UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
	THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022

or

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
	THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 1-9109

RAYMOND JAMES FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

Florida	59-1517485
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

880 Carillon Parkway, St. Petersburg, Florida 33716

(Address of principal executive offices)    (Zip Code)

(727) 567-1000

(Registrant’s telephone number, including area code)

None

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 par value	RJF	New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of 6.75% Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock	RJF PrA	New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock	RJF PrB	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes x No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files). Yes x No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	x	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐                              No ☒

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.

215,824,993 shares of common stock as of August 4, 2022

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

INDEX
		PAGE
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	3
	Condensed Consolidated Statements of Financial Condition (Unaudited)	3
	Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)	4
	Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)	5
	Condensed Consolidated Statements of Cash Flows (Unaudited)	6
	Notes to Condensed Consolidated Financial Statements (Unaudited)
	Note 1 - Organization and basis of presentation	8
	Note 2 - Update of significant accounting policies	9
	Note 3 - Acquisitions	9
	Note 4 - Fair value	14
	Note 5 - Available-for-sale securities	19
	Note 6 - Derivative assets and derivative liabilities	22
	Note 7 - Collateralized agreements and financings	24
	Note 8 - Bank loans, net	26
	Note 9 - Loans to financial advisors, net	34
	Note 10 - Variable interest entities	34
	Note 11 - Goodwill and identifiable intangible assets, net	35
	Note 12 - Other assets	36
	Note 13 - Leases	36
	Note 14 - Bank deposits	37
	Note 15 - Other borrowings	38
	Note 16 - Senior notes payable	39
	Note 17 - Income taxes	39
	Note 18 - Commitments, contingencies and guarantees	40
	Note 19 - Shareholders’ equity	42
	Note 20 - Revenues	45
	Note 21 - Interest income and interest expense	49
	Note 22 - Share-based compensation	49
	Note 23 - Regulatory capital requirements	50
	Note 24 - Earnings per share	53
	Note 25 - Segment information	54
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	56
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	98
Item 4.	Controls and Procedures	98
PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	99
Item 1A.	Risk Factors	99
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	100
Item 3.	Defaults Upon Senior Securities	100
Item 4.	Mine Safety Disclosures	100
Item 5.	Other Information	100
Item 6.	Exhibits	101
	Signatures	102

2

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Unaudited)

$ in millions, except per share amounts	June 30, 2022		September 30, 2021
Assets:
Cash and cash equivalents	$	5,958	$	7,201
Assets segregated for regulatory purposes and restricted cash ($2,000 and $2,100 at fair value)	16,251		11,348
Collateralized agreements	631		480
Financial instruments, at fair value:
Trading assets ($349 and $326 pledged as collateral)	458		610
Available-for-sale securities ($51 and $20 pledged as collateral)	10,464		8,315
Derivative assets	152		255
Other investments ($22 and $22 pledged as collateral)	365		357
Brokerage client receivables, net	2,954		2,831
Other receivables, net	1,230		999
Bank loans, net	41,843		24,994
Loans to financial advisors, net	1,125		1,057
Deferred income taxes, net	479		305
Goodwill and identifiable intangible assets, net	1,810		882
Other assets	2,391		2,257
Total assets	$	86,111	$	61,891
Liabilities and shareholders’ equity:
Bank deposits	$	49,887	$	32,495
Collateralized financings	437		277
Financial instrument liabilities, at fair value:
Trading liabilities	158		176
Derivative liabilities	379		228
Brokerage client payables	19,055		13,991
Accrued compensation, commissions and benefits	1,604		1,825
Other payables	1,708		1,701
Other borrowings	1,353		858
Senior notes payable	2,038		2,037
Total liabilities	76,619		53,588
Commitments and contingencies (see Note 18)
Shareholders’ equity
Preferred stock	120		—
Common stock; $.01 par value; 650,000,000 shares authorized, 247,945,777 shares issued, and 215,478,025 shares outstanding as of June 30, 2022; 350,000,000 shares authorized, 239,062,254 shares issued, and 205,738,821 shares outstanding as of September 30, 2021	2		2
Additional paid-in capital	2,948		2,088
Retained earnings	8,478		7,633
Treasury stock, at cost; 32,467,752 and 33,323,433 common shares as of June 30, 2022 and September 30, 2021, respectively	(1,457)		(1,437)
Accumulated other comprehensive loss	(576)		(41)
Total equity attributable to Raymond James Financial, Inc.	9,515		8,245
Noncontrolling interests	(23)		58
Total shareholders’ equity	9,492		8,303
Total liabilities and shareholders’ equity	$	86,111	$	61,891

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

3

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Unaudited)

	Three months ended June 30,				Nine months ended June 30,
in millions, except per share amounts	2022		2021		2022		2021
Revenues:
Asset management and related administrative fees	$	1,427	$	1,262	$	4,273	$	3,502
Brokerage revenues:
Securities commissions	385		415		1,232		1,239
Principal transactions	128		137		403		432
Total brokerage revenues	513		552		1,635		1,671
Account and service fees	211		161		567		465
Investment banking	223		276		883		779
Interest income	374		205		841		608
Other	30		55		108		155
Total revenues	2,778		2,511		8,307		7,180
Interest expense	(60)		(40)		(135)		(115)
Net revenues	2,718		2,471		8,172		7,065
Non-interest expenses:
Compensation, commissions and benefits	1,834		1,661		5,570		4,809
Non-compensation expenses:
Communications and information processing	129		109		368		315
Occupancy and equipment	65		58		186		172