COVER
COVER - shares | 3 Months Ended | |
Dec. 31, 2021 | Feb. 03, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-9109 | |
Entity Registrant Name | RAYMOND JAMES FINANCIAL, INC. | |
Entity Incorporation, State or Country Code | FL | |
Entity Tax Identification Number | 59-1517485 | |
Entity Address, Address Line One | 880 Carillon Parkway | |
Entity Address, City or Town | St. Petersburg | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33716 | |
City Area Code | 727 | |
Local Phone Number | 567-1000 | |
Title of 12(b) Security | Common Stock, $.01 par value | |
Trading Symbol | RJF | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 207,602,043 | |
Entity Central Index Key | 0000720005 | |
Current Fiscal Year End Date | --09-30 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 30, 2021 |
Assets: | ||
Cash and cash equivalents | $ 8,216 | $ 7,201 |
Assets segregated for regulatory purposes and restricted cash ($9,599 and $2,100 at fair value) | 15,490 | 11,348 |
Collateralized agreements | 347 | 480 |
Financial instruments, at fair value: | ||
Trading assets ($292 and $326 pledged as collateral) | 370 | 610 |
Available-for-sale securities ($19 and $20 pledged as collateral) | 8,547 | 8,315 |
Derivative assets | 214 | 255 |
Other investments ($22 and $22 pledged as collateral) | 711 | 357 |
Brokerage client receivables, net | 2,721 | 2,831 |
Other receivables, net | 1,038 | 999 |
Bank loans, net | 26,132 | 24,994 |
Loans to financial advisors, net | 1,108 | 1,057 |
Deferred income taxes, net | 305 | 305 |
Goodwill and identifiable intangible assets, net | 874 | 882 |
Other assets | 2,388 | 2,257 |
Total assets | 68,461 | 61,891 |
Liabilities and shareholders’ equity: | ||
Bank deposits | 34,092 | 32,495 |
Collateralized financings | 268 | 277 |
Financial instrument liabilities, at fair value: | ||
Trading liabilities | 171 | 176 |
Derivative liabilities | 232 | 228 |
Brokerage client payables | 19,201 | 13,991 |
Accrued compensation, commissions and benefits | 1,428 | 1,825 |
Other payables | 1,524 | 1,701 |
Other borrowings | 856 | 858 |
Senior notes payable | 2,037 | 2,037 |
Total liabilities | 59,809 | 53,588 |
Commitments and contingencies (see Note 15) | ||
Shareholders’ equity | ||
Preferred stock; $.10 par value; 10,000,000 shares authorized; -0- shares issued and outstanding | 0 | 0 |
Common stock; $.01 par value; 350,000,000 shares authorized; 239,160,005 and 239,062,254 shares issued as of December 31, 2021 and September 30, 2021, respectively, and 207,465,632 and 205,738,821 shares outstanding as of December 31, 2021 and September 30, 2021, respectively | 2 | 2 |
Additional paid-in capital | 2,055 | 2,088 |
Retained earnings | 8,003 | 7,633 |
Treasury stock, at cost; 31,694,373 and 33,323,433 common shares as of December 31, 2021 and September 30, 2021, respectively | (1,373) | (1,437) |
Accumulated other comprehensive loss | (87) | (41) |
Total equity attributable to Raymond James Financial, Inc. | 8,600 | 8,245 |
Noncontrolling interests | 52 | 58 |
Total shareholders’ equity | 8,652 | 8,303 |
Total liabilities and shareholders’ equity | $ 68,461 | $ 61,891 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 30, 2021 |
Statement of Financial Position [Abstract] | ||
Assets segregated pursuant to regulations, fair value | $ 9,599 | $ 2,100 |
Financial instruments, owned and pledged as collateral, at fair value | 292 | 326 |
Available-for-sale securities, pledged as collateral | 19 | 20 |
Other investments, owned and pledged as collateral, at fair value | $ 22 | $ 22 |
Equity [Abstract] | ||
Preferred stock, par value per share (in usd 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 per share (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 350,000,000 | 350,000,000 |
Common stock, shares issued (in shares) | 239,160,005 | 239,062,254 |
Common stock, shares outstanding (in shares) | 207,465,632 | 205,738,821 |
Treasury stock (in shares) | 31,694,373 | 33,323,433 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues: | ||
Principal transactions | $ 133 | $ 147 |
Interest income | 225 | 203 |
Total revenues | 2,818 | 2,260 |
Interest expense | (37) | (38) |
Net revenues | 2,781 | 2,222 |
Non-interest expenses: | ||
Compensation, commissions and benefits | 1,884 | 1,500 |
Non-compensation expenses: | ||
Communications and information processing | 112 | 99 |
Occupancy and equipment | 59 | 57 |
Business development | 35 | 23 |
Investment sub-advisory fees | 38 | 28 |
Professional fees | 26 | 30 |
Bank loan provision/(benefit) for credit losses | (11) | 14 |
Acquisition-related expenses | 6 | 2 |
Other | 74 | 70 |
Total non-compensation expenses | 339 | 323 |
Total non-interest expenses | 2,223 | 1,823 |
Pre-tax income | 558 | 399 |
Provision for income taxes | 112 | 87 |
Net income | $ 446 | $ 312 |
Earnings per common share – basic (in dollars per share) | $ 2.16 | $ 1.52 |
Earnings per common share – diluted (in dollars per share) | $ 2.10 | $ 1.48 |
Weighted-average common shares outstanding – basic (in shares) | 206.3 | 205.2 |
Weighted-average common and common equivalent shares outstanding – diluted (in shares) | 212.4 | 209.6 |
Net income | $ 446 | $ 312 |
Other comprehensive (loss) income, net of tax: | ||
Available-for-sale securities | (55) | (17) |
Currency translations, net of the impact of net investment hedges | 0 | 18 |
Cash flow hedges | 9 | 5 |
Total other comprehensive income/(loss), net of tax | (46) | 6 |
Total comprehensive income | 400 | 318 |
Asset management and related administrative fees | ||
Revenues: | ||
Revenue from contract with customer | 1,382 | 1,067 |
Total brokerage revenues | ||
Revenues: | ||
Total brokerage revenues | 558 | 528 |
Securities commissions | ||
Revenues: | ||
Revenue from contract with customer | 425 | 381 |
Account and service fees | ||
Revenues: | ||
Revenue from contract with customer | 177 | 145 |
Investment banking | ||
Revenues: | ||
Revenue from contract with customer | 425 | 261 |
Other | ||
Revenues: | ||
Revenue from contract with customer | $ 51 | $ 56 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Millions | Total | Common stock, par value $.01 per share | Additional paid-in capital | Retained earnings | Retained earningsCumulative adjustments for changes in accounting principles | Treasury stock | Accumulated other comprehensive income/ (loss) | Total equity attributable to Raymond James Financial, Inc. | Noncontrolling interests |
Balance beginning of period at Sep. 30, 2020 | $ 2 | $ 2,007 | $ 6,484 | $ (35) | $ (1,390) | $ 11 | $ 62 | ||
Changes in Shareholders' Equity: | |||||||||
Share issuances | 0 | ||||||||
Employee stock purchases | 6 | ||||||||
Vesting of restricted stock units and exercise of stock options, net of forfeitures | (59) | 54 | |||||||
Restricted stock unit and stock option expense | 42 | ||||||||
Net income attributable to Raymond James Financial, Inc. | $ 312 | 312 | |||||||
Cash dividends declared (see Note 21) | (59) | ||||||||
Purchases/surrenders | (18) | ||||||||
Other comprehensive income/(loss), net of tax | 6 | 6 | |||||||
Net income attributable to noncontrolling interests | 13 | ||||||||
Other | 0 | ||||||||
Balance end of period at Dec. 31, 2020 | 7,438 | 2 | 1,996 | 6,702 | (1,354) | 17 | $ 7,363 | 75 | |
Balance beginning of period at Sep. 30, 2021 | 8,303 | 2 | 2,088 | 7,633 | $ 0 | (1,437) | (41) | 58 | |
Changes in Shareholders' Equity: | |||||||||
Share issuances | 0 | ||||||||
Employee stock purchases | 8 | ||||||||
Vesting of restricted stock units and exercise of stock options, net of forfeitures | (105) | 74 | |||||||
Restricted stock unit and stock option expense | 64 | ||||||||
Net income attributable to Raymond James Financial, Inc. | 446 | 446 | |||||||
Cash dividends declared (see Note 21) | (76) | ||||||||
Purchases/surrenders | (10) | ||||||||
Other comprehensive income/(loss), net of tax | (46) | (46) | |||||||
Net income attributable to noncontrolling interests | 2 | ||||||||
Other | (8) | ||||||||
Balance end of period at Dec. 31, 2021 | $ 8,652 | $ 2 | $ 2,055 | $ 8,003 | $ (1,373) | $ (87) | $ 8,600 | $ 52 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY (Unaudited) (Parenthetical) - $ / shares | Dec. 31, 2021 | Sep. 30, 2021 |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Common stock, par value per share (in usd per share) | $ 0.01 | $ 0.01 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 446 | $ 312 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 35 | 32 |
Deferred income taxes | 14 | 18 |
Premium and discount amortization on available-for-sale securities and net (gain)/loss on other investments | 14 | (1) |
Provisions/(benefits) for credit losses and legal and regulatory proceedings | (8) | 16 |
Share-based compensation expense | 65 | 43 |
Unrealized gain on company-owned life insurance policies, net of expenses | (38) | (83) |
Other | (1) | 22 |
Net change in: | ||
Assets segregated for regulatory purposes excluding cash and cash equivalents | (7,499) | (2,749) |
Collateralized agreements, net of collateralized financings | 125 | (62) |
Loans provided to financial advisors, net of repayments | (56) | 5 |
Brokerage client receivables and other receivables, net | 197 | 254 |
Trading instruments, net | 209 | 22 |
Derivative instruments, net | 58 | (9) |
Other assets | (431) | (530) |
Brokerage client payables and other payables | 5,021 | 4,970 |
Accrued compensation, commissions and benefits | (395) | (253) |
Purchases and originations of loans held for sale, net of proceeds from sales of securitizations and loans held for sale | (43) | (86) |
Net cash provided by/(used in) operating activities | (2,287) | 1,921 |
Cash flows from investing activities: | ||
Increase in bank loans, net | (1,137) | (704) |
Proceeds from sales of loans held for investment | 75 | 16 |
Purchases of available-for-sale securities | (824) | (1,243) |
Available-for-sale securities maturations, repayments and redemptions | 501 | 544 |
Proceeds from sales of available-for-sale securities | 0 | 519 |
Business acquisitions, net of cash acquired | 0 | (218) |
Additions to property and equipment | (19) | (25) |
Investment in note receivable | 125 | 0 |
Other investing activities, net | (26) | (12) |
Net cash used in investing activities | (1,555) | (1,123) |
Cash flows from financing activities: | ||
Increase in bank deposits | 1,597 | 989 |
Repurchases of common stock and share-based awards withheld for payment of withholding tax requirements | (51) | (35) |
Dividends on common stock | (60) | (55) |
Exercise of stock options and employee stock purchases | 17 | 18 |
Other financing, net | (5) | 0 |
Net cash provided by financing activities | 1,497 | 891 |
Currency adjustment: | ||
Effect of exchange rate changes on cash | 3 | 73 |
Net increase/(decrease) in cash and cash equivalents, including those segregated for regulatory purposes and restricted cash | (2,342) | 1,762 |
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at beginning of year | 16,449 | 9,634 |
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of period | 14,107 | 11,396 |
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash | ||
Cash and cash equivalents | 8,216 | 5,377 |
Cash and cash equivalents segregated for regulatory purposes and restricted cash | 5,891 | 6,019 |
Total cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of period | 14,107 | 11,396 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 41 | 35 |
Cash paid for income taxes, net | 12 | 67 |
Cash outflows for lease liabilities | 25 | 27 |
Non-cash right-of-use assets recorded for new and modified leases | 16 | 50 |
FHLB advances | ||
Cash flows from financing activities: | ||
Repayments of Federal Home Loan Bank advances and other borrowed funds | $ (1) | $ (26) |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 3 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | ORGANIZATION AND BASIS OF PRESENTATION Organization Raymond James Financial, Inc. (“RJF” or the “firm”) is a financial holding company which, together with its subsidiaries, is engaged in various financial services activities, including providing investment management services to retail and institutional clients, merger & acquisition and advisory services, the underwriting, distribution, trading and brokerage of equity and debt securities, and the sale of mutual funds and other investment products. The firm also provides corporate and retail banking services, and trust services. For further information about our business segments, see Note 22 of this Form 10-Q. As used herein, the terms “our,” “we,” or “us” refer to RJF and/or one or more of its subsidiaries. Basis of presentation The accompanying unaudited condensed consolidated financial statements include the accounts of RJF and its consolidated subsidiaries that are generally controlled through a majority voting interest. We consolidate all of our 100%-owned subsidiaries. In addition, we consolidate any variable interest entity (“VIE”) in which we are the primary beneficiary. Additional information on these VIEs is provided in Note 2 of our Annual Report on Form 10-K (“2021 Form 10-K”) for the year ended September 30, 2021, as filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”) and in Note 10 of this Form 10-Q. When we do not have a controlling interest in an entity, but we exert significant influence over the entity, we apply the equity method of accounting. All material intercompany balances and transactions have been eliminated in consolidation. During our fiscal fourth quarter of 2021, our Board approved a three-for-two stock split, effected in the form of a 50% stock dividend, paid on September 21, 2021. All share and per share information has been retroactively adjusted to reflect this stock split. Accounting estimates and assumptions Certain financial information that is normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) but is not required for interim reporting purposes has been condensed or omitted. These unaudited condensed consolidated financial statements reflect, in the opinion of management, all adjustments necessary for a fair presentation of our consolidated financial position and results of operations for the periods presented. The nature of our business is such that the results of any interim period are not necessarily indicative of results for a full year. These unaudited condensed consolidated financial statements should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the Consolidated Financial Statements and Notes thereto included in our 2021 Form 10-K. To prepare condensed consolidated financial statements in accordance with GAAP, we must make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from those estimates and could have a material impact on the condensed consolidated financial statements. Reclassifications Certain prior-period amounts have been reclassified to conform to the current period’s presentation. |
UPDATE OF SIGNIFICANT ACCOUNTIN
UPDATE OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
UPDATE OF SIGNIFICANT ACCOUNTING POLICIES | UPDATE OF SIGNIFICANT ACCOUNTING POLICIESA summary of our significant accounting policies is included in Note 2 of our 2021 Form 10-K. There have been no significant changes in our significant accounting policies since September 30, 2021. |
ACQUISITIONS
ACQUISITIONS | 3 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITIONS | ACQUISITIONS Recent acquisition activities Charles Stanley On January 21, 2022, we completed our acquisition of all of the outstanding share capital of United Kingdom (“U.K.”)-based Charles Stanley Group PLC (“Charles Stanley”) at a price of £5.15 per share, or £274 million ($372 million as of January 21, 2022). As of December 31, 2021, we had segregated $385 million in cash to fund the acquisition on the closing date, which was included in “Assets segregated for regulatory purposes and restricted cash” on our Condensed Consolidated Statements of Financial Condition. The acquisition enables us to accelerate our financial planning, investment advisory and securities transaction services growth in the U.K. and, through Charles Stanley’s multiple affiliation options, gives us the ability to offer wealth management affiliation choices to financial advisors in the U.K. consistent with our Private Client Group (“PCG”) model in the U.S. and Canada. For purposes of certain acquisition-related financial reporting requirements, the Charles Stanley acquisition is not considered a material acquisition. Charles Stanley will be integrated into our PCG segment and its results of operations will be included in our results prospectively from the closing date of January 21, 2022. TriState Capital On October 20, 2021, we announced we had entered into a definitive agreement to acquire TriState Capital Holdings, Inc. (“TriState Capital”) in a combination cash and stock transaction, valued at approximately $1.1 billion. Under the terms of the agreement, TriState Capital common stockholders will receive $6.00 cash and 0.25 RJF shares for each share of TriState Capital common stock, which represents per share consideration of $31.09 based on the closing price of RJF common stock on October 19, 2021. We have entered into an agreement with the sole holder of the TriState Capital Series C Perpetual Non-Cumulative Convertible Non-Voting Preferred Stock (“Series C Convertible Preferred Stock”) pursuant to which the Series C Convertible Preferred Stock will be converted to common shares at the prescribed exchange ratio and cashed out at $30 per share. The TriState Capital Series A Non-Cumulative Perpetual Preferred Stock (“Series A Preferred Stock”) and Series B Non-Cumulative Perpetual Preferred Stock (“Series B Preferred Stock”) will remain outstanding and will be converted into equivalent preferred stock of RJF. The transaction, which is subject to customary closing conditions, including regulatory approvals and approval by TriState Capital shareholders, is expected to close later in fiscal 2022. We currently have the ability to utilize our cash on hand to fund the cash component of the acquisition. TriState Capital offers private banking, commercial banking, and investment management products and services. TriState Capital will continue to operate as a separately branded firm and as an independently-charted bank subsidiary upon closing of the acquisition. On December 15, 2021, we loaned TriState Capital $125 million under an unsecured fixed-to-floating rate note (the “Note”). The Note matures on December 15, 2024 and bears interest at a fixed annual rate of 2.25% for the first year, and at a floating annual rate thereafter until maturity. The floating rate resets quarterly to a rate equal to the then current three-month Secured Overnight Financing Rate (“SOFR”) plus 2.11%. The Note is not redeemable prior to December 15, 2022. On and after December 15, 2022, the Note is redeemable on any interest payment date at 100% of the principal amount thereof, plus accrued and unpaid interest to the redemption date. As of December 31, 2021, the outstanding Note balance of $125 million and the related accrued interest was included in “Other receivables, net” on our Condensed Consolidated Statements of Financial Condition. Acquisition-related expenses Certain acquisition and integration costs associated with these acquisitions and acquisitions completed in our prior fiscal year were included in “Acquisition-related expenses” on our Condensed Consolidated Statements of Income and Comprehensive Income. Such costs primarily included legal and other professional fees and amortization expense related to identifiable intangible assets with short useful lives associated with our fiscal 2021 acquisitions of Financo LLC (“Financo”) and Cebile Capital (“Cebile”). The following table details our acquisition-related expenses. Three months ended December 31, $ in millions 2021 2020 Acquisition-related expenses: Legal fees $ 2 $ 1 Identifiable intangible asset amortization 4 — Other professional fees — 1 Total Acquisition-related expenses $ 6 $ 2 |
FAIR VALUE
FAIR VALUE | 3 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | FAIR VALUE Our “Financial instruments” and “Financial instrument liabilities” on our Condensed Consolidated Statements of Financial Condition are recorded at fair value. For further information about such instruments and our significant accounting policies related to fair value, see Notes 2 and 4 of our 2021 Form 10-K. The following tables present assets and liabilities measured at fair value on a recurring basis. Netting adjustments represent the impact of counterparty and collateral netting on our derivative balances included on our Condensed Consolidated Statements of Financial Condition. See Note 6 for additional information. $ in millions Level 1 Level 2 Level 3 Netting Balance as of December 31, 2021 Assets at fair value on a recurring basis: Assets segregated for regulatory purposes (1) $ 9,599 $ — $ — $ — $ 9,599 Trading assets: Municipal and provincial obligations — 91 — — 91 Corporate obligations 11 40 — — 51 Government and agency obligations 23 71 — — 94 Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”) — 89 — — 89 Non-agency CMOs and ABS — 27 — — 27 Total debt securities 34 318 — — 352 Equity securities 10 1 — — 11 Brokered certificates of deposit — 5 — — 5 Other — — 2 — 2 Total trading assets 44 324 2 — 370 Available-for-sale securities (2) 15 8,532 — — 8,547 Derivative assets: Interest rate - matched book — 171 — — 171 Interest rate - other 3 111 — (72) 42 Other — — 1 — 1 Total derivative assets 3 282 1 (72) 214 Other investments - private equity - not measured at net asset value (“NAV”) — — 75 — 75 All other investments: Government and agency obligations (3) 436 — — — 436 Other 93 2 23 — 118 Total all other investments 529 2 23 — 554 Subtotal 10,190 9,140 101 (72) 19,359 Other investments - private equity - measured at NAV 82 Total assets at fair value on a recurring basis $ 10,190 $ 9,140 $ 101 $ (72) $ 19,441 Liabilities at fair value on a recurring basis: Trading liabilities: Corporate obligations $ — $ 11 $ — $ — $ 11 Government and agency obligations 128 — — — 128 Total debt securities 128 11 — — 139 Equity securities 32 — — — 32 Total trading liabilities 160 11 — — 171 Derivative liabilities: Interest rate - matched book — 171 — — 171 Interest rate - other 2 101 — (74) 29 Foreign exchange — 32 — — 32 Total derivative liabilities 2 304 — (74) 232 Total liabilities at fair value on a recurring basis $ 162 $ 315 $ — $ (74) $ 403 $ in millions Level 1 Level 2 Level 3 Netting Balance as of September 30, 2021 Assets at fair value on a recurring basis: Assets segregated for regulatory purposes (1) $ 2,100 $ — $ — $ — $ 2,100 Trading assets: Municipal and provincial obligations — 155 — — 155 Corporate obligations 16 63 — — 79 Government and agency obligations 15 94 — — 109 Agency MBS, CMOs and ABS — 211 — — 211 Non-agency CMOs and ABS — 14 — — 14 Total debt securities 31 537 — — 568 Equity securities 8 4 — — 12 Brokered certificates of deposit — 16 — — 16 Other — — 14 — 14 Total trading assets 39 557 14 — 610 Available-for-sale securities (2) 15 8,300 — — 8,315 Derivative assets: Interest rate - matched book — 193 — — 193 Interest rate - other 16 128 — (87) 57 Foreign exchange — 5 — — 5 Total derivative assets 16 326 — (87) 255 Other investments - private equity - not measured at NAV — — 75 — 75 All other investments: Government and agency obligations (3) 86 — — — 86 Other 77 2 23 — 102 Total all other investments 163 2 23 — 188 Subtotal 2,333 9,185 112 (87) 11,543 Other investments - private equity - measured at NAV 94 Total assets at fair value on a recurring basis $ 2,333 $ 9,185 $ 112 $ (87) $ 11,637 Liabilities at fair value on a recurring basis: Trading liabilities: Municipal and provincial obligations $ 2 $ — $ — $ — $ 2 Corporate obligations — 6 — — 6 Government and agency obligations 137 — — — 137 Total debt securities 139 6 — — 145 Equity securities 28 3 — — 31 Total trading liabilities 167 9 — — 176 Derivative liabilities: Interest rate - matched book — 193 — — 193 Interest rate - other 16 106 — (88) 34 Other — — 1 — 1 Total derivative liabilities 16 299 1 (88) 228 Total liabilities at fair value on a recurring basis $ 183 $ 308 $ 1 $ (88) $ 404 (1) These assets consist of U.S. Treasury securities (“U.S. Treasuries”) with maturities greater than 3 months as of our date of purchase. (2) Substantially all of our available-for-sale securities consist of agency MBS and agency CMOs. See Note 5 for further information. (3) These assets are comprised of U.S. Treasuries primarily purchased to meet certain deposit requirements with clearing organizations or to meet future broker-dealer customer reserve requirements. Level 3 recurring fair value measurements The following tables present the changes in fair value for Level 3 assets and liabilities measured at fair value on a recurring basis. The realized and unrealized gains and losses in the tables may include changes in fair value that were attributable to both observable and unobservable inputs. In the following tables, gains/(losses) on trading instruments are reported in “Principal transactions” and gains/(losses) on other investments are reported in “Other” revenues on our Condensed Consolidated Statements of Income and Comprehensive Income. Three months ended December 31, 2021 Level 3 instruments at fair value Financial assets Financial liabilities Trading assets Derivative assets Other investments Derivative liabilities $ in millions Other Other Private equity investments All other Other Fair value beginning of period $ 14 $ — $ 75 $ 23 $ (1) Total gains included in earnings 2 1 — — 1 Purchases and contributions 25 — — — — Sales and distributions (39) — — — — Transfers: Into Level 3 — — — — — Out of Level 3 — — — — — Fair value end of period $ 2 $ 1 $ 75 $ 23 $ — Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period $ (1) $ 2 $ — $ — $ — Three months ended December 31, 2020 Level 3 instruments at fair value Financial assets Financial liabilities Trading assets Other investments Derivative liabilities $ in millions Other Private equity investments All other Other Fair value beginning of period $ 12 $ 37 $ 22 $ (5) Total gains/(losses) included in earnings 2 15 — 4 Purchases and contributions 6 — — — Sales and distributions (17) — — — Transfers: Into Level 3 — — — — Out of Level 3 — — — — Fair value end of period $ 3 $ 52 $ 22 $ (1) Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period $ 3 $ 15 $ — $ 3 As of December 31, 2021, 28% of our assets and less than 1% of our liabilities were measured at fair value on a recurring basis. In comparison, as of September 30, 2021, 19% of our assets and less than 1% of our liabilities were measured at fair value on a recurring basis. The increase in assets measured at fair value on a recurring basis as a percentage of total assets was primarily due to a significant increase in assets segregated for regulatory purposes, driven by a significant increase in client cash balances. As of both December 31, 2021 and September 30, 2021, Level 3 assets represented less than 1% of our assets measured at fair value on a recurring basis. Quantitative information about level 3 fair value measurements The following table presents the valuation techniques and significant unobservable inputs used in the valuation of certain of our private equity investments classified as level 3. These inputs represent those that a market participant would take into account when pricing these instruments. Weighted averages are calculated by weighting each input by the relative fair value of the related financial instrument. Certain investments are valued initially at transaction price and updated as other investment-specific events take place which indicate that a change in the carrying values of these investments is appropriate. Other investment-specific events include such events as our periodic review, significant transactions occur or new developments become known. Recurring measurements $ in millions Fair value at December 31, 2021 Valuation technique(s) Unobservable input Range Other investments - private equity investments (not measured at NAV) $ 75 Discounted cash flow, transaction price or other investment-specific events Discount rate 25% Terminal earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiple 10.0x Terminal year 2023 - 2035 (2024) Fair value at September 30, 2021 Other investments - private equity investments (not measured at NAV) $ 75 Discounted cash flow, transaction price or other investment-specific events Discount rate 25% Terminal EBITDA multiple 10.0x Terminal year 2023 - 2035 (2024) Qualitative information about unobservable inputs The significant unobservable inputs used in the fair value measurement of private equity investments generally relate to the financial performance of the investment entity and the market’s required return on investments from entities in industries in which we hold investments. Increases in the discount rate would have resulted in a lower fair value measurement. Increases in the terminal EBITDA multiple would have resulted in a higher fair value measurement. Increases in the terminal year are dependent upon each investment’s strategy, but generally result in a lower fair value measurement. Investments in private equity measured at net asset value per share As more fully described in Note 2 of our 2021 Form 10-K, as a practical expedient, we utilize NAV or its equivalent to determine the recorded value of a portion of our private equity investments portfolio. We utilize NAV when the fund investment does not have a readily determinable fair value and the NAV of the fund is calculated in a manner consistent with the measurement principles of investment company accounting, including measurement of the investments at fair value. Our private equity portfolio as of December 31, 2021 included various direct investments, as well as investments in third-party private equity funds. The portfolio is primarily invested in a broad range of strategies including leveraged buyouts, growth capital, distressed capital, venture capital and mezzanine capital. Due to the closed-end nature of certain of our fund investments, such investments cannot be redeemed directly with the funds. Our investment is monetized by distributions received through the liquidation of the underlying assets of those funds, the timing of which is uncertain. The following table presents the recorded value and unfunded commitments related to our private equity investments portfolio. $ in millions Recorded value Unfunded commitment December 31, 2021 Private equity investments measured at NAV $ 82 $ 8 Private equity investments not measured at NAV 75 Total private equity investments $ 157 September 30, 2021 Private equity investments measured at NAV $ 94 $ 8 Private equity investments not measured at NAV 75 Total private equity investments $ 169 Of the total private equity investments, the portions we owned were $115 million and $120 million as of December 31, 2021 and September 30, 2021, respectively. The portions of the private equity investments we did not own were $42 million and $49 million as of December 31, 2021 and September 30, 2021, respectively, and were included as a component of noncontrolling interests on our Condensed Consolidated Statements of Financial Condition. As a financial holding company, we are subject to holding period limitations for our merchant banking activities. Additionally, many of our private equity fund investments meet the definition of prohibited covered funds as defined by the Volcker Rule enacted pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”). We have received approval from the Board of Governors of the Federal Reserve System (“the Fed”) to continue to hold the majority of our covered fund investments until July 2022. As a result of our holding period limitations, we have continued to exit or restructure certain of our private equity investments and will continue to do so during the remainder of fiscal 2022 in accordance with our regulatory deadlines. Financial instruments measured at fair value on a nonrecurring basis The following table presents assets measured at fair value on a nonrecurring basis along with the valuation techniques and significant unobservable inputs used in the valuation of the assets classified as level 3. These inputs represent those that a market participant would take into account when pricing these instruments. Weighted averages are calculated by weighting each input by the relative fair value of the related financial instrument. $ in millions Level 2 Level 3 Total fair value Valuation technique(s) Unobservable input Range December 31, 2021 Bank loans: Residential mortgage loans $ 3 $ 10 $ 13 Collateral or discounted cash flow (1) Prepayment rate 7 yrs. - 12 yrs. (10.5 yrs.) Corporate loans $ — $ 41 $ 41 Collateral or discounted cash flow (1) Not meaningful (1) Not meaningful (1) Loans held for sale $ 161 $ — $ 161 N/A N/A N/A September 30, 2021 Bank loans: Residential mortgage loans $ 3 $ 11 $ 14 Collateral or discounted cash flow (1) Prepayment rate 7 yrs. - 12 yrs. (10.5 yrs.) Corporate loans $ — $ 49 $ 49 Collateral or discounted cash flow (1) Not meaningful (1) Not meaningful (1) Loans held for sale $ 29 $ — $ 29 N/A N/A N/A (1) The valuation techniques used to estimate the fair values are based on collateral value less selling costs for the collateral-dependent loans and discounted cash flows for loans that are not collateral-dependent. Financial instruments not recorded at fair value Many, but not all, of the financial instruments we hold were recorded at fair value on the Condensed Consolidated Statements of Financial Condition. The following table presents the estimated fair value and fair value hierarchy of financial assets and liabilities that are not recorded at fair value on the Condensed Consolidated Statements of Financial Condition at December 31, 2021 and September 30, 2021. This table excludes financial instruments that are carried at amounts which approximate fair value. Refer to Note 4 of our 2021 Form 10-K for a discussion of the fair value hierarchy classifications of our financial instruments that are not recorded at fair value. $ in millions Level 2 Level 3 Total estimated fair value Carrying amount December 31, 2021 Financial assets: Bank loans, net $ 69 $ 25,840 $ 25,909 $ 25,917 Financial liabilities: Bank deposits - certificates of deposit $ — $ 802 $ 802 $ 789 Senior notes payable $ 2,434 $ — $ 2,434 $ 2,037 September 30, 2021 Financial assets: Bank loans, net $ 116 $ 24,839 $ 24,955 $ 24,902 Financial liabilities: Bank deposits - certificates of deposit $ — $ 898 $ 898 $ 878 Senior notes payable $ 2,459 $ — $ 2,459 $ 2,037 |
AVAILABLE-FOR-SALE SECURITIES
AVAILABLE-FOR-SALE SECURITIES | 3 Months Ended |
Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Abstract] | |
AVAILABLE-FOR-SALE SECURITIES | AVAILABLE-FOR-SALE SECURITIES Available-for-sale securities are primarily comprised of agency MBS and agency CMOs owned by Raymond James Bank. Refer to Note 2 of our 2021 Form 10-K for a discussion of our accounting policies applicable to our available-for-sale securities. The following table details the amortized costs and fair values of our available-for-sale securities. $ in millions Cost basis Gross Gross Fair value December 31, 2021 Agency residential MBS $ 5,537 $ 32 $ (49) $ 5,520 Agency commercial MBS 1,324 4 (37) 1,291 Agency CMOs 1,750 4 (33) 1,721 Other securities 15 — — 15 Total available-for-sale securities $ 8,626 $ 40 $ (119) $ 8,547 September 30, 2021 Agency residential MBS $ 5,168 $ 46 $ (25) $ 5,189 Agency commercial MBS 1,285 7 (28) 1,264 Agency CMOs 1,854 9 (16) 1,847 Other securities 15 — — 15 Total available-for-sale securities $ 8,322 $ 62 $ (69) $ 8,315 The amortized costs and fair values in the preceding table exclude $14 million of accrued interest on available-for-sale securities as of both December 31, 2021 and September 30, 2021, which was included in “Other receivables, net” on our Condensed Consolidated Statements of Financial Condition. See Note 4 for additional information regarding the fair value of available-for-sale securities. The following table details the contractual maturities, amortized costs, carrying values and current yields for our available-for-sale securities. Since our MBS and CMO available-for-sale securities are backed by mortgages, actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations without prepayment penalties. As a result, as of December 31, 2021, the weighted-average life of our available-for-sale securities portfolio was approximately four years. December 31, 2021 $ in millions Within one year After one but After five but After ten years Total Agency residential MBS Amortized cost $ — $ 117 $ 2,764 $ 2,656 $ 5,537 Carrying value $ — $ 121 $ 2,761 $ 2,638 $ 5,520 Agency commercial MBS Amortized cost $ 33 $ 315 $ 892 $ 84 $ 1,324 Carrying value $ 33 $ 313 $ 862 $ 83 $ 1,291 Agency CMOs Amortized cost $ — $ 6 $ 23 $ 1,721 $ 1,750 Carrying value $ — $ 6 $ 23 $ 1,692 $ 1,721 Other securities Amortized cost $ — $ 10 $ 5 $ — $ 15 Carrying value $ — $ 11 $ 4 $ — $ 15 Total available-for-sale securities Amortized cost $ 33 $ 448 $ 3,684 $ 4,461 $ 8,626 Carrying value $ 33 $ 451 $ 3,650 $ 4,413 $ 8,547 Weighted-average yield 2.08 % 1.67 % 1.11 % 1.08 % 1.13 % The following table details the gross unrealized losses and fair values of securities that were in a loss position at the reporting period end, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position. Less than 12 months 12 months or more Total $ in millions Estimated Unrealized Estimated Unrealized Estimated Unrealized December 31, 2021 Agency residential MBS $ 3,976 $ (40) $ 367 $ (9) $ 4,343 $ (49) Agency commercial MBS 479 (11) 570 (26) 1,049 (37) Agency CMOs 1,104 (22) 372 (11) 1,476 (33) Other securities 4 — — — 4 — Total $ 5,563 $ (73) $ 1,309 $ (46) $ 6,872 $ (119) September 30, 2021 Agency residential MBS $ 3,155 $ (25) $ 18 $ — $ 3,173 $ (25) Agency commercial MBS 645 (13) 353 (15) 998 (28) Agency CMOs 918 (12) 231 (4) 1,149 (16) Other securities 3 — — — 3 — Total $ 4,721 $ (50) $ 602 $ (19) $ 5,323 $ (69) The contractual cash flows of our available-for-sale securities are guaranteed by the U.S. government or its agencies. At December 31, 2021, of the 392 available-for-sale securities in an unrealized loss position, 315 were in a continuous unrealized loss position for less than 12 months and 77 securities were in a continuous unrealized loss position for greater than 12 months. We do not consider unrealized losses associated with these securities to be credit losses due to the guarantee of the full payment of principal and interest, and the fact that we have the ability and intent to hold these securities. In addition, unrealized losses related to these available-for-sale securities are generally due to changes in market interest rates. At December 31, 2021, based on our assessment of this portfolio, we did not recognize an allowance for credit losses on our available-for-sale securities. At December 31, 2021, debt securities we held in excess of ten percent of our equity included those issued by the Federal National Home Mortgage Association and Federal Home Loan Mortgage Corporation with amortized costs of $5.47 billion and $2.93 billion, respectively, which also approximated the fair values of the securities. |
DERIVATIVE ASSETS AND DERIVATIV
DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES | 3 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES | DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES Our derivative assets and derivative liabilities are recorded at fair value and are included in “Derivative assets” and “Derivative liabilities” on our Condensed Consolidated Statements of Financial Condition. Cash flows related to our derivatives are included within operating activities on the Condensed Consolidated Statements of Cash Flows. The significant accounting policies governing our derivatives, including our methodologies for determining fair value, are described in Note 2 of our 2021 Form 10-K. Derivative balances included on our financial statements The following table presents the gross fair values and notional amounts of derivatives by product type, the amounts of counterparty and cash collateral netting on our Condensed Consolidated Statements of Financial Condition, as well as collateral posted and received under credit support agreements that do not meet the criteria for netting under GAAP. December 31, 2021 September 30, 2021 $ in millions Derivative assets Derivative liabilities Notional amount Derivative assets Derivative liabilities Notional amount Derivatives not designated as hedging instruments Interest rate - matched book $ 171 $ 171 $ 1,559 $ 193 $ 193 $ 1,736 Interest rate - other (1) 114 103 12,356 144 122 15,087 Foreign exchange — 14 867 3 — 826 Other 1 — 570 — 1 551 Subtotal 286 288 15,352 340 316 18,200 Derivatives designated as hedging instruments Interest rate — — 850 — — 850 Foreign exchange — 18 936 2 — 939 Subtotal — 18 1,786 2 — 1,789 Total gross fair value/notional amount 286 306 $ 17,138 342 316 $ 19,989 Offset on the Condensed Consolidated Statements of Financial Condition Counterparty netting (38) (38) (46) (46) Cash collateral netting (34) (36) (41) (42) Total amounts offset (72) (74) (87) (88) Net amounts presented on the Condensed Consolidated Statements of Financial Condition 214 232 255 228 Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition Financial instruments (2) (181) (171) (205) (193) Total $ 33 $ 61 $ 50 $ 35 (1) Substantially all relates to interest rate derivatives entered into as part of our fixed income business operations, including to-be-announced security contracts (“TBAs”) that are accounted for as derivatives. (2) Although the matched book derivative arrangements do not meet the definition of a master netting arrangement as specified by GAAP, the agreement with the third-party intermediary includes terms that are similar to a master netting agreement. As a result, we present the matched book amounts net in the preceding table. The following table details the gains/(losses) included in accumulated other comprehensive income/(loss) (“AOCI”), net of income taxes, on derivatives designated as hedging instruments. These gains/(losses) included any amounts reclassified from AOCI to net income during the period. See Note 16 for additional information. Three months ended December 31, $ in millions 2021 2020 Interest rate (cash flow hedges) $ 9 $ 5 Foreign exchange (net investment hedges) (1) (29) Total gains/(losses) in AOCI, net of taxes $ 8 $ (24) There were no components of derivative gains or losses excluded from the assessment of hedge effectiveness for each of the three months ended December 31, 2021 and 2020. We expect to reclassify $13 million of interest expense out of AOCI and into earnings within the next 12 months. The maximum length of time over which forecasted transactions are or will be hedged is 6 years. The following table details the gains/(losses) on derivatives not designated as hedging instruments recognized on the Condensed Consolidated Statements of Income and Comprehensive Income. $ in millions Three months ended December 31, Location of gain/(loss) 2021 2020 Interest rate Principal transactions/other revenues $ 3 $ 4 Foreign exchange Other revenues $ (1) $ (26) Other Principal transactions $ 3 $ 4 Risks associated with our derivatives and related risk mitigation Credit risk We are exposed to credit losses in the event of nonperformance by the counterparties to derivatives that are not cleared through a clearing organization. Where we are subject to credit exposure, we perform a credit evaluation of counterparties prior to entering into derivative transactions and we continue to monitor their credit standings on an ongoing basis. We may require initial margin or collateral from counterparties in the form of cash or other marketable securities to support certain of these obligations as established by the credit threshold specified by the agreement and/or as a result of monitoring the credit standing of the counterparties. Our only exposure to credit risk on matched book derivatives is related to our uncollected derivative transaction fee revenues, which were insignificant as of both December 31, 2021 and September 30, 2021. We are not exposed to market risk on these derivatives due to the pass-through transaction structure described in Note 2 of our 2021 Form 10-K. Interest rate and foreign exchange risk We are exposed to interest rate risk related to certain of our interest rate derivatives. We are also exposed to foreign exchange risk related to our forward foreign exchange derivatives. On a daily basis, we monitor our risk exposure on our derivatives based on established limits with respect to a number of factors, including interest rate, foreign exchange spot and forward rates, spread, ratio, basis and volatility risks, both for the total portfolio and by maturity period. Derivatives with credit-risk-related contingent features Certain of our derivative 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, the counterparties to the derivative instruments could terminate the derivative and 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 were in a liability position was $14 million as of December 31, 2021 and was insignificant as of September 30, 2021. |
COLLATERALIZED AGREEMENTS AND F
COLLATERALIZED AGREEMENTS AND FINANCINGS | 3 Months Ended |
Dec. 31, 2021 | |
Offsetting [Abstract] | |
COLLATERALIZED AGREEMENTS AND FINANCINGS | COLLATERALIZED AGREEMENTS AND FINANCINGS Collateralized agreements are comprised of securities purchased under agreements to resell (“reverse repurchase agreements”) and securities borrowed. Collateralized financings are comprised of securities sold under agreements to repurchase (“repurchase agreements”) and securities loaned. We enter into these transactions in order to facilitate client activities, acquire securities to cover short positions and finance certain firm activities. The significant accounting policies governing our collateralized agreements and financings are described in Note 2 of our 2021 Form 10-K. Our reverse repurchase agreements, repurchase agreements, securities borrowing and securities lending transactions are governed by master agreements that are widely used by counterparties and that may allow for net settlements of payments in the normal course, as well as offsetting of all contracts with a given counterparty in the event of bankruptcy or default of one of the parties to the transaction. For financial statement purposes, we do not offset our reverse repurchase agreements, repurchase agreements, securities borrowed and securities loaned because the conditions for netting as specified by GAAP are not met. Although not offset on the Condensed Consolidated Statements of Financial Condition, these transactions are included in the following table. Collateralized agreements Collateralized financings $ in millions Reverse repurchase agreements Securities borrowed Total Repurchase agreements Securities loaned Total December 31, 2021 Gross amounts of recognized assets/liabilities $ 204 $ 143 $ 347 $ 203 $ 65 $ 268 Gross amounts offset on the Condensed Consolidated Statements of Financial Condition — — — — — — Net amounts presented on the Condensed Consolidated Statements of Financial Condition 204 143 347 203 65 268 Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition (204) (139) (343) (203) (62) (265) Net amounts $ — $ 4 $ 4 $ — $ 3 $ 3 September 30, 2021 Gross amounts of recognized assets/liabilities $ 279 $ 201 $ 480 $ 205 $ 72 $ 277 Gross amounts offset on the Condensed Consolidated Statements of Financial Condition — — — — — — Net amounts presented on the Condensed Consolidated Statements of Financial Condition 279 201 480 205 72 277 Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition (279) (195) (474) (205) (68) (273) Net amounts $ — $ 6 $ 6 $ — $ 4 $ 4 The total amount of collateral received under reverse repurchase agreements and the total amount of collateral posted under repurchase agreements exceeds the carrying value of these agreements on our Condensed Consolidated Statements of Financial Condition. Collateral received and pledged We receive cash and securities as collateral, primarily in connection with reverse repurchase agreements, securities borrowing agreements, derivative transactions and client margin loans. The collateral we receive reduces our credit exposure to individual counterparties. In many cases, we are permitted to deliver or repledge financial instruments we have received as collateral to satisfy our collateral requirements under our repurchase agreements, securities lending agreements or other secured borrowings, to satisfy deposit requirements with clearing organizations, or to otherwise meet either our or our clients’ settlement requirements. The following table presents financial instruments at fair value that we received as collateral, were not included on our Condensed Consolidated Statements of Financial Condition, and that were available to be delivered or repledged, along with the balances of such instruments that were delivered or repledged, to satisfy one of our purposes previously described. $ in millions December 31, 2021 September 30, 2021 Collateral we received that was available to be delivered or repledged $ 3,548 $ 3,429 Collateral that we delivered or repledged $ 821 $ 830 Encumbered assets We pledge certain of our assets to collateralize either repurchase agreements or other secured borrowings, maintain lines of credit, or to satisfy our collateral or settlement requirements with counterparties or clearing organizations who may or may not have the right to deliver or repledge such instruments. The following table presents information about our assets that have been pledged for one of the purposes previously described. $ in millions December 31, 2021 September 30, 2021 Had the right to deliver or repledge $ 333 $ 368 Did not have the right to deliver or repledge $ 65 $ 65 Bank loans, net pledged at the Federal Home Loan Bank (“FHLB”) and the Federal Reserve Bank of Atlanta $ 5,747 $ 5,716 Repurchase agreements, repurchase-to-maturity transactions and securities loaned accounted for as secured borrowings The following table presents the remaining contractual maturity of repurchase agreements and securities lending transactions accounted for as secured borrowings. $ in millions Overnight and continuous Up to 30 days 30-90 days Greater than 90 days Total December 31, 2021 Repurchase agreements: Government and agency obligations $ 102 $ — $ — $ — $ 102 Agency MBS and agency CMOs 101 — — — 101 Total repurchase agreements 203 — — — 203 Securities loaned: Equity securities 65 — — — 65 Total collateralized financings $ 268 $ — $ — $ — $ 268 September 30, 2021 Repurchase agreements: Government and agency obligations $ 122 $ — $ — $ — $ 122 Agency MBS and agency CMOs 83 — — — 83 Total repurchase agreements 205 — — — 205 Securities loaned: Equity securities 72 — — — 72 Total collateralized financings $ 277 $ — $ — $ — $ 277 As of both December 31, 2021 and September 30, 2021, we did not have any “repurchase-to-maturity” agreements, which are repurchase agreements where a security is transferred under an agreement to repurchase and the maturity date of the repurchase agreement matches the maturity date of the underlying security. |
BANK LOANS, NET
BANK LOANS, NET | 3 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
BANK LOANS, NET | BANK LOANS, NET Bank client receivables are comprised of loans originated or purchased by Raymond James Bank and include commercial and industrial (“C&I”) loans, real estate investment trust (“REIT”) loans, tax-exempt loans, commercial and residential real estate loans, and securities-based loans (“SBL”) and other loans. These receivables are collateralized by first and, to a lesser extent, second mortgages on residential or other real property, other assets of the borrower, a pledge of revenue, securities or are unsecured. We segregate our loan portfolio into six loan portfolio segments: C&I, commercial real estate (“CRE”), REIT, tax-exempt, residential mortgage, and SBL and other. See Note 2 of our 2021 Form 10-K for a discussion of our October 1, 2020 adoption of new accounting guidance related to the measurement of credit losses on financial instruments and our accounting policies related to bank loans and the allowance for credit losses. Loan balances in the following tables are presented at amortized cost (outstanding principal balance net of unearned income and deferred expenses, which include purchase premiums, purchase discounts and net deferred origination fees and costs), except for certain held for sale loans recorded at fair value. Bank loans are presented on our Condensed Consolidated Statements of Financial Condition at amortized cost (or fair value where applicable) less the allowance for credit losses. The following table presents the balances for both the held for sale and held for investment loan portfolios, as well as the associated percentage of each portfolio segment in Raymond James Bank’s total loan portfolio. December 31, 2021 September 30, 2021 $ in millions Balance % Balance % C&I loans $ 8,608 33 % $ 8,440 33 % CRE loans 2,992 11 % 2,872 11 % REIT loans 1,189 4 % 1,112 5 % Tax-exempt loans 1,290 5 % 1,321 5 % Residential mortgage loans 5,568 21 % 5,318 21 % SBL and other 6,563 25 % 6,106 24 % Total loans held for investment 26,210 99 % 25,169 99 % Held for sale loans 230 1 % 145 1 % Total loans held for sale and investment 26,440 100 % 25,314 100 % Allowance for credit losses (308) (320) Bank loans, net $ 26,132 $ 24,994 Accrued interest receivable on bank loans $ 51 $ 48 The allowance for credit losses was 1.18% and 1.27% of the held for investment loan portfolio as of December 31, 2021 and September 30, 2021, respectively. Accrued interest receivables presented in the preceding table are reported in “Other receivables, net” on our Condensed Consolidated Statements of Financial Condition. At December 31, 2021, the FHLB had a blanket lien on Raymond James Bank’s residential mortgage loan portfolio as security for the repayment of certain borrowings. See Note 16 of our 2021 Form 10-K for more information regarding borrowings from the FHLB. Held for sale loans Raymond James Bank originated or purchased $968 million and $582 million of loans held for sale during the three months ended December 31, 2021 and 2020, respectively. The majority of these loans were purchases of the guaranteed portions of Small Business Administration (“SBA”) loans intended for resale in the secondary market as individual SBA loans or as securitized pools of SBA loans. Proceeds from the sales of these held for sale loans amounted to $338 million and $188 million during the three months ended December 31, 2021 and 2020, respectively. Net gains resulting from such sales were insignificant for each of the three months ended December 31, 2021 and 2020. Purchases and sales of loans held for investment The following table presents purchases and sales of loans held for investment by portfolio segment. $ in millions C&I loans Residential mortgage loans Total Three months ended December 31, 2021 Purchases $ 339 $ 184 $ 523 Sales $ 51 $ — $ 51 Three months ended December 31, 2020 Purchases $ 122 $ 46 $ 168 Sales $ 5 $ — $ 5 Sales in the preceding table represent the recorded investment (i.e., net of charge-offs and discounts or premiums) of loans held for investment that were transferred to loans held for sale and subsequently sold to a third party during the respective period. As more fully described in Note 2 of our 2021 Form 10-K, corporate loan sales generally occur as part of our credit management activities. Aging analysis of loans held for investment The following table presents information on delinquency status of our loans held for investment. $ in millions 30-89 days and accruing 90 days or more and accruing Total past due and accruing Nonaccrual with allowance Nonaccrual with no allowance Current and accruing Total loans held for investment December 31, 2021 C&I loans $ — $ — $ — $ 38 $ — $ 8,570 $ 8,608 CRE loans — — — — 20 2,972 2,992 REIT loans — — — — — 1,189 1,189 Tax-exempt loans — — — — — 1,290 1,290 Residential mortgage loans 1 — 1 1 14 5,552 5,568 SBL and other — — — — — 6,563 6,563 Total loans held for investment $ 1 $ — $ 1 $ 39 $ 34 $ 26,136 $ 26,210 September 30, 2021 C&I loans $ — $ — $ — $ 39 $ — $ 8,401 $ 8,440 CRE loans — — — — 20 2,852 2,872 REIT loans — — — — — 1,112 1,112 Tax-exempt loans — — — — — 1,321 1,321 Residential mortgage loans 2 — 2 2 13 5,301 5,318 SBL and other — — — — — 6,106 6,106 Total loans held for investment $ 2 $ — $ 2 $ 41 $ 33 $ 25,093 $ 25,169 The preceding table includes $59 million and $61 million at December 31, 2021 and September 30, 2021, respectively, of nonaccrual loans which were current pursuant to their contractual terms. The table also includes troubled debt restructurings (“TDRs”) of $12 million for CRE loans and $13 million for residential first mortgage loans at both December 31, 2021 and September 30, 2021. Other real estate owned, included in “Other assets” on our Condensed Consolidated Statements of Financial Condition, was insignificant at both December 31, 2021 and September 30, 2021. Collateral-dependent loans A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale of the underlying collateral. We had $20 million of collateral-dependent CRE loans at both December 31, 2021 and September 30, 2021, which were fully collateralized by retail and industrial real estate. We had $7 million and $5 million of collateral-dependent residential loans at December 31, 2021 and September 30, 2021, respectively, which were fully collateralized by single family homes. Collateral-dependent loans do not include loans to borrowers who have been granted forbearance as result of the COVID-19 pandemic or loans for which the borrower had requested a loan modification, where the request had been initiated but had not been approved or completed as of December 31, 2021. Such loans may be considered collateral-dependent after the forbearance period expires. The recorded investment in mortgage loans secured by one-to-four family residential properties for which formal foreclosure proceedings were in process was $4 million at both December 31, 2021 and September 30, 2021. Credit quality indicators The credit quality of our bank loan portfolio is summarized monthly by management using internal risk ratings, which align with the standard asset classification system utilized by bank regulators. These classifications are divided into three groups: Not Classified (Pass), Special Mention, and Classified or Adverse Rating (Substandard, Doubtful and Loss). These terms are defined as follows: Pass – Loans which are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less costs to acquire and sell, of any underlying collateral in a timely manner. Special Mention – Loans which have potential weaknesses that deserve management’s close attention. These loans are not adversely classified and do not expose us to sufficient risk to warrant an adverse classification. Substandard – Loans which are inadequately protected by the current sound worth and paying capacity of the obligor or by the collateral pledged, if any. Loans with this classification are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Doubtful – Loans which have all the weaknesses inherent in loans classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable on the basis of currently-known facts, conditions and values. Loss – Loans which are considered by management to be uncollectible and of such little value that their continuance on our books as an asset, without establishment of a specific valuation allowance or charge-off, is not warranted. We do not have any loan balances within this classification because, in accordance with our accounting policy, loans, or a portion thereof considered to be uncollectible are charged-off prior to the assignment of this classification. The following tables present our held for investment bank loan portfolio by credit quality indicator. December 31, 2021 Loans by origination fiscal year $ in millions 2022 2021 2020 2019 2018 Prior Revolving loans Total C&I loans Risk rating: Pass $ 293 $ 1,042 $ 1,316 $ 1,108 $ 1,382 $ 2,260 $ 993 $ 8,394 Special mention — — — 40 — 76 4 120 Substandard — — — 24 39 17 — 80 Doubtful — — — 14 — — — 14 Total C&I loans $ 293 $ 1,042 $ 1,316 $ 1,186 $ 1,421 $ 2,353 $ 997 $ 8,608 CRE loans Risk rating: Pass $ 154 $ 615 $ 397 $ 431 $ 642 $ 380 $ 76 $ 2,695 Special mention — — 45 43 36 — — 124 Substandard — — — 48 80 45 — 173 Doubtful — — — — — — — — Total CRE loans $ 154 $ 615 $ 442 $ 522 $ 758 $ 425 $ 76 $ 2,992 REIT loans Risk rating: Pass $ — $ 239 $ 96 $ 65 $ 25 $ 140 $ 429 $ 994 Special mention — — — 13 11 138 6 168 Substandard — — — 21 — 4 2 27 Doubtful — — — — — — — — Total REIT loans $ — $ 239 $ 96 $ 99 $ 36 $ 282 $ 437 $ 1,189 Tax-exempt loans Risk rating: Pass $ — $ 158 $ 57 $ 118 $ 200 $ 757 $ — $ 1,290 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total tax-exempt loans $ — $ 158 $ 57 $ 118 $ 200 $ 757 $ — $ 1,290 Residential mortgage loans Risk rating: Pass $ 562 $ 1,822 $ 1,182 $ 581 $ 349 $ 1,023 $ 20 $ 5,539 Special mention — — — 2 — 5 — 7 Substandard — — — — — 22 — 22 Doubtful — — — — — — — — Total residential mortgage loans $ 562 $ 1,822 $ 1,182 $ 583 $ 349 $ 1,050 $ 20 $ 5,568 SBL and other Risk rating: Pass $ — $ 6 $ 45 $ 12 $ — $ — $ 6,500 $ 6,563 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total SBL and other $ — $ 6 $ 45 $ 12 $ — $ — $ 6,500 $ 6,563 September 30, 2021 Loans by origination fiscal year $ in millions 2021 2020 2019 2018 2017 Prior Revolving loans Total C&I loans Risk rating: Pass $ 999 $ 1,273 $ 1,180 $ 1,408 $ 935 $ 1,633 $ 739 $ 8,167 Special mention — — 41 — 26 54 1 122 Substandard — — 24 84 — 28 — 136 Doubtful — — 15 — — — — 15 Total C&I loans $ 999 $ 1,273 $ 1,260 $ 1,492 $ 961 $ 1,715 $ 740 $ 8,440 CRE loans Risk rating: Pass $ 533 $ 459 $ 442 $ 652 $ 223 $ 174 $ 62 $ 2,545 Special mention — 45 58 36 — — — 139 Substandard — — 32 98 8 50 — 188 Doubtful — — — — — — — — Total CRE loans $ 533 $ 504 $ 532 $ 786 $ 231 $ 224 $ 62 $ 2,872 REIT loans Risk rating: Pass $ 235 $ 95 $ 75 $ 60 $ 46 $ 167 $ 237 $ 915 Special mention — — 13 11 33 106 6 169 Substandard — — 21 — 4 — 3 28 Doubtful — — — — — — — — Total REIT loans $ 235 $ 95 $ 109 $ 71 $ 83 $ 273 $ 246 $ 1,112 Tax-exempt loans Risk rating: Pass $ 158 $ 57 $ 124 $ 204 $ 272 $ 506 $ — $ 1,321 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total tax-exempt loans $ 158 $ 57 $ 124 $ 204 $ 272 $ 506 $ — $ 1,321 Residential mortgage loans Risk rating: Pass $ 1,861 $ 1,266 $ 640 $ 386 $ 451 $ 666 $ 20 $ 5,290 Special mention — — — — — 5 — 5 Substandard — — — 1 2 20 — 23 Doubtful — — — — — — — — Total residential mortgage loans $ 1,861 $ 1,266 $ 640 $ 387 $ 453 $ 691 $ 20 $ 5,318 SBL and other Risk rating: Pass $ 3 $ 45 $ 12 $ — $ — $ — $ 6,046 $ 6,106 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total SBL and other $ 3 $ 45 $ 12 $ — $ — $ — $ 6,046 $ 6,106 Loans classified as special mention, substandard or doubtful are all considered to be “criticized” loans. We also monitor the credit quality of the residential mortgage loan portfolio utilizing Fair Isaac Corporation (“FICO”) scores and loan-to-value (“LTV”) ratios. A FICO score measures a borrower’s creditworthiness by considering factors such as payment and credit history. LTV measures the carrying value of the loan as a percentage of the value of the property securing the loan. The following table presents the held for investment residential mortgage loan portfolio by FICO score and by LTV ratio at origination. $ in millions December 31, 2021 September 30, 2021 FICO score: Below 600 $ 67 $ 67 600 - 699 431 416 700 - 799 3,982 3,772 800 + 1,082 1,058 FICO score not available 6 5 Total $ 5,568 $ 5,318 LTV ratio: Below 80% $ 4,348 $ 4,123 80%+ 1,220 1,195 Total $ 5,568 $ 5,318 Allowance for credit losses The following table presents changes in the allowance for credit losses on held for investment bank loans by portfolio segment. $ in millions C&I loans CRE loans REIT loans Tax-exempt loans Residential mortgage loans SBL and other Total Three months ended December 31, 2021 Balance at beginning of period $ 191 $ 66 $ 22 $ 2 $ 35 $ 4 $ 320 Provision/(benefit) for credit losses (10) 6 — — (6) (1) (11) Net (charge-offs)/recoveries: Charge-offs (2) — — — — — (2) Recoveries — — — — 1 — 1 Net (charge-offs)/recoveries (2) — — — 1 — (1) Foreign exchange translation adjustment — — — — — — — Balance at end of period $ 179 $ 72 $ 22 $ 2 $ 30 $ 3 $ 308 Three months ended December 31, 2020 Balance at beginning of period $ 200 $ 81 $ 36 $ 14 $ 18 $ 5 $ 354 Impact of current expected credit loss (“CECL”) adoption 19 (11) (9) (12) 24 (2) 9 Provision/(benefit) for credit losses (22) 42 3 — (9) — 14 Net (charge-offs)/recoveries: Charge-offs — — — — — — — Recoveries — — — — — — — Net (charge-offs)/recoveries — — — — — — — Foreign exchange translation adjustment 1 — — — — — 1 Balance at end of period $ 198 $ 112 $ 30 $ 2 $ 33 $ 3 $ 378 The allowance for credit losses on held for investment bank loans decreased $12 million to $308 million during three months ended December 31, 2021, largely attributable to improvement in credit quality in the C&I bank loan portfolio and continued improvement in macroeconomic inputs to our CECL model, which positively impacted most loan portfolios, partially offset by provisions for credit losses related to loan growth. The allowance for credit losses on unfunded lending commitments, which is included in “Other payables” on our Condensed Consolidated Statements of Financial Condition, was $12 million and $13 million at December 31, 2021 and September 30, 2021, respectively. Loans to financial advisors are primarily comprised of loans originated as a part of our recruiting activities. See Note 2 of our 2021 Form 10-K for a discussion of our accounting policies related to loans to financial advisors and the related allowance for credit losses. The following table presents the balances for our loans to financial advisors and the related accrued interest receivable. $ in millions December 31, 2021 September 30, 2021 Currently affiliated with the firm (1) $ 1,128 $ 1,074 No longer affiliated with the firm (2) 9 10 Total loans to financial advisors 1,137 1,084 Allowance for credit losses (29) (27) Loans to financial advisors, net $ 1,108 $ 1,057 Accrued interest receivable on loans to financial advisors $ 4 $ 4 Allowance for credit losses as a percent of the loan portfolio 2.55 % 2.49 % (1) These loans were predominantly current. (2) These loans were predominantly past due for a period of 180 days or more. Accrued interest receivables presented in the preceding table are reported in “Other receivables, net” on the Condensed Consolidated Statements of Financial Condition. |
LOANS TO FINANCIAL ADVISORS, NE
LOANS TO FINANCIAL ADVISORS, NET | 3 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
LOANS TO FINANCIAL ADVISORS, NET | BANK LOANS, NET Bank client receivables are comprised of loans originated or purchased by Raymond James Bank and include commercial and industrial (“C&I”) loans, real estate investment trust (“REIT”) loans, tax-exempt loans, commercial and residential real estate loans, and securities-based loans (“SBL”) and other loans. These receivables are collateralized by first and, to a lesser extent, second mortgages on residential or other real property, other assets of the borrower, a pledge of revenue, securities or are unsecured. We segregate our loan portfolio into six loan portfolio segments: C&I, commercial real estate (“CRE”), REIT, tax-exempt, residential mortgage, and SBL and other. See Note 2 of our 2021 Form 10-K for a discussion of our October 1, 2020 adoption of new accounting guidance related to the measurement of credit losses on financial instruments and our accounting policies related to bank loans and the allowance for credit losses. Loan balances in the following tables are presented at amortized cost (outstanding principal balance net of unearned income and deferred expenses, which include purchase premiums, purchase discounts and net deferred origination fees and costs), except for certain held for sale loans recorded at fair value. Bank loans are presented on our Condensed Consolidated Statements of Financial Condition at amortized cost (or fair value where applicable) less the allowance for credit losses. The following table presents the balances for both the held for sale and held for investment loan portfolios, as well as the associated percentage of each portfolio segment in Raymond James Bank’s total loan portfolio. December 31, 2021 September 30, 2021 $ in millions Balance % Balance % C&I loans $ 8,608 33 % $ 8,440 33 % CRE loans 2,992 11 % 2,872 11 % REIT loans 1,189 4 % 1,112 5 % Tax-exempt loans 1,290 5 % 1,321 5 % Residential mortgage loans 5,568 21 % 5,318 21 % SBL and other 6,563 25 % 6,106 24 % Total loans held for investment 26,210 99 % 25,169 99 % Held for sale loans 230 1 % 145 1 % Total loans held for sale and investment 26,440 100 % 25,314 100 % Allowance for credit losses (308) (320) Bank loans, net $ 26,132 $ 24,994 Accrued interest receivable on bank loans $ 51 $ 48 The allowance for credit losses was 1.18% and 1.27% of the held for investment loan portfolio as of December 31, 2021 and September 30, 2021, respectively. Accrued interest receivables presented in the preceding table are reported in “Other receivables, net” on our Condensed Consolidated Statements of Financial Condition. At December 31, 2021, the FHLB had a blanket lien on Raymond James Bank’s residential mortgage loan portfolio as security for the repayment of certain borrowings. See Note 16 of our 2021 Form 10-K for more information regarding borrowings from the FHLB. Held for sale loans Raymond James Bank originated or purchased $968 million and $582 million of loans held for sale during the three months ended December 31, 2021 and 2020, respectively. The majority of these loans were purchases of the guaranteed portions of Small Business Administration (“SBA”) loans intended for resale in the secondary market as individual SBA loans or as securitized pools of SBA loans. Proceeds from the sales of these held for sale loans amounted to $338 million and $188 million during the three months ended December 31, 2021 and 2020, respectively. Net gains resulting from such sales were insignificant for each of the three months ended December 31, 2021 and 2020. Purchases and sales of loans held for investment The following table presents purchases and sales of loans held for investment by portfolio segment. $ in millions C&I loans Residential mortgage loans Total Three months ended December 31, 2021 Purchases $ 339 $ 184 $ 523 Sales $ 51 $ — $ 51 Three months ended December 31, 2020 Purchases $ 122 $ 46 $ 168 Sales $ 5 $ — $ 5 Sales in the preceding table represent the recorded investment (i.e., net of charge-offs and discounts or premiums) of loans held for investment that were transferred to loans held for sale and subsequently sold to a third party during the respective period. As more fully described in Note 2 of our 2021 Form 10-K, corporate loan sales generally occur as part of our credit management activities. Aging analysis of loans held for investment The following table presents information on delinquency status of our loans held for investment. $ in millions 30-89 days and accruing 90 days or more and accruing Total past due and accruing Nonaccrual with allowance Nonaccrual with no allowance Current and accruing Total loans held for investment December 31, 2021 C&I loans $ — $ — $ — $ 38 $ — $ 8,570 $ 8,608 CRE loans — — — — 20 2,972 2,992 REIT loans — — — — — 1,189 1,189 Tax-exempt loans — — — — — 1,290 1,290 Residential mortgage loans 1 — 1 1 14 5,552 5,568 SBL and other — — — — — 6,563 6,563 Total loans held for investment $ 1 $ — $ 1 $ 39 $ 34 $ 26,136 $ 26,210 September 30, 2021 C&I loans $ — $ — $ — $ 39 $ — $ 8,401 $ 8,440 CRE loans — — — — 20 2,852 2,872 REIT loans — — — — — 1,112 1,112 Tax-exempt loans — — — — — 1,321 1,321 Residential mortgage loans 2 — 2 2 13 5,301 5,318 SBL and other — — — — — 6,106 6,106 Total loans held for investment $ 2 $ — $ 2 $ 41 $ 33 $ 25,093 $ 25,169 The preceding table includes $59 million and $61 million at December 31, 2021 and September 30, 2021, respectively, of nonaccrual loans which were current pursuant to their contractual terms. The table also includes troubled debt restructurings (“TDRs”) of $12 million for CRE loans and $13 million for residential first mortgage loans at both December 31, 2021 and September 30, 2021. Other real estate owned, included in “Other assets” on our Condensed Consolidated Statements of Financial Condition, was insignificant at both December 31, 2021 and September 30, 2021. Collateral-dependent loans A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale of the underlying collateral. We had $20 million of collateral-dependent CRE loans at both December 31, 2021 and September 30, 2021, which were fully collateralized by retail and industrial real estate. We had $7 million and $5 million of collateral-dependent residential loans at December 31, 2021 and September 30, 2021, respectively, which were fully collateralized by single family homes. Collateral-dependent loans do not include loans to borrowers who have been granted forbearance as result of the COVID-19 pandemic or loans for which the borrower had requested a loan modification, where the request had been initiated but had not been approved or completed as of December 31, 2021. Such loans may be considered collateral-dependent after the forbearance period expires. The recorded investment in mortgage loans secured by one-to-four family residential properties for which formal foreclosure proceedings were in process was $4 million at both December 31, 2021 and September 30, 2021. Credit quality indicators The credit quality of our bank loan portfolio is summarized monthly by management using internal risk ratings, which align with the standard asset classification system utilized by bank regulators. These classifications are divided into three groups: Not Classified (Pass), Special Mention, and Classified or Adverse Rating (Substandard, Doubtful and Loss). These terms are defined as follows: Pass – Loans which are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less costs to acquire and sell, of any underlying collateral in a timely manner. Special Mention – Loans which have potential weaknesses that deserve management’s close attention. These loans are not adversely classified and do not expose us to sufficient risk to warrant an adverse classification. Substandard – Loans which are inadequately protected by the current sound worth and paying capacity of the obligor or by the collateral pledged, if any. Loans with this classification are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Doubtful – Loans which have all the weaknesses inherent in loans classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable on the basis of currently-known facts, conditions and values. Loss – Loans which are considered by management to be uncollectible and of such little value that their continuance on our books as an asset, without establishment of a specific valuation allowance or charge-off, is not warranted. We do not have any loan balances within this classification because, in accordance with our accounting policy, loans, or a portion thereof considered to be uncollectible are charged-off prior to the assignment of this classification. The following tables present our held for investment bank loan portfolio by credit quality indicator. December 31, 2021 Loans by origination fiscal year $ in millions 2022 2021 2020 2019 2018 Prior Revolving loans Total C&I loans Risk rating: Pass $ 293 $ 1,042 $ 1,316 $ 1,108 $ 1,382 $ 2,260 $ 993 $ 8,394 Special mention — — — 40 — 76 4 120 Substandard — — — 24 39 17 — 80 Doubtful — — — 14 — — — 14 Total C&I loans $ 293 $ 1,042 $ 1,316 $ 1,186 $ 1,421 $ 2,353 $ 997 $ 8,608 CRE loans Risk rating: Pass $ 154 $ 615 $ 397 $ 431 $ 642 $ 380 $ 76 $ 2,695 Special mention — — 45 43 36 — — 124 Substandard — — — 48 80 45 — 173 Doubtful — — — — — — — — Total CRE loans $ 154 $ 615 $ 442 $ 522 $ 758 $ 425 $ 76 $ 2,992 REIT loans Risk rating: Pass $ — $ 239 $ 96 $ 65 $ 25 $ 140 $ 429 $ 994 Special mention — — — 13 11 138 6 168 Substandard — — — 21 — 4 2 27 Doubtful — — — — — — — — Total REIT loans $ — $ 239 $ 96 $ 99 $ 36 $ 282 $ 437 $ 1,189 Tax-exempt loans Risk rating: Pass $ — $ 158 $ 57 $ 118 $ 200 $ 757 $ — $ 1,290 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total tax-exempt loans $ — $ 158 $ 57 $ 118 $ 200 $ 757 $ — $ 1,290 Residential mortgage loans Risk rating: Pass $ 562 $ 1,822 $ 1,182 $ 581 $ 349 $ 1,023 $ 20 $ 5,539 Special mention — — — 2 — 5 — 7 Substandard — — — — — 22 — 22 Doubtful — — — — — — — — Total residential mortgage loans $ 562 $ 1,822 $ 1,182 $ 583 $ 349 $ 1,050 $ 20 $ 5,568 SBL and other Risk rating: Pass $ — $ 6 $ 45 $ 12 $ — $ — $ 6,500 $ 6,563 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total SBL and other $ — $ 6 $ 45 $ 12 $ — $ — $ 6,500 $ 6,563 September 30, 2021 Loans by origination fiscal year $ in millions 2021 2020 2019 2018 2017 Prior Revolving loans Total C&I loans Risk rating: Pass $ 999 $ 1,273 $ 1,180 $ 1,408 $ 935 $ 1,633 $ 739 $ 8,167 Special mention — — 41 — 26 54 1 122 Substandard — — 24 84 — 28 — 136 Doubtful — — 15 — — — — 15 Total C&I loans $ 999 $ 1,273 $ 1,260 $ 1,492 $ 961 $ 1,715 $ 740 $ 8,440 CRE loans Risk rating: Pass $ 533 $ 459 $ 442 $ 652 $ 223 $ 174 $ 62 $ 2,545 Special mention — 45 58 36 — — — 139 Substandard — — 32 98 8 50 — 188 Doubtful — — — — — — — — Total CRE loans $ 533 $ 504 $ 532 $ 786 $ 231 $ 224 $ 62 $ 2,872 REIT loans Risk rating: Pass $ 235 $ 95 $ 75 $ 60 $ 46 $ 167 $ 237 $ 915 Special mention — — 13 11 33 106 6 169 Substandard — — 21 — 4 — 3 28 Doubtful — — — — — — — — Total REIT loans $ 235 $ 95 $ 109 $ 71 $ 83 $ 273 $ 246 $ 1,112 Tax-exempt loans Risk rating: Pass $ 158 $ 57 $ 124 $ 204 $ 272 $ 506 $ — $ 1,321 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total tax-exempt loans $ 158 $ 57 $ 124 $ 204 $ 272 $ 506 $ — $ 1,321 Residential mortgage loans Risk rating: Pass $ 1,861 $ 1,266 $ 640 $ 386 $ 451 $ 666 $ 20 $ 5,290 Special mention — — — — — 5 — 5 Substandard — — — 1 2 20 — 23 Doubtful — — — — — — — — Total residential mortgage loans $ 1,861 $ 1,266 $ 640 $ 387 $ 453 $ 691 $ 20 $ 5,318 SBL and other Risk rating: Pass $ 3 $ 45 $ 12 $ — $ — $ — $ 6,046 $ 6,106 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total SBL and other $ 3 $ 45 $ 12 $ — $ — $ — $ 6,046 $ 6,106 Loans classified as special mention, substandard or doubtful are all considered to be “criticized” loans. We also monitor the credit quality of the residential mortgage loan portfolio utilizing Fair Isaac Corporation (“FICO”) scores and loan-to-value (“LTV”) ratios. A FICO score measures a borrower’s creditworthiness by considering factors such as payment and credit history. LTV measures the carrying value of the loan as a percentage of the value of the property securing the loan. The following table presents the held for investment residential mortgage loan portfolio by FICO score and by LTV ratio at origination. $ in millions December 31, 2021 September 30, 2021 FICO score: Below 600 $ 67 $ 67 600 - 699 431 416 700 - 799 3,982 3,772 800 + 1,082 1,058 FICO score not available 6 5 Total $ 5,568 $ 5,318 LTV ratio: Below 80% $ 4,348 $ 4,123 80%+ 1,220 1,195 Total $ 5,568 $ 5,318 Allowance for credit losses The following table presents changes in the allowance for credit losses on held for investment bank loans by portfolio segment. $ in millions C&I loans CRE loans REIT loans Tax-exempt loans Residential mortgage loans SBL and other Total Three months ended December 31, 2021 Balance at beginning of period $ 191 $ 66 $ 22 $ 2 $ 35 $ 4 $ 320 Provision/(benefit) for credit losses (10) 6 — — (6) (1) (11) Net (charge-offs)/recoveries: Charge-offs (2) — — — — — (2) Recoveries — — — — 1 — 1 Net (charge-offs)/recoveries (2) — — — 1 — (1) Foreign exchange translation adjustment — — — — — — — Balance at end of period $ 179 $ 72 $ 22 $ 2 $ 30 $ 3 $ 308 Three months ended December 31, 2020 Balance at beginning of period $ 200 $ 81 $ 36 $ 14 $ 18 $ 5 $ 354 Impact of current expected credit loss (“CECL”) adoption 19 (11) (9) (12) 24 (2) 9 Provision/(benefit) for credit losses (22) 42 3 — (9) — 14 Net (charge-offs)/recoveries: Charge-offs — — — — — — — Recoveries — — — — — — — Net (charge-offs)/recoveries — — — — — — — Foreign exchange translation adjustment 1 — — — — — 1 Balance at end of period $ 198 $ 112 $ 30 $ 2 $ 33 $ 3 $ 378 The allowance for credit losses on held for investment bank loans decreased $12 million to $308 million during three months ended December 31, 2021, largely attributable to improvement in credit quality in the C&I bank loan portfolio and continued improvement in macroeconomic inputs to our CECL model, which positively impacted most loan portfolios, partially offset by provisions for credit losses related to loan growth. The allowance for credit losses on unfunded lending commitments, which is included in “Other payables” on our Condensed Consolidated Statements of Financial Condition, was $12 million and $13 million at December 31, 2021 and September 30, 2021, respectively. Loans to financial advisors are primarily comprised of loans originated as a part of our recruiting activities. See Note 2 of our 2021 Form 10-K for a discussion of our accounting policies related to loans to financial advisors and the related allowance for credit losses. The following table presents the balances for our loans to financial advisors and the related accrued interest receivable. $ in millions December 31, 2021 September 30, 2021 Currently affiliated with the firm (1) $ 1,128 $ 1,074 No longer affiliated with the firm (2) 9 10 Total loans to financial advisors 1,137 1,084 Allowance for credit losses (29) (27) Loans to financial advisors, net $ 1,108 $ 1,057 Accrued interest receivable on loans to financial advisors $ 4 $ 4 Allowance for credit losses as a percent of the loan portfolio 2.55 % 2.49 % (1) These loans were predominantly current. (2) These loans were predominantly past due for a period of 180 days or more. Accrued interest receivables presented in the preceding table are reported in “Other receivables, net” on the Condensed Consolidated Statements of Financial Condition. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 3 Months Ended |
Dec. 31, 2021 | |
Variable Interest Entities [Abstract] | |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES A VIE requires consolidation by the entity’s primary beneficiary. We evaluate all of the entities in which we are involved to determine if the entity is a VIE and if so, whether we hold a variable interest and are the primary beneficiary. Refer to Note 2 of our 2021 Form 10-K for a discussion of our principal involvement with VIEs and the accounting policies regarding determination of whether we are deemed to be the primary beneficiary of VIEs. VIEs where we are the primary beneficiary Of the VIEs in which we hold an interest, we have determined that certain limited partnerships which are part of our private equity portfolio (“Private Equity Interests”), certain Low-Income Housing Tax Credit (“LIHTC”) funds and the trust we utilize in connection with restricted stock unit (“RSU”) awards granted to certain employees of one of our Canadian subsidiaries (the “Restricted Stock Trust Fund”) require consolidation in our financial statements, as we are deemed the primary beneficiary of such VIEs. The aggregate assets and liabilities of the VIEs we consolidate are provided in the following table. Aggregate assets and aggregate liabilities may differ from the consolidated carrying value of assets and liabilities due to the elimination of intercompany assets and liabilities held by the consolidated VIE. $ in millions Aggregate assets Aggregate liabilities December 31, 2021 Private Equity Interests $ 48 $ 4 LIHTC funds 119 52 Restricted Stock Trust Fund 24 24 Total $ 191 $ 80 September 30, 2021 Private Equity Interests $ 66 $ 4 LIHTC funds 111 52 Restricted Stock Trust Fund 15 15 Total $ 192 $ 71 The following table presents information about the carrying value of the assets and liabilities of the VIEs which we consolidate and which are included on our Condensed Consolidated Statements of Financial Condition. Intercompany balances are eliminated in consolidation and not reflected in the following table. $ in millions December 31, 2021 September 30, 2021 Assets: Cash and cash equivalents and assets segregated for regulatory purposes and restricted cash $ 7 $ 10 Other investments 47 63 Other assets 114 105 Total assets $ 168 $ 178 Liabilities: Other payables $ 44 $ 45 Total liabilities $ 44 $ 45 Noncontrolling interests $ 51 $ 58 VIEs where we hold a variable interest but are not the primary beneficiary As discussed in Note 2 of our 2021 Form 10-K, we have concluded that for certain VIEs we are not the primary beneficiary and therefore do not consolidate these VIEs. Such VIEs include certain Private Equity Interests, certain LIHTC funds, and other limited partnerships. Our risk of loss for these VIEs is limited to our investments in, advances to, and/or receivables due from these VIEs. Aggregate assets, liabilities and risk of loss The aggregate assets, liabilities, and our exposure to loss from those VIEs in which we hold a variable interest, but as to which we have concluded we are not the primary beneficiary, are provided in the following table. December 31, 2021 September 30, 2021 $ in millions Aggregate Aggregate Our risk Aggregate Aggregate Our risk Private Equity Interests $ 7,163 $ 88 $ 86 $ 7,318 $ 47 $ 82 LIHTC funds 7,374 2,465 14 7,032 2,280 71 Other 714 176 11 519 155 10 Total $ 15,251 $ 2,729 $ 111 $ 14,869 $ 2,482 $ 163 |
OTHER ASSETS
OTHER ASSETS | 3 Months Ended |
Dec. 31, 2021 | |
Prepaid Expense and Other Assets [Abstract] | |
OTHER ASSETS | OTHER ASSETS The following table details the components of other assets. See Note 2 of our 2021 Form 10-K for a discussion of the accounting polices related to certain of these components. $ in millions December 31, 2021 September 30, 2021 Investments in company-owned life insurance policies $ 1,013 $ 952 Property and equipment, net 491 499 Lease right-of-use (“ROU”) asset 439 446 Prepaid expenses 134 127 Investments in FHLB and Federal Reserve Bank stock 72 72 All other 239 161 Total other assets $ 2,388 $ 2,257 See Note 13 of our 2021 Form 10-K for further information regarding our property and equipment and Note 12 of this Form 10-Q and Note 14 of our 2021 Form 10-K for further information regarding our leases. |
LEASES
LEASES | 3 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
LEASES | LEASES The following table presents the balances related to our leases on our Condensed Consolidated Statements of Financial Condition. See Note 2 and 14 of our 2021 Form 10-K for additional information related to our leases, including a discussion of our accounting policies. $ in millions December 31, 2021 September 30, 2021 ROU assets (included in Other assets) $ 439 $ 446 Lease liabilities (included in Other payables) $ 445 $ 450 Lease liabilities as of December 31, 2021 excluded $34 million of minimum lease payments related to lease arrangements that were signed but not yet commenced. These leases are estimated to commence between fiscal year 2022 and 2023 with lease terms ranging from four Lease expense The following table details the components of lease expense, which is included in “Occupancy and equipment” expense on our Condensed Consolidated Statements of Income and Comprehensive Income. Three months ended December 31, $ in millions 2021 2020 Lease costs $ 28 27 Variable lease costs $ 7 6 Variable lease costs in the preceding table include payments required under lease arrangements for common area maintenance charges and other variable costs that are not reflected in the measurement of ROU assets and lease liabilities. |
BANK DEPOSITS
BANK DEPOSITS | 3 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
BANK DEPOSITS | BANK DEPOSITS Bank deposits include savings and money market accounts, certificates of deposit with Raymond James Bank, Negotiable Order of Withdrawal (“NOW”) accounts and demand deposits. The following table presents a summary of bank deposits, as well as the weighted-average interest rates on such deposits. The calculation of the weighted-average rates were based on the actual deposit balances and rates at each respective period end. December 31, 2021 September 30, 2021 $ in millions Balance Weighted-average rate Balance Weighted-average rate Savings and money market accounts $ 33,103 0.01 % $ 31,415 0.01 % Certificates of deposit 789 1.89 % 878 1.87 % NOW accounts 164 1.84 % 164 1.84 % Demand deposits (non-interest-bearing) 36 — 38 — Total bank deposits $ 34,092 0.06 % $ 32,495 0.07 % Total bank deposits in the preceding table exclude affiliate deposits of $302 million and $301 million at December 31, 2021 and September 30, 2021, respectively. As of December 31, 2021, these affiliate deposits included $229 million and $73 million held in deposit accounts at Raymond James Bank on behalf of RJF and Raymond James Trust Company of New Hampshire, respectively. Savings and money market accounts in the preceding table consist primarily of deposits that are cash balances swept to Raymond James Bank from the client investment accounts maintained at Raymond James & Associates, Inc. (“RJ&A”). These balances are held in Federal Deposit Insurance Corporation (“FDIC”)-insured bank accounts through the Raymond James Bank Deposit Program (“RJBDP”). The aggregate amount of individual time deposit account balances that exceeded the FDIC insurance limit at December 31, 2021 was approximately $43 million. The following table sets forth the scheduled maturities of certificates of deposit. December 31, 2021 September 30, 2021 $ in millions Denominations Denominations Denominations Denominations Three months or less $ 28 $ 78 $ 22 $ 87 Over three through six months 20 30 21 76 Over six through twelve months 36 112 32 54 Over one through two years 95 171 93 170 Over two through three years 18 160 37 166 Over three through four years 6 18 6 99 Over four through five years 10 7 9 6 Total certificates of deposit $ 213 $ 576 $ 220 $ 658 Interest expense on deposits, excluding interest expense related to affiliate deposits, is summarized in the following table. Three months ended December 31, $ in millions 2021 2020 Savings, money market, and NOW accounts $ 2 $ 1 Certificates of deposit 4 5 Total interest expense on deposits $ 6 $ 6 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The income tax provision for interim periods is comprised of tax on ordinary income provided at the most recent estimated annual effective tax rate, adjusted for the tax effect of discrete items. We estimate the annual effective tax rate quarterly based on the forecasted pre-tax results of our U.S. and non-U.S. operations. Items unrelated to current year ordinary income are recognized entirely in the period identified as a discrete item of tax. These discrete items generally relate to changes in tax laws, adjustments to the actual liability determined upon filing tax returns, excess tax benefits related to share-based compensation and adjustments to previously recorded reserves for uncertain tax positions. For discussion of income tax accounting policies and other income tax related information, see Notes 2 and 18 of our 2021 Form 10-K. Effective tax rate Our effective income tax rate of 20.1% for the three months ended December 31, 2021 was lower than the 21.7% effective tax rate for fiscal 2021. The decrease in the effective income tax rate was primarily due to a large tax benefit recognized during the fiscal first quarter related to share-based compensation that vested during the period, partially offset by lower valuation gains associated with our company-owned life insurance policies which are not subject to tax. Uncertain tax positions |
COMMITMENTS, CONTINGENCIES AND
COMMITMENTS, CONTINGENCIES AND GUARANTEES | 3 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS, CONTINGENCIES AND GUARANTEES | COMMITMENTS, CONTINGENCIES AND GUARANTEES Commitments and contingencies Underwriting commitments In the normal course of business, we enter into commitments for debt and equity underwritings. As of December 31, 2021, we had no open underwriting commitments. Lending commitments and other credit-related financial instruments Raymond James Bank has outstanding, at any time, a significant number of commitments to extend credit and other credit-related off-balance-sheet financial instruments, such as standby letters of credit and loan purchases, which then extend over varying periods of time. These arrangements are subject to strict underwriting assessments and each customer’s credit worthiness is evaluated on a case-by-case basis. Fixed-rate commitments are subject to market risk resulting from fluctuations in interest rates and our exposure is limited to the replacement value of those commitments. The following table presents Raymond James Bank’s commitments to extend credit and other credit-related off-balance sheet financial instruments outstanding. $ in millions December 31, 2021 September 30, 2021 Open-end consumer lines of credit (primarily SBL) $ 18,980 $ 17,515 Commercial lines of credit $ 1,919 $ 2,075 Unfunded lending commitments $ 513 $ 548 Standby letters of credit $ 23 $ 22 Open-end consumer lines of credit primarily represent the unfunded amounts of bank loans to consumers that are secured by marketable securities at advance rates consistent with industry standards. The proceeds from repayment or, if necessary, the liquidation of collateral, which is monitored daily, are expected to satisfy the amounts drawn against these existing lines of credit. These lines of credit are primarily uncommitted, as we reserve the right to not make any advances or may terminate these lines at any time. Because many of Raymond James Bank’s lending commitments expire without being funded in whole or in part, the contractual amounts are not estimates of our actual future credit exposure or future liquidity requirements. The allowance for credit losses calculated under CECL provides for potential losses related to the unfunded lending commitments. See Note 2 of our 2021 Form 10-K and Note 8 of this Form 10-Q for further discussion of this allowance for credit losses related to unfunded lending commitments. RJ&A enters into margin lending arrangements which allow customers to borrow against the value of qualifying securities. Margin loans are collateralized by the securities held in the customer’s account at RJ&A. Collateral levels and established credit terms are monitored daily and we require customers to deposit additional collateral or reduce balances as necessary. We offer loans to prospective financial advisors for recruiting and retention purposes (see Note 2 of our 2021 Form 10-K and Note 9 of this Form 10-Q for further discussion of our loans to financial advisors). These offers are contingent upon certain events occurring, including the individuals joining us and meeting certain other conditions outlined in their offer. Investment commitments We had unfunded commitments to various investments, including private equity investments and certain Raymond James Bank investments, of $25 million as of December 31, 2021. Other commitments Raymond James Affordable Housing Investments, Inc. (“RJAHI”), formerly known as Raymond James Tax Credit Funds, Inc., sells investments in project partnerships to various LIHTC funds, which have third-party investors, and for which RJAHI serves as the managing member or general partner. RJAHI typically sells investments in project partnerships to LIHTC funds within 90 days of their acquisition. Until such investments are sold to LIHTC funds, RJAHI is responsible for funding investment commitments to such partnerships. As of December 31, 2021, RJAHI had committed approximately $97 million to project partnerships that had not yet been sold to LIHTC funds. Because we expect to sell these project partnerships to LIHTC funds and the equity funding events arise over future periods, the contractual commitments are not expected to materially impact our future liquidity requirements. RJAHI may also make short-term loans or advances to project partnerships and LIHTC funds. As a part of our fixed income public finance operations, we enter into forward commitments to purchase agency MBS. At December 31, 2021, we had $140 million of principal amount of outstanding forward MBS purchase commitments, which were expected to be purchased within 90 days following commitment. In order to hedge the market interest rate risk to which we would otherwise be exposed between the date of the commitment and the date of sale of the MBS, we enter into TBAs with investors for generic MBS at specific rates and prices to be delivered on settlement dates in the future. We may be subject to loss if the timing of, or the actual amount of, the MBS differs significantly from the term and notional amount of the TBAs to which we entered. These TBAs and related purchase commitments are accounted for at fair value. As of December 31, 2021, the fair value of the TBAs and the estimated fair value of the purchase commitments were insignificant. For information regarding our acquisition commitments associated with our recent purchase of Charles Stanley and intended acquisition of TriState Capital, see Note 3 of this Form 10-Q. For information regarding our lease commitments, see Note 12 of this Form 10-Q and for information on the maturities of our lease liabilities, see Note 14 of our 2021 Form 10-K. Guarantees Our U.S. broker-dealer subsidiaries are required by federal law to be members of the Securities Investors Protection Corporation (“SIPC”). The SIPC fund provides protection up to $500 thousand per client for securities and cash held in client accounts, including a limitation of $250 thousand on claims for cash balances. We have purchased excess SIPC coverage through various syndicates of Lloyd’s of London. For RJ&A, our clearing broker-dealer, the additional protection currently provided has an aggregate firm limit of $750 million for cash and securities, including a sub-limit of $1.9 million per client for cash above basic SIPC. Account protection applies when a SIPC member fails financially and is unable to meet its obligations to clients. This coverage does not protect against market fluctuations. RJF has provided an indemnity to Lloyd’s of London against any and all losses they may incur associated with the excess SIPC policies. Legal and regulatory matter contingencies In the normal course of our business, we have been named, from time to time, as a defendant in various legal actions, including arbitrations, class actions and other litigation, arising in connection with our activities as a diversified financial services institution. RJF and certain of its subsidiaries are subject to regular reviews and inspections by regulatory authorities and self-regulatory organizations. Reviews can result in the imposition of sanctions for regulatory violations, ranging from non-monetary censures to fines and, in serious cases, temporary or permanent suspension from conducting business, or limitations on certain business activities. In addition, regulatory agencies and self-regulatory organizations institute investigations from time to time, among other things, into industry practices, which can also result in the imposition of such sanctions. We may contest liability and/or the amount of damages, as appropriate, in each pending matter. The level of litigation and investigatory activity (both formal and informal) by government and self-regulatory agencies in the financial services industry continues to be significant. There can be no assurance that material losses will not be incurred from claims that have not yet been asserted or are not yet determined to be material. For many legal and regulatory matters, we are unable to estimate a range of reasonably possible loss as we cannot predict if, how or when such proceedings or investigations will be resolved or what the eventual settlement, fine, penalty or other relief, if any, may be. A large number of factors may contribute to this inherent unpredictability: the proceeding is in its early stages; the damages sought are unspecified, unsupported or uncertain; it is unclear whether a case brought as a class action will be allowed to proceed on that basis; the other party is seeking relief other than or in addition to compensatory damages (including, in the case of regulatory and governmental proceedings, potential fines and penalties); the matters present significant legal uncertainties; we have not engaged in settlement discussions; discovery is not complete; there are significant facts in dispute; and numerous parties are named as defendants (including where it is uncertain how liability might be shared among defendants). Subject to the foregoing, after consultation with counsel, we believe that the outcome of such litigation and regulatory proceedings will not have a material adverse effect on our consolidated financial condition. However, the outcome of such litigation and regulatory proceedings could be material to our operating results and cash flows for a particular future period, depending on, among other things, our revenues or income for such period. There are certain matters for which we are unable to estimate the upper end of the range of reasonably possible loss. With respect to legal and regulatory matters for which management has been able to estimate a range of reasonably possible loss as of December 31, 2021, we estimated the upper end of the range of reasonably possible aggregate loss to be approximately $90 million in excess of the aggregate accruals for such matters. Refer to Note 2 of our 2021 Form 10-K for a discussion of our criteria for recognizing liabilities for contingencies. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | 3 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) All of the components of other comprehensive income/(loss) (“OCI”), net of tax, were attributable to RJF. The following table presents the net change in AOCI as well as the changes, and the related tax effects, of each component of AOCI. $ in millions Net investment hedges Currency translations Subtotal: net investment hedges and currency translations Available- for-sale securities Cash flow hedges Total Three months ended December 31, 2021 AOCI as of beginning of period $ 81 $ (90) $ (9) $ (5) $ (27) $ (41) OCI: OCI before reclassifications and taxes (2) 1 (1) (72) 8 (65) Amounts reclassified from AOCI, before tax — — — — 4 4 Pre-tax net OCI (2) 1 (1) (72) 12 (61) Income tax effect 1 — 1 17 (3) 15 OCI for the period, net of tax (1) 1 — (55) 9 (46) AOCI as of end of period $ 80 $ (89) $ (9) $ (60) $ (18) $ (87) Three months ended December 31, 2020 AOCI as of beginning of period $ 115 $ (140) $ (25) $ 89 $ (53) $ 11 OCI: OCI before reclassifications and taxes (38) 45 7 (18) 3 (8) Amounts reclassified from AOCI, before tax — 2 2 (5) 4 1 Pre-tax net OCI (38) 47 9 (23) 7 (7) Income tax effect 9 — 9 6 (2) 13 OCI for the period, net of tax (29) 47 18 (17) 5 6 AOCI as of end of period $ 86 $ (93) $ (7) $ 72 $ (48) $ 17 Reclassifications from AOCI to net income, excluding taxes, for the three months ended December 31, 2021 were recorded in “Interest expense” on the Condensed Consolidated Statements of Income and Comprehensive Income. Reclassifications from AOCI to net income, excluding taxes, for the three months ended December 31, 2020 were primarily recorded in “Other” revenue and “Interest expense” on the Condensed Consolidated Statements of Income and Comprehensive Income. Our net investment hedges and cash flow hedges relate to our derivatives associated with Raymond James Bank’s business operations. For further information about our significant accounting policies related to derivatives, see Note 2 of our 2021 Form 10-K. In addition, see Note 6 of this Form 10-Q for additional information on these derivatives. |
REVENUES
REVENUES | 3 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES | REVENUESThe following tables present our sources of revenues by segment. For further information about our significant accounting policies related to revenue recognition, see Note 2 of our 2021 Form 10-K. See Note 22 of this Form 10-Q for additional information on our segment results. Three months ended December 31, 2021 $ in millions Private Client Group Capital Markets Asset Management Raymond James Bank Other and intersegment eliminations Total Revenues: Asset management and related administrative fees $ 1,162 $ 1 $ 227 $ — $ (8) $ 1,382 Brokerage revenues: Securities commissions: Mutual and other fund products 171 2 2 — — 175 Insurance and annuity products 111 — — — — 111 Equities, exchange-traded funds (“ETFs”) and fixed income products 104 35 — — — 139 Subtotal securities commissions 386 37 2 — — 425 Principal transactions (1) 11 122 — — — 133 Total brokerage revenues 397 159 2 — — 558 Account and service fees: Mutual fund and annuity service fees 114 — — — (1) 113 RJBDP fees 67 — — — (50) 17 Client account and other fees 49 2 6 — (10) 47 Total account and service fees 230 2 6 — (61) 177 Investment banking: Merger & acquisition and advisory — 271 — — — 271 Equity underwriting 13 97 — — — 110 Debt underwriting — 44 — — — 44 Total investment banking 13 412 — — — 425 Other: Tax credit fund revenues — 35 — — — 35 All other (1) 7 2 1 6 — 16 Total other 7 37 1 6 — 51 Total non-interest revenues 1,809 611 236 6 (69) 2,593 Interest income (1) 33 5 — 187 — 225 Total revenues 1,842 616 236 193 (69) 2,818 Interest expense (3) (2) — (10) (22) (37) Net revenues $ 1,839 $ 614 $ 236 $ 183 $ (91) $ 2,781 (1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers. Three months ended December 31, 2020 $ in millions Private Client Group Capital Markets Asset Management Raymond James Bank Other and intersegment eliminations Total Revenues: Asset management and related administrative fees $ 885 $ 2 $ 188 $ — $ (8) $ 1,067 Brokerage revenues: Securities commissions: Mutual and other fund products 148 2 2 — (1) 151 Insurance and annuity products 98 — — — — 98 Equities, ETFs and fixed income products 95 37 — — — 132 Subtotal securities commissions 341 39 2 — (1) 381 Principal transactions (1) 12 134 — 1 — 147 Total brokerage revenues 353 173 2 1 (1) 528 Account and service fees: Mutual fund and annuity service fees 94 — — — — 94 RJBDP fees 64 — — — (43) 21 Client account and other fees 32 2 4 — (8) 30 Total account and service fees 190 2 4 — (51) 145 Investment banking: Merger & acquisition and advisory — 149 — — — 149 Equity underwriting 6 60 — — — 66 Debt underwriting — 46 — — — 46 Total investment banking 6 255 — — — 261 Other: Tax credit fund revenues — 16 — — — 16 All other (1) 5 3 1 9 22 40 Total other 5 19 1 9 22 56 Total non-interest revenues 1,439 451 195 10 (38) 2,057 Interest income (1) 30 3 — 168 2 203 Total revenues 1,469 454 195 178 (36) 2,260 Interest expense (2) (2) — (11) (23) (38) Net revenues $ 1,467 $ 452 $ 195 $ 167 $ (59) $ 2,222 (1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers. |
INTEREST INCOME AND INTEREST EX
INTEREST INCOME AND INTEREST EXPENSE | 3 Months Ended |
Dec. 31, 2021 | |
Interest Income (Expense), Net [Abstract] | |
INTEREST INCOME AND INTEREST EXPENSE | INTEREST INCOME AND INTEREST EXPENSE The following table details the components of interest income and interest expense. Three months ended December 31, $ in millions 2021 2020 Interest income: Cash and cash equivalents $ 3 $ 4 Assets segregated for regulatory purposes and restricted cash 4 3 Available-for-sale securities 22 23 Brokerage client receivables 21 18 Bank loans, net of unearned income and deferred expenses 164 145 All other 11 10 Total interest income $ 225 $ 203 Interest expense: Bank deposits $ 6 $ 6 Brokerage client payables 1 1 Other borrowings 5 5 Senior notes payable 23 24 All other 2 2 Total interest expense 37 38 Net interest income 188 165 Bank loan (provision)/benefit for credit losses 11 (14) Net interest income after bank loan (provision)/benefit for credit losses $ 199 $ 151 Interest expense related to bank deposits in the preceding table excludes interest expense associated with affiliate deposits, which has been eliminated in consolidation. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 3 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION We have one share-based compensation plan, The Amended and Restated 2012 Stock Incentive Plan (“the Plan”), for our employees, Board of Directors and independent contractor financial advisors. Generally, we reissue our treasury shares under the Plan; however, we are also permitted to issue new shares. Annual share-based compensation awards are primarily issued during our fiscal first quarter of each year. Our share-based compensation accounting policies are described in Note 2 of our 2021 Form 10-K. Other information related to our share-based awards is presented in Note 23 of our 2021 Form 10-K. During the three months ended December 31, 2021, we granted approximately 2.3 million RSUs with a weighted-average grant-date fair value of $96.99, compared with approximately 2.0 million RSUs granted during the three months ended December 31, 2020 with a weighted-average grant-date fair value of $60.85 (as adjusted for the September 21, 2021 three-for-two stock split). For the three months ended December 31, 2021, total compensation expense related to RSUs was $63 million, compared with $41 million for the three months ended December 31, 2020. As of December 31, 2021, there were $336 million of total pre-tax compensation costs not yet recognized (net of estimated forfeitures) related to RSUs, including those granted during the three months ended December 31, 2021. These costs are expected to be recognized over a weighted-average period of 3.2 years. |
REGULATORY CAPITAL REQUIREMENTS
REGULATORY CAPITAL REQUIREMENTS | 3 Months Ended |
Dec. 31, 2021 | |
Regulatory Capital Requirement [Abstract] | |
REGULATORY CAPITAL REQUIREMENTS | REGULATORY CAPITAL REQUIREMENTSRJF, as a bank holding company and financial holding company, Raymond James Bank, our broker-dealer subsidiaries and our trust subsidiaries are subject to capital requirements by various regulatory authorities. Capital levels of each entity are monitored to ensure compliance with our various regulatory capital requirements. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions, by regulators that, if undertaken, could have a direct material effect on our financial results. As a bank holding company under the Bank Holding Company Act of 1956, as amended (the “BHC Act”) that has made an election to be a financial holding company, RJF is subject to supervision, examination and regulation by the Fed. We are subject to the Fed’s capital rules which establish an integrated regulatory capital framework and implement, in the U.S., the Basel III regulatory capital reforms from the Basel Committee on Banking Supervision and certain changes required by the Dodd-Frank Act. We apply the standardized approach for calculating risk-weighted assets and are also subject to the market risk provisions of the Fed’s capital rules (“market risk rule”). Under these rules, minimum requirements are established for both the quantity and quality of capital held by banking organizations. RJF and Raymond James Bank are required to maintain minimum ratios of common equity tier 1 (“CET1”), tier 1 capital and total capital to risk-weighted assets, as well as minimum leverage ratios (defined as tier 1 capital divided by adjusted average assets). These capital ratios incorporate quantitative measures of our assets, liabilities, and certain off-balance sheet items as calculated under the regulatory capital rules and are subject to qualitative judgments by the regulators about components, risk-weightings, and other factors. RJF and Raymond James Bank each calculate these ratios in order to assess compliance with both regulatory requirements and their internal capital policies. In order to maintain our ability to take certain capital actions, including dividends and common equity repurchases, and to make bonus payments, we must hold a capital conservation buffer above our minimum risk-based capital requirements. As of December 31, 2021, both RJF’s and Raymond James Bank’s capital levels exceeded the capital conservation buffer requirement and were each categorized as “well-capitalized.” For further discussion of regulatory capital requirements applicable to certain of our businesses and subsidiaries, see Note 24 of our 2021 Form 10-K. To meet requirements for capital adequacy or to be categorized as “well-capitalized,” RJF must maintain minimum CET1, Tier 1 capital, Total capital and Tier 1 leverage amounts and ratios as set forth in the following table. Actual Requirement for capital To be well-capitalized $ in millions Amount Ratio Amount Ratio Amount Ratio RJF as of December 31, 2021: CET1 $ 7,842 25.9 % $ 1,365 4.5 % $ 1,972 6.5 % Tier 1 capital $ 7,842 25.9 % $ 1,820 6.0 % $ 2,427 8.0 % Total capital $ 8,197 27.0 % $ 2,427 8.0 % $ 3,034 10.0 % Tier 1 leverage $ 7,842 12.1 % $ 2,593 4.0 % $ 3,242 5.0 % RJF as of September 30, 2021: CET1 $ 7,428 25.0 % $ 1,337 4.5 % $ 1,932 6.5 % Tier 1 capital $ 7,428 25.0 % $ 1,783 6.0 % $ 2,377 8.0 % Total capital $ 7,780 26.2 % $ 2,377 8.0 % $ 2,972 10.0 % Tier 1 leverage $ 7,428 12.6 % $ 2,363 4.0 % $ 2,954 5.0 % As of December 31, 2021, RJF’s regulatory capital increase compared to September 30, 2021 was driven by positive earnings, net of dividends paid during our fiscal first quarter. RJF’s Tier 1 and Total capital ratios increased compared to September 30, 2021, resulting from the increase in regulatory capital, partially offset by an increase in risk-weighted assets driven by increases in our loan portfolio and cash and cash equivalents. RJF’s Tier 1 leverage ratio at December 31, 2021 decreased compared to September 30, 2021 due to increased average assets, driven by higher assets segregated for regulatory purposes and cash and cash equivalents, primarily resulting from an increase in client cash in the Client Interest Program (“CIP”), as well as growth in available-for-sale securities and loans. The increase in average assets was partially offset by the increase in regulatory capital. To meet the requirements for capital adequacy or to be categorized as “well-capitalized,” Raymond James Bank must maintain CET1, Tier 1 capital, Total capital and Tier 1 leverage amounts and ratios as set forth in the following table. Actual Requirement for capital To be well-capitalized $ in millions Amount Ratio Amount Ratio Amount Ratio Raymond James Bank as of December 31, 2021: CET1 $ 2,675 13.3 % $ 905 4.5 % $ 1,307 6.5 % Tier 1 capital $ 2,675 13.3 % $ 1,206 6.0 % $ 1,608 8.0 % Total capital $ 2,927 14.6 % $ 1,608 8.0 % $ 2,010 10.0 % Tier 1 leverage $ 2,675 7.2 % $ 1,477 4.0 % $ 1,846 5.0 % Raymond James Bank as of September 30, 2021: CET1 $ 2,626 13.4 % $ 883 4.5 % $ 1,275 6.5 % Tier 1 capital $ 2,626 13.4 % $ 1,177 6.0 % $ 1,569 8.0 % Total capital $ 2,873 14.6 % $ 1,569 8.0 % $ 1,962 10.0 % Tier 1 leverage $ 2,626 7.4 % $ 1,411 4.0 % $ 1,763 5.0 % As of December 31, 2021, Raymond James Bank’s Tier 1 capital and Total capital ratios decreased compared to September 30, 2021, due to higher risk-weighted assets, primarily due to increased loans and available-for-sale securities, which were funded by increased client cash balances in the RJBDP swept to Raymond James Bank. The increase in risk-weighted assets was partially offset by higher regulatory capital. Raymond James Bank’s Tier 1 leverage ratio at December 31, 2021 decreased compared to September 30, 2021, due to increased average assets, driven by growth in loans, cash and available-for-sale securities. Certain of our broker-dealer subsidiaries are subject to the requirements of the Uniform Net Capital Rule (Rule 15c3-1) under the Securities Exchange Act of 1934. The following table presents the net capital position of RJ&A. $ in millions December 31, 2021 September 30, 2021 Raymond James & Associates, Inc. : (Alternative Method elected) Net capital as a percent of aggregate debit items 65.5 % 72.1 % Net capital $ 1,928 $ 2,035 Less: required net capital (59) (56) Excess net capital $ 1,869 $ 1,979 As of December 31, 2021, all of our other active regulated domestic and international subsidiaries were in compliance with and exceeded all applicable capital requirements. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE During our fiscal fourth quarter of 2021 the Board of Directors approved a three-for-two stock split, effected in the form of a 50% stock dividend, paid on September 21, 2021. All share and per share information has been retroactively adjusted to reflect this stock split. The following table presents the computation of basic and diluted earnings per common share. Three months ended December 31, in millions, except per share amounts 2021 2020 Income for basic earnings per common share: Net income $ 446 $ 312 Less allocation of earnings and dividends to participating securities (1) (1) Net income attributable to RJF common shareholders $ 445 $ 311 Income for diluted earnings per common share: Net income $ 446 $ 312 Less allocation of earnings and dividends to participating securities (1) (1) Net income attributable to RJF common shareholders $ 445 $ 311 Common shares: Average common shares in basic computation 206.3 205.2 Dilutive effect of outstanding stock options and certain RSUs 6.1 4.4 Average common and common equivalent shares used in diluted computation 212.4 209.6 Earnings per common share: Basic $ 2.16 $ 1.52 Diluted $ 2.10 $ 1.48 Stock options and certain RSUs excluded from weighted-average diluted common shares because their effect would be antidilutive — 2.1 The allocation of earnings and dividends to participating securities in the preceding table represents dividends paid during the period to participating securities, consisting of certain RSUs, plus an allocation of undistributed earnings to such participating securities. Participating securities and related dividends paid on these participating securities were insignificant for each of the three months ended December 31, 2021 and 2020. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed. Dividends per common share declared and paid are detailed in the following table for each respective period. Three months ended December 31, 2021 2020 Dividends per common share - declared $ 0.34 $ 0.26 Dividends per common share - paid $ 0.26 $ 0.25 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION We currently operate through the following five segments: PCG; Capital Markets; Asset Management; Raymond James Bank; and Other. The segments are determined based upon factors such as the services provided and the distribution channels served and are consistent with how we assess performance and determine how to allocate our resources. For a further discussion of our segments, see Note 26 of our 2021 Form 10-K. The following table presents information concerning operations in these segments. Three months ended December 31, $ in millions 2021 2020 Net revenues: Private Client Group $ 1,839 $ 1,467 Capital Markets 614 452 Asset Management 236 195 Raymond James Bank 183 167 Other (15) 4 Intersegment eliminations (76) (63) Total net revenues $ 2,781 $ 2,222 Pre-tax income/(loss): Private Client Group $ 195 $ 140 Capital Markets 201 129 Asset Management 107 83 Raymond James Bank 102 71 Other (47) (24) Total pre-tax income $ 558 $ 399 No individual client accounted for more than ten percent of revenues in any of the periods presented. The following table presents our net interest income on a segment basis. Three months ended December 31, $ in millions 2021 2020 Net interest income/(expense): Private Client Group $ 30 $ 28 Capital Markets 3 1 Raymond James Bank 177 157 Other (22) (21) Net interest income $ 188 $ 165 The following table presents our total assets on a segment basis. $ in millions December 31, 2021 September 30, 2021 Total assets: Private Client Group $ 25,431 $ 20,270 Capital Markets 2,027 2,457 Asset Management 482 476 Raymond James Bank 37,789 36,154 Other 2,732 2,534 Total $ 68,461 $ 61,891 The following table presents goodwill, which was included in our total assets, on a segment basis. $ in millions December 31, 2021 September 30, 2021 Goodwill: Private Client Group $ 417 $ 417 Capital Markets 174 174 Asset Management 69 69 Total $ 660 $ 660 We have operations in the U.S., Canada and Europe. Substantially all long-lived assets are located in the U.S. The following table presents our net revenues and pre-tax income classified by major geographic area in which they were earned. Three months ended December 31, $ in millions 2021 2020 Net revenues: U.S. $ 2,589 $ 2,079 Canada 137 105 Europe 55 38 Total $ 2,781 $ 2,222 Pre-tax income: U.S. $ 531 $ 396 Canada 17 1 Europe 10 2 Total $ 558 $ 399 The following table presents our total assets by major geographic area in which they were held. $ in millions December 31, 2021 September 30, 2021 Total assets: U.S. $ 64,589 $ 57,952 Canada 3,670 3,724 Europe 202 215 Total $ 68,461 $ 61,891 The following table presents goodwill, which was included in our total assets, classified by major geographic area in which it was held. $ in millions December 31, 2021 September 30, 2021 Goodwill: U.S. $ 619 $ 619 Canada 25 25 Europe 16 16 Total $ 660 $ 660 |
UPDATE OF SIGNIFICANT ACCOUNT_2
UPDATE OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accompanying unaudited condensed consolidated financial statements include the accounts of RJF and its consolidated subsidiaries that are generally controlled through a majority voting interest. We consolidate all of our 100%-owned subsidiaries. In addition, we consolidate any variable interest entity (“VIE”) in which we are the primary beneficiary. Additional information on these VIEs is provided in Note 2 of our Annual Report on Form 10-K (“2021 Form 10-K”) for the year ended September 30, 2021, as filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”) and in Note 10 of this Form 10-Q. When we do not have a controlling interest in an entity, but we exert significant influence over the entity, we apply the equity method of accounting. All material intercompany balances and transactions have been eliminated in consolidation. During our fiscal fourth quarter of 2021, our Board approved a three-for-two stock split, effected in the form of a 50% stock dividend, paid on September 21, 2021. All share and per share information has been retroactively adjusted to reflect this stock split. |
Accounting estimates and assumptions | Accounting estimates and assumptions Certain financial information that is normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) but is not required for interim reporting purposes has been condensed or omitted. These unaudited condensed consolidated financial statements reflect, in the opinion of management, all adjustments necessary for a fair presentation of our consolidated financial position and results of operations for the periods presented. The nature of our business is such that the results of any interim period are not necessarily indicative of results for a full year. These unaudited condensed consolidated financial statements should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the Consolidated Financial Statements and Notes thereto included in our 2021 Form 10-K. To prepare condensed consolidated financial statements in accordance with GAAP, we must make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from those estimates and could have a material impact on the condensed consolidated financial statements. |
Reclassifications | Reclassifications Certain prior-period amounts have been reclassified to conform to the current period’s presentation. |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 3 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition-Related Expenses | The following table details our acquisition-related expenses. Three months ended December 31, $ in millions 2021 2020 Acquisition-related expenses: Legal fees $ 2 $ 1 Identifiable intangible asset amortization 4 — Other professional fees — 1 Total Acquisition-related expenses $ 6 $ 2 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 3 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | The following tables present assets and liabilities measured at fair value on a recurring basis. Netting adjustments represent the impact of counterparty and collateral netting on our derivative balances included on our Condensed Consolidated Statements of Financial Condition. See Note 6 for additional information. $ in millions Level 1 Level 2 Level 3 Netting Balance as of December 31, 2021 Assets at fair value on a recurring basis: Assets segregated for regulatory purposes (1) $ 9,599 $ — $ — $ — $ 9,599 Trading assets: Municipal and provincial obligations — 91 — — 91 Corporate obligations 11 40 — — 51 Government and agency obligations 23 71 — — 94 Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”) — 89 — — 89 Non-agency CMOs and ABS — 27 — — 27 Total debt securities 34 318 — — 352 Equity securities 10 1 — — 11 Brokered certificates of deposit — 5 — — 5 Other — — 2 — 2 Total trading assets 44 324 2 — 370 Available-for-sale securities (2) 15 8,532 — — 8,547 Derivative assets: Interest rate - matched book — 171 — — 171 Interest rate - other 3 111 — (72) 42 Other — — 1 — 1 Total derivative assets 3 282 1 (72) 214 Other investments - private equity - not measured at net asset value (“NAV”) — — 75 — 75 All other investments: Government and agency obligations (3) 436 — — — 436 Other 93 2 23 — 118 Total all other investments 529 2 23 — 554 Subtotal 10,190 9,140 101 (72) 19,359 Other investments - private equity - measured at NAV 82 Total assets at fair value on a recurring basis $ 10,190 $ 9,140 $ 101 $ (72) $ 19,441 Liabilities at fair value on a recurring basis: Trading liabilities: Corporate obligations $ — $ 11 $ — $ — $ 11 Government and agency obligations 128 — — — 128 Total debt securities 128 11 — — 139 Equity securities 32 — — — 32 Total trading liabilities 160 11 — — 171 Derivative liabilities: Interest rate - matched book — 171 — — 171 Interest rate - other 2 101 — (74) 29 Foreign exchange — 32 — — 32 Total derivative liabilities 2 304 — (74) 232 Total liabilities at fair value on a recurring basis $ 162 $ 315 $ — $ (74) $ 403 $ in millions Level 1 Level 2 Level 3 Netting Balance as of September 30, 2021 Assets at fair value on a recurring basis: Assets segregated for regulatory purposes (1) $ 2,100 $ — $ — $ — $ 2,100 Trading assets: Municipal and provincial obligations — 155 — — 155 Corporate obligations 16 63 — — 79 Government and agency obligations 15 94 — — 109 Agency MBS, CMOs and ABS — 211 — — 211 Non-agency CMOs and ABS — 14 — — 14 Total debt securities 31 537 — — 568 Equity securities 8 4 — — 12 Brokered certificates of deposit — 16 — — 16 Other — — 14 — 14 Total trading assets 39 557 14 — 610 Available-for-sale securities (2) 15 8,300 — — 8,315 Derivative assets: Interest rate - matched book — 193 — — 193 Interest rate - other 16 128 — (87) 57 Foreign exchange — 5 — — 5 Total derivative assets 16 326 — (87) 255 Other investments - private equity - not measured at NAV — — 75 — 75 All other investments: Government and agency obligations (3) 86 — — — 86 Other 77 2 23 — 102 Total all other investments 163 2 23 — 188 Subtotal 2,333 9,185 112 (87) 11,543 Other investments - private equity - measured at NAV 94 Total assets at fair value on a recurring basis $ 2,333 $ 9,185 $ 112 $ (87) $ 11,637 Liabilities at fair value on a recurring basis: Trading liabilities: Municipal and provincial obligations $ 2 $ — $ — $ — $ 2 Corporate obligations — 6 — — 6 Government and agency obligations 137 — — — 137 Total debt securities 139 6 — — 145 Equity securities 28 3 — — 31 Total trading liabilities 167 9 — — 176 Derivative liabilities: Interest rate - matched book — 193 — — 193 Interest rate - other 16 106 — (88) 34 Other — — 1 — 1 Total derivative liabilities 16 299 1 (88) 228 Total liabilities at fair value on a recurring basis $ 183 $ 308 $ 1 $ (88) $ 404 (1) These assets consist of U.S. Treasury securities (“U.S. Treasuries”) with maturities greater than 3 months as of our date of purchase. (2) Substantially all of our available-for-sale securities consist of agency MBS and agency CMOs. See Note 5 for further information. (3) These assets are comprised of U.S. Treasuries primarily purchased to meet certain deposit requirements with clearing organizations or to meet future broker-dealer customer reserve requirements. |
Level 3 Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis, Roll Forward Table of Change in Balances | The following tables present the changes in fair value for Level 3 assets and liabilities measured at fair value on a recurring basis. The realized and unrealized gains and losses in the tables may include changes in fair value that were attributable to both observable and unobservable inputs. In the following tables, gains/(losses) on trading instruments are reported in “Principal transactions” and gains/(losses) on other investments are reported in “Other” revenues on our Condensed Consolidated Statements of Income and Comprehensive Income. Three months ended December 31, 2021 Level 3 instruments at fair value Financial assets Financial liabilities Trading assets Derivative assets Other investments Derivative liabilities $ in millions Other Other Private equity investments All other Other Fair value beginning of period $ 14 $ — $ 75 $ 23 $ (1) Total gains included in earnings 2 1 — — 1 Purchases and contributions 25 — — — — Sales and distributions (39) — — — — Transfers: Into Level 3 — — — — — Out of Level 3 — — — — — Fair value end of period $ 2 $ 1 $ 75 $ 23 $ — Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period $ (1) $ 2 $ — $ — $ — Three months ended December 31, 2020 Level 3 instruments at fair value Financial assets Financial liabilities Trading assets Other investments Derivative liabilities $ in millions Other Private equity investments All other Other Fair value beginning of period $ 12 $ 37 $ 22 $ (5) Total gains/(losses) included in earnings 2 15 — 4 Purchases and contributions 6 — — — Sales and distributions (17) — — — Transfers: Into Level 3 — — — — Out of Level 3 — — — — Fair value end of period $ 3 $ 52 $ 22 $ (1) Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period $ 3 $ 15 $ — $ 3 |
Significant Assumptions Used in Valuation of Level 3 Financial Instruments | The following table presents the valuation techniques and significant unobservable inputs used in the valuation of certain of our private equity investments classified as level 3. These inputs represent those that a market participant would take into account when pricing these instruments. Weighted averages are calculated by weighting each input by the relative fair value of the related financial instrument. Certain investments are valued initially at transaction price and updated as other investment-specific events take place which indicate that a change in the carrying values of these investments is appropriate. Other investment-specific events include such events as our periodic review, significant transactions occur or new developments become known. Recurring measurements $ in millions Fair value at December 31, 2021 Valuation technique(s) Unobservable input Range Other investments - private equity investments (not measured at NAV) $ 75 Discounted cash flow, transaction price or other investment-specific events Discount rate 25% Terminal earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiple 10.0x Terminal year 2023 - 2035 (2024) Fair value at September 30, 2021 Other investments - private equity investments (not measured at NAV) $ 75 Discounted cash flow, transaction price or other investment-specific events Discount rate 25% Terminal EBITDA multiple 10.0x Terminal year 2023 - 2035 (2024) |
Net asset value of recorded value and unfunded commitments | The following table presents the recorded value and unfunded commitments related to our private equity investments portfolio. $ in millions Recorded value Unfunded commitment December 31, 2021 Private equity investments measured at NAV $ 82 $ 8 Private equity investments not measured at NAV 75 Total private equity investments $ 157 September 30, 2021 Private equity investments measured at NAV $ 94 $ 8 Private equity investments not measured at NAV 75 Total private equity investments $ 169 |
Fair Value Measurements, Nonrecurring | The following table presents assets measured at fair value on a nonrecurring basis along with the valuation techniques and significant unobservable inputs used in the valuation of the assets classified as level 3. These inputs represent those that a market participant would take into account when pricing these instruments. Weighted averages are calculated by weighting each input by the relative fair value of the related financial instrument. $ in millions Level 2 Level 3 Total fair value Valuation technique(s) Unobservable input Range December 31, 2021 Bank loans: Residential mortgage loans $ 3 $ 10 $ 13 Collateral or discounted cash flow (1) Prepayment rate 7 yrs. - 12 yrs. (10.5 yrs.) Corporate loans $ — $ 41 $ 41 Collateral or discounted cash flow (1) Not meaningful (1) Not meaningful (1) Loans held for sale $ 161 $ — $ 161 N/A N/A N/A September 30, 2021 Bank loans: Residential mortgage loans $ 3 $ 11 $ 14 Collateral or discounted cash flow (1) Prepayment rate 7 yrs. - 12 yrs. (10.5 yrs.) Corporate loans $ — $ 49 $ 49 Collateral or discounted cash flow (1) Not meaningful (1) Not meaningful (1) Loans held for sale $ 29 $ — $ 29 N/A N/A N/A (1) The valuation techniques used to estimate the fair values are based on collateral value less selling costs for the collateral-dependent loans and discounted cash flows for loans that are not collateral-dependent. |
Carrying Amounts and Estimated Fair Values of Financial Instruments Not Carried at Fair Value | The following table presents the estimated fair value and fair value hierarchy of financial assets and liabilities that are not recorded at fair value on the Condensed Consolidated Statements of Financial Condition at December 31, 2021 and September 30, 2021. This table excludes financial instruments that are carried at amounts which approximate fair value. Refer to Note 4 of our 2021 Form 10-K for a discussion of the fair value hierarchy classifications of our financial instruments that are not recorded at fair value. $ in millions Level 2 Level 3 Total estimated fair value Carrying amount December 31, 2021 Financial assets: Bank loans, net $ 69 $ 25,840 $ 25,909 $ 25,917 Financial liabilities: Bank deposits - certificates of deposit $ — $ 802 $ 802 $ 789 Senior notes payable $ 2,434 $ — $ 2,434 $ 2,037 September 30, 2021 Financial assets: Bank loans, net $ 116 $ 24,839 $ 24,955 $ 24,902 Financial liabilities: Bank deposits - certificates of deposit $ — $ 898 $ 898 $ 878 Senior notes payable $ 2,459 $ — $ 2,459 $ 2,037 |
AVAILABLE-FOR-SALE SECURITIES (
AVAILABLE-FOR-SALE SECURITIES (Tables) | 3 Months Ended |
Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Abstract] | |
Amortized Cost and Estimated Fair Values of Available-For-Sale Securities | The following table details the amortized costs and fair values of our available-for-sale securities. $ in millions Cost basis Gross Gross Fair value December 31, 2021 Agency residential MBS $ 5,537 $ 32 $ (49) $ 5,520 Agency commercial MBS 1,324 4 (37) 1,291 Agency CMOs 1,750 4 (33) 1,721 Other securities 15 — — 15 Total available-for-sale securities $ 8,626 $ 40 $ (119) $ 8,547 September 30, 2021 Agency residential MBS $ 5,168 $ 46 $ (25) $ 5,189 Agency commercial MBS 1,285 7 (28) 1,264 Agency CMOs 1,854 9 (16) 1,847 Other securities 15 — — 15 Total available-for-sale securities $ 8,322 $ 62 $ (69) $ 8,315 |
Contractual Maturities, Amortized Cost, Carrying Values, and Current Yields for Available-For-Sales Securities | The following table details the contractual maturities, amortized costs, carrying values and current yields for our available-for-sale securities. Since our MBS and CMO available-for-sale securities are backed by mortgages, actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations without prepayment penalties. As a result, as of December 31, 2021, the weighted-average life of our available-for-sale securities portfolio was approximately four years. December 31, 2021 $ in millions Within one year After one but After five but After ten years Total Agency residential MBS Amortized cost $ — $ 117 $ 2,764 $ 2,656 $ 5,537 Carrying value $ — $ 121 $ 2,761 $ 2,638 $ 5,520 Agency commercial MBS Amortized cost $ 33 $ 315 $ 892 $ 84 $ 1,324 Carrying value $ 33 $ 313 $ 862 $ 83 $ 1,291 Agency CMOs Amortized cost $ — $ 6 $ 23 $ 1,721 $ 1,750 Carrying value $ — $ 6 $ 23 $ 1,692 $ 1,721 Other securities Amortized cost $ — $ 10 $ 5 $ — $ 15 Carrying value $ — $ 11 $ 4 $ — $ 15 Total available-for-sale securities Amortized cost $ 33 $ 448 $ 3,684 $ 4,461 $ 8,626 Carrying value $ 33 $ 451 $ 3,650 $ 4,413 $ 8,547 Weighted-average yield 2.08 % 1.67 % 1.11 % 1.08 % 1.13 % |
Available-For-Sale Securities in a Continuous Unrealized Loss Position | The following table details the gross unrealized losses and fair values of securities that were in a loss position at the reporting period end, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position. Less than 12 months 12 months or more Total $ in millions Estimated Unrealized Estimated Unrealized Estimated Unrealized December 31, 2021 Agency residential MBS $ 3,976 $ (40) $ 367 $ (9) $ 4,343 $ (49) Agency commercial MBS 479 (11) 570 (26) 1,049 (37) Agency CMOs 1,104 (22) 372 (11) 1,476 (33) Other securities 4 — — — 4 — Total $ 5,563 $ (73) $ 1,309 $ (46) $ 6,872 $ (119) September 30, 2021 Agency residential MBS $ 3,155 $ (25) $ 18 $ — $ 3,173 $ (25) Agency commercial MBS 645 (13) 353 (15) 998 (28) Agency CMOs 918 (12) 231 (4) 1,149 (16) Other securities 3 — — — 3 — Total $ 4,721 $ (50) $ 602 $ (19) $ 5,323 $ (69) |
DERIVATIVE ASSETS AND DERIVAT_2
DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES (Tables) | 3 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Assets at Fair Value | The following table presents the gross fair values and notional amounts of derivatives by product type, the amounts of counterparty and cash collateral netting on our Condensed Consolidated Statements of Financial Condition, as well as collateral posted and received under credit support agreements that do not meet the criteria for netting under GAAP. December 31, 2021 September 30, 2021 $ in millions Derivative assets Derivative liabilities Notional amount Derivative assets Derivative liabilities Notional amount Derivatives not designated as hedging instruments Interest rate - matched book $ 171 $ 171 $ 1,559 $ 193 $ 193 $ 1,736 Interest rate - other (1) 114 103 12,356 144 122 15,087 Foreign exchange — 14 867 3 — 826 Other 1 — 570 — 1 551 Subtotal 286 288 15,352 340 316 18,200 Derivatives designated as hedging instruments Interest rate — — 850 — — 850 Foreign exchange — 18 936 2 — 939 Subtotal — 18 1,786 2 — 1,789 Total gross fair value/notional amount 286 306 $ 17,138 342 316 $ 19,989 Offset on the Condensed Consolidated Statements of Financial Condition Counterparty netting (38) (38) (46) (46) Cash collateral netting (34) (36) (41) (42) Total amounts offset (72) (74) (87) (88) Net amounts presented on the Condensed Consolidated Statements of Financial Condition 214 232 255 228 Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition Financial instruments (2) (181) (171) (205) (193) Total $ 33 $ 61 $ 50 $ 35 (1) Substantially all relates to interest rate derivatives entered into as part of our fixed income business operations, including to-be-announced security contracts (“TBAs”) that are accounted for as derivatives. (2) Although the matched book derivative arrangements do not meet the definition of a master netting arrangement as specified by GAAP, the agreement with the third-party intermediary includes terms that are similar to a master netting agreement. As a result, we present the matched book amounts net in the preceding table. |
Schedule of Derivative Liabilities at Fair Value | The following table presents the gross fair values and notional amounts of derivatives by product type, the amounts of counterparty and cash collateral netting on our Condensed Consolidated Statements of Financial Condition, as well as collateral posted and received under credit support agreements that do not meet the criteria for netting under GAAP. December 31, 2021 September 30, 2021 $ in millions Derivative assets Derivative liabilities Notional amount Derivative assets Derivative liabilities Notional amount Derivatives not designated as hedging instruments Interest rate - matched book $ 171 $ 171 $ 1,559 $ 193 $ 193 $ 1,736 Interest rate - other (1) 114 103 12,356 144 122 15,087 Foreign exchange — 14 867 3 — 826 Other 1 — 570 — 1 551 Subtotal 286 288 15,352 340 316 18,200 Derivatives designated as hedging instruments Interest rate — — 850 — — 850 Foreign exchange — 18 936 2 — 939 Subtotal — 18 1,786 2 — 1,789 Total gross fair value/notional amount 286 306 $ 17,138 342 316 $ 19,989 Offset on the Condensed Consolidated Statements of Financial Condition Counterparty netting (38) (38) (46) (46) Cash collateral netting (34) (36) (41) (42) Total amounts offset (72) (74) (87) (88) Net amounts presented on the Condensed Consolidated Statements of Financial Condition 214 232 255 228 Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition Financial instruments (2) (181) (171) (205) (193) Total $ 33 $ 61 $ 50 $ 35 (1) Substantially all relates to interest rate derivatives entered into as part of our fixed income business operations, including to-be-announced security contracts (“TBAs”) that are accounted for as derivatives. (2) Although the matched book derivative arrangements do not meet the definition of a master netting arrangement as specified by GAAP, the agreement with the third-party intermediary includes terms that are similar to a master netting agreement. As a result, we present the matched book amounts net in the preceding table. |
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) | The following table details the gains/(losses) included in accumulated other comprehensive income/(loss) (“AOCI”), net of income taxes, on derivatives designated as hedging instruments. These gains/(losses) included any amounts reclassified from AOCI to net income during the period. See Note 16 for additional information. Three months ended December 31, $ in millions 2021 2020 Interest rate (cash flow hedges) $ 9 $ 5 Foreign exchange (net investment hedges) (1) (29) Total gains/(losses) in AOCI, net of taxes $ 8 $ (24) |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table details the gains/(losses) included in accumulated other comprehensive income/(loss) (“AOCI”), net of income taxes, on derivatives designated as hedging instruments. These gains/(losses) included any amounts reclassified from AOCI to net income during the period. See Note 16 for additional information. Three months ended December 31, $ in millions 2021 2020 Interest rate (cash flow hedges) $ 9 $ 5 Foreign exchange (net investment hedges) (1) (29) Total gains/(losses) in AOCI, net of taxes $ 8 $ (24) |
Amount of Gain (Loss) on Derivatives Recognized in Income | The following table details the gains/(losses) on derivatives not designated as hedging instruments recognized on the Condensed Consolidated Statements of Income and Comprehensive Income. $ in millions Three months ended December 31, Location of gain/(loss) 2021 2020 Interest rate Principal transactions/other revenues $ 3 $ 4 Foreign exchange Other revenues $ (1) $ (26) Other Principal transactions $ 3 $ 4 |
COLLATERALIZED AGREEMENTS AND_2
COLLATERALIZED AGREEMENTS AND FINANCINGS (Tables) | 3 Months Ended |
Dec. 31, 2021 | |
Offsetting [Abstract] | |
Offsetting assets | Although not offset on the Condensed Consolidated Statements of Financial Condition, these transactions are included in the following table. Collateralized agreements Collateralized financings $ in millions Reverse repurchase agreements Securities borrowed Total Repurchase agreements Securities loaned Total December 31, 2021 Gross amounts of recognized assets/liabilities $ 204 $ 143 $ 347 $ 203 $ 65 $ 268 Gross amounts offset on the Condensed Consolidated Statements of Financial Condition — — — — — — Net amounts presented on the Condensed Consolidated Statements of Financial Condition 204 143 347 203 65 268 Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition (204) (139) (343) (203) (62) (265) Net amounts $ — $ 4 $ 4 $ — $ 3 $ 3 September 30, 2021 Gross amounts of recognized assets/liabilities $ 279 $ 201 $ 480 $ 205 $ 72 $ 277 Gross amounts offset on the Condensed Consolidated Statements of Financial Condition — — — — — — Net amounts presented on the Condensed Consolidated Statements of Financial Condition 279 201 480 205 72 277 Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition (279) (195) (474) (205) (68) (273) Net amounts $ — $ 6 $ 6 $ — $ 4 $ 4 |
Offsetting liabilities | Although not offset on the Condensed Consolidated Statements of Financial Condition, these transactions are included in the following table. Collateralized agreements Collateralized financings $ in millions Reverse repurchase agreements Securities borrowed Total Repurchase agreements Securities loaned Total December 31, 2021 Gross amounts of recognized assets/liabilities $ 204 $ 143 $ 347 $ 203 $ 65 $ 268 Gross amounts offset on the Condensed Consolidated Statements of Financial Condition — — — — — — Net amounts presented on the Condensed Consolidated Statements of Financial Condition 204 143 347 203 65 268 Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition (204) (139) (343) (203) (62) (265) Net amounts $ — $ 4 $ 4 $ — $ 3 $ 3 September 30, 2021 Gross amounts of recognized assets/liabilities $ 279 $ 201 $ 480 $ 205 $ 72 $ 277 Gross amounts offset on the Condensed Consolidated Statements of Financial Condition — — — — — — Net amounts presented on the Condensed Consolidated Statements of Financial Condition 279 201 480 205 72 277 Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition (279) (195) (474) (205) (68) (273) Net amounts $ — $ 6 $ 6 $ — $ 4 $ 4 |
Collateral | The following table presents financial instruments at fair value that we received as collateral, were not included on our Condensed Consolidated Statements of Financial Condition, and that were available to be delivered or repledged, along with the balances of such instruments that were delivered or repledged, to satisfy one of our purposes previously described. $ in millions December 31, 2021 September 30, 2021 Collateral we received that was available to be delivered or repledged $ 3,548 $ 3,429 Collateral that we delivered or repledged $ 821 $ 830 |
Encumbered assets | The following table presents information about our assets that have been pledged for one of the purposes previously described. $ in millions December 31, 2021 September 30, 2021 Had the right to deliver or repledge $ 333 $ 368 Did not have the right to deliver or repledge $ 65 $ 65 Bank loans, net pledged at the Federal Home Loan Bank (“FHLB”) and the Federal Reserve Bank of Atlanta $ 5,747 $ 5,716 |
Transfer of certain financial assets accounted for as secured borrowings | The following table presents the remaining contractual maturity of repurchase agreements and securities lending transactions accounted for as secured borrowings. $ in millions Overnight and continuous Up to 30 days 30-90 days Greater than 90 days Total December 31, 2021 Repurchase agreements: Government and agency obligations $ 102 $ — $ — $ — $ 102 Agency MBS and agency CMOs 101 — — — 101 Total repurchase agreements 203 — — — 203 Securities loaned: Equity securities 65 — — — 65 Total collateralized financings $ 268 $ — $ — $ — $ 268 September 30, 2021 Repurchase agreements: Government and agency obligations $ 122 $ — $ — $ — $ 122 Agency MBS and agency CMOs 83 — — — 83 Total repurchase agreements 205 — — — 205 Securities loaned: Equity securities 72 — — — 72 Total collateralized financings $ 277 $ — $ — $ — $ 277 |
BANK LOANS, NET (Tables)
BANK LOANS, NET (Tables) | 3 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The following table presents the balances for both the held for sale and held for investment loan portfolios, as well as the associated percentage of each portfolio segment in Raymond James Bank’s total loan portfolio. December 31, 2021 September 30, 2021 $ in millions Balance % Balance % C&I loans $ 8,608 33 % $ 8,440 33 % CRE loans 2,992 11 % 2,872 11 % REIT loans 1,189 4 % 1,112 5 % Tax-exempt loans 1,290 5 % 1,321 5 % Residential mortgage loans 5,568 21 % 5,318 21 % SBL and other 6,563 25 % 6,106 24 % Total loans held for investment 26,210 99 % 25,169 99 % Held for sale loans 230 1 % 145 1 % Total loans held for sale and investment 26,440 100 % 25,314 100 % Allowance for credit losses (308) (320) Bank loans, net $ 26,132 $ 24,994 Accrued interest receivable on bank loans $ 51 $ 48 $ in millions December 31, 2021 September 30, 2021 Currently affiliated with the firm (1) $ 1,128 $ 1,074 No longer affiliated with the firm (2) 9 10 Total loans to financial advisors 1,137 1,084 Allowance for credit losses (29) (27) Loans to financial advisors, net $ 1,108 $ 1,057 Accrued interest receivable on loans to financial advisors $ 4 $ 4 Allowance for credit losses as a percent of the loan portfolio 2.55 % 2.49 % (1) These loans were predominantly current. (2) These loans were predominantly past due for a period of 180 days or more. |
Loan Purchases and Sales | The following table presents purchases and sales of loans held for investment by portfolio segment. $ in millions C&I loans Residential mortgage loans Total Three months ended December 31, 2021 Purchases $ 339 $ 184 $ 523 Sales $ 51 $ — $ 51 Three months ended December 31, 2020 Purchases $ 122 $ 46 $ 168 Sales $ 5 $ — $ 5 |
Analysis of the Payment Status of Loans Held for Investment | The following table presents information on delinquency status of our loans held for investment. $ in millions 30-89 days and accruing 90 days or more and accruing Total past due and accruing Nonaccrual with allowance Nonaccrual with no allowance Current and accruing Total loans held for investment December 31, 2021 C&I loans $ — $ — $ — $ 38 $ — $ 8,570 $ 8,608 CRE loans — — — — 20 2,972 2,992 REIT loans — — — — — 1,189 1,189 Tax-exempt loans — — — — — 1,290 1,290 Residential mortgage loans 1 — 1 1 14 5,552 5,568 SBL and other — — — — — 6,563 6,563 Total loans held for investment $ 1 $ — $ 1 $ 39 $ 34 $ 26,136 $ 26,210 September 30, 2021 C&I loans $ — $ — $ — $ 39 $ — $ 8,401 $ 8,440 CRE loans — — — — 20 2,852 2,872 REIT loans — — — — — 1,112 1,112 Tax-exempt loans — — — — — 1,321 1,321 Residential mortgage loans 2 — 2 2 13 5,301 5,318 SBL and other — — — — — 6,106 6,106 Total loans held for investment $ 2 $ — $ 2 $ 41 $ 33 $ 25,093 $ 25,169 |
Credit Quality of Held for Investment Loan Portfolio | The following tables present our held for investment bank loan portfolio by credit quality indicator. December 31, 2021 Loans by origination fiscal year $ in millions 2022 2021 2020 2019 2018 Prior Revolving loans Total C&I loans Risk rating: Pass $ 293 $ 1,042 $ 1,316 $ 1,108 $ 1,382 $ 2,260 $ 993 $ 8,394 Special mention — — — 40 — 76 4 120 Substandard — — — 24 39 17 — 80 Doubtful — — — 14 — — — 14 Total C&I loans $ 293 $ 1,042 $ 1,316 $ 1,186 $ 1,421 $ 2,353 $ 997 $ 8,608 CRE loans Risk rating: Pass $ 154 $ 615 $ 397 $ 431 $ 642 $ 380 $ 76 $ 2,695 Special mention — — 45 43 36 — — 124 Substandard — — — 48 80 45 — 173 Doubtful — — — — — — — — Total CRE loans $ 154 $ 615 $ 442 $ 522 $ 758 $ 425 $ 76 $ 2,992 REIT loans Risk rating: Pass $ — $ 239 $ 96 $ 65 $ 25 $ 140 $ 429 $ 994 Special mention — — — 13 11 138 6 168 Substandard — — — 21 — 4 2 27 Doubtful — — — — — — — — Total REIT loans $ — $ 239 $ 96 $ 99 $ 36 $ 282 $ 437 $ 1,189 Tax-exempt loans Risk rating: Pass $ — $ 158 $ 57 $ 118 $ 200 $ 757 $ — $ 1,290 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total tax-exempt loans $ — $ 158 $ 57 $ 118 $ 200 $ 757 $ — $ 1,290 Residential mortgage loans Risk rating: Pass $ 562 $ 1,822 $ 1,182 $ 581 $ 349 $ 1,023 $ 20 $ 5,539 Special mention — — — 2 — 5 — 7 Substandard — — — — — 22 — 22 Doubtful — — — — — — — — Total residential mortgage loans $ 562 $ 1,822 $ 1,182 $ 583 $ 349 $ 1,050 $ 20 $ 5,568 SBL and other Risk rating: Pass $ — $ 6 $ 45 $ 12 $ — $ — $ 6,500 $ 6,563 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total SBL and other $ — $ 6 $ 45 $ 12 $ — $ — $ 6,500 $ 6,563 September 30, 2021 Loans by origination fiscal year $ in millions 2021 2020 2019 2018 2017 Prior Revolving loans Total C&I loans Risk rating: Pass $ 999 $ 1,273 $ 1,180 $ 1,408 $ 935 $ 1,633 $ 739 $ 8,167 Special mention — — 41 — 26 54 1 122 Substandard — — 24 84 — 28 — 136 Doubtful — — 15 — — — — 15 Total C&I loans $ 999 $ 1,273 $ 1,260 $ 1,492 $ 961 $ 1,715 $ 740 $ 8,440 CRE loans Risk rating: Pass $ 533 $ 459 $ 442 $ 652 $ 223 $ 174 $ 62 $ 2,545 Special mention — 45 58 36 — — — 139 Substandard — — 32 98 8 50 — 188 Doubtful — — — — — — — — Total CRE loans $ 533 $ 504 $ 532 $ 786 $ 231 $ 224 $ 62 $ 2,872 REIT loans Risk rating: Pass $ 235 $ 95 $ 75 $ 60 $ 46 $ 167 $ 237 $ 915 Special mention — — 13 11 33 106 6 169 Substandard — — 21 — 4 — 3 28 Doubtful — — — — — — — — Total REIT loans $ 235 $ 95 $ 109 $ 71 $ 83 $ 273 $ 246 $ 1,112 Tax-exempt loans Risk rating: Pass $ 158 $ 57 $ 124 $ 204 $ 272 $ 506 $ — $ 1,321 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total tax-exempt loans $ 158 $ 57 $ 124 $ 204 $ 272 $ 506 $ — $ 1,321 Residential mortgage loans Risk rating: Pass $ 1,861 $ 1,266 $ 640 $ 386 $ 451 $ 666 $ 20 $ 5,290 Special mention — — — — — 5 — 5 Substandard — — — 1 2 20 — 23 Doubtful — — — — — — — — Total residential mortgage loans $ 1,861 $ 1,266 $ 640 $ 387 $ 453 $ 691 $ 20 $ 5,318 SBL and other Risk rating: Pass $ 3 $ 45 $ 12 $ — $ — $ — $ 6,046 $ 6,106 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total SBL and other $ 3 $ 45 $ 12 $ — $ — $ — $ 6,046 $ 6,106 The following table presents the held for investment residential mortgage loan portfolio by FICO score and by LTV ratio at origination. $ in millions December 31, 2021 September 30, 2021 FICO score: Below 600 $ 67 $ 67 600 - 699 431 416 700 - 799 3,982 3,772 800 + 1,082 1,058 FICO score not available 6 5 Total $ 5,568 $ 5,318 LTV ratio: Below 80% $ 4,348 $ 4,123 80%+ 1,220 1,195 Total $ 5,568 $ 5,318 |
Changes in the Allowance for Loan Losses | The following table presents changes in the allowance for credit losses on held for investment bank loans by portfolio segment. $ in millions C&I loans CRE loans REIT loans Tax-exempt loans Residential mortgage loans SBL and other Total Three months ended December 31, 2021 Balance at beginning of period $ 191 $ 66 $ 22 $ 2 $ 35 $ 4 $ 320 Provision/(benefit) for credit losses (10) 6 — — (6) (1) (11) Net (charge-offs)/recoveries: Charge-offs (2) — — — — — (2) Recoveries — — — — 1 — 1 Net (charge-offs)/recoveries (2) — — — 1 — (1) Foreign exchange translation adjustment — — — — — — — Balance at end of period $ 179 $ 72 $ 22 $ 2 $ 30 $ 3 $ 308 Three months ended December 31, 2020 Balance at beginning of period $ 200 $ 81 $ 36 $ 14 $ 18 $ 5 $ 354 Impact of current expected credit loss (“CECL”) adoption 19 (11) (9) (12) 24 (2) 9 Provision/(benefit) for credit losses (22) 42 3 — (9) — 14 Net (charge-offs)/recoveries: Charge-offs — — — — — — — Recoveries — — — — — — — Net (charge-offs)/recoveries — — — — — — — Foreign exchange translation adjustment 1 — — — — — 1 Balance at end of period $ 198 $ 112 $ 30 $ 2 $ 33 $ 3 $ 378 |
LOANS TO FINANCIAL ADVISORS, _2
LOANS TO FINANCIAL ADVISORS, NET (Tables) | 3 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The following table presents the balances for both the held for sale and held for investment loan portfolios, as well as the associated percentage of each portfolio segment in Raymond James Bank’s total loan portfolio. December 31, 2021 September 30, 2021 $ in millions Balance % Balance % C&I loans $ 8,608 33 % $ 8,440 33 % CRE loans 2,992 11 % 2,872 11 % REIT loans 1,189 4 % 1,112 5 % Tax-exempt loans 1,290 5 % 1,321 5 % Residential mortgage loans 5,568 21 % 5,318 21 % SBL and other 6,563 25 % 6,106 24 % Total loans held for investment 26,210 99 % 25,169 99 % Held for sale loans 230 1 % 145 1 % Total loans held for sale and investment 26,440 100 % 25,314 100 % Allowance for credit losses (308) (320) Bank loans, net $ 26,132 $ 24,994 Accrued interest receivable on bank loans $ 51 $ 48 $ in millions December 31, 2021 September 30, 2021 Currently affiliated with the firm (1) $ 1,128 $ 1,074 No longer affiliated with the firm (2) 9 10 Total loans to financial advisors 1,137 1,084 Allowance for credit losses (29) (27) Loans to financial advisors, net $ 1,108 $ 1,057 Accrued interest receivable on loans to financial advisors $ 4 $ 4 Allowance for credit losses as a percent of the loan portfolio 2.55 % 2.49 % (1) These loans were predominantly current. (2) These loans were predominantly past due for a period of 180 days or more. |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 3 Months Ended |
Dec. 31, 2021 | |
Variable Interest Entities [Abstract] | |
VIEs where we are the primary beneficiary - aggregate assets and liabilities | The aggregate assets and liabilities of the VIEs we consolidate are provided in the following table. Aggregate assets and aggregate liabilities may differ from the consolidated carrying value of assets and liabilities due to the elimination of intercompany assets and liabilities held by the consolidated VIE. $ in millions Aggregate assets Aggregate liabilities December 31, 2021 Private Equity Interests $ 48 $ 4 LIHTC funds 119 52 Restricted Stock Trust Fund 24 24 Total $ 191 $ 80 September 30, 2021 Private Equity Interests $ 66 $ 4 LIHTC funds 111 52 Restricted Stock Trust Fund 15 15 Total $ 192 $ 71 |
VIEs where we are the primary beneficiary - carrying value of assets, liabilities and equity | The following table presents information about the carrying value of the assets and liabilities of the VIEs which we consolidate and which are included on our Condensed Consolidated Statements of Financial Condition. Intercompany balances are eliminated in consolidation and not reflected in the following table. $ in millions December 31, 2021 September 30, 2021 Assets: Cash and cash equivalents and assets segregated for regulatory purposes and restricted cash $ 7 $ 10 Other investments 47 63 Other assets 114 105 Total assets $ 168 $ 178 Liabilities: Other payables $ 44 $ 45 Total liabilities $ 44 $ 45 Noncontrolling interests $ 51 $ 58 |
VIEs where we hold a variable interest but we are not the primary beneficiary - aggregate assets, liabilities and exposure to loss | The aggregate assets, liabilities, and our exposure to loss from those VIEs in which we hold a variable interest, but as to which we have concluded we are not the primary beneficiary, are provided in the following table. December 31, 2021 September 30, 2021 $ in millions Aggregate Aggregate Our risk Aggregate Aggregate Our risk Private Equity Interests $ 7,163 $ 88 $ 86 $ 7,318 $ 47 $ 82 LIHTC funds 7,374 2,465 14 7,032 2,280 71 Other 714 176 11 519 155 10 Total $ 15,251 $ 2,729 $ 111 $ 14,869 $ 2,482 $ 163 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 3 Months Ended |
Dec. 31, 2021 | |
Prepaid Expense and Other Assets [Abstract] | |
Other Assets | The following table details the components of other assets. See Note 2 of our 2021 Form 10-K for a discussion of the accounting polices related to certain of these components. $ in millions December 31, 2021 September 30, 2021 Investments in company-owned life insurance policies $ 1,013 $ 952 Property and equipment, net 491 499 Lease right-of-use (“ROU”) asset 439 446 Prepaid expenses 134 127 Investments in FHLB and Federal Reserve Bank stock 72 72 All other 239 161 Total other assets $ 2,388 $ 2,257 |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of Assets And Liabilities, Lessee | The following table presents the balances related to our leases on our Condensed Consolidated Statements of Financial Condition. See Note 2 and 14 of our 2021 Form 10-K for additional information related to our leases, including a discussion of our accounting policies. $ in millions December 31, 2021 September 30, 2021 ROU assets (included in Other assets) $ 439 $ 446 Lease liabilities (included in Other payables) $ 445 $ 450 |
Schedule of Lease Costs | The following table details the components of lease expense, which is included in “Occupancy and equipment” expense on our Condensed Consolidated Statements of Income and Comprehensive Income. Three months ended December 31, $ in millions 2021 2020 Lease costs $ 28 27 Variable lease costs $ 7 6 |
BANK DEPOSITS (Tables)
BANK DEPOSITS (Tables) | 3 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Summary of Bank Deposits | The following table presents a summary of bank deposits, as well as the weighted-average interest rates on such deposits. The calculation of the weighted-average rates were based on the actual deposit balances and rates at each respective period end. December 31, 2021 September 30, 2021 $ in millions Balance Weighted-average rate Balance Weighted-average rate Savings and money market accounts $ 33,103 0.01 % $ 31,415 0.01 % Certificates of deposit 789 1.89 % 878 1.87 % NOW accounts 164 1.84 % 164 1.84 % Demand deposits (non-interest-bearing) 36 — 38 — Total bank deposits $ 34,092 0.06 % $ 32,495 0.07 % |
Scheduled Maturities of Certificates of Deposit | The following table sets forth the scheduled maturities of certificates of deposit. December 31, 2021 September 30, 2021 $ in millions Denominations Denominations Denominations Denominations Three months or less $ 28 $ 78 $ 22 $ 87 Over three through six months 20 30 21 76 Over six through twelve months 36 112 32 54 Over one through two years 95 171 93 170 Over two through three years 18 160 37 166 Over three through four years 6 18 6 99 Over four through five years 10 7 9 6 Total certificates of deposit $ 213 $ 576 $ 220 $ 658 |
Interest Expense on Deposits | Interest expense on deposits, excluding interest expense related to affiliate deposits, is summarized in the following table. Three months ended December 31, $ in millions 2021 2020 Savings, money market, and NOW accounts $ 2 $ 1 Certificates of deposit 4 5 Total interest expense on deposits $ 6 $ 6 |
COMMITMENTS, CONTINGENCIES AN_2
COMMITMENTS, CONTINGENCIES AND GUARANTEES COMMITMENTS, CONTINGENCIES AND GUARANTEES (Tables) | 3 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Commitments to Extend Credit and Other Credit-Related Off-Balance Sheet Financial Instruments Outstanding | The following table presents Raymond James Bank’s commitments to extend credit and other credit-related off-balance sheet financial instruments outstanding. $ in millions December 31, 2021 September 30, 2021 Open-end consumer lines of credit (primarily SBL) $ 18,980 $ 17,515 Commercial lines of credit $ 1,919 $ 2,075 Unfunded lending commitments $ 513 $ 548 Standby letters of credit $ 23 $ 22 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables) | 3 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the net change in AOCI as well as the changes, and the related tax effects, of each component of AOCI. $ in millions Net investment hedges Currency translations Subtotal: net investment hedges and currency translations Available- for-sale securities Cash flow hedges Total Three months ended December 31, 2021 AOCI as of beginning of period $ 81 $ (90) $ (9) $ (5) $ (27) $ (41) OCI: OCI before reclassifications and taxes (2) 1 (1) (72) 8 (65) Amounts reclassified from AOCI, before tax — — — — 4 4 Pre-tax net OCI (2) 1 (1) (72) 12 (61) Income tax effect 1 — 1 17 (3) 15 OCI for the period, net of tax (1) 1 — (55) 9 (46) AOCI as of end of period $ 80 $ (89) $ (9) $ (60) $ (18) $ (87) Three months ended December 31, 2020 AOCI as of beginning of period $ 115 $ (140) $ (25) $ 89 $ (53) $ 11 OCI: OCI before reclassifications and taxes (38) 45 7 (18) 3 (8) Amounts reclassified from AOCI, before tax — 2 2 (5) 4 1 Pre-tax net OCI (38) 47 9 (23) 7 (7) Income tax effect 9 — 9 6 (2) 13 OCI for the period, net of tax (29) 47 18 (17) 5 6 AOCI as of end of period $ 86 $ (93) $ (7) $ 72 $ (48) $ 17 |
REVENUES (Tables)
REVENUES (Tables) | 3 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables present our sources of revenues by segment. For further information about our significant accounting policies related to revenue recognition, see Note 2 of our 2021 Form 10-K. See Note 22 of this Form 10-Q for additional information on our segment results. Three months ended December 31, 2021 $ in millions Private Client Group Capital Markets Asset Management Raymond James Bank Other and intersegment eliminations Total Revenues: Asset management and related administrative fees $ 1,162 $ 1 $ 227 $ — $ (8) $ 1,382 Brokerage revenues: Securities commissions: Mutual and other fund products 171 2 2 — — 175 Insurance and annuity products 111 — — — — 111 Equities, exchange-traded funds (“ETFs”) and fixed income products 104 35 — — — 139 Subtotal securities commissions 386 37 2 — — 425 Principal transactions (1) 11 122 — — — 133 Total brokerage revenues 397 159 2 — — 558 Account and service fees: Mutual fund and annuity service fees 114 — — — (1) 113 RJBDP fees 67 — — — (50) 17 Client account and other fees 49 2 6 — (10) 47 Total account and service fees 230 2 6 — (61) 177 Investment banking: Merger & acquisition and advisory — 271 — — — 271 Equity underwriting 13 97 — — — 110 Debt underwriting — 44 — — — 44 Total investment banking 13 412 — — — 425 Other: Tax credit fund revenues — 35 — — — 35 All other (1) 7 2 1 6 — 16 Total other 7 37 1 6 — 51 Total non-interest revenues 1,809 611 236 6 (69) 2,593 Interest income (1) 33 5 — 187 — 225 Total revenues 1,842 616 236 193 (69) 2,818 Interest expense (3) (2) — (10) (22) (37) Net revenues $ 1,839 $ 614 $ 236 $ 183 $ (91) $ 2,781 (1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers. Three months ended December 31, 2020 $ in millions Private Client Group Capital Markets Asset Management Raymond James Bank Other and intersegment eliminations Total Revenues: Asset management and related administrative fees $ 885 $ 2 $ 188 $ — $ (8) $ 1,067 Brokerage revenues: Securities commissions: Mutual and other fund products 148 2 2 — (1) 151 Insurance and annuity products 98 — — — — 98 Equities, ETFs and fixed income products 95 37 — — — 132 Subtotal securities commissions 341 39 2 — (1) 381 Principal transactions (1) 12 134 — 1 — 147 Total brokerage revenues 353 173 2 1 (1) 528 Account and service fees: Mutual fund and annuity service fees 94 — — — — 94 RJBDP fees 64 — — — (43) 21 Client account and other fees 32 2 4 — (8) 30 Total account and service fees 190 2 4 — (51) 145 Investment banking: Merger & acquisition and advisory — 149 — — — 149 Equity underwriting 6 60 — — — 66 Debt underwriting — 46 — — — 46 Total investment banking 6 255 — — — 261 Other: Tax credit fund revenues — 16 — — — 16 All other (1) 5 3 1 9 22 40 Total other 5 19 1 9 22 56 Total non-interest revenues 1,439 451 195 10 (38) 2,057 Interest income (1) 30 3 — 168 2 203 Total revenues 1,469 454 195 178 (36) 2,260 Interest expense (2) (2) — (11) (23) (38) Net revenues $ 1,467 $ 452 $ 195 $ 167 $ (59) $ 2,222 (1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers. |
INTEREST INCOME AND INTEREST _2
INTEREST INCOME AND INTEREST EXPENSE (Tables) | 3 Months Ended |
Dec. 31, 2021 | |
Interest Income (Expense), Net [Abstract] | |
Interest Income and Interest Expense | The following table details the components of interest income and interest expense. Three months ended December 31, $ in millions 2021 2020 Interest income: Cash and cash equivalents $ 3 $ 4 Assets segregated for regulatory purposes and restricted cash 4 3 Available-for-sale securities 22 23 Brokerage client receivables 21 18 Bank loans, net of unearned income and deferred expenses 164 145 All other 11 10 Total interest income $ 225 $ 203 Interest expense: Bank deposits $ 6 $ 6 Brokerage client payables 1 1 Other borrowings 5 5 Senior notes payable 23 24 All other 2 2 Total interest expense 37 38 Net interest income 188 165 Bank loan (provision)/benefit for credit losses 11 (14) Net interest income after bank loan (provision)/benefit for credit losses $ 199 $ 151 |
REGULATORY CAPITAL REQUIREMEN_2
REGULATORY CAPITAL REQUIREMENTS (Tables) | 3 Months Ended |
Dec. 31, 2021 | |
Raymond James Financial Inc | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Summary of Minimum Requirements Under Regulatory Framework | To meet requirements for capital adequacy or to be categorized as “well-capitalized,” RJF must maintain minimum CET1, Tier 1 capital, Total capital and Tier 1 leverage amounts and ratios as set forth in the following table. Actual Requirement for capital To be well-capitalized $ in millions Amount Ratio Amount Ratio Amount Ratio RJF as of December 31, 2021: CET1 $ 7,842 25.9 % $ 1,365 4.5 % $ 1,972 6.5 % Tier 1 capital $ 7,842 25.9 % $ 1,820 6.0 % $ 2,427 8.0 % Total capital $ 8,197 27.0 % $ 2,427 8.0 % $ 3,034 10.0 % Tier 1 leverage $ 7,842 12.1 % $ 2,593 4.0 % $ 3,242 5.0 % RJF as of September 30, 2021: CET1 $ 7,428 25.0 % $ 1,337 4.5 % $ 1,932 6.5 % Tier 1 capital $ 7,428 25.0 % $ 1,783 6.0 % $ 2,377 8.0 % Total capital $ 7,780 26.2 % $ 2,377 8.0 % $ 2,972 10.0 % Tier 1 leverage $ 7,428 12.6 % $ 2,363 4.0 % $ 2,954 5.0 % |
RJ Bank | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Summary of Minimum Requirements Under Regulatory Framework | To meet the requirements for capital adequacy or to be categorized as “well-capitalized,” Raymond James Bank must maintain CET1, Tier 1 capital, Total capital and Tier 1 leverage amounts and ratios as set forth in the following table. Actual Requirement for capital To be well-capitalized $ in millions Amount Ratio Amount Ratio Amount Ratio Raymond James Bank as of December 31, 2021: CET1 $ 2,675 13.3 % $ 905 4.5 % $ 1,307 6.5 % Tier 1 capital $ 2,675 13.3 % $ 1,206 6.0 % $ 1,608 8.0 % Total capital $ 2,927 14.6 % $ 1,608 8.0 % $ 2,010 10.0 % Tier 1 leverage $ 2,675 7.2 % $ 1,477 4.0 % $ 1,846 5.0 % Raymond James Bank as of September 30, 2021: CET1 $ 2,626 13.4 % $ 883 4.5 % $ 1,275 6.5 % Tier 1 capital $ 2,626 13.4 % $ 1,177 6.0 % $ 1,569 8.0 % Total capital $ 2,873 14.6 % $ 1,569 8.0 % $ 1,962 10.0 % Tier 1 leverage $ 2,626 7.4 % $ 1,411 4.0 % $ 1,763 5.0 % |
Raymond James & Associates Inc | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Net Capital and Risk Adjusted Capital Positions of Certain Businesses and Subsidiaries | The following table presents the net capital position of RJ&A. $ in millions December 31, 2021 September 30, 2021 Raymond James & Associates, Inc. : (Alternative Method elected) Net capital as a percent of aggregate debit items 65.5 % 72.1 % Net capital $ 1,928 $ 2,035 Less: required net capital (59) (56) Excess net capital $ 1,869 $ 1,979 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table presents the computation of basic and diluted earnings per common share. Three months ended December 31, in millions, except per share amounts 2021 2020 Income for basic earnings per common share: Net income $ 446 $ 312 Less allocation of earnings and dividends to participating securities (1) (1) Net income attributable to RJF common shareholders $ 445 $ 311 Income for diluted earnings per common share: Net income $ 446 $ 312 Less allocation of earnings and dividends to participating securities (1) (1) Net income attributable to RJF common shareholders $ 445 $ 311 Common shares: Average common shares in basic computation 206.3 205.2 Dilutive effect of outstanding stock options and certain RSUs 6.1 4.4 Average common and common equivalent shares used in diluted computation 212.4 209.6 Earnings per common share: Basic $ 2.16 $ 1.52 Diluted $ 2.10 $ 1.48 Stock options and certain RSUs excluded from weighted-average diluted common shares because their effect would be antidilutive — 2.1 |
Dividends per Common Share Declared and Paid | Dividends per common share declared and paid are detailed in the following table for each respective period. Three months ended December 31, 2021 2020 Dividends per common share - declared $ 0.34 $ 0.26 Dividends per common share - paid $ 0.26 $ 0.25 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated | The following table presents information concerning operations in these segments. Three months ended December 31, $ in millions 2021 2020 Net revenues: Private Client Group $ 1,839 $ 1,467 Capital Markets 614 452 Asset Management 236 195 Raymond James Bank 183 167 Other (15) 4 Intersegment eliminations (76) (63) Total net revenues $ 2,781 $ 2,222 Pre-tax income/(loss): Private Client Group $ 195 $ 140 Capital Markets 201 129 Asset Management 107 83 Raymond James Bank 102 71 Other (47) (24) Total pre-tax income $ 558 $ 399 |
Reconciliation of Net Income (Loss) from Segments to Consolidated | The following table presents information concerning operations in these segments. Three months ended December 31, $ in millions 2021 2020 Net revenues: Private Client Group $ 1,839 $ 1,467 Capital Markets 614 452 Asset Management 236 195 Raymond James Bank 183 167 Other (15) 4 Intersegment eliminations (76) (63) Total net revenues $ 2,781 $ 2,222 Pre-tax income/(loss): Private Client Group $ 195 $ 140 Capital Markets 201 129 Asset Management 107 83 Raymond James Bank 102 71 Other (47) (24) Total pre-tax income $ 558 $ 399 |
Reconciliation of Other Significant Items from Segments to Consolidated | The following table presents our net interest income on a segment basis. Three months ended December 31, $ in millions 2021 2020 Net interest income/(expense): Private Client Group $ 30 $ 28 Capital Markets 3 1 Raymond James Bank 177 157 Other (22) (21) Net interest income $ 188 $ 165 The following table presents goodwill, which was included in our total assets, on a segment basis. $ in millions December 31, 2021 September 30, 2021 Goodwill: Private Client Group $ 417 $ 417 Capital Markets 174 174 Asset Management 69 69 Total $ 660 $ 660 |
Reconciliation of Total Assets from Segment to Consolidated | The following table presents our total assets on a segment basis. $ in millions December 31, 2021 September 30, 2021 Total assets: Private Client Group $ 25,431 $ 20,270 Capital Markets 2,027 2,457 Asset Management 482 476 Raymond James Bank 37,789 36,154 Other 2,732 2,534 Total $ 68,461 $ 61,891 |
Revenues, Income Before Provision for Income Taxes and Excluding Noncontrolling Interests, and Total Assets, Classified by Major Geographic Areas | The following table presents our net revenues and pre-tax income classified by major geographic area in which they were earned. Three months ended December 31, $ in millions 2021 2020 Net revenues: U.S. $ 2,589 $ 2,079 Canada 137 105 Europe 55 38 Total $ 2,781 $ 2,222 Pre-tax income: U.S. $ 531 $ 396 Canada 17 1 Europe 10 2 Total $ 558 $ 399 The following table presents our total assets by major geographic area in which they were held. $ in millions December 31, 2021 September 30, 2021 Total assets: U.S. $ 64,589 $ 57,952 Canada 3,670 3,724 Europe 202 215 Total $ 68,461 $ 61,891 |
Long-lived Assets by Geographic Areas | The following table presents goodwill, which was included in our total assets, classified by major geographic area in which it was held. $ in millions December 31, 2021 September 30, 2021 Goodwill: U.S. $ 619 $ 619 Canada 25 25 Europe 16 16 Total $ 660 $ 660 |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION (Details) | 3 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Percent ownership of subsidiaries that are consolidated (in hundredths) | 100.00% | |
Stock split ratio | 1.5 | |
Stock dividend percent | 50.00% |
ACQUISITIONS, Narrative (Detail
ACQUISITIONS, Narrative (Details) £ / shares in Units, $ / shares in Units, £ in Millions, $ in Millions | Jan. 21, 2022GBP (£)£ / shares | Jan. 21, 2022USD ($) | Dec. 15, 2021USD ($) | Oct. 20, 2021USD ($)$ / shares | Dec. 31, 2021USD ($) |
TriState Capital | |||||
Business Acquisition [Line Items] | |||||
Note receivable | $ | $ 125 | $ 125 | |||
Note receivable interest rate, year one | 2.25% | ||||
Note receivable, redemption price | 100.00% | ||||
TriState Capital | SOFR | |||||
Business Acquisition [Line Items] | |||||
Note receivable, basis spread on variable rate | 2.11% | ||||
Charles Stanley | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents segregated for regulatory purposes and restricted cash | $ | $ 385 | ||||
Charles Stanley | Subsequent Event | |||||
Business Acquisition [Line Items] | |||||
Share price (in dollars per share) | £ / shares | £ 5.15 | ||||
Consideration | £ 274 | $ 372 | |||
TriState Capital | |||||
Business Acquisition [Line Items] | |||||
Consideration | $ | $ 1,100 | ||||
TriState Capital | TriState Capital Common Stock | |||||
Business Acquisition [Line Items] | |||||
Cash consideration per share (in dollars per share) | $ / shares | $ 6 | ||||
Consideration transferred, share issuance ratio | 0.25 | ||||
Market value of per share consideration (in dollars per share) | $ / shares | $ 31.09 | ||||
TriState Capital | TriState Series C Convertible Preferred Stock | |||||
Business Acquisition [Line Items] | |||||
Cash consideration per share (in dollars per share) | $ / shares | $ 30 |
ACQUISITIONS, Acquisition-Relat
ACQUISITIONS, Acquisition-Related Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | ||
Acquisition-related expenses | $ 6 | $ 2 |
Legal fees | ||
Business Acquisition [Line Items] | ||
Acquisition-related expenses | 2 | 1 |
Identifiable intangible asset amortization | ||
Business Acquisition [Line Items] | ||
Acquisition-related expenses | 4 | 0 |
Other professional fees | ||
Business Acquisition [Line Items] | ||
Acquisition-related expenses | $ 0 | $ 1 |
FAIR VALUE, Recurring Fair Valu
FAIR VALUE, Recurring Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 30, 2021 |
Assets at fair value on a recurring basis: | ||
Available-for-sale securities | $ 8,547 | $ 8,315 |
Derivative assets, gross | 286 | 342 |
Amount of derivative assets offset | (72) | (87) |
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 214 | 255 |
Liabilities at fair value on a recurring basis: | ||
Derivative liabilities | 306 | 316 |
Total amounts offset | (74) | (88) |
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 232 | 228 |
Recurring | ||
Assets at fair value on a recurring basis: | ||
Assets segregated for regulatory purposes | 9,599 | 2,100 |
Total debt securities | 352 | 568 |
Equity securities | 11 | 12 |
Brokered certificates of deposit | 5 | 16 |
Other | 2 | 14 |
Total trading assets | 370 | 610 |
Available-for-sale securities | 8,547 | 8,315 |
Amount of derivative assets offset | (72) | (87) |
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 214 | 255 |
Other | 554 | 188 |
Total assets at fair value on a recurring basis | 19,441 | 11,637 |
Netting adjustments | (72) | (87) |
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 139 | 145 |
Equity securities | 32 | 31 |
Total trading instruments sold but not yet purchased | 171 | 176 |
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 232 | 228 |
Netting adjustments | (74) | (88) |
Total liabilities at fair value on a recurring basis | 403 | 404 |
Recurring | Interest rate | ||
Assets at fair value on a recurring basis: | ||
Interest rate - matched book | 171 | 193 |
Amount of derivative assets offset | (72) | (87) |
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 42 | 57 |
Liabilities at fair value on a recurring basis: | ||
Interest rate - matched book | 171 | 193 |
Total amounts offset | (74) | (88) |
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 29 | 34 |
Recurring | Foreign exchange | ||
Assets at fair value on a recurring basis: | ||
Interest rate - matched book | 5 | |
Liabilities at fair value on a recurring basis: | ||
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 32 | |
Recurring | Other | ||
Assets at fair value on a recurring basis: | ||
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 1 | |
Liabilities at fair value on a recurring basis: | ||
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 1 | |
Recurring | Municipal and provincial obligations | ||
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 2 | |
Recurring | Corporate obligations | ||
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 11 | 6 |
Recurring | Government and agency obligations | ||
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 128 | 137 |
Recurring | Municipal and provincial obligations | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 91 | 155 |
Recurring | Corporate obligations | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 51 | 79 |
Recurring | Government and agency obligations | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 94 | 109 |
Other | 436 | 86 |
Recurring | Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”) | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 89 | 211 |
Recurring | Non-agency CMOs and ABS | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 27 | 14 |
Recurring | Other | ||
Assets at fair value on a recurring basis: | ||
Other | 118 | 102 |
Recurring | Assets at Fair Value on a Recurring Basis, Before Investments Measured at NAV | ||
Assets at fair value on a recurring basis: | ||
Total assets at fair value on a recurring basis | 19,359 | 11,543 |
Recurring | Private equity investments | ||
Assets at fair value on a recurring basis: | ||
Private equity investments not measured at NAV | 75 | 75 |
Private equity investments measured at NAV | 82 | 94 |
Recurring | Level 1 | ||
Assets at fair value on a recurring basis: | ||
Assets segregated for regulatory purposes | 9,599 | 2,100 |
Total debt securities | 34 | 31 |
Equity securities | 10 | 8 |
Brokered certificates of deposit | 0 | 0 |
Other | 0 | 0 |
Total trading assets | 44 | 39 |
Available-for-sale securities | 15 | 15 |
Derivative assets, gross | 3 | 16 |
Other | 529 | 163 |
Total assets at fair value on a recurring basis | 10,190 | 2,333 |
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 128 | 139 |
Equity securities | 32 | 28 |
Total trading instruments sold but not yet purchased | 160 | 167 |
Derivative contracts liability, gross | 2 | 16 |
Total liabilities at fair value on a recurring basis | 162 | 183 |
Recurring | Level 1 | Interest rate | ||
Assets at fair value on a recurring basis: | ||
Interest rate - matched book | 0 | 0 |
Derivative assets, gross | 3 | 16 |
Liabilities at fair value on a recurring basis: | ||
Interest rate - matched book | 0 | 0 |
Derivative liabilities | 2 | 16 |
Recurring | Level 1 | Foreign exchange | ||
Assets at fair value on a recurring basis: | ||
Derivative assets, gross | 0 | |
Liabilities at fair value on a recurring basis: | ||
Derivative contracts liability, gross | 0 | |
Recurring | Level 1 | Other | ||
Assets at fair value on a recurring basis: | ||
Derivative assets, gross | 0 | |
Liabilities at fair value on a recurring basis: | ||
Derivative liabilities | 0 | |
Recurring | Level 1 | Municipal and provincial obligations | ||
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 2 | |
Recurring | Level 1 | Corporate obligations | ||
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 0 | 0 |
Recurring | Level 1 | Government and agency obligations | ||
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 128 | 137 |
Recurring | Level 1 | Municipal and provincial obligations | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 0 | 0 |
Recurring | Level 1 | Corporate obligations | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 11 | 16 |
Recurring | Level 1 | Government and agency obligations | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 23 | 15 |
Other | 436 | 86 |
Recurring | Level 1 | Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”) | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 0 | 0 |
Recurring | Level 1 | Non-agency CMOs and ABS | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 0 | 0 |
Recurring | Level 1 | Other | ||
Assets at fair value on a recurring basis: | ||
Other | 93 | 77 |
Recurring | Level 1 | Private equity investments | ||
Assets at fair value on a recurring basis: | ||
Private equity investments not measured at NAV | 0 | 0 |
Recurring | Level 2 | ||
Assets at fair value on a recurring basis: | ||
Assets segregated for regulatory purposes | 0 | 0 |
Total debt securities | 318 | 537 |
Equity securities | 1 | 4 |
Brokered certificates of deposit | 5 | 16 |
Other | 0 | 0 |
Total trading assets | 324 | 557 |
Available-for-sale securities | 8,532 | 8,300 |
Derivative assets, gross | 282 | 326 |
Other | 2 | 2 |
Total assets at fair value on a recurring basis | 9,140 | 9,185 |
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 11 | 6 |
Equity securities | 0 | 3 |
Total trading instruments sold but not yet purchased | 11 | 9 |
Derivative contracts liability, gross | 304 | 299 |
Total liabilities at fair value on a recurring basis | 315 | 308 |
Recurring | Level 2 | Interest rate | ||
Assets at fair value on a recurring basis: | ||
Interest rate - matched book | 171 | 193 |
Derivative assets, gross | 111 | 128 |
Liabilities at fair value on a recurring basis: | ||
Interest rate - matched book | 171 | 193 |
Derivative liabilities | 101 | 106 |
Recurring | Level 2 | Foreign exchange | ||
Assets at fair value on a recurring basis: | ||
Derivative assets, gross | 5 | |
Liabilities at fair value on a recurring basis: | ||
Derivative liabilities | 32 | |
Recurring | Level 2 | Other | ||
Assets at fair value on a recurring basis: | ||
Derivative assets, gross | 0 | |
Liabilities at fair value on a recurring basis: | ||
Derivative liabilities | 0 | |
Recurring | Level 2 | Municipal and provincial obligations | ||
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 0 | |
Recurring | Level 2 | Corporate obligations | ||
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 11 | 6 |
Recurring | Level 2 | Government and agency obligations | ||
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 0 | 0 |
Recurring | Level 2 | Municipal and provincial obligations | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 91 | 155 |
Recurring | Level 2 | Corporate obligations | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 40 | 63 |
Recurring | Level 2 | Government and agency obligations | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 71 | 94 |
Other | 0 | 0 |
Recurring | Level 2 | Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”) | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 89 | 211 |
Recurring | Level 2 | Non-agency CMOs and ABS | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 27 | 14 |
Recurring | Level 2 | Other | ||
Assets at fair value on a recurring basis: | ||
Other | 2 | 2 |
Recurring | Level 2 | Private equity investments | ||
Assets at fair value on a recurring basis: | ||
Private equity investments not measured at NAV | 0 | 0 |
Recurring | Level 3 | ||
Assets at fair value on a recurring basis: | ||
Assets segregated for regulatory purposes | 0 | 0 |
Total debt securities | 0 | 0 |
Equity securities | 0 | 0 |
Brokered certificates of deposit | 0 | 0 |
Other | 2 | 14 |
Total trading assets | 2 | 14 |
Available-for-sale securities | 0 | 0 |
Derivative assets, gross | 1 | 0 |
Other | 23 | 23 |
Total assets at fair value on a recurring basis | 101 | 112 |
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 0 | 0 |
Equity securities | 0 | 0 |
Total trading instruments sold but not yet purchased | 0 | 0 |
Derivative contracts liability, gross | 0 | 1 |
Total liabilities at fair value on a recurring basis | 0 | 1 |
Recurring | Level 3 | Interest rate | ||
Assets at fair value on a recurring basis: | ||
Interest rate - matched book | 0 | 0 |
Derivative assets, gross | 0 | 0 |
Liabilities at fair value on a recurring basis: | ||
Interest rate - matched book | 0 | 0 |
Derivative liabilities | 0 | 0 |
Recurring | Level 3 | Foreign exchange | ||
Assets at fair value on a recurring basis: | ||
Derivative assets, gross | 0 | |
Liabilities at fair value on a recurring basis: | ||
Derivative contracts liability, gross | 0 | |
Recurring | Level 3 | Other | ||
Assets at fair value on a recurring basis: | ||
Derivative assets, gross | 1 | |
Liabilities at fair value on a recurring basis: | ||
Derivative liabilities | 1 | |
Recurring | Level 3 | Municipal and provincial obligations | ||
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 0 | |
Recurring | Level 3 | Corporate obligations | ||
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 0 | 0 |
Recurring | Level 3 | Government and agency obligations | ||
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 0 | 0 |
Recurring | Level 3 | Municipal and provincial obligations | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 0 | 0 |
Recurring | Level 3 | Corporate obligations | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 0 | 0 |
Recurring | Level 3 | Government and agency obligations | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 0 | 0 |
Other | 0 | 0 |
Recurring | Level 3 | Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”) | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 0 | 0 |
Recurring | Level 3 | Non-agency CMOs and ABS | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 0 | 0 |
Recurring | Level 3 | Other | ||
Assets at fair value on a recurring basis: | ||
Other | 23 | 23 |
Recurring | Level 3 | Private equity investments | ||
Assets at fair value on a recurring basis: | ||
Private equity investments not measured at NAV | $ 75 | $ 75 |
FAIR VALUE, Level 3 Financial A
FAIR VALUE, Level 3 Financial Assets and Liabilities, Roll Forward (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | |
Percentage of instruments measured at fair value on a recurring basis | |||
Instruments measured at fair value, percentage of assets (in hundredths) | 28.00% | 19.00% | |
Instruments measured at fair value, percentage of liabilities (in hundredths) | 1.00% | 1.00% | |
Instruments measured at fair value, level 3, percentage of assets (in hundredths) | 1.00% | 1.00% | |
Derivative liabilities | Other | |||
Changes in Level 3 recurring fair value measurements, liabilities [Roll Forward] | |||
Fair value beginning of period | $ (1) | $ (5) | |
Total gains included in earnings | 1 | 4 | |
Purchases and contributions | 0 | 0 | |
Sales and distributions | 0 | 0 | |
Transfers: | |||
Into Level 3 | 0 | 0 | |
Out of Level 3 | 0 | 0 | |
Fair value end of period | 0 | (1) | |
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period | 0 | 3 | |
Trading assets | Trading assets | |||
Changes in Level 3 recurring fair value measurements, assets [Roll Forward] | |||
Fair value beginning of period | 14 | 12 | |
Total gains included in earnings | 2 | 2 | |
Purchases and contributions | 25 | 6 | |
Sales and distributions | (39) | (17) | |
Transfers: | |||
Into Level 3 | 0 | 0 | |
Out of Level 3 | 0 | 0 | |
Fair value end of period | 2 | 3 | |
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period | (1) | 3 | |
Derivative assets | Other | |||
Changes in Level 3 recurring fair value measurements, assets [Roll Forward] | |||
Fair value beginning of period | 0 | ||
Total gains included in earnings | 1 | ||
Purchases and contributions | 0 | ||
Sales and distributions | 0 | ||
Transfers: | |||
Into Level 3 | 0 | ||
Out of Level 3 | 0 | ||
Fair value end of period | 1 | ||
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period | 2 | ||
Private equity and other investments | Private equity investments | |||
Changes in Level 3 recurring fair value measurements, assets [Roll Forward] | |||
Fair value beginning of period | 75 | 37 | |
Total gains included in earnings | 0 | 15 | |
Purchases and contributions | 0 | 0 | |
Sales and distributions | 0 | 0 | |
Transfers: | |||
Into Level 3 | 0 | 0 | |
Out of Level 3 | 0 | 0 | |
Fair value end of period | 75 | 52 | |
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period | 0 | 15 | |
Private equity and other investments | All other | |||
Changes in Level 3 recurring fair value measurements, assets [Roll Forward] | |||
Fair value beginning of period | 23 | 22 | |
Total gains included in earnings | 0 | 0 | |
Purchases and contributions | 0 | 0 | |
Sales and distributions | 0 | 0 | |
Transfers: | |||
Into Level 3 | 0 | 0 | |
Out of Level 3 | 0 | 0 | |
Fair value end of period | 23 | 22 | |
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period | $ 0 | $ 0 |
FAIR VALUE, Significant Assumpt
FAIR VALUE, Significant Assumptions Used in Valuation of Level 3 Financial Instruments (Details) - Recurring $ in Millions | Dec. 31, 2021USD ($) | Sep. 30, 2021USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value on a recurring basis | $ 19,441 | $ 11,637 |
Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value on a recurring basis | 101 | 112 |
Private equity investments | Level 3 | Discounted cash flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value on a recurring basis | $ 75 | $ 75 |
Discount rate | Private equity investments | Level 3 | Discounted cash flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Discount rate / multiple applied to revenue | 25 | 25 |
EBITDA Multiple | Private equity investments | Level 3 | Discounted cash flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Discount rate / multiple applied to revenue | 10 | 10 |
FAIR VALUE, Investments in Priv
FAIR VALUE, Investments in Private Equity Measured at Net Asset Value Per Share (Details) - Private equity investments - Recurring - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 30, 2021 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Private equity investments measured at NAV | $ 82 | $ 94 |
Private equity investments not measured at NAV | 75 | 75 |
Total private equity investments | 157 | 169 |
Total equity attributable to Raymond James Financial, Inc. | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Total private equity investments | 115 | 120 |
Unfunded commitment | 8 | 8 |
Noncontrolling interests | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Total private equity investments | $ 42 | $ 49 |
FAIR VALUE, Financial Instrumen
FAIR VALUE, Financial Instruments Measured at Fair Value on a Nonrecurring Basis (Details) - Nonrecurring - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Dec. 31, 2021 | Mar. 31, 2021 | Sep. 30, 2021 | |
Loans held for sale | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Bank loans, net | $ 161 | $ 29 | |
Loans held for sale | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Bank loans, net | 161 | 29 | |
Loans held for sale | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Bank loans, net | 0 | 0 | |
Discounted cash flow | Bank loans: impaired loans - residential | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Bank loans, net | 13 | 14 | |
Discounted cash flow | Bank loans: impaired loans - residential | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Bank loans, net | 3 | 3 | |
Discounted cash flow | Bank loans: impaired loans - residential | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Bank loans, net | 10 | 11 | |
Collateral or discounted cash flow | Bank loans: impaired loans - corporate | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Bank loans, net | 41 | 49 | |
Collateral or discounted cash flow | Bank loans: impaired loans - corporate | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Bank loans, net | 0 | 0 | |
Collateral or discounted cash flow | Bank loans: impaired loans - corporate | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Bank loans, net | $ 41 | $ 49 | |
Minimum | Discounted cash flow | Bank loans: impaired loans - residential | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Prepayment term | 7 years | 7 years | |
Maximum | Discounted cash flow | Bank loans: impaired loans - residential | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Prepayment term | 12 years | 12 years | |
Weighted average | Discounted cash flow | Bank loans: impaired loans - residential | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Prepayment term | 10 years 6 months | 10 years 6 months |
FAIR VALUE, Carrying Amounts an
FAIR VALUE, Carrying Amounts and Estimated Fair Value of Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 30, 2021 |
Carrying amount | ||
Financial assets: | ||
Bank loans, net | $ 25,917 | $ 24,902 |
Financial liabilities: | ||
Bank deposits - certificates of deposit | 789 | 878 |
Senior notes payable | 2,037 | 2,037 |
Recurring | Total estimated fair value | ||
Financial assets: | ||
Bank loans, net | 25,909 | 24,955 |
Financial liabilities: | ||
Bank deposits - certificates of deposit | 802 | 898 |
Senior notes payable | 2,434 | 2,459 |
Recurring | Level 2 | Total estimated fair value | ||
Financial assets: | ||
Bank loans, net | 69 | 116 |
Financial liabilities: | ||
Bank deposits - certificates of deposit | 0 | 0 |
Senior notes payable | 2,434 | 2,459 |
Recurring | Level 3 | Total estimated fair value | ||
Financial assets: | ||
Bank loans, net | 25,840 | 24,839 |
Financial liabilities: | ||
Bank deposits - certificates of deposit | 802 | 898 |
Senior notes payable | $ 0 | $ 0 |
AVAILABLE-FOR-SALE SECURITIES,
AVAILABLE-FOR-SALE SECURITIES, Amortized Cost and Fair Values of AFS Securities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 30, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities | $ 8,547 | $ 8,315 |
RJ Bank | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost basis | 8,626 | 8,322 |
Gross unrealized gains | 40 | 62 |
Gross unrealized losses | (119) | (69) |
Available-for-sale securities | 8,547 | 8,315 |
RJ Bank | Agency residential MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost basis | 5,537 | 5,168 |
Gross unrealized gains | 32 | 46 |
Gross unrealized losses | (49) | (25) |
Available-for-sale securities | 5,520 | 5,189 |
RJ Bank | Agency commercial MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost basis | 1,324 | 1,285 |
Gross unrealized gains | 4 | 7 |
Gross unrealized losses | (37) | (28) |
Available-for-sale securities | 1,291 | 1,264 |
RJ Bank | Agency CMOs | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost basis | 1,750 | 1,854 |
Gross unrealized gains | 4 | 9 |
Gross unrealized losses | (33) | (16) |
Available-for-sale securities | 1,721 | 1,847 |
RJ Bank | Other securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost basis | 15 | 15 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Available-for-sale securities | $ 15 | $ 15 |
AVAILABLE-FOR-SALE SECURITIES_2
AVAILABLE-FOR-SALE SECURITIES, Contractual Maturities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 30, 2021 |
Carrying value | ||
Total | $ 8,547 | $ 8,315 |
RJ Bank | ||
Amortized cost | ||
Within one year | 33 | |
After one but within five years | 448 | |
After five but within ten years | 3,684 | |
After ten years | 4,461 | |
Cost basis | 8,626 | 8,322 |
Carrying value | ||
Within one year | 33 | |
After one but within five years | 451 | |
After five but within ten years | 3,650 | |
After ten years | 4,413 | |
Total | $ 8,547 | 8,315 |
Weighted-average yield | ||
Within one year (in hundredths) | 2.08% | |
After one but within five years (in hundredths) | 1.67% | |
After five but within ten years (in hundredths) | 1.11% | |
After ten years (in hundredths) | 1.08% | |
Total (in hundredths) | 1.13% | |
RJ Bank | Agency residential MBS | ||
Amortized cost | ||
Within one year | $ 0 | |
After one but within five years | 117 | |
After five but within ten years | 2,764 | |
After ten years | 2,656 | |
Cost basis | 5,537 | 5,168 |
Carrying value | ||
Within one year | 0 | |
After one but within five years | 121 | |
After five but within ten years | 2,761 | |
After ten years | 2,638 | |
Total | 5,520 | 5,189 |
RJ Bank | Agency commercial MBS | ||
Amortized cost | ||
Within one year | 33 | |
After one but within five years | 315 | |
After five but within ten years | 892 | |
After ten years | 84 | |
Cost basis | 1,324 | 1,285 |
Carrying value | ||
Within one year | 33 | |
After one but within five years | 313 | |
After five but within ten years | 862 | |
After ten years | 83 | |
Total | 1,291 | 1,264 |
RJ Bank | Agency CMOs | ||
Amortized cost | ||
Within one year | 0 | |
After one but within five years | 6 | |
After five but within ten years | 23 | |
After ten years | 1,721 | |
Cost basis | 1,750 | 1,854 |
Carrying value | ||
Within one year | 0 | |
After one but within five years | 6 | |
After five but within ten years | 23 | |
After ten years | 1,692 | |
Total | 1,721 | 1,847 |
RJ Bank | Other securities | ||
Amortized cost | ||
Within one year | 0 | |
After one but within five years | 10 | |
After five but within ten years | 5 | |
After ten years | 0 | |
Cost basis | 15 | 15 |
Carrying value | ||
Within one year | 0 | |
After one but within five years | 11 | |
After five but within ten years | 4 | |
After ten years | 0 | |
Total | $ 15 | $ 15 |
AVAILABLE-FOR-SALE SECURITIES_3
AVAILABLE-FOR-SALE SECURITIES, Gross Unrealized Losses and Fair Value and Significant Assumptions (Details) - RJ Bank - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 30, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Estimated far value less than 12 months | $ 5,563 | $ 4,721 |
Unrealized losses less than 12 months | (73) | (50) |
Estimated fair value 12 months or more | 1,309 | 602 |
Unrealized losses 12 months or more | (46) | (19) |
Total estimated fair value | 6,872 | 5,323 |
Total unrealized losses | (119) | (69) |
Agency residential MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated far value less than 12 months | 3,976 | 3,155 |
Unrealized losses less than 12 months | (40) | (25) |
Estimated fair value 12 months or more | 367 | 18 |
Unrealized losses 12 months or more | (9) | 0 |
Total estimated fair value | 4,343 | 3,173 |
Total unrealized losses | (49) | (25) |
Agency commercial MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated far value less than 12 months | 479 | 645 |
Unrealized losses less than 12 months | (11) | (13) |
Estimated fair value 12 months or more | 570 | 353 |
Unrealized losses 12 months or more | (26) | (15) |
Total estimated fair value | 1,049 | 998 |
Total unrealized losses | (37) | (28) |
Agency CMOs | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated far value less than 12 months | 1,104 | 918 |
Unrealized losses less than 12 months | (22) | (12) |
Estimated fair value 12 months or more | 372 | 231 |
Unrealized losses 12 months or more | (11) | (4) |
Total estimated fair value | 1,476 | 1,149 |
Total unrealized losses | (33) | (16) |
Other securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated far value less than 12 months | 4 | 3 |
Unrealized losses less than 12 months | 0 | 0 |
Estimated fair value 12 months or more | 0 | 0 |
Unrealized losses 12 months or more | 0 | 0 |
Total estimated fair value | 4 | 3 |
Total unrealized losses | $ 0 | $ 0 |
AVAILABLE-FOR-SALE SECURITIES_4
AVAILABLE-FOR-SALE SECURITIES, Narrative (Details) $ in Millions | 3 Months Ended | ||
Dec. 31, 2021USD ($)investmentPosition | Dec. 31, 2020USD ($) | Sep. 30, 2021USD ($) | |
Debt Securities, Available-for-sale [Line Items] | |||
Accrued interest excluded | $ 14 | $ 14 | |
Duration, available for sale securities | 4 years | ||
Proceeds from sales of available-for-sale securities | $ 0 | $ 519 | |
Federal National Mortgage Association (FNMA) | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized cost basis | 5,470 | ||
Federal Home Loan Mortgage Corporation (FHLMC) | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized cost basis | $ 2,930 | ||
RJ Bank | Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”) | |||
Debt Securities, Available-for-sale [Line Items] | |||
Number of available-for-sale investment positions determined to be in an unrealized loss position | investmentPosition | 392 | ||
Number of available-for-sale investment positions determined to be in an unrealized loss position continuously for less than 12 months | investmentPosition | 315 | ||
Number of available-for-sale investment positions determined to be in an unrealized loss position continuously for 12 months or more | investmentPosition | 77 |
DERIVATIVE ASSETS AND DERIVAT_3
DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES, Derivative Assets and Liability Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 30, 2021 |
Derivative assets | ||
Derivative assets | $ 286 | $ 342 |
Counterparty netting | (38) | (46) |
Cash collateral netting | (34) | (41) |
Total amounts offset | (72) | (87) |
Derivative assets | 214 | 255 |
Financial instruments | (181) | (205) |
Net amount | 33 | 50 |
Derivative liabilities | ||
Derivative liabilities | 306 | 316 |
Counterparty netting | (38) | (46) |
Cash collateral netting | (36) | (42) |
Total amounts offset | (74) | (88) |
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 232 | 228 |
Financial instruments | (171) | (193) |
Net amount | 61 | 35 |
Notional amount | 17,138 | 19,989 |
Derivatives not designated as hedging instruments | ||
Derivative assets | ||
Derivative assets | 286 | 340 |
Derivative liabilities | ||
Derivative liabilities | 288 | 316 |
Notional amount | 15,352 | 18,200 |
Derivatives not designated as hedging instruments | Interest rate - matched book | ||
Derivative assets | ||
Interest rate - matched book | 171 | 193 |
Derivative liabilities | ||
Interest rate - matched book | 171 | 193 |
Notional amount | 1,559 | 1,736 |
Derivatives not designated as hedging instruments | Interest rate - other | ||
Derivative assets | ||
Derivative assets | 114 | 144 |
Derivative liabilities | ||
Derivative liabilities | 103 | 122 |
Notional amount | 12,356 | 15,087 |
Derivatives not designated as hedging instruments | Foreign exchange | ||
Derivative assets | ||
Derivative assets | 0 | 3 |
Derivative liabilities | ||
Derivative liabilities | 14 | 0 |
Notional amount | 867 | 826 |
Derivatives not designated as hedging instruments | Other | ||
Derivative assets | ||
Derivative assets | 1 | 0 |
Derivative liabilities | ||
Derivative liabilities | 0 | 1 |
Notional amount | 570 | 551 |
Derivatives designated as hedging instruments | ||
Derivative assets | ||
Derivative assets | 0 | 2 |
Derivative liabilities | ||
Derivative liabilities | 18 | 0 |
Notional amount | 1,786 | 1,789 |
Derivatives designated as hedging instruments | Interest rate | ||
Derivative assets | ||
Derivative assets | 0 | 0 |
Derivative liabilities | ||
Derivative liabilities | 0 | 0 |
Notional amount | 850 | 850 |
Derivatives designated as hedging instruments | Foreign exchange | ||
Derivative assets | ||
Derivative assets | 0 | 2 |
Derivative liabilities | ||
Derivative liabilities | 18 | 0 |
Notional amount | $ 936 | $ 939 |
DERIVATIVE ASSETS AND DERIVAT_4
DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES, Derivative Gain (Loss) Recognized in AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cash flow hedges | $ 9 | $ 5 |
Total gains/(losses) in AOCI, net of taxes | 8 | (24) |
Interest rate | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cash flow hedges | 9 | 5 |
Foreign exchange | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net investment hedges | $ (1) | $ (29) |
DERIVATIVE ASSETS AND DERIVAT_5
DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative [Line Items] | ||||
Gain (loss) excluded from assessment of hedge effectiveness | $ 0 | $ 0 | ||
Interest expense | 37,000,000 | $ 38,000,000 | ||
Derivative liabilities | 232,000,000 | $ 228,000,000 | ||
Derivative With Credit-Risk-Related Contingent Features | ||||
Derivative [Line Items] | ||||
Derivative liabilities | $ 14,000,000 | $ 0 | ||
RJ Bank | ||||
Derivative [Line Items] | ||||
Maximum length of time hedged in cash flow hedge | 6 years | |||
Forecast | Reclassification out of accumulated other comprehensive income | ||||
Derivative [Line Items] | ||||
Interest expense | $ 13,000,000 |
DERIVATIVE ASSETS AND DERIVAT_6
DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES, Income Statement Location (Details) - Derivatives not designated as hedging instruments - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Principal transactions/other revenues | Interest rate | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in fair value of derivative asset or liability | $ 3 | $ 4 |
Other revenues | Foreign exchange | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in fair value of derivative asset or liability | (1) | (26) |
Principal transactions | Other | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in fair value of derivative asset or liability | $ 3 | $ 4 |
COLLATERALIZED AGREEMENTS AND_3
COLLATERALIZED AGREEMENTS AND FINANCINGS, Schedule of Offsetting Transactions (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 30, 2021 |
Reverse repurchase agreements | ||
Gross amounts of recognized assets/liabilities | $ 204 | $ 279 |
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition | 0 | 0 |
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 204 | 279 |
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition | (204) | (279) |
Net amounts | 0 | 0 |
Securities borrowed | ||
Gross amounts of recognized assets/liabilities | 143 | 201 |
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition | 0 | 0 |
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 143 | 201 |
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition | (139) | (195) |
Net amounts | 4 | 6 |
Gross amounts of recognized assets/liabilities | 347 | 480 |
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition | 0 | 0 |
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 347 | 480 |
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition | (343) | (474) |
Net amounts | 4 | 6 |
Repurchase agreements | ||
Gross amounts of recognized assets/liabilities | 203 | 205 |
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition | 0 | 0 |
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 203 | 205 |
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition | (203) | (205) |
Net amounts | 0 | 0 |
Securities loaned | ||
Gross amounts of recognized assets/liabilities | 65 | 72 |
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition | 0 | 0 |
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 65 | 72 |
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition | (62) | (68) |
Net amounts | 3 | 4 |
Gross amounts of recognized assets/liabilities | 268 | 277 |
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition | 0 | 0 |
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 268 | 277 |
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition | (265) | (273) |
Net amounts | $ 3 | $ 4 |
COLLATERALIZED AGREEMENTS AND_4
COLLATERALIZED AGREEMENTS AND FINANCINGS, Collateral (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 30, 2021 |
Collateral Received that Can be Resold or Repledged [Abstract] | ||
Collateral we received that was available to be delivered or repledged | $ 3,548 | $ 3,429 |
Collateral that we delivered or repledged | $ 821 | $ 830 |
COLLATERALIZED AGREEMENTS AND_5
COLLATERALIZED AGREEMENTS AND FINANCINGS, Encumbered Assets (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 30, 2021 |
Financial instruments owned, at fair value, pledged to counterparties that: | ||
Had the right to deliver or repledge | $ 333 | $ 368 |
Did not have the right to deliver or repledge | 65 | 65 |
Bank loans, net pledged at the Federal Home Loan Bank (“FHLB”) and the Federal Reserve Bank of Atlanta | $ 5,747 | $ 5,716 |
COLLATERALIZED AGREEMENTS AND_6
COLLATERALIZED AGREEMENTS AND FINANCINGS, Repurchase Agreements, Repurchase-to-Maturity Transactions and Securities Loaned Accounted For As Secured Borrowings (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 30, 2021 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | $ 203 | $ 205 |
Total | 268 | 277 |
Government and agency obligations | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 102 | 122 |
Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”) | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 101 | 83 |
Equity securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities loaned | 65 | 72 |
Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 203 | 205 |
Total | 268 | 277 |
Overnight and continuous | Government and agency obligations | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 102 | 122 |
Overnight and continuous | Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”) | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 101 | 83 |
Overnight and continuous | Equity securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities loaned | 65 | 72 |
Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 0 | 0 |
Total | 0 | 0 |
Up to 30 days | Government and agency obligations | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 0 | 0 |
Up to 30 days | Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”) | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 0 | 0 |
Up to 30 days | Equity securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities loaned | 0 | 0 |
30-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 0 | 0 |
Total | 0 | 0 |
30-90 days | Government and agency obligations | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 0 | 0 |
30-90 days | Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”) | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 0 | 0 |
30-90 days | Equity securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities loaned | 0 | 0 |
Greater than 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 0 | 0 |
Total | 0 | 0 |
Greater than 90 days | Government and agency obligations | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 0 | 0 |
Greater than 90 days | Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”) | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 0 | 0 |
Greater than 90 days | Equity securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities loaned | $ 0 | $ 0 |
BANK LOANS, NET, Held for Sale
BANK LOANS, NET, Held for Sale and Held for Investment (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable past due | $ 26,440 | $ 25,314 | ||
Allowance for credit losses | (308) | (320) | ||
Bank loans, net | 26,132 | 24,994 | ||
Accrued interest receivable on bank loans | $ 51 | $ 48 | ||
Associated percentage of each major loan category in loan portfolios [Abstract] | ||||
Loans held for investment (in hundredths) | 100.00% | 100.00% | ||
Allowance for credit losses percent of held for investment loan portfolio | 1.18% | 1.27% | ||
Loans held for investment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable past due | $ 26,210 | $ 25,169 | ||
Allowance for credit losses | $ (308) | $ (320) | $ (378) | $ (354) |
Associated percentage of each major loan category in loan portfolios [Abstract] | ||||
Loans held for investment (in hundredths) | 99.00% | 99.00% | ||
Loans held for sale | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable past due | $ 230 | $ 145 | ||
Associated percentage of each major loan category in loan portfolios [Abstract] | ||||
Loans held for investment (in hundredths) | 1.00% | 1.00% | ||
C&I loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable past due | $ 8,608 | $ 8,440 | ||
C&I loans | Loans held for investment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable past due | 8,608 | 8,440 | ||
Allowance for credit losses | $ (179) | $ (191) | (198) | (200) |
Associated percentage of each major loan category in loan portfolios [Abstract] | ||||
Loans held for investment (in hundredths) | 33.00% | 33.00% | ||
CRE loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable past due | $ 2,992 | $ 2,872 | ||
CRE loans | Loans held for investment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable past due | 2,992 | 2,872 | ||
Allowance for credit losses | $ (72) | $ (66) | (112) | (81) |
Associated percentage of each major loan category in loan portfolios [Abstract] | ||||
Loans held for investment (in hundredths) | 11.00% | 11.00% | ||
REIT loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable past due | $ 1,189 | $ 1,112 | ||
REIT loans | Loans held for investment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable past due | 1,189 | 1,112 | ||
Allowance for credit losses | $ (22) | $ (22) | (30) | (36) |
Associated percentage of each major loan category in loan portfolios [Abstract] | ||||
Loans held for investment (in hundredths) | 4.00% | 5.00% | ||
Tax-exempt loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable past due | $ 1,290 | $ 1,321 | ||
Tax-exempt loans | Loans held for investment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable past due | 1,290 | 1,321 | ||
Allowance for credit losses | $ (2) | $ (2) | (2) | (14) |
Associated percentage of each major loan category in loan portfolios [Abstract] | ||||
Loans held for investment (in hundredths) | 5.00% | 5.00% | ||
Residential mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable past due | $ 5,568 | $ 5,318 | ||
Residential mortgage loans | Loans held for investment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable past due | 5,568 | 5,318 | ||
Allowance for credit losses | $ (30) | $ (35) | (33) | (18) |
Associated percentage of each major loan category in loan portfolios [Abstract] | ||||
Loans held for investment (in hundredths) | 21.00% | 21.00% | ||
SBL and other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable past due | $ 6,563 | $ 6,106 | ||
SBL and other | Loans held for investment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable past due | 6,563 | 6,106 | ||
Allowance for credit losses | $ (3) | $ (4) | $ (3) | $ (5) |
Associated percentage of each major loan category in loan portfolios [Abstract] | ||||
Loans held for investment (in hundredths) | 25.00% | 24.00% |
BANK LOANS, NET, Originations,
BANK LOANS, NET, Originations, Purchases, and Sales (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Loans held for sale | ||
Financing Receivables, Schedule of Purchases and Sales [Line Items] | ||
Loans held for sale originated or purchased | $ 968 | $ 582 |
Proceeds from sale of loans held-for-sale | 338 | 188 |
Loans held for investment | ||
Financing Receivables, Schedule of Purchases and Sales [Line Items] | ||
Purchases | 523 | 168 |
Sales | 51 | 5 |
Loans held for investment | C&I loans | ||
Financing Receivables, Schedule of Purchases and Sales [Line Items] | ||
Purchases | 339 | 122 |
Sales | 51 | 5 |
Loans held for investment | Residential mortgage loans | ||
Financing Receivables, Schedule of Purchases and Sales [Line Items] | ||
Purchases | 184 | 46 |
Sales | $ 0 | $ 0 |
BANK LOANS, NET, Analysis of Pa
BANK LOANS, NET, Analysis of Payment Status of Loans Held for Investment (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 30, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | $ 26,440 | $ 25,314 |
Performing nonaccrual loans | 59 | 61 |
Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 26,210 | 25,169 |
Nonaccrual with allowance | 39 | 41 |
Nonaccrual with no allowance | 34 | 33 |
Total past due and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 1 | 2 |
30-89 days and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 1 | 2 |
90 days or more and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 0 | 0 |
Current and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 26,136 | 25,093 |
C&I loans | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 8,608 | 8,440 |
C&I loans | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 8,608 | 8,440 |
Nonaccrual with allowance | 38 | 39 |
Nonaccrual with no allowance | 0 | 0 |
C&I loans | Total past due and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 0 | 0 |
C&I loans | 30-89 days and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 0 | 0 |
C&I loans | 90 days or more and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 0 | 0 |
C&I loans | Current and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 8,570 | 8,401 |
CRE loans | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 2,992 | 2,872 |
Troubled debt restructuring | 12 | 12 |
CRE loans | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 2,992 | 2,872 |
Nonaccrual with allowance | 0 | 0 |
Nonaccrual with no allowance | 20 | 20 |
CRE loans | Total past due and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 0 | 0 |
CRE loans | 30-89 days and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 0 | 0 |
CRE loans | 90 days or more and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 0 | 0 |
CRE loans | Current and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 2,972 | 2,852 |
REIT loans | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 1,189 | 1,112 |
REIT loans | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 1,189 | 1,112 |
Nonaccrual with allowance | 0 | 0 |
Nonaccrual with no allowance | 0 | 0 |
REIT loans | Total past due and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 0 | 0 |
REIT loans | 30-89 days and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 0 | 0 |
REIT loans | 90 days or more and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 0 | 0 |
REIT loans | Current and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 1,189 | 1,112 |
Tax-exempt loans | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 1,290 | 1,321 |
Tax-exempt loans | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 1,290 | 1,321 |
Nonaccrual with allowance | 0 | 0 |
Nonaccrual with no allowance | 0 | 0 |
Tax-exempt loans | Total past due and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 0 | 0 |
Tax-exempt loans | 30-89 days and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 0 | 0 |
Tax-exempt loans | 90 days or more and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 0 | 0 |
Tax-exempt loans | Current and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 1,290 | 1,321 |
Residential mortgage loans | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 5,568 | 5,318 |
Residential mortgage loans | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 5,568 | 5,318 |
Nonaccrual with allowance | 1 | 2 |
Nonaccrual with no allowance | 14 | 13 |
Residential mortgage loans | Total past due and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 1 | 2 |
Residential mortgage loans | 30-89 days and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 1 | 2 |
Residential mortgage loans | 90 days or more and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 0 | 0 |
Residential mortgage loans | Current and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 5,552 | 5,301 |
SBL and other | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 6,563 | 6,106 |
SBL and other | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 6,563 | 6,106 |
Nonaccrual with allowance | 0 | 0 |
Nonaccrual with no allowance | 0 | 0 |
SBL and other | Total past due and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 0 | 0 |
SBL and other | 30-89 days and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 0 | 0 |
SBL and other | 90 days or more and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 0 | 0 |
SBL and other | Current and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 6,563 | 6,106 |
Residential Mortgage - First Mortgage Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Troubled debt restructuring | $ 13 | $ 13 |
BANK LOANS, NET, Collateral-dep
BANK LOANS, NET, Collateral-dependent loans (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 30, 2021 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing receivable past due | $ 26,440 | $ 25,314 |
Loans held for investment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing receivable past due | 26,210 | 25,169 |
CRE loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing receivable past due | 2,992 | 2,872 |
CRE loans | Loans held for investment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing receivable past due | 2,992 | 2,872 |
CRE loans | Retail and Industrial Real Estate | Loans held for investment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Collateral dependent loans | 20 | 20 |
Residential mortgage loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing receivable past due | 5,568 | 5,318 |
Residential mortgage loans | Loans held for investment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing receivable past due | 5,568 | 5,318 |
Residential mortgage loans | One-to-four family residential mortgage loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing receivable past due | 4 | 4 |
Residential mortgage loans | Single Family | Loans held for investment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Collateral dependent loans | $ 7 | $ 5 |
BANK LOANS, NET, Credit Quality
BANK LOANS, NET, Credit Quality of Held for Investment Loan Portfolio (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 30, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans held for investment | $ 26,440 | $ 25,314 |
C&I loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 293 | 999 |
Year two | 1,042 | 1,273 |
Year three | 1,316 | 1,260 |
Year four | 1,186 | 1,492 |
Year five | 1,421 | 961 |
Prior | 2,353 | 1,715 |
Revolving loans | 997 | 740 |
Total loans held for investment | 8,608 | 8,440 |
C&I loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 293 | 999 |
Year two | 1,042 | 1,273 |
Year three | 1,316 | 1,180 |
Year four | 1,108 | 1,408 |
Year five | 1,382 | 935 |
Prior | 2,260 | 1,633 |
Revolving loans | 993 | 739 |
Total loans held for investment | 8,394 | 8,167 |
C&I loans | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 41 |
Year four | 40 | 0 |
Year five | 0 | 26 |
Prior | 76 | 54 |
Revolving loans | 4 | 1 |
Total loans held for investment | 120 | 122 |
C&I loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 24 |
Year four | 24 | 84 |
Year five | 39 | 0 |
Prior | 17 | 28 |
Revolving loans | 0 | 0 |
Total loans held for investment | 80 | 136 |
C&I loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 15 |
Year four | 14 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Revolving loans | 0 | 0 |
Total loans held for investment | 14 | 15 |
CRE loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 154 | 533 |
Year two | 615 | 504 |
Year three | 442 | 532 |
Year four | 522 | 786 |
Year five | 758 | 231 |
Prior | 425 | 224 |
Revolving loans | 76 | 62 |
Total loans held for investment | 2,992 | 2,872 |
CRE loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 154 | 533 |
Year two | 615 | 459 |
Year three | 397 | 442 |
Year four | 431 | 652 |
Year five | 642 | 223 |
Prior | 380 | 174 |
Revolving loans | 76 | 62 |
Total loans held for investment | 2,695 | 2,545 |
CRE loans | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 45 |
Year three | 45 | 58 |
Year four | 43 | 36 |
Year five | 36 | 0 |
Prior | 0 | 0 |
Revolving loans | 0 | 0 |
Total loans held for investment | 124 | 139 |
CRE loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 32 |
Year four | 48 | 98 |
Year five | 80 | 8 |
Prior | 45 | 50 |
Revolving loans | 0 | 0 |
Total loans held for investment | 173 | 188 |
CRE loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Revolving loans | 0 | 0 |
Total loans held for investment | 0 | 0 |
REIT loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 235 |
Year two | 239 | 95 |
Year three | 96 | 109 |
Year four | 99 | 71 |
Year five | 36 | 83 |
Prior | 282 | 273 |
Revolving loans | 437 | 246 |
Total loans held for investment | 1,189 | 1,112 |
REIT loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 235 |
Year two | 239 | 95 |
Year three | 96 | 75 |
Year four | 65 | 60 |
Year five | 25 | 46 |
Prior | 140 | 167 |
Revolving loans | 429 | 237 |
Total loans held for investment | 994 | 915 |
REIT loans | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 13 |
Year four | 13 | 11 |
Year five | 11 | 33 |
Prior | 138 | 106 |
Revolving loans | 6 | 6 |
Total loans held for investment | 168 | 169 |
REIT loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 21 |
Year four | 21 | 0 |
Year five | 0 | 4 |
Prior | 4 | 0 |
Revolving loans | 2 | 3 |
Total loans held for investment | 27 | 28 |
REIT loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Revolving loans | 0 | 0 |
Total loans held for investment | 0 | 0 |
Tax-exempt loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 158 |
Year two | 158 | 57 |
Year three | 57 | 124 |
Year four | 118 | 204 |
Year five | 200 | 272 |
Prior | 757 | 506 |
Revolving loans | 0 | 0 |
Total loans held for investment | 1,290 | 1,321 |
Tax-exempt loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 158 |
Year two | 158 | 57 |
Year three | 57 | 124 |
Year four | 118 | 204 |
Year five | 200 | 272 |
Prior | 757 | 506 |
Revolving loans | 0 | 0 |
Total loans held for investment | 1,290 | 1,321 |
Tax-exempt loans | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Revolving loans | 0 | 0 |
Total loans held for investment | 0 | 0 |
Tax-exempt loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Revolving loans | 0 | 0 |
Total loans held for investment | 0 | 0 |
Tax-exempt loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Revolving loans | 0 | 0 |
Total loans held for investment | 0 | 0 |
Residential mortgage loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 562 | 1,861 |
Year two | 1,822 | 1,266 |
Year three | 1,182 | 640 |
Year four | 583 | 387 |
Year five | 349 | 453 |
Prior | 1,050 | 691 |
Revolving loans | 20 | 20 |
Total loans held for investment | 5,568 | 5,318 |
Residential mortgage loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 562 | 1,861 |
Year two | 1,822 | 1,266 |
Year three | 1,182 | 640 |
Year four | 581 | 386 |
Year five | 349 | 451 |
Prior | 1,023 | 666 |
Revolving loans | 20 | 20 |
Total loans held for investment | 5,539 | 5,290 |
Residential mortgage loans | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 2 | 0 |
Year five | 0 | 0 |
Prior | 5 | 5 |
Revolving loans | 0 | 0 |
Total loans held for investment | 7 | 5 |
Residential mortgage loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 1 |
Year five | 0 | 2 |
Prior | 22 | 20 |
Revolving loans | 0 | 0 |
Total loans held for investment | 22 | 23 |
Residential mortgage loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Revolving loans | 0 | 0 |
Total loans held for investment | 0 | 0 |
SBL and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 3 |
Year two | 6 | 45 |
Year three | 45 | 12 |
Year four | 12 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Revolving loans | 6,500 | 6,046 |
Total loans held for investment | 6,563 | 6,106 |
SBL and other | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 3 |
Year two | 6 | 45 |
Year three | 45 | 12 |
Year four | 12 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Revolving loans | 6,500 | 6,046 |
Total loans held for investment | 6,563 | 6,106 |
SBL and other | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Revolving loans | 0 | 0 |
Total loans held for investment | 0 | 0 |
SBL and other | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Revolving loans | 0 | 0 |
Total loans held for investment | 0 | 0 |
SBL and other | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Revolving loans | 0 | 0 |
Total loans held for investment | $ 0 | $ 0 |
BANK LOANS, NET, Held for Inves
BANK LOANS, NET, Held for Investment Residential Mortgage Loan Portfolio by FICO Score and by LTV Ratio (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 30, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable past due | $ 26,440 | $ 25,314 |
Loans held for investment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable past due | 26,210 | 25,169 |
Residential mortgage loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable past due | 5,568 | 5,318 |
Residential mortgage loans | Loans held for investment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable past due | 5,568 | 5,318 |
Below 80% | Residential mortgage loans | Loans held for investment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable past due | 4,348 | 4,123 |
80%+ | Residential mortgage loans | Loans held for investment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable past due | 1,220 | 1,195 |
Below 600 | Residential mortgage loans | Loans held for investment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable past due | 67 | 67 |
600 - 699 | Residential mortgage loans | Loans held for investment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable past due | 431 | 416 |
700 - 799 | Residential mortgage loans | Loans held for investment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable past due | 3,982 | 3,772 |
800 + | Residential mortgage loans | Loans held for investment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable past due | 1,082 | 1,058 |
FICO score not available | Residential mortgage loans | Loans held for investment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable past due | $ 6 | $ 5 |
BANK LOANS, NET, Changes in the
BANK LOANS, NET, Changes in the Allowance for Loan Losses (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | |
Changes in the allowance for loan losses [Roll Forward] | |||
Balance at beginning of period | $ 320 | ||
Net (charge-offs)/recoveries: | |||
Balance at end of period | 308 | ||
Unfunded lending commitments | 12 | $ 13 | |
Decrease in allowance for credit losses | 12 | ||
Loans held for investment | |||
Changes in the allowance for loan losses [Roll Forward] | |||
Balance at beginning of period | 320 | $ 354 | |
Provision/(benefit) for credit losses | (11) | 14 | |
Net (charge-offs)/recoveries: | |||
Charge-offs | (2) | 0 | |
Recoveries | 1 | 0 | |
Net (charge-offs)/recoveries | (1) | 0 | |
Foreign exchange translation adjustment | 0 | 1 | |
Balance at end of period | 308 | 378 | |
Loans held for investment | Impact of CECL adoption | |||
Changes in the allowance for loan losses [Roll Forward] | |||
Balance at beginning of period | 9 | ||
Loans held for investment | C&I loans | |||
Changes in the allowance for loan losses [Roll Forward] | |||
Balance at beginning of period | 191 | 200 | |
Provision/(benefit) for credit losses | (10) | (22) | |
Net (charge-offs)/recoveries: | |||
Charge-offs | (2) | 0 | |
Recoveries | 0 | 0 | |
Net (charge-offs)/recoveries | (2) | 0 | |
Foreign exchange translation adjustment | 0 | 1 | |
Balance at end of period | 179 | 198 | |
Loans held for investment | C&I loans | Impact of CECL adoption | |||
Changes in the allowance for loan losses [Roll Forward] | |||
Balance at beginning of period | 19 | ||
Loans held for investment | CRE loans | |||
Changes in the allowance for loan losses [Roll Forward] | |||
Balance at beginning of period | 66 | 81 | |
Provision/(benefit) for credit losses | 6 | 42 | |
Net (charge-offs)/recoveries: | |||
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Net (charge-offs)/recoveries | 0 | 0 | |
Foreign exchange translation adjustment | 0 | 0 | |
Balance at end of period | 72 | 112 | |
Loans held for investment | CRE loans | Impact of CECL adoption | |||
Changes in the allowance for loan losses [Roll Forward] | |||
Balance at beginning of period | (11) | ||
Loans held for investment | REIT loans | |||
Changes in the allowance for loan losses [Roll Forward] | |||
Balance at beginning of period | 22 | 36 | |
Provision/(benefit) for credit losses | 0 | 3 | |
Net (charge-offs)/recoveries: | |||
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Net (charge-offs)/recoveries | 0 | 0 | |
Foreign exchange translation adjustment | 0 | 0 | |
Balance at end of period | 22 | 30 | |
Loans held for investment | REIT loans | Impact of CECL adoption | |||
Changes in the allowance for loan losses [Roll Forward] | |||
Balance at beginning of period | (9) | ||
Loans held for investment | Tax-exempt loans | |||
Changes in the allowance for loan losses [Roll Forward] | |||
Balance at beginning of period | 2 | 14 | |
Provision/(benefit) for credit losses | 0 | 0 | |
Net (charge-offs)/recoveries: | |||
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Net (charge-offs)/recoveries | 0 | 0 | |
Foreign exchange translation adjustment | 0 | 0 | |
Balance at end of period | 2 | 2 | |
Loans held for investment | Tax-exempt loans | Impact of CECL adoption | |||
Changes in the allowance for loan losses [Roll Forward] | |||
Balance at beginning of period | (12) | ||
Loans held for investment | Residential mortgage loans | |||
Changes in the allowance for loan losses [Roll Forward] | |||
Balance at beginning of period | 35 | 18 | |
Provision/(benefit) for credit losses | (6) | (9) | |
Net (charge-offs)/recoveries: | |||
Charge-offs | 0 | 0 | |
Recoveries | 1 | 0 | |
Net (charge-offs)/recoveries | 1 | 0 | |
Foreign exchange translation adjustment | 0 | 0 | |
Balance at end of period | 30 | 33 | |
Loans held for investment | Residential mortgage loans | Impact of CECL adoption | |||
Changes in the allowance for loan losses [Roll Forward] | |||
Balance at beginning of period | 24 | ||
Loans held for investment | SBL and other | |||
Changes in the allowance for loan losses [Roll Forward] | |||
Balance at beginning of period | 4 | 5 | |
Provision/(benefit) for credit losses | (1) | 0 | |
Net (charge-offs)/recoveries: | |||
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Net (charge-offs)/recoveries | 0 | 0 | |
Foreign exchange translation adjustment | 0 | 0 | |
Balance at end of period | $ 3 | 3 | |
Loans held for investment | SBL and other | Impact of CECL adoption | |||
Changes in the allowance for loan losses [Roll Forward] | |||
Balance at beginning of period | $ (2) |
LOANS TO FINANCIAL ADVISORS, _3
LOANS TO FINANCIAL ADVISORS, NET, Balance of Loans to Financial Advisors (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2021 | Sep. 30, 2021 | |
Receivables [Abstract] | ||
Currently affiliated with the firm | $ 1,128 | $ 1,074 |
No longer affiliated with the firm | 9 | 10 |
Total loans to financial advisors | 1,137 | 1,084 |
Allowance for credit losses | (29) | (27) |
Loans to financial advisors, net | 1,108 | 1,057 |
Accrued interest receivable on loans to financial advisors | $ 4 | $ 4 |
Allowance for credit losses as a percent of the loan portfolio | 2.55% | 2.49% |
Past due period | 180 days |
VARIABLE INTEREST ENTITIES, Pri
VARIABLE INTEREST ENTITIES, Primary Beneficiary - Aggregate Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 30, 2021 |
Variable interest entity, consolidated, aggregate assets and liabilities [Abstract] | ||
Total assets | $ 68,461 | $ 61,891 |
Total liabilities | 59,809 | 53,588 |
Variable Interest Entity, Primary Beneficiary | ||
Variable interest entity, consolidated, aggregate assets and liabilities [Abstract] | ||
Total assets | 191 | 192 |
Total liabilities | 80 | 71 |
Private Equity Interests | Variable Interest Entity, Primary Beneficiary | ||
Variable interest entity, consolidated, aggregate assets and liabilities [Abstract] | ||
Total assets | 48 | 66 |
Total liabilities | 4 | 4 |
LIHTC funds | Variable Interest Entity, Primary Beneficiary | ||
Variable interest entity, consolidated, aggregate assets and liabilities [Abstract] | ||
Total assets | 119 | 111 |
Total liabilities | 52 | 52 |
Restricted Stock Trust Fund | Variable Interest Entity, Primary Beneficiary | ||
Variable interest entity, consolidated, aggregate assets and liabilities [Abstract] | ||
Total assets | 24 | 15 |
Total liabilities | $ 24 | $ 15 |
VARIABLE INTEREST ENTITIES, P_2
VARIABLE INTEREST ENTITIES, Primary Beneficiary - Carrying Value of Assets, Liabilities and Equity (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Assets: | ||||
Cash and cash equivalents and assets segregated for regulatory purposes and restricted cash | $ 14,107 | $ 16,449 | $ 11,396 | $ 9,634 |
Other assets | 2,388 | 2,257 | ||
Total assets | 68,461 | 61,891 | ||
Liabilities: | ||||
Other payables | 1,524 | 1,701 | ||
Total liabilities | 59,809 | 53,588 | ||
Noncontrolling interests | 52 | 58 | ||
Variable Interest Entity, Primary Beneficiary | ||||
Assets: | ||||
Total assets | 191 | 192 | ||
Liabilities: | ||||
Total liabilities | 80 | 71 | ||
Variable Interest Entity, Primary Beneficiary | Carrying amount | ||||
Assets: | ||||
Cash and cash equivalents and assets segregated for regulatory purposes and restricted cash | 7 | 10 | ||
Other investments | 47 | 63 | ||
Other assets | 114 | 105 | ||
Total assets | 168 | 178 | ||
Liabilities: | ||||
Other payables | 44 | 45 | ||
Total liabilities | 44 | 45 | ||
Noncontrolling interests | $ 51 | $ 58 |
VARIABLE INTEREST ENTITIES, Not
VARIABLE INTEREST ENTITIES, Not the Primary Beneficiary - Aggregate Assets, Liabilities Exposure to Loss (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 30, 2021 |
Variable Interest Entity [Line Items] | ||
Aggregate assets | $ 68,461 | $ 61,891 |
Aggregate liabilities | 59,809 | 53,588 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Aggregate assets | 15,251 | 14,869 |
Aggregate liabilities | 2,729 | 2,482 |
Our risk of loss | 111 | 163 |
Private Equity Interests | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Aggregate assets | 7,163 | 7,318 |
Aggregate liabilities | 88 | 47 |
Our risk of loss | 86 | 82 |
LIHTC funds | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Aggregate assets | 7,374 | 7,032 |
Aggregate liabilities | 2,465 | 2,280 |
Our risk of loss | 14 | 71 |
Other | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Aggregate assets | 714 | 519 |
Aggregate liabilities | 176 | 155 |
Our risk of loss | $ 11 | $ 10 |
OTHER ASSETS (Details)
OTHER ASSETS (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 30, 2021 |
Prepaid Expense and Other Assets [Abstract] | ||
Investments in company-owned life insurance policies | $ 1,013 | $ 952 |
Property and equipment, net | 491 | 499 |
Lease right-of-use (“ROU”) asset | 439 | 446 |
Prepaid expenses | 134 | 127 |
Investments in FHLB and Federal Reserve Bank stock | 72 | 72 |
All other | 239 | 161 |
Total other assets | $ 2,388 | $ 2,257 |
LEASES - Operating Lease Assets
LEASES - Operating Lease Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 30, 2021 |
Leases [Abstract] | ||
Operating lease assets | $ 439 | $ 446 |
Operating lease liabilities | $ 445 | $ 450 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) $ in Millions | Dec. 31, 2021USD ($) |
Lessee, Lease, Description [Line Items] | |
Legally binding minimum lease payments | $ 34 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Contract term | 4 years |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Contract term | 11 years |
LEASES - Lease Cost (Details)
LEASES - Lease Cost (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Lease costs | $ 28 | $ 27 |
Variable lease costs | $ 7 | $ 6 |
BANK DEPOSITS, Summary of Bank
BANK DEPOSITS, Summary of Bank Deposits (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 30, 2021 |
Bank deposits: | ||
Savings and money market accounts | $ 33,103 | $ 31,415 |
Certificates of deposit | 789 | 878 |
NOW accounts | 164 | 164 |
Demand deposits (non-interest-bearing) | 36 | 38 |
Total bank deposits | $ 34,092 | $ 32,495 |
Weighted-average rate [Abstract] | ||
Savings and money market accounts, weighted-average rate (in hundredths) | 0.01% | 0.01% |
Certificates of deposit, weighted-average rate (in hundredths) | 1.89% | 1.87% |
NOW accounts, weighted-average rate (in hundredths) | 1.84% | 1.84% |
Demand deposits (non-interest-bearing), weighted-average rate (in hundredths) | 0.00% | 0.00% |
Total bank deposits, weighted-average rate (in hundredths) | 0.06% | 0.07% |
Related Party Transaction [Line Items] | ||
Related party deposit liabilities | $ 302 | $ 301 |
Time deposit amount that exceeds FDIC insurance limit | 43 | |
Raymond James Financial Inc | ||
Related Party Transaction [Line Items] | ||
Related party deposit liabilities | 229 | |
Raymond James Trust Company of New Hampshire | ||
Related Party Transaction [Line Items] | ||
Related party deposit liabilities | $ 73 |
BANK DEPOSITS, Schedule Maturit
BANK DEPOSITS, Schedule Maturities of Certificates of Deposit (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 30, 2021 |
Scheduled maturities of certificates of deposit, denominations greater than or equal to $100,000 [Abstract] | ||
Three months or less | $ 28 | $ 22 |
Over three through six months | 20 | 21 |
Over six through twelve months | 36 | 32 |
Over one through two years | 95 | 93 |
Over two through three years | 18 | 37 |
Over three through four years | 6 | 6 |
Over four through five years | 10 | 9 |
Total certificates of deposit | 213 | 220 |
Scheduled maturities of certificates of deposit, denominations less than 100,000 [Abstract] | ||
Three months or less | 78 | 87 |
Over three through six months | 30 | 76 |
Over six through twelve months | 112 | 54 |
Over one through two years | 171 | 170 |
Over two through three years | 160 | 166 |
Over three through four years | 18 | 99 |
Over four through five years | 7 | 6 |
Total certificates of deposit | $ 576 | $ 658 |
BANK DEPOSITS, Summary of Inter
BANK DEPOSITS, Summary of Interest Expense on Deposits (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Interest expense on deposits [Abstract] | ||
Savings, money market, and NOW accounts | $ 2 | $ 1 |
Certificates of deposit | 4 | 5 |
Total interest expense on deposits | $ 6 | $ 6 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 20.10% | 21.70% |
Unrecognized tax benefits, period increase (decrease) | $ (12) |
COMMITMENTS, CONTINGENCIES AN_3
COMMITMENTS, CONTINGENCIES AND GUARANTEES, Commitments and Contingencies (Details) $ in Millions | 3 Months Ended |
Dec. 31, 2021USD ($) | |
Independent venture capital or private equity investment commitment | |
Commitments [Line Items] | |
Amount of commitment | $ 25 |
Commitment to lend to RJTCF | |
Commitments [Line Items] | |
Amount of commitment | $ 97 |
Number of days that investments in project partnerships typically sold | 90 days |
Forward GNMA MBS purchase commitments | |
Commitments [Line Items] | |
Amount of commitment | $ 140 |
Expected time of purchase (in days) | 90 days |
COMMITMENTS, CONTINGENCIES AN_4
COMMITMENTS, CONTINGENCIES AND GUARANTEES, Summary of Commitments to Extend Credit and Other Credit-Related Off-Balance Sheet Financial Instruments Outstanding (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 30, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Open-end consumer lines of credit (primarily SBL) | $ 18,980 | $ 17,515 |
Commercial lines of credit | 1,919 | 2,075 |
Unfunded loan commitments | 513 | 548 |
Standby letters of credit | $ 23 | $ 22 |
COMMITMENTS, CONTINGENCIES AN_5
COMMITMENTS, CONTINGENCIES AND GUARANTEES, Guarantees 1 (Details) - Securities Industry Protection Corporation (SIPC) $ in Thousands | Dec. 31, 2021USD ($) |
Guarantees [Abstract] | |
SIPC fund securities per customer limit (up to) | $ 500 |
Per customer upper limit claims for cash balances | $ 250 |
COMMITMENTS, CONTINGENCIES AN_6
COMMITMENTS, CONTINGENCIES AND GUARANTEES, Guarantees 2 (Details) - Raymond James & Associates Inc $ in Millions | Dec. 31, 2021USD ($) |
Guarantor Obligations [Line Items] | |
Excess SIPC insured amount upper limit | $ 750 |
Excess SIPC Sub-limit per customer cash above basic SIPC | $ 1.9 |
COMMITMENTS, CONTINGENCIES AN_7
COMMITMENTS, CONTINGENCIES AND GUARANTEES, Legal and Regulatory Matters Contingencies (Details) $ in Millions | Dec. 31, 2021USD ($) |
Pending Litigation | Various lawsuits | |
Loss Contingencies [Line Items] | |
Range of loss portion not accrued | $ 90 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS), Schedule of Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance beginning of period | $ 8,303 | |
OCI: | ||
OCI before reclassifications and taxes | (65) | $ (8) |
Amounts reclassified from AOCI, before tax | 4 | 1 |
Pre-tax net OCI | (61) | (7) |
Income tax effect | 15 | 13 |
Total other comprehensive income/(loss), net of tax | (46) | 6 |
Balance end of period | 8,652 | 7,438 |
Total | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance beginning of period | (41) | 11 |
OCI: | ||
Total other comprehensive income/(loss), net of tax | (46) | 6 |
Balance end of period | (87) | 17 |
Net investment hedges | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance beginning of period | 81 | 115 |
OCI: | ||
OCI before reclassifications and taxes | (2) | (38) |
Amounts reclassified from AOCI, before tax | 0 | 0 |
Pre-tax net OCI | (2) | (38) |
Income tax effect | 1 | 9 |
Total other comprehensive income/(loss), net of tax | (1) | (29) |
Balance end of period | 80 | 86 |
Currency translations | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance beginning of period | (90) | (140) |
OCI: | ||
OCI before reclassifications and taxes | 1 | 45 |
Amounts reclassified from AOCI, before tax | 0 | 2 |
Pre-tax net OCI | 1 | 47 |
Income tax effect | 0 | 0 |
Total other comprehensive income/(loss), net of tax | 1 | 47 |
Balance end of period | (89) | (93) |
Subtotal: net investment hedges and currency translations | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance beginning of period | (9) | (25) |
OCI: | ||
OCI before reclassifications and taxes | (1) | 7 |
Amounts reclassified from AOCI, before tax | 0 | 2 |
Pre-tax net OCI | (1) | 9 |
Income tax effect | 1 | 9 |
Total other comprehensive income/(loss), net of tax | 0 | 18 |
Balance end of period | (9) | (7) |
Available- for-sale securities | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance beginning of period | (5) | 89 |
OCI: | ||
OCI before reclassifications and taxes | (72) | (18) |
Amounts reclassified from AOCI, before tax | 0 | (5) |
Pre-tax net OCI | (72) | (23) |
Income tax effect | 17 | 6 |
Total other comprehensive income/(loss), net of tax | (55) | (17) |
Balance end of period | (60) | 72 |
Cash flow hedges | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance beginning of period | (27) | (53) |
OCI: | ||
OCI before reclassifications and taxes | 8 | 3 |
Amounts reclassified from AOCI, before tax | 4 | 4 |
Pre-tax net OCI | 12 | 7 |
Income tax effect | (3) | (2) |
Total other comprehensive income/(loss), net of tax | 9 | 5 |
Balance end of period | $ (18) | $ (48) |
REVENUES, Disaggregation of Rev
REVENUES, Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Principal transactions | $ 133 | $ 147 | |
Total non-interest revenues | 2,593 | 2,057 | |
All other | 16 | 40 | |
Interest income | 225 | 203 | |
Total revenues | 2,818 | 2,260 | |
Interest expense | (37) | (38) | |
Net revenues | 2,781 | 2,222 | |
Receivables related to contracts with customers | 343 | $ 416 | |
Asset management and related administrative fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 1,382 | 1,067 | |
Total brokerage revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total brokerage revenues | 558 | 528 | |
Subtotal securities commissions | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 425 | 381 | |
Mutual and other fund products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 175 | 151 | |
Insurance and annuity products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 111 | 98 | |
Equities, ETFs and fixed income products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 139 | 132 | |
Total account and service fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 177 | 145 | |
Mutual fund and annuity service fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 113 | 94 | |
RJBDP fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 17 | 21 | |
Client account and other fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 47 | 30 | |
Total investment banking | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 425 | 261 | |
Merger & acquisition and advisory | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 271 | 149 | |
Equity underwriting | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 110 | 66 | |
Debt underwriting | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 44 | 46 | |
Total other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 51 | 56 | |
Noninterest income | 51 | 56 | |
Tax credit fund revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 35 | 16 | |
Operating segments | Private Client Group | |||
Disaggregation of Revenue [Line Items] | |||
Principal transactions | 11 | 12 | |
Total non-interest revenues | 1,809 | 1,439 | |
All other | 7 | 5 | |
Interest income | 33 | 30 | |
Total revenues | 1,842 | 1,469 | |
Interest expense | (3) | (2) | |
Net revenues | 1,839 | 1,467 | |
Operating segments | Private Client Group | Asset management and related administrative fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 1,162 | 885 | |
Operating segments | Private Client Group | Total brokerage revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total brokerage revenues | 397 | 353 | |
Operating segments | Private Client Group | Subtotal securities commissions | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 386 | 341 | |
Operating segments | Private Client Group | Mutual and other fund products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 171 | 148 | |
Operating segments | Private Client Group | Insurance and annuity products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 111 | 98 | |
Operating segments | Private Client Group | Equities, ETFs and fixed income products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 104 | 95 | |
Operating segments | Private Client Group | Total account and service fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 230 | 190 | |
Operating segments | Private Client Group | Mutual fund and annuity service fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 114 | 94 | |
Operating segments | Private Client Group | RJBDP fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 67 | 64 | |
Operating segments | Private Client Group | Client account and other fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 49 | 32 | |
Operating segments | Private Client Group | Total investment banking | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 13 | 6 | |
Operating segments | Private Client Group | Merger & acquisition and advisory | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Private Client Group | Equity underwriting | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 13 | 6 | |
Operating segments | Private Client Group | Debt underwriting | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Private Client Group | Total other | |||
Disaggregation of Revenue [Line Items] | |||
Noninterest income | 7 | 5 | |
Operating segments | Private Client Group | Tax credit fund revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Capital Markets | |||
Disaggregation of Revenue [Line Items] | |||
Principal transactions | 122 | 134 | |
Total non-interest revenues | 611 | 451 | |
All other | 2 | 3 | |
Interest income | 5 | 3 | |
Total revenues | 616 | 454 | |
Interest expense | (2) | (2) | |
Net revenues | 614 | 452 | |
Operating segments | Capital Markets | Asset management and related administrative fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 1 | 2 | |
Operating segments | Capital Markets | Total brokerage revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total brokerage revenues | 159 | 173 | |
Operating segments | Capital Markets | Subtotal securities commissions | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 37 | 39 | |
Operating segments | Capital Markets | Mutual and other fund products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 2 | 2 | |
Operating segments | Capital Markets | Insurance and annuity products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Capital Markets | Equities, ETFs and fixed income products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 35 | 37 | |
Operating segments | Capital Markets | Total account and service fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 2 | 2 | |
Operating segments | Capital Markets | Mutual fund and annuity service fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Capital Markets | RJBDP fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Capital Markets | Client account and other fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 2 | 2 | |
Operating segments | Capital Markets | Total investment banking | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 412 | 255 | |
Operating segments | Capital Markets | Merger & acquisition and advisory | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 271 | 149 | |
Operating segments | Capital Markets | Equity underwriting | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 97 | 60 | |
Operating segments | Capital Markets | Debt underwriting | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 44 | 46 | |
Operating segments | Capital Markets | Total other | |||
Disaggregation of Revenue [Line Items] | |||
Noninterest income | 37 | 19 | |
Operating segments | Capital Markets | Tax credit fund revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 35 | 16 | |
Operating segments | Asset Management | |||
Disaggregation of Revenue [Line Items] | |||
Principal transactions | 0 | 0 | |
Total non-interest revenues | 236 | 195 | |
All other | 1 | 1 | |
Interest income | 0 | 0 | |
Total revenues | 236 | 195 | |
Interest expense | 0 | 0 | |
Net revenues | 236 | 195 | |
Operating segments | Asset Management | Asset management and related administrative fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 227 | 188 | |
Operating segments | Asset Management | Total brokerage revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total brokerage revenues | 2 | 2 | |
Operating segments | Asset Management | Subtotal securities commissions | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 2 | 2 | |
Operating segments | Asset Management | Mutual and other fund products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 2 | 2 | |
Operating segments | Asset Management | Insurance and annuity products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Asset Management | Equities, ETFs and fixed income products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Asset Management | Total account and service fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 6 | 4 | |
Operating segments | Asset Management | Mutual fund and annuity service fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Asset Management | RJBDP fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Asset Management | Client account and other fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 6 | 4 | |
Operating segments | Asset Management | Total investment banking | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Asset Management | Merger & acquisition and advisory | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Asset Management | Equity underwriting | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Asset Management | Debt underwriting | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Asset Management | Total other | |||
Disaggregation of Revenue [Line Items] | |||
Noninterest income | 1 | 1 | |
Operating segments | Asset Management | Tax credit fund revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | RJ Bank | |||
Disaggregation of Revenue [Line Items] | |||
Principal transactions | 0 | 1 | |
Total non-interest revenues | 6 | 10 | |
All other | 6 | 9 | |
Interest income | 187 | 168 | |
Total revenues | 193 | 178 | |
Interest expense | (10) | (11) | |
Net revenues | 183 | 167 | |
Operating segments | RJ Bank | Asset management and related administrative fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | RJ Bank | Total brokerage revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total brokerage revenues | 0 | 1 | |
Operating segments | RJ Bank | Subtotal securities commissions | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | RJ Bank | Mutual and other fund products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | RJ Bank | Insurance and annuity products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | RJ Bank | Equities, ETFs and fixed income products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | RJ Bank | Total account and service fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | RJ Bank | Mutual fund and annuity service fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | RJ Bank | RJBDP fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | RJ Bank | Client account and other fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | RJ Bank | Total investment banking | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | RJ Bank | Merger & acquisition and advisory | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | RJ Bank | Equity underwriting | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | RJ Bank | Debt underwriting | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | RJ Bank | Total other | |||
Disaggregation of Revenue [Line Items] | |||
Noninterest income | 6 | 9 | |
Operating segments | RJ Bank | Tax credit fund revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Other and intersegment eliminations | |||
Disaggregation of Revenue [Line Items] | |||
Principal transactions | 0 | 0 | |
Total non-interest revenues | (69) | (38) | |
All other | 0 | 22 | |
Interest income | 0 | 2 | |
Total revenues | (69) | (36) | |
Interest expense | (22) | (23) | |
Net revenues | (91) | (59) | |
Other and intersegment eliminations | Asset management and related administrative fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | (8) | (8) | |
Other and intersegment eliminations | Total brokerage revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total brokerage revenues | 0 | (1) | |
Other and intersegment eliminations | Subtotal securities commissions | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | (1) | |
Other and intersegment eliminations | Mutual and other fund products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | (1) | |
Other and intersegment eliminations | Insurance and annuity products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Other and intersegment eliminations | Equities, ETFs and fixed income products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Other and intersegment eliminations | Total account and service fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | (61) | (51) | |
Other and intersegment eliminations | Mutual fund and annuity service fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | (1) | 0 | |
Other and intersegment eliminations | RJBDP fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | (50) | (43) | |
Other and intersegment eliminations | Client account and other fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | (10) | (8) | |
Other and intersegment eliminations | Total investment banking | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Other and intersegment eliminations | Merger & acquisition and advisory | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Other and intersegment eliminations | Equity underwriting | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Other and intersegment eliminations | Debt underwriting | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Other and intersegment eliminations | Total other | |||
Disaggregation of Revenue [Line Items] | |||
Noninterest income | 0 | 22 | |
Other and intersegment eliminations | Tax credit fund revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | $ 0 | $ 0 |
INTEREST INCOME AND INTEREST _3
INTEREST INCOME AND INTEREST EXPENSE (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Interest income: | ||
Cash and cash equivalents | $ 3 | $ 4 |
Assets segregated for regulatory purposes and restricted cash | 4 | 3 |
Available-for-sale securities | 22 | 23 |
Brokerage client receivables | 21 | 18 |
Bank loans, net of unearned income and deferred expenses | 164 | 145 |
All other | 11 | 10 |
Total Interest income | 225 | 203 |
Interest expense: | ||
Bank deposits | 6 | 6 |
Brokerage client payables | 1 | 1 |
Other borrowings | 5 | 5 |
Senior notes payable | 23 | 24 |
All other | 2 | 2 |
Total interest expense | 37 | 38 |
Net interest income | 188 | 165 |
Bank loan (provision)/benefit for credit losses | 11 | (14) |
Net interest income after bank loan (provision)/benefit for credit losses | $ 199 | $ 151 |
SHARE-BASED COMPENSATION, Share
SHARE-BASED COMPENSATION, Share-based Compensation Plans (Details) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | ||
Dec. 31, 2021USD ($)plan$ / sharesshares | Sep. 30, 2021 | Dec. 31, 2020USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock split ratio | 1.5 | ||
Stock Incentive Plan 2012 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of share-based compensation plans | plan | 1 | ||
Stock Incentive Plan 2012 | Employees and Outside Members of the Board of Directors | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSUs granted during period (in shares) | shares | 2.3 | 2 | |
RSUs granted during period, weighted-average grant-date fair value (in usd per share) | $ / shares | $ 96.99 | $ 60.85 | |
Stock Incentive Plan 2012 | Employees and Member of the Board of Directors | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total compensation expense for restricted equity awards | $ 63 | $ 41 | |
Total pre-tax compensation costs not yet recognized, net of forfeitures | $ 336 | ||
Compensation costs not yet recognized, period of recognition | 3 years 2 months 12 days |
REGULATORY CAPITAL REQUIREMEN_3
REGULATORY CAPITAL REQUIREMENTS (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 30, 2021 |
Raymond James Financial Inc | ||
Common Equity Tier 1 Capital (to Risk-Weighted Assets) | ||
Actual, amount | $ 7,842 | $ 7,428 |
Actual, ratio | 25.90% | 25.00% |
Requirement for capital adequacy purposes, amount | $ 1,365 | $ 1,337 |
Requirement for capital adequacy purposes, ratio (in hundredths) | 4.50% | 4.50% |
To be well capitalized under regulatory provisions, amount | $ 1,972 | $ 1,932 |
To be well capitalized under regulatory provisions, ratio (in hundredths) | 6.50% | 6.50% |
Tier 1 Capital (to Risk-Weighted Assets) | ||
Actual, amount | $ 7,842 | $ 7,428 |
Actual, ratio | 0.259 | 0.250 |
Requirement for capital adequacy purposes, amount | $ 1,820 | $ 1,783 |
Requirement for capital adequacy purposes, ratio (in hundredths) | 0.060 | 0.060 |
To be well capitalized under regulatory provisions, amount | $ 2,427 | $ 2,377 |
To be well capitalized under regulatory provisions, ratio (in hundredths) | 0.080 | 0.080 |
Total Capital (to Risk-Weighted Assets) | ||
Actual, amount | $ 8,197 | $ 7,780 |
Actual, ratio | 0.270 | 0.262 |
Requirement for capital adequacy purposes, amount | $ 2,427 | $ 2,377 |
Requirement for capital adequacy purposes, ratio (in hundredths) | 0.080 | 0.080 |
To be well capitalized under regulatory provisions, amount | $ 3,034 | $ 2,972 |
To be well capitalized under regulatory provisions, ratio (in hundredths) | 0.100 | 0.100 |
Tier 1 leverage | ||
Actual, amount | $ 7,842 | $ 7,428 |
Actual, ratio | 0.121 | 0.126 |
Requirement for capital adequacy purposes, amount | $ 2,593 | $ 2,363 |
Requirement for capital adequacy purposes, ratio (in hundredths) | 0.040 | 0.040 |
To be well capitalized under regulatory provisions, amount | $ 3,242 | $ 2,954 |
To be well capitalized under regulatory provisions, ratio (in hundredths) | 0.050 | 0.050 |
RJ Bank | ||
Common Equity Tier 1 Capital (to Risk-Weighted Assets) | ||
Actual, amount | $ 2,675 | $ 2,626 |
Actual, ratio | 13.30% | 13.40% |
Requirement for capital adequacy purposes, amount | $ 905 | $ 883 |
Requirement for capital adequacy purposes, ratio (in hundredths) | 4.50% | 4.50% |
To be well capitalized under regulatory provisions, amount | $ 1,307 | $ 1,275 |
To be well capitalized under regulatory provisions, ratio (in hundredths) | 6.50% | 6.50% |
Tier 1 Capital (to Risk-Weighted Assets) | ||
Actual, amount | $ 2,675 | $ 2,626 |
Actual, ratio | 0.133 | 0.134 |
Requirement for capital adequacy purposes, amount | $ 1,206 | $ 1,177 |
Requirement for capital adequacy purposes, ratio (in hundredths) | 0.060 | 0.060 |
To be well capitalized under regulatory provisions, amount | $ 1,608 | $ 1,569 |
To be well capitalized under regulatory provisions, ratio (in hundredths) | 0.080 | 0.080 |
Total Capital (to Risk-Weighted Assets) | ||
Actual, amount | $ 2,927 | $ 2,873 |
Actual, ratio | 0.146 | 0.146 |
Requirement for capital adequacy purposes, amount | $ 1,608 | $ 1,569 |
Requirement for capital adequacy purposes, ratio (in hundredths) | 0.080 | 0.080 |
To be well capitalized under regulatory provisions, amount | $ 2,010 | $ 1,962 |
To be well capitalized under regulatory provisions, ratio (in hundredths) | 0.100 | 0.100 |
Tier 1 leverage | ||
Actual, amount | $ 2,675 | $ 2,626 |
Actual, ratio | 0.072 | 0.074 |
Requirement for capital adequacy purposes, amount | $ 1,477 | $ 1,411 |
Requirement for capital adequacy purposes, ratio (in hundredths) | 0.040 | 0.040 |
To be well capitalized under regulatory provisions, amount | $ 1,846 | $ 1,763 |
To be well capitalized under regulatory provisions, ratio (in hundredths) | 0.050 | 0.050 |
Raymond James & Associates Inc | ||
Alternative Method Elected [Abstract] | ||
Net capital as a percent of aggregate debit items (in hundredths) | 65.50% | 72.10% |
Net capital | $ 1,928 | $ 2,035 |
Less: required net capital | (59) | (56) |
Excess net capital | $ 1,869 | $ 1,979 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | ||
Dec. 31, 2021USD ($)$ / sharesshares | Sep. 30, 2021 | Dec. 31, 2020USD ($)$ / sharesshares | |
Earnings Per Share [Abstract] | |||
Stock split ratio | 1.5 | ||
Stock dividend percent | 50.00% | ||
Income for basic earnings per common share: | |||
Net income | $ 446 | $ 312 | |
Less allocation of earnings and dividends to participating securities | (1) | (1) | |
Net income attributable to RJF common shareholders | 445 | 311 | |
Income for diluted earnings per common share: | |||
Net income | 446 | 312 | |
Less allocation of earnings and dividends to participating securities | (1) | (1) | |
Net income attributable to RJF common shareholders | $ 445 | $ 311 | |
Common shares: | |||
Average common shares in basic computation (in shares) | shares | 206.3 | 205.2 | |
Dilutive effect of outstanding stock options and certain restricted stock units (in shares) | shares | 6.1 | 4.4 | |
Average common and common equivalent shares used in diluted computation (in shares) | shares | 212.4 | 209.6 | |
Earnings per common share: | |||
Basic (in dollars per share) | $ / shares | $ 2.16 | $ 1.52 | |
Diluted (in dollars per share) | $ / shares | $ 2.10 | $ 1.48 | |
Stock options and certain RSUs excluded from weighted-average diluted common shares because their effect would be antidilutive (in shares) | shares | 0 | 2.1 | |
Dividends per common share declared and paid: [Abstract] | |||
Dividends per common share - declared (in dollars per share) | $ / shares | $ 0.34 | $ 0.26 | |
Dividends per common share - paid (in dollars per share) | $ / shares | $ 0.26 | $ 0.25 |
SEGMENT INFORMATION, Informatio
SEGMENT INFORMATION, Information Concerning Operations (Details) $ in Millions | 3 Months Ended | ||
Dec. 31, 2021USD ($)businessSegment | Dec. 31, 2020USD ($) | Sep. 30, 2021USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of operating segments | businessSegment | 5 | ||
Revenues: | |||
Total net revenues | $ 2,781 | $ 2,222 | |
Pre-tax income | |||
Total pre-tax income | 558 | 399 | |
Net interest income (expense): | |||
Net interest income | 188 | 165 | |
Total assets: | |||
Total assets | 68,461 | $ 61,891 | |
Goodwill: | |||
Goodwill | 660 | 660 | |
Operating segments | Private Client Group | |||
Revenues: | |||
Total net revenues | 1,839 | 1,467 | |
Pre-tax income | |||
Total pre-tax income | 195 | 140 | |
Net interest income (expense): | |||
Net interest income | 30 | 28 | |
Total assets: | |||
Total assets | 25,431 | 20,270 | |
Goodwill: | |||
Goodwill | 417 | 417 | |
Operating segments | Capital Markets | |||
Revenues: | |||
Total net revenues | 614 | 452 | |
Pre-tax income | |||
Total pre-tax income | 201 | 129 | |
Net interest income (expense): | |||
Net interest income | 3 | 1 | |
Total assets: | |||
Total assets | 2,027 | 2,457 | |
Goodwill: | |||
Goodwill | 174 | 174 | |
Operating segments | Asset Management | |||
Revenues: | |||
Total net revenues | 236 | 195 | |
Pre-tax income | |||
Total pre-tax income | 107 | 83 | |
Total assets: | |||
Total assets | 482 | 476 | |
Goodwill: | |||
Goodwill | 69 | 69 | |
Operating segments | RJ Bank | |||
Revenues: | |||
Total net revenues | 183 | 167 | |
Pre-tax income | |||
Total pre-tax income | 102 | 71 | |
Net interest income (expense): | |||
Net interest income | 177 | 157 | |
Total assets: | |||
Total assets | 37,789 | 36,154 | |
Operating segments | Other | |||
Revenues: | |||
Total net revenues | (15) | 4 | |
Pre-tax income | |||
Total pre-tax income | (47) | (24) | |
Net interest income (expense): | |||
Net interest income | (22) | (21) | |
Total assets: | |||
Total assets | 2,732 | $ 2,534 | |
Intersegment eliminations | |||
Revenues: | |||
Total net revenues | $ (76) | $ (63) |
SEGMENT INFORMATION, Classified
SEGMENT INFORMATION, Classified by Major Geographic Areas (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | |
Revenues: | |||
Total net revenues | $ 2,781 | $ 2,222 | |
Pre-tax income | |||
Total pre-tax income | 558 | 399 | |
Total assets: | |||
Total assets | 68,461 | $ 61,891 | |
Goodwill: | |||
Goodwill | 660 | 660 | |
U.S. | |||
Revenues: | |||
Total net revenues | 2,589 | 2,079 | |
Pre-tax income | |||
Total pre-tax income | 531 | 396 | |
Total assets: | |||
Total assets | 64,589 | 57,952 | |
Goodwill: | |||
Goodwill | 619 | 619 | |
Canada | |||
Revenues: | |||
Total net revenues | 137 | 105 | |
Pre-tax income | |||
Total pre-tax income | 17 | 1 | |
Total assets: | |||
Total assets | 3,670 | 3,724 | |
Goodwill: | |||
Goodwill | 25 | 25 | |
Europe | |||
Revenues: | |||
Total net revenues | 55 | 38 | |
Pre-tax income | |||
Total pre-tax income | 10 | $ 2 | |
Total assets: | |||
Total assets | 202 | 215 | |
Goodwill: | |||
Goodwill | $ 16 | $ 16 |
Uncategorized Items - rjf-20211
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |