||||||
-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. | ||||||||||||||||||||||||||||||||||||||||||||
-10 | Consists of RJ Bank Interest Hedges (as hereinafter defined), see Note 12 for additional information. | ||||||||||||||||||||||||||||||||||||||||||||
September 30, 2014 | Quoted prices | Significant | Significant | Netting | Balance as of | ||||||||||||||||||||||||||||||||||||||||
in active | other | unobservable | adjustments (2) | September 30, | |||||||||||||||||||||||||||||||||||||||||
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 | $ | 11,407 | $ | 192,482 | $ | — | $ | — | $ | 203,889 | |||||||||||||||||||||||||||||||||||
Corporate obligations | 1,989 | 109,939 | — | — | 111,928 | ||||||||||||||||||||||||||||||||||||||||
Government and agency obligations | 7,376 | 93,986 | — | — | 101,362 | ||||||||||||||||||||||||||||||||||||||||
Agency MBS and CMOs | 247 | 127,172 | — | — | 127,419 | ||||||||||||||||||||||||||||||||||||||||
Non-agency CMOs and ABS | — | 58,364 | 11 | — | 58,375 | ||||||||||||||||||||||||||||||||||||||||
Total debt securities | 21,019 | 581,943 | 11 | — | 602,973 | ||||||||||||||||||||||||||||||||||||||||
Derivative contracts | — | 89,923 | — | (61,718 | ) | 28,205 | |||||||||||||||||||||||||||||||||||||||
Equity securities | 28,834 | 5,264 | 44 | — | 34,142 | ||||||||||||||||||||||||||||||||||||||||
Corporate loans | — | 990 | — | — | 990 | ||||||||||||||||||||||||||||||||||||||||
Other | 566 | 10,208 | 2,309 | — | 13,083 | ||||||||||||||||||||||||||||||||||||||||
Total trading instruments | 50,419 | 688,328 | 2,364 | (61,718 | ) | 679,393 | |||||||||||||||||||||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||||||||||||||||||||||||
Agency MBS and CMOs | — | 267,720 | — | — | 267,720 | ||||||||||||||||||||||||||||||||||||||||
Non-agency CMOs | — | 91,918 | — | — | 91,918 | ||||||||||||||||||||||||||||||||||||||||
Other securities | 1,916 | — | — | — | 1,916 | ||||||||||||||||||||||||||||||||||||||||
ARS: | |||||||||||||||||||||||||||||||||||||||||||||
Municipals | — | — | 86,696 | (3) | — | 86,696 | |||||||||||||||||||||||||||||||||||||||
Preferred securities | — | — | 114,039 | — | 114,039 | ||||||||||||||||||||||||||||||||||||||||
Total available for sale securities | 1,916 | 359,638 | 200,735 | — | 562,289 | ||||||||||||||||||||||||||||||||||||||||
Private equity investments | — | — | 211,666 | (4) | — | 211,666 | |||||||||||||||||||||||||||||||||||||||
Other investments (5) | 212,753 | 1,267 | 1,731 | — | 215,751 | ||||||||||||||||||||||||||||||||||||||||
Derivative instruments associated with offsetting matched book positions | — | 323,337 | — | — | 323,337 | ||||||||||||||||||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||||||||||||||
Derivative contracts | — | 2,462 | — | — | 2,462 | ||||||||||||||||||||||||||||||||||||||||
Other assets | — | — | 787 | (6) | — | 787 | |||||||||||||||||||||||||||||||||||||||
Total other assets | — | 2,462 | 787 | — | 3,249 | ||||||||||||||||||||||||||||||||||||||||
Total assets at fair value on a recurring basis | $ | 265,088 | $ | 1,375,032 | $ | 417,283 | $ | (61,718 | ) | $ | 1,995,685 | ||||||||||||||||||||||||||||||||||
Assets at fair value on a nonrecurring basis: | |||||||||||||||||||||||||||||||||||||||||||||
Bank loans, net: | |||||||||||||||||||||||||||||||||||||||||||||
Impaired loans | $ | — | $ | 34,799 | $ | 55,528 | $ | — | $ | 90,327 | |||||||||||||||||||||||||||||||||||
Loans held for sale(7) | — | 22,611 | — | — | 22,611 | ||||||||||||||||||||||||||||||||||||||||
Total bank loans, net | — | 57,410 | 55,528 | — | 112,938 | ||||||||||||||||||||||||||||||||||||||||
OREO(8) | — | 768 | — | — | 768 | ||||||||||||||||||||||||||||||||||||||||
Total assets at fair value on a nonrecurring basis | $ | — | $ | 58,178 | $ | 55,528 | $ | — | $ | 113,706 | |||||||||||||||||||||||||||||||||||
(continued on next page) | |||||||||||||||||||||||||||||||||||||||||||||
September 30, 2014 | Quoted prices | Significant | Significant | Netting | Balance as of | ||||||||||||||||||||||||||||||||||||||||
in active | other | unobservable | adjustments (2) | September 30, | |||||||||||||||||||||||||||||||||||||||||
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 | $ | 11,093 | $ | 554 | $ | — | $ | — | $ | 11,647 | |||||||||||||||||||||||||||||||||||
Corporate obligations | 29 | 15,304 | — | — | 15,333 | ||||||||||||||||||||||||||||||||||||||||
Government obligations | 187,424 | — | — | — | 187,424 | ||||||||||||||||||||||||||||||||||||||||
Agency MBS and CMOs | 738 | — | — | — | 738 | ||||||||||||||||||||||||||||||||||||||||
Total debt securities | 199,284 | 15,858 | — | — | 215,142 | ||||||||||||||||||||||||||||||||||||||||
Derivative contracts | — | 75,668 | — | (63,296 | ) | 12,372 | |||||||||||||||||||||||||||||||||||||||
Equity securities | 10,884 | 2 | — | — | 10,886 | ||||||||||||||||||||||||||||||||||||||||
Total trading instruments sold but not yet purchased | 210,168 | 91,528 | — | (63,296 | ) | 238,400 | |||||||||||||||||||||||||||||||||||||||
Derivative instruments associated with offsetting matched book positions | — | 323,337 | — | — | 323,337 | ||||||||||||||||||||||||||||||||||||||||
Other liabilities | — | — | 58 | — | 58 | ||||||||||||||||||||||||||||||||||||||||
Total liabilities at fair value on a recurring basis | $ | 210,168 | $ | 414,865 | $ | 58 | $ | (63,296 | ) | $ | 561,795 | ||||||||||||||||||||||||||||||||||
-1 | We had $800 thousand in transfers of financial instruments from Level 1 to Level 2 during the year ended September 30, 2014. 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 $1.3 million in transfers of financial instruments from Level 2 to Level 1 during the year ended September 30, 2014. 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 | For derivative transactions not cleared through an exchange, and 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 13 for additional information regarding offsetting financial instruments). Deposits associated with derivative transactions cleared through an exchange are included in deposits with clearing organizations on our Condensed Consolidated Statements of Financial Condition. | ||||||||||||||||||||||||||||||||||||||||||||
-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 September 30, 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 $157 million or 74% of the total private equity investments of $212 million included in our Condensed Consolidated Statements of Financial Condition. | ||||||||||||||||||||||||||||||||||||||||||||
-5 | Other investments include $144 million of financial instruments that are related to obligations to perform under certain deferred compensation plans (see Note 2 on page 114, and Note 24 on page 173, of our 2014 Form 10-K for further information regarding these plans). | ||||||||||||||||||||||||||||||||||||||||||||
-6 | Primarily comprised of forward commitments to purchase GNMA or FNMA (as hereinafter defined) MBS arising from our fixed income public finance operations (see Note 2 on page 104, and Note 21 on page 167 of our 2014 Form 10-K for additional information). | ||||||||||||||||||||||||||||||||||||||||||||
-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. | ||||||||||||||||||||||||||||||||||||||||||||
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, 2015 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 | ARS – | ARS - | Private | Other | Other assets | Other | |||||||||||||||||||||||||||||||||||||
agency | securities | municipals | preferred | equity | investments | liabilities | |||||||||||||||||||||||||||||||||||||||
CMOs & | securities | investments | |||||||||||||||||||||||||||||||||||||||||||
ABS | |||||||||||||||||||||||||||||||||||||||||||||
Fair value | $ | 11 | $ | 14 | $ | 5,264 | $ | 85,814 | $ | 112,955 | $ | 208,674 | $ | 1,564 | $ | 2,407 | $ | (58 | ) | ||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||
Total gains (losses) for the period: | |||||||||||||||||||||||||||||||||||||||||||||
Included in earnings | — | — | (20 | ) | 2 | 25 | 14,414 | (1) | 41 | (211 | ) | — | |||||||||||||||||||||||||||||||||
Included in other comprehensive income | — | — | — | 3,843 | (282 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||
Purchases and contributions | — | — | 11,358 | — | — | 2,241 | — | — | — | ||||||||||||||||||||||||||||||||||||
Sales | — | — | (15,822 | ) | (45 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Redemptions by issuer | — | — | — | — | (250 | ) | — | (663 | ) | — | — | ||||||||||||||||||||||||||||||||||
Distributions | (1 | ) | — | — | — | — | (4,385 | ) | (26 | ) | — | — | |||||||||||||||||||||||||||||||||
Transfers: (2) | |||||||||||||||||||||||||||||||||||||||||||||
Into Level 3 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Out of Level 3 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Fair value | $ | 10 | $ | 14 | $ | 780 | $ | 89,614 | $ | 112,448 | $ | 220,944 | $ | 916 | $ | 2,196 | $ | (58 | ) | ||||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||
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 | $ | — | $ | — | $ | — | $ | 3,843 | $ | (282 | ) | $ | 14,414 | $ | 41 | $ | (211 | ) | $ | — | |||||||||||||||||||||||||
-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 $9.8 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 $4.6 million. | ||||||||||||||||||||||||||||||||||||||||||||
-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, 2015 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 | ARS – | ARS - | Private | Other | Other assets | Other | |||||||||||||||||||||||||||||||||||||
agency | securities | municipals | preferred | equity | investments | liabilities | |||||||||||||||||||||||||||||||||||||||
CMOs & | securities | investments | |||||||||||||||||||||||||||||||||||||||||||
ABS | |||||||||||||||||||||||||||||||||||||||||||||
Fair value | $ | 11 | $ | 44 | $ | 2,309 | $ | 86,696 | $ | 114,039 | $ | 211,666 | $ | 1,731 | $ | 787 | $ | (58 | ) | ||||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||
Total gains (losses) for the period: | |||||||||||||||||||||||||||||||||||||||||||||
Included in earnings | — | 5 | (40 | ) | 2 | 25 | 17,060 | (1) | 81 | 1,409 | — | ||||||||||||||||||||||||||||||||||
Included in other comprehensive income | — | — | — | 2,961 | (1,366 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||
Purchases and contributions | — | 20 | 23,333 | — | — | 6,343 | — | — | — | ||||||||||||||||||||||||||||||||||||
Sales | — | — | (24,822 | ) | (45 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Redemptions by issuer | — | — | — | — | (250 | ) | — | (673 | ) | — | — | ||||||||||||||||||||||||||||||||||
Distributions | (1 | ) | — | — | — | — | (14,125 | ) | (223 | ) | — | — | |||||||||||||||||||||||||||||||||
Transfers: (2) | |||||||||||||||||||||||||||||||||||||||||||||
Into Level 3 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Out of Level 3 | — | (55 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Fair value | $ | 10 | $ | 14 | $ | 780 | $ | 89,614 | $ | 112,448 | $ | 220,944 | $ | 916 | $ | 2,196 | $ | (58 | ) | ||||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||
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 | $ | — | $ | 2,961 | $ | (1,366 | ) | $ | 17,060 | $ | 81 | $ | 1,409 | $ | — | ||||||||||||||||||||||||||
-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 $12.2 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 $4.9 million. | ||||||||||||||||||||||||||||||||||||||||||||
-2 | Our policy is that the end of each respective quarterly reporting period determines when transfers of financial instruments between levels are recognized. | ||||||||||||||||||||||||||||||||||||||||||||
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 December 31, 2013 | $ | 13 | $ | 35 | $ | 4,199 | $ | 46 | $ | 108,458 | $ | 112,122 | $ | 209,977 | $ | 1,949 | $ | 15 | $ | (1,417 | ) | ||||||||||||||||||||||||
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 Condensed 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 September 30, 2013 | $ | 14 | $ | 35 | $ | 3,956 | $ | 78 | $ | 130,934 | $ | 110,784 | $ | 216,391 | $ | 4,607 | $ | 2,778 | $ | 15 | $ | (60 | ) | ||||||||||||||||||||||
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 Condensed Consolidated Statements of Financial Condition, and whose carrying values approximate fair value. | ||||||||||||||||||||||||||||||||||||||||||||
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, 2015 | Net trading | Other | |||||||||||||||||||||||||||||||||||||||||||
profit | revenues | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Total (losses) gains included in revenues | $ | (20 | ) | $ | 14,271 | ||||||||||||||||||||||||||||||||||||||||
Change in unrealized gains for assets held at the end of the reporting period | $ | — | $ | 17,805 | |||||||||||||||||||||||||||||||||||||||||
For the six months ended March 31, 2015 | Net trading | Other | |||||||||||||||||||||||||||||||||||||||||||
profit | revenues | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Total (losses) gains included in revenues | $ | (35 | ) | $ | 18,577 | ||||||||||||||||||||||||||||||||||||||||
Change in unrealized gains for assets held at the end of the reporting period | $ | 5 | $ | 20,145 | |||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||
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, | |||||||||||||||||||||||||||||||||||||||||||||
2015 | |||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Recurring measurements: | |||||||||||||||||||||||||||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||||||||||||||||||||||||
ARS: | |||||||||||||||||||||||||||||||||||||||||||||
Municipals | $ | 61,500 | Recent trades | Observed trades (in inactive markets) of in-portfolio securities | 94% of par - 94% of par (94% of par) | ||||||||||||||||||||||||||||||||||||||||
Comparability adjustments(a) | +/- 3% of par (+/- 3% of par) | ||||||||||||||||||||||||||||||||||||||||||||
Municipals | $ | 10,505 | Income or market approach: | ||||||||||||||||||||||||||||||||||||||||||
Scenario 1 - recent trades | Observed trades (in inactive markets) of in-portfolio securities | 70% of par - 70% of par (70% of par) | |||||||||||||||||||||||||||||||||||||||||||
Scenario 2 - discounted cash flow | Average discount rate(b) | 5.10% - 6.94% (6.02%) | |||||||||||||||||||||||||||||||||||||||||||
Average interest rates applicable to future interest income on the securities(c) | 1.49% - 3.19% (2.34%) | ||||||||||||||||||||||||||||||||||||||||||||
Prepayment year(d) | 2017 - 2024 (2021) | ||||||||||||||||||||||||||||||||||||||||||||
Weighting assigned to outcome of scenario1/ scenario 2 | 20%/80% | ||||||||||||||||||||||||||||||||||||||||||||
Municipals | $ | 17,609 | Discounted cash flow | Average discount rate(b) | 3.32% - 5.94% (3.84%) | ||||||||||||||||||||||||||||||||||||||||
Average interest rates applicable to future interest income on the securities(c) | 1.28% - 4.25% (1.41%) | ||||||||||||||||||||||||||||||||||||||||||||
Prepayment year(d) | 2017 - 2024 (2020) | ||||||||||||||||||||||||||||||||||||||||||||
Preferred securities | $ | 112,448 | Discounted cash flow | Average discount rate(b) | 3.43% - 4.91% (4.13%) | ||||||||||||||||||||||||||||||||||||||||
Average interest rates applicable to future interest income on the securities(c) | 1.88% - 3.21% (1.99%) | ||||||||||||||||||||||||||||||||||||||||||||
Prepayment year(d) | 2015 - 2019 (2019) | ||||||||||||||||||||||||||||||||||||||||||||
Private equity investments: | $ | 46,402 | Income or market approach: | ||||||||||||||||||||||||||||||||||||||||||
Scenario 1 - income approach - discounted cash flow | Discount rate(b) | 13% - 17.5% (15.9%) | |||||||||||||||||||||||||||||||||||||||||||
Terminal growth rate of cash flows | 3% - 3% (3%) | ||||||||||||||||||||||||||||||||||||||||||||
Terminal year | 2016 - 2018 (2017) | ||||||||||||||||||||||||||||||||||||||||||||
Scenario 2 - market approach - market multiple method | EBITDA Multiple(e) | 4.75 - 7.5 (6.3) | |||||||||||||||||||||||||||||||||||||||||||
Weighting assigned to outcome of scenario 1/scenario 2 | 72%/28% | ||||||||||||||||||||||||||||||||||||||||||||
$ | 174,542 | Transaction price or other investment-specific events(f) | Not meaningful(f) | Not meaningful(f) | |||||||||||||||||||||||||||||||||||||||||
Nonrecurring measurements: | |||||||||||||||||||||||||||||||||||||||||||||
Impaired loans: residential | $ | 24,075 | Discounted cash flow | Prepayment rate | 7 yrs. - 12 yrs. (10.3 yrs.) | ||||||||||||||||||||||||||||||||||||||||
Impaired loans: corporate | $ | 27,369 | 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) | Management estimates that market participants apply this range of either discount or premium, as applicable, to the limited observable trade data in order to assess the value of the securities within this portfolio segment. | ||||||||||||||||||||||||||||||||||||||||||||
(b) | Represents discount rates used when we have determined that market participants would take these discounts into account when pricing the investments. | ||||||||||||||||||||||||||||||||||||||||||||
(c) | Future interest rates are projected based upon a forward interest rate path, plus a spread over such projected base rate that is applicable to each future period for each security within this portfolio segment. The interest rates presented represent the average interest rate over all projected periods for securities within the portfolio segment. | ||||||||||||||||||||||||||||||||||||||||||||
(d) | Assumed year of at least a partial redemption of the outstanding security by the issuer. | ||||||||||||||||||||||||||||||||||||||||||||
(e) | Represents amounts used when we have determined that market participants would use such multiples when pricing the investments. | ||||||||||||||||||||||||||||||||||||||||||||
(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, 2015 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, 2015 | |||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||||||||||||||||||
Bank loans, net(1) | $ | — | $ | 38,848 | $ | 11,854,431 | $ | 11,893,279 | $ | 11,935,121 | |||||||||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||||||||||||||||||
Bank deposits | $ | — | $ | 10,921,350 | $ | 353,769 | $ | 11,275,119 | $ | 11,272,013 | |||||||||||||||||||||||||||||||||||
Corporate debt | $ | 378,700 | $ | 958,688 | $ | — | $ | 1,337,388 | $ | 1,188,916 | |||||||||||||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||||||||||||||||||
Bank loans, net(1) | $ | — | $ | 23,678 | $ | 10,738,136 | $ | 10,761,814 | $ | 10,857,662 | |||||||||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||||||||||||||||||
Bank deposits | $ | — | $ | 9,684,221 | $ | 344,234 | $ | 10,028,455 | $ | 10,028,924 | |||||||||||||||||||||||||||||||||||
Corporate debt | $ | 366,100 | $ | 955,170 | $ | — | $ | 1,321,270 | $ | 1,190,836 | |||||||||||||||||||||||||||||||||||
-1 | Excludes all impaired loans and loans held for sale which have been recorded at fair value in the Condensed Consolidated Statements of Financial Condition at March 31, 2015 and September 30, 2014, respectively. |
TRADING_INSTRUMENTS_AND_TRADIN1
TRADING INSTRUMENTS AND TRADING INSTRUMENTS SOLD BUT NOT YET PURCHASED (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Trading Instruments and Trading Instruments Sold But Not Yet Purchased [Abstract] | ||||||||||||||||
Trading Instruments and Trading Instruments Sold but Not Yet Purchased | ||||||||||||||||
March 31, 2015 | September 30, 2014 | |||||||||||||||
Trading | Instruments | Trading | Instruments | |||||||||||||
instruments | sold but not | instruments | sold but not | |||||||||||||
yet purchased | yet purchased | |||||||||||||||
(in thousands) | ||||||||||||||||
Municipal and provincial obligations | $ | 244,519 | $ | 4,876 | $ | 203,889 | $ | 11,647 | ||||||||
Corporate obligations | 96,073 | 18,648 | 111,928 | 15,333 | ||||||||||||
Government and agency obligations | 164,008 | 284,821 | 101,362 | 187,424 | ||||||||||||
Agency MBS and CMOs | 140,403 | 1,834 | 127,419 | 738 | ||||||||||||
Non-agency CMOs and ABS | 51,810 | — | 58,375 | — | ||||||||||||
Total debt securities | 696,813 | 310,179 | 602,973 | 215,142 | ||||||||||||
Derivative contracts (1) | 41,717 | 26,022 | 28,205 | 12,372 | ||||||||||||
Equity securities | 42,383 | 34,388 | 34,142 | 10,886 | ||||||||||||
Corporate loans | — | — | 990 | — | ||||||||||||
Other | 16,618 | 1,751 | 13,083 | — | ||||||||||||
Total | $ | 797,531 | $ | 372,340 | $ | 679,393 | $ | 238,400 | ||||||||
-1 | Represents the derivative contracts held for trading purposes. These balances do not include all derivative instruments. See Note 12 for further information regarding all of our derivative transactions, and see Note 13 for additional information regarding offsetting financial instruments. | |||||||||||||||
AVAILABLE_FOR_SALE_SECURITIES_
AVAILABLE FOR SALE SECURITIES (Tables) | 6 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
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, 2015 | ||||||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||||||
Agency MBS and CMOs | $ | 239,776 | $ | 1,066 | $ | (354 | ) | $ | 240,488 | |||||||||||||||
Non-agency CMOs (1) | 93,272 | 24 | (5,934 | ) | 87,362 | |||||||||||||||||||
Other securities | 1,575 | 453 | — | 2,028 | ||||||||||||||||||||
Total RJ Bank available for sale securities | 334,623 | 1,543 | (6,288 | ) | 329,878 | |||||||||||||||||||
Auction rate securities: | ||||||||||||||||||||||||
Municipal obligations | 81,492 | 9,683 | (1,561 | ) | 89,614 | |||||||||||||||||||
Preferred securities | 104,302 | 8,146 | — | 112,448 | ||||||||||||||||||||
Total auction rate securities | 185,794 | 17,829 | (1,561 | ) | 202,062 | |||||||||||||||||||
Total available for sale securities | $ | 520,417 | $ | 19,372 | $ | (7,849 | ) | $ | 531,940 | |||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||||||
Agency MBS and CMOs | $ | 267,927 | $ | 822 | $ | (1,029 | ) | $ | 267,720 | |||||||||||||||
Non-agency CMOs (2) | 98,946 | 56 | (7,084 | ) | 91,918 | |||||||||||||||||||
Other securities | 1,575 | 341 | — | 1,916 | ||||||||||||||||||||
Total RJ Bank available for sale securities | 368,448 | 1,219 | (8,113 | ) | 361,554 | |||||||||||||||||||
Auction rate securities: | ||||||||||||||||||||||||
Municipal obligations | 81,535 | 6,240 | (1,079 | ) | 86,696 | |||||||||||||||||||
Preferred securities | 104,526 | 9,513 | — | 114,039 | ||||||||||||||||||||
Total auction rate securities | 186,061 | 15,753 | (1,079 | ) | 200,735 | |||||||||||||||||||
Total available for sale securities | $ | 554,509 | $ | 16,972 | $ | (9,192 | ) | $ | 562,289 | |||||||||||||||
-1 | As of March 31, 2015, the non-credit portion of other-than-temporary impairment (“OTTI”) recorded in accumulated other comprehensive income (loss) (“AOCI”) was $4.9 million (before taxes). See Note 16 for additional information. | |||||||||||||||||||||||
-2 | As of September 30, 2014, the non-credit portion of OTTI recorded in AOCI was $6.1 million (before taxes). | |||||||||||||||||||||||
Contractual Maturities, Amortized Cost, Carrying Values, and Current Yields for Available For Sales Securities | The contractual maturities, amortized cost, carrying values and current yields for our available for sale securities are as presented below. Since RJ Bank’s available for sale securities (MBS & CMOs) are backed by mortgages, actual maturities will differ from contractual maturities because borrowers may have the right to prepay obligations without prepayment penalties. Expected maturities of ARS may differ significantly from contractual maturities, as issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||
Within one year | After one but | After five but | After ten years | Total | ||||||||||||||||||||
within five | within ten | |||||||||||||||||||||||
years | years | |||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||
Agency MBS & CMOs: | ||||||||||||||||||||||||
Amortized cost | $ | — | $ | 7,463 | $ | 10,466 | $ | 221,847 | $ | 239,776 | ||||||||||||||
Carrying value | — | 7,480 | 10,541 | 222,467 | 240,488 | |||||||||||||||||||
Weighted-average yield | — | 0.26 | % | 0.48 | % | 0.97 | % | 0.94 | % | |||||||||||||||
Non-agency CMOs: | ||||||||||||||||||||||||
Amortized cost | $ | — | $ | — | $ | — | $ | 93,272 | $ | 93,272 | ||||||||||||||
Carrying value | — | — | — | 87,362 | 87,362 | |||||||||||||||||||
Weighted-average yield | — | — | — | 2.39 | % | 2.39 | % | |||||||||||||||||
Other securities: | ||||||||||||||||||||||||
Amortized cost | $ | — | $ | — | $ | — | $ | 1,575 | $ | 1,575 | ||||||||||||||
Carrying value | — | — | — | 2,028 | 2,028 | |||||||||||||||||||
Weighted-average yield | — | — | — | — | — | |||||||||||||||||||
Sub-total agency MBS & CMOs, non-agency CMOs, and other securities: | ||||||||||||||||||||||||
Amortized cost | $ | — | $ | 7,463 | $ | 10,466 | $ | 316,694 | $ | 334,623 | ||||||||||||||
Carrying value | — | 7,480 | 10,541 | 311,857 | 329,878 | |||||||||||||||||||
Weighted-average yield | — | 0.26 | % | 0.48 | % | 1.36 | % | 1.32 | % | |||||||||||||||
Auction rate securities: | ||||||||||||||||||||||||
Municipal obligations | ||||||||||||||||||||||||
Amortized cost | $ | — | $ | — | $ | — | $ | 81,492 | $ | 81,492 | ||||||||||||||
Carrying value | — | — | — | 89,614 | 89,614 | |||||||||||||||||||
Weighted-average yield | — | — | — | 0.42 | % | 0.42 | % | |||||||||||||||||
Preferred securities: | ||||||||||||||||||||||||
Amortized cost | $ | — | $ | — | $ | — | $ | 104,302 | $ | 104,302 | ||||||||||||||
Carrying value | — | — | — | 112,448 | 112,448 | |||||||||||||||||||
Weighted-average yield | — | — | — | 0.27 | % | 0.27 | % | |||||||||||||||||
Sub-total auction rate securities: | ||||||||||||||||||||||||
Amortized cost | $ | — | $ | — | $ | — | $ | 185,794 | $ | 185,794 | ||||||||||||||
Carrying value | — | — | — | 202,062 | 202,062 | |||||||||||||||||||
Weighted-average yield | — | — | — | 0.34 | % | 0.34 | % | |||||||||||||||||
Total available for sale securities: | ||||||||||||||||||||||||
Amortized cost | $ | — | $ | 7,463 | $ | 10,466 | $ | 502,488 | $ | 520,417 | ||||||||||||||
Carrying value | — | 7,480 | 10,541 | 513,919 | 531,940 | |||||||||||||||||||
Weighted-average yield | — | 0.26 | % | 0.48 | % | 0.96 | % | 0.95 | % | |||||||||||||||
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, 2015 | ||||||||||||||||||||||||
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 | $ | — | $ | — | $ | 54,584 | $ | (354 | ) | $ | 54,584 | $ | (354 | ) | ||||||||||
Non-agency CMOs | 18,921 | (769 | ) | 64,519 | (5,165 | ) | 83,440 | (5,934 | ) | |||||||||||||||
ARS municipal obligations | 226 | (2 | ) | 11,593 | (1,559 | ) | 11,819 | (1,561 | ) | |||||||||||||||
Total | $ | 19,147 | $ | (771 | ) | $ | 130,696 | $ | (7,078 | ) | $ | 149,843 | $ | (7,849 | ) | |||||||||
September 30, 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 | $ | 18,062 | $ | (53 | ) | $ | 71,688 | $ | (976 | ) | $ | 89,750 | $ | (1,029 | ) | |||||||||
Non-agency CMOs | 5,506 | (357 | ) | 69,970 | (6,727 | ) | 75,476 | (7,084 | ) | |||||||||||||||
ARS municipal obligations | — | — | 12,072 | (1,079 | ) | 12,072 | (1,079 | ) | ||||||||||||||||
Total | $ | 23,568 | $ | (410 | ) | $ | 153,730 | $ | (8,782 | ) | $ | 177,298 | $ | (9,192 | ) | |||||||||
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, 2015 | ||||||||||||||||||||||||
Range | Weighted- | |||||||||||||||||||||||
average (1) | ||||||||||||||||||||||||
Default rate | 0% - 10.2% | 4.06% | ||||||||||||||||||||||
Loss severity | 0% - 73.4% | 41.23% | ||||||||||||||||||||||
Prepayment rate | 5% - 20% | 8.78% | ||||||||||||||||||||||
(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, | |||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Amount related to credit losses on securities we held at the beginning of the period | $ | 18,703 | $ | 28,244 | $ | 18,703 | $ | 28,217 | ||||||||||||||||
Additional increases to the amount related to credit loss for which an OTTI was previously recognized | — | — | — | 27 | ||||||||||||||||||||
Amount related to credit losses on securities we held at the end of the period | $ | 18,703 | $ | 28,244 | $ | 18,703 | $ | 28,244 | ||||||||||||||||
BANK_LOANS_NET_Tables
BANK LOANS, NET (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||
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, 2015 | September 30, 2014 | |||||||||||||||||||||||||||||||
Balance | % | Balance | % | |||||||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||||
Loans held for sale, net(1) | $ | 87,974 | 1 | % | $ | 45,988 | — | |||||||||||||||||||||||||
Loans held for investment: | ||||||||||||||||||||||||||||||||
Domestic: | ||||||||||||||||||||||||||||||||
C&I loans | 5,776,977 | 47 | % | 5,378,592 | 49 | % | ||||||||||||||||||||||||||
CRE construction loans | 78,820 | 1 | % | 76,733 | 1 | % | ||||||||||||||||||||||||||
CRE loans | 1,468,813 | 12 | % | 1,415,093 | 13 | % | ||||||||||||||||||||||||||
Tax-exempt loans | 361,644 | 3 | % | 122,218 | 1 | % | ||||||||||||||||||||||||||
Residential mortgage loans | 1,963,336 | 16 | % | 1,749,513 | 16 | % | ||||||||||||||||||||||||||
SBL | 1,249,930 | 10 | % | 1,021,358 | 9 | % | ||||||||||||||||||||||||||
Foreign: | ||||||||||||||||||||||||||||||||
C&I loans | 1,036,223 | 8 | % | 1,043,755 | 9 | % | ||||||||||||||||||||||||||
CRE construction loans | 22,094 | — | 17,462 | — | ||||||||||||||||||||||||||||
CRE loans | 204,132 | 2 | % | 274,070 | 2 | % | ||||||||||||||||||||||||||
Residential mortgage loans | 2,865 | — | 2,234 | — | ||||||||||||||||||||||||||||
SBL | 1,954 | — | 2,390 | — | ||||||||||||||||||||||||||||
Total loans held for investment | 12,166,788 | 11,103,418 | ||||||||||||||||||||||||||||||
Net unearned income and deferred expenses | (34,091 | ) | (37,533 | ) | ||||||||||||||||||||||||||||
Total loans held for investment, net(1) | 12,132,697 | 11,065,885 | ||||||||||||||||||||||||||||||
Total loans held for sale and investment | 12,220,671 | 100 | % | 11,111,873 | 100 | % | ||||||||||||||||||||||||||
Allowance for loan losses | (160,008 | ) | (147,574 | ) | ||||||||||||||||||||||||||||
Bank loans, net | $ | 12,060,663 | $ | 10,964,299 | ||||||||||||||||||||||||||||
-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, | |||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||||||||
Purchases | Sales | Purchases | Sales | Purchases | Sales | Purchases | Sales | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
C&I loans | $ | 106,197 | $ | 25,500 | $ | 110,406 | $ | 70,350 | $ | 260,281 | $ | 32,360 | $ | 237,736 | $ | 131,323 | ||||||||||||||||
Residential mortgage loans | 1,337 | — | 140 | — | 213,309 | (1) | — | 27,735 | — | |||||||||||||||||||||||
Total | $ | 107,534 | $ | 25,500 | $ | 110,546 | $ | 70,350 | $ | 473,590 | $ | 32,360 | $ | 265,471 | $ | 131,323 | ||||||||||||||||
-1 | Includes the purchase of a loan portfolio totaling $207.3 million in principal loan balance. | |||||||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||||
30-89 | 90 days or more | Total past due and accruing | Nonaccrual (1) | Current and accruing | Total loans held for | |||||||||||||||||||||||||||
days and accruing | and accruing | investment (2) | ||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
As of March 31, 2015: | ||||||||||||||||||||||||||||||||
C&I loans | $ | 173 | $ | — | $ | 173 | $ | — | $ | 6,813,027 | $ | 6,813,200 | ||||||||||||||||||||
CRE construction loans | — | — | — | — | 100,914 | 100,914 | ||||||||||||||||||||||||||
CRE loans | — | — | — | 17,171 | 1,655,774 | 1,672,945 | ||||||||||||||||||||||||||
Tax-exempt loans | — | — | — | — | 361,644 | 361,644 | ||||||||||||||||||||||||||
Residential mortgage loans: | ||||||||||||||||||||||||||||||||
First mortgage loans | 2,795 | — | 2,795 | 52,182 | 1,890,746 | 1,945,723 | ||||||||||||||||||||||||||
Home equity loans/lines | 30 | — | 30 | 285 | 20,163 | 20,478 | ||||||||||||||||||||||||||
SBL | — | — | — | — | 1,251,884 | 1,251,884 | ||||||||||||||||||||||||||
Total loans held for investment, net | $ | 2,998 | $ | — | $ | 2,998 | $ | 69,638 | $ | 12,094,152 | $ | 12,166,788 | ||||||||||||||||||||
As of September 30, 2014: | ||||||||||||||||||||||||||||||||
C&I loans | $ | 124 | $ | — | $ | 124 | $ | — | $ | 6,422,223 | $ | 6,422,347 | ||||||||||||||||||||
CRE construction loans | — | — | — | — | 94,195 | 94,195 | ||||||||||||||||||||||||||
CRE loans | — | — | — | 18,876 | 1,670,287 | 1,689,163 | ||||||||||||||||||||||||||
Tax-exempt | — | — | — | — | 122,218 | 122,218 | ||||||||||||||||||||||||||
Residential mortgage loans: | ||||||||||||||||||||||||||||||||
First mortgage loans | 1,648 | — | 1,648 | 61,391 | 1,668,724 | 1,731,763 | ||||||||||||||||||||||||||
Home equity loans/lines | 57 | — | 57 | 398 | 19,529 | 19,984 | ||||||||||||||||||||||||||
SBL | — | — | — | — | 1,023,748 | 1,023,748 | ||||||||||||||||||||||||||
Total loans held for investment, net | $ | 1,829 | $ | — | $ | 1,829 | $ | 80,665 | $ | 11,020,924 | $ | 11,103,418 | ||||||||||||||||||||
-1 | Includes $36.9 million and $41.4 million of nonaccrual loans at March 31, 2015 and September 30, 2014, 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, 2015 | September 30, 2014 | |||||||||||||||||||||||||||||||
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 | $ | 11,418 | $ | 12,022 | $ | 1,220 | $ | 11,959 | $ | 12,563 | $ | 1,289 | ||||||||||||||||||||
Residential - first mortgage loans | 39,266 | 54,529 | 4,376 | 43,806 | 61,372 | 5,012 | ||||||||||||||||||||||||||
Total | 50,684 | 66,551 | 5,596 | 55,765 | 73,935 | 6,301 | ||||||||||||||||||||||||||
Impaired loans without allowance for loan losses:(2) | ||||||||||||||||||||||||||||||||
CRE loans | 17,171 | 28,446 | — | 18,876 | 39,717 | — | ||||||||||||||||||||||||||
Residential - first mortgage loans | 19,751 | 29,451 | — | 21,987 | 32,949 | — | ||||||||||||||||||||||||||
Total | 36,922 | 57,897 | — | 40,863 | 72,666 | — | ||||||||||||||||||||||||||
Total impaired loans | $ | 87,606 | $ | 124,448 | $ | 5,596 | $ | 96,628 | $ | 146,601 | $ | 6,301 | ||||||||||||||||||||
-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 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, | |||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Average impaired loan balance: | ||||||||||||||||||||||||||||||||
C&I loans | $ | 11,613 | $ | — | $ | 11,732 | $ | 35 | ||||||||||||||||||||||||
CRE loans | 17,257 | 24,702 | 17,394 | 24,949 | ||||||||||||||||||||||||||||
Residential mortgage loans: | ||||||||||||||||||||||||||||||||
First mortgage loans | 59,875 | 71,277 | 61,493 | 71,818 | ||||||||||||||||||||||||||||
Home equity loans/lines | — | 36 | — | 36 | ||||||||||||||||||||||||||||
Total | $ | 88,745 | $ | 96,015 | $ | 90,619 | $ | 96,838 | ||||||||||||||||||||||||
Interest income recognized: | ||||||||||||||||||||||||||||||||
Residential mortgage loans: | ||||||||||||||||||||||||||||||||
First mortgage loans | $ | 426 | $ | 391 | $ | 741 | $ | 1,027 | ||||||||||||||||||||||||
Total | $ | 426 | $ | 391 | $ | 741 | $ | 1,027 | ||||||||||||||||||||||||
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, 2015 | ||||||||||||||||||||||||||||||||
Residential – first mortgage loans | 1 | $ | 133 | $ | 134 | |||||||||||||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||||||||||||||
Residential – first mortgage loans | 4 | $ | 654 | $ | 702 | |||||||||||||||||||||||||||
Six months ended March 31, 2015 | ||||||||||||||||||||||||||||||||
Residential – first mortgage loans | 3 | $ | 290 | $ | 293 | |||||||||||||||||||||||||||
Six months ended March 31, 2014 | ||||||||||||||||||||||||||||||||
Residential – first mortgage loans | 12 | $ | 2,539 | $ | 2,699 | |||||||||||||||||||||||||||
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 | Tax-exempt | First | Home | SBL | Total | |||||||||||||||||||||||||
construction | mortgage | equity | ||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||||||||
Pass | $ | 6,712,843 | $ | 100,914 | $ | 1,640,839 | $ | 361,644 | $ | 1,867,841 | $ | 20,125 | $ | 1,251,884 | $ | 11,956,090 | ||||||||||||||||
Special mention (1) | 69,647 | — | 14,566 | — | 16,336 | 66 | — | 100,615 | ||||||||||||||||||||||||
Substandard (1) | 30,710 | — | 17,540 | — | 61,546 | 287 | — | 110,083 | ||||||||||||||||||||||||
Total | $ | 6,813,200 | $ | 100,914 | $ | 1,672,945 | $ | 361,644 | $ | 1,945,723 | $ | 20,478 | $ | 1,251,884 | $ | 12,166,788 | ||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||||||||
Pass | $ | 6,321,662 | $ | 94,195 | $ | 1,669,897 | $ | 122,218 | $ | 1,647,325 | $ | 19,572 | $ | 1,023,748 | $ | 10,898,617 | ||||||||||||||||
Special mention (1) | 83,101 | — | 191 | — | 15,346 | — | — | 98,638 | ||||||||||||||||||||||||
Substandard (1) | 17,584 | — | 18,167 | — | 69,092 | 412 | — | 105,255 | ||||||||||||||||||||||||
Doubtful (1) | — | — | 908 | — | — | — | — | 908 | ||||||||||||||||||||||||
Total | $ | 6,422,347 | $ | 94,195 | $ | 1,689,163 | $ | 122,218 | $ | 1,731,763 | $ | 19,984 | $ | 1,023,748 | $ | 11,103,418 | ||||||||||||||||
-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% | $ | 557,456 | ||||||||||||||||||||||||||||||
LTV greater than 50% but less than 80% | 976,306 | |||||||||||||||||||||||||||||||
LTV greater than 80% but less than 100% | 169,304 | |||||||||||||||||||||||||||||||
LTV greater than 100%, but less than 120% | 23,864 | |||||||||||||||||||||||||||||||
LTV greater than 120% | 4,011 | |||||||||||||||||||||||||||||||
Total | $ | 1,730,941 | ||||||||||||||||||||||||||||||
-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 | Tax-exempt | Residential mortgage | SBL | Total | ||||||||||||||||||||||||||
construction | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Three months ended March 31, 2015 | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 109,582 | $ | 1,709 | $ | 25,095 | $ | 2,738 | $ | 15,319 | 2,324 | $ | 156,767 | |||||||||||||||||||
Provision (benefit) for loan losses | 1,530 | (8 | ) | 900 | 1,171 | 168 | 176 | 3,937 | ||||||||||||||||||||||||
Net (charge-offs)/recoveries: | ||||||||||||||||||||||||||||||||
Charge-offs | — | — | — | — | (411 | ) | — | (411 | ) | |||||||||||||||||||||||
Recoveries | 536 | — | — | — | — | 6 | 542 | |||||||||||||||||||||||||
Net (charge-offs)/recoveries | 536 | — | — | — | (411 | ) | 6 | 131 | ||||||||||||||||||||||||
Foreign exchange translation adjustment | (523 | ) | (26 | ) | (278 | ) | — | — | — | (827 | ) | |||||||||||||||||||||
Balance at March 31, 2015 | $ | 111,125 | $ | 1,675 | $ | 25,717 | $ | 3,909 | $ | 15,076 | $ | 2,506 | $ | 160,008 | ||||||||||||||||||
Six months ended March 31, 2015 | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 103,179 | $ | 1,594 | $ | 25,022 | 1,380 | 14,350 | 2,049 | $ | 147,574 | |||||||||||||||||||||
Provision for loan losses | 8,364 | 117 | 1,062 | 2,529 | 787 | 443 | 13,302 | |||||||||||||||||||||||||
Net (charge-offs)/recoveries: | ||||||||||||||||||||||||||||||||
Charge-offs | (238 | ) | — | — | — | (638 | ) | — | (876 | ) | ||||||||||||||||||||||
Recoveries | 536 | — | — | — | 577 | 14 | 1,127 | |||||||||||||||||||||||||
Net (charge-offs)/recoveries | 298 | — | — | — | (61 | ) | 14 | 251 | ||||||||||||||||||||||||
Foreign exchange translation adjustment | (716 | ) | (36 | ) | (367 | ) | — | — | — | (1,119 | ) | |||||||||||||||||||||
Balance at March 31, 2015 | $ | 111,125 | $ | 1,675 | $ | 25,717 | $ | 3,909 | $ | 15,076 | $ | 2,506 | $ | 160,008 | ||||||||||||||||||
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 period | $ | 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 | ||||||||||||||||||
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 | Tax-exempt | Residential | SBL | Total | ||||||||||||||||||||||||||
construction | mortgage | |||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,220 | $ | — | $ | — | $ | — | $ | 4,376 | $ | — | $ | 5,596 | ||||||||||||||||||
Collectively evaluated for impairment | 109,905 | 1,675 | 25,717 | 3,909 | 10,700 | 2,506 | 154,412 | |||||||||||||||||||||||||
Total allowance for loan losses | $ | 111,125 | $ | 1,675 | $ | 25,717 | $ | 3,909 | $ | 15,076 | $ | 2,506 | $ | 160,008 | ||||||||||||||||||
Recorded investment:(1) | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 11,418 | $ | — | $ | 17,171 | $ | — | $ | 59,017 | $ | — | $ | 87,606 | ||||||||||||||||||
Collectively evaluated for impairment | 6,801,782 | 100,914 | 1,655,774 | 361,644 | 1,907,184 | 1,251,884 | 12,079,182 | |||||||||||||||||||||||||
Total recorded investment | $ | 6,813,200 | $ | 100,914 | $ | 1,672,945 | $ | 361,644 | $ | 1,966,201 | $ | 1,251,884 | $ | 12,166,788 | ||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,289 | $ | — | $ | — | $ | — | $ | 5,012 | $ | — | $ | 6,301 | ||||||||||||||||||
Collectively evaluated for impairment | 101,890 | 1,594 | 25,022 | 1,380 | 9,338 | 2,049 | 141,273 | |||||||||||||||||||||||||
Total allowance for loan losses | $ | 103,179 | $ | 1,594 | $ | 25,022 | $ | 1,380 | $ | 14,350 | $ | 2,049 | $ | 147,574 | ||||||||||||||||||
Recorded investment:(1) | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 11,959 | $ | — | $ | 18,876 | $ | — | $ | 65,793 | $ | — | $ | 96,628 | ||||||||||||||||||
Collectively evaluated for impairment | 6,410,388 | 94,195 | 1,670,287 | 122,218 | 1,685,954 | 1,023,748 | 11,006,790 | |||||||||||||||||||||||||
Total recorded investment | $ | 6,422,347 | $ | 94,195 | $ | 1,689,163 | $ | 122,218 | $ | 1,751,747 | $ | 1,023,748 | $ | 11,103,418 | ||||||||||||||||||
-1 | Excludes any net unearned income and deferred expenses. |
VARIABLE_INTEREST_ENTITIES_Tab
VARIABLE INTEREST ENTITIES (Tables) | 6 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
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, 2015 | ||||||||||||||||||||||||
LIHTC Funds | $ | 156,603 | $ | 49,467 | ||||||||||||||||||||
Guaranteed LIHTC Fund (2) | 73,151 | 2,101 | ||||||||||||||||||||||
Restricted Stock Trust Fund | 9,727 | 9,727 | ||||||||||||||||||||||
EIF Funds | 5,559 | — | ||||||||||||||||||||||
Total | $ | 245,040 | $ | 61,295 | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||
LIHTC Funds | $ | 179,050 | $ | 60,180 | ||||||||||||||||||||
Guaranteed LIHTC Fund (2) | 74,798 | — | ||||||||||||||||||||||
Restricted Stock Trust Fund | 6,608 | 6,608 | ||||||||||||||||||||||
EIF Funds | 6,041 | — | ||||||||||||||||||||||
Total | $ | 266,497 | $ | 66,788 | ||||||||||||||||||||
-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 one investor member with a guaranteed return on their investment in the fund (the “Guaranteed LIHTC Fund”). See Note 15 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, 2015 | September 30, 2014 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Assets segregated pursuant to regulations and other segregated assets | $ | 10,221 | $ | 10,887 | ||||||||||||||||||||
Receivables, other | 5,817 | 5,812 | ||||||||||||||||||||||
Investments in real estate partnerships held by consolidated variable interest entities | 225,557 | 235,858 | ||||||||||||||||||||||
Trust fund investment in RJF common stock (1) | 9,726 | 6,607 | ||||||||||||||||||||||
Prepaid expenses and other assets | 5,197 | 5,728 | ||||||||||||||||||||||
Total assets | $ | 256,518 | $ | 264,892 | ||||||||||||||||||||
Liabilities and equity: | ||||||||||||||||||||||||
Trade and other payables | $ | 18,913 | $ | 10,157 | ||||||||||||||||||||
Intercompany payables | 9,721 | 6,608 | ||||||||||||||||||||||
Loans payable of consolidated variable interest entities (2) | 34,977 | 43,877 | ||||||||||||||||||||||
Total liabilities | 63,611 | 60,642 | ||||||||||||||||||||||
RJF equity | 6,152 | 6,165 | ||||||||||||||||||||||
Noncontrolling interests | 186,755 | 198,085 | ||||||||||||||||||||||
Total equity | 192,907 | 204,250 | ||||||||||||||||||||||
Total liabilities and equity | $ | 256,518 | $ | 264,892 | ||||||||||||||||||||
-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, | |||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Interest | $ | 2 | $ | — | $ | 2 | $ | 1 | ||||||||||||||||
Other | (382 | ) | (1,580 | ) | 292 | (1,416 | ) | |||||||||||||||||
Total revenues | (380 | ) | (1,580 | ) | 294 | (1,415 | ) | |||||||||||||||||
Interest expense | (537 | ) | (797 | ) | (1,066 | ) | (1,584 | ) | ||||||||||||||||
Net revenues (expense) | (917 | ) | (2,377 | ) | (772 | ) | (2,999 | ) | ||||||||||||||||
Non-interest expenses (1) | 11,085 | 12,052 | 19,099 | 21,017 | ||||||||||||||||||||
Net loss including noncontrolling interests | (12,002 | ) | (14,429 | ) | (19,871 | ) | (24,016 | ) | ||||||||||||||||
Net loss attributable to noncontrolling interests | (11,975 | ) | (14,420 | ) | (19,858 | ) | (23,996 | ) | ||||||||||||||||
Net loss attributable to RJF | $ | (27 | ) | $ | (9 | ) | $ | (13 | ) | $ | (20 | ) | ||||||||||||
-1 | Primarily comprised of items reported in other expense on our Condensed Consolidated Statements of Income and Comprehensive Income. | |||||||||||||||||||||||
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, 2015 | September 30, 2014 | |||||||||||||||||||||||
Aggregate | Aggregate | Our risk | Aggregate | Aggregate | Our risk | |||||||||||||||||||
assets | liabilities | of loss | assets | liabilities | of loss | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
LIHTC Funds | $ | 3,266,464 | $ | 946,849 | $ | 20,033 | $ | 2,988,224 | $ | 899,586 | $ | 48,915 | ||||||||||||
NMTC Funds | 65,503 | 30 | 12 | 83,474 | 2 | 13 | ||||||||||||||||||
Other Real Estate Limited Partnerships and LLCs | 29,671 | 36,369 | 172 | 30,202 | 36,262 | 183 | ||||||||||||||||||
Total | $ | 3,361,638 | $ | 983,248 | $ | 20,217 | $ | 3,101,900 | $ | 935,850 | $ | 49,111 | ||||||||||||
VIEs where we hold a variable interest but we are not required to consolidated - 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, 2015 | September 30, 2014 | |||||||||||||||||||||||
Aggregate | Aggregate | Our risk | Aggregate | Aggregate | Our risk | |||||||||||||||||||
assets | liabilities | of loss | assets | liabilities | of loss | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Managed Funds | $ | 102,524 | $ | 47 | $ | 94 | $ | 103,618 | $ | 11 | $ | 94 | ||||||||||||
GOODWILL_AND_IDENTIFIABLE_INTA1
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS (Tables) | 6 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
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, 2015 | September 30, 2014 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Goodwill | $ | 295,486 | $ | 295,486 | ||||||||||||||||||||
Identifiable intangible assets, net | 55,187 | 58,775 | ||||||||||||||||||||||
Total goodwill and identifiable intangible assets, net | $ | 350,673 | $ | 354,261 | ||||||||||||||||||||
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 2015 | ||||||||||||||||||||||||
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 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 | ||||||||||||
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, 2015 | ||||||||||||||||||||||||
Net identifiable intangible assets as of beginning of period | $ | 8,472 | $ | 36,600 | $ | 10,663 | $ | 1,253 | $ | 56,988 | ||||||||||||||
Additions | — | — | — | 118 | 118 | |||||||||||||||||||
Amortization expense | (139 | ) | (1,375 | ) | (333 | ) | (72 | ) | (1,919 | ) | ||||||||||||||
Impairment losses | — | — | — | — | — | |||||||||||||||||||
Net identifiable intangible assets as of end of period | $ | 8,333 | $ | 35,225 | $ | 10,330 | $ | 1,299 | $ | 55,187 | ||||||||||||||
For the six months ended March 31, 2015 | ||||||||||||||||||||||||
Net identifiable intangible assets as of beginning of period | $ | 8,611 | $ | 37,975 | $ | 10,996 | $ | 1,193 | $ | 58,775 | ||||||||||||||
Additions | — | — | — | 233 | 233 | |||||||||||||||||||
Amortization expense | (278 | ) | (2,750 | ) | (666 | ) | (127 | ) | (3,821 | ) | ||||||||||||||
Impairment losses | — | — | — | — | — | |||||||||||||||||||
Net identifiable intangible assets as of end of period | $ | 8,333 | $ | 35,225 | $ | 10,330 | $ | 1,299 | $ | 55,187 | ||||||||||||||
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 | ||||||||||||||
Schedule of Finite-Lived Intangible Assets by Major Class | Identifiable intangible assets by type are presented below: | |||||||||||||||||||||||
March 31, 2015 | September 30, 2014 | |||||||||||||||||||||||
Gross carrying value | Accumulated amortization | Gross carrying value | Accumulated amortization | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Customer relationships | $ | 65,957 | $ | (16,469 | ) | $ | 65,957 | $ | (13,875 | ) | ||||||||||||||
Trade name | — | — | 2,000 | (2,000 | ) | |||||||||||||||||||
Developed technology | 11,000 | (6,600 | ) | 11,000 | (5,500 | ) | ||||||||||||||||||
Non-compete agreements | — | — | 1,000 | (1,000 | ) | |||||||||||||||||||
Mortgage servicing rights | 1,726 | (427 | ) | 1,493 | (300 | ) | ||||||||||||||||||
Total | $ | 78,683 | $ | (23,496 | ) | $ | 81,450 | $ | (22,675 | ) | ||||||||||||||
BANK_DEPOSITS_Tables
BANK DEPOSITS (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Deposits [Abstract] | ||||||||||||||||
Summary of Bank Deposits | The following table presents a summary of bank deposits including the weighted-average rate: | |||||||||||||||
March 31, 2015 | September 30, 2014 | |||||||||||||||
Balance | Weighted-average rate (1) | Balance | Weighted-average rate (1) | |||||||||||||
($ in thousands) | ||||||||||||||||
Bank deposits: | ||||||||||||||||
NOW accounts | $ | 6,027 | 0.01 | % | $ | 5,792 | 0.01 | % | ||||||||
Demand deposits (non-interest-bearing) | 4,776 | — | 8,386 | — | ||||||||||||
Savings and money market accounts | 10,910,547 | 0.02 | % | 9,670,043 | 0.02 | % | ||||||||||
Certificates of deposit | 350,663 | 1.71 | % | 344,703 | 1.81 | % | ||||||||||
Total bank deposits(2) | $ | 11,272,013 | 0.07 | % | $ | 10,028,924 | 0.09 | % | ||||||||
-1 | Weighted-average rate calculation is based on the actual deposit balances at March 31, 2015 and September 30, 2014, respectively. | |||||||||||||||
-2 | Bank deposits exclude affiliate deposits of approximately $421 million and $509 million at March 31, 2015 and September 30, 2014, respectively. These affiliate deposits include $400 million and $500 million, held in a deposit account on behalf of RJF as of March 31, 2015 and September 30, 2014, respectively. | |||||||||||||||
Scheduled Maturities of Certificates of Deposit | Scheduled maturities of certificates of deposit are as follows: | |||||||||||||||
March 31, 2015 | September 30, 2014 | |||||||||||||||
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 | $ | 8,631 | $ | 8,928 | $ | 11,761 | $ | 9,482 | ||||||||
Over three through six months | 9,127 | 12,614 | 9,067 | 10,317 | ||||||||||||
Over six through twelve months | 15,917 | 14,311 | 15,809 | 21,002 | ||||||||||||
Over one through two years | 46,987 | 35,468 | 33,366 | 27,722 | ||||||||||||
Over two through three years | 17,555 | 13,742 | 45,842 | 33,529 | ||||||||||||
Over three through four years | 58,808 | 19,563 | 35,362 | 11,301 | ||||||||||||
Over four through five years | 62,053 | 26,959 | 55,556 | 24,587 | ||||||||||||
Total | $ | 219,078 | $ | 131,585 | $ | 206,763 | $ | 137,940 | ||||||||
Interest Expense on Deposits | Interest expense on deposits is summarized as follows: | |||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(in thousands) | ||||||||||||||||
Certificates of deposit | $ | 1,459 | $ | 1,508 | $ | 2,983 | $ | 3,056 | ||||||||
Money market, savings and NOW accounts | 631 | 431 | 1,244 | 828 | ||||||||||||
Total interest expense on deposits | $ | 2,090 | $ | 1,939 | $ | 4,227 | $ | 3,884 | ||||||||
OTHER_BORROWINGS_Tables
OTHER BORROWINGS (Tables) | 6 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Other Borrowings [Abstract] | |||||||||
Schedule of Short-term Debt | The following table details the components of other borrowings: | ||||||||
March 31, 2015 | September 30, 2014 | ||||||||
(in thousands) | |||||||||
Other borrowings: | |||||||||
FHLB advances | $ | 550,000 | (1) | $ | 500,000 | (2) | |||
Borrowings on secured lines of credit (3) | 171,600 | 154,700 | |||||||
Borrowings on ClariVest revolving credit facility (4) | 116 | 216 | |||||||
Borrowings on unsecured lines of credit (5) | — | — | |||||||
Total other borrowings | $ | 721,716 | $ | 654,916 | |||||
-1 | Borrowings from the FHLB as of March 31, 2015 are comprised of two floating-rate advances. One FHLB advance in the amount of $250 million, matures in September 2017, and has an interest rate which resets monthly. RJ Bank has the option to prepay this advance on each interest reset date without penalty. The other FHLB advance, in the amount of $300 million, matures in March 2017 and has an interest rate which resets quarterly. We use interest rate swaps to manage the risk of increases in interest rates associated with this floating-rate advance by converting a portion of the variable interest rate to a fixed interest rate. Refer to Note 12 for information regarding these interest rate swaps which are accounted for as hedging instruments. Both of the FHLB advances are secured by a blanket lien granted to the FHLB on RJ Bank’s residential mortgage loan portfolio. The weighted average interest rate on these advances is 0.27%. | ||||||||
-2 | Borrowings from the FHLB as of September 30, 2014 are comprised of two $250 million floating-rate advances. The weighted average interest rate on these advances is 0.20%. These advances are secured by a blanket lien granted to the FHLB on RJ Bank’s residential mortgage loan portfolio and mature in September, 2017. The interest rate resets on a monthly basis for one of the advances and a quarterly basis for the other. RJ Bank has the option to prepay each advance without penalty on each interest reset date. | ||||||||
-3 | Other than a $5 million borrowing outstanding on the Regions Credit Facility (as hereinafter defined) as of both March 31, 2015 and September 30, 2014, any borrowings on secured lines of credit are day-to-day and are generally utilized to finance certain fixed income securities. | ||||||||
As of both March 31, 2015 and September 30, 2014, a subsidiary of RJF (the “Borrower”) is a party to a Revolving Credit Agreement (the “Regions Credit Facility”) with Regions Bank. The Regions Credit Facility provides for a revolving line of credit and is subject to a guarantee in favor of Regions Bank 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 $91 million and the outstanding borrowings were $5 million as of March 31, 2015. The Regions Credit Facility bears interest at a variable rate which is 2.75% over LIBOR. On April 2, 2015, the Regions Credit Facility expired, was not renewed, and the outstanding balance was paid to the Lender. | |||||||||
-4 | The outstanding balance on the revolving line of credit provided to ClariVest Asset Management, LLC (“ClariVest”), a subsidiary of Eagle, by a third party lender (the “ClariVest Facility”). The maximum amount available to borrow under ClariVest Facility is $500 thousand, bearing interest at a variable rate which is 1% over the lenders prime rate. The ClariVest Facility expires on September 10, 2018. | ||||||||
-5 | 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, 2015 | ||||||||||||||||||||
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, 2015 | September 30, 2014 | |||||||||||||||||||
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 | $ | 553,766 | $ | 6,794 | Prepaid expenses and other assets | $ | 609,018 | $ | 2,101 | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Interest rate contracts (2) | Trading instruments | $ | 2,510,991 | $ | 121,414 | Trading instruments | $ | 2,198,357 | $ | 89,923 | ||||||||||
Interest rate contracts (3) | Derivative instruments associated with offsetting matched book positions | $ | 1,766,733 | $ | 421,850 | Derivative instruments associated with offsetting matched book positions | $ | 1,796,288 | $ | 323,337 | ||||||||||
Forward foreign exchange contracts | Prepaid expenses and other assets | $ | 98,531 | $ | 1,206 | Prepaid expenses and other assets | $ | 105,179 | $ | 361 | ||||||||||
Liability derivatives | ||||||||||||||||||||
March 31, 2015 | September 30, 2014 | |||||||||||||||||||
Balance sheet | Notional | Fair | Balance sheet | Notional | Fair | |||||||||||||||
location | amount | value(1) | location | amount | value(1) | |||||||||||||||
(in thousands) | ||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Interest rate contracts (4) | Trade and other payables | $ | 200,000 | $ | 2,481 | Trade and other payables | $ | — | $ | — | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Interest rate contracts (2) | Trading instruments sold | $ | 2,497,071 | $ | 105,050 | Trading instruments sold | $ | 2,185,085 | $ | 75,668 | ||||||||||
Interest rate contracts (3) | Derivative instruments associated with offsetting matched book positions | $ | 1,766,733 | $ | 421,850 | Derivative instruments associated with offsetting matched book positions | $ | 1,796,288 | $ | 323,337 | ||||||||||
-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 13 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. | |||||||||||||||||||
-4 | These contracts are associated with our RJ Bank Interest Hedges activities. | |||||||||||||||||||
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: | |||||||||||||||||||
Location of gain (loss) | Amount of gain (loss) on derivatives | |||||||||||||||||||
recognized on derivatives in the | recognized in income | |||||||||||||||||||
Condensed Consolidated Statements of | Three months ended March 31, | Six months ended March 31, | ||||||||||||||||||
Income and Comprehensive Income | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Interest rate contracts (1) | Net trading profit | $ | 2,403 | $ | (70 | ) | $ | 2,280 | $ | 579 | ||||||||||
Interest rate contracts (2) | Other revenues | $ | 44 | $ | 651 | $ | 66 | $ | 671 | |||||||||||
Forward foreign exchange contracts | Other revenues | $ | 8,683 | $ | 2,530 | $ | 12,305 | $ | 4,811 | |||||||||||
-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, COLLATERAL AND ENCUMBERED ASSETS (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Disclosure of Offsetting Assets and Liabilities, Collateral and Encumbered Assets [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 (received) paid | Net amount | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
As of March 31, 2015: | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Securities purchased under agreements to resell and other collateralized financings | $ | 469,503 | $ | — | $ | 469,503 | $ | (469,503 | ) | (1) | $ | — | $ | — | |||||||||||
Derivatives - interest rate contracts(2) | 121,414 | (79,697 | ) | 41,717 | (9,273 | ) | — | 32,444 | |||||||||||||||||
Derivative instruments associated with offsetting matched book positions | 421,850 | — | 421,850 | (421,850 | ) | (3) | — | — | |||||||||||||||||
Derivatives - forward foreign exchange contracts(4) | 8,000 | — | 8,000 | — | — | 8,000 | |||||||||||||||||||
Stock borrowed | 167,338 | — | 167,338 | (159,418 | ) | — | 7,920 | ||||||||||||||||||
Total assets | $ | 1,188,105 | $ | (79,697 | ) | $ | 1,108,408 | $ | (1,060,044 | ) | $ | — | $ | 48,364 | |||||||||||
Liabilities | |||||||||||||||||||||||||
Securities sold under agreements to repurchase | $ | (277,383 | ) | $ | — | $ | (277,383 | ) | $ | 277,383 | (5) | $ | — | $ | — | ||||||||||
Derivatives - RJ Bank Interest Hedges | (2,481 | ) | — | (2,481 | ) | — | 2,481 | (6) | — | ||||||||||||||||
Derivatives - interest rate contracts(2) | (105,050 | ) | 79,028 | (26,022 | ) | 4,101 | (7) | 15,941 | (7) | (5,980 | ) | ||||||||||||||
Derivative instruments associated with offsetting matched book positions | (421,850 | ) | — | (421,850 | ) | 421,850 | (3) | — | — | ||||||||||||||||
Stock loaned | (395,609 | ) | — | (395,609 | ) | 381,327 | — | (14,282 | ) | ||||||||||||||||
Total liabilities | $ | (1,202,373 | ) | $ | 79,028 | $ | (1,123,345 | ) | $ | 1,084,661 | $ | 18,422 | $ | (20,262 | ) | ||||||||||
As of September 30, 2014: | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Securities purchased under agreements to resell and other collateralized financings | $ | 446,016 | $ | — | $ | 446,016 | $ | (446,016 | ) | (1) | $ | — | $ | — | |||||||||||
Derivatives - interest rate contracts(2) | 89,923 | (61,718 | ) | 28,205 | (3,877 | ) | — | 24,328 | |||||||||||||||||
Derivative instruments associated with offsetting matched book positions | 323,337 | — | 323,337 | (323,337 | ) | (3) | — | — | |||||||||||||||||
Derivatives - forward foreign exchange contracts(4) | 2,462 | — | 2,462 | — | — | 2,462 | |||||||||||||||||||
Stock borrowed | 158,988 | — | 158,988 | (153,261 | ) | — | 5,727 | ||||||||||||||||||
Total assets | $ | 1,020,726 | $ | (61,718 | ) | $ | 959,008 | $ | (926,491 | ) | $ | — | $ | 32,517 | |||||||||||
Liabilities | |||||||||||||||||||||||||
Securities sold under agreements to repurchase | $ | (244,495 | ) | $ | — | $ | (244,495 | ) | $ | 244,495 | (5) | $ | — | $ | — | ||||||||||
Derivatives - interest rate contracts(2) | (75,668 | ) | 63,296 | (12,372 | ) | 3,502 | (7) | 4,620 | (7) | (4,250 | ) | ||||||||||||||
Derivative instruments associated with offsetting matched book positions | (323,337 | ) | — | (323,337 | ) | 323,337 | (3) | — | — | ||||||||||||||||
Stock loaned | (417,383 | ) | — | (417,383 | ) | 402,180 | — | (15,203 | ) | ||||||||||||||||
Total liabilities | $ | (1,060,883 | ) | $ | 63,296 | $ | (997,587 | ) | $ | 973,514 | $ | 4,620 | $ | (19,453 | ) | ||||||||||
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 | We are over-collateralized since the actual amount of financial instruments pledged as collateral for securities purchased under agreements to resell and other collateralized financings amounts to $483.8 million and $463.7 million as of March 31, 2015 and September 30, 2014, respectively. | ||||||||||||||||||||||||
-2 | Derivatives - interest rate contracts are included in Trading instruments on our Condensed Consolidated Statements of Financial Condition. See Note 12 for additional information. | ||||||||||||||||||||||||
-3 | 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 12 for further discussion of the “pass through” structure of the derivative instruments associated with Offsetting Matched Book Derivatives Operations. | ||||||||||||||||||||||||
-4 | As of March 31, 2015 and September 30, 2014. the fair value of the forward foreign exchange contract derivatives are in an asset position and are included in prepaid expenses and other assets on our Condensed Consolidated Statements of Financial Condition. See Note 12 for additional information. | ||||||||||||||||||||||||
-5 | We are over-collateralized since the actual amount of financial instruments pledged as collateral for securities sold under agreements to repurchase amounts to $289.4 million and $253.7 million as of March 31, 2015 and September 30, 2014, respectively. | ||||||||||||||||||||||||
-6 | Derivatives - RJ Bank Interest Hedges are included in other liabilities on our Condensed Consolidated Statements of Financial Condition. See Note 12 for additional information. The RJ Bank Interest Hedges are transacted through an exchange. The nature of the agreement with the clearing member exchange includes terms that are similar to a master netting agreement, thus we present offsetting deposits paid to the exchange assoicated with these contracts. These deposits are included in deposits with clearing organizations on our Condensed Consolidated Statements of Financial Condition. We are over-collateralized since the actual amount of cash deposited with the exchange for these RJ Bank Interest Hedges amounts to $8.9 million as of March 31, 2015. | ||||||||||||||||||||||||
-7 | For the portion of these derivative contracts that are transacted through an exchange, the nature of the agreement with the clearing member exchange include terms that are similar to a master netting agreement, thus we present offsetting deposits paid to the exchange associated with these contracts. These deposits are a component of deposits with clearing organizations on our Condensed Consolidated Statements of Financial Condition. See Note 12 for additional information. | ||||||||||||||||||||||||
Collateral | The table below presents financial instruments at fair value, that we received as collateral, are not included on our Condensed Consolidated Statements of Financial Condition, and that were available to be delivered or repledged, along with the balances of such instruments that were used to deliver or repledge, to satisfy one of our purposes described above: | ||||||||||||||||||||||||
March 31, 2015 | September 30, 2014 | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Collateral we received that is available to be delivered or repledged | $ | 2,146,076 | $ | 2,178,868 | |||||||||||||||||||||
Collateral that we delivered or repledged | 949,809 | (1) | 879,071 | (2) | |||||||||||||||||||||
-1 | The collateral delivered or repledged as of March 31, 2015, includes client margin securities which we pledged with a clearing organization in the amount of $155.4 million which were applied against our requirement of $125.1 million. | ||||||||||||||||||||||||
-2 | The collateral delivered or repledged as of September 30, 2014, includes client margin securities which we pledged with a clearing organization in the amount of $138.8 million which were applied against our requirement of $116.5 million. | ||||||||||||||||||||||||
Encumbered assets | The table below presents information about the fair value of our assets that have been pledged for one of the purposes described above: | ||||||||||||||||||||||||
March 31, 2015 | September 30, 2014 | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Financial instruments owned, at fair value, pledged to counterparties that: | |||||||||||||||||||||||||
Had the right to deliver or repledge | $ | 417,609 | $ | 394,746 | |||||||||||||||||||||
Did not have the right to deliver or repledge | 137,467 | (1) | 50,983 | (2) | |||||||||||||||||||||
-1 | Assets delivered or repledged as of March 31, 2015, includes securities which we pledged with a clearing organization in the amount of $24.4 million which were applied against our requirement of $125.1 million (client margin securities we pledged which are described in the preceding table constitute the remainder of the assets pledged to meet the requirement). | ||||||||||||||||||||||||
-2 | Assets delivered or repledged as of September 30, 2014, includes securities which we pledged with a clearing organization in the amount of $18.9 million which were applied against our requirement of $116.5 million (client margin securities we pledged which are described in the preceding table constitute the remainder of the assets pledged to meet the requirement). |
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Equity [Abstract] | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Income | The following table presents the after-tax changes in each component of accumulated other comprehensive income (loss) for the three and six months ended March 31, 2015 and 2014: | |||||||||||||||
Unrealized gains on available for sale securities | Net currency translations and net investment hedges (1) | Cash flow hedges(2) | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Three months ended March 31, 2015 | ||||||||||||||||
Accumulated other comprehensive income (loss) as of the beginning of the period | $ | 4,721 | $ | (13,073 | ) | $ | — | $ | (8,352 | ) | ||||||
Other comprehensive income (loss) before reclassifications and taxes | 3,801 | 441 | (2,481 | ) | 1,761 | |||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income, before tax | (2 | ) | — | 60 | 58 | |||||||||||
Pre-tax net other comprehensive income (loss) | 3,799 | 441 | (2,421 | ) | 1,819 | |||||||||||
Income tax effect | (1,462 | ) | (15,720 | ) | 920 | (16,262 | ) | |||||||||
Net other comprehensive income (loss) for the period, net of tax | 2,337 | (15,279 | ) | (1,501 | ) | (14,443 | ) | |||||||||
Accumulated other comprehensive income (loss) as of March 31, 2015 | $ | 7,058 | $ | (28,352 | ) | $ | (1,501 | ) | $ | (22,795 | ) | |||||
Six months ended March 31, 2015 | ||||||||||||||||
Accumulated other comprehensive income (loss) as of the beginning of the period | $ | 4,745 | $ | (6,633 | ) | $ | — | $ | (1,888 | ) | ||||||
Other comprehensive income (loss) before reclassifications and taxes | 3,745 | 733 | (2,481 | ) | 1,997 | |||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income, before tax | (2 | ) | — | 60 | 58 | |||||||||||
Pre-tax net other comprehensive income (loss) | 3,743 | 733 | (2,421 | ) | 2,055 | |||||||||||
Income tax effect | (1,430 | ) | (22,452 | ) | 920 | (22,962 | ) | |||||||||
Net other comprehensive income (loss) for the period, net of tax | 2,313 | (21,719 | ) | (1,501 | ) | (20,907 | ) | |||||||||
Accumulated other comprehensive income (loss) as of March 31, 2015 | $ | 7,058 | $ | (28,352 | ) | $ | (1,501 | ) | $ | (22,795 | ) | |||||
Three months ended March 31, 2014 | ||||||||||||||||
Accumulated other comprehensive (loss) income as of the beginning of the period | $ | (182 | ) | $ | 5,727 | $ | — | $ | 5,545 | |||||||
Other comprehensive income (loss) before reclassifications and taxes | 5,668 | (2,691 | ) | — | 2,977 | |||||||||||
Amounts reclassified from accumulated other comprehensive loss, before tax | (39 | ) | — | — | (39 | ) | ||||||||||
Pre-tax net other comprehensive income (loss) | 5,629 | (2,691 | ) | — | 2,938 | |||||||||||
Income tax effect | (2,147 | ) | (7,570 | ) | — | (9,717 | ) | |||||||||
Net other comprehensive income (loss) for the period, net of tax | 3,482 | (10,261 | ) | — | (6,779 | ) | ||||||||||
Accumulated other comprehensive income (loss) as of March 31, 2014 | $ | 3,300 | $ | (4,534 | ) | $ | — | $ | (1,234 | ) | ||||||
Six months ended March 31, 2014 | ||||||||||||||||
Accumulated other comprehensive (loss) income as of the beginning of the period | $ | (1,276 | ) | $ | 12,002 | $ | — | $ | 10,726 | |||||||
Other comprehensive income (loss) before reclassifications and taxes | 11,127 | (2,898 | ) | — | 8,229 | |||||||||||
Amounts reclassified from accumulated other comprehensive loss, before tax | (3,731 | ) | — | — | (3,731 | ) | ||||||||||
Pre-tax net other comprehensive income (loss) | 7,396 | (2,898 | ) | — | 4,498 | |||||||||||
Income tax effect | (2,820 | ) | (13,638 | ) | — | (16,458 | ) | |||||||||
Net other comprehensive income (loss) for the period, net of tax | 4,576 | (16,536 | ) | — | (11,960 | ) | ||||||||||
Accumulated other comprehensive income (loss) as of March 31, 2014 | $ | 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 its non-U.S. dollar net investments (see Note 12 for additional information on these derivatives). | |||||||||||||||
-2 | Represents the RJ Bank Interest Hedges (see Note 12 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 (loss), and the related tax effects, for the periods indicated: | |||||||||||||||
Accumulated other comprehensive income (loss) components: | Increase (decrease) in amounts reclassified from accumulated other comprehensive income (loss) | Affected line items in income statement | ||||||||||||||
(in thousands) | ||||||||||||||||
Three months ended March 31, 2015 | ||||||||||||||||
Available for sale securities: (1) | ||||||||||||||||
Auction rate securities | $ | (2 | ) | Other revenue | ||||||||||||
RJ Bank available for sale securities | — | Other revenue | ||||||||||||||
RJ Bank Interest Hedges(2) | 60 | Interest expense | ||||||||||||||
58 | Total before tax | |||||||||||||||
(22 | ) | Provision for income taxes | ||||||||||||||
Total reclassifications for the period | $ | 36 | Net of tax | |||||||||||||
Six months ended March 31, 2015 | ||||||||||||||||
Available for sale securities: (1) | ||||||||||||||||
Auction rate securities | $ | (2 | ) | Other revenue | ||||||||||||
RJ Bank available for sale securities | — | Other revenue | ||||||||||||||
RJ Bank Interest Hedges(2) | 60 | Interest expense | ||||||||||||||
58 | Total before tax | |||||||||||||||
(22 | ) | Provision for income taxes | ||||||||||||||
Total reclassifications for the period | $ | 36 | Net of tax | |||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||
Available for sale securities: (1) | ||||||||||||||||
Auction rate securities | $ | (39 | ) | Other revenue | ||||||||||||
RJ Bank available for sale securities | — | Other revenue | ||||||||||||||
(39 | ) | Total before tax | ||||||||||||||
15 | Provision for income taxes | |||||||||||||||
Total reclassifications for the period | $ | (24 | ) | Net of tax | ||||||||||||
Six months ended March 31, 2014 | ||||||||||||||||
Available for sale securities: (1) | ||||||||||||||||
Auction rate securities (3) | $ | (3,758 | ) | Other revenue | ||||||||||||
RJ Bank available for sale securities | 27 | Other revenue | ||||||||||||||
(3,731 | ) | Total before tax | ||||||||||||||
1,437 | Provision for income taxes | |||||||||||||||
Total reclassifications for the period | $ | (2,294 | ) | Net of tax | ||||||||||||
-1 | See Note 6 for additional information regarding the available for sale securities, and Note 4 for additional fair value information regarding these securities. | |||||||||||||||
-2 | See Note 12 for additional information regarding the RJ Bank Interest Hedges, and Note 4 for additional fair value information regarding these derivatives. | |||||||||||||||
-3 | For the six months ended March 31, 2014, other revenues include realized gains on the redemption or sale of ARS in the amount of $5.6 million (see Note 6 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, 2015 | ||||||||||||||||
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, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(in thousands) | ||||||||||||||||
Interest income: | ||||||||||||||||
Margin balances | $ | 16,237 | $ | 16,628 | $ | 33,513 | $ | 34,415 | ||||||||
Assets segregated pursuant to regulations and other segregated assets | 3,179 | 3,558 | 6,789 | 8,188 | ||||||||||||
Bank loans, net of unearned income | 100,054 | 83,639 | 196,812 | 164,848 | ||||||||||||
Available for sale securities | 1,284 | 1,655 | 2,596 | 3,578 | ||||||||||||
Trading instruments | 4,925 | 4,615 | 9,425 | 9,143 | ||||||||||||
Stock loan | 3,699 | 2,809 | 7,210 | 4,682 | ||||||||||||
Loans to financial advisors | 1,687 | 1,647 | 3,437 | 3,303 | ||||||||||||
Corporate cash and all other | 3,348 | 3,842 | 6,740 | 7,329 | ||||||||||||
Total interest income | $ | 134,413 | $ | 118,393 | $ | 266,522 | $ | 235,486 | ||||||||
Interest expense: | ||||||||||||||||
Brokerage client liabilities | $ | 241 | $ | 286 | $ | 524 | $ | 717 | ||||||||
Retail bank deposits | 2,090 | 1,939 | 4,227 | 3,884 | ||||||||||||
Trading instruments sold but not yet purchased | 1,133 | 1,255 | 2,218 | 2,123 | ||||||||||||
Stock borrow | 1,795 | 814 | 3,413 | 1,306 | ||||||||||||
Borrowed funds | 1,129 | 876 | 2,188 | 1,848 | ||||||||||||
Senior notes | 19,009 | 19,010 | 38,019 | 38,020 | ||||||||||||
Interest expense of consolidated VIEs | 537 | 797 | 1,066 | 1,584 | ||||||||||||
Other | 912 | 1,003 | 2,575 | 1,870 | ||||||||||||
Total interest expense | 26,846 | 25,980 | 54,230 | 51,352 | ||||||||||||
Net interest income | 107,567 | 92,413 | 212,292 | 184,134 | ||||||||||||
Subtract: provision for loan losses | (3,937 | ) | (1,979 | ) | (13,302 | ) | (3,615 | ) | ||||||||
Net interest income after provision for loan losses | $ | 103,630 | $ | 90,434 | $ | 198,990 | $ | 180,519 | ||||||||
SHAREBASED_COMPENSATION_Tables
SHARE-BASED COMPENSATION (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Stock option awards | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [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 options awards granted to employees, members of our Board of Directors and independent contractor financial advisors are presented below: | |||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(in thousands) | ||||||||||||||||
Total share-based expense | $ | 2,571 | $ | 3,128 | $ | 5,688 | $ | 6,861 | ||||||||
Income tax benefit related to share-based expense | 250 | 483 | 626 | 1,278 | ||||||||||||
Schedule of Unrecognized Compensation Cost, Nonvested Awards | Unrecognized pre-tax expense for stock option awards granted to employees, members of our Board of 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, 2015, are presented below: | |||||||||||||||
Unrecognized | Remaining | |||||||||||||||
pre-tax expense | weighted- | |||||||||||||||
average amortization period | ||||||||||||||||
(in thousands) | (in years) | |||||||||||||||
Employees and members of our Board of Directors | $ | 29,043 | 3.5 | |||||||||||||
Independent contractor financial advisors | 1,825 | 3.4 | ||||||||||||||
Restricted stock and restricted stock unit awards | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [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, members of our Board of Directors, and independent contractor financial advisors are presented below: | |||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(in thousands) | ||||||||||||||||
Total share-based expense | $ | 14,189 | $ | 12,422 | $ | 33,155 | $ | 29,057 | ||||||||
Income tax benefit related to share-based expense | 5,038 | 4,304 | 11,900 | 10,220 | ||||||||||||
Schedule of Unrecognized Compensation Cost, Nonvested Awards | Unrecognized pre-tax expense for restricted equity awards granted to employees, members of our Board of 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, 2015, are presented below: | |||||||||||||||
Unrecognized | Remaining | |||||||||||||||
pre-tax expense | weighted- | |||||||||||||||
average amortization period | ||||||||||||||||
(in thousands) | (in years) | |||||||||||||||
Employees and members of our Board of Directors | $ | 108,156 | 3 | |||||||||||||
Independent contractor financial advisors | 65 | 1.3 | ||||||||||||||
REGULATIONS_AND_CAPITAL_REQUIR1
REGULATIONS AND CAPITAL REQUIREMENTS (Tables) | 6 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Raymond James Financial Inc | |||||||||||||||||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||||||||||||||||||
Summary of Minimum Requirements Under Regulatory Framework | To meet requirements for capital adequacy purposes or to be categorized as “well capitalized,” RJF must maintain minimum Common equity tier 1, Tier 1 risk-based, Total risk-based, and Tier 1 leverage amounts and 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, 2015: | |||||||||||||||||||||
(computed in accordance with Basel III) | |||||||||||||||||||||
Common equity tier 1 capital | $ | 3,912,863 | 19.2 | % | $ | 916,946 | 4.5 | % | $ | 1,324,477 | 6.5 | % | |||||||||
Tier 1 capital | 3,912,863 | 19.2 | % | 1,222,595 | 6 | % | 1,630,126 | 8 | % | ||||||||||||
Total capital | 4,093,835 | 20.1 | % | 1,630,126 | 8 | % | 2,037,658 | 10 | % | ||||||||||||
Tier 1 leverage | 3,912,863 | 16.2 | % | 966,350 | 4 | % | 1,207,937 | 5 | % | ||||||||||||
RJF as of September 30, 2014: | |||||||||||||||||||||
(computed in accordance with Basel 2.5) | |||||||||||||||||||||
Tier 1 capital | $ | 3,775,385 | 19.7 | % | $ | 765,589 | 4 | % | $ | 1,148,384 | 6 | % | |||||||||
Total capital | 3,940,516 | 20.6 | % | 1,531,178 | 8 | % | 1,913,973 | 10 | % | ||||||||||||
Tier 1 leverage | 3,775,385 | 16.4 | % | 919,546 | 4 | % | 1,149,433 | 5 | % | ||||||||||||
RJ Bank | |||||||||||||||||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||||||||||||||||||
Summary of Minimum Requirements Under Regulatory Framework | To meet the requirements for capital adequacy or to be categorized as “well capitalized,” RJ Bank must maintain minimum Common equity Tier 1, tier 1 risk-based, Total risk-based, and Tier 1 leverage amounts and 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, 2015: | |||||||||||||||||||||
(computed in accordance with Basel III) | |||||||||||||||||||||
Common equity tier I capital | $ | 1,437,093 | 11.5 | % | $ | 561,822 | 4.5 | % | $ | 811,520 | 6.5 | % | |||||||||
Tier 1 capital | 1,437,093 | 11.5 | % | 749,096 | 6 | % | 998,794 | 8 | % | ||||||||||||
Total capital | 1,593,572 | 12.8 | % | 998,794 | 8 | % | 1,248,493 | 10 | % | ||||||||||||
Tier 1 leverage | 1,437,093 | 10.8 | % | 530,077 | 4 | % | 662,596 | 5 | % | ||||||||||||
RJ Bank as of September 30, 2014: | |||||||||||||||||||||
(computed in accordance with Basel I) | |||||||||||||||||||||
Tier 1 capital | $ | 1,314,374 | 11.2 | % | $ | 467,926 | 4 | % | $ | 701,889 | 6 | % | |||||||||
Total capital | 1,460,895 | 12.5 | % | 935,852 | 8 | % | 1,169,815 | 10 | % | ||||||||||||
Tier 1 leverage | 1,314,374 | 10.7 | % | 492,186 | 4 | % | 615,232 | 5 | % | ||||||||||||
Raymond James & Associates Inc | |||||||||||||||||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||||||||||||||||||
Net Capital and Risk Adjusted Capital Positions of Certain Businesses and Subsidiaries | The net capital position of our wholly owned broker-dealer subsidiary RJ&A is as follows: | ||||||||||||||||||||
As of | |||||||||||||||||||||
March 31, 2015 | September 30, 2014 | ||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||
Raymond James & Associates, Inc.: | |||||||||||||||||||||
(Alternative Method elected) | |||||||||||||||||||||
Net capital as a percent of aggregate debit items | 24.99 | % | 24.14 | % | |||||||||||||||||
Net capital | $ | 440,542 | $ | 442,866 | |||||||||||||||||
Less: required net capital | (35,251 | ) | (36,694 | ) | |||||||||||||||||
Excess net capital | $ | 405,291 | $ | 406,172 | |||||||||||||||||
Raymond James Financial Services Inc | |||||||||||||||||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||||||||||||||||||
Net Capital and Risk Adjusted Capital Positions of Certain Businesses and Subsidiaries | The net capital position of our wholly owned broker-dealer subsidiary RJFS is as follows: | ||||||||||||||||||||
As of | |||||||||||||||||||||
March 31, 2015 | September 30, 2014 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Raymond James Financial Services, Inc.: | |||||||||||||||||||||
(Alternative Method elected) | |||||||||||||||||||||
Net capital | $ | 19,363 | $ | 23,748 | |||||||||||||||||
Less: required net capital | (250 | ) | (250 | ) | |||||||||||||||||
Excess net capital | $ | 19,113 | $ | 23,498 | |||||||||||||||||
Raymond James Ltd | |||||||||||||||||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||||||||||||||||||
Net Capital and Risk Adjusted Capital Positions of Certain Businesses and Subsidiaries | The risk adjusted capital of RJ Ltd. is as follows (in Canadian dollars): | ||||||||||||||||||||
As of | |||||||||||||||||||||
March 31, 2015 | September 30, 2014 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Raymond James Ltd.: | |||||||||||||||||||||
Risk adjusted capital before minimum | $ | 112,192 | $ | 107,645 | |||||||||||||||||
Less: required minimum capital | (250 | ) | (250 | ) | |||||||||||||||||
Risk adjusted capital | $ | 111,942 | $ | 107,395 | |||||||||||||||||
FINANCIAL_INSTRUMENTS_WITH_OFF1
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK (Tables) | 6 Months Ended | |||
Mar. 31, 2015 | ||||
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK [Abstract] | ||||
Summary of Commitments to Extend Credit and Other Credit-Related Off-Balance Sheet Financial Instruments Outstanding | RJ Bank’s commitments to extend credit and other credit-related off-balance sheet financial instruments outstanding are as follows: | |||
March 31, 2015 | ||||
(in thousands) | ||||
Standby letters of credit | $ | 83,968 | ||
Open-end consumer lines of credit | 1,897,896 | |||
Commercial lines of credit | 1,604,622 | |||
Unfunded loan commitments | 259,206 | |||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
Income for basic earnings per common share: | ||||||||||||||||
Net income attributable to RJF | $ | 113,463 | $ | 104,560 | $ | 239,759 | $ | 221,193 | ||||||||
Less allocation of earnings and dividends to participating securities (1) | (371 | ) | (656 | ) | (823 | ) | (1,530 | ) | ||||||||
Net income attributable to RJF common shareholders | $ | 113,092 | $ | 103,904 | $ | 238,936 | $ | 219,663 | ||||||||
Income for diluted earnings per common share: | ||||||||||||||||
Net income attributable to RJF | $ | 113,463 | $ | 104,560 | $ | 239,759 | $ | 221,193 | ||||||||
Less allocation of earnings and dividends to participating securities (1) | (364 | ) | (642 | ) | (803 | ) | (1,500 | ) | ||||||||
Net income attributable to RJF common shareholders | $ | 113,099 | $ | 103,918 | $ | 238,956 | $ | 219,693 | ||||||||
Common shares: | ||||||||||||||||
Average common shares in basic computation | 142,320 | 139,888 | 141,813 | 139,498 | ||||||||||||
Dilutive effect of outstanding stock options and certain restricted stock units | 3,730 | 3,748 | 4,375 | 3,567 | ||||||||||||
Average common shares used in diluted computation | 146,050 | 143,636 | 146,188 | 143,065 | ||||||||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | 0.79 | $ | 0.74 | $ | 1.68 | $ | 1.57 | ||||||||
Diluted | $ | 0.77 | $ | 0.72 | $ | 1.64 | $ | 1.54 | ||||||||
Stock options and certain restricted stock units excluded from weighted-average diluted common shares because their effect would be antidilutive | 2,062 | 228 | 2,294 | 527 | ||||||||||||
-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 472 thousand and 896 thousand for the three months ended March 31, 2015 and 2014, respectively. Participating securities amounted to weighted-average shares of 493 thousand and 976 thousand for the six months ended March 31, 2015 and 2014, respectively. Dividends paid to participating securities amounted to $81 thousand and $133 thousand for the three months ended March 31, 2015 and 2014, respectively. Dividends paid to participating securities amounted to $159 thousand and $286 thousand for the six months ended March 31, 2015 and 2014, 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, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Dividends per common share - declared | $ | 0.18 | $ | 0.16 | $ | 0.36 | $ | 0.32 | ||||||||
Dividends per common share - paid | $ | 0.18 | $ | 0.16 | $ | 0.34 | $ | 0.3 | ||||||||
SEGMENT_ANALYSIS_Tables
SEGMENT ANALYSIS (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(in thousands) | ||||||||||||||||
Revenues: | ||||||||||||||||
Private Client Group | $ | 873,634 | $ | 817,581 | $ | 1,722,877 | $ | 1,600,330 | ||||||||
Capital Markets | 238,921 | 225,226 | 474,095 | 466,666 | ||||||||||||
Asset Management | 94,022 | 87,534 | 193,652 | 183,550 | ||||||||||||
RJ Bank | 105,390 | 87,157 | 208,346 | 171,030 | ||||||||||||
Other | 17,806 | 3,982 | 27,572 | 24,071 | ||||||||||||
Intersegment eliminations | (17,149 | ) | (16,855 | ) | (34,074 | ) | (32,248 | ) | ||||||||
Total revenues(1) | $ | 1,312,624 | $ | 1,204,625 | $ | 2,592,468 | $ | 2,413,399 | ||||||||
Income (loss) excluding noncontrolling interests and before provision for income taxes: | ||||||||||||||||
Private Client Group | $ | 75,420 | $ | 77,115 | $ | 168,164 | $ | 148,625 | ||||||||
Capital Markets | 20,848 | 29,571 | 48,501 | 63,016 | ||||||||||||
Asset Management | 31,095 | 29,864 | 70,891 | 61,700 | ||||||||||||
RJ Bank | 71,264 | 56,798 | 135,620 | 113,856 | ||||||||||||
Other | (18,307 | ) | (27,884 | ) | (39,948 | ) | (42,809 | ) | ||||||||
Pre-tax income excluding noncontrolling interests | 180,320 | 165,464 | 383,228 | 344,388 | ||||||||||||
Add: net loss attributable to noncontrolling interests | (4,687 | ) | (12,465 | ) | (8,946 | ) | (12,577 | ) | ||||||||
Income including noncontrolling interests and before provision for income taxes | $ | 175,633 | $ | 152,999 | $ | 374,282 | $ | 331,811 | ||||||||
-1 | No individual client accounted for more than ten percent of total revenues in any of the periods presented. | |||||||||||||||
Three months ended March 31, | Six months ended March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(in thousands) | ||||||||||||||||
Net interest income (expense): | ||||||||||||||||
Private Client Group | $ | 21,696 | $ | 22,136 | $ | 43,759 | $ | 45,586 | ||||||||
Capital Markets | 2,034 | 1,414 | 4,127 | 3,262 | ||||||||||||
Asset Management | 24 | 12 | 91 | 41 | ||||||||||||
RJ Bank | 99,857 | 84,527 | 196,579 | 166,641 | ||||||||||||
Other | (16,044 | ) | (15,676 | ) | (32,264 | ) | (31,396 | ) | ||||||||
Net interest income | $ | 107,567 | $ | 92,413 | $ | 212,292 | $ | 184,134 | ||||||||
The following table presents our total assets on a segment basis: | ||||||||||||||||
March 31, 2015 | September 30, 2014 | |||||||||||||||
(in thousands) | ||||||||||||||||
Total assets: | ||||||||||||||||
Private Client Group (1) | $ | 6,338,908 | $ | 6,255,176 | ||||||||||||
Capital Markets (2) | 2,909,119 | 2,645,926 | ||||||||||||||
Asset Management | 173,249 | 186,170 | ||||||||||||||
RJ Bank | 13,327,340 | 12,036,945 | ||||||||||||||
Other | 2,219,319 | 2,201,435 | ||||||||||||||
Total | $ | 24,967,935 | $ | 23,325,652 | ||||||||||||
-1 | Includes $174.6 million of goodwill at March 31, 2015 and September 30, 2014. | |||||||||||||||
-2 | Includes $120.9 million of goodwill at March 31, 2015 and September 30, 2014. | |||||||||||||||
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, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(in thousands) | ||||||||||||||||
Revenues: | ||||||||||||||||
United States | $ | 1,214,397 | $ | 1,093,936 | $ | 2,395,705 | $ | 2,182,031 | ||||||||
Canada | 69,581 | 76,380 | 137,293 | 164,494 | ||||||||||||
Europe | 21,211 | 25,588 | 45,125 | 50,584 | ||||||||||||
Other | 7,435 | 8,721 | 14,345 | 16,290 | ||||||||||||
Total | $ | 1,312,624 | $ | 1,204,625 | $ | 2,592,468 | $ | 2,413,399 | ||||||||
Pre-tax income (loss) excluding noncontrolling interests: | ||||||||||||||||
United States | $ | 176,602 | $ | 153,577 | $ | 378,787 | $ | 320,183 | ||||||||
Canada | 5,262 | 8,997 | 7,487 | 20,543 | ||||||||||||
Europe | (1,970 | ) | 656 | (3,726 | ) | 855 | ||||||||||
Other | 426 | 2,234 | 680 | 2,807 | ||||||||||||
Total | $ | 180,320 | $ | 165,464 | $ | 383,228 | $ | 344,388 | ||||||||
Our total assets, classified by major geographic area in which they are held, are presented below: | ||||||||||||||||
March 31, 2015 | September 30, 2014 | |||||||||||||||
(in thousands) | ||||||||||||||||
Total assets: | ||||||||||||||||
United States (1) | $ | 23,319,673 | $ | 21,469,999 | ||||||||||||
Canada(2) | 1,568,758 | 1,773,703 | ||||||||||||||
Europe | 32,878 | 39,872 | ||||||||||||||
Other | 46,626 | 42,078 | ||||||||||||||
Total | $ | 24,967,935 | $ | 23,325,652 | ||||||||||||
-1 | Includes $262.5 million of goodwill at March 31, 2015 and September 30, 2014. | |||||||||||||||
-2 | Includes $33 million of goodwill at March 31, 2015 and September 30, 2014. |
INTRODUCTION_AND_BASIS_OF_PRES1
INTRODUCTION AND BASIS OF PRESENTATION (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Billions, unless otherwise specified | ||
Business Acquisition [Line Items] | ||
Percent ownership of subsidiaries that are consolidated (in hundredths) | 100.00% | |
Cougar Global Investments, Ltd. | ||
Business Acquisition [Line Items] | ||
Assets acquired (more than) | $1 |
UPDATE_OF_SIGNIFICANT_ACCOUNTI2
UPDATE OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
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 | $3.30 | $2.50 |
Loans associated with financial advisors no longer affiliated with us, net of allowance | $4.90 |
CASH_AND_CASH_EQUIVALENTS_ASSE2
CASH AND CASH EQUIVALENTS, ASSETS SEGREGATED PURSUANT TO REGULATIONS, AND DEPOSITS WITH CLEARING ORGANIZATIONS (Details) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 |
Cash and cash equivalents: | ||||
Cash in banks | $2,532,322,000 | $2,195,683,000 | ||
Money market fund investments | 7,815,000 | 3,380,000 | ||
Total cash and cash equivalents | 2,540,137,000 | 2,199,063,000 | 2,641,876,000 | 2,596,616,000 |
Cash segregated pursuant to federal regulations and other segregated assets | 2,560,449,000 | 2,489,264,000 | ||
Deposits with clearing organizations | 216,178,000 | 150,457,000 | ||
Total cash and cash equivalents, assets segregated pursuant to regulations, and deposits with clearing organizations | 5,316,764,000 | 4,838,784,000 | ||
Amount of cash and cash equivalents 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 | $1,210,000,000 | $1,210,000,000 |
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, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | |
Assets, Fair Value Disclosure | ||||
Total debt securities | $696,813,000 | $696,813,000 | $602,973,000 | |
Derivative contracts | 41,717,000 | 41,717,000 | 28,205,000 | |
Equity securities | 42,383,000 | 42,383,000 | 34,142,000 | |
Corporate loans | 0 | 0 | 990,000 | |
Other | 16,618,000 | 16,618,000 | 13,083,000 | |
Total trading instruments | 797,531,000 | 797,531,000 | 679,393,000 | |
Available for sale securities | 531,940,000 | 531,940,000 | 562,289,000 | |
Derivative instruments associated with offsetting matched book positions | 421,850,000 | 421,850,000 | 323,337,000 | |
Other real estate owned (OREO) | 6,500,000 | 6,500,000 | 5,400,000 | |
Liabilities, Fair Value Disclosure [Abstract] | ||||
Total debt securities | 310,179,000 | 310,179,000 | 215,142,000 | |
Derivative liability | 26,022,000 | 26,022,000 | 12,372,000 | |
Equity securities | 34,388,000 | 34,388,000 | 10,886,000 | |
Other securities | 1,751,000 | 1,751,000 | 0 | |
Trading instruments sold but not yet purchased | 372,340,000 | 372,340,000 | 238,400,000 | |
Derivative instruments associated with offsetting matched book positions | 421,850,000 | 421,850,000 | 323,337,000 | |
Transfers of Financial Instruments into (out of) Level 1 and 2 [Abstract] | ||||
Fair value of financial instruments, level 1 to level 2 transfers | 600,000 | 1,100,000 | 800,000 | |
Fair value of financial instruments, level 2 to level 1 transfers | 1,100,000 | 1,300,000 | ||
Adjustments to fair value of nonrecurring fair value measurements [Abstract] | ||||
Additional provision for loan losses due to fair value adjustment | 222,000 | 176,000 | ||
Other losses due to fair value adjustment | 149,000 | 1,500,000 | ||
Recurring | ||||
Assets, Fair Value Disclosure | ||||
Total debt securities | 696,813,000 | 696,813,000 | 602,973,000 | |
Netting adjustments | -79,697,000 | -79,697,000 | -61,718,000 | |
Equity securities | 42,383,000 | 42,383,000 | 34,142,000 | |
Corporate loans | 990,000 | |||
Other | 16,618,000 | 16,618,000 | 13,083,000 | |
Total trading instruments | 797,531,000 | 797,531,000 | 679,393,000 | |
Available for sale securities | 531,940,000 | 531,940,000 | 562,289,000 | |
Private equity investments | 220,944,000 | 220,944,000 | 211,666,000 | |
Other investments | 208,976,000 | 208,976,000 | 215,751,000 | |
Derivative instruments associated with offsetting matched book positions | 421,850,000 | 421,850,000 | 323,337,000 | |
Deposits with clearing organizations | 23,592,000 | 23,592,000 | ||
Other assets | 2,196,000 | 2,196,000 | 787,000 | |
Total other assets | 10,196,000 | 10,196,000 | 3,249,000 | |
Total assets at fair value on a recurring basis | 2,215,029,000 | 2,215,029,000 | 1,995,685,000 | |
Liabilities, Fair Value Disclosure [Abstract] | ||||
Total debt securities | 310,179,000 | 310,179,000 | 215,142,000 | |
Netting adjustments | -79,028,000 | -79,028,000 | -63,296,000 | |
Equity securities | 34,388,000 | 34,388,000 | 10,886,000 | |
Other securities | 1,751,000 | 1,751,000 | ||
Trading instruments sold but not yet purchased | 372,340,000 | 372,340,000 | 238,400,000 | |
Derivative instruments associated with offsetting matched book positions | 421,850,000 | 421,850,000 | 323,337,000 | |
Other liabilities | 58,000 | 58,000 | 58,000 | |
Trade and other payables | 2,539,000 | 2,539,000 | ||
Total liabilities at fair value on a recurring basis | 796,729,000 | 796,729,000 | 561,795,000 | |
Recurring | Municipal and provincial obligations | ||||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Total debt securities | 4,876,000 | 4,876,000 | 11,647,000 | |
Recurring | Corporate obligations | ||||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Total debt securities | 18,648,000 | 18,648,000 | 15,333,000 | |
Recurring | Government obligations | ||||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Total debt securities | 284,821,000 | 284,821,000 | 187,424,000 | |
Recurring | Agency MBS and CMOs | ||||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Total debt securities | 1,834,000 | 1,834,000 | 738,000 | |
Recurring | MK&Co | ||||
Adjustments to fair value of nonrecurring fair value measurements [Abstract] | ||||
Other investments with obligations to perform under deferred compensation plan | 143,000,000 | 143,000,000 | 144,000,000 | |
Recurring | Interest rate contract | ||||
Assets, Fair Value Disclosure | ||||
Netting adjustments | -79,697,000 | -79,697,000 | -61,718,000 | |
Derivative contracts | 41,717,000 | 41,717,000 | 28,205,000 | |
Liabilities, Fair Value Disclosure [Abstract] | ||||
Netting adjustments | -79,028,000 | -79,028,000 | -63,296,000 | |
Derivative liability | 26,022,000 | 26,022,000 | 12,372,000 | |
Recurring | Forward foreign exchange contracts | ||||
Assets, Fair Value Disclosure | ||||
Netting adjustments | 0 | 0 | 0 | |
Derivative contracts | 8,000,000 | 8,000,000 | 2,462,000 | |
Liabilities, Fair Value Disclosure [Abstract] | ||||
Netting adjustments | 0 | 0 | ||
Derivative liability | 2,481,000 | 2,481,000 | ||
Recurring | Municipal and provincial obligations | ||||
Assets, Fair Value Disclosure | ||||
Total debt securities | 244,519,000 | 244,519,000 | 203,889,000 | |
Recurring | Corporate obligations | ||||
Assets, Fair Value Disclosure | ||||
Total debt securities | 96,073,000 | 96,073,000 | 111,928,000 | |
Recurring | Government and agency obligations | ||||
Assets, Fair Value Disclosure | ||||
Total debt securities | 164,008,000 | 164,008,000 | 101,362,000 | |
Recurring | Agency MBS and CMOs | ||||
Assets, Fair Value Disclosure | ||||
Total debt securities | 140,403,000 | 140,403,000 | 127,419,000 | |
Available for sale securities | 240,488,000 | 240,488,000 | 267,720,000 | |
Recurring | Non-agency CMOs | ||||
Assets, Fair Value Disclosure | ||||
Available for sale securities | 87,362,000 | 87,362,000 | 91,918,000 | |
Recurring | Other securities | ||||
Assets, Fair Value Disclosure | ||||
Available for sale securities | 2,028,000 | 2,028,000 | 1,916,000 | |
Recurring | Non-agency CMOs and ABS | ||||
Assets, Fair Value Disclosure | ||||
Total debt securities | 51,810,000 | 51,810,000 | 58,375,000 | |
Recurring | ARS - municipals | ||||
Assets, Fair Value Disclosure | ||||
Available for sale securities | 89,614,000 | 89,614,000 | 86,696,000 | |
Recurring | ARS - preferred securities | ||||
Assets, Fair Value Disclosure | ||||
Available for sale securities | 112,448,000 | 112,448,000 | 114,039,000 | |
Recurring | Quoted prices in active markets for identical assets (Level 1) | ||||
Assets, Fair Value Disclosure | ||||
Total debt securities | 60,174,000 | 60,174,000 | 21,019,000 | |
Equity securities | 36,790,000 | 36,790,000 | 28,834,000 | |
Corporate loans | 0 | |||
Other | 657,000 | 657,000 | 566,000 | |
Total trading instruments | 97,621,000 | 97,621,000 | 50,419,000 | |
Available for sale securities | 2,028,000 | 2,028,000 | 1,916,000 | |
Private equity investments | 0 | 0 | 0 | |
Other investments | 206,888,000 | 206,888,000 | 212,753,000 | |
Derivative instruments associated with offsetting matched book positions | 0 | 0 | 0 | |
Deposits with clearing organizations | 23,592,000 | 23,592,000 | ||
Other assets | 0 | 0 | 0 | |
Total other assets | 0 | 0 | 0 | |
Total assets at fair value on a recurring basis | 330,129,000 | 330,129,000 | 265,088,000 | |
Total bank loans, net | 0 | 0 | 0 | |
Liabilities, Fair Value Disclosure [Abstract] | ||||
Total debt securities | 291,170,000 | 291,170,000 | 199,284,000 | |
Equity securities | 34,387,000 | 34,387,000 | 10,884,000 | |
Other securities | 2,000 | 2,000 | ||
Trading instruments sold but not yet purchased | 325,559,000 | 325,559,000 | 210,168,000 | |
Derivative instruments associated with offsetting matched book positions | 0 | 0 | 0 | |
Other liabilities | 0 | 0 | 0 | |
Trade and other payables | 0 | 0 | ||
Total liabilities at fair value on a recurring basis | 325,559,000 | 325,559,000 | 210,168,000 | |
Recurring | Quoted prices in active markets for identical assets (Level 1) | Municipal and provincial obligations | ||||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Total debt securities | 4,482,000 | 4,482,000 | 11,093,000 | |
Recurring | Quoted prices in active markets for identical assets (Level 1) | Corporate obligations | ||||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Total debt securities | 33,000 | 33,000 | 29,000 | |
Recurring | Quoted prices in active markets for identical assets (Level 1) | Government obligations | ||||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Total debt securities | 284,821,000 | 284,821,000 | 187,424,000 | |
Recurring | Quoted prices in active markets for identical assets (Level 1) | Agency MBS and CMOs | ||||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Total debt securities | 1,834,000 | 1,834,000 | 738,000 | |
Recurring | Quoted prices in active markets for identical assets (Level 1) | Interest rate contract | ||||
Assets, Fair Value Disclosure | ||||
Derivative contracts | 0 | 0 | 0 | |
Liabilities, Fair Value Disclosure [Abstract] | ||||
Derivative contracts | 0 | 0 | 0 | |
Recurring | Quoted prices in active markets for identical assets (Level 1) | Forward foreign exchange contracts | ||||
Assets, Fair Value Disclosure | ||||
Derivative contracts | 0 | 0 | 0 | |
Liabilities, Fair Value Disclosure [Abstract] | ||||
Derivative contracts | 0 | 0 | ||
Recurring | Quoted prices in active markets for identical assets (Level 1) | Municipal and provincial obligations | ||||
Assets, Fair Value Disclosure | ||||
Total debt securities | 4,955,000 | 4,955,000 | 11,407,000 | |
Recurring | Quoted prices in active markets for identical assets (Level 1) | Corporate obligations | ||||
Assets, Fair Value Disclosure | ||||
Total debt securities | 15,899,000 | 15,899,000 | 1,989,000 | |
Recurring | Quoted prices in active markets for identical assets (Level 1) | Government and agency obligations | ||||
Assets, Fair Value Disclosure | ||||
Total debt securities | 38,717,000 | 38,717,000 | 7,376,000 | |
Recurring | Quoted prices in active markets for identical assets (Level 1) | Agency MBS and CMOs | ||||
Assets, Fair Value Disclosure | ||||
Total debt securities | 603,000 | 603,000 | 247,000 | |
Available for sale securities | 0 | 0 | 0 | |
Recurring | Quoted prices in active markets for identical assets (Level 1) | Non-agency CMOs | ||||
Assets, Fair Value Disclosure | ||||
Available for sale securities | 0 | 0 | 0 | |
Recurring | Quoted prices in active markets for identical assets (Level 1) | Other securities | ||||
Assets, Fair Value Disclosure | ||||
Available for sale securities | 2,028,000 | 2,028,000 | 1,916,000 | |
Recurring | Quoted prices in active markets for identical assets (Level 1) | Non-agency CMOs and ABS | ||||
Assets, Fair Value Disclosure | ||||
Total debt securities | 0 | 0 | 0 | |
Recurring | Quoted prices in active markets for identical assets (Level 1) | ARS - municipals | ||||
Assets, Fair Value Disclosure | ||||
Available for sale securities | 0 | 0 | 0 | |
Recurring | Quoted prices in active markets for identical assets (Level 1) | ARS - preferred securities | ||||
Assets, Fair Value Disclosure | ||||
Available for sale securities | 0 | 0 | 0 | |
Recurring | Significant other observable inputs (Level 2) | ||||
Assets, Fair Value Disclosure | ||||
Total debt securities | 636,629,000 | 636,629,000 | 581,943,000 | |
Equity securities | 5,579,000 | 5,579,000 | 5,264,000 | |
Corporate loans | 990,000 | |||
Other | 15,181,000 | 15,181,000 | 10,208,000 | |
Total trading instruments | 778,803,000 | 778,803,000 | 688,328,000 | |
Available for sale securities | 327,850,000 | 327,850,000 | 359,638,000 | |
Private equity investments | 0 | 0 | 0 | |
Other investments | 1,172,000 | 1,172,000 | 1,267,000 | |
Derivative instruments associated with offsetting matched book positions | 421,850,000 | 421,850,000 | 323,337,000 | |
Deposits with clearing organizations | 0 | 0 | ||
Other assets | 0 | 0 | 0 | |
Total other assets | 8,000,000 | 8,000,000 | 2,462,000 | |
Total assets at fair value on a recurring basis | 1,537,675,000 | 1,537,675,000 | 1,375,032,000 | |
Total bank loans, net | 38,848,000 | 38,848,000 | 23,678,000 | |
Liabilities, Fair Value Disclosure [Abstract] | ||||
Total debt securities | 19,009,000 | 19,009,000 | 15,858,000 | |
Equity securities | 1,000 | 1,000 | 2,000 | |
Other securities | 1,749,000 | 1,749,000 | ||
Trading instruments sold but not yet purchased | 125,809,000 | 125,809,000 | 91,528,000 | |
Derivative instruments associated with offsetting matched book positions | 421,850,000 | 421,850,000 | 323,337,000 | |
Other liabilities | 0 | 0 | 0 | |
Trade and other payables | 2,481,000 | 2,481,000 | ||
Total liabilities at fair value on a recurring basis | 550,140,000 | 550,140,000 | 414,865,000 | |
Recurring | Significant other observable inputs (Level 2) | Municipal and provincial obligations | ||||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Total debt securities | 394,000 | 394,000 | 554,000 | |
Recurring | Significant other observable inputs (Level 2) | Corporate obligations | ||||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Total debt securities | 18,615,000 | 18,615,000 | 15,304,000 | |
Recurring | Significant other observable inputs (Level 2) | Government obligations | ||||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Total debt securities | 0 | 0 | 0 | |
Recurring | Significant other observable inputs (Level 2) | Agency MBS and CMOs | ||||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Total debt securities | 0 | 0 | 0 | |
Recurring | Significant other observable inputs (Level 2) | Interest rate contract | ||||
Assets, Fair Value Disclosure | ||||
Derivative contracts | 121,414,000 | 121,414,000 | 89,923,000 | |
Liabilities, Fair Value Disclosure [Abstract] | ||||
Derivative contracts | 105,050,000 | 105,050,000 | 75,668,000 | |
Recurring | Significant other observable inputs (Level 2) | Forward foreign exchange contracts | ||||
Assets, Fair Value Disclosure | ||||
Derivative contracts | 8,000,000 | 8,000,000 | 2,462,000 | |
Liabilities, Fair Value Disclosure [Abstract] | ||||
Derivative contracts | 2,481,000 | 2,481,000 | ||
Recurring | Significant other observable inputs (Level 2) | Municipal and provincial obligations | ||||
Assets, Fair Value Disclosure | ||||
Total debt securities | 239,564,000 | 239,564,000 | 192,482,000 | |
Recurring | Significant other observable inputs (Level 2) | Corporate obligations | ||||
Assets, Fair Value Disclosure | ||||
Total debt securities | 80,174,000 | 80,174,000 | 109,939,000 | |
Recurring | Significant other observable inputs (Level 2) | Government and agency obligations | ||||
Assets, Fair Value Disclosure | ||||
Total debt securities | 125,291,000 | 125,291,000 | 93,986,000 | |
Recurring | Significant other observable inputs (Level 2) | Agency MBS and CMOs | ||||
Assets, Fair Value Disclosure | ||||
Total debt securities | 139,800,000 | 139,800,000 | 127,172,000 | |
Available for sale securities | 240,488,000 | 240,488,000 | 267,720,000 | |
Recurring | Significant other observable inputs (Level 2) | Non-agency CMOs | ||||
Assets, Fair Value Disclosure | ||||
Available for sale securities | 87,362,000 | 87,362,000 | 91,918,000 | |
Recurring | Significant other observable inputs (Level 2) | Other securities | ||||
Assets, Fair Value Disclosure | ||||
Available for sale securities | 0 | 0 | 0 | |
Recurring | Significant other observable inputs (Level 2) | Non-agency CMOs and ABS | ||||
Assets, Fair Value Disclosure | ||||
Total debt securities | 51,800,000 | 51,800,000 | 58,364,000 | |
Recurring | Significant other observable inputs (Level 2) | ARS - municipals | ||||
Assets, Fair Value Disclosure | ||||
Available for sale securities | 0 | 0 | 0 | |
Recurring | Significant other observable inputs (Level 2) | ARS - preferred securities | ||||
Assets, Fair Value Disclosure | ||||
Available for sale securities | 0 | 0 | 0 | |
Recurring | Significant unobservable inputs (level 3) | ||||
Assets, Fair Value Disclosure | ||||
Total debt securities | 10,000 | 10,000 | 11,000 | |
Equity securities | 14,000 | 14,000 | 44,000 | |
Corporate loans | 0 | |||
Other | 780,000 | 780,000 | 2,309,000 | |
Total trading instruments | 804,000 | 804,000 | 2,364,000 | |
Available for sale securities | 202,062,000 | 202,062,000 | 200,735,000 | |
Private equity investments | 220,944,000 | 220,944,000 | 211,666,000 | |
Other investments | 916,000 | 916,000 | 1,731,000 | |
Derivative instruments associated with offsetting matched book positions | 0 | 0 | 0 | |
Deposits with clearing organizations | 0 | 0 | ||
Other assets | 2,196,000 | 2,196,000 | 787,000 | |
Total other assets | 2,196,000 | 2,196,000 | 787,000 | |
Total assets at fair value on a recurring basis | 426,922,000 | 426,922,000 | 417,283,000 | |
Total bank loans, net | 11,854,431,000 | 11,854,431,000 | 10,738,136,000 | |
Liabilities, Fair Value Disclosure [Abstract] | ||||
Total debt securities | 0 | 0 | 0 | |
Equity securities | 0 | 0 | 0 | |
Other securities | 0 | 0 | ||
Trading instruments sold but not yet purchased | 0 | 0 | 0 | |
Derivative instruments associated with offsetting matched book positions | 0 | 0 | 0 | |
Other liabilities | 58,000 | 58,000 | 58,000 | |
Trade and other payables | 58,000 | 58,000 | ||
Total liabilities at fair value on a recurring basis | 58,000 | 58,000 | 58,000 | |
Auction rate securities [Abstract] | ||||
Jefferson County, Alabama Limited Obligation School Warrants ARS | 62,000,000 | 62,000,000 | 58,000,000 | |
Private Equity Investments [Abstract] | ||||
Portion of significant private equity investments included in noncontrolling interests | 56,000,000 | 56,000,000 | 55,000,000 | |
Portion of private equity investments owned by parent | 165,000,000 | 165,000,000 | 157,000,000 | |
Weighted-average ownership percentage (in hundredths) | 75.00% | 75.00% | 74.00% | |
Recurring | Significant unobservable inputs (level 3) | Municipal and provincial obligations | ||||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Total debt securities | 0 | 0 | 0 | |
Recurring | Significant unobservable inputs (level 3) | Corporate obligations | ||||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Total debt securities | 0 | 0 | 0 | |
Recurring | Significant unobservable inputs (level 3) | Government obligations | ||||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Total debt securities | 0 | 0 | 0 | |
Recurring | Significant unobservable inputs (level 3) | Agency MBS and CMOs | ||||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Total debt securities | 0 | 0 | 0 | |
Recurring | Significant unobservable inputs (level 3) | Interest rate contract | ||||
Assets, Fair Value Disclosure | ||||
Derivative contracts | 0 | 0 | 0 | |
Liabilities, Fair Value Disclosure [Abstract] | ||||
Derivative contracts | 0 | 0 | 0 | |
Recurring | Significant unobservable inputs (level 3) | Forward foreign exchange contracts | ||||
Assets, Fair Value Disclosure | ||||
Derivative contracts | 0 | 0 | 0 | |
Liabilities, Fair Value Disclosure [Abstract] | ||||
Derivative contracts | 0 | 0 | ||
Recurring | Significant unobservable inputs (level 3) | Municipal and provincial obligations | ||||
Assets, Fair Value Disclosure | ||||
Total debt securities | 0 | 0 | 0 | |
Recurring | Significant unobservable inputs (level 3) | Corporate obligations | ||||
Assets, Fair Value Disclosure | ||||
Total debt securities | 0 | 0 | 0 | |
Recurring | Significant unobservable inputs (level 3) | Government and agency obligations | ||||
Assets, Fair Value Disclosure | ||||
Total debt securities | 0 | 0 | 0 | |
Recurring | Significant unobservable inputs (level 3) | Agency MBS and CMOs | ||||
Assets, Fair Value Disclosure | ||||
Total debt securities | 0 | 0 | 0 | |
Available for sale securities | 0 | 0 | 0 | |
Recurring | Significant unobservable inputs (level 3) | Non-agency CMOs | ||||
Assets, Fair Value Disclosure | ||||
Available for sale securities | 0 | 0 | 0 | |
Recurring | Significant unobservable inputs (level 3) | Other securities | ||||
Assets, Fair Value Disclosure | ||||
Available for sale securities | 0 | 0 | 0 | |
Recurring | Significant unobservable inputs (level 3) | Non-agency CMOs and ABS | ||||
Assets, Fair Value Disclosure | ||||
Total debt securities | 10,000 | 10,000 | 11,000 | |
Recurring | Significant unobservable inputs (level 3) | ARS - municipals | ||||
Assets, Fair Value Disclosure | ||||
Available for sale securities | 89,614,000 | 89,614,000 | 86,696,000 | |
Recurring | Significant unobservable inputs (level 3) | ARS - preferred securities | ||||
Assets, Fair Value Disclosure | ||||
Available for sale securities | 112,448,000 | 112,448,000 | 114,039,000 | |
Nonrecurring | ||||
Assets, Fair Value Disclosure | ||||
Total bank loans, net | 131,140,000 | 131,140,000 | 112,938,000 | |
Other real estate owned (OREO) | 1,196,000 | 1,196,000 | 768,000 | |
Total assets at fair value on a nonrecurring basis | 132,336,000 | 132,336,000 | 113,706,000 | |
Nonrecurring | Impaired loans | ||||
Assets, Fair Value Disclosure | ||||
Total bank loans, net | 82,010,000 | 82,010,000 | 90,327,000 | |
Nonrecurring | Loans held for sale | ||||
Assets, Fair Value Disclosure | ||||
Total bank loans, net | 49,130,000 | 49,130,000 | 22,611,000 | |
Nonrecurring | Quoted prices in active markets for identical assets (Level 1) | ||||
Assets, Fair Value Disclosure | ||||
Total bank loans, net | 0 | 0 | 0 | |
Other real estate owned (OREO) | 0 | 0 | 0 | |
Total assets at fair value on a nonrecurring basis | 0 | 0 | 0 | |
Nonrecurring | Quoted prices in active markets for identical assets (Level 1) | Impaired loans | ||||
Assets, Fair Value Disclosure | ||||
Total bank loans, net | 0 | 0 | 0 | |
Nonrecurring | Quoted prices in active markets for identical assets (Level 1) | Loans held for sale | ||||
Assets, Fair Value Disclosure | ||||
Total bank loans, net | 0 | 0 | 0 | |
Nonrecurring | Significant other observable inputs (Level 2) | ||||
Assets, Fair Value Disclosure | ||||
Total bank loans, net | 79,696,000 | 79,696,000 | 57,410,000 | |
Other real estate owned (OREO) | 1,196,000 | 1,196,000 | 768,000 | |
Total assets at fair value on a nonrecurring basis | 80,892,000 | 80,892,000 | 58,178,000 | |
Nonrecurring | Significant other observable inputs (Level 2) | Impaired loans | ||||
Assets, Fair Value Disclosure | ||||
Total bank loans, net | 30,566,000 | 30,566,000 | 34,799,000 | |
Nonrecurring | Significant other observable inputs (Level 2) | Loans held for sale | ||||
Assets, Fair Value Disclosure | ||||
Total bank loans, net | 49,130,000 | 49,130,000 | 22,611,000 | |
Nonrecurring | Significant unobservable inputs (level 3) | ||||
Assets, Fair Value Disclosure | ||||
Total bank loans, net | 51,444,000 | 51,444,000 | 55,528,000 | |
Other real estate owned (OREO) | 0 | 0 | 0 | |
Total assets at fair value on a nonrecurring basis | 51,444,000 | 51,444,000 | 55,528,000 | |
Nonrecurring | Significant unobservable inputs (level 3) | Impaired loans | ||||
Assets, Fair Value Disclosure | ||||
Total bank loans, net | 51,444,000 | 51,444,000 | 55,528,000 | |
Nonrecurring | Significant unobservable inputs (level 3) | Loans held for sale | ||||
Assets, Fair Value Disclosure | ||||
Total bank loans, net | $0 | $0 | $0 |
FAIR_VALUE_Level_3_Financial_A
FAIR VALUE, Level 3 Financial Assets and Liabilities, Roll Forward (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Percentage of instruments measured at fair value on a recurring basis | ||||
Instruments measured at fair value, percentage of assets (in hundredths) | 8.90% | 8.70% | 8.90% | 8.70% |
Instruments measured at fair value, percentage of liabilities (in hundredths) | 3.90% | 3.00% | 3.90% | 3.00% |
Instruments measured at fair value, level 3, percentage of assets (in hundredths) | 19.00% | 21.00% | 19.00% | 21.00% |
Percentage change of level 3 financial instruments from prior year period | -2.00% | -2.00% | ||
Payables-trade and other | Other liabilities | ||||
Changes in Level 3 recurring fair value measurements, liabilities [Roll Forward] | ||||
Fair value at beginning of period | ($58,000) | ($1,417,000) | ($58,000) | ($60,000) |
Total gains (losses) for the period: | ||||
Included in earnings | 0 | 1,335,000 | 0 | -22,000 |
Included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases and contributions | 0 | 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 | 0 | 0 | 0 |
Out of level 3 | 0 | 0 | 0 | 0 |
Fair value at end of period | -58,000 | -82,000 | -58,000 | -82,000 |
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 liabilities) for liabilities held at the end of the reporting period | 0 | 0 | 0 | -22,000 |
Trading instruments | Non-agency CMOs and ABS | ||||
Changes in Level 3 recurring fair value measurements, assets [Roll Forward] | ||||
Fair value at beginning of period | 11,000 | 13,000 | 11,000 | 14,000 |
Total gains (losses) for the period: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases and contributions | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Redemptions by issuer | 0 | 0 | 0 | 0 |
Distributions | -1,000 | 0 | -1,000 | -1,000 |
Transfers: | ||||
Into Level 3 | 0 | 0 | 0 | 0 |
Out of Level 3 | 0 | 0 | 0 | 0 |
Fair value at end of period | 10,000 | 13,000 | 10,000 | 13,000 |
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 | 0 | 20,000 |
Trading instruments | Equity securities | ||||
Changes in Level 3 recurring fair value measurements, assets [Roll Forward] | ||||
Fair value at beginning of period | 14,000 | 35,000 | 44,000 | 35,000 |
Total gains (losses) for the period: | ||||
Included in earnings | 0 | 5,000 | 5,000 | 4,000 |
Included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases and contributions | 0 | 23,000 | 20,000 | 24,000 |
Sales | 0 | -26,000 | 0 | -26,000 |
Redemptions by issuer | 0 | 0 | 0 | 0 |
Distributions | 0 | 0 | 0 | 0 |
Transfers: | ||||
Into Level 3 | 0 | 0 | 0 | 0 |
Out of Level 3 | 0 | 0 | -55,000 | 0 |
Fair value at end of period | 14,000 | 37,000 | 14,000 | 37,000 |
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 | 5,000 | 5,000 | 4,000 |
Trading instruments | Other | ||||
Changes in Level 3 recurring fair value measurements, assets [Roll Forward] | ||||
Fair value at beginning of period | 5,264,000 | 4,199,000 | 2,309,000 | 3,956,000 |
Total gains (losses) for the period: | ||||
Included in earnings | -20,000 | -32,000 | -40,000 | -201,000 |
Included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases and contributions | 11,358,000 | 3,185,000 | 23,333,000 | 10,448,000 |
Sales | -15,822,000 | -4,649,000 | -24,822,000 | -11,500,000 |
Redemptions by issuer | 0 | 0 | 0 | 0 |
Distributions | 0 | 0 | 0 | 0 |
Transfers: | ||||
Into Level 3 | 0 | 0 | 0 | 0 |
Out of Level 3 | 0 | 0 | 0 | 0 |
Fair value at end of period | 780,000 | 2,703,000 | 780,000 | 2,703,000 |
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 | -32,000 | 0 | -201,000 |
Available for sale securities | Non-agency CMOs | ||||
Changes in Level 3 recurring fair value measurements, assets [Roll Forward] | ||||
Fair value at beginning of period | 46,000 | 78,000 | ||
Total gains (losses) for the period: | ||||
Included in earnings | 0 | -27,000 | ||
Included in other comprehensive income | 6,000 | 21,000 | ||
Purchases and contributions | 0 | 0 | ||
Sales | 0 | 0 | ||
Redemptions by issuer | 0 | 0 | ||
Distributions | -14,000 | -34,000 | ||
Transfers: | ||||
Into Level 3 | 0 | 0 | ||
Out of Level 3 | 0 | 0 | ||
Fair value at end of period | 38,000 | 38,000 | ||
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 | -27,000 | ||
Available for sale securities | ARS - municipals | ||||
Changes in Level 3 recurring fair value measurements, assets [Roll Forward] | ||||
Fair value at beginning of period | 85,814,000 | 108,458,000 | 86,696,000 | 130,934,000 |
Total gains (losses) for the period: | ||||
Included in earnings | 2,000 | 63,000 | 2,000 | 5,584,000 |
Included in other comprehensive income | 3,843,000 | 1,849,000 | 2,961,000 | 938,000 |
Purchases and contributions | 0 | 0 | 0 | 0 |
Sales | -45,000 | 0 | -45,000 | -370,000 |
Redemptions by issuer | 0 | -410,000 | 0 | -27,126,000 |
Distributions | 0 | 0 | 0 | 0 |
Transfers: | ||||
Into Level 3 | 0 | 0 | 0 | 0 |
Out of Level 3 | 0 | 0 | 0 | 0 |
Fair value at end of period | 89,614,000 | 109,960,000 | 89,614,000 | 109,960,000 |
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 | 3,843,000 | 63,000 | 2,961,000 | 938,000 |
Available for sale securities | ARS - preferred securities | ||||
Changes in Level 3 recurring fair value measurements, assets [Roll Forward] | ||||
Fair value at beginning of period | 112,955,000 | 112,122,000 | 114,039,000 | 110,784,000 |
Total gains (losses) for the period: | ||||
Included in earnings | 25,000 | 44,000 | 25,000 | 44,000 |
Included in other comprehensive income | -282,000 | 374,000 | -1,366,000 | 1,712,000 |
Purchases and contributions | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Redemptions by issuer | -250,000 | -325,000 | -250,000 | -325,000 |
Distributions | 0 | 0 | 0 | 0 |
Transfers: | ||||
Into Level 3 | 0 | 0 | 0 | 0 |
Out of Level 3 | 0 | 0 | 0 | 0 |
Fair value at end of period | 112,448,000 | 112,215,000 | 112,448,000 | 112,215,000 |
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 | -282,000 | 44,000 | -1,366,000 | 1,712,000 |
Private equity, other investments and other assets | Private equity investments | ||||
Changes in Level 3 recurring fair value measurements, assets [Roll Forward] | ||||
Fair value at beginning of period | 208,674,000 | 209,977,000 | 211,666,000 | 216,391,000 |
Total gains (losses) for the period: | ||||
Included in earnings | 14,414,000 | 13,000 | 17,060,000 | 4,781,000 |
Included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases and contributions | 2,241,000 | 5,317,000 | 6,343,000 | 9,332,000 |
Sales | 0 | 0 | 0 | -7,076,000 |
Redemptions by issuer | 0 | 0 | 0 | 0 |
Distributions | -4,385,000 | -5,329,000 | -14,125,000 | -13,450,000 |
Transfers: | ||||
Into Level 3 | 0 | 0 | 0 | 0 |
Out of Level 3 | 0 | -18,577,000 | 0 | -18,577,000 |
Fair value at end of period | 220,944,000 | 191,401,000 | 220,944,000 | 191,401,000 |
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 | 14,414,000 | 13,000 | 17,060,000 | 4,781,000 |
Valuation adjustments of certain private equity investments | ||||
Share of the net valuation adjustments gain | 9,800,000 | 12,200,000 | 4,400,000 | |
Noncontrolling interests' share of the net valuation adjustments gain | 4,600,000 | 4,900,000 | 400,000 | |
Private equity, other investments and other assets | Other investments | ||||
Changes in Level 3 recurring fair value measurements, assets [Roll Forward] | ||||
Fair value at beginning of period | 1,564,000 | 1,949,000 | 1,731,000 | 4,607,000 |
Total gains (losses) for the period: | ||||
Included in earnings | 41,000 | 48,000 | 81,000 | 73,000 |
Included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases and contributions | 0 | 0 | 0 | 63,000 |
Sales | 0 | 0 | 0 | -2,698,000 |
Redemptions by issuer | -663,000 | -28,000 | -673,000 | -28,000 |
Distributions | -26,000 | -181,000 | -223,000 | -229,000 |
Transfers: | ||||
Into Level 3 | 0 | 0 | 0 | 0 |
Out of Level 3 | 0 | 0 | 0 | 0 |
Fair value at end of period | 916,000 | 1,788,000 | 916,000 | 1,788,000 |
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 | 41,000 | 60,000 | 81,000 | 166,000 |
Private equity, other investments and other assets | Other receivables | ||||
Changes in Level 3 recurring fair value measurements, assets [Roll Forward] | ||||
Fair value at beginning of period | 2,778,000 | |||
Total gains (losses) for the period: | ||||
Included in earnings | -2,778,000 | |||
Included in other comprehensive income | 0 | |||
Purchases and contributions | 0 | |||
Sales | 0 | |||
Redemptions by issuer | 0 | |||
Distributions | 0 | |||
Transfers: | ||||
Into Level 3 | 0 | |||
Out of Level 3 | 0 | |||
Fair value at end of period | 0 | 0 | ||
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 | |||
Private equity, other investments and other assets | Other assets | ||||
Changes in Level 3 recurring fair value measurements, assets [Roll Forward] | ||||
Fair value at beginning of period | 2,407,000 | 15,000 | 787,000 | 15,000 |
Total gains (losses) for the period: | ||||
Included in earnings | -211,000 | 0 | 1,409,000 | 0 |
Included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases and contributions | 0 | 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 | 0 | 0 | 0 |
Out of Level 3 | 0 | 0 | 0 | 0 |
Fair value at end of period | 2,196,000 | 15,000 | 2,196,000 | 15,000 |
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 | ($211,000) | $0 | $1,409,000 | $0 |
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, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Net trading profits | ||||
Gains and Losses (Realized and Unrealized) Included in Revenues [Line Items] | ||||
Total (losses) gains included in revenues | ($20) | ($27) | ($35) | ($197) |
Change in unrealized (losses) gains for assets held at the end of the reporting period | 0 | -27 | 5 | -177 |
Other revenues | ||||
Gains and Losses (Realized and Unrealized) Included in Revenues [Line Items] | ||||
Total (losses) gains included in revenues | 14,271 | 1,503 | 18,577 | 7,655 |
Change in unrealized (losses) gains for assets held at the end of the reporting period | $17,805 | $180 | $20,145 | $7,548 |
FAIR_VALUE_Significant_Assumpt
FAIR VALUE, Significant Assumptions Used in Valuation of Level 3 Financial Instruments (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Sep. 30, 2014 |
Recurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total assets at fair value on a recurring basis | 2,215,029 | $1,995,685 |
Nonrecurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total assets at fair value on a nonrecurring basis | 132,336 | 113,706 |
Significant unobservable inputs (level 3) | Recurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total assets at fair value on a recurring basis | 426,922 | 417,283 |
Significant unobservable inputs (level 3) | Recurring | ARS - municipals | Recent trades | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total assets at fair value on a recurring basis | 61,500 | |
Significant unobservable inputs (level 3) | Recurring | ARS - municipals | Recent trades | Minimum | ||
Fair Value Inputs [Abstract] | ||
Observed trades (in inactive markets) of in-portfolio securities | 94.00% | |
Fair Value Inputs, Comparability Adjustments | -3.00% | |
Significant unobservable inputs (level 3) | Recurring | ARS - municipals | Recent trades | Maximum | ||
Fair Value Inputs [Abstract] | ||
Observed trades (in inactive markets) of in-portfolio securities | 94.00% | |
Fair Value Inputs, Comparability Adjustments | 3.00% | |
Significant unobservable inputs (level 3) | Recurring | ARS - municipals | Recent trades | Weighted average | ||
Fair Value Inputs [Abstract] | ||
Observed trades (in inactive markets) of in-portfolio securities | 94.00% | |
Significant unobservable inputs (level 3) | Recurring | ARS - municipals | Probability weighted internal scenario models | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total assets at fair value on a recurring basis | 10,505 | |
Significant unobservable inputs (level 3) | Recurring | ARS - municipals | Probability weighted internal scenario 1 | Minimum | ||
Fair Value Inputs [Abstract] | ||
Observed trades (in inactive markets) of in-portfolio securities | 70.00% | |
Weighting assigned to outcome of scenario 1 / scenario 2 | 20.00% | |
Significant unobservable inputs (level 3) | Recurring | ARS - municipals | Probability weighted internal scenario 1 | Maximum | ||
Fair Value Inputs [Abstract] | ||
Observed trades (in inactive markets) of in-portfolio securities | 70.00% | |
Weighting assigned to outcome of scenario 1 / scenario 2 | 80.00% | |
Significant unobservable inputs (level 3) | Recurring | ARS - municipals | Probability weighted internal scenario 1 | Weighted average | ||
Fair Value Inputs [Abstract] | ||
Observed trades (in inactive markets) of in-portfolio securities | 70.00% | |
Significant unobservable inputs (level 3) | Recurring | ARS - municipals | Probability weighted internal scenario 2 | Minimum | ||
Fair Value Inputs [Abstract] | ||
Average discount rate | 5.10% | |
Average interest rates applicable to future interest income on the securities | 1.49% | |
Prepayment year | 31-Dec-17 | |
Significant unobservable inputs (level 3) | Recurring | ARS - municipals | Probability weighted internal scenario 2 | Maximum | ||
Fair Value Inputs [Abstract] | ||
Average discount rate | 6.94% | |
Average interest rates applicable to future interest income on the securities | 3.19% | |
Prepayment year | 31-Dec-24 | |
Significant unobservable inputs (level 3) | Recurring | ARS - municipals | Probability weighted internal scenario 2 | Weighted average | ||
Fair Value Inputs [Abstract] | ||
Average discount rate | 6.02% | |
Average interest rates applicable to future interest income on the securities | 2.34% | |
Prepayment year | 31-Dec-21 | |
Significant unobservable inputs (level 3) | Recurring | ARS - municipals | Discounted cash flow | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total assets at fair value on a recurring basis | 17,609 | |
Significant unobservable inputs (level 3) | Recurring | ARS - municipals | Discounted cash flow | Minimum | ||
Fair Value Inputs [Abstract] | ||
Average discount rate | 3.32% | |
Average interest rates applicable to future interest income on the securities | 1.28% | |
Prepayment year | 31-Dec-17 | |
Significant unobservable inputs (level 3) | Recurring | ARS - municipals | Discounted cash flow | Maximum | ||
Fair Value Inputs [Abstract] | ||
Average discount rate | 5.94% | |
Average interest rates applicable to future interest income on the securities | 4.25% | |
Prepayment year | 31-Dec-24 | |
Significant unobservable inputs (level 3) | Recurring | ARS - municipals | Discounted cash flow | Weighted average | ||
Fair Value Inputs [Abstract] | ||
Average discount rate | 3.84% | |
Average interest rates applicable to future interest income on the securities | 1.41% | |
Prepayment year | 31-Dec-20 | |
Significant unobservable inputs (level 3) | Recurring | ARS - preferred securities | Discounted cash flow | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total assets at fair value on a recurring basis | 112,448 | |
Significant unobservable inputs (level 3) | Recurring | ARS - preferred securities | Discounted cash flow | Minimum | ||
Fair Value Inputs [Abstract] | ||
Average discount rate | 3.43% | |
Average interest rates applicable to future interest income on the securities | 1.88% | |
Prepayment year | 31-Dec-15 | |
Significant unobservable inputs (level 3) | Recurring | ARS - preferred securities | Discounted cash flow | Maximum | ||
Fair Value Inputs [Abstract] | ||
Average discount rate | 4.91% | |
Average interest rates applicable to future interest income on the securities | 3.21% | |
Prepayment year | 31-Dec-19 | |
Significant unobservable inputs (level 3) | Recurring | ARS - preferred securities | Discounted cash flow | Weighted average | ||
Fair Value Inputs [Abstract] | ||
Average discount rate | 4.13% | |
Average interest rates applicable to future interest income on the securities | 1.99% | |
Prepayment year | 31-Dec-19 | |
Significant unobservable inputs (level 3) | Recurring | Private equity investments | Probability weighted internal scenario 1 | Minimum | ||
Fair Value Inputs [Abstract] | ||
Weighting assigned to outcome of scenario 1 / scenario 2 | 72.00% | |
Significant unobservable inputs (level 3) | Recurring | Private equity investments | Probability weighted internal scenario 1 | Maximum | ||
Fair Value Inputs [Abstract] | ||
Weighting assigned to outcome of scenario 1 / scenario 2 | 28.00% | |
Significant unobservable inputs (level 3) | Recurring | Private equity investments | Discounted cash flow | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total assets at fair value on a recurring basis | 46,402 | |
Significant unobservable inputs (level 3) | Recurring | Private equity investments | Discounted cash flow | Minimum | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 13.00% | |
Terminal growth rate of cash flows | 3.00% | |
Terminal year | 31-Dec-16 | |
Significant unobservable inputs (level 3) | Recurring | Private equity investments | Discounted cash flow | Maximum | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 17.50% | |
Terminal growth rate of cash flows | 3.00% | |
Terminal year | 31-Dec-18 | |
Significant unobservable inputs (level 3) | Recurring | Private equity investments | Discounted cash flow | Weighted average | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 15.90% | |
Terminal growth rate of cash flows | 3.00% | |
Terminal year | 31-Dec-17 | |
Significant unobservable inputs (level 3) | Recurring | Private equity investments | Scenario 2 - market approach - market multiple method | Minimum | ||
Fair Value Inputs [Abstract] | ||
EBITDA multiple | 4.75 | |
Significant unobservable inputs (level 3) | Recurring | Private equity investments | Scenario 2 - market approach - market multiple method | Maximum | ||
Fair Value Inputs [Abstract] | ||
EBITDA multiple | 7.5 | |
Significant unobservable inputs (level 3) | Recurring | Private equity investments | Scenario 2 - market approach - market multiple method | Weighted average | ||
Fair Value Inputs [Abstract] | ||
EBITDA multiple | 6.3 | |
Significant unobservable inputs (level 3) | Recurring | Private equity investments | Transaction price or other investment-specific events | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total assets at fair value on a recurring basis | 174,542 | |
Significant unobservable inputs (level 3) | Recurring | Impaired loans residential | Discounted cash flow | Minimum | ||
Fair Value Inputs [Abstract] | ||
Prepayment rate (in years) | 7 years | |
Significant unobservable inputs (level 3) | Recurring | Impaired loans residential | Discounted cash flow | Maximum | ||
Fair Value Inputs [Abstract] | ||
Prepayment rate (in years) | 12 years | |
Significant unobservable inputs (level 3) | Recurring | Impaired loans residential | Discounted cash flow | Weighted average | ||
Fair Value Inputs [Abstract] | ||
Prepayment rate (in years) | 10 years 3 months 18 days | |
Significant unobservable inputs (level 3) | Nonrecurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total assets at fair value on a nonrecurring basis | 51,444 | 55,528 |
Significant unobservable inputs (level 3) | Nonrecurring | Impaired loans residential | Discounted cash flow | Minimum | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total assets at fair value on a nonrecurring basis | 24,075 | |
Significant unobservable inputs (level 3) | Nonrecurring | Impaired loans corporate | Appraisal, discounted cash flow, or distressed enterprise value | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total assets at fair value on a nonrecurring basis | 27,369 |
FAIR_VALUE_Carrying_Amounts_an
FAIR VALUE, Carrying Amounts and Estimated Fair Value of Financial Instruments Not Carried at Fair Value (Details) (Recurring, USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Total estimated fair value | ||
Financial assets: | ||
Bank loans, net | $11,893,279 | $10,761,814 |
Financial liabilities: | ||
Bank deposits | 11,275,119 | 10,028,455 |
Corporate debt | 1,337,388 | 1,321,270 |
Carrying amount | ||
Financial assets: | ||
Bank loans, net | 11,935,121 | 10,857,662 |
Financial liabilities: | ||
Bank deposits | 11,272,013 | 10,028,924 |
Corporate debt | 1,188,916 | 1,190,836 |
Quoted prices in active markets for identical assets (Level 1) | ||
Financial assets: | ||
Bank loans, net | 0 | 0 |
Financial liabilities: | ||
Bank deposits | 0 | 0 |
Corporate debt | 378,700 | 366,100 |
Significant other observable inputs (Level 2) | ||
Financial assets: | ||
Bank loans, net | 38,848 | 23,678 |
Financial liabilities: | ||
Bank deposits | 10,921,350 | 9,684,221 |
Corporate debt | 958,688 | 955,170 |
Significant unobservable inputs (level 3) | ||
Financial assets: | ||
Bank loans, net | 11,854,431 | 10,738,136 |
Financial liabilities: | ||
Bank deposits | 353,769 | 344,234 |
Corporate debt | $0 | $0 |
TRADING_INSTRUMENTS_AND_TRADIN2
TRADING INSTRUMENTS AND TRADING INSTRUMENTS SOLD BUT NOT YET PURCHASED (Details) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Trading Securities [Abstract] | ||
Total debt securities | $696,813 | $602,973 |
Derivative contracts | 41,717 | 28,205 |
Equity securities | 42,383 | 34,142 |
Corporate loans | 0 | 990 |
Other | 16,618 | 13,083 |
Trading instruments | 797,531 | 679,393 |
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract] | ||
Total debt securities | 310,179 | 215,142 |
Derivative liability | 26,022 | 12,372 |
Equity securities | 34,388 | 10,886 |
Corporate loans | 0 | 0 |
Other | 1,751 | 0 |
Instruments sold but not yet purchased | 372,340 | 238,400 |
Municipal and provincial obligations | ||
Trading Securities [Abstract] | ||
Total debt securities | 244,519 | 203,889 |
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract] | ||
Total debt securities | 4,876 | 11,647 |
Corporate obligations | ||
Trading Securities [Abstract] | ||
Total debt securities | 96,073 | 111,928 |
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract] | ||
Total debt securities | 18,648 | 15,333 |
Government and agency obligations | ||
Trading Securities [Abstract] | ||
Total debt securities | 164,008 | 101,362 |
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract] | ||
Total debt securities | 284,821 | 187,424 |
Agency MBS and CMOs | ||
Trading Securities [Abstract] | ||
Total debt securities | 140,403 | 127,419 |
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract] | ||
Total debt securities | 1,834 | 738 |
Non-agency CMOs and ABS | ||
Trading Securities [Abstract] | ||
Total debt securities | 51,810 | 58,375 |
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract] | ||
Total debt securities | $0 | $0 |
AVAILABLE_FOR_SALE_SECURITIES_1
AVAILABLE FOR SALE SECURITIES, Sale of Available-for-sale Securities (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Sales of Available for Sale Securities [Abstract] | ||||
Proceeds from sales of available for sale securities | $47,000 | $370,000 | ||
RJ Bank available for sale securities | ||||
Sales of Available for Sale Securities [Abstract] | ||||
Proceeds from sales of available for sale securities | 0 | 0 | 0 | 0 |
Auction rate securities | ||||
Sales of Available for Sale Securities [Abstract] | ||||
Proceeds from sales of available for sale securities | 295,000 | 700,000 | 295,000 | 27,800,000 |
Other revenues | Auction rate securities | ||||
Sales of Available for Sale Securities [Abstract] | ||||
Available-for-sale securities, gross realized gain (loss) | $5,600,000 |
AVAILABLE_FOR_SALE_SECURITIES_2
AVAILABLE FOR SALE SECURITIES, Amortized Cost and Fair Values of AFS Securities (Details) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
Schedule of Available for Sale Securities [Abstract] | ||
Cost basis | $520,417,000 | $554,509,000 |
Gross unrealized gains | 19,372,000 | 16,972,000 |
Gross unrealized losses | -7,849,000 | -9,192,000 |
Fair value | 531,940,000 | 562,289,000 |
RJ Bank | ||
Schedule of Available for Sale Securities [Abstract] | ||
Cost basis | 334,623,000 | 368,448,000 |
Gross unrealized gains | 1,543,000 | 1,219,000 |
Gross unrealized losses | -6,288,000 | -8,113,000 |
Fair value | 329,878,000 | 361,554,000 |
RJ Bank | Agency MBS and CMOs | ||
Schedule of Available for Sale Securities [Abstract] | ||
Cost basis | 239,776,000 | 267,927,000 |
Gross unrealized gains | 1,066,000 | 822,000 |
Gross unrealized losses | -354,000 | -1,029,000 |
Fair value | 240,488,000 | 267,720,000 |
RJ Bank | Non-agency CMOs | ||
Schedule of Available for Sale Securities [Abstract] | ||
Cost basis | 93,272,000 | 98,946,000 |
Gross unrealized gains | 24,000 | 56,000 |
Gross unrealized losses | -5,934,000 | -7,084,000 |
Fair value | 87,362,000 | 91,918,000 |
Non-credit portion of OTTI recorded in AOCI, before tax | 4,900,000 | 6,100,000 |
RJ Bank | Other securities | ||
Schedule of Available for Sale Securities [Abstract] | ||
Cost basis | 1,575,000 | 1,575,000 |
Gross unrealized gains | 453,000 | 341,000 |
Gross unrealized losses | 0 | 0 |
Fair value | 2,028,000 | 1,916,000 |
Non-broker-dealer subsidiaries | Auction rate securities | ||
Schedule of Available for Sale Securities [Abstract] | ||
Cost basis | 185,794,000 | 186,061,000 |
Gross unrealized gains | 17,829,000 | 15,753,000 |
Gross unrealized losses | -1,561,000 | -1,079,000 |
Fair value | 202,062,000 | 200,735,000 |
Non-broker-dealer subsidiaries | ARS - municipals | ||
Schedule of Available for Sale Securities [Abstract] | ||
Cost basis | 81,492,000 | 81,535,000 |
Gross unrealized gains | 9,683,000 | 6,240,000 |
Gross unrealized losses | -1,561,000 | -1,079,000 |
Fair value | 89,614,000 | 86,696,000 |
Non-broker-dealer subsidiaries | ARS - preferred securities | ||
Schedule of Available for Sale Securities [Abstract] | ||
Cost basis | 104,302,000 | 104,526,000 |
Gross unrealized gains | 8,146,000 | 9,513,000 |
Gross unrealized losses | 0 | 0 |
Fair value | $112,448,000 | $114,039,000 |
AVAILABLE_FOR_SALE_SECURITIES_3
AVAILABLE FOR SALE SECURITIES, Contractual Maturities (Details) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Amortized cost | |
Within one year | $0 |
After one but within five years | 7,463 |
After five but within ten years | 10,466 |
After ten years | 502,488 |
Total | 520,417 |
Carry value | |
Within one year | 0 |
After one but within five years | 7,480 |
After five but within ten years | 10,541 |
After ten years | 513,919 |
Total | 531,940 |
Weighted-average yield | |
Within one year (in hundredths) | 0.00% |
After one but within five years (in hundredths) | 0.26% |
After five but within ten years (in hundredths) | 0.48% |
After ten years (in hundredths) | 0.96% |
Total (in hundredths) | 0.95% |
RJ Bank | Agency MBS and CMOs | |
Amortized cost | |
Within one year | 0 |
After one but within five years | 7,463 |
After five but within ten years | 10,466 |
After ten years | 221,847 |
Total | 239,776 |
Carry value | |
Within one year | 0 |
After one but within five years | 7,480 |
After five but within ten years | 10,541 |
After ten years | 222,467 |
Total | 240,488 |
Weighted-average yield | |
Within one year (in hundredths) | 0.00% |
After one but within five years (in hundredths) | 0.26% |
After five but within ten years (in hundredths) | 0.48% |
After ten years (in hundredths) | 0.97% |
Total (in hundredths) | 0.94% |
RJ Bank | Non-agency CMOs: | |
Amortized cost | |
Within one year | 0 |
After one but within five years | 0 |
After five but within ten years | 0 |
After ten years | 93,272 |
Total | 93,272 |
Carry value | |
Within one year | 0 |
After one but within five years | 0 |
After five but within ten years | 0 |
After ten years | 87,362 |
Total | 87,362 |
Weighted-average yield | |
Within one year (in hundredths) | 0.00% |
After one but within five years (in hundredths) | 0.00% |
After five but within ten years (in hundredths) | 0.00% |
After ten years (in hundredths) | 2.39% |
Total (in hundredths) | 2.39% |
RJ Bank | Other securities | |
Amortized cost | |
Within one year | 0 |
After one but within five years | 0 |
After five but within ten years | 0 |
After ten years | 1,575 |
Total | 1,575 |
Carry value | |
Within one year | 0 |
After one but within five years | 0 |
After five but within ten years | 0 |
After ten years | 2,028 |
Total | 2,028 |
Weighted-average yield | |
Within one year (in hundredths) | 0.00% |
After one but within five years (in hundredths) | 0.00% |
After five but within ten years (in hundredths) | 0.00% |
After ten years (in hundredths) | 0.00% |
Total (in hundredths) | 0.00% |
RJ Bank | Sub-total agency MBS & CMOs, non-agency CMOs, and other securities | |
Amortized cost | |
Within one year | 0 |
After one but within five years | 7,463 |
After five but within ten years | 10,466 |
After ten years | 316,694 |
Total | 334,623 |
Carry value | |
Within one year | 0 |
After one but within five years | 7,480 |
After five but within ten years | 10,541 |
After ten years | 311,857 |
Total | 329,878 |
Weighted-average yield | |
Within one year (in hundredths) | 0.00% |
After one but within five years (in hundredths) | 0.26% |
After five but within ten years (in hundredths) | 0.48% |
After ten years (in hundredths) | 1.36% |
Total (in hundredths) | 1.32% |
Non-broker-dealer subsidiaries | ARS - municipals | |
Amortized cost | |
Within one year | 0 |
After one but within five years | 0 |
After five but within ten years | 0 |
After ten years | 81,492 |
Total | 81,492 |
Carry value | |
Within one year | 0 |
After one but within five years | 0 |
After five but within ten years | 0 |
After ten years | 89,614 |
Total | 89,614 |
Weighted-average yield | |
Within one year (in hundredths) | 0.00% |
After one but within five years (in hundredths) | 0.00% |
After five but within ten years (in hundredths) | 0.00% |
After ten years (in hundredths) | 0.42% |
Total (in hundredths) | 0.42% |
Non-broker-dealer subsidiaries | ARS - preferred securities | |
Amortized cost | |
Within one year | 0 |
After one but within five years | 0 |
After five but within ten years | 0 |
After ten years | 104,302 |
Total | 104,302 |
Carry value | |
Within one year | 0 |
After one but within five years | 0 |
After five but within ten years | 0 |
After ten years | 112,448 |
Total | 112,448 |
Weighted-average yield | |
Within one year (in hundredths) | 0.00% |
After one but within five years (in hundredths) | 0.00% |
After five but within ten years (in hundredths) | 0.00% |
After ten years (in hundredths) | 0.27% |
Total (in hundredths) | 0.27% |
Non-broker-dealer subsidiaries | Auction rate securities | |
Amortized cost | |
Within one year | 0 |
After one but within five years | 0 |
After five but within ten years | 0 |
After ten years | 185,794 |
Total | 185,794 |
Carry value | |
Within one year | 0 |
After one but within five years | 0 |
After five but within ten years | 0 |
After ten years | 202,062 |
Total | $202,062 |
Weighted-average yield | |
Within one year (in hundredths) | 0.00% |
After one but within five years (in hundredths) | 0.00% |
After five but within ten years (in hundredths) | 0.00% |
After ten years (in hundredths) | 0.34% |
Total (in hundredths) | 0.34% |
AVAILABLE_FOR_SALE_SECURITIES_4
AVAILABLE FOR SALE SECURITIES, Gross Unrealized Losses and Fair Value and Significant Assumptions (Details) (USD $) | 6 Months Ended | |
Mar. 31, 2015 | Sep. 30, 2014 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Estimated fair value less than 12 months | 19,147,000 | $23,568,000 |
Estimated fair value 12 months or more | 130,696,000 | 153,730,000 |
Total estimated fair value | 149,843,000 | 177,298,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Unrealized losses less than 12 months | -771,000 | -410,000 |
Unrealized losses 12 months or more | -7,078,000 | -8,782,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | -7,849,000 | -9,192,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract] | ||
Minimum number of agencies rating ARS preferred securities as investment grade | 1 | |
Auction rate securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract] | ||
Par value | 221,500,000 | |
RJ Bank | Agency MBS and CMOs | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Estimated fair value less than 12 months | 0 | 18,062,000 |
Estimated fair value 12 months or more | 54,584,000 | 71,688,000 |
Total estimated fair value | 54,584,000 | 89,750,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Unrealized losses less than 12 months | 0 | -53,000 |
Unrealized losses 12 months or more | -354,000 | -976,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | -354,000 | -1,029,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract] | ||
Number of securities in unrealized loss position | 7 | |
RJ Bank | Non-agency CMOs | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Estimated fair value less than 12 months | 18,921,000 | 5,506,000 |
Estimated fair value 12 months or more | 64,519,000 | 69,970,000 |
Total estimated fair value | 83,440,000 | 75,476,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Unrealized losses less than 12 months | -769,000 | -357,000 |
Unrealized losses 12 months or more | -5,165,000 | -6,727,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | -5,934,000 | -7,084,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract] | ||
Number of securities in unrealized loss position | 17 | |
Number of available-for-sale investment positions | 19 | |
Number of securities in unrealized loss position greater than 12 months | 12 | |
Number of securities in unrealized loss position, less than 12 months | 5 | |
RJ Bank | Non-agency CMOs | Low end | ||
Significant Assumptions | ||
Default rate (in hundredths) | 0.00% | |
Loss severity (in hundredths) | 0.00% | |
Prepayment rate (in hundredths) | 5.00% | |
RJ Bank | Non-agency CMOs | High end | ||
Significant Assumptions | ||
Default rate (in hundredths) | 10.20% | |
Loss severity (in hundredths) | 73.40% | |
Prepayment rate (in hundredths) | 20.00% | |
RJ Bank | Non-agency CMOs | Weighted average | ||
Significant Assumptions | ||
Default rate (in hundredths) | 4.06% | |
Loss severity (in hundredths) | 41.23% | |
Prepayment rate (in hundredths) | 8.78% | |
Non-broker-dealer subsidiaries | ARS - municipals | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Estimated fair value less than 12 months | 226,000 | 0 |
Estimated fair value 12 months or more | 11,593,000 | 12,072,000 |
Total estimated fair value | 11,819,000 | 12,072,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Unrealized losses less than 12 months | -2,000 | 0 |
Unrealized losses 12 months or more | -1,559,000 | -1,079,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | -1,561,000 | ($1,079,000) |
AVAILABLE_FOR_SALE_SECURTIES_O
AVAILABLE FOR SALE SECURTIES, OTTI Related to Credit Losses Recognized in Other Revenues (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||||
Amount related to credit losses on securities we held at the beginning of the period | $18,703 | $28,244 | $18,703 | $28,217 |
Additional increases to the amount related to credit loss for which an OTTI was previously recognized | 0 | 0 | 0 | 27 |
Amount related to credit losses on securities we held at the end of the period | $18,703 | $28,244 | $18,703 | $28,244 |
BANK_LOANS_NET_Held_for_Sale_a
BANK LOANS, NET, Held for Sale and Held for Investment (Details) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | segment | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loan portfolio segments | 6 | |
Loans Receivable Held-for-sale, Net [Abstract] | ||
Loans receivable held-for-sale, net | $87,974 | $45,988 |
Loans held for investment: | ||
Total loans held for investment | 12,166,788 | 11,103,418 |
Net unearned income and deferred expenses | -34,091 | -37,533 |
Total loans held for investment, net | 12,132,697 | 11,065,885 |
Total loans held for sale and investment | 12,220,671 | 11,111,873 |
Allowance for loan losses | -160,008 | -147,574 |
Bank loans, net | 12,060,663 | 10,964,299 |
Associated percentage of each major loan category in loan portfolios [Abstract] | ||
Loans held for sale, net (in hundredths) | 1.00% | 0.00% |
Total loans held for sale and investment (in hundredths) | 100.00% | 100.00% |
Domestic | ||
Loans held for investment: | ||
C&I loans | 5,776,977 | 5,378,592 |
CRE construction loans | 78,820 | 76,733 |
CRE loans | 1,468,813 | 1,415,093 |
Tax-exempt loans | 361,644 | 122,218 |
Residential mortgage loans | 1,963,336 | 1,749,513 |
SBL | 1,249,930 | 1,021,358 |
Associated percentage of each major loan category in loan portfolios [Abstract] | ||
C&I loans (in hundredths) | 47.00% | 49.00% |
CRE construction loans (in hundredths) | 1.00% | 1.00% |
CRE loans (in hundredths) | 12.00% | 13.00% |
Tax-exempt loans (in hundredths) | 3.00% | 1.00% |
Residential mortgage loans (in hundredths) | 16.00% | 16.00% |
SBL (in hundredths) | 10.00% | 9.00% |
Foreign | ||
Loans held for investment: | ||
C&I loans | 1,036,223 | 1,043,755 |
CRE construction loans | 22,094 | 17,462 |
CRE loans | 204,132 | 274,070 |
Residential mortgage loans | 2,865 | 2,234 |
SBL | $1,954 | $2,390 |
Associated percentage of each major loan category in loan portfolios [Abstract] | ||
C&I loans (in hundredths) | 8.00% | 9.00% |
CRE construction loans (in hundredths) | 0.00% | 0.00% |
CRE loans (in hundredths) | 2.00% | 2.00% |
Residential mortgage loans (in hundredths) | 0.00% | 0.00% |
SBL (in hundredths) | 0.00% | 0.00% |
BANK_LOANS_NET_Originations_Pu
BANK LOANS, NET, Originations, Purchases, and Sales (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Loans held for sale | ||||
Payments for Origination and Purchases of Loans Held-for-sale [Abstract] | ||||
Loans held for sale originated or purchased | $219,700,000 | $255,400,000 | $617,600,000 | $548,300,000 |
Proceeds from Sale of Loans Held-for-sale [Abstract] | ||||
Proceeds from sale of loans held-for-sale | 60,200,000 | 34,300,000 | 97,500,000 | 94,100,000 |
Loans held for investment | ||||
Purchases and sales of loans held for investment by portfolio segment [Abstract] | ||||
Purchases | 107,534,000 | 110,546,000 | 473,590,000 | 265,471,000 |
Sales | 25,500,000 | 70,350,000 | 32,360,000 | 131,323,000 |
Loans held for investment | C&I loans | ||||
Purchases and sales of loans held for investment by portfolio segment [Abstract] | ||||
Purchases | 106,197,000 | 110,406,000 | 260,281,000 | 237,736,000 |
Sales | 25,500,000 | 70,350,000 | 32,360,000 | 131,323,000 |
Loans held for investment | Residential mortgage loans | ||||
Purchases and sales of loans held for investment by portfolio segment [Abstract] | ||||
Purchases | 1,337,000 | 140,000 | 213,309,000 | 27,735,000 |
Sales | 0 | 0 | 0 | 0 |
Significant purchase in one portfolio | $207,300,000 |
BANK_LOANS_NET_Analysis_of_Pay
BANK LOANS, NET, Analysis of Payment Status of Loans Held for Investment (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | |
Analysis of payment status of loans held for investment [Abstract] | |||||
30-89 days and accruing | $2,998,000 | $2,998,000 | $1,829,000 | ||
90 days or more and accruing | 0 | 0 | 0 | ||
Total past due and accruing | 2,998,000 | 2,998,000 | 1,829,000 | ||
Nonaccrual | 69,638,000 | 69,638,000 | 80,665,000 | ||
Current and accruing | 12,094,152,000 | 12,094,152,000 | 11,020,924,000 | ||
Total loans held for investment | 12,166,788,000 | 12,166,788,000 | 11,103,418,000 | ||
Performing nonaccrual loans | 36,900,000 | 36,900,000 | 41,400,000 | ||
Impaired interest lost on nonaccrual loans | 487,000 | 1,000,000 | 1,200,000 | 1,800,000 | |
Impaired financing receivable, interest income recognized | 417,000 | 326,000 | 645,000 | 888,000 | |
Other real estate owned fair value | 6,500,000 | 6,500,000 | 5,400,000 | ||
C&I loans | |||||
Analysis of payment status of loans held for investment [Abstract] | |||||
30-89 days and accruing | 173,000 | 173,000 | 124,000 | ||
90 days or more and accruing | 0 | 0 | 0 | ||
Total past due and accruing | 173,000 | 173,000 | 124,000 | ||
Nonaccrual | 0 | 0 | 0 | ||
Current and accruing | 6,813,027,000 | 6,813,027,000 | 6,422,223,000 | ||
Total loans held for investment | 6,813,200,000 | 6,813,200,000 | 6,422,347,000 | ||
CRE construction loans | |||||
Analysis of payment status of loans held for investment [Abstract] | |||||
30-89 days and accruing | 0 | 0 | 0 | ||
90 days or more and accruing | 0 | 0 | 0 | ||
Total past due and accruing | 0 | 0 | 0 | ||
Nonaccrual | 0 | 0 | 0 | ||
Current and accruing | 100,914,000 | 100,914,000 | 94,195,000 | ||
Total loans held for investment | 100,914,000 | 100,914,000 | 94,195,000 | ||
CRE loans | |||||
Analysis of payment status of loans held for investment [Abstract] | |||||
30-89 days and accruing | 0 | 0 | 0 | ||
90 days or more and accruing | 0 | 0 | 0 | ||
Total past due and accruing | 0 | 0 | 0 | ||
Nonaccrual | 17,171,000 | 17,171,000 | 18,876,000 | ||
Current and accruing | 1,655,774,000 | 1,655,774,000 | 1,670,287,000 | ||
Total loans held for investment | 1,672,945,000 | 1,672,945,000 | 1,689,163,000 | ||
Tax-exempt loans | |||||
Analysis of payment status of loans held for investment [Abstract] | |||||
30-89 days and accruing | 0 | 0 | 0 | ||
90 days or more and accruing | 0 | 0 | 0 | ||
Total past due and accruing | 0 | 0 | 0 | ||
Nonaccrual | 0 | 0 | 0 | ||
Current and accruing | 361,644,000 | 361,644,000 | 122,218,000 | ||
Total loans held for investment | 361,644,000 | 361,644,000 | 122,218,000 | ||
Residential mortgage - first mortgage loans | |||||
Analysis of payment status of loans held for investment [Abstract] | |||||
30-89 days and accruing | 2,795,000 | 2,795,000 | 1,648,000 | ||
90 days or more and accruing | 0 | 0 | 0 | ||
Total past due and accruing | 2,795,000 | 2,795,000 | 1,648,000 | ||
Nonaccrual | 52,182,000 | 52,182,000 | 61,391,000 | ||
Current and accruing | 1,890,746,000 | 1,890,746,000 | 1,668,724,000 | ||
Total loans held for investment | 1,945,723,000 | 1,945,723,000 | 1,731,763,000 | ||
Residential mortgage - home equity loans/lines | |||||
Analysis of payment status of loans held for investment [Abstract] | |||||
30-89 days and accruing | 30,000 | 30,000 | 57,000 | ||
90 days or more and accruing | 0 | 0 | 0 | ||
Total past due and accruing | 30,000 | 30,000 | 57,000 | ||
Nonaccrual | 285,000 | 285,000 | 398,000 | ||
Current and accruing | 20,163,000 | 20,163,000 | 19,529,000 | ||
Total loans held for investment | 20,478,000 | 20,478,000 | 19,984,000 | ||
SBL | |||||
Analysis of payment status of loans held for investment [Abstract] | |||||
30-89 days and accruing | 0 | 0 | 0 | ||
90 days or more and accruing | 0 | 0 | 0 | ||
Total past due and accruing | 0 | 0 | 0 | ||
Nonaccrual | 0 | 0 | 0 | ||
Current and accruing | 1,251,884,000 | 1,251,884,000 | 1,023,748,000 | ||
Total loans held for investment | $1,251,884,000 | $1,251,884,000 | $1,023,748,000 |
BANK_LOANS_NET_Summary_of_Impa
BANK LOANS, NET, Summary of Impaired Loans (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | |
Gross recorded investment | |||||
Gross recorded investment, impaired loans with allowance for loan losses | $50,684,000 | $50,684,000 | $55,765,000 | ||
Gross recorded investment, impaired loans without allowance for loan losses | 36,922,000 | 36,922,000 | 40,863,000 | ||
Gross recorded investment | 87,606,000 | 87,606,000 | 96,628,000 | ||
Unpaid principal balance | |||||
Unpaid principal balance, impaired loans with allowance for loan losses | 66,551,000 | 66,551,000 | 73,935,000 | ||
Unpaid principal balance, impaired loans without allowance for loan losses | 57,897,000 | 57,897,000 | 72,666,000 | ||
Unpaid principal balance | 124,448,000 | 124,448,000 | 146,601,000 | ||
Loans and Leases Receivable, Allowance | |||||
Impaired loans with allowance for loan losses, allowance for losses | 5,596,000 | 5,596,000 | 6,301,000 | ||
Loan and Lease Receivables, Impaired | |||||
Average impaired loan balance | 88,745,000 | 96,015,000 | 90,619,000 | 96,838,000 | |
Interest income recognized | 426,000 | 391,000 | 741,000 | 1,027,000 | |
C&I loans | |||||
Gross recorded investment | |||||
Gross recorded investment, impaired loans with allowance for loan losses | 11,418,000 | 11,418,000 | 11,959,000 | ||
Unpaid principal balance | |||||
Unpaid principal balance, impaired loans with allowance for loan losses | 12,022,000 | 12,022,000 | 12,563,000 | ||
Loans and Leases Receivable, Allowance | |||||
Impaired loans with allowance for loan losses, allowance for losses | 1,220,000 | 1,220,000 | 1,289,000 | ||
Loan and Lease Receivables, Impaired | |||||
Impaired loan, troubled debt restructurings | 11,400,000 | 11,400,000 | 12,000,000 | ||
Average impaired loan balance | 11,613,000 | 0 | 11,732,000 | 35,000 | |
CRE loans | |||||
Gross recorded investment | |||||
Gross recorded investment, impaired loans without allowance for loan losses | 17,171,000 | 17,171,000 | 18,876,000 | ||
Unpaid principal balance | |||||
Unpaid principal balance, impaired loans without allowance for loan losses | 28,446,000 | 28,446,000 | 39,717,000 | ||
Loan and Lease Receivables, Impaired | |||||
Impaired loan, troubled debt restructurings | 17,200,000 | 17,200,000 | 18,900,000 | ||
Average impaired loan balance | 17,257,000 | 24,702,000 | 17,394,000 | 24,949,000 | |
Residential mortgage - first mortgage loans | |||||
Gross recorded investment | |||||
Gross recorded investment, impaired loans with allowance for loan losses | 39,266,000 | 39,266,000 | 43,806,000 | ||
Gross recorded investment, impaired loans without allowance for loan losses | 19,751,000 | 19,751,000 | 21,987,000 | ||
Unpaid principal balance | |||||
Unpaid principal balance, impaired loans with allowance for loan losses | 54,529,000 | 54,529,000 | 61,372,000 | ||
Unpaid principal balance, impaired loans without allowance for loan losses | 29,451,000 | 29,451,000 | 32,949,000 | ||
Loans and Leases Receivable, Allowance | |||||
Impaired loans with allowance for loan losses, allowance for losses | 4,376,000 | 4,376,000 | 5,012,000 | ||
Loan and Lease Receivables, Impaired | |||||
Impaired loan, troubled debt restructurings | 33,900,000 | 33,900,000 | 36,600,000 | ||
Average impaired loan balance | 59,875,000 | 71,277,000 | 61,493,000 | 71,818,000 | |
Interest income recognized | 426,000 | 391,000 | 741,000 | 1,027,000 | |
Residential mortgage - home equity loans/lines | |||||
Loan and Lease Receivables, Impaired | |||||
Average impaired loan balance | $0 | $36,000 | $0 | $36,000 |
BANK_LOANS_NET_Impact_of_TDRs_
BANK LOANS, NET, Impact of TDRs (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 |
contract | contract | contract | contract | commitment | |
Residential mortgage - first mortgage loans | |||||
Modification of loans [Abstract] | |||||
Number of contracts | 1 | 4 | 3 | 12 | |
Pre-modification outstanding recorded investment | $133 | $654 | $290 | $2,539 | |
Post-modification outstanding recorded investment | 134 | 702 | 293 | 2,699 | |
Subsquent default of modified loans [Abstract] | |||||
Payment default, number of contracts | 0 | 3 | 0 | 3 | |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 852 | 852 | |||
C&I loans | |||||
Subsquent default of modified loans [Abstract] | |||||
Number of outstanding commitments | 1 | 1 | 1 | ||
Outstanding commitments on TDRs | $560 | $560 | $560 |
BANK_LOANS_NET_Credit_Quality_
BANK LOANS, NET, Credit Quality of Held for Investment Loan Portfolio (Details) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | $12,166,788 | $11,103,418 |
Performing residential first mortgage loans | 1,730,941 | |
LTV less than 50% | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing residential first mortgage loans | 557,456 | |
LTV greater than 50% but less than 80% | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing residential first mortgage loans | 976,306 | |
LTV greater than 80% but less than 100% | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing residential first mortgage loans | 169,304 | |
LTV greater than 100% but less than 120% | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing residential first mortgage loans | 23,864 | |
LTV greater than 120% | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing residential first mortgage loans | 4,011 | |
C&I loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 6,813,200 | 6,422,347 |
CRE construction loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 100,914 | 94,195 |
CRE loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 1,672,945 | 1,689,163 |
Tax-exempt loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 361,644 | 122,218 |
First mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 1,945,723 | 1,731,763 |
Home equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 20,478 | 19,984 |
SBL and other consumer loan | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 1,251,884 | 1,023,748 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 11,956,090 | 10,898,617 |
Pass | C&I loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 6,712,843 | 6,321,662 |
Pass | CRE construction loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 100,914 | 94,195 |
Pass | CRE loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 1,640,839 | 1,669,897 |
Pass | Tax-exempt loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 361,644 | 122,218 |
Pass | First mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 1,867,841 | 1,647,325 |
Pass | Home equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 20,125 | 19,572 |
Pass | SBL and other consumer loan | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 1,251,884 | 1,023,748 |
Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 100,615 | 98,638 |
Special mention | C&I loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 69,647 | 83,101 |
Special mention | CRE construction loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 0 | 0 |
Special mention | CRE loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 14,566 | 191 |
Special mention | Tax-exempt loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 0 | 0 |
Special mention | First mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 16,336 | 15,346 |
Special mention | Home equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 66 | 0 |
Special mention | SBL and other consumer loan | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 0 | 0 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 110,083 | 105,255 |
Substandard | C&I loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 30,710 | 17,584 |
Substandard | CRE construction loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 0 | 0 |
Substandard | CRE loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 17,540 | 18,167 |
Substandard | Tax-exempt loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 0 | 0 |
Substandard | First mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 61,546 | 69,092 |
Substandard | Home equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 287 | 412 |
Substandard | SBL and other consumer loan | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 0 | 0 |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 908 | |
Doubtful | C&I loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 0 | |
Doubtful | CRE construction loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 0 | |
Doubtful | CRE loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 908 | |
Doubtful | Tax-exempt loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 0 | |
Doubtful | First mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 0 | |
Doubtful | Home equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | 0 | |
Doubtful | SBL and other consumer loan | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held for investment | $0 |
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, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Changes in the allowance for loan losses [Roll Forward] | ||||
Balance at beginning of period | $156,767 | $138,124 | $147,574 | $136,501 |
Provision (benefit) for loan losses | 3,937 | 1,979 | 13,302 | 3,615 |
Net (charge-offs)/recoveries: | ||||
Charge-offs | -411 | -2,475 | -876 | -2,724 |
Recoveries | 542 | 643 | 1,127 | 1,183 |
Net (charge-offs)/recoveries | 131 | -1,832 | 251 | -1,541 |
Foreign exchange translation adjustment | -827 | -331 | -1,119 | -635 |
Balance at end of period | 160,008 | 137,940 | 160,008 | 137,940 |
Loans held for investment | C&I | ||||
Changes in the allowance for loan losses [Roll Forward] | ||||
Balance at beginning of period | 109,582 | 96,629 | 103,179 | 95,994 |
Provision (benefit) for loan losses | 1,530 | 1,113 | 8,364 | 2,015 |
Net (charge-offs)/recoveries: | ||||
Charge-offs | 0 | -1,805 | -238 | -1,845 |
Recoveries | 536 | 12 | 536 | 16 |
Net (charge-offs)/recoveries | 536 | -1,793 | 298 | -1,829 |
Foreign exchange translation adjustment | -523 | -247 | -716 | -478 |
Balance at end of period | 111,125 | 95,702 | 111,125 | 95,702 |
Loans held for investment | CRE construction | ||||
Changes in the allowance for loan losses [Roll Forward] | ||||
Balance at beginning of period | 1,709 | 1,647 | 1,594 | 1,000 |
Provision (benefit) for loan losses | -8 | 169 | 117 | 824 |
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 | -26 | -17 | -36 | -25 |
Balance at end of period | 1,675 | 1,799 | 1,675 | 1,799 |
Loans held for investment | CRE | ||||
Changes in the allowance for loan losses [Roll Forward] | ||||
Balance at beginning of period | 25,095 | 20,210 | 25,022 | 19,266 |
Provision (benefit) for loan losses | 900 | 2,133 | 1,062 | 3,062 |
Net (charge-offs)/recoveries: | ||||
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 80 |
Net (charge-offs)/recoveries | 0 | 0 | 0 | 80 |
Foreign exchange translation adjustment | -278 | -67 | -367 | -132 |
Balance at end of period | 25,717 | 22,276 | 25,717 | 22,276 |
Loans held for investment | Tax-exempt loans | ||||
Changes in the allowance for loan losses [Roll Forward] | ||||
Balance at beginning of period | 2,738 | 0 | 1,380 | 0 |
Provision (benefit) for loan losses | 1,171 | 0 | 2,529 | 0 |
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 | 0 | 0 | 0 | 0 |
Balance at end of period | 3,909 | 0 | 3,909 | 0 |
Loans held for investment | Residential mortgage | ||||
Changes in the allowance for loan losses [Roll Forward] | ||||
Balance at beginning of period | 15,319 | 18,300 | 14,350 | 19,126 |
Provision (benefit) for loan losses | 168 | -1,641 | 787 | -2,702 |
Net (charge-offs)/recoveries: | ||||
Charge-offs | -411 | -670 | -638 | -879 |
Recoveries | 0 | 625 | 577 | 1,069 |
Net (charge-offs)/recoveries | -411 | -45 | -61 | 190 |
Foreign exchange translation adjustment | 0 | 0 | 0 | 0 |
Balance at end of period | 15,076 | 16,614 | 15,076 | 16,614 |
Loans held for investment | SBL and other consumer | ||||
Changes in the allowance for loan losses [Roll Forward] | ||||
Balance at beginning of period | 2,324 | 1,338 | 2,049 | 1,115 |
Provision (benefit) for loan losses | 176 | 205 | 443 | 416 |
Net (charge-offs)/recoveries: | ||||
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 6 | 6 | 14 | 18 |
Net (charge-offs)/recoveries | 6 | 6 | 14 | 18 |
Foreign exchange translation adjustment | 0 | 0 | 0 | 0 |
Balance at end of period | $2,506 | $1,549 | $2,506 | $1,549 |
BANK_LOANS_NET_Allowance_for_L
BANK LOANS, NET, Allowance for Loan Losses, Loans Individually and Collectively Evaluated for Impairment (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
Allowance for loan losses: | ||||||
Individually evaluated for impairment | $5,596,000 | $6,301,000 | ||||
Collectively evaluated for impairment | 154,412,000 | 141,273,000 | ||||
Total allowance for loan losses | 160,008,000 | 156,767,000 | 147,574,000 | 137,940,000 | 138,124,000 | 136,501,000 |
Recorded investment: | ||||||
Individually evaluated for impairment | 87,606,000 | 96,628,000 | ||||
Collectively evaluated for impairment | 12,079,182,000 | 11,006,790,000 | ||||
Total loans held for investment | 12,166,788,000 | 11,103,418,000 | ||||
Tax-exempt loans | ||||||
Recorded investment: | ||||||
Total loans held for investment | 361,644,000 | 122,218,000 | ||||
Loans held for investment | C&I | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 1,220,000 | 1,289,000 | ||||
Collectively evaluated for impairment | 109,905,000 | 101,890,000 | ||||
Total allowance for loan losses | 111,125,000 | 109,582,000 | 103,179,000 | 95,702,000 | 96,629,000 | 95,994,000 |
Recorded investment: | ||||||
Individually evaluated for impairment | 11,418,000 | 11,959,000 | ||||
Collectively evaluated for impairment | 6,801,782,000 | 6,410,388,000 | ||||
Total loans held for investment | 6,813,200,000 | 6,422,347,000 | ||||
Loans held for investment | CRE construction | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 1,675,000 | 1,594,000 | ||||
Total allowance for loan losses | 1,675,000 | 1,709,000 | 1,594,000 | 1,799,000 | 1,647,000 | 1,000,000 |
Recorded investment: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 100,914,000 | 94,195,000 | ||||
Total loans held for investment | 100,914,000 | 94,195,000 | ||||
Loans held for investment | CRE | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 25,717,000 | 25,022,000 | ||||
Total allowance for loan losses | 25,717,000 | 25,095,000 | 25,022,000 | 22,276,000 | 20,210,000 | 19,266,000 |
Recorded investment: | ||||||
Individually evaluated for impairment | 17,171,000 | 18,876,000 | ||||
Collectively evaluated for impairment | 1,655,774,000 | 1,670,287,000 | ||||
Total loans held for investment | 1,672,945,000 | 1,689,163,000 | ||||
Loans held for investment | Tax-exempt loans | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 3,909,000 | 1,380,000 | ||||
Total allowance for loan losses | 3,909,000 | 2,738,000 | 1,380,000 | 0 | 0 | 0 |
Recorded investment: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 361,644,000 | 122,218,000 | ||||
Total loans held for investment | 361,644,000 | 122,218,000 | ||||
Loans held for investment | Residential mortgage | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 4,376,000 | 5,012,000 | ||||
Collectively evaluated for impairment | 10,700,000 | 9,338,000 | ||||
Total allowance for loan losses | 15,076,000 | 15,319,000 | 14,350,000 | 16,614,000 | 18,300,000 | 19,126,000 |
Recorded investment: | ||||||
Individually evaluated for impairment | 59,017,000 | 65,793,000 | ||||
Collectively evaluated for impairment | 1,907,184,000 | 1,685,954,000 | ||||
Total loans held for investment | 1,966,201,000 | 1,751,747,000 | ||||
Loans held for investment | SBL and other consumer | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 2,506,000 | 2,049,000 | ||||
Total allowance for loan losses | 2,506,000 | 2,324,000 | 2,049,000 | 1,549,000 | 1,338,000 | 1,115,000 |
Recorded investment: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 1,251,884,000 | 1,023,748,000 | ||||
Total loans held for investment | 1,251,884,000 | 1,023,748,000 | ||||
RJ Bank | ||||||
Reserve for unfunded lending commitments [Abstract] | ||||||
Reserve for unfunded lending commitments | $13,200,000 | $10,000,000 |
VARIABLE_INTEREST_ENTITIES_Det
VARIABLE INTEREST ENTITIES (Details) | Mar. 31, 2015 |
affiliate | |
investor | |
Fund | |
Low-income housing tax credit funds [Abstract] | |
Number of low-income housing tax credit (LIHTC) funds | 98 |
Minimum number of investor members or limited partners of LIHTC Funds | 1 |
Number of low-income housing tax credit (LIHTC) funds determined to be VIE's | 86 |
Number of low-income housing tax credit (LIHTC) funds not determined to be VIE's | 12 |
Number of non-guaranteed tax credit funds | 8 |
Number of guaranteed tax credit funds | 1 |
Number of tax credit funds consolidated but not determined to be VIE's | 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 | 6 |
VARIABLE_INTEREST_ENTITIES_Pri
VARIABLE INTEREST ENTITIES, Primary Beneficiary - Aggregate Assets and LIabilities (Details) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | investor | investor |
Variable interest entity, consolidated, aggregate assets and liabilities [Abstract] | ||
Number of Investors with a Guaranteed Return on their Investment | 1 | 1 |
LIHTC funds - primary beneficiary | ||
Variable interest entity, consolidated, aggregate assets and liabilities [Abstract] | ||
Aggregate assets | 156,603 | 179,050 |
Aggregate liabilities | 49,467 | 60,180 |
Guaranteed LIHTC fund - primary beneficiary | ||
Variable interest entity, consolidated, aggregate assets and liabilities [Abstract] | ||
Aggregate assets | 73,151 | 74,798 |
Aggregate liabilities | 2,101 | 0 |
Number of multiinvestor tax credit funds in which RJTCF is the managing member | 1 | 1 |
Restricted stock trust fund - primary beneficiary | ||
Variable interest entity, consolidated, aggregate assets and liabilities [Abstract] | ||
Aggregate assets | 9,727 | 6,608 |
Aggregate liabilities | 9,727 | 6,608 |
EIF funds - primary beneficiary | ||
Variable interest entity, consolidated, aggregate assets and liabilities [Abstract] | ||
Aggregate assets | 5,559 | 6,041 |
Aggregate liabilities | 0 | 0 |
Total VIEs - primary beneficiary | ||
Variable interest entity, consolidated, aggregate assets and liabilities [Abstract] | ||
Aggregate assets | 245,040 | 266,497 |
Aggregate liabilities | 61,295 | 66,788 |
VARIABLE_INTEREST_ENTITIES_Pri1
VARIABLE INTEREST ENTITIES, Primary Beneficiary - Carrying Value of Assets, Liabilities and Equity (Details) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Assets: | |||
Assets segregated pursuant to regulations and other segregated assets | $2,560,449 | $2,489,264 | |
Other receivables | 479,575 | 544,180 | |
Prepaid expenses and other assets | 713,323 | 655,256 | |
Total assets | 24,967,935 | 23,325,652 | |
Liabilities and Equity: | |||
Trade and other payables | 637,809 | 763,235 | |
Total liabilities | 20,316,025 | 18,892,396 | |
RJF equity | 4,375,425 | 4,141,236 | |
Noncontrolling interests | 276,485 | 292,020 | |
Total equity | 4,651,910 | 4,433,256 | 4,208,361 |
Total liabilities and equity | 24,967,935 | 23,325,652 | |
Total VIEs - primary beneficiary | |||
Assets: | |||
Assets segregated pursuant to regulations and other segregated assets | 10,221 | 10,887 | |
Other receivables | 5,817 | 5,812 | |
Investments in real estate partnerships held by consolidated variable interest entities | 225,557 | 235,858 | |
Trust fund investment in RJF common stock | 9,726 | 6,607 | |
Prepaid expenses and other assets | 5,197 | 5,728 | |
Total assets | 256,518 | 264,892 | |
Liabilities and Equity: | |||
Trade and other payables | 18,913 | 10,157 | |
Intercompany payables | 9,721 | 6,608 | |
Loans payable of consolidated variable interest entities | 34,977 | 43,877 | |
Total liabilities | 63,611 | 60,642 | |
RJF equity | 6,152 | 6,165 | |
Noncontrolling interests | 186,755 | 198,085 | |
Total equity | 192,907 | 204,250 | |
Total liabilities and equity | $256,518 | $264,892 |
VARIABLE_INTEREST_ENTITIES_Pri2
VARIABLE INTEREST ENTITIES, Primary Beneficiary - Net Income (Loss) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues: | ||||
Interest | $134,413 | $118,393 | $266,522 | $235,486 |
Other | 23,715 | 9,240 | 41,103 | 33,805 |
Total revenues | 1,312,624 | 1,204,625 | 2,592,468 | 2,413,399 |
Interest expense | -26,846 | -25,980 | -54,230 | -51,352 |
Net revenues | 1,285,778 | 1,178,645 | 2,538,238 | 2,362,047 |
Non-interest expenses | 1,110,145 | 1,025,646 | 2,163,956 | 2,030,236 |
Net income including noncontrolling interests | 108,776 | 92,095 | 230,813 | 208,616 |
Net loss attributable to noncontrolling interests | -4,687 | -12,465 | -8,946 | -12,577 |
Net income attributable to Raymond James Financial, Inc. | 113,463 | 104,560 | 239,759 | 221,193 |
Total VIEs - primary beneficiary | ||||
Revenues: | ||||
Interest | 2 | 0 | 2 | 1 |
Other | -382 | -1,580 | 292 | -1,416 |
Total revenues | -380 | -1,580 | 294 | -1,415 |
Interest expense | -537 | -797 | -1,066 | -1,584 |
Net revenues | -917 | -2,377 | -772 | -2,999 |
Non-interest expenses | 11,085 | 12,052 | 19,099 | 21,017 |
Net income including noncontrolling interests | -12,002 | -14,429 | -19,871 | -24,016 |
Net loss attributable to noncontrolling interests | -11,975 | -14,420 | -19,858 | -23,996 |
Net income attributable to Raymond James Financial, Inc. | ($27) | ($9) | ($13) | ($20) |
VARIABLE_INTEREST_ENTITIES_Not
VARIABLE INTEREST ENTITIES, Not the Primary Beneficiary - Aggregate Assets, Liabilities Exposure to Loss (Details) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
LIHTC funds - not primary beneficiary | ||
Variable interest entity, nonconsolidated, carrying amount of assets and liabilities [Abstract] | ||
Aggregate assets | $3,266,464 | $2,988,224 |
Aggregate liabilities | 946,849 | 899,586 |
Our risk of loss | 20,033 | 48,915 |
NMTC funds - not primary beneficiary | ||
Variable interest entity, nonconsolidated, carrying amount of assets and liabilities [Abstract] | ||
Aggregate assets | 65,503 | 83,474 |
Aggregate liabilities | 30 | 2 |
Our risk of loss | 12 | 13 |
Other real estate limited partnerships and LLCs - not primary beneficiary | ||
Variable interest entity, nonconsolidated, carrying amount of assets and liabilities [Abstract] | ||
Aggregate assets | 29,671 | 30,202 |
Aggregate liabilities | 36,369 | 36,262 |
Our risk of loss | 172 | 183 |
Total VIEs - not primary beneficiary | ||
Variable interest entity, nonconsolidated, carrying amount of assets and liabilities [Abstract] | ||
Aggregate assets | 3,361,638 | 3,101,900 |
Aggregate liabilities | 983,248 | 935,850 |
Our risk of loss | $20,217 | $49,111 |
VARIABLE_INTEREST_ENTITIES_Man
VARIABLE INTEREST ENTITIES, Managed Funds - Aggregate Assets, Liabilities and Exposure to Loss (Details) (Managed funds, USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Managed funds | ||
Variable Interest Entity [Line Items] | ||
Aggregate assets | $102,524 | $103,618 |
Aggregate liabilities | 47 | 11 |
Our risk of loss | $94 | $94 |
GOODWILL_AND_IDENTIFIABLE_INTA2
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS, Schedule of Goodwill and Net Identifiable Intangible Asset Balances (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||
Goodwill | $295,486 | $295,486 | $295,486 | $295,486 | $295,486 | $295,486 |
Identifiable intangible assets, net | 55,187 | 58,775 | ||||
Total goodwill and identifiable intangible assets, net | $350,673 | $354,261 |
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, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Goodwill [Roll Forward] | ||||
Goodwill (beginning of the period) | $295,486 | $295,486 | $295,486 | $295,486 |
Impairment losses | 0 | 0 | 0 | 0 |
Goodwill (end of the period) | 295,486 | 295,486 | 295,486 | 295,486 |
Private client group | ||||
Goodwill [Roll Forward] | ||||
Goodwill (beginning of the period) | 174,584 | 174,584 | 174,584 | 174,584 |
Impairment losses | 0 | 0 | 0 | 0 |
Goodwill (end of the period) | 174,584 | 174,584 | 174,584 | 174,584 |
Capital markets | ||||
Goodwill [Roll Forward] | ||||
Goodwill (beginning of the period) | 120,902 | 120,902 | 120,902 | 120,902 |
Impairment losses | 0 | 0 | 0 | 0 |
Goodwill (end of the period) | $120,902 | $120,902 | $120,902 | $120,902 |
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, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Finite-lived Intangible Assets [Roll Forward] | ||||
Net identifiable intangible assets (beginning of the period) | $56,988 | $64,144 | $58,775 | $65,978 |
Additions | 118 | 118 | 233 | 189 |
Amortization expense | -1,919 | -1,902 | -3,821 | -3,807 |
Impairment losses | 0 | 0 | 0 | 0 |
Net identifiable intangible assets (end of the period) | 55,187 | 62,360 | 55,187 | 62,360 |
Private client group | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Net identifiable intangible assets (beginning of the period) | 8,472 | 9,035 | 8,611 | 9,191 |
Additions | 0 | 0 | 0 | 0 |
Amortization expense | -139 | -146 | -278 | -302 |
Impairment losses | 0 | 0 | 0 | 0 |
Net identifiable intangible assets (end of the period) | 8,333 | 8,889 | 8,333 | 8,889 |
Capital markets | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Net identifiable intangible assets (beginning of the period) | 36,600 | 42,099 | 37,975 | 43,474 |
Additions | 0 | 0 | 0 | 0 |
Amortization expense | -1,375 | -1,375 | -2,750 | -2,750 |
Impairment losses | 0 | 0 | 0 | 0 |
Net identifiable intangible assets (end of the period) | 35,225 | 40,724 | 35,225 | 40,724 |
Asset management | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Net identifiable intangible assets (beginning of the period) | 10,663 | 11,996 | 10,996 | 12,329 |
Additions | 0 | 0 | 0 | 0 |
Amortization expense | -333 | -333 | -666 | -666 |
Impairment losses | 0 | 0 | 0 | 0 |
Net identifiable intangible assets (end of the period) | 10,330 | 11,663 | 10,330 | 11,663 |
RJ Bank | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Net identifiable intangible assets (beginning of the period) | 1,253 | 1,014 | 1,193 | 984 |
Additions | 118 | 118 | 233 | 189 |
Amortization expense | -72 | -48 | -127 | -89 |
Impairment losses | 0 | 0 | 0 | 0 |
Net identifiable intangible assets (end of the period) | $1,299 | $1,084 | $1,299 | $1,084 |
GOODWILL_AND_IDENTIFIABLE_INTA5
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS, Intangible Assets, by Type (Details) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | $78,683 | $81,450 |
Accumulated amortization | -23,496 | -22,675 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 65,957 | 65,957 |
Accumulated amortization | -16,469 | -13,875 |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 0 | 2,000 |
Accumulated amortization | 0 | -2,000 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 11,000 | 11,000 |
Accumulated amortization | -6,600 | -5,500 |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 0 | 1,000 |
Accumulated amortization | 0 | -1,000 |
Mortgage servicing rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 1,726 | 1,493 |
Accumulated amortization | ($427) | ($300) |
BANK_DEPOSITS_Summary_of_Bank_
BANK DEPOSITS, Summary of Bank Deposits (Details) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
Bank deposits: | ||
NOW accounts | $6,027,000 | $5,792,000 |
Demand deposits (non-interest bearing) | 4,776,000 | 8,386,000 |
Savings and money market accounts | 10,910,547,000 | 9,670,043,000 |
Certificates of deposit | 350,663,000 | 344,703,000 |
Total bank deposits | 11,272,013,000 | 10,028,924,000 |
Weighted-average rate [Abstract] | ||
NOW accounts, weighted-average rate (in hundredths) | 0.01% | 0.01% |
Demand deposits (non-interest-bearing), weighted-average rate (in hundredths) | 0.00% | 0.00% |
Savings and money market accounts, weighted-average rate (in hundredths) | 0.02% | 0.02% |
Certificates of deposit, weighted-average rate (in hundredths) | 1.71% | 1.81% |
Total bank deposits, weighted-average rate (in hundredths) | 0.07% | 0.09% |
Bank Deposits [Line Items] | ||
Affiliate bank deposits excluded from total bank deposits | 421,000,000 | 509,000,000 |
RJF parent company | ||
Bank Deposits [Line Items] | ||
Affiliate bank deposits excluded from total bank deposits | $400,000,000 | $500,000,000 |
BANK_DEPOSITS_Schedule_Maturit
BANK DEPOSITS, Schedule Maturities of Certificates of Deposit (Details) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Scheduled maturities of certificates of deposit, denominations greater than or equal to $100,000 [Abstract] | ||
Three months or less | $8,631 | $11,761 |
Over three through six months | 9,127 | 9,067 |
Over six through twelve months | 15,917 | 15,809 |
Over one through two years | 46,987 | 33,366 |
Over two through three years | 17,555 | 45,842 |
Over three through four years | 58,808 | 35,362 |
Over four through five years | 62,053 | 55,556 |
Total certificates of deposit, denominations greater than or equal to 100,000 | 219,078 | 206,763 |
Scheduled maturities of certificates of deposit, denominations less than 100,000 [Abstract] | ||
Three months or less | 8,928 | 9,482 |
Over three through six months | 12,614 | 10,317 |
Over six through twelve months | 14,311 | 21,002 |
Over one through two years | 35,468 | 27,722 |
Over two through three years | 13,742 | 33,529 |
Over three through four years | 19,563 | 11,301 |
Over four through five years | 26,959 | 24,587 |
Total certificates of deposit, denominations less than 100,000 | $131,585 | $137,940 |
BANK_DEPOSITS_Summary_of_Inter
BANK DEPOSITS, Summary of Interest Expense on Deposits (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Interest expense on deposits [Abstract] | ||||
Certificates of deposit | $1,459 | $1,508 | $2,983 | $3,056 |
Money market, savings and NOW accounts | 631 | 431 | 1,244 | 828 |
Total interest expense on deposits | $2,090 | $1,939 | $4,227 | $3,884 |
OTHER_BORROWINGS_Details
OTHER BORROWINGS (Details) (USD $) | 6 Months Ended | |
Mar. 31, 2015 | Sep. 30, 2014 | |
Other Borrowings [Line Items] | ||
Total other borrowings | $721,716,000 | $654,916,000 |
Number of FHLB advances | 2 | 2 |
Debt Instrument, Face Amount | 250,000,000 | |
FHLB advances weighted average interest rate | 0.27% | 0.20% |
Securities sold under agreements to repurchase | 277,383,000 | 244,495,000 |
ClariVest Asset Management | ||
Other Borrowings [Line Items] | ||
Borrowing outstanding on lines of credit | 116,000 | 216,000 |
Line of credit facility, maximum borrowing capacity | 500,000 | |
Debt instrument, basis spread on variable rate | 1.00% | |
Federal Home Loan Bank Advances | ||
Other Borrowings [Line Items] | ||
Borrowing outstanding on lines of credit | 550,000,000 | 500,000,000 |
Secured Debt | ||
Other Borrowings [Line Items] | ||
Borrowing outstanding on lines of credit | 171,600,000 | 154,700,000 |
Secured Debt | New Regions Credit Agreement | ||
Other Borrowings [Line Items] | ||
Borrowing outstanding on lines of credit | 5,000,000 | 5,000,000 |
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 | 91,000,000 | |
Debt instrument, basis spread on variable rate | 2.75% | |
Unsecured Debt | ||
Other Borrowings [Line Items] | ||
Borrowing outstanding on lines of credit | 0 | 0 |
Federal Home Loan Bank Advances | FHLB Advance Maturing September 2017 | ||
Other Borrowings [Line Items] | ||
Debt Instrument, Face Amount | 250,000,000 | |
Federal Home Loan Bank Advances | FHLB Advance Maturing March 2017 | ||
Other Borrowings [Line Items] | ||
Debt Instrument, Face Amount | $300,000,000 |
DERIVATIVE_FINANCIAL_INSTRUMEN2
DERIVATIVE FINANCIAL INSTRUMENTS (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | |
Derivative [Line Items] | |||||
Receivable for uncollectible derivative transaction fee revenues | $7,000,000 | $7,000,000 | $7,000,000 | ||
Maximum loss exposure on interest rate derivatives | 42,000,000 | 42,000,000 | |||
Derivative asset position | |||||
Derivative [Line Items] | |||||
Cash collateral included in net fair value of all open derivative positions, aggregate net liability | 19,000,000 | 19,000,000 | 21,000,000 | ||
Derivative liability position | |||||
Derivative [Line Items] | |||||
Cash collateral included in the net fair value of all open derivative liability positions, aggregate net asset | 19,000,000 | 19,000,000 | 23,000,000 | ||
Forward foreign exchange contracts | |||||
Derivative [Line Items] | |||||
Cash collateral included in net fair value of all open derivative positions, aggregate net liability | 0 | 0 | 0 | ||
Gain (loss) recognized on forward foreign exchange derivatives | 30,500,000 | 14,400,000 | 43,600,000 | 26,000,000 | |
Hedge ineffectiveness | 0 | 0 | 0 | 0 | |
Gain (loss) from components excluded from assessment of fair value hedge effectiveness | 0 | 0 | 0 | 0 | |
OTC derivatives | |||||
Derivative [Line Items] | |||||
Number of designated as fair value hedges | 0 | 0 | |||
Number of derivatives designated as cash flow hedges | 0 | 0 | |||
Derivative instruments associated with offsetting matched book positions | |||||
Derivative [Line Items] | |||||
Number of designated as fair value hedges | 0 | 0 | |||
Number of derivatives designated as cash flow hedges | 0 | 0 | |||
Interest rate contract | |||||
Derivative [Line Items] | |||||
Cash collateral included in net fair value of all open derivative positions, aggregate net liability | 0 | 0 | |||
Hedge ineffectiveness | 0 | ||||
Gain (loss) from components excluded from assessment of fair value hedge effectiveness | 0 | ||||
Gain (loss) recognized in other comprehensive income (loss) | 1,500,000 | 1,500,000 | |||
Gain (loss) on cash flow hedge ineffectiveness | 0 | ||||
Gain (loss) from components excluded from assessment of cash flow hedge effectiveness | 0 | ||||
Cash flow hedge gain (loss) to be reclassified within twelve months | $3,000,000 | ||||
Maximum length of time hedged in cash flow hedge | 10 years |
DERIVATIVE_FINANCIAL_INSTRUMEN3
DERIVATIVE FINANCIAL INSTRUMENTS, Balance Sheet Location (Details) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Forward foreign exchange contracts | ||
Derivative assets [Abstract] | ||
Fair value | $8,000 | $2,462 |
Interest rate contract | ||
Derivative assets [Abstract] | ||
Fair value | 121,414 | |
Designated as hedging instrument | Forward foreign exchange contracts | Prepaid expenses and other assets | ||
Derivative assets [Abstract] | ||
Notional amount | 553,766 | 609,018 |
Fair value | 6,794 | 2,101 |
Designated as hedging instrument | Interest rate contract | ||
Liabilities derviatives [Abstract] | ||
Fair value | 2,481 | |
Designated as hedging instrument | Interest rate contract | Other liabilities | ||
Liabilities derviatives [Abstract] | ||
Notional amount | 200,000 | 0 |
Fair value | 2,481 | 0 |
Derivatives not designated as hedging instruments | Forward foreign exchange contracts | Prepaid expenses and other assets | ||
Derivative assets [Abstract] | ||
Notional amount | 98,531 | 105,179 |
Fair value | 1,206 | 361 |
Derivatives not designated as hedging instruments | Interest rate contract | ||
Derivative assets [Abstract] | ||
Fair value | 89,923 | |
Liabilities derviatives [Abstract] | ||
Fair value | 105,050 | 75,668 |
Derivatives not designated as hedging instruments | Interest rate contract | Trading instruments | ||
Derivative assets [Abstract] | ||
Notional amount | 2,510,991 | 2,198,357 |
Fair value | 121,414 | 89,923 |
Derivatives not designated as hedging instruments | Interest rate contract | Derivative instruments associated with offsetting matched book positions | ||
Derivative assets [Abstract] | ||
Notional amount | 1,766,733 | 1,796,288 |
Fair value | 421,850 | 323,337 |
Liabilities derviatives [Abstract] | ||
Notional amount | 1,766,733 | 1,796,288 |
Fair value | 421,850 | 323,337 |
Derivatives not designated as hedging instruments | Interest rate contract | Trading instruments sold | ||
Liabilities derviatives [Abstract] | ||
Notional amount | 2,497,071 | 2,185,085 |
Fair value | $105,050 | $75,668 |
DERIVATIVE_FINANCIAL_INSTRUMEN4
DERIVATIVE FINANCIAL INSTRUMENTS, Income Statement Location (Details) (Derivatives not designated as hedging instruments, USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Net trading profits | Interest rate contract | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) on derivatives recognized in Income | $2,403 | ($70) | $2,280 | $579 |
Other revenues | Interest rate contract | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) on derivatives recognized in Income | 44 | 651 | 66 | 671 |
Other revenues | Forward foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) on derivatives recognized in Income | $8,683 | $2,530 | $12,305 | $4,811 |
DERIVATIVE_FINANCIAL_INSTRUMEN5
DERIVATIVE FINANCIAL INSTRUMENTS, Risk (Details) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | agency |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Debt, minimum number of agencies required to maintain an investment grade rating | 1 |
Derivative in liability position fair value | $23.30 |
Derivative in liability position posted collateral | 22.3 |
Derivative in liability position additional collateral posted if contingent features are triggered | $1 |
DISCLOSURE_OF_OFFSETTING_ASSET2
DISCLOSURE OF OFFSETTING ASSETS AND LIABILITIES, COLLATERAL AND ENCUMBERED ASSETS, Offsetting (Details) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
Securities purchased under agreements to resell and other collateralized financings [Abstract] | ||
Gross amounts of recognized assets | $469,503,000 | $446,016,000 |
Gross amounts offset in the Statements of Financial Condition | 0 | 0 |
Net amounts presented in the Statements of Financial Condition | 469,503,000 | 446,016,000 |
Gross amounts not offset in the Statements of Financial Condition, financial instruments | -469,503,000 | -446,016,000 |
Gross amounts not offset in the Statements of Financial Condition, cash collateral received (paid) | 0 | 0 |
Net amount | 0 | 0 |
Derivative assets [Abstract] | ||
Net amounts presented in the Statements of Financial Condition | 41,717,000 | 28,205,000 |
Derivative instruments associated with offsetting matched book positions | 421,850,000 | 323,337,000 |
Stock borrowed [Abstract] | ||
Gross amounts of recognized assets | 167,338,000 | 158,988,000 |
Gross amounts offset in the Statement of Financial Condition | 0 | 0 |
Net amounts presented in the Statement of Financial Condition | 167,338,000 | 158,988,000 |
Gross amounts not offset in the Statement of Financial Condition, financial instruments | -159,418,000 | -153,261,000 |
Gross amounts not offset in the Statement of Financial Condition, cash collateral (paid) | 0 | 0 |
Net amount | 7,920,000 | 5,727,000 |
Total assets [Abstract] | ||
Gross amounts of recognized assets | 1,188,105,000 | 1,020,726,000 |
Gross amounts offset in the Statement of Financial Condition | -79,697,000 | -61,718,000 |
Net amounts presented in the Statement of Financial Condition | 1,108,408,000 | 959,008,000 |
Gross amounts not offset in the Statement of Financial Condition, financial instruments | -1,060,044,000 | -926,491,000 |
Gross amounts not offset in the Statement of Financial Condition, cash collateral (paid) | 0 | 0 |
Net amount | 48,364,000 | 32,517,000 |
Securities sold under agreements to repurchase [Abstract] | ||
Gross amounts of recognized (liabilities) | -277,383,000 | -244,495,000 |
Gross amounts offset in the Statement of Financial Condition | 0 | 0 |
Net amounts presented in the Statement of Financial Condition | -277,383,000 | -244,495,000 |
Gross amounts not offset in the Statement of Financial Condition, financial instruments | 277,383,000 | 244,495,000 |
Gross amounts not offset in the Statement of Financial Condition, cash collateral received (paid) | 0 | 0 |
Net amount | 0 | 0 |
Derivative liabilities [Abstract] | ||
Net amounts presented in the Statement of Financial Condition | -26,022,000 | -12,372,000 |
Derivative instruments associated with offsetting matched book positions | -421,850,000 | -323,337,000 |
Stock loaned [Abstract] | ||
Gross amounts of recognized (liabilities) | -395,609,000 | -417,383,000 |
Gross amounts offset in the Statement of Financial Condition | 0 | 0 |
Net amounts presented in the Statement of Financial Condition | -395,609,000 | -417,383,000 |
Gross amounts not offset in the Statement of Financial Condition, financial instruments | 381,327,000 | 402,180,000 |
Gross amounts not offset in the Statement of Financial Condition, cash collateral received (paid) | 0 | 0 |
Net amount | -14,282,000 | -15,203,000 |
Total liabilities [Abstract] | ||
Gross amounts of recognized (liabilities) | -1,202,373,000 | -1,060,883,000 |
Gross amounts offset in the Statement of Financial Condition | 79,028,000 | 63,296,000 |
Net amounts presented in the Statements of Financial Condition | -1,123,345,000 | -997,587,000 |
Gross amounts not offset in the Statement of Financial Condition, financial instruments | 1,084,661,000 | 973,514,000 |
Gross amounts not offset in the Statement of Financial Condition, cash collateral received (paid) | 18,422,000 | 4,620,000 |
Net amount | -20,262,000 | -19,453,000 |
Securities purchased under agreements to resell collateral obligation to return securities | 483,800,000 | 463,700,000 |
Securities sold under agreements to repurchase fair value | 289,400,000 | 253,700,000 |
Interest rate contract | ||
Derivative assets [Abstract] | ||
Derivative contracts | 121,414,000 | |
Gross amounts offset in the Statements of Financial Condition | -79,697,000 | |
Net amounts presented in the Statements of Financial Condition | 41,717,000 | |
Derivative assets, Gross amounts not offset in the Statement of Financial Condition, financial instruments | -9,273,000 | |
Derivative assets, Gross amounts not offset in the Statement of Financial Condition, cash collateral (paid) | 0 | |
Net amount | 32,444,000 | |
Derivative instruments associated with offsetting matched book positions | ||
Derivative assets [Abstract] | ||
Derivative contracts | 421,850,000 | |
Gross amounts offset in the Statements of Financial Condition | 0 | |
Derivative assets, Gross amounts not offset in the Statement of Financial Condition, financial instruments | -421,850,000 | |
Derivative assets, Gross amounts not offset in the Statement of Financial Condition, cash collateral (paid) | 0 | |
Net amount | 0 | |
Derivative liabilities [Abstract] | ||
Net amount | 0 | |
Forward foreign exchange contracts | ||
Derivative assets [Abstract] | ||
Derivative contracts | 8,000,000 | 2,462,000 |
Gross amounts offset in the Statements of Financial Condition | 0 | 0 |
Net amounts presented in the Statements of Financial Condition | 8,000,000 | 2,462,000 |
Derivative assets, Gross amounts not offset in the Statement of Financial Condition, financial instruments | 0 | 0 |
Derivative assets, Gross amounts not offset in the Statement of Financial Condition, cash collateral (paid) | 0 | 0 |
Net amount | 8,000,000 | 2,462,000 |
Designated as hedging instrument | Interest rate contract | ||
Derivative liabilities [Abstract] | ||
Gross amount of recognized (liabilities) | -2,481,000 | |
Gross amounts offset in the Statement of Financial Condition | 0 | |
Net amounts presented in the Statement of Financial Condition | -2,481,000 | |
Gross amounts not offset in the Statement of Financial Condition, financial instruments | 0 | |
Gross amounts not offset in the Statement of Financial Condition, cash collateral received | 2,481,000 | |
Net amount | 0 | |
Total liabilities [Abstract] | ||
Fair value of cash collateral deposited | 8,900,000 | |
Derivatives not designated as hedging instruments | ||
Derivative assets [Abstract] | ||
Derivative instruments associated with offsetting matched book positions | 323,337,000 | |
Derivative liabilities [Abstract] | ||
Derivative instruments associated with offsetting matched book positions | -421,850,000 | -323,337,000 |
Derivatives not designated as hedging instruments | Interest rate contract | ||
Derivative assets [Abstract] | ||
Derivative contracts | 89,923,000 | |
Gross amounts offset in the Statements of Financial Condition | -61,718,000 | |
Net amounts presented in the Statements of Financial Condition | 28,205,000 | |
Derivative assets, Gross amounts not offset in the Statement of Financial Condition, financial instruments | -3,877,000 | |
Derivative assets, Gross amounts not offset in the Statement of Financial Condition, cash collateral (paid) | 0 | |
Net amount | 24,328,000 | |
Derivative liabilities [Abstract] | ||
Gross amount of recognized (liabilities) | -105,050,000 | -75,668,000 |
Gross amounts offset in the Statement of Financial Condition | 79,028,000 | 63,296,000 |
Net amounts presented in the Statement of Financial Condition | -26,022,000 | -12,372,000 |
Gross amounts not offset in the Statement of Financial Condition, financial instruments | 4,101,000 | 3,502,000 |
Gross amounts not offset in the Statement of Financial Condition, cash collateral received | 15,941,000 | 4,620,000 |
Net amount | -5,980,000 | -4,250,000 |
Derivatives not designated as hedging instruments | Derivative instruments associated with offsetting matched book positions | ||
Derivative assets [Abstract] | ||
Derivative contracts | 323,337,000 | |
Gross amounts offset in the Statements of Financial Condition | 0 | |
Derivative assets, Gross amounts not offset in the Statement of Financial Condition, financial instruments | -323,337,000 | |
Derivative assets, Gross amounts not offset in the Statement of Financial Condition, cash collateral (paid) | 0 | |
Net amount | 0 | |
Derivative liabilities [Abstract] | ||
Gross amount of recognized (liabilities) | -421,850,000 | -323,337,000 |
Gross amounts offset in the Statement of Financial Condition | 0 | 0 |
Gross amounts not offset in the Statement of Financial Condition, financial instruments | 421,850,000 | 323,337,000 |
Gross amounts not offset in the Statement of Financial Condition, cash collateral received | 0 | 0 |
Net amount | $0 |
DISCLOSURE_OF_OFFSETTING_ASSET3
DISCLOSURE OF OFFSETTING ASSETS AND LIABILITIES, COLLATERAL AND ENCUMBERED ASSETS, Collateral (Details) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
Collateral Received that Can be Resold or Repledged [Abstract] | ||
Collateral we received that is available to be delivered or repledged | $2,146,076,000 | $2,178,868,000 |
Collateral that we delivered or repledged | 949,809,000 | 879,071,000 |
Value of margin securities pledged to clearing organizations | 155,400,000 | 138,800,000 |
Securities reserve deposit required and made | $125,100,000 | $116,500,000 |
DISCLOSURE_OF_OFFSETTING_ASSET4
DISCLOSURE OF OFFSETTING ASSETS AND LIABILITIES, COLLATERAL AND ENCUMBERED ASSETS, Encumbered Assets (Details) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
Financial instruments owned, at fair value, pledged to counterparties that: | ||
Had the right to deliver or repledge | $417,609,000 | $394,746,000 |
Did not have the right to deliver or repledge | 137,467,000 | 50,983,000 |
Fair value of securities pledged with a clearing organization | 24,400,000 | 18,900,000 |
Securities reserve deposit required and made | $125,100,000 | $116,500,000 |
INCOME_TAXES_Details
INCOME TAXES (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | |||
Effective income tax rate | 37.10% | 37.40% | 35.80% |
COMMITMENTS_CONTINGENCIES_AND_1
COMMITMENTS, CONTINGENCIES AND GUARANTEES, Commitments and Contingencies (Details) | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Sep. 30, 2014 |
Loans to financial advisors and certain key revenue producers commitment | Independent venture capital or private equity partnerships commitment | Internally sponsored private equity limited partnership commitment | Commitment to lend to RJTCF | Raymond James & Associates Inc | Raymond James & Associates Inc | Raymond James & Associates Inc | Raymond James Ltd | Subsidiary of RJ Bank | RJ Bank | RJ Bank | RJ Bank | |
USD ($) | USD ($) | USD ($) | USD ($) | Underwriting commitment | Forward GNMA MBS purchase committments | TBA securities | Underwriting commitment | Commitment to lend to RJTCF | RJ Bank syndicated loans | RJ Bank commitment to lend to limited partnership | Forward starting advance transaction with FHLB | |
transaction | USD ($) | USD ($) | CAD | USD ($) | USD ($) | USD ($) | USD ($) | |||||
Commitments [Line Items] | ||||||||||||
Number of open underwriting commitments | 2 | |||||||||||
Amount of commitment | $59,600,000 | $250,000,000 | $498,000,000 | 52,100,000 | $61,600,000 | $3,000,000 | $25,000,000 | |||||
Purchased syndicated loans not yet settled | 46,300,000 | |||||||||||
Settlement days of purchased syndicated loan | 90 days | |||||||||||
Amount of commitments fulfilled | 20,600,000 | 1,200,000 | ||||||||||
Future borrowing interest rate, effective rate | 3.40% | |||||||||||
Other commitment | 56,000,000 | |||||||||||
Unfunded commitments in which we control the general partner | 20,000,000 | |||||||||||
Cash funded to invest in loans or investments in project partnerships | 39,700,000 | |||||||||||
Reserve for unfunded lending commitments | 88,900,000 | |||||||||||
Number of days that investments in project partnerships typically sold | 90 days | |||||||||||
Expected time of purchase (in days) | 90 days | |||||||||||
Net liability fair value of TBA securities | 2,200,000 | |||||||||||
Estimated fair value of the TBA security purchase commitment liability | ($2,200,000) |
COMMITMENTS_CONTINGENCIES_AND_2
COMMITMENTS, CONTINGENCIES AND GUARANTEES, Guarantees (Details) (USD $) | 6 Months Ended | ||
Mar. 31, 2015 | Sep. 30, 2014 | Mar. 31, 2008 | |
Fund | |||
Guarantees [Abstract] | |||
Corporate debt | $1,188,916,000 | $1,190,836,000 | |
Interest rate swap guarantee | |||
Guarantees [Abstract] | |||
Current exposure of guarantees | 6,600,000 | ||
Estimated total potential exposure of guarantee | 30,400,000 | ||
Performance guarantees for completion of trades with counterparties | |||
Guarantees [Abstract] | |||
Current exposure of guarantees | 0 | ||
Letter of credit guarantee | |||
Guarantees [Abstract] | |||
Current exposure of guarantees | 8,000,000 | ||
Securities Industry Protection Corporation (SIPC) | |||
Guarantees [Abstract] | |||
SIPC fund securities per customer limit | 500,000 | ||
Per customer upper limit claims for cash balances | 250,000 | ||
Raymond James & Associates Inc | |||
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 | |||
Guarantees [Abstract] | |||
Current exposure of guarantees | 1,600,000 | ||
Delivery of certain tax credits and other tax benefits guarantee | |||
Guarantees [Abstract] | |||
Current exposure of guarantees | 35,400,000 | ||
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) | 7 years | ||
Low-income housing tax credit fund financing asset | 28,400,000 | ||
Amount of liability related to the low-income housing tax credit fund financing asset | 28,400,000 | ||
Mortgages | 5.70% mortgage notes payable on our headquarters office complex, due 2023 | |||
Guarantees [Abstract] | |||
Corporate debt | $39,800,000 |
COMMITMENTS_CONTINGENCIES_AND_3
COMMITMENTS, CONTINGENCIES AND GUARANTEES, Legal Matters Contingencies (Details) (USD $) | 1 Months Ended | ||
Aug. 31, 2013 | Mar. 31, 2015 | Sep. 30, 2014 | |
Legal matter contingencies [Abstract] | |||
Other receivables | $479,575,000 | $544,180,000 | |
Regions funds, class action | |||
Loss Contingency, Settlement [Abstract] | |||
Litigation settlement amount | 62,000,000 | ||
Regions funds, derivative action | |||
Loss Contingency, Settlement [Abstract] | |||
Litigation settlement amount | 6,000,000 | ||
Indemnification agreement | |||
Legal matter contingencies [Abstract] | |||
Estimate of range of possible loss, minimum | 37,000,000 | ||
Estimate of range of possible loss, maximum | 205,000,000 | ||
Other receivables | 800,000 | ||
Indemnification asset | 149,000,000 | ||
Indemnification liability for potential loss | 147,000,000 | ||
Pending litigation | Various lawsuits | |||
Legal matter contingencies [Abstract] | |||
Estimate of range of possible loss, minimum | 0 | ||
Range of loss portion not accrued | $9,000,000 |
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, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income (loss) as of the beginning of the period | ($8,352) | $5,545 | ($1,888) | $10,726 |
Other comprehensive income (loss) before reclassifications and taxes | 1,761 | 2,977 | 1,997 | 8,229 |
Amounts reclassified from accumulated other comprehensive loss, before tax | 58 | -39 | 58 | -3,731 |
Pre-tax net other comprehensive income (loss) | 1,819 | 2,938 | 2,055 | 4,498 |
Income tax effect | -16,262 | -9,717 | -22,962 | -16,458 |
Net other comprehensive income (loss) for the period, net of tax | -14,443 | -6,779 | -20,907 | -11,960 |
Accumulated other comprehensive income (loss) as of the end of the period | -22,795 | -1,234 | -22,795 | -1,234 |
Unrealized gain (loss) on available for sale securities | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income (loss) as of the beginning of the period | 4,721 | -182 | 4,745 | -1,276 |
Other comprehensive income (loss) before reclassifications and taxes | 3,801 | 5,668 | 3,745 | 11,127 |
Amounts reclassified from accumulated other comprehensive loss, before tax | -2 | -39 | -2 | -3,731 |
Pre-tax net other comprehensive income (loss) | 3,799 | 5,629 | 3,743 | 7,396 |
Income tax effect | -1,462 | -2,147 | -1,430 | -2,820 |
Net other comprehensive income (loss) for the period, net of tax | 2,337 | 3,482 | 2,313 | 4,576 |
Accumulated other comprehensive income (loss) as of the end of the period | 7,058 | 3,300 | 7,058 | 3,300 |
Net currency translations and net investment hedges | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income (loss) as of the beginning of the period | -13,073 | 5,727 | -6,633 | 12,002 |
Other comprehensive income (loss) before reclassifications and taxes | 441 | -2,691 | 733 | -2,898 |
Amounts reclassified from accumulated other comprehensive loss, before tax | 0 | 0 | 0 | 0 |
Pre-tax net other comprehensive income (loss) | 441 | -2,691 | 733 | -2,898 |
Income tax effect | -15,720 | -7,570 | -22,452 | -13,638 |
Net other comprehensive income (loss) for the period, net of tax | -15,279 | -10,261 | -21,719 | -16,536 |
Accumulated other comprehensive income (loss) as of the end of the period | -28,352 | -4,534 | -28,352 | -4,534 |
Cash flow hedge | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income (loss) as of the beginning of the period | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) before reclassifications and taxes | -2,481 | 0 | -2,481 | 0 |
Amounts reclassified from accumulated other comprehensive loss, before tax | 60 | 0 | 60 | 0 |
Pre-tax net other comprehensive income (loss) | -2,421 | 0 | -2,421 | 0 |
Income tax effect | 920 | 0 | 920 | 0 |
Net other comprehensive income (loss) for the period, net of tax | -1,501 | 0 | -1,501 | 0 |
Accumulated other comprehensive income (loss) as of the end of the period | ($1,501) | $0 | ($1,501) | $0 |
ACCUMULATED_OTHER_COMPREHENSIV3
ACCUMULATED OTHER COMPREHENSIVE INCOME, Reclassifications Out of Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other revenue | ($23,715,000) | ($9,240,000) | ($41,103,000) | ($33,805,000) |
Interest expense | 26,846,000 | 25,980,000 | 54,230,000 | 51,352,000 |
Provision for income taxes | 66,857,000 | 60,904,000 | 143,469,000 | 123,195,000 |
Net income attributable to Raymond James Financial, Inc. | -113,463,000 | -104,560,000 | -239,759,000 | -221,193,000 |
Auction rate securities | Other revenues | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Available-for-sale securities, gross realized gain (loss) | 5,600,000 | |||
Unrealized gain (loss) on available for sale securities | Reclassification out of accumulated other comprehensive income [Member] | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before tax | 58,000 | -39,000 | 58,000 | -3,731,000 |
Provision for income taxes | -22,000 | 15,000 | -22,000 | 1,437,000 |
Net income attributable to Raymond James Financial, Inc. | 36,000 | -24,000 | 36,000 | -2,294,000 |
Unrealized gain (loss) on available for sale securities | Reclassification out of accumulated other comprehensive income [Member] | Auction rate securities | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other revenue | -2,000 | -39,000 | -2,000 | -3,758,000 |
Unrealized gain (loss) on available for sale securities | Reclassification out of accumulated other comprehensive income [Member] | RJ Bank available for sale securities | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other revenue | 0 | 0 | 0 | 27,000 |
Unrealized gain (loss) on available for sale securities | Interest rate contract | Reclassification out of accumulated other comprehensive income [Member] | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest expense | $60,000 | $60,000 |
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, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Interest income: | ||||
Margin balances | $16,237 | $16,628 | $33,513 | $34,415 |
Assets segregated pursuant to regulations and other segregated assets | 3,179 | 3,558 | 6,789 | 8,188 |
Bank loans, net of unearned income | 100,054 | 83,639 | 196,812 | 164,848 |
Available for sale securities | 1,284 | 1,655 | 2,596 | 3,578 |
Trading instruments | 4,925 | 4,615 | 9,425 | 9,143 |
Stock loan | 3,699 | 2,809 | 7,210 | 4,682 |
Loans to financial advisors | 1,687 | 1,647 | 3,437 | 3,303 |
Corporate cash and all other | 3,348 | 3,842 | 6,740 | 7,329 |
Total interest income | 134,413 | 118,393 | 266,522 | 235,486 |
Interest expense: | ||||
Brokerage client liabilities | 241 | 286 | 524 | 717 |
Retail bank deposits | 2,090 | 1,939 | 4,227 | 3,884 |
Trading instruments sold but not yet purchased | 1,133 | 1,255 | 2,218 | 2,123 |
Stock borrow | 1,795 | 814 | 3,413 | 1,306 |
Borrowed funds | 1,129 | 876 | 2,188 | 1,848 |
Senior notes | 19,009 | 19,010 | 38,019 | 38,020 |
Interest expense of consolidated VIEs | 537 | 797 | 1,066 | 1,584 |
Other | 912 | 1,003 | 2,575 | 1,870 |
Total interest expense | 26,846 | 25,980 | 54,230 | 51,352 |
Net interest income | 107,567 | 92,413 | 212,292 | 184,134 |
Subtract: provision for loan losses | -3,937 | -1,979 | -13,302 | -3,615 |
Net interest income after provision for loan losses | $103,630 | $90,434 | $198,990 | $180,519 |
SHAREBASED_COMPENSATION_Detail
SHARE-BASED COMPENSATION (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of share-based compensation plans for our employees, directors and non-employees | 1 | 1 | ||
Stock incentive plan 2012 | Restricted stock units (RSUs) | Employees | ||||
Restricted stock plans [Abstract] | ||||
Shares of restricted stock awards granted (in shares) | 79,698 | 1,128,971 | ||
Stock incentive plan 2012 | Restricted stock units (RSUs) | Outside Directors | ||||
Restricted stock plans [Abstract] | ||||
Shares of restricted stock awards granted (in shares) | 16,656 | 16,656 | ||
Stock incentive plan 2012 | Restricted stock units (RSUs) | Independent contractor financial advisors | ||||
Restricted stock plans [Abstract] | ||||
Shares of restricted stock awards granted (in shares) | 0 | 0 | ||
Stock incentive plan 2012 | Restricted stock and restricted stock unit awards | ||||
Compensation plans expense and income tax benefits [Abstract] | ||||
Total share-based expense | $14,189 | $12,422 | $33,155 | $29,057 |
Income tax (provision) benefits related to share-based expense | 5,038 | 4,304 | 11,900 | 10,220 |
Excess tax benefit related to share based compensation | 8,100 | |||
Stock incentive plan 2012 | Restricted stock and restricted stock unit awards | Employees and directors | ||||
Unrecognized pre-tax expense [Abstract] | ||||
Unrecognized pre-tax expense | 108,156 | 108,156 | ||
Remaining weighted-average period (in years) | 2 years 11 months 26 days | |||
Restricted stock plans [Abstract] | ||||
Weighted-average grant-date fair value of awards granted (in dollars per share) | $56.87 | $56.15 | ||
Stock incentive plan 2012 | Restricted stock and restricted stock unit awards | Independent contractor financial advisors | ||||
Unrecognized pre-tax expense [Abstract] | ||||
Unrecognized pre-tax expense | 65 | 65 | ||
Remaining weighted-average period (in years) | 1 year 3 months 18 days | |||
Restricted stock plans [Abstract] | ||||
Weighted-average fair value for unvested restricted stock awards (in dollars per share) | $56.78 | $56.78 | ||
Stock incentive plan 2012 | Stock option awards | ||||
Compensation plans expense and income tax benefits [Abstract] | ||||
Excess tax benefit related to share based compensation | 1,000 | |||
Stock incentive plan 2012 | Stock option awards | Employees | ||||
Stock Option Awards [Abstract] | ||||
Stock options granted (in shares) | 7,779 | 1,093,279 | ||
Unrecognized pre-tax expense [Abstract] | ||||
Weighted-average grant date fair value per option (in dollars per share) | $14.31 | $14.20 | ||
Stock incentive plan 2012 | Stock option awards | Outside Directors | ||||
Stock Option Awards [Abstract] | ||||
Stock options granted (in shares) | 0 | 0 | ||
Stock incentive plan 2012 | Stock option awards | Employees and directors | ||||
Compensation plans expense and income tax benefits [Abstract] | ||||
Total share-based expense | 2,571 | 3,128 | 5,688 | 6,861 |
Income tax (provision) benefits related to share-based expense | 250 | 483 | 626 | 1,278 |
Unrecognized pre-tax expense [Abstract] | ||||
Unrecognized pre-tax expense | 29,043 | 29,043 | ||
Remaining weighted-average period (in years) | 3 years 6 months | |||
Stock incentive plan 2012 | Stock option awards | Independent contractor financial advisors | ||||
Stock Option Awards [Abstract] | ||||
Stock options granted (in shares) | 0 | 39,200 | ||
Unrecognized pre-tax expense [Abstract] | ||||
Unrecognized pre-tax expense | $1,825 | $1,825 | ||
Remaining weighted-average period (in years) | 3 years 4 months 24 days | |||
Weighted-average fair value for unvested options granted (in dollars per share) | $22.01 | $22.01 |
REGULATIONS_AND_CAPITAL_REQUIR2
REGULATIONS AND CAPITAL REQUIREMENTS (Details) | Mar. 31, 2015 | Sep. 30, 2014 | Mar. 31, 2015 | Sep. 30, 2014 | Mar. 31, 2015 | Sep. 30, 2014 | Mar. 31, 2015 | Sep. 30, 2014 | Mar. 31, 2015 | Sep. 30, 2014 |
Raymond James Financial Inc | Raymond James Financial Inc | RJ Bank | RJ Bank | Raymond James & Associates Inc | Raymond James & Associates Inc | Raymond James Financial Services Inc | Raymond James Financial Services Inc | Raymond James Ltd | Raymond James Ltd | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | CAD | |
Common Equity Tier I Capital [Abstract] | ||||||||||
Actual, amount | $3,912,863,000 | $1,437,093,000 | ||||||||
Actual, ratio (in hundredths) | 19.20% | 11.50% | ||||||||
Requirement for capital adequacy purposes, amount | 916,946,000 | 561,822,000 | ||||||||
Requirement for capital adequacy purposes, ratio (in hundredths) | 4.50% | 4.50% | ||||||||
To be well capitalized under prompt corrective action provisions, amount | 1,324,477,000 | 811,520,000 | ||||||||
To be well capitalized under prompt corrective action provisions, ratio (in hundredths) | 6.50% | 6.50% | ||||||||
Tier I Capital (to Risk-Weighted Assets) [Abstract] | ||||||||||
Actual, amount | 3,912,863,000 | 3,775,385,000 | 1,437,093,000 | 1,314,374,000 | ||||||
Actual, ratio (in hundredths) | 19.20% | 19.70% | 11.50% | 11.20% | ||||||
Requirement for capital adequacy purposes, amount | 1,222,595,000 | 765,589,000 | 749,096,000 | 467,926,000 | ||||||
Requirement for capital adequacy purposes, ratio (in hundredths) | 6.00% | 4.00% | 6.00% | 4.00% | ||||||
To be well capitalized under prompt corrective action provisions, amount | 1,630,126,000 | 1,148,384,000 | 998,794,000 | 701,889,000 | ||||||
To be well capitalized under prompt corrective action provisions, ratio (in hundredths) | 8.00% | 6.00% | 8.00% | 6.00% | ||||||
Total Capital (to Risk-Weighted Assets) [Abstract] | ||||||||||
Actual, amount | 4,093,835,000 | 3,940,516,000 | 1,593,572,000 | 1,460,895,000 | ||||||
Actual, ratio (in hundredths) | 20.10% | 20.60% | 12.80% | 12.50% | ||||||
Requirement for capital adequacy purposes, amount | 1,630,126,000 | 1,531,178,000 | 998,794,000 | 935,852,000 | ||||||
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 | 2,037,658,000 | 1,913,973,000 | 1,248,493,000 | 1,169,815,000 | ||||||
To be well capitalized under prompt corrective action provisions, ratio (in hundredths) | 10.00% | 10.00% | 10.00% | 10.00% | ||||||
Capital contribution | 35,000,000 | |||||||||
Tier I Capital (to Adjusted Assets) [Abstract] | ||||||||||
Actual, amount | 3,912,863,000 | 3,775,385,000 | 1,437,093,000 | 1,314,374,000 | ||||||
Actual, ratio (in hundredths) | 16.20% | 16.40% | 10.80% | 10.70% | ||||||
Requirement for capital adequacy purposes, amount | 966,350,000 | 919,546,000 | 530,077,000 | 492,186,000 | ||||||
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 | 1,207,937,000 | 1,149,433,000 | 662,596,000 | 615,232,000 | ||||||
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) | 24.99% | 24.14% | ||||||||
Net capital | 440,542,000 | 442,866,000 | 19,363,000 | 23,748,000 | ||||||
Less: required net capital | -35,251,000 | -36,694,000 | -250,000 | -250,000 | ||||||
Excess net capital | 405,291,000 | 406,172,000 | 19,113,000 | 23,498,000 | ||||||
Risk adjusted capital of Canadian broker-dealer subsidiary [Abstract] | ||||||||||
Risk adjusted capital before minimum | 112,192,000 | 107,645,000 | ||||||||
Less: required minimum capital | -250,000 | -250,000 | ||||||||
Risk adjusted capital | 111,942,000 | 107,395,000 |
FINANCIAL_INSTRUMENTS_WITH_OFF2
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK (Details) | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 |
In Thousands, unless otherwise specified | Standby letters of credit | Open end consumer lines of credit | Commercial lines of credit | Unfunded loan commitments | Forward foreign exchange contracts |
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 | $83,968 | $1,897,896 | $1,604,622 | $259,206 | |
Notional amount of foreign currency derivative purchase contracts | 6,900 | ||||
Notional amount of foreign currency derivative sale contracts | 10,400 |
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, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Income for basic earnings per common share: | ||||
Net income attributable to Raymond James Financial, Inc. | $113,463 | $104,560 | $239,759 | $221,193 |
Less allocation of earnings and dividends to participating securities | -371 | -656 | -823 | -1,530 |
Net income attributable to RJF common shareholders | 113,092 | 103,904 | 238,936 | 219,663 |
Income for diluted earnings per common share: | ||||
Net income attributable to Raymond James Financial, Inc. | 113,463 | 104,560 | 239,759 | 221,193 |
Less allocation of earnings and dividends to participating securities | -364 | -642 | -803 | -1,500 |
Net income attributable to RJF common shareholders | 113,099 | 103,918 | 238,956 | 219,693 |
Common shares: | ||||
Average common shares in basic computation (in shares) | 142,320 | 139,888 | 141,813 | 139,498 |
Dilutive effect of outstanding stock options and certain restricted stock units (in shares) | 3,730 | 3,748 | 4,375 | 3,567 |
Average common shares used in diluted computation (in shares) | 146,050 | 143,636 | 146,188 | 143,065 |
Earnings per common share: | ||||
Basic (in dollars per share) | $0.79 | $0.74 | $1.68 | $1.57 |
Diluted (in dollars per share) | $0.77 | $0.72 | $1.64 | $1.54 |
Stock options and certain restricted stock units excluded from weighted-average diluted common shares because their effect would be antidilutive (in shares) | 2,062 | 228 | 2,294 | 527 |
Participating securities [Abstract] | ||||
Participating securities (in shares) | 472 | 896 | 493 | 976 |
Dividends paid to participating securities | $81 | $133 | $159 | $286 |
Dividends per common share declared and paid [Abstract] | ||||
Dividends per common share - declared (in dollars per share) | $0.18 | $0.16 | $0.36 | $0.32 |
Dividends per common share - paid (in dollars per share) | $0.18 | $0.16 | $0.34 | $0.30 |
SEGMENT_ANALYSIS_Information_C
SEGMENT ANALYSIS, Information Concerning Operations (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
segment | ||||||||
Revenues: | ||||||||
Total revenues | $1,312,624 | $1,204,625 | $2,592,468 | $2,413,399 | ||||
Pre-tax income excluding noncontrolling interests | ||||||||
Pre-tax income excluding noncontrolling interests | 180,320 | 165,464 | 383,228 | 344,388 | ||||
Net loss attributable to noncontrolling interests | -4,687 | -12,465 | -8,946 | -12,577 | ||||
Income including noncontrolling interests and before provision for income taxes | 175,633 | 152,999 | 374,282 | 331,811 | ||||
Net interest income (expense): | ||||||||
Net interest income | 107,567 | 92,413 | 212,292 | 184,134 | ||||
Total assets: | ||||||||
Total assets | 24,967,935 | 24,967,935 | 23,325,652 | |||||
Goodwill: | ||||||||
Goodwill | 295,486 | 295,486 | 295,486 | 295,486 | 295,486 | 295,486 | 295,486 | 295,486 |
Number of operating segments | 5 | |||||||
Private client group | ||||||||
Goodwill: | ||||||||
Goodwill | 174,584 | 174,584 | 174,584 | 174,584 | 174,584 | 174,584 | 174,584 | 174,584 |
Capital markets | ||||||||
Goodwill: | ||||||||
Goodwill | 120,902 | 120,902 | 120,902 | 120,902 | 120,902 | 120,902 | 120,902 | 120,902 |
Operating segments | Private client group | ||||||||
Revenues: | ||||||||
Total revenues | 873,634 | 817,581 | 1,722,877 | 1,600,330 | ||||
Pre-tax income excluding noncontrolling interests | ||||||||
Pre-tax income excluding noncontrolling interests | 75,420 | 77,115 | 168,164 | 148,625 | ||||
Net interest income (expense): | ||||||||
Net interest income | 21,696 | 22,136 | 43,759 | 45,586 | ||||
Total assets: | ||||||||
Total assets | 6,338,908 | 6,338,908 | 6,255,176 | |||||
Goodwill: | ||||||||
Goodwill | 174,600 | 174,600 | 174,600 | |||||
Operating segments | Capital markets | ||||||||
Revenues: | ||||||||
Total revenues | 238,921 | 225,226 | 474,095 | 466,666 | ||||
Pre-tax income excluding noncontrolling interests | ||||||||
Pre-tax income excluding noncontrolling interests | 20,848 | 29,571 | 48,501 | 63,016 | ||||
Net interest income (expense): | ||||||||
Net interest income | 2,034 | 1,414 | 4,127 | 3,262 | ||||
Total assets: | ||||||||
Total assets | 2,909,119 | 2,909,119 | 2,645,926 | |||||
Goodwill: | ||||||||
Goodwill | 120,900 | 120,900 | 120,900 | |||||
Operating segments | Asset management | ||||||||
Revenues: | ||||||||
Total revenues | 94,022 | 87,534 | 193,652 | 183,550 | ||||
Pre-tax income excluding noncontrolling interests | ||||||||
Pre-tax income excluding noncontrolling interests | 31,095 | 29,864 | 70,891 | 61,700 | ||||
Net interest income (expense): | ||||||||
Net interest income | 24 | 12 | 91 | 41 | ||||
Total assets: | ||||||||
Total assets | 173,249 | 173,249 | 186,170 | |||||
Operating segments | RJ Bank | ||||||||
Revenues: | ||||||||
Total revenues | 105,390 | 87,157 | 208,346 | 171,030 | ||||
Pre-tax income excluding noncontrolling interests | ||||||||
Pre-tax income excluding noncontrolling interests | 71,264 | 56,798 | 135,620 | 113,856 | ||||
Net interest income (expense): | ||||||||
Net interest income | 99,857 | 84,527 | 196,579 | 166,641 | ||||
Total assets: | ||||||||
Total assets | 13,327,340 | 13,327,340 | 12,036,945 | |||||
Operating segments | Other | ||||||||
Revenues: | ||||||||
Total revenues | 17,806 | 3,982 | 27,572 | 24,071 | ||||
Pre-tax income excluding noncontrolling interests | ||||||||
Pre-tax income excluding noncontrolling interests | -18,307 | -27,884 | -39,948 | -42,809 | ||||
Net interest income (expense): | ||||||||
Net interest income | -16,044 | -15,676 | -32,264 | -31,396 | ||||
Total assets: | ||||||||
Total assets | 2,219,319 | 2,219,319 | 2,201,435 | |||||
Intersegment eliminations | ||||||||
Revenues: | ||||||||
Total revenues | ($17,149) | ($16,855) | ($34,074) | ($32,248) |
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, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
Revenues: | ||||||||
Total revenues | $1,312,624 | $1,204,625 | $2,592,468 | $2,413,399 | ||||
Pre-tax income excluding noncontrolling interests | ||||||||
Pre-tax income excluding noncontrolling interests | 180,320 | 165,464 | 383,228 | 344,388 | ||||
Total assets: | ||||||||
Total assets | 24,967,935 | 24,967,935 | 23,325,652 | |||||
Goodwill: | ||||||||
Goodwill | 295,486 | 295,486 | 295,486 | 295,486 | 295,486 | 295,486 | 295,486 | 295,486 |
United States | ||||||||
Revenues: | ||||||||
Total revenues | 1,214,397 | 1,093,936 | 2,395,705 | 2,182,031 | ||||
Pre-tax income excluding noncontrolling interests | ||||||||
Pre-tax income excluding noncontrolling interests | 176,602 | 153,577 | 378,787 | 320,183 | ||||
Total assets: | ||||||||
Total assets | 23,319,673 | 23,319,673 | 21,469,999 | |||||
Goodwill: | ||||||||
Goodwill | 262,500 | 262,500 | 262,500 | |||||
Canada | ||||||||
Revenues: | ||||||||
Total revenues | 69,581 | 76,380 | 137,293 | 164,494 | ||||
Pre-tax income excluding noncontrolling interests | ||||||||
Pre-tax income excluding noncontrolling interests | 5,262 | 8,997 | 7,487 | 20,543 | ||||
Total assets: | ||||||||
Total assets | 1,568,758 | 1,568,758 | 1,773,703 | |||||
Goodwill: | ||||||||
Goodwill | 33,000 | 33,000 | 33,000 | |||||
Europe | ||||||||
Revenues: | ||||||||
Total revenues | 21,211 | 25,588 | 45,125 | 50,584 | ||||
Pre-tax income excluding noncontrolling interests | ||||||||
Pre-tax income excluding noncontrolling interests | -1,970 | 656 | -3,726 | 855 | ||||
Total assets: | ||||||||
Total assets | 32,878 | 32,878 | 39,872 | |||||
Other | ||||||||
Revenues: | ||||||||
Total revenues | 7,435 | 8,721 | 14,345 | 16,290 | ||||
Pre-tax income excluding noncontrolling interests | ||||||||
Pre-tax income excluding noncontrolling interests | 426 | 2,234 | 680 | 2,807 | ||||
Total assets: | ||||||||
Total assets | $46,626 | $46,626 | $42,078 |