NOTE 26 – CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY)

RJF (or the “Parent”), is a holding company headquartered in Florida whose subsidiaries are engaged in various financial services businesses including the underwriting, distribution, trading and brokerage of equity and debt securities and the sale of mutual funds and other investment products. The Parent's primary activities include investments in subsidiaries and corporate investments, including cash management, company-owned life insurance and private equity investments. The primary source of operating cash available to the Parent is provided by dividends from its subsidiaries.

Two principal domestic broker-dealer subsidiaries of the Parent, RJ&A and RJFS, are required by regulations to maintain a minimum amount of net capital. RJ&A is further required by loan covenants to maintain net capital equal to 10% of aggregate debit balances. At September 30, 2011, both of these brokerage subsidiaries far exceeded their minimum net capital requirements. See Note 22 for further information.

RJ Bank has net assets of $896 million. RJ Bank is required to notify and in some cases seek approval from the FRB prior to paying the Parent a dividend.

Subsidiary net assets of approximately $1.1 billion were restricted from being transferred to the Parent by certain significant subsidiaries as of September 30, 2011, under regulatory or other restrictions.

Liquidity available to the Parent from its other subsidiaries, other than broker-dealer subsidiaries and RJ Bank, is not limited by regulatory or other restrictions, but is relatively insignificant.

The Parent regularly receives a portion of the profits of subsidiaries, other than RJ Bank, as dividends.

See Notes 12, 14, 17 and 22 for more information regarding borrowings, commitments, contingencies and guarantees, and capital and regulatory requirements of the Parent's subsidiaries.

The following table presents the Parent's statement of financial condition:

	September 30,
	2011			2010
	(in thousands)
Assets:
Cash and cash equivalents(1)	$	252,601		$	286,868
Intercompany receivables from subsidiaries:
Bank subsidiary		188			12
Nonbank subsidiaries		285,326	(2)		30,767
Investments in consolidated subsidiaries:
Bank subsidiary		896,004			858,613
Nonbank subsidiaries		1,506,008			1,227,130
Property and equipment, net		9,938			10,217
Goodwill		31,751			29,538
Other assets		274,630			265,084
Total assets	$	3,256,446		$	2,708,229

Liabilities and equity:
Trade and other	$	34,108		$	19,297
Intercompany payables to subsidiaries:
Bank subsidiary		-			-
Nonbank subsidiaries		1,077			7,167
Accrued compensation and benefits		84,138			78,994
Corporate debt		549,504			299,955
Total liabilities		668,827			405,413
Equity		2,587,619			2,302,816
Total liabilities and equity	$	3,256,446		$	2,708,229

(1)

Includes $250 million and $284 million at September 30, 2011 and 2010, respectively, deposited with RJ Bank. The September 30, 2010 balance is associated with the point-in-time regulatory balance sheet composition requirements of RJ Bank. See Note 22 for discussion of the RJ Bank point-in-time requirements.

(2)	Of the total receivable from subsidiaries, $221 million at September 30, 2011 is invested in cash and cash equivalents by the subsidiary on behalf of the Parent.

The following table presents the Parent's statement of income:

	Year ended September 30,
	2011			2010			2009
	(in thousands)
Revenues:
Dividends from bank subsidiary	$	100,000		$	-		$	-
Dividends from nonbank subsidiaries		164,121			199,644			154,898
Interest from subsidiaries		1,068			1,558			2,527
Interest		240			93			617
Other, net		7,762			3,178			(1,656	)
Total revenues		273,191			204,473			156,386

Expenses:
Compensation and benefits		28,214			26,225			24,829
Communications and information processing		3,821			3,723			5,194
Occupancy and equipment costs		1,112			1,768			1,652
Business development		11,684			7,409			6,448
Interest		31,309			26,020			3,876
Other		5,894			5,017			3,798
Intercompany allocations and charges		(28,757	)		(23,170	)		(21,440	)
Total expenses		53,277			46,992			24,357

Income before income tax benefits and equity in undistributed net income of subsidiaries		219,914			157,481			132,029
Income tax benefits		(11,037	)		(25,947	)		(16,736	)
Income before equity in undistributed net income of subsidiaries		230,951			183,428			148,765
Equity in undistributed net income of subsidiaries		47,402			44,855			3,985
Net income	$	278,353		$	228,283		$	152,750

The following table presents the Parent's statement of cash flows:

	Year ended September 30,
	2011			2010			2009
	(in thousands)
Cash flows from operating activities:
Net income	$	278,353		$	228,283		$	152,750

Adjustments to reconcile net income to net cash provided by operating activities:
(Gain) loss on investments		(6,758	)		(3,416	)		2,109
Loss (gain) on company-owned life insurance		3,208			(10,290	)		6,842
Equity in undistributed net income of subsidiaries		(47,402	)		(44,855	)		(3,985	)
Other, net		40,917			24,001			45,557

Net change in:
Intercompany receivables		(254,735	)		152,103			(25,142	)
Other		12,406			(19,425	)		(2,508	)
Intercompany payables		(6,090	)		5,354			1,562
Trade and other		12,093			7,599			(695	)
Accrued compensation and benefits		5,144			21,735			(7,116	)
Net cash provided by operating activities		37,136			361,089			169,374

Cash flows from investing activities:
Investments in subsidiaries, net		(264,000	)		(15,650	)		(210,611	)
Purchases of investments, net		(5,859	)		(8,926	)		(312	)
Purchase of investments in company-owned life insurance, net		(12,224	)		(13,293	)		(22,793	)
Net cash used in investing activities		(282,083	)		(37,869	)		(233,716	)

Cash flows from financing activities:
Proceeds from borrowed funds, net		249,498			-			97,043
Exercise of stock options and employee stock purchases		47,383			19,917			25,022
Purchase of treasury stock		(23,111	)		(3,537	)		(4,339	)
Dividends on common stock		(63,090	)		(56,009	)		(54,140	)
Net cash provided by (used in) financing activities		210,680			(39,629	)		63,586

Net (decrease) increase in cash and cash equivalents		(34,267	)		283,591			(756	)
Cash and cash equivalents at beginning of year		286,868			3,277			4,033
Cash and cash equivalents at end of year	$	252,601		$	286,868		$	3,277

Supplemental disclosures of cash flow information:
Cash paid for interest	$	25,800		$	25,442		$	918
Cash (received) paid for income taxes	$	(15,613	)	$	20,919		$	(24,208	)