CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY) (Tables)

12 Months Ended

Sep. 30, 2023

Condensed Financial Information Disclosure [Abstract]

Condensed Statement of Financial Condition

The following table presents the Parent’s statements of financial condition.

	September 30,
$ in millions	2023		2022
Assets:
Cash and cash equivalents	$	717	$	629
Assets segregated for regulatory purposes and restricted cash ($1 and $1 at fair value)	43		31
Intercompany receivables from subsidiaries (primarily non-bank subsidiaries)	1,590		1,624
Investments in consolidated subsidiaries:
Bank subsidiaries	4,124		3,549
Non-bank subsidiaries	5,787		5,611
Goodwill and identifiable intangible assets, net	32		32
All other	1,090		907
Total assets	$	13,383	$	12,383
Liabilities and equity:
Accrued compensation, commissions and benefits	$	879	$	715
Intercompany payables to subsidiaries:
Bank subsidiaries	7		—
Non-bank subsidiaries	34		17
Senior notes payable	2,039		2,038
All other	210		155
Total liabilities	3,169		2,925
Equity	10,214		9,458
Total liabilities and equity	$	13,383	$	12,383

Condensed Statement of Income

The following table presents the Parent’s statements of income.

	Year ended September 30,
$ in millions	2023		2022		2021
Revenues:
Dividends from non-bank subsidiaries	$	874	$	2,002	$	257
Dividends from bank subsidiaries	375		60		—
Interest from subsidiaries	84		23		9
Interest income	20		3		1
All other	18		17		21
Total revenues	1,371		2,105		288
Interest expense	(93)		(93)		(97)
Net revenues	1,278		2,012		191
Non-interest expenses:
Compensation, commissions and benefits	86		98		81
Non-compensation expenses:
Communications and information processing	9		6		5
Occupancy and equipment	1		1		1
Business development	21		20		19
Losses on extinguishment of debt	—		—		98
Intercompany allocations and charges	2		(8)		(14)
Professional fees	7		17		14
Other	3		47		16
Total non-compensation expenses	43		83		139
Total non-interest expenses	129		181		220
Pre-tax income/(loss) before equity in undistributed net income of subsidiaries	1,149		1,831		(29)
Income tax benefit	(35)		(20)		(99)
Income before equity in undistributed net income of subsidiaries	1,184		1,851		70
Equity in undistributed net income of subsidiaries (1)	555		(342)		1,333
Net income	1,739		1,509		1,403
Preferred stock dividends	6		4		—
Net income available to common shareholders	$	1,733	$	1,505	$	1,403

(1)    The year ended September 30, 2022 included significant dividends from RJ&A to RJF, which were in excess of net income for the period.

Condensed Statement of Cash Flows

The following table presents the Parent’s statements of cash flows.

	Year ended September 30,
$ in millions	2023		2022		2021
Cash flows from operating activities:
Net income	$	1,739	$	1,509	$	1,403
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on investments	2		1		5
Unrealized (gain)/loss on company-owned life insurance policies, net of expenses	(95)		159		(157)
Equity in undistributed net income of subsidiaries	(555)		342		(1,333)
Losses on extinguishment of debt	—		—		98
Other	158		161		94
Net change in:
Intercompany receivables	1		(23)		(14)
Other assets	93		40		(35)
Intercompany payables	24		(18)		(14)
Other payables	34		3		38
Accrued compensation, commissions and benefits	164		(82)		202
Net cash provided by operating activities	1,565		2,092		287
Cash flows from investing activities:
Investments in subsidiaries, net	(149)		(1,092)		(420)
(Advances to)/repayments from subsidiaries, net	(40)		(723)		1,039
Investment in note receivable	—		(125)		—
Proceeds from sales of investments	—		7		2
Purchase of investments in company-owned life insurance policies, net	(65)		(63)		(36)
Net cash provided by/(used in) investing activities	(254)		(1,996)		585
Cash flows from financing activities:
Repurchases of common stock and share-based awards withheld for payment of withholding tax requirements	(862)		(216)		(151)
Dividends on common and preferred stock	(355)		(277)		(218)
Redemption of preferred stock	(40)
Exercise of stock options and employee stock purchases	46		52		53
Proceeds from senior note issuances, net of debt issuance costs paid	—		—		737
Extinguishment of senior notes payable	—		—		(844)
Net cash used in financing activities	(1,211)		(441)		(423)
Net increase/(decrease) in cash and cash equivalents, including those segregated for regulatory purposes and restricted cash	100		(345)		449
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at beginning of year	659		1,004		555
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of year	$	759	$	659	$	1,004
Cash and cash equivalents	$	717	$	629	$	527
Cash and cash equivalents segregated for regulatory purposes and restricted cash	42		30		477
Total cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of year	$	759	$	659	$	1,004
Supplemental disclosures of cash flow information:
Cash paid for interest	$	65	$	117	$	89
Cash paid for income taxes, net	$	9	$	24	$	35
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	$	—