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SHAREHOLDERS' EQUITY
 9 Months Ended
Jun. 30, 2023
Equity [Abstract]  
SHAREHOLDERS' EQUITY SHAREHOLDERS’ EQUITY
Preferred stock

The following table details the shares outstanding, carrying value, and aggregate liquidation preference of our preferred stock. For further details regarding our preferred stock see Note 20 of our 2022 Form 10-K.
$ in millions, except share countJune 30, 2023September 30, 2022
6.75% Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock (“Series A Preferred Stock”):
Shares outstanding—40,250
Carrying value$— $41 
Aggregate liquidation preference$— $40 
6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock (“Series B Preferred Stock”):
Shares outstanding80,50080,500
Carrying value$79 $79 
Aggregate liquidation preference$81 $81 

On April 3, 2023, we redeemed all 40,250 outstanding shares of our Series A Preferred Stock with a carrying value of $41 million, which triggered the redemption of the related depositary shares (“Series A Depositary Shares”), each representing a 1/40th interest of a share of Series A Preferred Stock, for an aggregate redemption value of $40 million.

The following table details dividends declared and dividends paid on our Series A and Series B preferred stock for the three and nine months ended June 30, 2023.
 Dividends declaredDividends paid
$ in millions, except per share amountsTotal dividendsPer preferred
share amount		Total dividendsPer preferred
share amount
Three months ended June 30, 2023
Series A Preferred Stock (1)
$— $— $1 $16.88 
Series B Preferred Stock 1 $15.94 1 $15.94 
Total preferred stock dividends (1)
$1 $2 
Nine Months Ended June 30, 2023
Series A Preferred Stock (1)
$2 $33.76 $3 $50.64 
Series B Preferred Stock3 $47.82 3 $47.82 
Total preferred stock dividends (1)
$5 $6 
Three months ended June 30, 2022
Series A Preferred Stock$1 $16.88 $— $— 
Series B Preferred Stock1 $15.94 — $— 
Total preferred stock dividends$2 $— 
Nine months ended June 30, 2022
Series A Preferred Stock$1 $16.88 $— 
Series B Preferred Stock1 $15.94 — $— 
Total preferred stock dividends$2 $— 

(1) Preferred stock dividends on our Condensed Consolidated Statements of Income and Comprehensive Income for the three and nine months ended June 30, 2023 included dividends declared during the periods, as well as the $1 million excess of the carrying value of our Series A Preferred Stock over the redemption value, which was reported as an offset to preferred dividends and increased net income available to common shareholders.

Dividends on Series B Preferred Stock are payable quarterly at a rate of 6.375% per annum from original issue date up to, but excluding, July 1, 2026, and thereafter at a floating rate equal to 3-month CME Term SOFR plus a spread adjustment of 4.35% per annum. Refer to Note 20 of our 2022 Form 10-K for additional information regarding our Series B Preferred Stock.
Common equity

Common stock issuance

We issue shares from time to time during the year to satisfy obligations under certain of our share-based compensation programs. See Note 20 of this Form 10-Q and Note 23 of our 2022 Form 10-K for additional information on these programs. We may also reissue treasury shares for such purposes.

Share repurchases

We repurchase shares of our common stock from time to time for a number of reasons, including to offset dilution from share-based compensation. In December 2022, our Board of Directors authorized common stock repurchases of up to $1.5 billion, which replaced the previous authorization. Our share repurchases are effected primarily through regular open-market purchases, typically under a SEC Rule 10b-18 plan, the amounts and timing of which are determined primarily by our current and projected capital position, applicable law and regulatory constraints, general market conditions, and the price and trading volumes of our common stock. During the three months ended June 30, 2023, under the Board of Directors’ common stock repurchase authorization, we repurchased 3.31 million shares of our common stock for $300 million at an average price of $90.51 per share. During the nine months ended June 30, 2023, we repurchased 8.35 million shares of our common stock for $788 million at an average price of $94.30 per share. As of June 30, 2023, $750 million remained available under the Board of Directors’ common stock repurchase authorization. We incurred $5 million of excise tax on share repurchases during the nine months ended June 30, 2023 which is included in “Treasury stock” on the Condensed Consolidated Statements of Changes in Shareholders’ Equity.

Common stock dividends

Dividends per common share declared and paid are detailed in the following table for each respective period.
 Three months ended June 30,Nine months ended June 30,
 2023202220232022
Dividends per common share - declared$0.42 $0.34 $1.26 $1.02 
Dividends per common share - paid$0.42 $0.34 $1.18 $0.94 

Our dividend payout ratio is detailed in the following table for each respective period and is computed by dividing dividends declared per common share by earnings per diluted common share.
 Three months ended June 30,Nine months ended June 30,
2023202220232022
Dividend payout ratio
24.6 %24.6 %21.2 %20.4 %

RJF expects to continue paying cash dividends. However, the payment and rate of dividends on our common stock are subject to several factors including our operating results, financial and regulatory requirements or restrictions, and the availability of funds from our subsidiaries, including our broker-dealer and bank subsidiaries, which may also be subject to restrictions under regulatory capital rules. The availability of funds from subsidiaries may also be subject to restrictions contained in loan covenants of certain broker-dealer loan agreements and restrictions by bank regulators on dividends to the parent from Raymond James Bank and TriState Capital Bank. See Note 21 of this Form 10-Q for additional information on our regulatory capital requirements.
Accumulated other comprehensive income/(loss)

All of the components of other comprehensive income/(loss) (“OCI”), net of tax, were attributable to RJF. The following table presents the net change in AOCI as well as the changes, and the related tax effects, of each component of AOCI.
$ in millionsNet investment hedgesCurrency translationsSubtotal: net investment hedges and currency translationsAvailable- for-sale securitiesCash flow hedgesTotal
Three months ended June 30, 2023
AOCI as of beginning of period$136 $(206)$(70)$(758)$30 $(798)
OCI:
OCI before reclassifications and taxes(22)36 14 (102)26 (62)
Amounts reclassified from AOCI, before tax— — — — (9)(9)
Pre-tax net OCI(22)36 14 (102)17 (71)
Income tax effect6 — 6 26 (5)27 
OCI for the period, net of tax(16)36 20 (76)12 (44)
AOCI as of end of period$120 $(170)$(50)$(834)$42 $(842)
Nine months ended June 30, 2023
AOCI as of beginning of period$153 $(276)$(123)$(902)$43 $(982)
OCI:
OCI before reclassifications and taxes(45)107 62 109 21 192 
Amounts reclassified from AOCI, before tax— — — — (22)(22)
Pre-tax net OCI(45)107 62 109 (1)170 
Income tax effect12 (1)11 (41)— (30)
OCI for the period, net of tax(33)106 73 68 (1)140 
AOCI as of end of period$120 $(170)$(50)$(834)$42 $(842)
Three months ended June 30, 2022
AOCI as of beginning of period$71 $(91)$(20)$(380)$11 $(389)
OCI:
OCI before reclassifications and taxes32 (64)(32)(206)12 (226)
Amounts reclassified from AOCI, before tax— — — — 2 2 
Pre-tax net OCI32 (64)(32)(206)14 (224)
Income tax effect(8)— (8)49 (4)37 
OCI for the period, net of tax24 (64)(40)(157)10 (187)
AOCI as of end of period$95 $(155)$(60)$(537)$21 $(576)
Nine months ended June 30, 2022
AOCI as of beginning of period$81 $(90)$(9)$(5)$(27)$(41)
OCI:
OCI before reclassifications and taxes18 (65)(47)(711)55 (703)
Amounts reclassified from AOCI, before tax— — — — 10 10 
Pre-tax net OCI18 (65)(47)(711)65 (693)
Income tax effect(4)— (4)179 (17)158 
OCI for the period, net of tax14 (65)(51)(532)48 (535)
AOCI as of end of period$95 $(155)$(60)$(537)$21 $(576)

Reclassifications from AOCI to net income, excluding taxes, for the three and nine months ended June 30, 2023 and 2022 were recorded in “Interest expense” on the Condensed Consolidated Statements of Income and Comprehensive Income.

Our net investment hedges and cash flow hedges relate to derivatives associated with our Bank segment. For further information about our significant accounting policies related to derivatives, see Note 2 of our 2022 Form 10-K. In addition, see Note 5 of this Form 10-Q for additional information on these derivatives.