CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY) (Tables)

12 Months Ended

Sep. 30, 2024

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	2024		2023
Assets:
Cash and cash equivalents	$	761	$	717
Assets segregated for regulatory purposes and restricted cash ($1 and $1 at fair value)	46		43
Intercompany receivables from subsidiaries (primarily non-bank subsidiaries)	1,682		1,590
Investments in consolidated subsidiaries:
Bank subsidiaries	4,829		4,124
Non-bank subsidiaries	6,322		5,787
Goodwill and identifiable intangible assets, net	68		32
All other	1,418		1,090
Total assets	$	15,126	$	13,383
Liabilities and equity:
Accrued compensation, commissions and benefits	$	1,168	$	879
Intercompany payables to subsidiaries:
Bank subsidiaries	—		7
Non-bank subsidiaries	8		34
Senior notes payable	2,040		2,039
All other	237		210
Total liabilities	3,453		3,169
Equity	11,673		10,214
Total liabilities and equity	$	15,126	$	13,383

Condensed Statement of Income

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

	Year ended September 30,
$ in millions	2024		2023		2022
Revenues:
Dividends from non-bank subsidiaries	$	911	$	874	$	2,002
Dividends from bank subsidiaries	500		375		60
Interest from subsidiaries	98		84		23
Interest income	25		20		3
All other	21		18		17
Total revenues	1,555		1,371		2,105
Interest expense	(94)		(93)		(93)
Net revenues	1,461		1,278		2,012
Non-interest expenses:
Compensation, commissions and benefits	96		86		98
Non-compensation expenses:
Communications and information processing	8		9		6
Occupancy and equipment	1		1		1
Business development	23		21		20
Intercompany allocations and charges	7		2		(8)
Professional fees	7		7		17
Other	38		3		47
Total non-compensation expenses	84		43		83
Total non-interest expenses	180		129		181
Pre-tax income before equity in undistributed net income of subsidiaries	1,281		1,149		1,831
Income tax benefit	(98)		(35)		(20)
Income before equity in undistributed net income of subsidiaries	1,379		1,184		1,851
Equity in undistributed net income of subsidiaries (1)	689		555		(342)
Net income	2,068		1,739		1,509
Preferred stock dividends	5		6		4
Net income available to common shareholders	$	2,063	$	1,733	$	1,505

(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	2024		2023		2022
Cash flows from operating activities:
Net income	$	2,068	$	1,739	$	1,509
Adjustments to reconcile net income to net cash provided by operating activities:
(Gain)/loss on investments	(1)		2		1
Unrealized (gain)/loss on company-owned life insurance policies, net of expenses	(224)		(95)		159
Equity in undistributed net income of subsidiaries	(689)		(555)		342
Other	148		158		161
Net change in:
Intercompany receivables	(54)		1		(23)
Other assets	—		93		40
Intercompany payables	(47)		24		(18)
Other payables	45		34		3
Accrued compensation, commissions and benefits	289		164		(82)
Net cash provided by operating activities	1,535		1,565		2,092
Cash flows from investing activities:
Investments in subsidiaries, net	(50)		(149)		(1,092)
(Advances to)/repayments from subsidiaries, net	(66)		(40)		(723)
Investment in note receivable	—		—		(125)
Proceeds from sales of investments	—		—		7
Purchase of investments in company-owned life insurance policies, net	(51)		(65)		(63)
Net cash (used in) investing activities	(167)		(254)		(1,996)
Cash flows from financing activities:
Repurchases of common stock and share-based awards withheld for payment of withholding tax requirements	(984)		(862)		(216)
Dividends on common and preferred stock	(383)		(355)		(277)
Redemption of preferred stock	—		(40)		—
Exercise of stock options and employee stock purchases	46		46		52
Net cash used in financing activities	(1,321)		(1,211)		(441)
Net increase/(decrease) in cash and cash equivalents, including those segregated for regulatory purposes and restricted cash	47		100		(345)
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at beginning of year	759		659		1,004
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of year	$	806	$	759	$	659
Cash and cash equivalents	$	761	$	717	$	629
Cash and cash equivalents segregated for regulatory purposes and restricted cash	45		42		30
Total cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of year	$	806	$	759	$	659
Supplemental disclosures of cash flow information:
Cash paid for interest	$	94	$	65	$	117
Cash paid for income taxes, net (1)	$	40	$	9	$	24
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