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RJF · Raymond James Financial

35 filings

10-K

RJF 10-K Annual Reports

Raymond James Financial - 35 annual reports

Filing record · 2016–202610-K1010-Q338-K266

2025
Raymond James Financial Annual Report, Year Ended Sep 30, 2025
Raymond James Financial, Inc. (RJF) reported fiscal 2025 (year ended September 30, 2025) net revenues of $14.07 billion, up 10% from $12.82 billion, and pre-tax income of $2.71 billion, up 3%. Net income available to common shareholders was $2.13 billion, and diluted EPS was $10.30, up 6%. Adjusted diluted EPS, a non-GAAP measure excluding acquisition-related expenses, was $10.66. Growth was driven mainly by higher asset management and related administrative fees on larger fee-based client assets, plus stronger investment banking and brokerage revenues. Offsetting these were lower combined net interest income and RJBDP fees from third-party banks, which fell 4% to $2.63 billion as short-term rates declined. Non-compensation expenses rose 16%, including a $58 million increase tied to the settlement of a legal matter. Return on common equity was 17.7%, down from 18.9%. Total client assets under administration reached $1.67 trillion, with $1.01 trillion in fee-based accounts, and the firm ended the year with 8,943 financial advisors. The balance sheet grew to $88.23 billion in total assets, with bank loans, net of $51.57 billion, the largest asset category. The firm issued $1.5 billion of senior notes in September 2025, amended its revolving credit facility to $1 billion, and repurchased 7.4 million shares for $1.1 billion. Regulatory capital ratios remained above well-capitalized thresholds, with a tier 1 leverage ratio of 13.1% and total capital ratio of 24.1%. The filing notes ongoing exposure to interest rate declines, which management expects to pressure combined net interest income and RJBDP fees in fiscal 2026, and an SEC inquiry into cash sweep programs with related class action litigation. The firm also agreed in October 2025 to acquire a majority stake in GreensLedge Holdings LLC, a structured credit boutique, expected to close in fiscal 2026.
Nov 25, 2025
2024
Raymond James Financial Annual Report, Year Ended Sep 30, 2024
Raymond James Financial, Inc. (RJF) reported fiscal 2024 (year ended September 30, 2024) net revenues of $12.82 billion, up 10% from $11.62 billion, and pre-tax income of $2.64 billion, up 16%. Net income available to common shareholders was $2.06 billion, up 19%, and diluted earnings per share were $9.70, up 22%. Return on common equity was 18.9% and return on tangible common equity was 22.6%. The increase in net revenues was driven mainly by higher asset management and related administrative fees, with brokerage revenues and investment banking revenues also rising. Offsetting this, combined net interest income and RJBDP fees from third-party banks declined 5% to $2.74 billion, as deposit mix shifted toward higher-cost ESP and certificate of deposit balances. Total client assets under administration reached $1.51 trillion, of which $875.2 billion was in fee-based accounts, and the firm had 8,787 financial advisors. Total assets were $82.99 billion, and the Bank segment had $62.37 billion of total assets. Tier 1 leverage ratio was 12.8% and total capital ratio was 24.1%, and both Raymond James Bank and TriState Capital Bank were categorized as well-capitalized. The firm repurchased 7.7 million shares for $900 million and returned $1.3 billion to shareholders through repurchases and dividends. Management expects net interest income and RJBDP fees to decrease in fiscal 2025 following Fed rate cuts, and notes an SEC settlement involving a $50 million civil penalty and two putative class actions related to cash sweep programs.
Nov 26, 2024
2023
Raymond James Financial Annual Report, Year Ended Sep 30, 2023
Raymond James Financial, Inc. (RJF) reported fiscal 2023 (year ended September 30, 2023) net revenues of $11.62 billion, up 6%, and pre-tax income of $2.28 billion, up 13%. Net income available to common shareholders was $1.73 billion, 15% higher than the prior year, and diluted earnings per share were $7.97, a 14% increase. Adjusted diluted EPS, a non-GAAP measure, was $8.30. Growth was driven by significantly higher short-term interest rates, which lifted net interest income and RJBDP fees from third-party banks, plus revenue from 2022 acquisitions (Charles Stanley, TriState Capital, SumRidge Partners). These gains were offset by lower investment banking and brokerage revenues in a more challenging market and lower asset management fees. The Capital Markets segment was the weak spot, with net revenues down 33% to $1.21 billion and a pre-tax loss of $91 million, as investment banking revenues fell 42%. Bank segment net revenues rose 86% to $2.01 billion, though pre-tax income fell 3%, as deposit costs rose sharply with the launch of the Enhanced Savings Program. Non-compensation expenses increased 23%, including about $175 million of elevated legal and regulatory provisions, part of which related to the SEC industry sweep on off-platform communications. The balance sheet remained well capitalized. The tier 1 leverage ratio was 11.9% and the total capital ratio was 22.8%, and RJF repurchased 8.35 million shares for $788 million during the year. Management expects fiscal 2024 headwinds from a 2% decline in fee-based account balances since June 30, 2023, an estimated 5% decline in combined net interest income and RJBDP fees, and continued pressure on investment banking and fixed income brokerage.
Nov 21, 2023
2022
Raymond James Financial Annual Report, Year Ended Sep 30, 2022
Raymond James Financial, Inc. (RJF) reported fiscal 2022 (year ended September 30, 2022) net revenues of $11.00 billion, up 13%, and pre-tax income of $2.02 billion, also up 13%. Net income available to common shareholders was $1.51 billion, up 7%, and diluted earnings per share were $6.98, up 5%. Return on common equity was 17.0%, compared with 18.4% in the prior year. Management attributes the revenue growth to higher fee-based client assets, higher short-term interest rates benefiting net interest income and RJBDP fees, and acquisitions of TriState Capital, Charles Stanley, and SumRidge Partners. Brokerage and investment banking revenues declined from a strong prior year due to market uncertainty. Acquisition-related expenses totaled $147 million, and adjusted earnings per diluted share, a non-GAAP measure, were $7.49. The balance sheet grew substantially, with total assets of $80.95 billion, up 31%, driven largely by the TriState Capital acquisition, which added bank loans, deposits, and preferred stock. Bank deposits rose to $51.36 billion. The firm reported a tier 1 leverage ratio of 10.3% and a total capital ratio of 20.4%, and it stated that RJF, Raymond James Bank, and TriState Capital Bank were well-capitalized. Management expects fiscal 2023 to benefit from the full-year effect of Federal Reserve rate increases, while noting expected declines in client cash balances and continued market uncertainty. The Bank segment's provision for credit losses rose to $100 million from a benefit of $32 million in the prior year. The filing reports that the firm is cooperating with an SEC investigation of its investment advisory business's compliance with records preservation requirements for electronic messaging channels. The independent auditor, KPMG LLP, issued an unqualified opinion on both the financial statements and internal control over financial reporting, which excluded TriState Capital and SumRidge Partners from management's assessment.
Nov 22, 2022
2021
Raymond James Financial Annual Report, Year Ended Sep 30, 2021
Raymond James Financial, Inc. (RJF) reported strong fiscal 2021 results for the year ended September 30, 2021, with net revenues of $9.76 billion, an increase of 22% compared with the prior year, and pre-tax income of $1.79 billion, an increase of 70%. Net income was $1.40 billion, 72% higher than the prior year, and diluted earnings per share were $6.63, which reflected a 3-for-2 stock split in September 2021. Return on equity was 18.4%, compared with 11.9% for the prior year. Growth was driven by higher asset management and related administrative fees, largely from higher PCG assets in fee-based accounts, and by strong Capital Markets results, with investment banking revenues of $1.10 billion, up 80%. Net interest income and RJBDP fees from third-party banks declined because of lower short-term interest rates, and the firm expects near-zero rates to continue into fiscal 2022. The firm ended the year with total client assets under administration of $1.12 trillion and total assets of $61.89 billion. Its total capital ratio was 26.2% and its tier 1 leverage ratio was 12.6%, and both RJF and Raymond James Bank were categorized as well-capitalized. RJF completed a $750 million 3.75% senior notes offering due 2051, used it to early-redeem $750 million of higher-coupon notes, and recognized $98 million in losses on extinguishment of debt. The firm also completed three acquisitions during fiscal 2021 (NWPS, Financo and Cebile) and announced the pending acquisitions of Charles Stanley Group PLC and TriState Capital Holdings, Inc., which it expects to close in fiscal 2022. Management also stated that it does not expect to repurchase shares until after the TriState Capital closing, due to regulatory restrictions. Management highlighted several headwinds for fiscal 2022, including near-zero short-term interest rates, economic uncertainty tied to inflation and supply chain issues, pandemic-related uncertainty including the Delta variant, and expected volatility in brokerage and investment banking revenues. Management also expects expenses to continue rising as travel and technology investment increase.
Nov 23, 2021
2020
Raymond James Financial Annual Report, Year Ended Sep 30, 2020
Raymond James Financial, Inc. reported fiscal 2020 (year ended September 30, 2020) net revenues of $7.99 billion, up $250 million, or 3%, while pre-tax income fell $323 million, or 23%, to $1.05 billion and net income decreased $216 million, or 21%, to $818 million. Diluted earnings per share were $5.83, a 19% decrease. Return on equity was 11.9%, compared with 16.2% in the prior year. Management attributes the earnings decline mainly to the Federal Reserve's March 2020 rate cuts of 150 basis points, which reduced net interest income and RJBDP fees from third-party banks, and to a $233 million bank loan loss provision, up from $22 million, driven by COVID-19 impacts. A $46 million reduction in workforce expense was also recorded in the fourth quarter. Growth came from asset management and related administrative fees, which rose $342 million, or 12%, in PCG, and from Capital Markets, where net revenues rose 19% to $1.29 billion on stronger fixed income brokerage and underwriting activity. Total client assets under administration reached $883.3 billion, of which $475.3 billion was in fee-based accounts, and the firm had 8,239 financial advisors. Total assets grew to $47.48 billion, up $8.65 billion, largely from a $4.56 billion increase in available-for-sale securities and a $4.52 billion increase in bank deposits. The company stated it ended the year with capital ratios well in excess of regulatory requirements, over $2 billion of parent-company cash, and $487 million remaining under its share repurchase authorization. It repurchased about 3.4 million shares for $263 million during the year. Management expects fiscal 2021 to reflect a full-year impact of the rate cuts, with RJ Bank's net interest margin at approximately 2%.
Nov 24, 2020
2019
Raymond James Financial Annual Report, Year Ended Sep 30, 2019
Raymond James Financial, Inc. (RJF) reported fiscal 2019 (year ended September 30, 2019) net revenues of $7.74 billion, up $466 million, or 6%, from $7.27 billion in fiscal 2018. Pre-tax income was $1.38 billion, up $64 million, or 5%. Net income was $1.03 billion, up $177 million, or 21%, compared with a prior year that included a $105 million loss related to the Tax Cuts and Jobs Act. Diluted earnings per share were $7.17, reflecting a 25% increase. Return on equity was 16.2%, compared with 14.4% the prior year. Excluding a $15 million loss on the sale of European equities research, sales and trading operations and a $19 million goodwill impairment in its Canadian Capital Markets business, adjusted net income was $1.07 billion and adjusted diluted EPS was $7.40, a 14% increase. Growth was led by higher asset management and related administrative fees, net interest income and investment banking revenues, partially offset by lower brokerage revenues. Total assets were $38.83 billion at year-end. Total client assets under administration were $798.4 billion, of which $409.1 billion was in fee-based accounts, and the firm had 8,011 financial advisors. Raymond James repurchased 9.83 million shares for $752 million during the year and returned approximately $945 million to shareholders through dividends and buybacks. The filing notes that three Federal Reserve rate cuts, including one in October 2019, are expected to negatively affect fiscal 2020 results. The company's RJ Bank segment net revenues rose 16% to $846 million, while Capital Markets net revenues rose 12% to $1.08 billion. The Private Client Group, the largest segment, generated $5.36 billion in net revenues, up 5%. Brink and Wistar class action complaints regarding Passport Investment Account fees were settled for $15 million, with final court approval granted on October 25, 2019.
Nov 26, 2019
2018
Raymond James Financial Annual Report, Year Ended Sep 30, 2018
Raymond James Financial, Inc. (RJF) reported net revenues of $7.27 billion for the fiscal year ended September 30, 2018, an increase of $903 million, or 14%, and net income attributable to the firm of $857 million, up $220 million, or 35%. Diluted earnings per share were $5.75, a 33% increase. Results include a $105 million negative impact from the Tax Cuts and Jobs Act, primarily from remeasuring U.S. deferred tax assets. Excluding the Tax Act impact and $4 million of acquisition-related expenses, adjusted net income was $965 million, a 26% increase, and adjusted diluted EPS was $6.47. Growth was driven by Private Client Group, where net revenues rose 15% to $5.09 billion on higher fee-based assets and strong advisor recruiting, and by RJ Bank, where net revenues rose 23% to $727 million on higher net interest income. Asset Management net revenues rose 34% to $654 million, aided by the Scout Group acquisition, which added $27 billion of assets under management in November 2017. Capital Markets was weaker, with net revenues down 5% to $964 million and pre-tax income down 36%, reflecting weak institutional fixed income and equity commissions partly offset by higher M&A advisory fees. Total client assets under administration reached $790.4 billion. Balance sheet growth was moderate: total assets were $37.41 billion, up 7%, and bank loans, net, rose to $19.52 billion. The firm repurchased shares, with $250 million authorized in May 2018, and quarterly dividends declared rose to $0.30 per share. The filing notes that the firm expects its effective tax rate to be approximately 24%-25% for fiscal 2019 and that a new revenue recognition standard will change the presentation of certain costs on a gross basis from fiscal 2019, without affecting net earnings.
Nov 21, 2018
2017
Raymond James Financial Annual Report, Year Ended Sep 30, 2017
Raymond James Financial, Inc. (RJF) reported fiscal 2017 (year ended September 30, 2017) net revenues of $6.37 billion, an increase of $966 million, or 18%, over fiscal 2016. Pre-tax income was $925 million, up $125 million, or 16%, and net income attributable to RJF was $636 million, up $107 million, or 20%. Diluted earnings per share were $4.33, a 19% increase. Results were reduced by $194 million of pre-tax expenses in the year, including the $130 million Jay Peak settlement, $45.7 million of losses on early extinguishment of senior notes and $18.0 million of acquisition-related expenses. Excluding these items, adjusted pre-tax income was $1.12 billion, adjusted net income was $768 million and adjusted diluted EPS was $5.23, all non-GAAP measures reconciled in the filing. All four operating segments grew net revenues. Private Client Group net revenues rose 22% to $4.42 billion, RJ Bank net revenues rose 20% to $593 million, Asset Management rose 21% to $488 million and Capital Markets rose 1% to $1.01 billion. Client assets under administration reached $692.9 billion, a 15% increase, and the company reported 7,346 financial advisors. Total assets grew to $34.88 billion, with RJ Bank's total assets at $20.61 billion, and total equity attributable to RJF reached $5.58 billion. The filing also flags regulatory and legal exposure. The Department of Labor fiduciary rule (the DOL Rule) requires added compliance costs, and the Volcker Rule conformance deadline for illiquid covered funds was extended to July 2022. Pending U.S. tax reform proposals could lower the corporate tax rate from 35% to 20%, which would benefit the effective tax rate, though a remeasurement of deferred tax balances could cause a negative impact in the period of enactment. The company also agreed to acquire Scout Investments, Inc. (the Scout Group) for $173 million, which closed on November 17, 2017.
Nov 22, 2017
2016
Raymond James Financial Annual Report, Year Ended Sep 30, 2016
Raymond James Financial, Inc. (RJF) reported fiscal 2016 (year ended September 30, 2016) net revenues of $5.4 billion, up $203 million, or 4%, from the prior year. Net income attributable to RJF was $529 million, an increase of $27 million, or 5%, and diluted earnings per share were $3.65, a 6% increase. Excluding acquisition-related expenses, the company reports non-GAAP adjusted net income of $556 million and adjusted diluted EPS of $3.84. Total client assets under administration rose 26% to $604.4 billion, aided by the Alex. Brown and 3Macs acquisitions, advisor recruiting and market gains. The Private Client Group generated net revenues of $3.62 billion, while the Capital Markets segment reported $1 billion and RJ Bank reported $494 million, up 19%, with pre-tax income of $337 million. The Other segment posted a pre-tax loss of $149 million, reflecting lower private equity gains and acquisition-related costs. RJ Bank's total assets were $16.6 billion, and total company assets rose to $31.6 billion from $26.5 billion, with bank loans, net, rising to $15.2 billion. The filing also highlights risks investors should weigh: the company is subject to the Department of Labor fiduciary rule, Volcker Rule compliance could require selling private equity interests, and the company faces litigation tied to the Jay Peak EB-5 matter, where plaintiffs seek damages and a range of possible loss cannot be estimated. Morgan Keegan legacy matters are subject to indemnification from Regions. The company's senior long-term debt ratings were BBB (S&P, positive outlook) and Baa2 (Moody's, positive outlook).
Nov 22, 2016
2015
Raymond James Financial Annual Report, Year Ended Sep 30, 2015
Raymond James Financial, Inc. (RJF) reported record net revenues of $5.2 billion for fiscal year 2015 (ended September 30, 2015), a $339 million, or 7%, increase over the prior year, and net income attributable to RJF of $502 million, up $22 million, or 5%. All four operating segments achieved record net revenues. Fully diluted earnings per share were $3.43, up $0.11, or 3%. Total client assets under administration rose to $480 billion, a 1% increase, driven by strong financial advisor recruiting and retention, which offset a decline in U.S. equity markets in the fourth fiscal quarter. Segment results were mixed. The Private Client Group reached record net revenues of $3.5 billion and pre-tax income of $342 million, with 6,596 affiliated financial advisors. Capital Markets posted record net revenues of $960 million, but pre-tax income fell 18% to $107 million amid weaker equity underwriting in the energy and real estate sectors. RJ Bank generated record net revenues of $414 million and pre-tax income of $279 million, while total assets grew to $14.2 billion. Total company assets rose to $26.5 billion, and the effective tax rate increased to 37.1% from 35.8%. The filing also highlights capital and regulatory matters. Both RJF and RJ Bank were categorized as well capitalized under Basel III, which became effective January 1, 2015. The company completed two acquisitions in fiscal 2015, Cougar Global Investments and The Producers Choice. Indemnification from Regions Financial covers certain pre-closing Morgan Keegan litigation, with a range of potential liability of $63 million to $224 million. Share repurchase authorization was increased to $150 million, and a quarterly dividend of $0.20 was declared in November 2015.
Nov 25, 2015
2014
Raymond James Financial Annual Report, Year Ended Sep 30, 2014
Raymond James Financial, Inc. (RJF) reported record net revenues of $4.9 billion for fiscal 2014 (year ended September 30, 2014), an $376 million, or 8%, increase over the prior year, and record net income of $480 million, up $113 million, or 31%. Fully diluted EPS was $3.32, up $0.74, or 29%. Three of the four operating segments reported record profitability. Total client assets under administration rose to $475 billion, a 12% increase. Private Client Group net revenues reached a record $3.3 billion, up 12%, with pre-tax income up 43% to $330 million. Capital Markets posted record net revenues of $966 million, up 3%, and pre-tax income of $131 million, up 28%, despite a 25% decline in institutional fixed income commissions. Asset Management reported record net revenues of $370 million, up 26%, with financial assets under management up 15% to $64.6 billion. RJ Bank generated record net revenues of $352 million, up 1%, while its pre-tax income fell 9% to $243 million as the loan loss provision rose and the net interest margin declined to 2.98% from 3.25%. The filing also highlights regulatory and credit considerations. Dodd-Frank and Basel III rules, including the Volcker Rule and new capital requirements effective January 1, 2015, are cited as potential sources of cost and capital pressure. Morgan Keegan legal matters remain subject to indemnification by Regions, with management estimating potential liability of $15 million to $210 million. Total corporate debt was $1.19 billion at year end, and the company declared a quarterly dividend of $0.18 per share for January 2015.
Nov 25, 2014
2013
Raymond James Financial Annual Report, Year Ended Sep 30, 2013
Raymond James Financial, Inc. (RJF) reported record fiscal 2013 net revenues of $4.5 billion ($4,485,427 thousand), up $679 million, or 18%, from the prior year, and net income attributable to RJF of $367.2 million, or $2.58 per diluted share, for the year ended September 30, 2013. The results include a full twelve months of Morgan Keegan operations compared with six months in fiscal 2012, following the April 2, 2012 acquisition from Regions Financial Corporation. Management reports that all four operating segments achieved record net revenues and pre-tax earnings, and that Morgan Keegan integration initiatives are substantially complete. Acquisition-related expenses were $73.5 million, and adjusted (non-GAAP) earnings per share were $2.95. Balance sheet and capital metrics were solid. Total assets reached $23.19 billion and shareholders' equity was $3.66 billion, with book value per share of $26.40. RJ Bank, the bank subsidiary, reported pre-tax income of $267.7 million, aided by a sharp reduction in the loan loss provision to $2.6 million from $25.9 million, and both RJF and RJ Bank were categorized as well capitalized at year end. Client assets under administration rose to a record $425.4 billion, and the company paid quarterly dividends that rose from $0.13 to $0.14 during fiscal 2013, with a $0.16 quarterly dividend declared in November 2013. Key risks highlighted in the filing include the reliance on Regions Financial to honor indemnification obligations for pre-closing Morgan Keegan litigation, which management estimates could range from $30 million to $250 million, as well as ongoing regulatory change under the Dodd-Frank Act and the Basel III capital rules. Pricing pressure in fixed income and equity trading, weakness in Canadian capital markets, and sensitivity to interest rates and market conditions also remain relevant. Management estimates that a 100 basis point instantaneous rise in short-term rates could increase pre-tax income by roughly $140 million to $170 million over twelve months.
Nov 26, 2013
2012
Raymond James Financial Annual Report, Year Ended Sep 30, 2012
Raymond James Financial, Inc. (RJF) reported record fiscal 2012 results for the year ended September 30, 2012, with net revenues of $3.8 billion, a 14% increase over the prior year, and net income attributable to RJF of $295.9 million compared with $278.4 million in fiscal 2011. The results include six months of Morgan Keegan, which RJF acquired from Regions Financial on April 2, 2012 for approximately $1.2 billion in cash. Excluding the estimated contribution from Morgan Keegan, net revenues increased 2%. Client assets under administration rose to $390 billion, a 52% increase, and total assets reached $21.2 billion at year-end. Shareholders' equity increased to $3.27 billion, and diluted EPS was $2.20 versus $2.19 a year earlier. RJ Bank was a standout performer, with pre-tax income up 39% to a record $240 million, driven by higher corporate loan balances and a lower loan loss provision. The Private Client Group's net revenues rose 13% to $2.5 billion, but its pre-tax income fell 4% to $210 million because of higher technology costs and Morgan Keegan integration. Acquisition and integration costs totaled $59 million in fiscal 2012, with about $40 million more expected in fiscal 2013. Management expects the integration of Morgan Keegan's platform onto RJ&A during the second quarter of fiscal 2013. Investors should weigh the Morgan Keegan integration risk, the indemnification from Regions for pre-closing litigation (with a range of potential liability of $30 million to $400 million disclosed), and the outstanding SEC litigation involving MK & Co.'s auction rate securities, which is scheduled for trial beginning November 26, 2012. Senior long-term debt ratings are BBB (S&P, negative outlook) and Baa2 (Moody's, stable). The company declared a quarterly dividend of $0.13 per share.
Nov 21, 2012
2011
Raymond James Financial Annual Report, Year Ended Sep 30, 2011
Raymond James Financial, Inc. (RJF) reported record fiscal 2011 results for the year ended September 30, 2011. Net revenues rose $417 million, or 14%, to a record $3.3 billion, and net income attributable to RJF increased $50 million, or 22%, to $278 million. Non-interest expenses increased $323 million, or 13%, to $2.9 billion, driven mainly by higher variable compensation and a $41 million pre-tax loss on auction rate securities (ARS) repurchased, partially offset by a $47 million, or 58%, decrease in the bank loan loss provision. Excluding the ARS loss, net income would have been $303 million, a 33% increase (a non-GAAP measure). Results were driven by the Private Client Group (pre-tax income up $58 million, or 36%), RJ Bank (pre-tax income up $61 million, or 54%, on a lower loan loss provision) and Asset Management (pre-tax income up $19 million, or 41%). Capital Markets pre-tax income fell $6 million, or 7%, as fixed income trading and commissions weakened. The effective tax rate rose to 39.7% from 36.9%. Management stated that market conditions in October and November 2011 would lead to a more difficult December 2011 quarter. Balance sheet activity included the April 2011 sale of $250 million of 4.25% senior notes due 2016, the acquisition of Howe Barnes Hoefer & Arnett, and the settlement of the ARS matter, under which $245 million par value of ARS was purchased from clients. Total assets were $18.0 billion and shareholders' equity was $2.59 billion at September 30, 2011. The filing also notes pending applications for RJ Bank to convert to a national bank charter and for RJF to become a bank holding company, with approval anticipated before calendar year-end.
Nov 23, 2011
2010
Raymond James Financial Annual Report, Year Ended Sep 30, 2010
Raymond James Financial, Inc. (RJF) reported fiscal 2010 (year ended September 30, 2010) net income attributable to the company of $228.3 million, or $1.83 per diluted share, up from $152.8 million in fiscal 2009. Total revenues were $2.98 billion, and net revenues were $2.92 billion, compared with $2.55 billion in the prior year. The filing attributes the improvement mainly to improved equity markets, which lifted Private Client Group net revenues by 23% to $1.90 billion, and to Capital Markets underwriting fees, which doubled. Net interest income fell $78.6 million, or 20%, to $308.0 million, reflecting lower loan balances and spreads at RJ Bank and a full year of interest on $300 million of 8.60% senior notes issued in August 2009. The bank loan loss provision declined to $80.4 million from $169.3 million. The balance sheet shows total assets of $17.88 billion and shareholders' equity of $2.30 billion, with book value per share of $19.03. Major risks disclosed include the auction rate securities (ARS) investigations by the SEC, FINRA and state regulators, with client ARS holdings of about $600 million at year-end; a pending class action (Defer LP); the pending Federal Reserve bank holding company application; and the Dodd-Frank Act, whose implementing rules are still uncertain. RJ Bank's total capital ratio was 13.0% at year-end, and the company disclosed a $1.0 billion cash use in operating activities, driven largely by assets segregated under regulations. The company declared a quarterly dividend of $0.13 per share on November 23, 2010, payable January 19, 2011, up from $0.11 paid in each quarter of fiscal 2010.
Nov 24, 2010
2009-A
Raymond James Financial Annual Report (Amendment), Year Ended Sep 30, 2009
This Part III filing from Raymond James Financial, Inc. (filed November 22, 2010) contains executive compensation, beneficial ownership, and related-person transaction disclosures for fiscal 2009, the year ended September 30, 2009. Base salaries for Named Executive Officers were not increased for calendar 2009, and bonuses were tied largely to pre-tax profit formulas, with some discretionary adjustments. Chairman and CEO Thomas A. James received a bonus of $1,925,000, 77% of the amount generated by his bonus formula, and total fiscal 2009 compensation of $2,750,931. Van C. Sayler's total compensation of $3,211,780 was the highest in the Summary Compensation Table, driven by a $2,800,000 bonus. The filing also describes governance and succession arrangements. Paul C. Reilly, the company's President, is the announced successor to Mr. James as CEO and received a hiring letter guaranteeing a $1.5 million bonus for fiscal 2010. Mr. James will continue as Executive Chairman at an annual salary of $335,000. In August 2010 the Board adopted a Compensation Recoupment Policy, effective October 1, 2010, allowing recovery of awards if financial results are restated. On ownership, the filing reports 123,935,231 common shares outstanding as of December 11, 2009. Thomas A. James is shown with 18.19% of the class, and all executive officers and directors as a group with 20.09%. The filing also discloses a forgivable loan of CDN$1,000,000 made to Paul D. Allison by RJ Ltd. in August 2008, which was prohibited under Section 402 of the Sarbanes-Oxley Act once he became an executive officer. The remaining CDN$333,333.33 balance was forgiven in November 2010.
Nov 22, 2010
2009
Raymond James Financial Annual Report, Year Ended Sep 30, 2009
Raymond James Financial, Inc. (RJF) reported fiscal 2009 (year ended September 30, 2009) results marked by a challenging market environment. Net revenues decreased 9% to $2.5 billion, and net income was $152.8 million, a 35% decline from the prior year. Total revenues were $2.60 billion versus $3.20 billion in fiscal 2008. Diluted EPS was $1.29, compared with $1.97 in fiscal 2008. The Private Client Group and Asset Management segments were hit hardest by lower market values, while the Capital Markets segment benefited from record fixed income results and record trading profits of $41.4 million. Pre-tax income for the Private Client Group fell 52% to $84.9 million. RJ Bank was the main source of concern. Its provision for loan losses rose to $169.3 million from $54.7 million, driven by commercial real estate weakness and residential loan delinquencies. Net charge-offs reached $107.2 million, and nonperforming assets increased to $167.1 million from $62.3 million. Bank pre-tax income fell 29% to $80.0 million despite a 50% increase in net interest income. Total assets were $18.2 billion at September 30, 2009, down from $20.7 billion, mainly because of a decline in segregated assets tied to the new multi-bank sweep program. The company strengthened its funding base by issuing $300 million of 8.60% senior notes due 2019 in August 2009, its first capital markets access in 23 years according to management. Shareholders' equity rose to $2.03 billion, and book value per share was $17.11. The filing also discloses pending risks, including the Woodard securities class action, SEC, FINRA and state investigations into auction rate securities, and a pending conversion of RJ Bank to a national bank that requires Federal Reserve approval of RJF as a bank holding company.
Nov 27, 2009
2008
Raymond James Financial Annual Report, Year Ended Sep 30, 2008
Raymond James Financial, Inc. (RJF) reported record annual gross and net revenues for fiscal 2008 (year ended September 30, 2008), with total revenues of $3.20 billion, up from $3.11 billion, and net revenues of $2.81 billion, up from $2.61 billion. Net income declined to $235.1 million from $250.4 million, and diluted EPS was $1.97 versus $2.11. The filing states that non-interest expenses grew 9%, which outpaced revenue growth. Pre-tax earnings fell in the Private Client Group ($177.7 million vs. $219.9 million) and Capital Markets ($50.2 million vs. $69.0 million), while RJBank's pre-tax earnings rose to $112.3 million from $27.0 million, with net interest income at RJBank increasing 155%. Balance sheet growth was driven mainly by RJBank. Total assets reached $20.73 billion (from $16.25 billion), bank loans rose to $7.10 billion net, and bank deposits increased to $8.77 billion from $5.59 billion. The company also carried a $1.9 billion overnight FHLB advance used to meet thrift qualification requirements, which was repaid on October 1, 2008. Liquidity was tighter: the filing notes that many lenders reduced or ceased funding, a $200 million committed RJF credit line was fully drawn, and the Company was pursuing TLGP eligibility and a Capital Purchase Program application for up to approximately $300 million of preferred equity. Key risk items include auction rate securities investigations by the SEC, FINRA and state regulators, an unresolved Turkish tax assessment that led RJY to halt trading, RJBank's exposure to the residential acquisition and development/homebuilder industry (with $35.7 million in nonaccrual loans from four credits), and the planned conversion of RJBank to a national bank that would make RJF a bank holding company and financial holding company. Asset under management declined 10% to $37.98 billion as market depreciation outweighed net inflows of about $7 billion.
Nov 28, 2008
2007
Raymond James Financial Annual Report, Year Ended Sep 30, 2007
Raymond James Financial, Inc. (RJF) reported record annual results for fiscal year ended September 30, 2007, marking the fourth consecutive year of record revenues and earnings. Total revenues were $3,109,579 thousand ($3.11 billion), up 18% from the prior year, and net income was $250,430 thousand ($250.4 million), up 17%. Net revenues were $2.61 billion, up 11%, and net interest income rose 31%, driven largely by RJBank's growth. Diluted EPS was $2.11, compared with $1.85 in fiscal 2006. Growth was concentrated in the Private Client Group, where pre-tax earnings rose to $219.9 million from $168.5 million, and in RJBank, whose revenues grew to $279.6 million from $114.7 million on a bank sweep program that moved client cash deposits into the bank. Total assets reached $16.25 billion at year-end, up from $11.52 billion, largely reflecting RJBank loan growth and bank deposits. Capital Markets pre-tax earnings declined 12% to $69.0 million on lower underwriting activity and weaker fixed income trading in the fourth quarter. The filing also highlights risks: RJBank recorded a $32 million provision for loan losses as loans doubled, $300.6 million of syndicated loans were unsettled at year-end, and the company disclosed a pending Turkish tax assessment of about $7.6 million. The company also agreed to acquire a 51% stake in Law Enforcement Associates and substantially all assets of Sirchie Finger Print Laboratories, with its share of the purchase price of about $50 million.
Nov 29, 2007
2006
Raymond James Financial Annual Report, Year Ended Sep 30, 2006
Raymond James Financial, Inc. reported record annual revenues and earnings for the fiscal year ended September 30, 2006, its third consecutive record year. Total revenues were $2.63 billion and net revenues were $2.34 billion, up from $2.04 billion in fiscal 2005. Net income exceeded $200 million for the first time in the company's history, reaching $214.3 million, or $1.85 per diluted share, compared with $151.0 million in fiscal 2005. Pretax earnings rose to $342.1 million from $248.0 million. Growth was broad-based across the four major segments. Net interest income rose to $173.3 million from $127.8 million, and about 39% of the increase came from RJBank, the company's savings bank, which benefited from a new cash sweep option for brokerage clients. Total assets grew to $11.52 billion from $8.37 billion, largely reflecting brokerage client cash deposits and RJBank loan growth. Bank deposits rose to $2.81 billion. Assets under management reached $35.8 billion at September 30, 2006, and the company's Private Client Group segment had 1.5 million client accounts. The filing also flags risks for investors. Interest rate sensitivity is material for RJBank, where a 100 basis point rise is estimated to reduce net interest income by 13.82% in the first year. Legal proceedings have declined to more historic levels, though the company disclosed an assessed Turkish tax liability of approximately US$6.8 million that it is contesting. Two leveraged aircraft leases with Delta and Continental carry potential write-down risk, and management expects to infuse an estimated $200 to $300 million into RJBank over several years to support the new sweep program.
Dec 14, 2006
2005
Raymond James Financial Annual Report, Year Ended Sep 30, 2005
Raymond James Financial, Inc. (RJF) reported record fiscal 2005 results for the year ended September 30, 2005, with total revenues of $2.16 billion and net revenues of $2.04 billion, both surpassing $2 billion for the first time in the Company's history. Net income was $151.0 million, up 18% from the prior year, and diluted earnings per share were $2.00 compared with $1.72 in fiscal 2004. Growth was driven by net interest income, which rose to $127.8 million from $86.2 million, along with investment banking revenues up 41% and investment advisory fees up 17%. Pretax earnings were $248.0 million across segments, with Capital Markets and Asset Management posting pretax earnings increases of 34% and 47%, respectively, while Private Client Group earnings declined 5% due to legal expenses and settlements. Total assets reached $8.36 billion at September 30, 2005, up from $7.62 billion, and shareholders' equity grew to $1.24 billion from $1.07 billion. Eagle Asset Management had approximately $11.5 billion under management, and total assets under management were $30.4 billion, including $27.5 billion in third-party assets. The Company disclosed several legal and regulatory matters, including a Utah censure proceeding seeking a $100,000 fine and an SEC initial decision against RJFS in the Cranston, Rhode Island matter ordering a $6.9 million civil penalty, along with the 'Premiere 72' litigation, in which RJFS paid approximately $24 million to settle roughly 380 claimants. Management stated that these matters were not expected to have a material adverse impact on financial position or results of operations. The Company also recorded a $6.5 million pretax charge to fully reserve its leveraged lease investment in an aircraft leased to Delta Airlines, which filed for bankruptcy protection on September 14, 2005. Its Continental lease, valued at $11.8 million, remained current. The Company expects to change its fiscal reporting period to calendar quarter-ends beginning in fiscal 2006.
Dec 14, 2005
2004
Raymond James Financial Annual Report, Year Ended Sep 24, 2004
Raymond James Financial, Inc. (RJF) reported record results for the fiscal year ended September 24, 2004. Total revenues rose 22% to a record $1.83 billion, net revenues rose 23%, and net income rose 48% to a record $127.6 million, or $1.72 per diluted share. The filing attributes the growth to each of the three largest segments (Private Client Group, Capital Markets, and Asset Management) and notes that net interest income grew 5% on rising margin loan balances as individual investors returned to the market. Management also notes that the company's results remain highly correlated with equity market direction, and that investor activity was depressed in the second half of fiscal 2004 by expectations of rising interest rates and a demanding regulatory environment. Balance sheet and capital metrics were solid. Total assets were $7.62 billion and shareholders' equity was $1.07 billion, up from $924.7 million a year earlier. Private Client Group pre-tax earnings rose 49% to $109.7 million, Capital Markets pre-tax earnings rose 54% to $57.9 million on record equity underwriting activity (120 public offerings led or co-managed), and Asset Management pre-tax earnings rose 49% to $27.9 million. RJBank pre-tax earnings fell 13%. The filing also discloses material legal and regulatory exposure. The Premiere 72 mortgage lending program litigation involves claimants who funded more than $150 million, with the actual loss not yet determinable, and a pending SEC administrative proceeding against RJFS has a hearing scheduled for February 2005 with a provision made in the financial statements. Management states that the ultimate resolution of these matters is not expected to have a material adverse effect on financial position or results of operations, though a resolution could affect results in a future period.
Dec 8, 2004
2003
Raymond James Financial Annual Report, Year Ended Sep 26, 2003
Raymond James Financial, Inc. reported net income of $86.3 million, or $1.76 per diluted share, for the fiscal year ended September 26, 2003, up from $79.3 million, or $1.60 per diluted share, in fiscal 2002. Total revenues declined $19.9 million, or 1%, to $1.50 billion, while net revenues increased $10.9 million, or 1%, to $1.45 billion. The filing attributes the net income increase primarily to lower net litigation reserve expense, partly offset by higher compensation expense. Net interest income fell as declining interest rates and lower margin and stock lending balances reduced interest revenue. Segment performance was mixed. Private Client Group pre-tax earnings were roughly flat at $73.4 million, Capital Markets pre-tax earnings were $37.5 million, Asset Management pre-tax earnings fell to $18.7 million, and RJBank pre-tax earnings rose to $10.2 million. Total assets grew to $6.91 billion from $6.04 billion, and shareholders' equity rose to $924.7 million. Assets under management reached $18.77 billion, up 23%, driven by Eagle Asset Management's growth. The principal risks disclosed center on legal and regulatory matters. The company faces claims tied to the Premiere 72 mortgage lending program, a $12.5 million misappropriation suit against RJFS, and an NASD and SEC preliminary recommendation of enforcement action over mutual fund breakpoint discounts, with a potential penalty of up to $6.5 million. Management states that ultimate resolution of pending litigation is not expected to have a material adverse impact on financial position or results of operations.
Dec 23, 2003
2002
Raymond James Financial Annual Report, Year Ended Sep 27, 2002
Raymond James Financial, Inc. reported fiscal 2002 (year ended September 27, 2002) revenues of $1,515,923,000, down 9% from the prior year, marking the second consecutive year of decline as poor equity markets continued. Net income fell to $79,303,000, down 18% from the prior year, or 10% when the prior year is adjusted to remove the positive $8.7 million impact of the reversal of the excess Corporex litigation reserve. Diluted earnings per share were $1.60 compared with $1.98 in fiscal 2001. Retail revenues declined 10% to $995,053,000, with net interest income falling 21%, while Capital Markets revenues rose 16% to $332,749,000 and pre-tax earnings increased to $42,848,000 from $8,547,000. Total assets were $6,040,303,000 and shareholders' equity was $839,636,000 at September 27, 2002. Eagle Asset Management reported approximately $5.2 billion under management, and total financial assets under management were $15,293,000,000, down 4%. The filing discloses significant litigation: a Seminole Tribe claim sent to arbitration, a $12.5 million suit against RJFS tied to an SEC investigation, and a series of lawsuits over the "Premiere 72" mortgage program, where total funded amounts may exceed $150 million but the claimants' actual loss is not determinable and the company cannot reasonably estimate its exposure. The company also noted that the Sarbanes-Oxley Act of 2002 was signed into law July 30, 2002, and management does not expect compliance to have a material impact on results. Starting in fiscal 2003, the company will expense stock options under SFAS 123, which would have reduced fiscal 2002 net income by approximately $4 million had it applied.
Dec 23, 2002
2001-A2
Raymond James Financial Annual Report (Amendment), Year Ended Sep 28, 2001
Raymond James Financial, Inc. reported revenues of $1,657,844 thousand ($1.66 billion) for the fiscal year ended September 28, 2001, compared with $1,698,594 thousand in fiscal 2000, and net income of $96,410 thousand, down from $125,195 thousand. The filing attributes the revenue decline to retail commissions and reduced interest income, and states that poor equity markets led to lower transaction volume. Fee-based revenues, including investment advisory fees, interest and asset-based commission alternatives, are described as approximately 48% of total revenues, up from 36% five years earlier. Diluted earnings per share were $1.98, versus $2.67 in the prior year. Management also described operating results, excluding the Corporex legal reserve charge and its partial reversal, as down 36%. The company's balance sheet at September 28, 2001 showed total assets of $6,372,054 thousand and shareholders' equity of $770,876 thousand, or $15.99 per share. Long-term debt rose to $147,879 thousand from $98,555 thousand. Key 2001 events included the acquisition of Goepel McDermid Inc., now Raymond James Ltd., on January 1, 2001 for $78 million, and the $27.5 million settlement of the Corporex judgment paid in June 2001. Assets under management were $15.87 billion, down 10% from the prior year, and the company had 4,650 retail Financial Advisors at year end. The filing notes that the company's broker-dealer subsidiaries are subject to regular regulatory reviews, and management believes pending litigation will not have a material adverse impact on financial position or results of operations. Management also flagged rising administrative costs and a 30% increase in business development expense from a television advertising push. Over the year, the company reduced headcount in the last two quarters of fiscal 2001 as market conditions slowed.
Dec 27, 2001
2001-A
Raymond James Financial Annual Report (Amendment), Year Ended Sep 28, 2001
Raymond James Financial, Inc. reported total revenues of $1,657,844 thousand for the fiscal year ended September 28, 2001, compared with $1,698,594 thousand in fiscal 2000 and $1,232,206 thousand in fiscal 1999. Net income was $96,410 thousand, or $1.98 per diluted share, versus $125,195 thousand ($2.67 diluted) in 2000. The filing attributes the decline to poor equity markets that reduced transaction volume, with retail commission revenues falling to $830,841 thousand from $903,448 thousand, and to lower interest income as margin balances declined. Management states that fee-based revenues, including investment advisory fees, interest and asset-based commission alternatives, represented approximately 48% of total revenues, up from 36% five years earlier. The results include a $16 million reversal of the legal reserve tied to the Corporex judgment, which was settled in June 2001 for $27.5 million. Excluding that reversal, net income was $87,678 thousand. The Canadian broker-dealer Goepel McDermid Inc., renamed Raymond James Ltd., was acquired January 1, 2001 and contributed $65,463 thousand of revenue. Total assets were $6,372,054 thousand and shareholders' equity was $770,876 thousand at September 28, 2001, and the company had 5,811 employees, including 4,650 retail Financial Advisors at year end. The filing notes that the company's auditor changed during the year and that the company is contesting various lawsuits, which management does not expect to have a material adverse effect on financial position or results. Management also identifies risks from market volatility, interest rate fluctuations, and regulatory change, and says that adoption of SFAS 142 may require goodwill impairment testing on roughly $62 million of unamortized goodwill.
Dec 27, 2001
2001
Raymond James Financial Annual Report, Year Ended Sep 28, 2001
Raymond James Financial, Inc. reported total revenues of $1,657,844 thousand ($1.66 billion) for the fiscal year ended September 28, 2001, slightly below the prior year's $1,698,594 thousand. Net income was $96,410 thousand, or $1.98 per diluted share, compared with $125,195 thousand, or $2.67 per diluted share, in fiscal 2000. The filing attributes the weaker results to poor equity markets that reduced transaction volume, with retail commission revenues falling to $830,841 thousand from $903,448 thousand. Management states that fee-based revenues, including investment advisory fees, interest and asset-based commission alternatives, represented approximately 48% of total revenues, up from 36% five years earlier. Net income in fiscal 2001 was helped by a $16 million reversal of the legal reserve related to the Corporex judgment, which was settled for $27.5 million in June 2001. Excluding this reversal, net income was $87,678 thousand. The company also acquired Goepel McDermid Inc., now Raymond James Ltd., on January 1, 2001, for $78 million, and expanded its Canadian operations as a result. Total assets were $6,372,054 thousand and shareholders' equity was $770,876 thousand at year-end, with equity per share of $15.99. Total financial assets under management declined 10% to $15.87 billion, driven mainly by lower equity values at Eagle Asset Management and Investment Advisory Services. Headcount was reduced in the last two quarters of fiscal 2001 after the market slowdown, and the company recorded 4,650 retail Financial Advisors at year-end, including Raymond James Ltd.
Dec 21, 2001
2000
Raymond James Financial Annual Report, Year Ended Sep 29, 2000
Raymond James Financial, Inc. (RJF) reported its 10-K for the fiscal year ended September 29, 2000. Total revenues rose to $1,698,594 thousand from $1,232,206 thousand in fiscal 1999, an increase of 38% as stated in the filing, and net income reached a record $125,195 thousand, up 47%. The filing describes fiscal 2000 as the company's sixteenth consecutive year of record revenues. Fee-based revenues, including investment advisory fees, interest and asset-based commission alternatives, represented approximately 46% of total revenues, up from 36% five years earlier. Basic and diluted earnings per share were $2.70 and $2.67, respectively, and results include a $20 million charge to increase legal reserves related to the Corporex judgment; excluding that charge, net income was $136,354 thousand. The company's five segments are retail distribution, institutional distribution, investment banking, asset management and other. Retail distribution produced $1,206,775 thousand of revenue and $162,619 thousand of pre-tax income. Assets under management reached $17,549,357 thousand, up 29%. The company had 4,245 retail Financial Advisors at year-end, and net interest income rose to $117,037 thousand. Shareholders' equity grew to $650,518 thousand and total assets to $6,308,816 thousand. The principal risk disclosed is a June 19, 2000 judgment of $40,675,537 against Raymond James & Associates, Inc. and RJ Mortgage Acceptance Corp. in the Corporex case; the company intends to appeal and has provided for the judgment. The filing also reports an agreement to acquire Goepel McDermid Inc., a Canadian broker-dealer, expected to close in early January 2001 for an estimated total purchase price of $75 to $80 million.
Dec 22, 2000
1999
Raymond James Financial Annual Report, Year Ended Sep 24, 1999
Raymond James Financial, Inc. (RJF) reported its 10-K for the fiscal year ended September 24, 1999. Total revenues rose to $1,232,206 thousand ($1.23 billion), up 14% from the prior year, marking the company's fifteenth consecutive year of record revenues. However, net income declined 8% to $85,090 thousand ($85.1 million), or $1.76 per diluted share, versus $92,704 thousand in fiscal 1998. Management attributed the earnings pressure to branding campaign costs, the creation of Raymond James Financial Services, Inc. (RJFS), expanded headquarters, Y2K preparation, and the Roney & Co. acquisition, and noted that investment banking results fell sharply. Growth came mainly from recurring and fee-based sources. Securities commissions rose to $758.1 million, interest revenue reached $229.8 million, and investment advisory fees were $91.9 million. Investment banking revenue fell 32% to $74.7 million as small and mid-cap equity underwriting slowed, with 23 new issues totaling $3.0 billion versus 57 issues for $6.0 billion in 1998. The company acquired Roney & Co. on May 28, 1999 for $71.3 million, adding 320 Financial Advisors and 28 offices. Retail Financial Advisors numbered 3,864 at year-end, and assets under management totaled $13.6 billion. Balance sheet growth was substantial, with total assets of $5.03 billion at September 24, 1999, up from $3.85 billion, and shareholders' equity of $558.5 million. The company repurchased treasury shares for $31.6 million during the year. The filing discloses ongoing SEC, IRS and NASD reviews of investment banking practices related to municipal advance refunding transactions, and management believes these matters will not have a material adverse effect.
Dec 22, 1999
1998
Raymond James Financial Annual Report, Year Ended Sep 25, 1998
Raymond James Financial, Inc. (RJF) reported its fiscal 1998 10-K for the year ended September 25, 1998. Total revenues rose to $1,082,907 thousand ($1.08 billion), up from $927,607 thousand in fiscal 1997, which included a $30,646 thousand one-time gain on the sale of Liberty Investment Management, Inc. Net income was $92,704 thousand, or $1.86 per diluted share, compared with $98,915 thousand in 1997. The filing states that excluding the Liberty gain, 1997 net income was $80,126 thousand, so earnings rose 16% on that basis, as the filing itself notes. Management described fiscal 1998 as the fourteenth consecutive year of record revenues. The business is driven by a retail brokerage network, with Raymond James & Associates, Inc. (RJA) generating 59% of consolidated revenues. Securities commissions were $631,661 thousand, and interest revenue was $202,255 thousand. Net trading profits fell 51% to $6,300 thousand as over-the-counter equity trading changes virtually eliminated gross equity trading profits, and management expects flat or negative results from that activity to be the norm. Investment banking revenue was roughly flat at $107,772 thousand. Total financial assets under management reached $11,206,957 thousand, up 22% for the year, though the filing notes a quarterly decline in the September 1998 quarter. Total assets grew to $3,852,737 thousand and shareholders' equity to $509,898 thousand. Net cash from operating activities was $448,330 thousand. The filing discloses that the SEC and other regulators are reviewing over-the-counter trading practices and municipal advance refunding practices, and management believes these matters will not have a material adverse effect. The Company also discusses Year 2000 readiness, stating its costs to date have not been material.
Dec 24, 1998
1997
Raymond James Financial Annual Report, Year Ended Sep 26, 1997
Raymond James Financial, Inc. filed this Form 10-K for the fiscal year ended September 26, 1997. Total revenues were $927.6 million, including a $30.6 million gain from the sale of Liberty Investment Management, Inc. Excluding that gain, revenues were $896.96 million, up from $721.75 million in fiscal 1996, and net income was $98.9 million, or $3.06 per share, including the gain. Excluding the gain, net income was $80.1 million. Fiscal 1997 was described as the company's thirteenth consecutive year of record revenues. Securities commissions rose to $514.96 million and investment banking revenue reached a record $109.1 million, with the company citing record equity underwriting activity. Balance sheet growth was substantial. Total assets reached $3.28 billion, up from $2.57 billion, and shareholders' equity rose to $423.3 million from $326.6 million. Client-related financing drove much of this, with customer payables at $1.49 billion and stock borrowed at $1.07 billion. Financial advisor count rose to 2,825 from 2,503. Client assets under management were $9.18 billion at year end, with Eagle Asset Management at $3.71 billion and the Heritage family of mutual funds at $3.16 billion. The filing also notes forward-looking risks tied to securities market volume and volatility, interest rates, and regulation. It flags Year 2000 compliance as a potential adverse factor, though management did not believe the cost of internal system modifications would be material in fiscal 1998. Management stated that pending litigation was not expected to have a material adverse effect on financial position or results.
Dec 24, 1997
1996
Raymond James Financial Annual Report, Year Ended Sep 27, 1996
Raymond James Financial, Inc. (RJF) reported record fiscal 1996 results for the year ended September 27, 1996, with total revenues of $721,752 thousand (up from $554,070 thousand in fiscal 1995) and net income of $65,978 thousand (up from $46,141 thousand). Net income per primary share was $3.14, compared with $2.23 in fiscal 1995. Management described it as the company's twelfth consecutive year of record revenues and attributed the earnings record to a very favorable equity market that spurred investor and capital markets activity. Securities commissions ($422,487 thousand) and interest revenue ($126,453 thousand) were the largest revenue sources, and investment banking revenue rose to $72,596 thousand, a record, driven by equity underwritings and merger and acquisition activity. Total assets grew to $2,566,381 thousand from $2,012,715 thousand, and shareholders' equity rose to $326,632 thousand from $266,193 thousand. Net interest income, a growing earnings source, reached $42,982 thousand. Total financial assets under management were $11,762,192 thousand at year-end, up from $9,821,389 thousand. The company's Liberty Investment Management arrangement is being wound down: Liberty agreed to sell substantially all of its assets to Goldman Sachs Asset Management, and the company expects to receive a lump-sum settlement of up to $30 million pretax income at a closing scheduled for January 1997. The filing notes that the company is a defendant in various securities-related lawsuits, which management believes will not have a material adverse effect on its financial position or results of operations. Dividends were $.38 per share for fiscal 1996, and the quarterly rate was raised to $.11 for the first quarter of fiscal 1997.
Dec 23, 1996
1995
Raymond James Financial Annual Report, Year Ended Sep 29, 1995
Raymond James Financial, Inc. (RJF), a Florida-based holding company, reported fiscal 1995 (year ended September 29, 1995) total revenues of $554.07 million, up from $507.14 million in fiscal 1994, and net income of $46.14 million, or $2.23 per share, compared with $42.07 million, or $1.97 per share, a year earlier. The filing describes fiscal 1995 as the company's eleventh consecutive year of record revenues and its second-highest net income in company history, trailing only fiscal 1993. Securities commissions ($327.55 million) and interest income ($97.21 million) were the largest revenue sources, while investment banking revenue fell to $43.00 million from $60.22 million, reflecting 24 managed or co-managed underwritings for $1.4 billion versus 35 deals for $2.2 billion in 1994. Total assets grew to $2.01 billion from $1.70 billion, and shareholders' equity rose to $266.19 million from $227.45 million. Total client assets under management were $9.82 billion at year-end, including $4.81 billion transferred to Liberty Investment Management, Inc. on January 1, 1995, under an arrangement in which the company receives 50% of management fees on those accounts through December 31, 1999. The company also disclosed that its mortgage securitization subsidiary, Raymond James Mortgage Capital, Inc., will be sold during fiscal 1996 following economic losses and the loss of its president. Management stated that pending litigation is not expected to have a material adverse effect on the company's financial position or results of operations.
Dec 29, 1995
1994-A
Raymond James Financial Annual Report (Amendment), Year Ended Sep 30, 1994
Raymond James Financial, Inc. filed this amendment on February 22, 1995, to its Form 10-K originally filed on December 28, 1994. According to the cover letter, the sole purpose of the amendment is to include a Financial Data Schedule. The letter is signed by Jennifer C. Ackart, Controller, who is the designated contact for questions. The filing itself is a brief cover letter and does not set out operating results, balance sheet figures, or business commentary. Investors seeking those details would need to review the original 10-K filed December 28, 1994, along with the Financial Data Schedule that this amendment adds. For investors, the main takeaway is administrative: the company supplemented its annual report with standardized financial data, and the amendment establishes a correction-of-record link to the earlier 10-K.
Feb 22, 1995