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CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY)
 12 Months Ended
Sep. 30, 2022
Condensed Financial Information Disclosure [Abstract]  
CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY) CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY)
As more fully described in Note 1, RJF (or the “Parent”) is a financial holding company whose subsidiaries are engaged in various financial services activities. The Parent’s primary activities include investments in subsidiaries and corporate investments, including cash management, company-owned life insurance policies and private equity investments. The primary source of operating cash available to the Parent is provided by dividends from its subsidiaries.

The broker-dealer subsidiaries of the Parent, including RJ&A our principal domestic broker-dealer, and certain other subsidiaries are required to maintain a minimum amount of net capital due to regulatory requirements. RJ&A is further required by certain covenants in its borrowing agreements to maintain minimum net capital equal to 10% of aggregate debit balances. At September 30, 2022, each of these subsidiaries exceeded their minimum net capital requirements (see Note 24 for further information).

Of the Parent’s net assets as of September 30, 2022, approximately $125 million of its investment in RJ&A and RJFS was available for distribution to the Parent without further regulatory approvals. As of September 30, 2022, approximately $5.1 billion of net assets of our U.S. broker-dealers and bank subsidiaries were restricted from distributions to the parent due to regulatory or other restrictions without prior approval of the respective entity’s regulator. In addition, a large portion of our non-U.S. subsidiaries’ net assets was held to meet regulatory requirements and was not available for use by the parent.

Cash and cash equivalents of $1.91 billion and $1.16 billion as of September 30, 2022 and 2021, respectively, were held directly by RJF in depository accounts at third-party financial institutions, held in depository accounts at Raymond James Bank, or were loaned by the Parent to RJ&A, which RJ&A had invested on behalf of RJF, or otherwise deployed in its normal business activities. The loan to RJ&A, which totaled $1.30 billion and $649 million as of September 30, 2022 and 2021, respectively, is included in “Intercompany receivables from subsidiaries” in the table below. The amount held in depository accounts at Raymond James Bank was $260 million as of September 30, 2022, of which $230 million was available on demand without restriction. As of September 30, 2021, $229 million was held in depository accounts at Raymond James Bank, of which $152 million was available on demand without restriction.

See Notes 16, 17, 19 and 24 for more information regarding borrowings, commitments, contingencies and guarantees, and regulatory capital requirements of the Parent and its subsidiaries.

In the following tables, “bank subsidiaries” refers to Raymond James Bank and TriState Capital Bank, including its holding company which is a subsidiary of RJF. The following table presents the Parent’s statements of financial condition.
September 30,
$ in millions20222021
Assets:
Cash and cash equivalents $629 $527 
Assets segregated for regulatory purposes and restricted cash ($1 and $1 at fair value)
31 478 
Intercompany receivables from subsidiaries (primarily non-bank subsidiaries)1,624 877 
Investments in consolidated subsidiaries:
Bank subsidiaries3,549 2,594 
Non-bank subsidiaries5,611 5,703 
Goodwill and identifiable intangible assets, net32 32 
All other 907 1,055 
Total assets$12,383 $11,266 
Liabilities and equity:
Accrued compensation, commissions and benefits$715 $798 
Intercompany payables to subsidiaries:
Bank subsidiaries— 2 
Non-bank subsidiaries17 33 
Senior notes payable2,038 2,037 
All other155 151 
Total liabilities2,925 3,021 
Equity9,458 8,245 
Total liabilities and equity$12,383 $11,266 
The following table presents the Parent’s statements of income.
Year ended September 30,
$ in millions202220212020
Revenues:
Dividends from non-bank subsidiaries$2,002 $257 $634 
Dividends from bank subsidiaries60 — 130 
Interest from subsidiaries23 9 18 
Interest income3 1 3 
All other17 21 23 
Total revenues2,105 288 808 
Interest expense(93)(97)(87)
Net revenues2,012 191 721 
Non-interest expenses:
Compensation, commissions and benefits (1)
98 81 63 
Non-compensations expenses:
Communications and information processing6 5 6 
Occupancy and equipment1 1 1 
Business development20 19 18 
Losses on extinguishment of debt— 98 — 
Intercompany allocations and charges(8)(14)(16)
Other64 30 23 
Total non-compensation expenses83 139 32 
Total non-interest expenses181 220 95 
Pre-tax income/(loss) before equity in undistributed net income of subsidiaries1,831 (29)626 
Income tax benefit(20)(99)(58)
Income before equity in undistributed net income of subsidiaries1,851 70 684 
Equity in undistributed net income of subsidiaries (2)
(342)1,333 134 
Net income1,509 1,403 818 
Preferred stock dividends4 — — 
Net income available to common shareholders$1,505 $1,403 $818 

(1)    The year ended September 30, 2020 included the portion of the reduction in workforce expenses incurred during the fiscal fourth quarter of 2020 that related to the Parent.
(2)    The year ended September 30, 2022 included significant dividends from RJ&A to RJF, which were in excess of net income for the period.
The following table presents the Parent’s statements of cash flows.
Year ended September 30,
$ in millions202220212020
Cash flows from operating activities:
Net income$1,509 $1,403 $818 
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on investments1 5 4 
Unrealized (gain)/loss on company-owned life insurance policies, net of expenses159 (157)(50)
Equity in undistributed net income of subsidiaries342 (1,333)(134)
Losses on extinguishment of debt— 98 — 
Other161 94 102 
Net change in:
Intercompany receivables(23)(14)126 
Other assets40 (35)24 
Intercompany payables(18)(14)(70)
Other payables3 38 43 
Accrued compensation, commissions and benefits(82)202 73 
Net cash provided by operating activities2,092 287 936 
Cash flows from investing activities:
Investments in subsidiaries(1,092)(420)(106)
(Advances to)/repayments from subsidiaries, net(723)1,039 (885)
Investment in note receivable(125)— — 
Proceeds from sales of investments7 2 9 
Purchase of investments in company-owned life insurance policies, net(63)(36)(55)
Net cash provided by/(used in) investing activities(1,996)585 (1,037)
Cash flows from financing activities:
Repurchases of common stock and share-based awards withheld for payment of withholding tax requirements(216)(151)(291)
Dividends on preferred and common stock(277)(218)(205)
Exercise of stock options and employee stock purchases52 53 62 
Proceeds from senior note issuances, net of debt issuance costs paid— 737 494 
Extinguishment of senior notes payable— (844)— 
Net cash provided by/(used in) financing activities(441)(423)60 
Net increase/(decrease) in cash and cash equivalents, including those segregated for regulatory purposes and restricted cash(345)449 (41)
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at beginning of year1,004 555 596 
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of year$659 $1,004 $555 
Cash and cash equivalents$629 $527 $478 
Cash and cash equivalents segregated for regulatory purposes and restricted cash30 477 77 
Total cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of year$659 $1,004 $555 
Supplemental disclosures of cash flow information:
Cash paid for interest$117 $89 $72 
Cash paid for income taxes, net$24 $35 $32 
Common stock issued as consideration for TriState Capital acquisition$778 $— $— 
Restricted stock awards issued as consideration for TriState Capital acquisition$28 $— $— 
Preferred stock issued as consideration for TriState Capital acquisition$120 $— $— 
Effective settlement of note receivable for TriState Capital acquisition$123 $— $—