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RJF · Raymond James Financial

50 filings

10-Q

RJF 10-Q Quarterly Reports

Raymond James Financial - 50 quarterly reports

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

RJF filed 10 annual reports (10-K), 33 quarterly reports (10-Q) and 266 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · May ’17May ’17
  2. Leadership change8-K · Dec ’19Dec ’19
  3. Leadership change8-K · Dec ’21Dec ’21
  4. FY2025 annual report10-K · Nov ’25Nov ’25
  1. 2026-Q3

    Raymond James Financial Quarterly Report for Q3 Ended Jun 30, 2026

    Raymond James Financial, Inc. reported fiscal third-quarter 2026 results (quarter ended June 30, 2026) with net revenues of $3.93 billion, up 16% from the prior-year quarter, and pre-tax income of $750 million, up 33%. Net income available to common shareholders was $595 million, and diluted EPS was $3.01, up 42%. For the nine months, net revenues were $11.52 billion (up 11%), pre-tax income was $2.21 billion (up 12%), and diluted EPS was $8.52 (up 16%). Growth was driven mainly by higher asset management and related administrative fees from growth in PCG fee-based client assets, which reached $1,153.8 billion at June 30, 2026, as well as higher investment banking revenues. Compensation expense rose 17% in the quarter, and the total compensation ratio increased to 65.7% from 64.8%. Total assets were $94.24 billion at June 30, 2026, up from $88.23 billion at September 30, 2025, driven mainly by a $4.7 billion increase in bank loans, net. Bank deposits grew $4.42 billion to $63.32 billion. During the quarter the firm acquired Clark Capital Management Group, Inc. (contributing approximately $36 billion of financial assets under management at acquisition) and, earlier in fiscal 2026, a majority stake in GreensLedge Holdings LLC. Goodwill and intangible assets rose to $2.61 billion. The firm repurchased $400 million of common stock in the quarter and $1.2 billion year to date, leaving $1.1 billion under its authorization. Regulatory capital ratios remained well above requirements, with a tier 1 leverage ratio of 11.7% and total capital ratio of 22.5%, though both declined from September 30, 2025 levels. The filing also discloses an ongoing SEC Division of Enforcement inquiry into cash sweep program practices and a pending putative class action on cash sweep rates, with two named plaintiffs remaining. The firm reported an estimated upper-end loss exposure for matters where it could estimate a range of approximately $10 million in excess of accruals.

    Aug 5, 2026
  2. 2026-Q2

    Raymond James Financial Quarterly Report for Q2 Ended Mar 31, 2026

    Raymond James Financial, Inc. reported fiscal second-quarter 2026 results (three months ended March 31, 2026) with net revenues of $3.86 billion, up 13% from the prior-year quarter, and pre-tax income of $735 million, up 10%. Net income available to common shareholders was $542 million, up 10%, and diluted earnings per share were $2.72, up 15%. Management attributed the revenue growth mainly to higher asset management and related administrative fees on higher PCG fee-based client assets, which rose on market appreciation and net new assets from financial advisor recruiting and retention. Investment banking revenues rose 31%, and the total compensation ratio increased to 65.8% from 64.8%. Non-GAAP adjusted diluted EPS was $2.83, up 17%. For the six months, net revenues were $7.59 billion, up 9%, and diluted EPS was $5.51, up 6%. The balance sheet grew over the period. Total assets were $91.94 billion at March 31, 2026, versus $88.23 billion at September 30, 2025, driven mainly by bank loans, net, which rose to $54.83 billion from $51.57 billion, and bank deposits, which rose to $62.42 billion from $58.90 billion. The firm repurchased 2.5 million common shares for $400 million in the quarter, with $1.5 billion remaining under its authorization, and redeemed its Series B preferred stock on January 2, 2026 for $81 million. Regulatory capital remained above well-capitalized levels, with a tier 1 leverage ratio of 12.4% and a total capital ratio of 24.0%. The firm completed a majority acquisition of GreensLedge Holdings LLC during the quarter and acquired Clark Capital Management Group, Inc. on April 30, 2026. Risk items disclosed include an SEC Division of Enforcement inquiry into cash sweep program practices, which the firm says it is cooperating with, and class actions over cash sweep rates, where some claims were dismissed on March 27, 2026 and the firm intends to keep defending the rest. The bank loan provision for credit losses was $5 million for the quarter, down from $16 million a year earlier, and management cited a weakened economic outlook late in the period and specific CRE reserves.

    May 6, 2026
  3. 2026-Q1

    Raymond James Financial Quarterly Report for Q1 Ended Dec 31, 2025

    Raymond James Financial, Inc. reported results for its fiscal first quarter of 2026 (three months ended December 31, 2025). Net revenues rose 6% to $3.74 billion from $3.54 billion, while pre-tax income fell 3% to $728 million and net income available to common shareholders decreased 6% to $562 million. Diluted earnings per share were $2.79, down 2% from $2.86. Investment banking revenues declined 37% to $208 million, largely from lower merger and advisory revenues versus a strong prior-year quarter. Asset management and related administrative fees rose to $1.999 billion from $1.743 billion, driven by higher fee-based client assets, and net interest income increased to $566 million from $529 million. Balance sheet growth was modest. Total assets were $88.76 billion at December 31, 2025, up from $88.23 billion at September 30, 2025, with bank loans, net rising to $53.44 billion and bank deposits rising to $60.15 billion. Cash and cash equivalents declined to $9.89 billion from $11.39 billion. Operating cash flow was negative $10 million for the quarter. The firm repurchased 2.5 million shares for $400 million, and the Board increased the quarterly common dividend 8% to $0.54 per share and authorized up to $2 billion of repurchases. Regulatory capital ratios remained well above requirements, with a tier 1 leverage ratio of 12.7% and a total capital ratio of 24.3%. The filing also discloses pending acquisitions of GreensLedge Holdings LLC and Clark Capital Management Group, Inc., both expected to close in fiscal 2026 using cash on hand. The company redeemed its Series B Preferred Stock on January 2, 2026 for $81 million. Compensation ratio rose to 65.6% from 64.2%, and the effective tax rate increased to 22.7% from 19.9%.

    Feb 6, 2026
  4. 2025-Q3

    Raymond James Financial Quarterly Report for Q3 Ended Jun 30, 2025

    Raymond James Financial, Inc. reported fiscal third-quarter 2025 results (quarter ended June 30, 2025) with net revenues of $3.40 billion, up 5% from the prior-year quarter, while pre-tax income fell 13% to $563 million. Net income available to common shareholders was $435 million and diluted EPS was $2.12, down 8% from $2.31. The decline was driven largely by a $58 million expense increase tied to the settlement of a legal matter related to bond underwritings for a specific issuer, which pushed non-compensation expenses up 28%. For the nine months ended June 30, 2025, net revenues rose 10% to $10.34 billion, pre-tax income rose 5% to $1.98 billion, and diluted EPS was $7.35, up 7%. Growth was led by asset management and related administrative fees, which reached $1.73 billion in the quarter, and by investment banking, which rose 16% to $212 million in the quarter and increased significantly year to date. Offsetting these gains, combined net interest income and RJBDP fees from third-party banks fell 2% in the quarter to $656 million as short-term rates declined. Bank loans, net grew to $49.84 billion from $45.99 billion at September 30, 2024, while the bank deposit base rose to $57.25 billion. Capital remained strong, with a tier 1 leverage ratio of 13.1% and total capital ratio of 24.2% at RJF, and the company repurchased 3.3 million shares for $451 million in the quarter. The filing also discloses an SEC Division of Enforcement inquiry, beginning in August 2024, into cash sweep program practices, along with putative class actions over client cash sweep rates; one of the three consolidated lawsuits was voluntarily dismissed on July 24, 2025. The company stated it intends to vigorously defend the remaining claims. Management also noted it expects to redeem its $98 million of subordinated notes on August 15, 2025, with no material impact expected on fiscal fourth-quarter results.

    Aug 6, 2025
  5. 2025-Q2

    Raymond James Financial Quarterly Report for Q2 Ended Mar 31, 2025

    Raymond James Financial, Inc. reported higher results for the fiscal second quarter ended March 31, 2025. Net revenues were $3.40 billion, up 9% from the prior-year quarter, and pre-tax income was $671 million, up 10%. Net income available to common shareholders was $493 million, up 4%, and diluted earnings per share were $2.36, up 6%. Adjusted diluted earnings per share, which exclude $19 million of expenses related to prior-year acquisitions, were $2.42. For the six months ended March 31, 2025, net revenues were $6.94 billion (up 13%), pre-tax income was $1.42 billion (up 15%), and diluted earnings per share were $5.22 (up 15%). The filing attributes the revenue growth mainly to higher asset management and related administrative fees from higher fee-based client assets, and to stronger investment banking and brokerage revenues. Lower short-term interest rates reduced combined net interest income and RJBDP fees from third-party banks, which fell 6% in the quarter to $651 million. The balance sheet remained well capitalized. Total assets were $83.13 billion and total shareholders' equity was $12.23 billion at March 31, 2025. The tier 1 leverage ratio was 13.3% and the total capital ratio was 24.8%, and RJF, Raymond James Bank, and TriState Capital Bank were all categorized as well-capitalized. Bank loans, net, rose to $48.27 billion, largely from growth in securities-based loans. The bank loan provision for credit losses was $16 million in both the quarter and the six-month period. The company repurchased $250 million of common stock in the quarter and had $1.20 billion remaining under its repurchase authorization. It declared $0.50 per common share in quarterly dividends. The filing also discloses risks. The SEC's Division of Enforcement has requested information about the firm's cash sweep program practices for investment advisory clients, and the firm is cooperating with the inquiry. Three putative class action lawsuits alleging breaches of fiduciary duty or agreements over rates paid on cash sweep balances have been consolidated, and the firm intends to vigorously defend them. The company also expects some interest-rate-sensitive revenue to decline as short-term rates fell, and it notes that the effective tax rate rose to 26.2% in the quarter because of non-deductible valuation losses on company-owned life insurance.

    May 7, 2025
  6. 2025-Q1

    Raymond James Financial Quarterly Report for Q1 Ended Dec 31, 2024

    Raymond James Financial, Inc. reported results for its fiscal first quarter of 2025 (three months ended December 31, 2024). Net revenues rose to $3.54 billion from $3.01 billion, and pre-tax income increased to $749 million from $630 million. Net income available to common shareholders was $599 million, and diluted earnings per share were $2.86, compared with $2.32 a year earlier. The firm attributes the growth mainly to higher asset management and related administrative fees, driven by market appreciation and net new fee-based assets, and to stronger investment banking revenue, particularly in merger & acquisition activity. Offsetting these gains, combined net interest income and RJBDP fees from third-party banks declined 4% on lower short-term interest rates. The balance sheet remained strong, with total assets of $82.28 billion and total shareholders' equity of $11.93 billion as of December 31, 2024. The firm reported a tier 1 leverage ratio of 13.0% and a total capital ratio of 25.0%, and all three of its banking-related regulated entities were categorized as well-capitalized. Bank loans, net, rose to $47.16 billion. In December 2024, the Board increased the quarterly common dividend to $0.50 per share and authorized up to $1.5 billion in share repurchases, of which $1.45 billion remained available at quarter end. Looking ahead, management expects the fiscal second quarter to be affected by two fewer billable days, which it expects to reduce asset management fees by approximately 2%. It expects investment banking revenues to continue benefiting over the next few quarters. The filing also discloses an SEC inquiry into cash sweep program practices and three putative class action lawsuits, which the firm intends to vigorously defend.

    Feb 7, 2025
  7. 2024-Q3

    Raymond James Financial Quarterly Report for Q3 Ended Jun 30, 2024

    Raymond James Financial, Inc. reported fiscal third-quarter 2024 results (quarter ended June 30, 2024) with net revenues of $3.23 billion, up 11% from the prior-year quarter, and pre-tax income of $644 million, up 33%. Net income available to common shareholders was $491 million and diluted earnings per share were $2.31, compared with $1.71 a year earlier. For the nine months, net revenues were $9.36 billion (up 9%), pre-tax income was $1.88 billion (up 11%), and diluted EPS was $6.85. Growth was driven mainly by higher asset management and related administrative fees, which rose 17% in the quarter on higher fee-based client assets, while combined net interest income and RJBDP fees from third-party banks declined as deposit funding shifted to higher-cost ESP balances. Bank segment net interest margin fell to 2.64% from 3.26%. The balance sheet remained well capitalized, with the Tier 1 leverage ratio at 12.7% and total capital ratio at 23.6% as of June 30, 2024, and the firm reported $2.1 billion of cash at the parent. The company repurchased 2.0 million shares for $243 million in the quarter and stated it expects to accelerate repurchases. Total client assets under administration were $1.48 trillion, and bank loans, net were $45.1 billion. The filing also discloses a settlement in principle with the SEC's Division of Enforcement over records preservation practices, including a $50 million civil monetary penalty accrued at June 30, 2024, subject to SEC final approval. Management cautioned that future economic deterioration could increase bank loan provisions for credit losses, that short-term interest rate changes affect RJBDP fee and net interest income, and that the expected fourth-quarter outlook includes higher asset management fees and improving investment banking revenues.

    Aug 6, 2024
  8. 2024-Q2

    Raymond James Financial Quarterly Report for Q2 Ended Mar 31, 2024

    Raymond James Financial, Inc. reported fiscal second-quarter 2024 (quarter ended March 31, 2024) results with net revenues of $3.12 billion, up 9% from the prior-year quarter, and pre-tax income of $609 million, also up 9%. Net income available to common shareholders was $474 million, up 12%, and diluted earnings per share were $2.22, up 15%. For the six months, net revenues were $6.13 billion (up 8%), pre-tax income was $1.24 billion (up 2%), and diluted EPS was $4.54. Growth was driven mainly by higher asset management and related administrative fees on higher fee-based client assets, along with higher brokerage and investment banking revenues. Combined net interest income and RJBDP fees from third-party banks declined as higher-cost deposit mix (ESP and certificates of deposit) raised interest expense; Bank segment pre-tax income fell 18% in the quarter. Capital and liquidity remained strong. The Tier 1 leverage ratio was 12.3% and the total capital ratio 23.3% at March 31, 2024, both well above well-capitalized requirements. The company repurchased 1.70 million shares for $207 million in the quarter and, after subsequent April repurchases, had repurchased $400 million year-to-date with $1.14 billion remaining under its authorization. Total assets were $81.23 billion. The filing also discloses a settlement in principle with the SEC's Division of Enforcement over records preservation, including a $50 million civil monetary penalty accrued at March 31, 2024, subject to definitive documentation and SEC approval. Bank loan credit metrics were described as solid, though nonperforming loans rose to $187 million from $128 million, and management flagged possible higher provisions if economic conditions deteriorate. Looking ahead, management said it expects fiscal third-quarter results to benefit from higher asset management fees, citing a 7% sequential increase in PCG fee-based assets as of March 31, 2024. It also expects investment banking revenues to improve with industry recovery, while combined net interest income and RJBDP fees will depend on short-term interest rates, client cash balances, and loan growth.

    May 7, 2024
  9. 2024-Q1

    Raymond James Financial Quarterly Report for Q1 Ended Dec 31, 2023

    Raymond James Financial, Inc. (RJF) reported results for its fiscal first quarter of 2024, the three months ended December 31, 2023. Net revenues rose to $3.01 billion, up 8% from the prior-year quarter, while pre-tax income of $630 million fell $22 million, or 3%. Net income available to common shareholders was $497 million, a 2% decrease, and diluted earnings per share were $2.32, up 1%. Annualized ROCE was 19.1% versus 21.3% a year earlier, and adjusted diluted EPS was $2.40. The compensation ratio rose to 63.8% from 62.3%, and non-compensation expenses increased $64 million, or 16%, partly because the prior-year quarter included a $32 million insurance settlement gain that did not recur. The balance sheet grew modestly, with total assets of $80.13 billion, up $1.77 billion or 2% from September 30, 2023. Bank deposits increased $1.19 billion, driven by growth in the Enhanced Savings Program, and bank loans, net rose to $44.18 billion. The firm remained well-capitalized, with a Tier 1 leverage ratio of 12.1% and a total capital ratio of 23.0%. Management said it had $2.1 billion of cash at the parent and $1.39 billion remaining under its common stock repurchase authorization. Net interest income plus RJBDP fees from third-party banks declined $25 million, or 3%, and management expects a further estimated 5% decline in the fiscal second quarter absent rate changes. The filing also flags several forward-looking pressures. Management expects investment banking activity to remain affected by market uncertainty in the fiscal second quarter, expects continued headwinds in brokerage revenues, and warns that economic deterioration could increase bank loan provisions. Asset management fees are expected to benefit from a 9% sequential increase in PCG fee-based assets and financial assets under management as of December 31, 2023. Total client assets under administration reached $1.37 trillion. The filing notes that the Department of Labor's proposed fiduciary rule could have a material adverse effect if finalized.

    Feb 7, 2024
  10. 2023-Q3

    Raymond James Financial Quarterly Report for Q3 Ended Jun 30, 2023

    Raymond James Financial, Inc. (RJF) reported results for its fiscal third quarter ended June 30, 2023. Net revenues were $2.91 billion for the quarter, up from $2.72 billion a year earlier, and pre-tax income was $486 million versus $415 million. Net income available to common shareholders was $369 million, and diluted earnings per share were $1.71 compared with $1.38 in the prior-year quarter. For the nine months, net revenues were $8.57 billion and diluted EPS was $5.95. Growth was driven largely by higher short-term interest rates, which lifted net interest income and RJBDP fees from third-party banks, along with contributions from the acquisitions of TriState Capital and SumRidge Partners. Investment banking revenues fell sharply, down $76 million, or 35%, in the quarter, reflecting a challenging market environment. Balance sheet and capital metrics remained strong. Total assets were $77.63 billion, down from $80.95 billion at September 30, 2022, as segregated cash and client brokerage payables declined. Bank deposits rose to $53.77 billion, including $11.23 billion from the Enhanced Savings Program launched in March 2023. The Tier 1 leverage ratio was 11.4% and the total capital ratio was 22.0% at the parent company, both well above well-capitalized thresholds. The company repurchased 3.31 million shares for $300 million in the quarter and expects to continue repurchases in its fiscal fourth quarter, with $750 million remaining under its authorization. Management guided that combined net interest income and RJBDP fees from third-party banks would decline an estimated 5% in the fiscal fourth quarter, reflecting higher deposit costs from the Enhanced Savings Program and elevated Bank segment cash balances. Investment banking is expected to remain under pressure, while higher fee-based asset levels are expected to support asset management fees. Bank loan provisions rose to $54 million in the quarter, mainly due to a weaker outlook for the commercial real estate portfolio, and the company sold approximately $450 million of corporate loans during the quarter.

    Aug 4, 2023
  11. 2023-Q2

    Raymond James Financial Quarterly Report for Q2 Ended Mar 31, 2023

    Raymond James Financial, Inc. (RJF) reported fiscal second-quarter 2023 results (quarter ended March 31, 2023) in this Form 10-Q. Net revenues were $2.87 billion for the quarter, up from $2.67 billion a year earlier, and pre-tax income was $557 million versus $433 million. Net income available to common shareholders was $425 million, and diluted earnings per share were $1.93 compared with $1.52. For the six months, net revenues were $5.66 billion and pre-tax income was $1.21 billion. Growth was driven by higher short-term interest rates, which lifted net interest income ($631 million in the quarter versus $204 million) and RJBDP fees from third-party banks, partly offset by lower asset management fees and weaker investment banking revenues ($154 million versus $235 million). Balance sheet and capital metrics remained strong. Total assets were $79.18 billion and total shareholders' equity was $9.97 billion at March 31, 2023. Tier 1 leverage was 11.5% and total capital was 21.4%, with RJF, Raymond James Bank and TriState Capital Bank all categorized as well-capitalized. Bank deposits rose to $54.23 billion, including $2.75 billion from the Enhanced Savings Program launched in March 2023, while total client cash sweep balances fell to $49.48 billion from $60.38 billion at December 31, 2022. The company repurchased 3.75 million shares for $350 million during the quarter. Management cautioned that net interest income and RJBDP fees from third-party banks are expected to decline in the fiscal third quarter due to lower average swept balances and a lower Bank segment net interest margin. It also expects continued headwinds in brokerage and investment banking revenues from macroeconomic uncertainty, and said higher bank loan provisions could follow if economic conditions deteriorate.

    May 8, 2023
  12. 2023-Q1

    Raymond James Financial Quarterly Report for Q1 Ended Dec 31, 2022

    Raymond James Financial, Inc. reported its fiscal first quarter 2023 results for the three months ended December 31, 2022. Net revenues were $2.79 billion, flat compared with the prior-year quarter, while pre-tax income of $652 million increased 17%. Net income available to common shareholders was $507 million, up 14%, and diluted earnings per share were $2.30, up 10%. Results included a favorable $32 million insurance settlement related to a previously settled litigation matter. Compensation expense fell 8%, and the compensation ratio improved to 62.3% from 67.7%. Investment banking revenues declined sharply, down $279 million or 68%, reflecting a challenging market environment, while net interest income and RJBDP fees rose with higher short-term interest rates. The balance sheet shrank, with total assets of $77.05 billion at December 31, 2022, down $3.90 billion from September 30, 2022, mainly due to lower client cash balances and a $3.37 billion decline in assets segregated for regulatory purposes. Bank loans, net increased $827 million to $44.07 billion. Client domestic cash sweep balances declined $6.7 billion, or 10%, to $60.38 billion, including a 53% drop in Client Interest Program balances, and management expects continued declines as clients move cash into higher-yielding alternatives. Capital and liquidity remained strong. The Tier 1 leverage ratio was 11.3% and the Total capital ratio was 21.6%, and RJF, Raymond James Bank and TriState Capital Bank were all categorized as well-capitalized. The board increased the quarterly common dividend to $0.42 per share and authorized up to $1.5 billion in share repurchases, of which approximately $1.4 billion remained available. Management expects fiscal second quarter results to benefit from the recent rate increases, while warning of headwinds in brokerage and investment banking revenues and rising expenses from inflation and investment.

    Feb 3, 2023
  13. 2022-Q3

    Raymond James Financial Quarterly Report for Q3 Ended Jun 30, 2022

    Raymond James Financial, Inc. reported its fiscal third quarter 2022 results (three months ended June 30, 2022) in this Form 10-Q. Net revenues were $2.72 billion, up from $2.47 billion a year earlier, and pre-tax income was $415 million. Net income available to common shareholders was $299 million, and diluted earnings per share were $1.38, compared with $1.45 in the prior-year quarter. Results include $65 million of acquisition-related expenses, including a $26 million initial provision for credit losses on loans acquired from TriState Capital, and the filing notes that the period was affected by a challenging market environment that reduced investment banking and brokerage revenues. The balance sheet expanded significantly after the June 1, 2022 acquisition of TriState Capital Holdings, Inc., valued at $1.4 billion, and the January 2022 acquisition of Charles Stanley Group PLC. Total assets rose to $86.11 billion from $61.89 billion at September 30, 2021, and total liabilities rose to $76.62 billion, driven largely by bank deposits of $49.89 billion. The company reported a Tier 1 leverage ratio of 10.8% and a total capital ratio of 21.5% for RJF, and all three of its bank and holding-company entities were categorized as well-capitalized. Management expects the fiscal fourth quarter to benefit from higher short-term interest rates and the SumRidge Partners acquisition completed July 1, 2022, while noting that an 11% decline in PCG fee-based assets since March 31, 2022 will weigh on asset management fees. For the nine months ended June 30, 2022, net revenues were $8.17 billion, up 16%, and diluted earnings per share were $4.99, up 8%. Adjusted diluted earnings per share, a non-GAAP measure that excludes acquisition-related expenses, were $5.41 for the nine-month period and $1.61 for the quarter.

    Aug 8, 2022
  14. 2022-Q2

    Raymond James Financial Quarterly Report for Q2 Ended Mar 31, 2022

    Raymond James Financial, Inc. reported fiscal second-quarter 2022 results (quarter ended March 31, 2022) in this Form 10-Q. Net revenues were $2.67 billion, up 13% from the prior-year quarter, while pre-tax income of $433 million decreased 3% and net income of $323 million decreased 9%. Diluted EPS was $1.52 versus $1.68 a year earlier. The firm attributed the pre-tax decline mainly to a $21 million bank loan provision for credit losses, compared with a $32 million benefit in the prior-year quarter. For the six months, net revenues were $5.45 billion (up 19%), net income was $769 million (up 15%) and diluted EPS was $3.61 (up 14%). Total assets rose to $73.10 billion from $61.89 billion at September 30, 2021, largely from client cash balances and the Charles Stanley acquisition completed January 21, 2022. Capital and liquidity remained strong. The total capital ratio was 25.0% and the Tier 1 leverage ratio 11.1%, both well above well-capitalized requirements. Client domestic cash sweep balances totaled $76.47 billion, and the firm stated that a 100-basis-point rise in short-term rates would produce nearly $600 million of incremental annual pre-tax income, with 75 basis points already realized through March and May 2022 Fed increases. Management also noted that fee-based asset balances declined about 3% excluding Charles Stanley, which it expects to weigh on fiscal third-quarter asset management fees. Pending transactions include the acquisition of TriState Capital Holdings, valued at approximately $1.1 billion and expected to close in the fiscal third quarter of 2022, and the SumRidge Partners acquisition, expected to close in the fiscal fourth quarter of 2022. The board authorized up to $1 billion in share repurchases, but the firm does not expect to repurchase shares until the TriState Capital acquisition is completed.

    May 9, 2022
  15. 2022-Q1

    Raymond James Financial Quarterly Report for Q1 Ended Dec 31, 2021

    Raymond James Financial, Inc. reported its fiscal first quarter 2022 results for the three months ended December 31, 2021, with net revenues of $2.78 billion, up 25% from the prior-year quarter, and pre-tax income of $558 million, up 40%. Net income was $446 million, and diluted earnings per share were $2.10 versus $1.48. Annualized return on equity was 21.2% (17.2% prior year) and return on tangible common equity was 23.4% (19.0% prior year). Investment banking revenues rose to $425 million from $261 million, and asset management and related administrative fees rose to $1.38 billion from $1.07 billion, driven by higher fee-based client assets. Balance sheet growth was driven largely by client cash. Total assets reached $68.46 billion, up from $61.89 billion at September 30, 2021, mainly because assets segregated for regulatory purposes increased by $4.14 billion, and brokerage client payables rose $5.21 billion. Bank deposits increased to $34.09 billion. Both RJF and Raymond James Bank remained well-capitalized, with RJF's total capital ratio at 27.0% and tier 1 leverage ratio at 12.1%. Total shareholders' equity was $8.65 billion. The filing also covers pending and completed acquisitions. Raymond James completed its acquisition of Charles Stanley on January 21, 2022, for approximately $372 million. The proposed acquisition of TriState Capital, valued at approximately $1.1 billion, is expected to close later in fiscal 2022. Management stated it does not expect to repurchase shares until after the TriState closing, though the board increased the quarterly dividend 31% to $0.34 per share and authorized up to $1 billion in repurchases. Management also said that near-zero short-term rates have weighed on results, and that a 100 basis point increase in short-term rates would add approximately $570 million in annual pre-tax income.

    Feb 8, 2022
  16. 2021-Q3

    Raymond James Financial Quarterly Report for Q3 Ended Jun 30, 2021

    Raymond James Financial, Inc. reported strong results for its fiscal third quarter ended June 30, 2021. Net revenues were $2.47 billion, up $637 million, or 35%, from the prior-year quarter, and pre-tax income was $385 million, up 94%. Net income was $307 million and diluted earnings per share were $2.18, compared with $1.23 a year earlier. The annualized return on equity was 15.9%, and adjusted diluted EPS excluding a $98 million loss on extinguishment of debt and $7 million of acquisition-related expenses was $2.74. Growth was driven mainly by asset management and related administrative fees, which rose to $1.26 billion, and investment banking revenue, which rose to $276 million. For the nine months ended June 30, 2021, net revenues were $7.07 billion, up 20%, and net income was $974 million, up 60%. Client assets under administration reached $1.17 trillion, up 33% from a year earlier. Total assets were $57.16 billion, and the firm reported that both Raymond James Financial and Raymond James Bank were categorized as well-capitalized. The filing states that management expects near-zero short-term interest rates to continue into fiscal 2022 and cites risks from COVID-19, the Delta variant, and possible volatility in brokerage and investment banking revenues. During the quarter the firm issued $750 million of 3.75% senior notes due 2051 and used the proceeds and cash on hand to redeem its 5.625% notes due 2024 and 3.625% notes due 2026, recording a $98 million loss. The firm also announced agreements to acquire Cebile Capital and an offer for U.K.-based Charles Stanley Group PLC at £5.15 per share, or approximately £279 million. The firm repurchased 375,000 shares in the quarter for $48 million, leaving $632 million of authorization available.

    Aug 9, 2021
  17. 2021-Q2

    Raymond James Financial Quarterly Report for Q2 Ended Mar 31, 2021

    Raymond James Financial, Inc. reported net revenues of $2.37 billion for the quarter ended March 31, 2021, up $304 million, or 15%, from the prior-year quarter. Pre-tax income rose 87% to $447 million and net income increased 110% to $355 million, with diluted earnings per share of $2.51 (versus $1.20). Annualized return on equity was 19.0%, compared with 9.9% a year earlier. For the six months, net revenues were $4.59 billion (up 13%) and net income was $667 million (up 53%). Growth was driven mainly by higher asset management and related administrative fees on fee-based accounts, and by strong investment banking and brokerage revenues, partly offset by lower short-term interest rates hurting net interest income and RJBDP fees. The balance sheet expanded sharply, with total assets of $56.07 billion at March 31, 2021, up $8.58 billion from September 30, 2020, largely from a $5.43 billion increase in assets segregated pursuant to regulations tied to higher client cash balances. Bank loans, net rose to $22.88 billion and bank deposits to $29.25 billion. Shareholders' equity was $7.64 billion. Capital ratios were well above requirements, with RJF's CET1 ratio at 23.6%, and both RJF and RJ Bank, N.A. were categorized as well-capitalized. Management highlighted near-term headwinds from low short-term interest rates and possible brokerage and investment banking volatility, and noted the company expects to take an approximately $97 million loss on early extinguishment of debt in the third fiscal quarter after redeeming $750 million of 3.75% senior notes due 2051 proceeds-funded repurchases of older notes. The firm also adopted CECL on October 1, 2020, which increased its allowance for credit losses by $42 million, and recorded a $32 million bank loan benefit for credit losses in the quarter.

    May 7, 2021
  18. 2021-Q1

    Raymond James Financial Quarterly Report for Q1 Ended Dec 31, 2020

    Raymond James Financial, Inc. reported results for its fiscal first quarter ended December 31, 2020. Net revenues were $2.22 billion, up $213 million, or 11%, from $2.01 billion in the prior-year quarter. Net income rose to $312 million from $268 million, and diluted earnings per share were $2.23, compared with $1.89 a year earlier. Annualized return on equity was 17.2%, versus 16.0% in the prior-year quarter. Growth was led by higher asset management and related administrative fees, strong investment banking revenue, and brokerage revenue, partly offset by the negative impact of lower short-term interest rates on net interest income and RJBDP fees from third-party banks. Segment results were mixed. Capital Markets net revenues rose 69% to $452 million, with pre-tax income of $129 million, while RJ Bank net revenues fell 23% to $167 million and pre-tax income fell 47% to $71 million, largely due to lower interest rates and a $14 million bank loan provision for credit losses under the new CECL model. The balance sheet grew substantially, with total assets of $53.66 billion, up $6.18 billion, driven mainly by a $4.52 billion increase in assets segregated pursuant to regulations as client cash balances rose. Management stated that capital ratios remained well in excess of regulatory requirements and that the firm had approximately $1.8 billion of cash at the parent company. The company raised its quarterly dividend 5% to $0.39 per share and authorized share repurchases of up to $750 million, and it completed the acquisition of NWPS Holdings, Inc. in December 2020. It also announced a definitive agreement to acquire Financo, expected to close in March or April 2021. Management cautioned that a full year of lower short-term interest rates, economic uncertainty from the COVID-19 pandemic, and a new federal administration could create headwinds and volatility in brokerage and investment banking revenues.

    Feb 8, 2021
  19. 2020-Q3

    Raymond James Financial Quarterly Report for Q3 Ended Jun 30, 2020

    Raymond James Financial, Inc. reported results for the fiscal third quarter ended June 30, 2020, with net revenues of $1.83 billion, down $93 million, or 5%, from the prior-year quarter. Pre-tax income fell to $198 million (down 42%) and net income to $172 million (down 34%), primarily due to a bank loan loss provision of $81 million, compared with a $5 million benefit a year earlier. Diluted EPS was $1.23, a 32% decrease. For the nine months, net revenues rose 3% to $5.91 billion, but net income fell 21% to $609 million and diluted EPS fell 18% to $4.33. The filing attributes the pressure to COVID-19 and the Federal Reserve's 150 basis point cut in short-term rates in March 2020, which reduced net interest income and RJBDP fees from third-party banks. The balance sheet grew to $44.68 billion in total assets, up $5.85 billion from September 30, 2019, driven mainly by higher client cash balances, which increased bank deposits by $3.09 billion, and by a $500 million 4.65% senior notes issuance in March 2020. Return on equity was 10.0% for the quarter and 11.9% for the nine months. The company reported capital ratios well above regulatory requirements, with RJF and RJ Bank both categorized as well-capitalized, and said it had over $2.1 billion of cash at the parent company. Management noted that the 16% increase in fee-based assets during the quarter should support fiscal fourth-quarter asset management fees, and that share buybacks were suspended from mid-March through the end of the quarter and then resumed to offset dilution. The filing also points to continued loan loss provision risk, with further sales of corporate loans expected in the fiscal fourth quarter, and a net interest margin at RJ Bank projected to fall to 2.1% to 2.2% over the next two quarters.

    Aug 7, 2020
  20. 2020-Q2

    Raymond James Financial Quarterly Report for Q2 Ended Mar 31, 2020

    Raymond James Financial, Inc. reported net revenues of $2.07 billion for the quarter ended March 31, 2020, an increase of $209 million, or 11%, versus the prior-year quarter. Pre-tax income fell $108 million, or 31%, to $239 million, and net income fell $92 million, or 35%, to $169 million, primarily because of a sharp increase in the bank loan loss provision tied to the COVID-19 pandemic. Diluted EPS was $1.20. Annualized ROE for the quarter was 9.9%, compared with 16.7% a year earlier. For the six months, net revenues were $4.08 billion, net income was $437 million, and diluted EPS was $3.09. The filing shows a balance sheet that grew substantially, with total assets of $49.81 billion versus $38.83 billion at September 30, 2019. The growth was driven mainly by client cash, as bank deposits rose $7.74 billion and brokerage client payables rose $2.72 billion. Bank loans, net, were $21.79 billion, and the allowance for loan losses rose to $324 million, or 1.47% of loans held for investment. The company issued $500 million of 4.65% senior notes due 2030 in March 2020. Share repurchases were suspended in mid-March, and $537 million remained under the authorization at quarter end. Management stated that the pandemic's effects will weigh more heavily on the remainder of fiscal 2020. Fee-based assets fell 14% during the quarter, and the Federal Reserve cut short-term rates by 150 basis points in March. Management expects the RJBDP yield on third-party banks to fall to about 0.30% from the third quarter and RJ Bank's net interest margin to decline to approximately 2.5% over the next two quarters. Capital ratios remained well above regulatory requirements, and RJF and RJ Bank were both categorized as well-capitalized.

    May 8, 2020
  21. 2020-Q1

    Raymond James Financial Quarterly Report for Q1 Ended Dec 31, 2019

    Raymond James Financial, Inc. reported net income of $268 million for the first fiscal quarter of 2020 (three months ended December 31, 2019), up from $249 million a year earlier, with diluted earnings per share of $1.89 versus $1.69. Net revenues rose to $2.01 billion from $1.93 billion, driven primarily by higher asset management and related administrative fees of $955 million (versus $865 million), while pre-tax income reached $359 million compared with $332 million. The company reported an annualized return on equity of 16.0% and an annualized return on tangible common equity of 17.5%, compared with 15.9% and 17.6% in the prior-year quarter. Management attributed the revenue growth to higher fee-based assets, which were $444.2 billion at December 31, 2019, and to growth in RJ Bank's net interest income. Lower short-term interest rates weighed on net interest income in the Private Client Group and on RJ Bank's net interest margin, which fell to 3.23% from 3.25%. Non-compensation expenses declined $35 million, mainly because of a $2 million loan loss benefit versus a $16 million provision in the prior year and the absence of a $15 million loss on a European equities business sale. Balance sheet growth was modest, with total assets of $40.15 billion and bank loans, net of $21.30 billion. Total shareholders' equity rose to $6.90 billion, and the company repurchased 126 thousand shares for $11 million during the quarter, leaving $739 million of authorization remaining. Both RJF and Raymond James Bank were categorized as well-capitalized at December 31, 2019.

    Feb 7, 2020
  22. 2019-Q3

    Raymond James Financial Quarterly Report for Q3 Ended Jun 30, 2019

    Raymond James Financial, Inc. reported results for the quarter and nine months ended June 30, 2019 in this Form 10-Q. For the quarter, net revenues were $1.93 billion, up $90 million or 5%, pre-tax income was $342 million, up 8%, and net income attributable to the firm was $259 million, up 12%. Diluted earnings per share were $1.80, a 16% increase. Annualized return on equity for the quarter was 16.1%, compared with 15.4% a year earlier. For the nine months, net revenues were $5.72 billion, up 6%, and net income was $769 million, up 29%, or $5.30 per diluted share. The nine-month period included a $15 million loss on the sale of the firm's European equities research, sales and trading operations. Adjusted net income excluding that loss was $784 million. Growth was driven mainly by asset management and related administrative fees, which rose 13% in the Private Client Group for the quarter, and by RJ Bank net interest income, which rose 16% in the quarter. Client assets under administration reached $824.2 billion at June 30, 2019. Brokerage revenues declined for the nine months, reflecting a shift to fee-based accounts. Bank loans, net, reached $20.69 billion and bank deposits reached $22.17 billion. Total assets were $38.68 billion and total equity was $6.56 billion. During the nine months, the firm repurchased 7.70 million shares for $591 million, and $373 million of repurchase authorization remained at June 30, 2019. The filing describes a $15 million aggregate settlement of the Brink and Wistar Passport Investment Account class actions, which is subject to court approval, with a final approval hearing set for October 25, 2019. The firm also reports that its Tier 1 leverage ratio was 15.7% at the parent level and that RJ Bank remained well capitalized.

    Aug 8, 2019
  23. 2019-Q2

    Raymond James Financial Quarterly Report for Q2 Ended Mar 31, 2019

    Raymond James Financial, Inc. reported net revenues of $1.86 billion for the quarter ended March 31, 2019, an increase of $47 million, or 3%, and net income attributable to Raymond James Financial, Inc. of $261 million, up $18 million, or 7%. Diluted earnings per share were $1.81. Pre-tax income was $347 million, up 5%. The increase in net revenues primarily reflected higher investment banking revenues and net interest income, partially offset by lower brokerage revenues. Non-interest expenses rose $44 million, or 3%, mainly on higher compensation-related costs tied to revenue growth and increased staffing. For the six months ended March 31, 2019, net revenues were $3.79 billion, up $252 million, or 7%, and net income was $510 million, up 41% from a prior-year period that included a loss of $117 million related to the Tax Cuts and Jobs Act. Excluding a $15 million loss on the sale of European equities research, sales and trading operations, adjusted net income was $525 million. The company repurchased 6.7 million shares for $505 million during the six months, and total client assets under administration reached $796.0 billion at March 31, 2019. Total assets were $38.18 billion, and RJ Bank's total capital and CET1 ratios were 14.1% and 12.8%, respectively, both classified as well capitalized. The filing also discloses a settlement agreed in principle, on April 5, 2019, of the Brink and Wistar class action complaints concerning Passport Investment Account processing fees, with settlement amounts included in other payables at March 31, 2019. The company also disclosed that the upper end of the reasonably possible aggregate loss for matters where a range could be estimated was approximately $110 million in excess of reserves.

    May 9, 2019
  24. 2019-Q1

    Raymond James Financial Quarterly Report for Q1 Ended Dec 31, 2018

    Raymond James Financial, Inc. reported results for the first fiscal quarter of 2019 (three months ended December 31, 2018). Net income attributable to Raymond James Financial, Inc. was $249 million, compared with $119 million in the prior-year period, which included a $117 million loss related to the Tax Cuts and Jobs Act. Diluted earnings per share were $1.69, versus $0.80. Net revenues rose to $1.93 billion from $1.73 billion, driven by higher asset management and related administrative fees, net interest income and investment banking revenues. Management noted a $15 million loss on the sale of its European equities research, sales and trading operations. Adjusted net income, a non-GAAP measure excluding that loss, was $264 million. Non-interest expenses rose to $1.60 billion from $1.42 billion, mainly from compensation-related costs, staffing, technology investment and a higher bank loan loss provision of $16 million. Bank deposits grew to $21.67 billion from $19.94 billion, and bank loans, net, reached $19.89 billion. The company repurchased 6.1 million shares for $458 million, and treasury stock rose to $927 million. Total assets were $38.54 billion and total equity was $6.23 billion at December 31, 2018. Cash and cash equivalents were $4.32 billion. The filing reports that RJ Bank was categorized as well capitalized, and that the allowance for loan losses was $219 million, or 1.10% of the loan portfolio. Management also said total client assets under administration were $725.4 billion, essentially unchanged from the prior-year period, as equity market declines in the quarter offset net inflows. Disclosed legal matters include the Brink and Wistar class actions over Passport Investment Account fees, which are both being vigorously defended.

    Feb 8, 2019
  25. 2018-Q3

    Raymond James Financial Quarterly Report for Q3 Ended Jun 30, 2018

    Raymond James Financial, Inc. reported a strong nine-month period ended June 30, 2018. Total revenues were $5.51 billion and net revenues were $5.38 billion, with net income attributable to Raymond James Financial, Inc. of $593.9 million, up from $442.7 million a year earlier. Diluted earnings per share were $3.99 versus $3.02. The results include an estimated discrete impact of the Tax Act of $117 million, which lifted the effective tax rate to 38.2%; excluding that impact, the adjusted effective tax rate was 26.0%. For the quarter ended June 30, 2018, net income was $232.3 million and diluted EPS was $1.55, compared with $183.4 million and $1.24 a year earlier. Growth was broad across the franchise. Total client assets under administration reached $754.3 billion, up 14%, driven by financial advisor recruiting and retention and equity market appreciation. Interest income rose with higher short-term rates, and RJ Bank's net interest margin widened to 3.30% for the quarter from 3.14%. Total assets were $36.36 billion and bank loans, net, were $18.99 billion. The Scout Group acquisition, completed in November 2017, added $27 billion of assets under management and $69 million of goodwill. Capital Markets was the weak spot, with pre-tax income for the nine months down 56% on lower institutional fixed income and equity commissions. RJF and RJ Bank were both categorized as "well capitalized" at June 30, 2018. The company's CET1 ratio was 23.8% at the parent level and 12.5% at RJ Bank. The filing also notes a reasonably possible loss of approximately $75 million above reserves for legal and regulatory matters, and a Morgan Keegan litigation matter subject to Regions indemnification, with trial set for late 2018.

    Aug 7, 2018
  26. 2018-Q2

    Raymond James Financial Quarterly Report for Q2 Ended Mar 31, 2018

    Raymond James Financial, Inc. reported net revenues of $1.81 billion for the quarter ended March 31, 2018, up $249 million, or 16%, from the prior-year quarter. Pre-tax income was $331 million and net income attributable to Raymond James Financial, Inc. was $243 million, with diluted earnings per share of $1.63. For the six months, net revenues were $3.54 billion and net income was $362 million, or $2.43 per diluted share. Results for the six months include an estimated discrete impact of the Tax Act of $117 million, which the company said primarily reflects the remeasurement of U.S. deferred tax assets at the lower enacted corporate tax rate. The effective tax rate was 26.7% for the quarter and 43.7% for the six months. Growth was led by the Private Client Group and Asset Management segments, which benefited from higher fee-based client assets, and by RJ Bank, where net interest income rose on loan growth and a higher net interest margin. Total client assets under administration reached $729.5 billion, up 14%. Capital Markets net revenues declined, as institutional equity and fixed income commissions were pressured by market conditions. The Scout Group acquisition, completed in November 2017, added $27 billion of assets under management and $159 million in net cash outflow for the purchase. The balance sheet remained well capitalized, with RJF and RJ Bank both categorized as well capitalized at March 31, 2018. Total assets were $36.03 billion and total equity was $6.04 billion. Bank loans, net, grew to $18.15 billion. Cash used in investing activities of $1.81 billion was largely for RJ Bank loan growth, and the company paid $71 million in dividends during the six months.

    May 9, 2018
  27. 2018-Q1

    Raymond James Financial Quarterly Report for Q1 Ended Dec 31, 2017

    Raymond James Financial, Inc. reported results for the first quarter of fiscal 2018 (three months ended December 31, 2017). Net revenues were $1.73 billion, up $233 million, or 16%, from $1.49 billion a year earlier. Pre-tax income rose to $311 million, an increase of $105 million, or 51%. However, net income attributable to Raymond James was $118.8 million, a decrease of $28 million, or 19%, and diluted earnings per share fell to $0.80 from $1.00. The decline reflects an estimated discrete impact of the Tax Act of $117 million, primarily from remeasuring U.S. deferred tax assets at the lower enacted corporate rate. Excluding that impact and $4 million of acquisition-related expenses, the filing states adjusted net income was $238.8 million, up 35%, and adjusted diluted EPS was $1.61, up 33%. Growth was led by the Private Client Group, where net revenues rose 19% to $1.23 billion and pre-tax income rose to $155 million, driven by securities commissions and fees and higher RJBDP fees tied to rising short-term interest rates. Asset Management net revenues rose 32% to $151 million, aided by the Scout Group acquisition completed in November 2017, which cost $159 million net of cash acquired. RJ Bank net revenues grew 20% to $165 million, and Capital Markets net revenues declined 7% to $217 million on lower market volatility. Total client assets under administration reached $727.2 billion. The balance sheet grew to $36.08 billion in total assets, with bank loans net of $17.70 billion and bank deposits of $18.73 billion. Total equity was $5.80 billion. The filing notes that the $300 million RJF Credit Facility balance at year-end was repaid in January 2018, and that the firm's effective tax rate is estimated at approximately 28% for the rest of fiscal 2018 and approximately 24% for fiscal 2019.

    Feb 8, 2018
  28. 2017-Q3

    Raymond James Financial Quarterly Report for Q3 Ended Aug 8, 2017

    Raymond James Financial, Inc. reported net revenues of $1.62 billion for the quarter ended June 30, 2017, up $266 million, or 20%, from the prior year quarter. Pre-tax income was $275 million, up $77 million, or 39%, and net income was $183 million, up $58 million, or 46%. Diluted earnings per share were $1.24, compared with $0.87 a year earlier. For the nine months, net revenues were $4.68 billion, up 19%, and net income was $443 million, up 24%, with diluted EPS of $3.02. Results for the nine months were reduced by the Jay Peak matter, acquisition-related expenses, and the accelerated amortization of debt issuance costs on early-redeemed senior notes. Excluding these items, which totaled $155 million pre-tax, adjusted pre-tax income was $802 million and adjusted diluted EPS was $3.76, a 45% increase, according to the company's non-GAAP reconciliation. The Jay Peak settlement, approved by a final court order on June 30, 2017, calls for a $150 million payment to the SEC-appointed receiver, including $4.5 million previously paid to the State of Vermont. Total assets were $33.43 billion at June 30, 2017, versus $31.49 billion at September 30, 2016. Total client assets under administration reached $664.4 billion, up 24% year over year. The company also has a pending agreement to acquire Scout Investments (the Scout Group), with a stated purchase price of $172.5 million and expected closing before December 31, 2017. Credit ratings were upgraded during the period: S&P to BBB+ in May 2017 and Moody's to Baa1 in July 2017.

    Aug 8, 2017
  29. 2017-Q2

    Raymond James Financial Quarterly Report for Q2 Ended Mar 31, 2017

    Raymond James Financial, Inc. reported net revenues of $1.56 billion for the quarter ended March 31, 2017, up $252 million, or 19%, from the prior-year quarter. Pre-tax income was $166 million, down $33 million, or 16%, and net income attributable to Raymond James Financial, Inc. was $113 million, a decrease of $13 million, or 10%. Diluted earnings per share were $0.77. The company attributed the decline to a $100 million charge for the Jay Peak matter, $8 million of accelerated debt issuance costs from early extinguishment of senior notes, and minor acquisition-related expenses. Excluding these items, which totaled $109 million on a pre-tax basis, adjusted pre-tax income was $275 million and adjusted diluted earnings per share were $1.28, both non-GAAP measures reconciled in the filing. For the six months ended March 31, 2017, net revenues were $3.1 billion, up $470 million, or 18%, while net income attributable to the company was $259 million, up $27 million, or 12%. Total client assets under administration reached $642.7 billion, a 25% increase year over year, aided by the Alex. Brown and 3Macs acquisitions and market appreciation. Total assets were $32.9 billion at March 31, 2017, and total equity was $5.33 billion. Bank deposits rose $2.1 billion to $16.4 billion as RJ Bank funded loan and securities growth. Capital and funding actions during the period included the March 15, 2017 redemption of all $350 million of 6.90% senior notes due 2042, a May 5, 2017 reopening that added $500 million of 4.95% senior notes, and the announced acquisition of Scout Investments (the Scout Group) for $172.5 million, expected to close before December 31, 2017. The Jay Peak settlement involves a $150 million payment to the SEC-appointed receiver, subject to court approval. S&P upgraded the company's senior long-term debt rating to BBB+ on May 4, 2017, and Moody's placed its rating on review for upgrade.

    May 10, 2017
  30. 2017-Q1

    Raymond James Financial Quarterly Report for Q1 Ended Dec 31, 2016

    Raymond James Financial, Inc. reported its first-quarter fiscal 2017 results (quarter ended December 31, 2016) in this Form 10-Q. Net revenues were $1.49 billion, compared with $1.27 billion in the prior-year quarter, and net income attributable to Raymond James Financial, Inc. was $146.6 million, compared with $106.3 million. Diluted earnings per share were $1.00, compared with $0.73. Results included $12.7 million of acquisition-related expenses tied to the fiscal 2016 acquisitions of Alex. Brown, 3Macs and Mummert. Excluding these costs, the company cites adjusted net income of $155.6 million and adjusted diluted EPS of $1.07 as non-GAAP measures. Results also benefited from an $18 million favorable income tax impact from the adoption of new stock compensation guidance, which lowered the effective tax rate to 29.0%. Segment results were mixed. The Private Client Group grew net revenues 19% to $1.04 billion, but its pre-tax margin fell to 7.1% from 7.9%, partly on higher legal expenses tied to a single matter. RJ Bank pre-tax income rose to $104.1 million from $65.9 million, driven by higher net interest income and a net benefit from loan loss provisions. Client assets under administration reached $616.9 billion, up 23% from the prior year, aided by the acquisitions and net inflows. Total assets were $31.67 billion, and total equity was $5.20 billion. Bank loans, net, were $15.83 billion, and bank deposits were $15.19 billion. The filing also notes that the company intends to redeem all $350 million of its 6.90% Senior Notes due 2042 on March 15, 2017, using available cash. Risks disclosed include the Volcker Rule conformance deadline of July 21, 2017, for certain private equity investments, and ongoing litigation, including lawsuits related to the Jay Peak EB-5 matter, for which the company estimates reasonably possible aggregate losses of up to approximately $55 million above reserves.

    Feb 8, 2017
  31. 2016-Q3

    Raymond James Financial Quarterly Report for Q3 Ended Jun 30, 2016

    Raymond James Financial, Inc. reported net revenues of $1.36 billion for the quarter ended June 30, 2016, up $37 million, or 3%, from the prior year quarter. Pre-tax income excluding noncontrolling interests was $198 million, down 5%, and net income attributable to Raymond James Financial, Inc. was $126 million, a decrease of $8 million, or 6%. Diluted earnings per share were $0.87, a 4% decrease. After excluding $13 million of acquisition-related expenses, adjusted diluted earnings per share (a non-GAAP measure) were $0.93, a 2% increase. Total client assets under administration reached a quarter-end record $534.5 billion, a 7% increase over the prior year. For the nine months ended June 30, 2016, net revenues were $3.94 billion, up 2%, while net income of $358 million declined nearly 4% and diluted earnings per share were $2.47, a 3% decrease. The company repurchased approximately 3.2 million shares for about $144.5 million during the period. The RJ Bank segment posted record quarterly net revenues of $127 million, while the Other segment's pre-tax loss widened, reflecting acquisition-related expenses. Total assets were $28.84 billion at June 30, 2016, and total equity was $4.99 billion. Looking ahead, the company issued $800 million of senior notes in July 2016 and expects to close the acquisitions of Deutsche Bank's U.S. Private Client Services unit and 3Macs during the fourth quarter of fiscal 2016. The filing also describes the new Department of Labor fiduciary rule, which it expects to significantly increase compliance, legal and technology costs.

    Aug 8, 2016
  32. 2016-Q2

    Raymond James Financial Quarterly Report for Q2 Ended Mar 31, 2016

    Raymond James Financial, Inc. reported net revenues of $1.31 billion for the quarter ended March 31, 2016, up $26 million, or 2%, from the prior year quarter. Pre-tax income excluding noncontrolling interests was $198 million, an increase of $18 million, or 10%, and net income attributable to Raymond James Financial, Inc. was $126 million, up $12 million, or 11%. Diluted earnings per share were $0.87. Excluding acquisition-related expenses tied to the pending Deutsche WM acquisition, adjusted diluted earnings per share were $0.90, a 17% increase. For the six months, net revenues were $2.59 billion, net income attributable to the company was $232 million, and diluted earnings per share were $1.60. Growth was led by RJ Bank, which posted record quarterly net revenues of $125 million, and by the Private Client Group, where account and service fees rose on the multi-bank cash sweep program following the December 2015 short-term interest rate increase. Total client assets under administration reached a quarter-end record $513.7 billion. Capital Markets revenues declined for the six months due to weaker equity underwriting and advisory activity. Bank loans, net, rose to $14.35 billion from $12.99 billion at September 30, 2015, funded largely by a $810 million increase in bank deposits. The company repurchased approximately 3.2 million shares for about $144.5 million during the quarter and paid dividends of $0.20 per share. Management flagged the pending Deutsche WM acquisition, expected to close in the fourth quarter of fiscal 2016 with a total investment of approximately $420 million, along with energy-sector loan provisions and the new Department of Labor fiduciary rule as areas to watch.

    May 6, 2016
  33. 2016-Q1

    Raymond James Financial Quarterly Report for Q1 Ended Dec 31, 2015

    Raymond James Financial, Inc. (RJF) reported its 10-Q for the quarter ended December 31, 2015, with net revenues of $1.27 billion, up $22 million, or 2%, from the prior-year quarter. Net income attributable to Raymond James Financial, Inc. was $106.3 million, compared with $126.3 million a year earlier, a decrease the filing describes as nearly $20 million, or 16%. Diluted earnings per share were $0.73 versus $0.87. Total non-interest expenses rose $59 million, or 6%, driven by compensation, communications and information processing costs, a higher bank loan loss provision, and a $10 million charge for legal and regulatory reserves. Total client assets under administration reached a quarter-end record of $500.4 billion, up 4% year over year. Segment results were mixed. Private Client Group net revenues rose 3% to $872 million, but pre-tax income fell 25% to $69 million. Capital Markets net revenues fell 2%, as equity underwriting and M&A advisory activity slowed. RJ Bank net revenues rose 8% to a record $108 million, with pre-tax income up 2%. Total assets grew to $26.9 billion from $26.5 billion at September 30, 2015, led by a $745 million increase in net bank loans, while bank deposits rose $738 million. Bank loans, net, totaled $13.7 billion. The company disclosed a pending acquisition of the U.S. Private Client Services unit of Deutsche Asset & Wealth Management, expected to close in the fourth quarter of fiscal 2016, with a total investment including retention incentives of approximately $420 million. Its estimate that the December 2015 25-basis-point rate increase could add as much as about $40 million to annual pre-tax income is also noted. The company also repurchased 2,817,346 shares for about $130.2 million between the quarter end and February 3, 2016.

    Feb 8, 2016
  34. 2015-Q3

    Raymond James Financial Quarterly Report for Q3 Ended Jun 30, 2015

    Raymond James Financial, Inc. (RJF) reported record quarterly net revenues of $1.32 billion for the quarter ended June 30, 2015, up $107 million, or 9%, from the prior year quarter. Net income attributable to Raymond James Financial, Inc. was $133.2 million, or $0.91 per diluted share, compared with $122.7 million in the prior year quarter. For the nine months ended June 30, 2015, net revenues were $3.86 billion, an increase of $283 million, or 8%, and net income attributable to the company was $373.0 million, or $2.55 per diluted share. Total client assets under administration reached a quarter-end record $499.8 billion, up 4%, driven by advisor recruiting, high retention and modest market appreciation. By segment, the Private Client Group produced record quarterly net revenues of $892 million, up 9%, and pre-tax income of $86 million, up 6%. RJ Bank generated a record $78 million in pre-tax income, up 20%, on higher net interest income and a lower provision for loan losses. Capital Markets pre-tax income fell 35% to $18 million on higher costs tied to building out investment banking sectors, while Asset Management pre-tax income rose 1%. Total assets grew to $24.81 billion at June 30, 2015 from $23.33 billion at September 30, 2014, with bank loans, net, rising to $12.05 billion. The filing also notes the completed acquisition of Cougar Global Investments Limited on April 30, 2015, a definitive agreement to acquire The Producers Choice LLC (completed July 31, 2015), a $300 million unsecured revolving credit facility entered into August 6, 2015, and the 2015 Dodd-Frank stress test results indicating sufficient capital at both RJF and RJ Bank. Management discloses that the Department of Labor's proposed fiduciary standard rule and Volcker Rule compliance could affect operations, though the impact is not yet determinable.

    Aug 7, 2015
  35. 2015-Q2

    Raymond James Financial Quarterly Report for Q2 Ended Mar 31, 2015

    Raymond James Financial, Inc. (RJF) reported record quarterly net revenues of $1.29 billion for the three months ended March 31, 2015, up $107 million, or 9%, from the prior-year quarter. Net income attributable to Raymond James Financial, Inc. was $113.5 million, compared with $104.6 million a year earlier, and diluted earnings per share were $0.77 versus $0.72. For the six months, net revenues were $2.54 billion, up $176 million, or 7%, and net income attributable to the company was $239.8 million. Client assets under administration reached a quarter-end record $496 billion, up 8% year over year, which management attributes to both advisor retention and recruiting results and market appreciation. Growth was driven most by the Private Client Group, whose pre-tax income rose 13% for the six months to $168 million, and by RJ Bank, whose pre-tax income rose 19% to $136 million on higher net interest income from loan growth. Capital Markets pre-tax income fell 23% for the six months, and the Other segment's pre-tax loss narrowed. Bank loans, net, grew to $12.06 billion from $10.96 billion at September 30, 2014, funded largely by a $1.24 billion increase in bank deposits. Total assets rose to $24.97 billion from $23.33 billion. The filing also notes the pending April 30, 2015 completion of the Cougar Global Investments acquisition, which is not material to the company, and the expiration of the Regions Credit Facility on April 2, 2015. Pre-tax income from the Morgan Keegan legal matters is subject to Regions indemnification, with management estimating a potential liability range of $37 million to $205 million, all of which is covered by indemnification. Management states that resolution of remaining matters is not expected to have a material adverse effect on financial position.

    May 8, 2015
  36. 2015-Q1

    Raymond James Financial Quarterly Report for Q1 Ended Dec 31, 2014

    Raymond James Financial, Inc. (RJF) filed this Form 10-Q for the quarter ended December 31, 2014. Net revenues were $1.25 billion, up $69 million, or 6%, from the prior-year quarter, and net income attributable to Raymond James Financial, Inc. was $126.3 million, compared with $116.6 million a year earlier. Diluted earnings per share were $0.87 versus $0.81. Total client assets under administration reached a quarter-end record $483 billion, an 8% increase over the prior year, driven by market appreciation and net inflows. Segment results were mixed. Private Client Group pre-tax income rose 30% to $93 million on fee-based account growth, though the filing notes a roughly $10 million non-recurring mutual fund commission adjustment. RJ Bank pre-tax income rose 13% to $64 million, but the loan loss provision increased to $9.4 million from $1.6 million, reflecting significant loan growth. Capital Markets pre-tax income fell 17% to $28 million on lower trading profits and tax credit fund syndication fees. Total assets were $24.25 billion at December 31, 2014, up from $23.33 billion at September 30, 2014, with bank loans, net, rising to $11.81 billion. The filing reports that RJF and RJ Bank were categorized as "well capitalized" at December 31, 2014. Management also discusses the Morgan Keegan legal matters, which are subject to indemnification from Regions with a estimated liability range of $38 million to $215 million, and the new Basel III capital rules effective January 1, 2015.

    Feb 6, 2015
  37. 2014-Q3

    Raymond James Financial Quarterly Report for Q3 Ended Jun 30, 2014

    Raymond James Financial, Inc. (RJF) reported record quarterly results for the three months ended June 30, 2014, with net revenues of $1.21 billion (compared with $1.11 billion in the prior-year quarter) and net income attributable to Raymond James Financial, Inc. of $122.7 million, versus $83.9 million a year earlier. Diluted EPS was $0.85 for the quarter and $2.38 for the nine months ended June 30, 2014. Total client assets under administration reached a record $479 billion, and the Private Client Group produced record net revenues of $817 million and pre-tax income of $81 million. Management attributed the quarter's Capital Markets improvement to steadier fixed income trading results, even as institutional fixed income commissions declined. The balance sheet grew in the bank segment. Bank loans, net rose to $10.37 billion from $8.82 billion at September 30, 2013, funded largely by a $972 million increase in bank deposits and $500 million of FHLB advances. Total assets were $23.07 billion, slightly below the September 30, 2013 level, as segregated client assets declined by $1.8 billion following an increase in cash re-deposited with unaffiliated banks through the RJBDP program. Total equity rose to $4.31 billion. RJ Bank remained well capitalized, with a total risk-based capital ratio of 12.6%. Profitability was helped by strong fee-based account growth and lower acquisition-related costs following completion of the Morgan Keegan integration. Pre-tax income from RJ Bank declined 8% for the nine months, reflecting margin compression and higher loan loss provisions. The filing also discloses pending Morgan Keegan litigation subject to indemnification by Regions, with an estimated potential liability range of $20 million to $185 million for those matters.

    Aug 8, 2014
  38. 2014-Q2

    Raymond James Financial Quarterly Report for Q2 Ended Mar 31, 2014

    Raymond James Financial, Inc. (RJF) reported net income attributable to Raymond James Financial, Inc. of $104.56 million for the quarter ended March 31, 2014, compared with $79.96 million in the prior year quarter, and $221.19 million for the six months ended March 31, 2014, versus $165.83 million a year earlier. Net revenues were $1.18 billion for the quarter and $2.36 billion for the six months. Diluted earnings per share were $0.72 for the quarter and $1.54 for the six months. Total client assets under administration reached a record $458.1 billion at March 31, 2014. Segment results were mixed. The Private Client Group reported record net revenues of $812 million for the quarter and pre-tax income of $77 million, up 44%. Capital Markets pre-tax income rose to $30 million, though institutional fixed income commissions declined 29%. RJ Bank's pre-tax income fell 12% for the quarter to $57 million, reflecting a lower net interest margin. The prior-year Other segment included Albion-related revenues that did not recur, which weighed on year-over-year comparisons. The balance sheet remained well capitalized. Total assets were $22.87 billion at March 31, 2014, against $23.19 billion at September 30, 2013, and total equity attributable to the company was $3.89 billion. RJF and RJ Bank were each categorized as well capitalized under prompt corrective action rules. Bank loans, net, rose to $10.03 billion from $8.82 billion, and bank deposits increased to $10.41 billion from $9.30 billion.

    May 9, 2014
  39. 2014-Q1

    Raymond James Financial Quarterly Report for Q1 Ended Dec 31, 2013

    Raymond James Financial, Inc. (RJF) reported its first-quarter fiscal 2014 results (three months ended December 31, 2013) in this Form 10-Q. Net revenues were $1.18 billion, up from $1.11 billion in the prior-year quarter, and the filing describes them as record net revenues. Net income attributable to Raymond James Financial, Inc. was $116.6 million, or $0.81 per diluted share, compared with $85.9 million, or $0.61 per diluted share, a year earlier. The prior-year quarter included $17.4 million of acquisition related expenses tied to the Morgan Keegan acquisition, which the company says are no longer material for separate reporting. Pre-tax income excluding noncontrolling interests rose to $178.9 million from $139.1 million. The effective tax rate was 34.8%, versus 38.3% a year earlier, helped by prior-year state tax refunds and non-taxable life insurance gains. Segment results were mixed. Private Client Group pre-tax income rose to $71.5 million on net revenues of $776.7 million, and Asset Management pre-tax income rose to $31.8 million, with assets under discretionary management reaching $60.5 billion. Capital Markets pre-tax income increased to $33.4 million even as net revenues fell 4%, reflecting a sharp decline in institutional fixed income commissions. RJ Bank pre-tax income fell 16% to $57.1 million, mainly because net interest margin declined. Total client assets under administration were a record $446.5 billion at December 31, 2013. Total assets fell to $21.92 billion from $23.19 billion at September 30, 2013, largely because segregated client cash was moved into partner banks under the RJBDP program, and total equity rose to $4.13 billion. Regions is obligated to indemnify RJF for pre-closing Morgan Keegan litigation, with an estimated potential liability range of $30 million to $220 million.

    Feb 7, 2014
  40. 2013-Q3

    Raymond James Financial Quarterly Report for Q3 Ended Jun 30, 2013

    Raymond James Financial, Inc. (RJF) reported net income attributable to Raymond James Financial, Inc. of $83.9 million, or $0.59 diluted earnings per share, for the quarter ended June 30, 2013, compared with $76.4 million, or $0.55 per diluted share, in the prior-year quarter. Net revenues were $1.11 billion for the quarter versus $1.09 billion a year earlier, while non-interest expenses rose to $980.6 million from $948.2 million. For the nine months ended June 30, 2013, net income attributable to the company was $249.7 million, or $1.76 per diluted share, compared with $212.5 million, or $1.60 per diluted share, a year earlier, and net revenues were $3.36 billion versus $2.74 billion, reflecting a full nine months of Morgan Keegan results following the April 2, 2012 acquisition. Management highlighted that the Capital Markets segment's pre-tax income fell sharply in the quarter, driven by weak municipal fixed income trading after a rise in longer-term interest rates, and that the Private Client Group's pre-tax income declined while its revenues grew. Client assets under administration reached $405.8 billion, and Asset Management's assets under management in managed programs rose to a record $52 billion. Integration of Morgan Keegan's client accounts onto the RJ&A platform was completed in mid-February 2013. The company also recorded a $6.9 million goodwill impairment related to its European affiliate RJES, of which $4.6 million was attributable to RJF after noncontrolling interests. Balance sheet totals grew to $22.21 billion in total assets at June 30, 2013, from $21.16 billion at September 30, 2012, while total equity increased to $3.88 billion. Bank loans, net, rose to $8.69 billion. RJF and RJ Bank were both categorized as well capitalized. The filing also discloses pre-Closing Date Morgan Keegan litigation, which Regions Financial Corporation has agreed to indemnify, with management estimating a potential liability range of $30 million to $270 million for those matters.

    Aug 8, 2013
  41. 2013-Q2

    Raymond James Financial Quarterly Report for Q2 Ended Mar 31, 2013

    Raymond James Financial, Inc. (RJF) reported its 10-Q for the quarter ended March 31, 2013, showing record net revenues of $1.14 billion for the quarter, up 31% from the prior year quarter, and net income attributable to Raymond James Financial, Inc. of $79.96 million, or $0.56 diluted earnings per share, compared with $68.87 million, or $0.52 per diluted share, a year earlier. Results were driven largely by the Morgan Keegan acquisition completed April 2, 2012, which added Private Client Group and fixed income capacity. Total client assets under administration rose to a record $406.8 billion, and total assets were $22.74 billion at March 31, 2013. Pre-tax income excluding noncontrolling interests rose to $131.0 million for the quarter from $111.5 million a year earlier. The quarter included $20.9 million of acquisition-related expenses, a $6.9 million goodwill impairment tied to the European affiliate RJES, and a $65.3 million fair value gain on the Albion private equity investment, which the company said had a sale agreement signed March 8, 2013 and closed April 29, 2013. The company reported adjusted (non-GAAP) pre-tax income of $158 million for the quarter. RJ Bank's pre-tax income rose to $64.3 million, and total bank loans, net, were $8.42 billion. Corporate debt totaled $1.20 billion, and total equity was $3.91 billion. The company also reported a $180 million borrowing under secured lines of credit, and stated that the Morgan Keegan pre-closing litigation is subject to indemnification by Regions, with an estimated liability range of $30 million to $380 million.

    May 9, 2013
  42. 2013-Q1

    Raymond James Financial Quarterly Report for Q1 Ended Dec 31, 2012

    Raymond James Financial, Inc. (RJF) reported its Form 10-Q for the quarter ended December 31, 2012. Net revenues were $1.11 billion, compared with $782.8 million in the prior-year quarter, and total revenues were $1.14 billion. Net income attributable to Raymond James Financial, Inc. was $85.9 million, or $0.61 per diluted share, versus $67.3 million, or $0.53 per diluted share, a year earlier. Results include $17.4 million of acquisition related expenses, mainly tied to the April 2, 2012 acquisition of Morgan Keegan & Company, Inc. Excluding those costs, the filing reports adjusted pre-tax income of $157 million (a non-GAAP measure) for the current quarter. Growth was driven largely by the Morgan Keegan acquisition. Private Client Group net revenues rose 35% to $709 million, and client assets under administration reached a record $392 billion across the firm. Capital Markets pre-tax income increased to $31.6 million from $10.0 million, and RJ Bank pre-tax income rose 28% to $67.9 million on higher average loan balances. Total assets were $22.28 billion at December 31, 2012, up from $21.16 billion at September 30, 2012, and total equity was $3.81 billion. Credit and legal items are also notable. Nonperforming loans were $110.6 million, and net charge-offs fell to $2.4 million from $5.7 million a year earlier. The filing discloses pre-closing Morgan Keegan litigation, including SEC auction rate securities litigation, which Regions Financial Corporation is obligated to indemnify, with management estimating a potential liability range of $30 million to $400 million. Management expects the Morgan Keegan integration to be completed during the second quarter of fiscal 2013.

    Feb 8, 2013
  43. 2012-Q3

    Raymond James Financial Quarterly Report for Q3 Ended Jun 30, 2012

    Raymond James Financial, Inc. (RJF) reported its fiscal third quarter ended June 30, 2012, the first reporting period including Morgan Keegan, which it acquired from Regions Financial Corporation on April 2, 2012 for approximately $1.2 billion in cash. Net revenues for the quarter were $1.09 billion, compared with $850.4 million in the prior-year quarter, and net income attributable to Raymond James Financial, Inc. was $76.4 million, or $0.55 per diluted share, versus $46.8 million, or $0.37, a year earlier. Management attributed the revenue growth mainly to the Morgan Keegan acquisition and reported $21.0 million of acquisition and integration related expenses in the quarter. For the nine months, net income attributable to the company was $212.5 million, or $1.60 per diluted share, compared with $209.4 million, or $1.65, a year earlier. The balance sheet grew to $21.17 billion in total assets from $18.01 billion at September 30, 2011, driven largely by the acquisition and by bank loans, which rose to $7.84 billion net. Goodwill increased to $286.4 million from $71.9 million, and corporate debt rose to $1.33 billion from $612.0 million after the issuance of $350 million of 6.90% senior notes due 2042 and $250 million of 5.625% senior notes due 2024 in March 2012. Total equity was $3.58 billion, including $424.0 million of noncontrolling interests. The company also raised about $363 million of net proceeds from a February 2012 common stock offering of 11,075,000 shares. The filing highlights integration risk. Morgan Keegan's pre-closing litigation, including the Fairfax lawsuit and SEC proceedings related to auction rate securities, is subject to indemnification by Regions, with an indemnification asset of approximately $198 million recorded against a liability for potential losses of approximately $236 million. Credit ratings from S&P (BBB, negative outlook) and Moody's (Baa2, stable) were disclosed, and the company stated that a downgrade could increase financing costs.

    Aug 8, 2012
  44. 2012-Q2

    Raymond James Financial Quarterly Report for Q2 Ended Mar 31, 2012

    Raymond James Financial, Inc. reported net income attributable to Raymond James Financial, Inc. of $68.9 million for the quarter ended March 31, 2012, down from $80.9 million a year earlier, and $136.2 million for the six months, versus $162.6 million in the prior-year period. Total revenues for the quarter were $889.9 million compared with $866.7 million, and net revenues were $871.9 million. Diluted earnings per share were $0.52 for the quarter, versus $0.64 a year earlier. Management attributed the decline largely to $19.6 million of acquisition-related expenses tied to the pending Morgan Keegan acquisition, which closed on April 2, 2012, and to weaker Capital Markets results. The balance sheet grew substantially during the period. Total assets rose to $19.28 billion from $18.01 billion at September 30, 2011, and corporate debt increased to $1.21 billion from $611.968 million, reflecting $350 million of 6.90% senior notes due 2042 and $250 million of 5.625% senior notes due 2024 issued in March 2012. The company also completed a registered offering of 11,075,000 common shares generating about $362 million in net proceeds. Bank loans, net, grew to $7.45 billion, and RJ Bank was categorized as well capitalized. The filing states that Morgan Keegan's purchase price was about $1.2 billion in cash, and that a $200 million Regions credit agreement was entered into on April 2, 2012. For investors, the key items are the near-term earnings drag from integration and acquisition costs, the increased leverage and share count following the March 2012 financings, and the expected April 2012 closing of Morgan Keegan. The filing notes that S&P assigned a negative outlook on RJF's BBB rating, while Moody's changed its outlook to stable at Baa2.

    May 9, 2012
  45. 2012-Q1

    Raymond James Financial Quarterly Report for Q1 Ended Dec 31, 2011

    Raymond James Financial, Inc. (RJF) reported results for the first quarter of fiscal 2012 (three months ended December 31, 2011). Net revenues were $782.8 million versus $813.8 million a year earlier, and net income attributable to Raymond James Financial, Inc. was $67.3 million, or $0.53 per diluted share, compared with $81.7 million, or $0.65 per diluted share, in the prior-year quarter. Pre-tax income excluding noncontrolling interests was $110.9 million, down 15% from $130.5 million. The decline was driven mainly by Capital Markets, where pre-tax income fell to $10.0 million from $24.6 million on weaker underwriting fees and institutional equity sales commissions. RJ Bank's pre-tax income rose to $53.0 million from $46.5 million, reflecting a lower loan loss provision. Total assets were $17.89 billion at December 31, 2011, and total equity was $2.96 billion. The filing's most significant subsequent event is the January 11, 2012 stock purchase agreement to acquire Morgan Keegan & Company, Inc. and MK Holding, Inc. from Regions Financial Corporation for $930 million in cash, subject to adjustment. The company expects to fund the purchase with a $900 million bridge facility from J.P. Morgan Chase, expected to be refinanced by $300 million of equity and $600 million of long-term notes, and anticipates closing around April 1, 2012. Management also disclosed that Standard and Poor's and Moody's placed RJF on review for possible downgrade following the announcement. RJ Bank's credit metrics improved during the quarter: net loan charge-offs fell to $5.7 million from $12.3 million, nonperforming loans decreased 16% sequentially to $111.5 million, and the allowance for loan losses was $147.5 million, or 2.06% of the loan portfolio. Client assets under administration reached $270 billion, and net assets under management were $34.9 billion.

    Feb 8, 2012
  46. 2011-Q3

    Raymond James Financial Quarterly Report for Q3 Ended Jun 30, 2011

    Raymond James Financial, Inc. reported net income attributable to the company of $46.8 million for the quarter ended June 30, 2011, down from $60.7 million a year earlier, and $209.4 million for the nine months, up from $159.2 million. Quarterly net revenues were $850.4 million versus $747.4 million in the prior-year quarter. The decline in quarterly profit was driven mainly by a one-time $45 million pre-tax loss provision for auction rate securities (ARS), tied to settlements with the SEC and state regulators finalized on June 29, 2011. Excluding that charge, the filing states that net income would have been nearly $75 million, a non-GAAP measure. Balance sheet and funding activity were notable during the period. Total assets fell to $16.12 billion from $17.88 billion at September 30, 2010, largely due to the reversal of year-end regulatory balance-sheet transactions at RJ Bank; the filing states that excluding those transactions, total assets would have increased slightly. The company completed the acquisition of Howe Barnes, Hoefer & Arnett on April 1, 2011, and obtained a controlling interest in Raymond James European Securities on April 4, 2011. In April 2011 it also issued $250 million of 4.25% senior notes due 2016, and corporate debt rose to $612.6 million. The filing also flags forward-looking items: a pending agreement announced June 30, 2011 for RJ Bank to acquire a Canadian corporate loan portfolio of about $615 million in commitments (about $500 million outstanding), expected to close before September 30, 2011 subject to regulatory approval, and an expected increase of about $7 million to the allowance for loan losses at closing. The Part II risk factor update notes the August 5, 2011 Standard & Poor's downgrade of the U.S. sovereign credit rating from AAA to AA+.

    Aug 9, 2011
  47. 2011-Q2-A

    Raymond James Financial Quarterly Report (Amendment) for Q2 Ended Mar 31, 2011

    Raymond James Financial, Inc. (RJF) reported its 10-Q for the quarter ended March 31, 2011, showing continued improvement from the prior year. Net revenues rose $118 million, or 16%, to a record quarterly level of $852 million, and net income attributable to Raymond James Financial, Inc. was $81 million, a $25 million, or 45%, improvement over the prior-year quarter. For the six months, net revenues were $1.67 billion (up 17%) and net income was $163 million (up 65%). Results were led by the Private Client Group, Capital Markets and Asset Management segments, driven mainly by improved equity market conditions. Non-interest expenses rose 14% in the quarter, mostly from higher compensation tied to commissions and investment banking revenue, partly offset by a 57% decline in the bank loan loss provision at RJ Bank. The balance sheet shrank substantially from September 30, 2010, with total assets of $15.3 billion versus $17.9 billion, a decline the filing attributes to point-in-time regulatory transactions tied to RJ Bank's thrift qualification; excluding those transactions, which totaled approximately $3.1 billion, total assets increased slightly. Total equity rose to $2.82 billion. Liquidity was supported by $425 million of parent company cash and, after quarter end, a $250 million sale of 4.25% senior notes due 2016 and the completion of the Howe Barnes Hoefer & Arnett acquisition on April 1, 2011. The filing also highlights risks: roughly $370 million of auction rate securities remain held by clients, with a potential repurchase loss estimated at $25 million to $50 million, and the company faces ongoing SEC, New York Attorney General and Florida regulatory investigations related to ARS sales. Nonperforming assets fell to $152.8 million (2.53% of total loans and OREO) from $181.9 million at September 30, 2010.

    May 11, 2011
  48. 2011-Q2

    Raymond James Financial Quarterly Report for Q2 Ended Mar 31, 2011

    Raymond James Financial, Inc. (RJF) reported a quarter ended March 31, 2011 with total revenues of $866.7 million, up from $750.0 million a year earlier, and net revenues of $852.1 million, described as a record quarterly level. Net income attributable to Raymond James Financial, Inc. was $80.9 million, or $0.64 per diluted share, compared with $55.6 million, or $0.45, in the prior-year quarter. For the six months ended March 31, 2011, net income attributable to the company was $162.6 million, or $1.29 per diluted share, versus $98.5 million, or $0.79, a year earlier. Management attributed the improvement mainly to higher equity market activity in the Private Client Group and Capital Markets segments, along with a $11 million decrease in the RJ Bank loan loss provision in the quarter. Total assets fell to $15.28 billion at March 31, 2011 from $17.88 billion at September 30, 2010, largely due to the unwinding of point-in-time regulatory balance sheet transactions tied to RJ Bank's thrift qualification; excluding those transactions, which totaled approximately $3.1 billion, total assets rose slightly. Shareholders' equity attributable to the company was $2.51 billion. Nonperforming assets were $152.8 million, or 2.53% of total loans, net and other real estate owned, compared with 2.97% at September 30, 2010. Subsequent events include the April 1, 2011 completion of the acquisition of Howe Barnes Hoefer & Arnett, Inc. and an April 11, 2011 sale of $250 million of 4.25% senior notes due 2016. The filing also notes ongoing regulatory investigations related to auction rate securities, with approximately $370 million of ARS still held by clients, and an estimated $25 million to $50 million par-to-fair-value shortfall if the firm were to repurchase that portfolio.

    May 10, 2011
  49. 2011-Q1

    Raymond James Financial Quarterly Report for Q1 Ended Dec 31, 2010

    Raymond James Financial, Inc. (RJF) reported record quarterly results for the three months ended December 31, 2010, with net revenues of $813.8 million (up from $687.0 million), net income attributable to Raymond James Financial, Inc. of $81.7 million (versus $42.9 million), and diluted earnings per share of $0.65 (versus $0.35). Total revenues rose to $830.3 million from $702.7 million, and non-interest expenses increased to $687.1 million from $619.9 million, driven mainly by higher compensation costs tied to commission and investment banking revenue. The bank loan loss provision fell to $11.2 million from $22.8 million, reflecting improved credit quality at RJ Bank. Segment performance was strong across most businesses. Private Client Group pre-tax income excluding noncontrolling interests rose to $55.7 million from $31.7 million, Capital Markets rose to $24.6 million from $11.4 million on higher underwriting and M&A fees, and RJ Bank pre-tax income rose to $46.5 million from $24.6 million, including a $6 million one-time interest income correction. Total assets fell to $14.85 billion from $17.88 billion at September 30, 2010, largely because of the year-end unwinding of point-in-time regulatory balance sheet requirements tied to RJ Bank's thrift qualification, which the filing states totaled approximately $3.1 billion. The filing also flags items for investors: auction rate securities (ARS) held by clients of approximately $550 million at December 31, 2010 (about $440 million as of January 31, 2011), with ongoing regulatory investigations and an undetermined potential loss; the pending acquisition of Howe Barnes Hoefer & Arnett, Inc., expected to close on or about March 31, 2011; and the anticipated conversion of RJ Bank to a commercial bank under Dodd-Frank-related regulatory changes. Nonperforming assets declined to $157.4 million, or 2.57% of total loans and other real estate owned, from $181.9 million.

    Feb 8, 2011
  50. 2010-Q3

    Raymond James Financial Quarterly Report for Q3 Ended Jun 30, 2010

    Raymond James Financial, Inc. (RJF) reported its quarterly results for the three and nine months ended June 30, 2010 in this Form 10-Q. For the quarter, total revenues rose to $763.6 million from $636.9 million and net income attributable to Raymond James Financial, Inc. was $60.7 million, or $0.48 per diluted share, versus $42.6 million, or $0.35, a year earlier. For the nine months, net income attributable to the company was $159.2 million, or $1.28 per diluted share, compared with $109.8 million, or $0.90, in the prior-year period. Net revenues for the nine months were $2.17 billion, and non-interest expenses were $1.91 billion. The improvement was driven mainly by the Private Client Group, where pre-tax income rose to $113.0 million for the nine months from $62.6 million, while RJ Bank's net interest income fell as its loan balances declined. Balance sheet total assets fell to $14.88 billion at June 30, 2010 from $18.23 billion at September 30, 2009, mostly because of the point-in-time regulatory requirements tied to RJ Bank's qualification as a thrift institution. Bank loans, net, declined to $6.17 billion, and bank deposits fell to $6.47 billion from $9.42 billion. The bank loan loss provision dropped to $59.9 million for the nine months from $129.6 million, and nonperforming assets were $176.5 million. RJ Bank was reported as well capitalized, with a total risk-based capital ratio of 13.8%. The filing also flags remaining risks, including the auction rate securities matter, in which customers held approximately $629 million of ARS at June 30, 2010, and ongoing SEC, New York Attorney General and Florida regulatory investigations. Management stated that it does not have sufficient cash to repurchase all of these securities. The company also reported $300 million of 8.60% senior notes due 2019 and said that the pending bank holding company and national bank conversion applications remain in process.

    Aug 6, 2010