What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2022-08-08 compared with 2022-05-09 · 681 added, 328 removed, 1456 unchanged (41% of the section changed)

3 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

$ in millions, except per share amounts March 31, 2022 September 30, 2021

$ in millions, except per share amounts June 30, 2022 September 30, 2021

Cash and cash equivalents $ 5,958 $ 7,201

30 unchanged sentences

Preferred stock 120 —

$ .10 par value;

10,000,000 shares authorized;

- 0 - shares issued and outstanding

Common stock;

$ .01 par value;

650,000,000 shares authorized, 239,295,583 shares issued, and 207,897,379 shares outstanding as of March 31, 2022;

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 unchanged sentences

Treasury stock, at cost;

31,398,204 and 33,323,433 common shares as of March 31, 2022 and September 30, 2021, respectively

32,467,752 and 33,323,433 common shares as of June 30, 2022 and September 30, 2021, respectively

( 1,457 ) ( 1,437 )

8 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

Three months ended March 31, Six months ended March 31,

Three months ended June 30, Nine months ended June 30,

in millions, except per share amounts 2022 2021 2022 2021

9 unchanged sentences

374 205 841 608

30 55 108 155

Total revenues

15 unchanged sentences

Bank loan provision/(benefit) for credit losses 56 ( 19 ) 66 ( 37 )

Acquisition-related expenses 11 — 17 2

Losses on extinguishment of debt — 98 — 98

85 84 240 224

5 unchanged sentences

114 78 336 257

$ 323 $ 355 $ 769 $ 667

Net income 301 307 1,070 974

Preferred stock dividends 2 — 2 —

Net income available to common shareholders $ 299 $ 307 $ 1,068 $ 974

Earnings per common share – basic

12 unchanged sentences

Cash flow hedges

Total other comprehensive loss, net of tax ( 302 ) ( 55 ) ( 348 ) ( 49 )

10 ( 2 ) 48 22

Total other comprehensive income/(loss), net of tax ( 187 ) 28 ( 535 ) ( 21 )

Total comprehensive income $ 114 $ 335 $ 535 $ 953

3 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

Three months ended March 31, Six months ended March 31,

Three months ended June 30, Nine months ended June 30,

$ in millions, except per share amounts 2022 2021 2022 2021

Common stock, par value $ .01 per share:

Preferred stock:

Balance beginning of period

$ — $ — $ — $ —

Preferred stock issued for TriState Capital Holdings, Inc.

(“TriState Capital”) acquisition 120 — 120 —

Balance end of period

Common stock, par value $ .01 per share:

Balance beginning of period

Share issuances

3 unchanged sentences

2,028 2,088 2,007

Common stock issued for TriState Capital acquisition 778 — 778 —

Restricted stock awards issued for TriState Capital acquisition 28 — 28 —

Employee stock purchases

7 unchanged sentences

7,004 7,633 6,484

Cumulative adjustments for changes in accounting principles — — — ( 35 )

Net income attributable to Raymond James Financial, Inc.

Cash dividends declared (see Note 22)

307 1,070 974

Common stock cash dividends declared ( 77 ) ( 54 ) ( 223 ) ( 166 )

Preferred stock cash dividends declared ( 2 ) — ( 2 ) —

Cumulative adjustments for changes in accounting principles — — — ( 35 )

Balance end of period

19 unchanged sentences

$ 7 $ 45 $ 58 $ 62

Net income/(loss) attributable to noncontrolling interests ( 2 ) ( 1 ) — 12

Net income attributable to noncontrolling interests 1 12 1 24

Deconsolidations and sales ( 31 ) ( 2 ) ( 82 ) ( 31 )

Balance end of period

( 23 ) 55 ( 23 ) 55

Total shareholders’ equity

4 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Six months ended March 31,

Nine months ended June 30,

$ in millions 2022 2021

Cash flows from operating activities:

$ 1,070 $ 974

Adjustments to reconcile net income to net cash provided by/(used in) operating activities:

5 unchanged sentences

Unrealized (gain)/loss on company-owned life insurance policies, net of expenses 136 ( 159 )

Losses on extinguishment of debt — 98

Net change in:

9 unchanged sentences

Purchases and originations of loans held for sale, net of proceeds from sales of securitizations and loans held for sale ( 18 ) ( 1 )

Net cash provided by/(used in) operating activities ( 1,170 ) 736

Net cash provided by operating activities 4,570 2,145

Cash flows from investing activities:

10 unchanged sentences

Investment in note receivable ( 125 ) —

Purchases of other investments, net ( 80 ) ( 4 )

(Purchases)/sales of other investments, net ( 33 ) 21

Other investing activities, net ( 81 ) ( 8 )

4 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Six months ended March 31,

Nine months ended June 30,

$ in millions 2022 2021

Cash flows from financing activities:

Proceeds from senior notes issuances, net of debt issuance costs paid — 737

Extinguishment of senior notes payable — ( 844 )

Increase in bank deposits 4,800 3,539

8 unchanged sentences

Effect of exchange rate changes on cash ( 289 ) 114

Net increase/(decrease) in cash and cash equivalents, including those segregated for regulatory purposes and restricted cash ( 1,597 ) 641

Net increase in cash and cash equivalents, including those segregated for regulatory purposes and restricted cash 3,760 2,230

Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at beginning of year 16,449 9,634

8 unchanged sentences

Non-cash right-of-use assets recorded for new and modified leases $ 39 $ 101

Common stock issued as consideration for TriState Capital acquisition $ 778 $ —

Restricted stock awards issued as consideration for TriState Capital acquisition $ 28 $ —

Issuance of preferred stock as consideration for TriState Capital acquisition $ 120 $ —

Effective settlement of note receivable for TriState Capital acquisition $ 123 $ —

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

2 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2022

June 30, 2022

NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION

2 unchanged sentences

The firm also provides corporate and retail banking services, and trust services.

For further information about our business segments, see Note 23 of this Form 10-Q.

As a result of our acquisition of TriState Capital Holdings, Inc.

(“TriState Capital”) on June 1, 2022, which included TriState Capital Bank, a Pennsylvania-chartered state bank, we renamed our Raymond James Bank segment to “Bank” segment.

The Bank segment reflects the results of our banking operations and includes the results of Raymond James Bank and, since June 1, 2022, TriState Capital Bank.

There were no changes to the prior period presentation of the Bank segment.

For further information about the acquisition of TriState Capital and our business segments, see Note 3 and Note 25, respectively.

As used herein, the terms “our,” “we,” or “us” refer to RJF and/or one or more of its subsidiaries.

3 unchanged sentences

In addition, we consolidate any variable interest entity (“VIE”) in which we are the primary beneficiary.

Additional information on these VIEs is provided in Note 2 of our Annual Report on Form 10-K (“2021 Form 10-K”) for the year ended September 30, 2021, as filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”) and in Note 10 of this Form 10-Q.

When we do not have a controlling interest in an entity, but we exert significant influence over the entity, we apply the equity method of accounting.

All material intercompany balances and transactions have been eliminated in consolidation.

During our fiscal fourth quarter of 2021, our Board of Directors approved a three-for-two stock split, effected in the form of a 50 % stock dividend and paid on September 21, 2021.

All share and per share information has been retroactively adjusted to reflect this stock split.

During our fiscal second quarter of 2022, we amended our Restated Articles of Incorporation, as filed with the Secretary of State of Florida on November 25, 2008, to increase the number of authorized shares of capital stock from 360 million shares to 660 million shares, consisting of 650 million shares of common stock, par value of $ 0.01 per share, and 10 million shares of preferred stock, par value of $ 0.10 per share.

The Amended and Restated Articles of Incorporation, which were filed with the Secretary of State of Florida on February 28, 2022, were approved by our Board of Directors and our shareholders on December 1, 2021 and February 24, 2022, respectively.

Accounting estimates and assumptions

7 unchanged sentences

Reclassifications

Certain prior-period amounts have been reclassified to conform to the current period’s presentation.

Beginning with our fiscal third quarter of 2022, we reclassified acquisition-related expenses which were previously reported in “Acquisition-related expenses” on our Condensed Consolidated Statements of Income and Comprehensive Income to the respective income statement line items that align with the nature of the expenses, including reclassifications to “Compensation, commissions, and benefits,” “Professional fees,” or “Other” expenses, as appropriate.

Prior periods have been conformed to the current presentation.

In addition to the reclassifications discussed above, certain other prior period amounts have been reclassified to conform to the current period’s presentation.

RAYMOND JAMES FINANCIAL, INC.

3 unchanged sentences

A summary of our significant accounting policies is included in Note 2 of our 2021 Form 10-K.

There have been no significant changes in our significant accounting policies since September 30, 2021.

Refer to Note 8 for a description of our allowance for credit losses policy related to TriState Capital Bank.

Except as discussed in Note 8, there have been no significant changes in our significant accounting policies since September 30, 2021.

NOTE 3 – ACQUISITIONS

Recent acquisition activities

Acquisitions completed during the nine months ended June 30, 2022

TriState Capital

On June 1, 2022, we completed our acquisition of all the outstanding shares of TriState Capital, including its wholly owned subsidiaries, TriState Capital Bank and Chartwell Investment Partners, LLC (“Chartwell”), in a cash and stock transaction valued at $ 1.4 billion.

TriState Capital Bank serves the commercial banking needs of middle-market businesses and financial services providers and focused private banking needs of high-net-worth individuals nation-wide.

Chartwell, a registered investment adviser, provides investment management services primarily to institutional investors, mutual funds, and individual investors.

TriState Capital Bank will continue to operate as a separately branded firm and as an independently-chartered bank.

TriState Capital Bank and Chartwell have been integrated into our Bank and Asset Management segments, respectively, and their results of operations have been included in our results prospectively from the closing date of June 1, 2022.

Under the terms of the acquisition agreement, TriState Capital common stockholders received $ 6.00 cash and 0.25 shares of RJF common stock for each share of TriState Capital common stock.

Additionally, the TriState Capital Series C Perpetual Non-Cumulative Convertible Non-Voting Preferred Stock (“Series C Convertible Preferred Stock”) was converted to common shares at the prescribed exchange ratio and cashed out at $ 30 per share and each share of TriState Capital’s 6.75 % Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock and TriState Capital’s 6.375 % Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock was converted, respectively, into the right to receive one share of a newly created series A and series B preferred stock of RJF.

The fair values of these newly created RJF series A and series B preferred stock were estimated based on quoted market prices for the instruments.

See Note 19 for further details on these new classes of preferred stock.

Furthermore, as a component of our total purchase consideration for TriState Capital on June 1, 2022, in accordance with the terms of the acquisition agreement, 551 thousand RJF restricted stock awards were issued at terms that mirrored restricted stock awards of TriState Capital which were outstanding as of the acquisition date.

The fair value of the restricted stock awards was calculated as of the June 1, 2022 acquisition date and was allocated between the pre-acquisition service period ($ 28 million treated as purchase consideration) and the post-acquisition requisite service period, over which we will recognize share-based compensation amortization.

In accordance with the terms of the acquisition agreement, the TriState Capital restricted stock awards were converted to RJF restricted stock awards using an exchange ratio that considered the RJF volume weighted average price for 10 trading days ending on the third business day prior to the closing of the acquisition.

Upon completion of the acquisition, the fair value of the restricted stock awards was determined based on the June 1, 2022 closing share price of our common stock.

See Note 22 for further details on these restricted stock awards.

On December 15, 2021, during the period between announcement of the intent to acquire TriState Capital and the acquisition closing date, we had loaned TriState Capital $ 125 million under an unsecured fixed-to-floating rate note (the “Note”).

The Note was set to mature on December 15, 2024 and bore interest at a fixed annual rate of 2.25 %.

Upon acquisition, the Note reverted to an intercompany instrument and subsequent to the closing date, the Note was forgiven.

In accordance with GAAP, as of the acquisition date the Note is considered to have been effectively settled and the acquisition-date fair value of $ 123 million is treated as purchase consideration and included in the purchase price.

The fair value of the Note was determined using a discounted cash flow analysis based on current incremental borrowing rates for similar types of instruments.

We accounted for our completed acquisition of TriState Capital as a business combination in accordance with GAAP.

Accordingly, the purchase price attributable to this acquisition was allocated to the assets acquired and liabilities assumed based on their estimated fair values.

The estimated fair values of assets acquired and liabilities assumed related to the TriState Capital acquisition are considered provisional and are based on currently available information.

We believe that the information available as of June 30, 2022 provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed.

However, these provisional estimates may be adjusted upon the availability of new information regarding facts and circumstances which existed at the acquisition date.

We expect to finalize the valuation of assets and liabilities in our fiscal

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

fourth quarter of 2022.

Any adjustments to the initial estimates of the fair values of the assets acquired and liabilities assumed will be recorded as adjustments to the respective assets and liabilities, with the residual amounts allocated to goodwill.

The following table summarizes the purchase consideration, fair value estimates of the assets acquired and liabilities assumed, and resulting goodwill as of the June 1, 2022 acquisition date.

TriState Capital

$ in millions, except share and per share amounts June 1, 2022

Fair value of consideration transferred:

Fair value of common stock issued:

Shares of RJF common stock issued 7,861,189

RJF share price as of June 1, 2022 $ 97.74

Fair value of RJF common stock issued for TriState Capital common stock $ 768

Other common stock consideration 10

Total fair value of common stock issued 778

Cash consideration (1)

Effective settlement of the Note 123

Preferred stock issued 120

Restricted stock awards issued 28

Total purchase price $ 1,408

Fair value of assets acquired:

Cash and cash equivalents $ 457

Financial instruments:

Available-for-sale securities 1,524

Derivative assets 51

Other investments 14

Bank loans, net 11,549

Deferred income taxes, net 26

Identifiable intangible assets 197

Other assets 226

All other assets acquired 45

Total assets acquired $ 14,089

Fair value of liabilities assumed:

Bank deposits $ 12,593

Financial instrument liabilities — Derivative liabilities 125

Accrued compensation, commissions and benefits 18

Other payables 99

Other borrowings 375

Total liabilities assumed $ 13,210

Fair value of net identifiable assets acquired $ 879

(1) Cash consideration includes $ 6 per TriState Capital common share outstanding (for a total of $ 189 million) and $ 30 per TriState Capital Series C Convertible Preferred Stock outstanding (for a total of $ 154 million), as well as other cash amounts paid to settle outstanding TriState Capital warrants and options outstanding as of the closing and cash paid in lieu of fractional shares.

We utilized our cash on hand to fund the cash component of the purchase consideration.

(2) The goodwill associated with this acquisition, which has been allocated to our Bank segment and primarily represents synergies from combining TriState Capital with our existing businesses, is not deductible for tax purposes.

Our Condensed Consolidated Statements of Income and Comprehensive Income included net revenues and a pre-tax loss attributable to TriState Capital of $ 29 million and $ 16 million, respectively, for the period June 1, 2022 through June 30, 2022.

The pre-tax loss included an initial provision for credit losses on loans and lending commitments acquired as part of the acquisition of $ 26 million (included in “Bank loan provision/(benefit) for credit losses”) and $ 5 million (included in “Other” expense), respectively.

These provisions were required under GAAP to be recorded in earnings in the reporting period following the acquisition date.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Charles Stanley

3 unchanged sentences

consistent with our Private Client Group (“PCG”) model in the U.S.

For purposes of certain acquisition-related financial reporting requirements, the Charles Stanley acquisition is not considered a material acquisition.

Charles Stanley has been integrated into our PCG segment and its results of operations have been included in our results prospectively from the closing date of January 21, 2022.

Upon closing, the Charles Stanley acquisition resulted in the addition of £ 121 million of goodwill and £ 63 million of identifiable intangible assets, or $ 164 million and $ 85 million, respectively, as of January 21, 2022.

The goodwill associated with this acquisition primarily represents synergies from combining Charles Stanley and our existing businesses.

The identifiable intangible assets primarily relate to client relationships and a trade name and have a weighted-average useful life of 12 years.

In the event that new information regarding facts and circumstances which existed at the acquisition date becomes available, we may have adjustments to the initially measured goodwill balance.

On the closing date, the Charles Stanley acquisition also resulted in the addition of $ 2.0 billion of cash and cash equivalents, of which $ 1.9 billion was segregated for regulatory purposes and was offset by corresponding brokerage client payables.

TriState Capital

On October 20, 2021, we announced we had entered into a definitive agreement to acquire TriState Capital Holdings, Inc.

(“TriState Capital”) in a combination cash and stock transaction, valued at approximately $ 1.1 billion.

Under the terms of the agreement, TriState Capital common stockholders will receive $ 6.00 cash and 0.25 RJF shares for each share of TriState Capital common stock, which represents per share consideration of $ 31.09 based on the closing price of RJF common stock on October 19, 2021.

We have entered into an agreement with the sole holder of the TriState Capital Series C Perpetual Non-Cumulative Convertible Non-Voting Preferred Stock (“Series C Convertible Preferred Stock”) pursuant to which the Series C Convertible Preferred Stock will be converted to common shares at the prescribed exchange ratio and cashed out at $ 30 per share.

The TriState Capital Series A Non-Cumulative Perpetual Preferred Stock (“Series A Preferred Stock”) and Series B Non-Cumulative Perpetual Preferred Stock (“Series B Preferred Stock”) will remain outstanding and will be converted into equivalent shares of preferred stock of RJF.

As of April 30, 2022, we had received approval to complete the transaction from the Board of Governors of the Federal Reserve System, the Pennsylvania Department of Banking and Securities, and the Financial Industry Regulatory Authority (“FINRA”), and TriState Capital received approval to complete the transaction from its shareholders.

Subject to additional applicable closing conditions, we currently expect the transaction to close in our fiscal third quarter of 2022.

We currently have the ability to utilize our cash on hand to fund the cash component of the acquisition.

TriState Capital offers private banking, commercial banking, and investment management products and services.

TriState Capital will continue to operate as a separately branded firm and as an independently-charted bank subsidiary upon closing of the acquisition.

We accounted for our completed acquisition of Charles Stanley as a business combination in accordance with GAAP.

Accordingly, the purchase price attributable to this acquisition was allocated to the assets acquired and liabilities assumed based on their estimated fair values.

The following table summarizes the purchase consideration, fair value estimates of the assets acquired and liabilities assumed, and resulting goodwill as of the January 21, 2022 acquisition date.

Charles Stanley (1)

$ in millions January 21, 2022

Purchase price $ 376

Fair value of assets acquired:

Cash and cash equivalents $ 154

Assets segregated for regulatory purposes 1,890

Brokerage client receivables 270

Identifiable intangible assets 85

All other assets acquired 36

Total assets acquired $ 2,435

Fair value of liabilities assumed:

Brokerage client payables $ 2,131

Accrued compensation, commissions and benefits 42

Other payables 50

Total liabilities assumed $ 2,223

Fair value of net identifiable assets acquired $ 212

(1) The fair value of assets acquired and liabilities assumed associated with the Charles Stanley acquisition were denominated in British pounds sterling (“GBP”) and converted to U.S.

dollars using the spot rate of 1.3554 as of January 21, 2022.

(2) The goodwill associated with this acquisition, which has been allocated to our PCG segment, primarily represents synergies from combining Charles Stanley with our existing businesses and is not deductible for tax purposes.

Our Condensed Consolidated Statements of Income and Comprehensive Income included net revenues of $ 57 million and $ 105 million, respectively, for the three months ended June 30, 2022 and for the period January 21, 2022 through June 30, 2022, as well as an insignificant net loss for both of the aforementioned periods.

Determination of fair value

The following is a description of the methods used to determine the fair values of significant assets and liabilities acquired:

Cash and cash equivalents;

Assets segregated for regulatory purposes;

Brokerage client receivables;

Brokerage client payables :

The pre-close historical carrying amount of these assets and liabilities was a reasonable estimate of fair value based on the short-term nature of these assets and liabilities.

Available-for-sale securities :

The fair values of available-for-sale securities were based on quoted market prices for the same or similar securities, recently executed transactions or third-party pricing models.

Derivatives assets and liabilities :

The pre-close historical carrying values of derivative assets and liabilities were used as reasonable estimates of fair value.

Fair values for bank loans were determined using the loss adjusted cash flow model approach, which utilized a discounted cash flow methodology that considered credit loss expectations, market interest rates and other market factors such as liquidity from the perspective of a market participant.

Loans were segregated into specific pools according to similar

RAYMOND JAMES FINANCIAL, INC.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements (Unaudited)

On December 15, 2021, we loaned TriState Capital $ 125 million under an unsecured fixed-to-floating rate note (the “Note”).

The Note matures on December 15, 2024 and bears interest at a fixed annual rate of 2.25 % for the first year, and at a floating annual rate thereafter until maturity.

The floating rate resets quarterly to a rate equal to the then current three-month Secured Overnight Financing Rate (“SOFR”) plus 2.11 %.

The Note is not redeemable prior to December 15, 2022.

On and after December 15, 2022, the Note is redeemable on any interest payment date at 100 % of the principal amount thereof, plus accrued and unpaid interest to the redemption date.

As of March 31, 2022, the outstanding Note balance of $ 125 million and the related accrued interest were included in “Other receivables, net” on our Condensed Consolidated Statements of Financial Condition.

SumRidge Partners

On March 28, 2022, we announced we had reached an agreement to acquire SumRidge Partners, LLC (“SumRidge Partners”), a technology-driven fixed income market maker specializing in investment-grade and high-yield corporate bonds, municipal bonds, and institutional preferred securities.

The transaction, which is subject to certain regulatory and other closing conditions, is currently expected to close in our fiscal fourth quarter of 2022.

The acquisition of SumRidge Partners will add an institutional market-making operation, as well as additional trading technologies and risk management tools to our existing fixed income operations.

We currently have the ability to utilize our cash on hand to fund the acquisition.

SumRidge Partners will operate within our Capital Markets segment upon completion of the acquisition.

Acquisition-related expenses

Certain acquisition and integration costs associated with the aforementioned acquisitions, as well as acquisitions completed in our prior fiscal year were included in “Acquisition-related expenses” on our Condensed Consolidated Statements of Income and Comprehensive Income.

Such costs primarily included legal and other professional fees, amortization expense related to those identifiable intangible assets with short useful lives associated with our fiscal 2021 acquisitions of Financo LLC (“Financo”) and Cebile Capital (“Cebile”), and other costs incurred to effect our business combinations.

The following table details our acquisition-related expenses.

Three months ended March 31, Six months ended March 31,

characteristics, including risk, interest rate type (i.e., fixed or floating), underlying benchmark rate, and payment type, and were treated in the aggregate when determining the fair value of each pool.

The interest and liquidity components of the estimate were determined by discounting interest and principal cash flows through the expected life of each loan.

The discount rates were determined using the weighted-average funding costs method, which considered cost of debt, cost of equity, and funding mix, as well as adjustments for servicing expense and liquidity, and then compared to current market rates on originations.

Purchased loans were evaluated and classified as either purchased credit deteriorated (“PCD”), which indicates that the loan has experienced more than insignificant credit deterioration since origination, or non-PCD loans.

For PCD loans, the sum of the loan’s purchase price and allowance for credit losses, which was determined as of the acquisition date using the same allowance methodology applied to the TriState loan portfolio as of June 30, 2022, became its initial amortized cost basis.

The initial allowance for credit losses on PCD loans is established in purchase accounting, with a corresponding offset to goodwill (i.e., is not recorded in earnings).

As required under GAAP, an initial allowance for credit losses on non-PCD loans is required to be established through a provision for credit losses (i.e., recorded in earnings) in the first reporting period following the acquisition.

Subsequent changes in the allowance for credit losses for PCD and non-PCD loans will be recognized in the bank loan provision/(benefit) for credit losses.

For non-PCD loans, the difference between the fair value and the unpaid principal balance was considered the fair value mark.

The non-credit discount or premium related to PCD loans and the fair value mark on non-PCD loans will be accreted or amortized into interest income over the contractual life of the loan using the effective interest method.

Of the total bank loans acquired in the TriState Capital acquisition with an unpaid principal balance of $ 11.70 billion, $ 11.36 billion were considered non-PCD loans and $ 337 million were considered PCD loans.

The following table reconciles the difference between the unpaid principal balance and purchase price of PCD loans at acquisition.

$ in millions June 1, 2022

Unpaid principal balance of PCD loans $ 337

Allowance for credit losses on PCD loans

Non-credit discount on PCD loans ( 10 )

Purchase price of PCD loans $ 324

Identifiable intangible assets :

The fair values of the significant identifiable intangible assets were estimated using the following income approaches.

• Customer relationships — The fair values of customer relationships were estimated using a multi-period excess earnings approach which was based on a forecast of all of the expected future net cash flows associated with the assets.

• Trade names — The fair values of trade names were estimated using a relief from royalty approach which was based on a forecast of the royalties we would save because we own the assets.

• Core deposit intangible (“CDI”) — The fair value of the CDI asset was estimated using a discounted cash flow approach, specifically the favorable source of funds method, that considered the cost of the acquired deposit base, an estimate of the cost associated with alternative funding sources, and expected client attrition rates.

These cash flow forecasts were then adjusted to present value by applying appropriate discount rates based on current market rates that reflect the risks associated with the cash flow streams.

The following table summarizes the fair value and weighted average estimated useful life of identifiable intangibles assets acquired as of the respective acquisition dates.

June 1, 2022 January 21, 2022

TriState Capital Charles Stanley

$ in millions Estimated fair value Weighted average estimated

useful life Estimated fair value Weighted average estimated

Fair value of identifiable intangible assets acquired:

Core deposit intangible $ 89 10 years $ — —

Customer relationships 54 17 years 65 13 years

Trade name 33 20 years 15 10 years

Other 16 10 years 5 6 years

Non-amortizing customer relationships 5 N/A — —

Total identifiable intangibles assets acquired $ 197 $ 85

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Other assets :

Other assets primarily include company-owned life insurance policies, right-of-use (“ROU”) lease assets, investments in Federal Home Loan Bank (“FHLB”) stock, and investments in low-income housing tax credit (“LIHTC”) funds.

The pre-close historical carrying values of company-owned life insurance policies, investments in FHLB stock and investments in LIHTC funds were used as a reasonable estimate of fair value.

ROU lease assets were measured at the same amount as the lease liability, as adjusted to reflect favorable or unfavorable terms of the lease when compared with market terms (see “Other payables” section below for additional details regarding acquired lease liabilities).

Bank deposits :

The fair values used for demand and savings deposits equaled the amounts payable on demand at the acquisition date.

The fair values for time deposits were estimated by applying a discounted cash flow method to discount the principal and interest payments from maturity at the yields offered by similar banks as of the valuation date.

Other payables :

Other payables primarily include lease liabilities and the fair value of unfunded lending commitments.

Lease liabilities were measured at the present value of the remaining lease payments determined using a discounted cash flow method based on our cost of borrowing, as if the acquired lease were a new lease at the acquisition date.

The fair value of unfunded lending commitments was estimated using a discounted cash flow approach.

Other borrowings:

Other borrowings was comprised of 5.75 % fixed-to-floating subordinated notes due 2030 and short-term FHLB advances (see Note 15 for further details on these borrowings).

The fair value of the subordinated note was estimated based on quoted market prices as of the valuation date.

The carrying amount of the FHLB advances was a reasonable estimate of fair value based on the short-term nature of these instruments and that the vast majority are floating-rate advances.

Pro forma financial information

The following table presents unaudited pro forma financial information as if the TriState Capital and Charles Stanley acquisitions had occurred on October 1, 2020.

The unaudited pro forma results reflect adjustments for amortization of acquired identifiable intangible assets, the initial provision for credit losses on non-PCD loans and lending commitments acquired from TriState Capital, acquisition-related retention expense, and accretion of fair value adjustments to loans, available-for-sale securities, lending commitments, deposits, and other borrowings, with accretion calculated over the contractual life of the underlying asset or liability.

Legal and other professional fees and other costs incurred to effect these acquisitions are treated as if they were incurred on October 1, 2020 in the pro forma amounts.

The pro forma amounts do not reflect potential revenue growth or cost savings that may be realized as a result of these acquisitions.

The unaudited pro forma financial information is presented for informational purposes only, and is not necessarily indicative of future operations or results had these acquisitions been completed as of October 1, 2020.

Three months ended June 30, Nine Months Ended June 30,

$ in millions 2022 2021 2022 2021

Acquisition-related expenses:

Legal and other professional fees $ 5 $ — $ 7 $ 2

Identifiable intangible asset amortization — — 4 —

Other 6 — 6 —

Total Acquisition-related expenses $ 11 $ — $ 17 $ 2

Net revenues $ 2,782 $ 2,613 $ 8,486 $ 7,470

Pre-tax income $ 483 $ 424 $ 1,575 $ 1,252

Acquisitions completed subsequent to June 30, 2022

SumRidge Partners

On July 1, 2022, we completed our acquisition of SumRidge Partners, LLC (“SumRidge Partners”).

SumRidge Partners is a technology-driven fixed income market maker specializing in investment-grade and high-yield corporate bonds, municipal bonds, and institutional preferred securities.

The acquisition of SumRidge Partners adds an institutional market-making operation, as well as additional trading technologies and risk management tools to our existing fixed income operations.

The acquisition was funded using cash on hand as of the acquisition date.

SumRidge Partners will be integrated into our Capital Markets segment and its results of operations will be included in our results prospectively from the closing date of July 1, 2022.

RAYMOND JAMES FINANCIAL, INC.

8 unchanged sentences

$ in millions Level 1 Level 2 Level 3 Netting

adjustments Balance as of March 31, 2022

adjustments Balance as of June 30, 2022

Assets at fair value on a recurring basis:

10 unchanged sentences

Brokered certificates of deposit — 20 — — 20

Other — — 13 — 13

Total trading assets 42 416 — — 458

4 unchanged sentences

Interest rate - other 8 289 — ( 235 ) 62

Foreign exchange — 4 — — 4

Other — — 2 — 2

Total derivative assets 8 377 2 ( 235 ) 152

15 unchanged sentences

Equity securities 46 — — — 46

Other — — 1 — 1

Total trading liabilities 149 9 — — 158

2 unchanged sentences

Interest rate - other 7 345 — ( 58 ) 294

Foreign exchange — 13 — — 13

Other — — 1 — 1

Total derivative liabilities 7 429 1 ( 58 ) 379

57 unchanged sentences

These assets do not include U.S.

Treasuries with maturities of less than 3 months as of our date of purchase with a fair value of $ 650 million at March 31, 2022 and $ 3.55 billion at September 30, 2021 which were considered cash equivalents.

Treasuries with maturities of less than 3 months as of our date of purchase with a fair value of $ 6.19 billion at June 30, 2022 and $ 3.55 billion at September 30, 2021 which were considered cash and cash equivalents segregated for regulatory purposes.

These assets are classified as Level 1.

2 unchanged sentences

(3) These assets are comprised of U.S.

Treasuries primarily purchased to meet certain deposit requirements with clearing organizations or to meet future broker-dealer customer reserve requirements.

Treasuries primarily purchased to meet certain deposit requirements with clearing organizations.

RAYMOND JAMES FINANCIAL, INC.

5 unchanged sentences

In the following tables, gains/(losses) on trading and derivative instruments are reported in “Principal transactions” and gains/(losses) on other investments are reported in “Other” revenues on our Condensed Consolidated Statements of Income and Comprehensive Income.

Three months ended March 31, 2022

Three months ended June 30, 2022

Level 3 instruments at fair value

Financial assets Financial liabilities

Trading assets Derivative assets Other investments Trading liabilities

$ in millions Other Other Private equity investments All other Other

Trading assets Derivative assets Other investments Trading liabilities Derivative liabilities

$ in millions Other Other Private equity investments All other Other Other

Fair value beginning of period

9 unchanged sentences

$ — $ 2 $ 4 $ 1 $ — $ ( 1 )

Six months ended March 31, 2022

Nine Months Ended June 30, 2022

Level 3 instruments at fair value

Financial assets Financial liabilities

Trading assets Other investments Trading liabilities Derivative liabilities

$ in millions Other Private equity investments All other Other Other

Trading assets Derivative assets Other investments Trading liabilities Derivative liabilities

$ in millions Other Other Private equity investments All other Other Other

Fair value beginning of period

13 unchanged sentences

Notes to Condensed Consolidated Financial Statements (Unaudited)

Three months ended March 31, 2021

Three months ended June 30, 2021

Level 3 instruments at fair value

Financial assets Financial liabilities

Trading assets Other investments Trading liabilities Derivative liabilities

$ in millions Other Private equity investments All other Other Other

Trading assets Derivative assets Other investments Trading liabilities Derivative liabilities

$ in millions Other Other Private equity investments All other Other Other

Fair value beginning of period

1 unchanged sentence

Total gains/(losses) included in earnings

( 2 ) — 1 ( 1 ) ( 3 )

Purchases and contributions

7 unchanged sentences

$ — $ 1 $ 14 $ — $ — $ —

Six months ended March 31, 2021

Nine Months Ended June 30, 2021

Level 3 instruments at fair value

Financial assets Financial liabilities

Trading assets Other investments Trading liabilities Derivative liabilities

$ in millions Other Private equity investments All other Other Other

Trading assets Derivative assets Other investments Trading liabilities Derivative liabilities

$ in millions Other Other Private equity investments All other Other Other

Fair value beginning of period

1 unchanged sentence

Total gains/(losses) included in earnings

— 15 1 ( 1 ) 1

Purchases and contributions

7 unchanged sentences

$ — $ 1 $ 29 $ — $ — $ 1

As of March 31, 2022, 28 % of our assets and less than 1 % of our liabilities were measured at fair value on a recurring basis.

As of June 30, 2022, 16 % of our assets and less than 1 % of our liabilities were measured at fair value on a recurring basis.

In comparison, as of September 30, 2021, 19 % of our assets and less than 1 % of our liabilities were measured at fair value on a recurring basis.

The increase in assets measured at fair value on a recurring basis as a percentage of total assets was primarily due to a significant increase in assets segregated for regulatory purposes, driven by a significant increase in client cash balances.

As of both March 31, 2022 and September 30, 2021, Level 3 assets represented less than 1 % of our assets measured at fair value on a recurring basis.

As of both June 30, 2022 and September 30, 2021, Level 3 assets represented less than 1 % of our assets measured at fair value on a recurring basis.

Investments in private equity measured at net asset value per share

1 unchanged sentence

We utilize NAV when the fund investment does not have a readily determinable fair value and the NAV of the fund is calculated in a manner consistent with the measurement principles of investment company accounting, including measurement of the investments at fair value.

Our private equity portfolio as of March 31, 2022 included investments in third-party funds, as well as various direct investments.

Our third-party fund portfolio is primarily invested in a broad range of strategies including leveraged buyouts, growth capital, distressed capital, venture capital and mezzanine capital.

Due to the closed-end nature of certain of our fund investments, such investments cannot be redeemed directly with the funds.

Our investment is monetized by distributions received through the liquidation of the underlying assets of those funds, the timing of which is uncertain.

Our private equity portfolio as of June 30, 2022 included investments in third-party funds and direct investments.

Our private equity portfolio includes growth equity, venture capital, and mezzanine lending investments.

Our investments cannot be redeemed directly with the funds.

Our investments are monetized through the liquidation of underlying assets of fund investments, the timing of which is uncertain.

RAYMOND JAMES FINANCIAL, INC.

3 unchanged sentences

$ in millions Recorded value Unfunded commitment

March 31, 2022

June 30, 2022

Private equity investments measured at NAV $ 95 $ 29

8 unchanged sentences

As a result of such holding limitations, we exited or restructured certain of our private equity investments during the first half of our fiscal 2022, which resulted in a decline in private equity investments not measured at NAV compared to September 30, 2021 and a decline in noncontrolling interests on our Condensed Consolidated Statements of Financial Condition related to the portion of such investments we did not own.

Additionally, many of our private equity fund investments meet the definition of prohibited covered funds as defined by the Volcker Rule enacted pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”).

We have received approval from the Board of Governors of the Federal Reserve System (“the Fed”) to continue to hold the majority of our covered fund investments until July 2022, totaling $ 4 million as of March 31, 2022.

As a result of our holding period limitations, we have continued to exit or restructure certain of our private equity investments and will continue to do so during the remainder of fiscal 2022 in accordance with our regulatory deadlines.

Additionally, many of our private equity fund investments met the definition of prohibited covered funds as defined by the Volcker Rule enacted pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”).

We received approval from the Board of Governors of the Federal Reserve System (“the Fed”) to continue to hold the majority of our covered fund investments until July 2022.

As a result, we have exited or restructured our covered fund investments to conform to such regulatory deadlines.

Financial instruments measured at fair value on a nonrecurring basis

4 unchanged sentences

(weighted-average)

March 31, 2022

Residential mortgage loans $ 3 $ 10 $ 13 Collateral or discounted cash flow (1)

June 30, 2022

Residential mortgage loans $ 3 $ 9 $ 12 Collateral or

discounted cash flow (1)

Prepayment rate 7 yrs.

Corporate loans $ — $ 60 $ 60 Collateral or discounted cash flow (1)

Not meaningful (1)

Corporate loans $ — $ 64 $ 64 Collateral or

discounted cash flow (1)

Recovery rate 37 % - 70 % ( 48 %)

Loans held for sale $ 69 $ — $ 69 N/A N/A N/A

September 30, 2021

Residential mortgage loans $ 3 $ 11 $ 14 Collateral or discounted cash flow (1)

Residential mortgage loans $ 3 $ 11 $ 14 Collateral or

discounted cash flow (1)

Prepayment rate 7 yrs.

Corporate loans $ — $ 49 $ 49 Collateral or discounted cash flow (1)

Not meaningful (1)

Corporate loans $ — $ 49 $ 49 Collateral or

discounted cash flow (1)

Recovery rate 74 %

Loans held for sale $ 29 $ — $ 29 N/A N/A N/A

(1) The valuation techniques used to estimate the fair values are based on collateral value less selling costs for the collateral-dependent loans and discounted cash flows for loans that are not collateral-dependent.

Unobservable inputs used in the discounted cash flow valuation technique are presented in the table.

RAYMOND JAMES FINANCIAL, INC.

3 unchanged sentences

Many, but not all, of the financial instruments we hold were recorded at fair value on the Condensed Consolidated Statements of Financial Condition.

The following table presents the estimated fair value and fair value hierarchy of financial assets and liabilities that are not recorded at fair value on the Condensed Consolidated Statements of Financial Condition at March 31, 2022 and September 30, 2021.

This table excludes financial instruments that are carried at amounts which approximate fair value.

1 unchanged sentence

$ in millions Level 2 Level 3 Total estimated fair value Carrying amount

March 31, 2022

June 30, 2022

Financial assets:

3 unchanged sentences

Bank deposits - certificates of deposit $ 490 $ 619 $ 1,109 $ 1,121

Other borrowings - Subordinated notes payable $ 98 $ — $ 98 $ 100

Senior notes payable $ 1,881 $ — $ 1,881 $ 2,038

7 unchanged sentences

NOTE 5 – AVAILABLE-FOR-SALE SECURITIES

Available-for-sale securities are primarily comprised of agency MBS and agency CMOs owned by Raymond James Bank.

We own available-for-sale securities at Raymond James Bank and TriState Capital Bank.

Refer to Note 2 of our 2021 Form 10-K for a discussion of our accounting policies applicable to our available-for-sale securities.

3 unchanged sentences

unrealized losses Fair value

March 31, 2022

June 30, 2022

Agency residential MBS $ 5,903 $ — $ ( 390 ) $ 5,513

1 unchanged sentence

Agency CMOs 1,706 1 ( 161 ) 1,546

Treasuries 214 — ( 1 ) 213

Other agency obligations 578 — ( 11 ) 567

Non-agency residential MBS 496 — ( 11 ) 485

Treasuries 919 — ( 7 ) 912

Corporate bonds 140 1 ( 1 ) 140

Other 19 — ( 2 ) 17

Total available-for-sale securities $ 11,189 $ 2 $ ( 727 ) $ 10,464

5 unchanged sentences

Total available-for-sale securities $ 8,322 $ 62 $ ( 69 ) $ 8,315

The amortized costs and fair values in the preceding table exclude $ 15 million and $ 14 million of accrued interest on available-for-sale securities as of March 31, 2022 and September 30, 2021, respectively, which was included in “Other receivables, net” on our Condensed Consolidated Statements of Financial Condition.

The amortized costs and fair values in the preceding table exclude $ 22 million and $ 14 million of accrued interest on available-for-sale securities as of June 30, 2022 and September 30, 2021, respectively, which was included in “Other receivables, net” on our Condensed Consolidated Statements of Financial Condition.

See Note 4 for additional information regarding the fair value of available-for-sale securities.

4 unchanged sentences

Since our MBS and CMO available-for-sale securities are backed by mortgages, actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations without prepayment penalties.

As a result, as of March 31, 2022, the weighted-average life of our available-for-sale securities portfolio was approximately four years .

March 31, 2022

As a result, as of June 30, 2022, the weighted-average life of our available-for-sale securities portfolio was approximately 4.75 years.

June 30, 2022

$ in millions Within one year After one but

15 unchanged sentences

$ — $ 8 $ 32 $ 1,506 $ 1,546

Other agency obligations

Amortized cost

2 unchanged sentences

$ — $ 456 $ 98 $ 13 $ 567

Other agency obligations

Non-agency residential MBS

Amortized cost

2 unchanged sentences

$ — $ — $ — $ 485 $ 485

Amortized cost

$ — $ 915 $ 4 $ — $ 919

Carrying value

$ — $ 909 $ 3 $ — $ 912

Corporate bonds

Amortized cost

$ — $ 78 $ 62 $ — $ 140

Carrying value

$ — $ 77 $ 63 $ — $ 140

Amortized cost

$ 1 $ 5 $ — $ 13 $ 19

Carrying value

$ 1 $ 4 $ — $ 12 $ 17

Total available-for-sale securities

5 unchanged sentences

2.15 % 2.23 % 1.33 % 1.89 % 1.76 %

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following table details the gross unrealized losses and fair values of securities that were in a loss position at the reporting period end, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position.

6 unchanged sentences

fair value Unrealized

March 31, 2022

June 30, 2022

Agency residential MBS

3 unchanged sentences

961 ( 85 ) 547 ( 76 ) 1,508 ( 161 )

Treasuries 168 ( 1 ) — — 168 ( 1 )

Other agency obligations 487 ( 11 ) — — 487 ( 11 )

Non-agency residential MBS 471 ( 11 ) — — 471 ( 11 )

Treasuries 776 ( 7 ) — — 776 ( 7 )

Corporate bonds 120 ( 1 ) — — 120 ( 1 )

Other 18 ( 1 ) — ( 1 ) 18 ( 2 )

$ 7,728 $ ( 427 ) $ 2,345 $ ( 300 ) $ 10,073 $ ( 727 )

7 unchanged sentences

$ 4,721 $ ( 50 ) $ 602 $ ( 19 ) $ 5,323 $ ( 69 )

The contractual cash flows of our available-for-sale securities are guaranteed by the U.S.

At June 30, 2022, of the 992 available-for-sale securities in an unrealized loss position, 842 were in a continuous unrealized loss position for less than 12 months and 150 securities were in a continuous unrealized loss position for greater than 12 months.

The contractual cash flows for certain securities within our available-for-sale portfolio are guaranteed by the U.S.

government or its agencies.

At March 31, 2022, of the 650 available-for-sale securities in an unrealized loss position, 517 were in a continuous unrealized loss position for less than 12 months and 133 securities were in a continuous unrealized loss position for greater than 12 months.

We do not consider unrealized losses associated with these securities to be credit losses due to the guarantee of the full payment of principal and interest, and the fact that we have the ability and intent to hold these securities.

For those securities, we do not consider any associated unrealized losses to be credit losses due to the guarantee of the full payment of principal and interest, and the fact that we have the ability and intent to hold these securities.

In addition, unrealized losses related to these available-for-sale securities are generally due to changes in market interest rates.

At March 31, 2022, based on our assessment of this portfolio, we did not recognize an allowance for credit losses on our available-for-sale securities.

At March 31, 2022, debt securities we held in excess of ten percent of our equity included those issued by the Federal National

At June 30, 2022, based on our assessment of those securities not guaranteed by the U.S.

government or its agencies, we recognized an insignificant allowance for credit losses.

At June 30, 2022, debt securities we held in excess of ten percent of our equity included those issued by the Federal National Home Mortgage Association and Federal Home Loan Mortgage Corporation with amortized costs of $ 5.60 billion and $ 3.23 billion, respectively, and fair values of $ 5.18 billion and $ 2.97 billion, respectively.

During the three and nine months ended June 30, 2022, sales of available-for-sale securities were insignificant.

During the three and nine months ended June 30, 2021, we received proceeds of $ 450 million and $ 969 million, respectively, from the sales of agency MBS and agency CMO available-for-sale securities, resulting in insignificant gains.

RAYMOND JAMES FINANCIAL, INC.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements (Unaudited)

Home Mortgage Association and Federal Home Loan Mortgage Corporation with amortized costs of $ 5.54 billion and $ 3.07 billion, respectively, and fair values of $ 5.23 billion and $ 2.88 billion, respectively.

There were no sales of available-for-sale securities during the three and six months ended March 31, 2022 and the three months ended March 31, 2021.

During the six months ended March 31, 2021, we received proceeds of $ 519 million, resulting in insignificant gains, from sales of agency MBS and agency CMO available-for-sale securities.

The gains that resulted from the sales were included in “Other” revenues on our Condensed Consolidated Statements of Income and Comprehensive Income.

NOTE 6 – DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES

4 unchanged sentences

The following table presents the gross fair values and notional amounts of derivatives by product type, the amounts of counterparty and cash collateral netting on our Condensed Consolidated Statements of Financial Condition, as well as collateral posted and received under credit support agreements that do not meet the criteria for netting under GAAP.

March 31, 2022 September 30, 2021

June 30, 2022 September 30, 2021

$ in millions Derivative assets Derivative liabilities Notional amount Derivative assets Derivative liabilities Notional amount

26 unchanged sentences

$ 67 $ 295 $ 50 $ 35

(1) Substantially all relates to interest rate derivatives entered into as part of our fixed income business operations, including to-be-announced security contracts (“TBAs”) that are accounted for as derivatives.

(1) Relates to interest rate derivatives entered into as part of our fixed income business operations, including to-be-announced security contracts (“TBAs”) that are accounted for as derivatives, as well as our banking operations, including those acquired with TriState Capital on June 1, 2022.

(2) Although the matched book derivative arrangements do not meet the definition of a master netting arrangement as specified by GAAP, the agreement with the third-party intermediary includes terms that are similar to a master netting agreement.

As a result, we present the matched book amounts net in the preceding table.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following table details the gains/(losses) included in accumulated other comprehensive income/(loss) (“AOCI”), net of income taxes, on derivatives designated as hedging instruments.

1 unchanged sentence

See Note 19 for additional information.

Three months ended March 31, Six months ended March 31,

Three months ended June 30, Nine months ended June 30,

$ in millions 2022 2021 2022 2021

2 unchanged sentences

Total gains/(losses) in AOCI, net of taxes $ 34 $ ( 11 ) $ 62 $ ( 26 )

There were no components of derivative gains or losses excluded from the assessment of hedge effectiveness for each of the three and six months ended March 31, 2022 and 2021.

There were no components of derivative gains or losses excluded from the assessment of hedge effectiveness for each of the three and nine months ended June 30, 2022 and 2021.

We expect to reclassify $ 13 million of interest expense out of AOCI and into earnings within the next 12 months.

The maximum length of time over which forecasted transactions are or will be hedged is six years .

The maximum length of time over which forecasted transactions are or will be hedged is five years .

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following table details the gains/(losses) on derivatives not designated as hedging instruments recognized on the Condensed Consolidated Statements of Income and Comprehensive Income.

$ in millions Three months ended March 31, Six months ended March 31,

$ in millions Three months ended June 30, Nine months ended June 30,

Location of gain/(loss) 2022 2021 2022 2021

6 unchanged sentences

Where we are subject to credit exposure, we perform a credit evaluation of counterparties prior to entering into derivative transactions and we continue to monitor their credit standings on an ongoing basis.

We may require initial margin or collateral from counterparties in the form of cash or other marketable securities to support certain of these obligations as established by the credit threshold specified by the agreement and/or as a result of monitoring the credit standing of the counterparties.

Our only exposure to credit risk on matched book derivatives is related to our uncollected derivative transaction fee revenues, which were insignificant as of both March 31, 2022 and September 30, 2021.

We may require initial margin or collateral from counterparties, generally in the form of cash or other marketable securities to support certain of these obligations as established by the credit threshold specified by the agreement and/or as a result of monitoring the credit standing of the counterparties.

We also enter into derivatives with clients to which Raymond James Bank and TriState Capital Bank have provided loans.

Such derivatives are generally collateralized by marketable securities or other assets of the client.

Our only exposure to credit risk on matched book derivatives is related to our uncollected derivative transaction fee revenues, which were insignificant as of both June 30, 2022 and September 30, 2021.

We are not exposed to market risk on these derivatives due to the pass-through transaction structure described in Note 2 of our 2021 Form 10-K.

4 unchanged sentences

Derivatives with credit-risk-related contingent features

Certain of our derivative contracts contain provisions that require our debt to maintain an investment-grade rating from one or more of the major credit rating agencies.

If our debt were to fall below investment-grade, the counterparties to the derivative instruments could terminate the derivative and request immediate payment, or demand immediate and ongoing overnight collateralization on our derivative instruments in liability positions.

The aggregate fair value of all derivative instruments with such credit-risk-related contingent features that were in a liability position was $ 11 million as of March 31, 2022 and was insignificant as of September 30, 2021.

Certain of our derivative contracts contain provisions that require our debt to maintain an investment-grade rating from one or more of the major credit rating agencies or contain provisions related to default on certain of our outstanding debt.

If our debt were to fall below investment-grade or we were to default on certain of our outstanding debt, the counterparties to the derivative instruments could terminate the derivative and request immediate payment, or demand immediate and ongoing overnight collateralization on our derivative instruments in liability positions.

The aggregate fair value of all derivative instruments with such credit-risk-related contingent features that were in a liability position was insignificant as of June 30, 2022 and September 30, 2021.

RAYMOND JAMES FINANCIAL, INC.

11 unchanged sentences

$ in millions Reverse repurchase agreements Securities borrowed Total Repurchase agreements Securities loaned Total

March 31, 2022

June 30, 2022

Gross amounts of recognized assets/liabilities $ 168 $ 463 $ 631 $ 100 $ 337 $ 437

16 unchanged sentences

$ in millions Overnight and continuous Up to 30 days 30-90 days Greater than 90 days Total

March 31, 2022

June 30, 2022

Repurchase agreements:

20 unchanged sentences

The following table presents financial instruments at fair value that we received as collateral, were not included on our Condensed Consolidated Statements of Financial Condition, and that were available to be delivered or repledged, along with the balances of such instruments that were delivered or repledged, to satisfy one of our purposes previously described.

$ in millions March 31, 2022 September 30, 2021

$ in millions June 30, 2022 September 30, 2021

Collateral we received that was available to be delivered or repledged $ 3,830 $ 3,429

3 unchanged sentences

The following table presents information about our assets that have been pledged for one of the purposes previously described.

$ in millions March 31, 2022 September 30, 2021

$ in millions June 30, 2022 September 30, 2021

Had the right to deliver or repledge $ 422 $ 368

Did not have the right to deliver or repledge $ 63 $ 65

Bank loans, net pledged at the Federal Home Loan Bank (“FHLB”) and the Federal Reserve Bank of Atlanta (“FRB”) $ 6,033 $ 5,716

Bank loans, net pledged at the FHLB and the Federal Reserve Bank of Atlanta (“FRB”) $ 8,138 $ 5,716

RAYMOND JAMES FINANCIAL, INC.

2 unchanged sentences

NOTE 8 – BANK LOANS, NET

Bank client receivables are comprised of loans originated or purchased by Raymond James Bank and include commercial and industrial (“C&I”) loans, real estate investment trust (“REIT”) loans, tax-exempt loans, commercial and residential real estate loans, and securities-based loans (“SBL”) and other loans.

Bank client receivables are comprised of loans originated or purchased by our Bank segment and include commercial and industrial (“C&I”) loans, real estate investment trust (“REIT”) loans, tax-exempt loans, commercial and residential real estate loans, and securities-based loans (“SBL”) and other loans.

These receivables are collateralized by first and, to a lesser extent, second mortgages on residential or other real property, other assets of the borrower, a pledge of revenue, securities or are unsecured.

1 unchanged sentence

C&I, commercial real estate (“CRE”), REIT, tax-exempt, residential mortgage, and SBL and other.

Substantially all of the SBL and other segment portfolio is comprised of securities-based loans.

See Note 2 of our 2021 Form 10-K for a discussion of our October 1, 2020 adoption of new accounting guidance related to the measurement of credit losses on financial instruments and our accounting policies related to bank loans and the allowance for credit losses.

1 unchanged sentence

Bank loans are presented on our Condensed Consolidated Statements of Financial Condition at amortized cost (or fair value where applicable) less the allowance for credit losses.

The following table presents the balances for both the held for sale and held for investment loan portfolios, as well as the associated percentage of each portfolio segment in Raymond James Bank’s total loan portfolio.

March 31, 2022 September 30, 2021

As it pertains to TriState Capital Bank’s loans acquired as of June 1, 2022, the amortized cost of such purchased loans reflects the fair value of the loans on the origination date, and as described further in Note 3, the purchase discount on such loans is accreted to interest income over the contractual life of the loan.

The following table presents the balances for both the held for sale and held for investment loan portfolios, as well as the associated percentage of each portfolio segment in our bank loan portfolio.

June 30, 2022 September 30, 2021

$ in millions Balance % Balance %

10 unchanged sentences

Bank loans, net (1)

$ 41,843 $ 24,994

Accrued interest receivable on bank loans $ 99 $ 48

The allowance for credit losses was 1.17 % and 1.27 % of the held for investment loan portfolio as of March 31, 2022 and September 30, 2021, respectively.

(1) Bank loans as of June 30, 2022 are presented net of $ 131 million of net unamortized discounts, unearned income, and deferred loan fees and costs.

This amount primarily arose from the purchase discounts on bank loans acquired in the TriState Capital acquisition.

See Note 3 for further information.

Bank loans as of September 30, 2021 are presented net of $ 1 million of unearned income and deferred loan fees and costs.

The allowance for credit losses was 0.90 % and 1.27 % of the held for investment loan portfolio as of June 30, 2022 and September 30, 2021, respectively.

Accrued interest receivables presented in the preceding table are reported in “Other receivables, net” on our Condensed Consolidated Statements of Financial Condition.

At March 31, 2022, the FHLB had a blanket lien on Raymond James Bank’s residential mortgage loan portfolio as security for the repayment of certain borrowings.

See Note 16 of our 2021 Form 10-K for more information regarding borrowings from the FHLB.

Held for sale loans

Raymond James Bank originated or purchased $ 999 million and $ 1.97 billion of loans held for sale during the three and six months ended March 31, 2022, respectively, and $ 528 million and $ 1.11 billion during the three and six months ended March 31, 2021, respectively.

The majority of these loans were purchases of the guaranteed portions of Small Business Administration (“SBA”) loans intended for resale in the secondary market as individual SBA loans or as securitized pools of SBA loans.

Proceeds from the sales of these held for sale loans amounted to $ 339 million and $ 677 million during the three and six months ended March 31, 2022, respectively, and $ 207 million and $ 395 million during the three and six months ended March 31, 2021, respectively.

Net gains resulting from such sales were insignificant in all periods during the three and six months ended March 31, 2022 and 2021.

At June 30, 2022, we had pledged $ 5.8 billion of residential mortgage loans and $ 1.5 billion of CRE loans with the FHLB as security for the repayment of certain borrowings.

Additionally, as of June 30, 2022, we had pledged $ 797 million of C&I loans with the FRB to be eligible to participate in the Federal Reserve’s discount window program.

See Notes 7 and 15 for more information regarding borrowings from the FHLB and bank loans pledged with the FHLB and FRB.

RAYMOND JAMES FINANCIAL, INC.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements (Unaudited)

Held for sale loans

Exclusive of the loans acquired on June 1, 2022 in our acquisition of TriState Capital Bank, we originated or purchased $ 683 million and $ 2.65 billion of loans held for sale during the three and nine months ended June 30, 2022, respectively, and $ 385 million and $ 1.50 billion during the three and nine months ended June 30, 2021, respectively.

Proceeds from the sales of these held for sale loans amounted to $ 345 million and $ 1.02 billion during the three and nine months ended June 30, 2022, respectively, and $ 230 million and $ 625 million during the three and nine months ended June 30, 2021, respectively.

Net gains resulting from such sales were insignificant in all periods during the three and nine months ended June 30, 2022 and 2021.

Purchases and sales of loans held for investment

The following table presents purchases and sales of loans held for investment by portfolio segment.

Purchases do not include loans obtained from the acquisition of TriState Capital Bank.

$ in millions C&I loans Residential mortgage loans Total

Three months ended March 31, 2022

Three months ended June 30, 2022

Purchases $ 439 $ 383 $ 822

Sales $ 33 $ — $ 33

Six months ended March 31, 2022

Nine months ended June 30, 2022

Purchases $ 1,219 $ 790 $ 2,009

Sales $ 145 $ — $ 145

Three months ended March 31, 2021

Three months ended June 30, 2021

Purchases $ 381 $ 190 $ 571

Sales $ 116 $ — $ 116

Six months ended March 31, 2021

Nine months ended June 30, 2021

Purchases $ 1,041 $ 350 $ 1,391

2 unchanged sentences

As more fully described in Note 2 of our 2021 Form 10-K, corporate loan sales generally occur as part of our credit management activities.

Corporate loans include C&I, CRE, and REIT loans.

Aging analysis of loans held for investment

1 unchanged sentence

$ in millions 30-89 days and accruing 90 days or more and accruing Total past due and accruing Nonaccrual with allowance Nonaccrual with no allowance Current and accruing Total loans held for investment

March 31, 2022

June 30, 2022

C&I loans $ 16 $ — $ 16 $ 46 $ — $ 10,835 $ 10,897

13 unchanged sentences

Total loans held for investment $ 2 $ — $ 2 $ 41 $ 33 $ 25,093 $ 25,169

The preceding table includes $ 92 million and $ 61 million at March 31, 2022 and September 30, 2021, respectively, of nonaccrual loans which were current pursuant to their contractual terms.

The table also includes troubled debt restructurings (“TDRs”) of $ 12 million for both CRE loans and residential first mortgage loans at March 31, 2022, and $ 12 million and $ 13 million, respectively, at September 30, 2021.

Other real estate owned, included in “Other assets” on our Condensed Consolidated Statements of Financial Condition, was insignificant at both March 31, 2022 and September 30, 2021.

RAYMOND JAMES FINANCIAL, INC.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements (Unaudited)

The preceding table includes $ 78 million and $ 61 million at June 30, 2022 and September 30, 2021, respectively, of nonaccrual loans which were current pursuant to their contractual terms.

The table also includes troubled debt restructurings (“TDRs”) of $ 13 million, $ 9 million, and $ 11 million for C&I loans, CRE loans, and residential first mortgage loans, respectively, at June 30, 2022, and $ 12 million and $ 13 million for CRE loans and residential first mortgage loans, respectively, at September 30, 2021.

Other real estate owned, included in “Other assets” on our Condensed Consolidated Statements of Financial Condition, was insignificant at both June 30, 2022 and September 30, 2021.

Collateral-dependent loans

A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale of the underlying collateral.

At March 31, 2022, we had $ 31 million of collateral-dependent CRE loans which were fully collateralized by retail, industrial, and healthcare real estate.

At September 30, 2021, we had $ 20 million of collateral-dependent CRE loans which were fully collateralized by retail and industrial real estate.

We had $ 7 million and $ 5 million of collateral-dependent residential loans at March 31, 2022 and September 30, 2021, respectively, which were fully collateralized by single family homes.

The recorded investment in mortgage loans secured by one-to-four family residential properties for which formal foreclosure proceedings were in process was $ 6 million and $ 4 million at March 31, 2022 and September 30, 2021, respectively.

Collateral-dependent loans are recorded based upon the fair value of the collateral less the estimated selling costs.

At June 30, 2022, we had $ 13 million of collateral-dependent C&I loans which were fully collateralized by commercial real estate and other business assets and $ 28 million of collateral-dependent CRE loans which were fully collateralized by retail, industrial, and health care real estate.

As September 30, 2021, we had $ 20 million of collateral-dependent CRE loans which were fully collateralized by retail and industrial real estate.

We had $ 7 million and $ 5 million of collateral-dependent residential loans at June 30, 2022 and September 30, 2021, respectively, which were fully collateralized by single family homes.

The recorded investment in mortgage loans secured by one-to-four family residential properties for which formal foreclosure proceedings were in process was $ 5 million and $ 4 million at June 30, 2022 and September 30, 2021, respectively.

Credit quality indicators

3 unchanged sentences

These terms are defined as follows:

Pass – Loans which are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less costs to acquire and sell, of any underlying collateral in a timely manner.

Pass – Loans which are currently performing in accordance with the contractual terms and are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less costs to acquire and sell, of any underlying collateral in a timely manner.

Special Mention – Loans which have potential weaknesses that deserve management’s close attention.

10 unchanged sentences

Loans classified as special mention, substandard or doubtful are all considered to be “criticized” loans.

March 31, 2022

June 30, 2022

Loans by origination fiscal year

79 unchanged sentences

The following table presents the held for investment residential mortgage loan portfolio by FICO score and by LTV ratio at origination.

$ in millions March 31, 2022 September 30, 2021

$ in millions June 30, 2022 September 30, 2021

Below 600 $ 65 $ 67

13 unchanged sentences

$ in millions C&I loans CRE loans REIT loans Tax-exempt loans Residential mortgage loans SBL and other Total

Three months ended March 31, 2022

Three months ended June 30, 2022

Balance at beginning of period

$ 195 $ 71 $ 25 $ 2 $ 32 $ 3 $ 328

Initial allowance on acquired PCD loans 1 2 — — — — 3

Provision/(benefit) for credit losses:

Initial provision for credit losses on non-PCD loans acquired with TriState Capital Bank 5 19 — — — 2 26

Provision/(benefit) for credit losses 17 — ( 2 ) — 16 ( 1 ) 30

Total provision/(benefit) for credit losses 22 19 ( 2 ) — 16 1 56

Net (charge-offs)/recoveries:

7 unchanged sentences

$ 207 $ 93 $ 23 $ 2 $ 48 $ 4 $ 377

Six months ended March 31, 2022

Nine months ended June 30, 2022

Balance at beginning of period

$ 191 $ 66 $ 22 $ 2 $ 35 $ 4 $ 320

Initial allowance on acquired PCD loans 1 2 — — — — 3

Provision/(benefit) for credit losses:

Initial provision for credit losses on non-PCD loans acquired with TriState Capital Bank 5 19 — — — 2 26

Provision/(benefit) for credit losses 24 5 1 — 12 ( 2 ) 40

Total provision/(benefit) for credit losses 29 24 1 — 12 — 66

Net (charge-offs)/recoveries:

7 unchanged sentences

$ 207 $ 93 $ 23 $ 2 $ 48 $ 4 $ 377

Three months ended March 31, 2021

Three months ended June 30, 2021

Balance at beginning of period

9 unchanged sentences

$ 188 $ 73 $ 26 $ 2 $ 29 $ 4 $ 322

Six months ended March 31, 2021

Nine months ended June 30, 2021

Balance at beginning of period

11 unchanged sentences

$ 188 $ 73 $ 26 $ 2 $ 29 $ 4 $ 322

The allowance for credit losses on held for investment bank loans increased $ 20 million and $ 8 million during the three and six months ended March 31, 2022, respectively, primarily due to loan growth.

The allowance for credit losses on unfunded lending commitments, which is included in “Other payables” on our Condensed Consolidated Statements of Financial Condition, was $ 12 million at both March 31, 2022 and December 31, 2021 and $ 13 million at September 30, 2021.

RAYMOND JAMES FINANCIAL, INC.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements (Unaudited)

The allowance for credit losses on held for investment bank loans increased $ 49 million and $ 57 million during the three and nine months ended June 30, 2022, respectively, primarily due to the initial provision for credit losses of $ 26 million recorded on non-PCD loans acquired as part of the TriState Capital acquisition, as well as the impact of both loan growth at Raymond James Bank and a weaker macroeconomic outlook.

The allowance for credit losses on unfunded lending commitments, which is included in “Other payables” on our Condensed Consolidated Statements of Financial Condition, was $ 19 million, $ 12 million, and $ 13 million at June 30, 2022, March 31, 2022 and September 30, 2021, respectively.

The increase in the allowance for credit losses on unfunded lending commitments for the three and nine months ended June 30, 2022 included $ 5 million related to the initial provision for credit losses on lending commitments assumed as a result of the acquisition of TriState Capital which was included “Other” expenses on our Condensed Consolidated Statements of Income and Comprehensive Income.

TriState Capital Bank allowance for credit losses policy

TriState Capital Bank’s accounting policies for its loan portfolio are substantially consistent with the accounting policies presented in Note 2 of our 2021 Form 10-K.

TriState Capital Bank estimates expected credit losses over the life of each loan in its portfolio utilizing lifetime or cumulative loss rate methodology, which identifies macroeconomic factors and asset-specific characteristics that are correlated with credit loss experience including loan age, loan type, and leverage.

The lifetime loss rate is applied to the amortized cost of the loan.

This methodology builds on default and recovery probabilities by utilizing pool-specific historical loss rates to calculate expected credit losses.

These pool-specific historical loss rates may be adjusted for a forecast of certain macroeconomic variables, as further discussed below, and other factors such as differences in underwriting standards, portfolio mix, or when historical asset terms do not reflect the contractual terms of the financial assets being evaluated as of the measurement date.

Each time expected credit losses are measured, the relevancy of historical loss information is assessed and management considers any necessary adjustments to address any differences in asset-specific characteristics.

The lifetime loss rates are estimated by analyzing a combination of internal and external data related to historical performance of each loan pool over a complete economic cycle.

Loss rates are based on historical averages for each loan pool, adjusted to reflect the impact of a single, forward-looking forecast of certain macroeconomic variables such as gross domestic product (“GDP”), unemployment rates, corporate bond credit spreads and commercial property values, which management considers to be both reasonable and supportable.

The single, forward-looking forecast of these macroeconomic variables is applied over the remaining life of the loan pools.

The development of the reasonable and supportable forecast incorporates an assumption that each macroeconomic variable will revert to a long-term expectation starting in years two to four of the forecast and largely completing within the first five years of the forecast.

TriState Capital Bank generally uses one of two methods to measure the allowance for credit losses on individually evaluated loans.

A discounted cash flow approach is used to estimate the allowance for credit losses on certain nonaccrual corporate loans and all TDRs that are not collateral-dependent.

For collateral-dependent loans and for instances where foreclosure is probable, management uses an approach that considers the fair value of the collateral less selling costs when measuring the allowance for credit losses.

A loan is collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale of the collateral.

The allowance represents management’s current estimate of expected credit losses in the loan portfolio.

Expected credit losses are estimated over the contractual term of the loans, which includes extension or renewal options that are not unconditionally cancellable and are adjusted for expected prepayments when appropriate.

Management’s judgment takes into consideration past events, current conditions and reasonable and supportable economic forecasts including general economic conditions, diversification and seasoning of the loan portfolio, historic loss experience, identified credit problems, delinquency levels and adequacy of collateral.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 9 – LOANS TO FINANCIAL ADVISORS, NET

2 unchanged sentences

The following table presents the balances for our loans to financial advisors and the related accrued interest receivable.

$ in millions March 31, 2022 September 30, 2021

$ in millions June 30, 2022 September 30, 2021

Currently affiliated with the firm (1)

15 unchanged sentences

VIEs where we are the primary beneficiary

Of the VIEs in which we hold an interest, we have determined that certain limited partnerships which are part of our private equity portfolio (“Private Equity Interests”), certain Low-Income Housing Tax Credit (“LIHTC”) funds, and the trust we utilize in connection with restricted stock unit (“RSU”) awards granted to certain employees of one of our Canadian subsidiaries (the “Restricted Stock Trust Fund”) require consolidation in our financial statements, as we are deemed the primary beneficiary of such VIEs.

Of the VIEs in which we hold an interest, we have determined that certain limited partnerships which are part of our private equity portfolio (“Private Equity Interests”), certain LIHTC funds, and the trust we utilize in connection with restricted stock unit (“RSU”) awards granted to certain employees of one of our Canadian subsidiaries (the “Restricted Stock Trust Fund”) require consolidation in our financial statements, as we are deemed the primary beneficiary of such VIEs.

The aggregate assets and liabilities of the VIEs we consolidate are provided in the following table.

1 unchanged sentence

$ in millions Aggregate assets Aggregate liabilities

March 31, 2022

June 30, 2022

Restricted Stock Trust Fund

4 unchanged sentences

Total $ 192 $ 71

During the six months ended March 31, 2022, due to regulatory holding period limitations we exited or restructured our Private Equity Interests which were previously consolidated.

During the nine months ended June 30, 2022, due to regulatory holding period limitations we exited or restructured our Private Equity Interests which were previously consolidated.

See Note 4 for further information.

4 unchanged sentences

Intercompany balances are eliminated in consolidation and not reflected in the following table.

$ in millions March 31, 2022 September 30, 2021

$ in millions June 30, 2022 September 30, 2021

Cash and cash equivalents and assets segregated for regulatory purposes and restricted cash $ 5 $ 10

2 unchanged sentences

Other payables $ — $ 45

Other borrowings 2 —

Total liabilities

Noncontrolling interests

$ ( 24 ) $ 58

VIEs where we hold a variable interest but are not the primary beneficiary

4 unchanged sentences

The aggregate assets, liabilities, and our exposure to loss from those VIEs in which we hold a variable interest, but as to which we have concluded we are not the primary beneficiary, are provided in the following table.

March 31, 2022 September 30, 2021

June 30, 2022 September 30, 2021

$ in millions Aggregate

8 unchanged sentences

Total $ 9,595 $ 2,971 $ 180 $ 14,869 $ 2,482 $ 163

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 11 - GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS, NET

Our goodwill and identifiable intangible assets result from various acquisitions.

During the six months ended March 31, 2022, we acquired Charles Stanley, which resulted in goodwill and identifiable intangible assets.

See Note 3 for additional information on this acquisition and the related goodwill and identifiable intangible assets.

During the nine months ended June 30, 2022, we acquired TriState Capital and Charles Stanley, both of which resulted in goodwill and identifiable intangible assets.

See Note 3 for additional information on these acquisitions and the related goodwill and identifiable intangible assets.

See Notes 2 and 11 of our 2021 Form 10-K for additional information about our goodwill and intangible assets, including the related accounting policies.

2 unchanged sentences

In that testing, we performed a qualitative impairment assessment for each of our reporting units that had goodwill, as well as for our indefinite-lived intangible assets.

Based upon the outcome of our qualitative assessments, no impairment was identified.

Our qualitative assessments consider macroeconomic indicators, such as trends in equity and fixed income markets, gross domestic product, labor markets, interest rates, and housing markets.

1 unchanged sentence

Changes in these indicators, and our ability to respond to such changes, may trigger the need for impairment testing at a point other than our annual assessment date.

Subsequent to this annual impairment testing, and as a result of the recent market uncertainty due to the potential indirect effects of the Russian invasion of Ukraine (“the Ukraine conflict”), we performed an evaluation to determine whether the impacts resulting from the Ukraine conflict were indicators triggering additional impairment tests as of March 31, 2022.

As a result of our assessments, we concluded that the fair value of our reporting units had not more likely than not been reduced below their respective carrying values and that the negative impact of the Ukraine conflict on our fiscal second quarter of 2022 was not a triggering event to perform a quantitative test.

Based upon the outcome of our qualitative assessments, no impairment was identified.

No events have occurred since such assessments that would cause us to update this impairment testing.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 12 - OTHER ASSETS

1 unchanged sentence

See Note 2 of our 2021 Form 10-K for a discussion of the accounting polices related to certain of these components.

$ in millions March 31, 2022 September 30, 2021

$ in millions June 30, 2022 September 30, 2021

Investments in company-owned life insurance policies $ 964 $ 952

Property and equipment, net 507 499

Lease right-of-use (“ROU”) asset 441 446

Lease ROU asset 476 446

Prepaid expenses 171 127

3 unchanged sentences

See Note 13 of our 2021 Form 10-K for further information regarding our property and equipment and Note 13 of this Form 10-Q and Note 14 of our 2021 Form 10-K for further information regarding our leases.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 13 – LEASES

1 unchanged sentence

See Note 2 and 14 of our 2021 Form 10-K for additional information related to our leases, including a discussion of our accounting policies.

$ in millions March 31, 2022 September 30, 2021

$ in millions June 30, 2022 September 30, 2021

ROU assets (included in Other assets) $ 476 $ 446

Lease liabilities (included in Other payables) $ 486 $ 450

Lease liabilities as of March 31, 2022 excluded $ 49 million of minimum lease payments related to lease arrangements that were signed but not yet commenced.

Lease liabilities as of June 30, 2022 excluded $ 53 million of minimum lease payments related to lease arrangements that were signed but not yet commenced.

These leases are estimated to commence between dates later in fiscal year 2022 and fiscal year 2025 with lease terms ranging from one to 13 years.

1 unchanged sentence

The following table details the components of lease expense, which is included in “Occupancy and equipment” expense on our Condensed Consolidated Statements of Income and Comprehensive Income.

Three months ended March 31, Six months ended March 31,

Three months ended June 30, Nine months ended June 30,

$ in millions 2022 2021 2022 2021

2 unchanged sentences

Variable lease costs in the preceding table include payments required under lease arrangements for common area maintenance charges and other variable costs that are not reflected in the measurement of ROU assets and lease liabilities.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 14 – BANK DEPOSITS

Bank deposits include savings and money market accounts, certificates of deposit with Raymond James Bank, Negotiable Order of Withdrawal (“NOW”) accounts and demand deposits.

Bank deposits include savings and money market accounts, certificates of deposit, interest-bearing checking accounts, which include Negotiable Order of Withdrawal accounts, and non-interest-bearing checking accounts.

The following table presents a summary of bank deposits, as well as the weighted-average interest rates on such deposits.

The calculation of the weighted-average rates were based on the actual deposit balances and rates at each respective period end.

March 31, 2022 September 30, 2021

The calculation of the weighted-average rates was based on the actual deposit balances and rates at each respective period end.

June 30, 2022 September 30, 2021

$ in millions Balance Weighted-average rate Balance Weighted-average rate

1 unchanged sentence

Certificates of deposit 1,121 1.41 % 878 1.87 %

371 1.00 % 164 1.84 %

Demand deposits (non-interest-bearing)

Interest-bearing checking accounts 5,448 1.59 % 164 1.84 %

Non-interest-bearing checking accounts 946 — 38 —

Total bank deposits $ 49,887 0.60 % $ 32,495 0.07 %

Total bank deposits in the preceding table exclude affiliate deposits of $ 409 million and $ 301 million at March 31, 2022 and September 30, 2021, respectively.

As of March 31, 2022, these affiliate deposits included $ 255 million, $ 89 million, and $ 65 million held in deposit accounts at Raymond James Bank on behalf of RJF, Raymond James Trust Company of New Hampshire, and Raymond James Capital Services, respectively.

Savings and money market accounts in the preceding table consist primarily of deposits that are cash balances swept to Raymond James Bank from the client investment accounts maintained at Raymond James & Associates, Inc.

Savings and money market accounts in the preceding table consist primarily of deposits that are cash balances swept to either bank in our Bank segment, from the client investment accounts maintained at Raymond James & Associates, Inc.

These balances are held in Federal Deposit Insurance Corporation (“FDIC”)-insured bank accounts through the Raymond James Bank Deposit Program (“RJBDP”).

The aggregate amount of individual time deposit account balances that exceeded the FDIC insurance limit at March 31, 2022 was approximately $ 43 million.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

The aggregate amount of individual time deposit account balances that exceeded the FDIC insurance limit was $ 151 million and $ 42 million at June 30, 2022 and September 30, 2021, respectively.

Total bank deposits increased from September 30, 2021 as a result of our acquisition of TriState Capital Bank.

TriState Capital Bank’s deposits are generally comprised of savings and money market accounts and interest-bearing checking accounts, which generally incur interest at variable rates.

The interest rates on many of these accounts are linked to an index such as the effective federal funds rate, whereas the rates on other accounts are determined at TriState Capital Bank’s discretion.

See Note 3 for further information about the acquisition.

The following table sets forth the scheduled maturities of certificates of deposit.

March 31, 2022 September 30, 2021

June 30, 2022 September 30, 2021

$ in millions Denominations

12 unchanged sentences

Over two through three years

25 149 37 166

Over three through four years

1 unchanged sentence

Total certificates of deposit $ 642 $ 479 $ 220 $ 658

Interest expense on deposits, excluding interest expense related to affiliate deposits, is summarized in the following table.

Three months ended March 31, Six months ended March 31,

Interest expense on deposits is summarized in the following table.

Three months ended June 30, Nine months ended June 30,

$ in millions 2022 2021 2022 2021

Savings, money market, and NOW accounts $ 2 $ 2 $ 4 $ 3

Savings and money market accounts $ 11 $ — $ 13 $ 2

Interest-bearing checking accounts 6 1 8 2

Certificates of deposit 3 4 10 13

Total interest expense on deposits $ 20 $ 5 $ 31 $ 17

$ 5 $ 6 $ 11 $ 12

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 15 – OTHER BORROWINGS

The following table details the components of our other borrowings, which are primarily comprised of short-term and long-term FHLB advances and subordinated notes.

$ in millions June 30, 2022 September 30, 2021

FHLB advances $ 1,250 $ 850

5.75 % fixed-to-floating subordinated notes, due 2030 (including premium of $ 2 and $ 0 , respectively)

Total other borrowings $ 1,353 $ 858

FHLB advances

We have entered into advances from the FHLB at Raymond James Bank and TriState Capital Bank, which are secured by certain residential mortgage and CRE loans.

As of June 30, 2022, our FHLB borrowings consisted of $ 850 million of floating-rate advances at interest rates which reset daily and mature in December 2023, $ 200 million of overnight floating-rate advances, which are available for borrowing through May 2023 at interest rates which reset daily, and $ 200 million of fixed-rate advances which incur a weighted-average interest rate of 1.73 % and mature in September 2022.

As of September 30, 2021 all of the FHLB borrowings were floating-rate advances.

The interest rates on our floating-rate advances are generally based on a Secured Overnight Financing Rate (“SOFR”).

The weighted-average interest rate on our floating-rate FHLB advances as of June 30, 2022 and September 30, 2021 was 1.79 % and 0.26 %, respectively.

We use interest rate swaps to manage the risk of increases in interest rates associated with the majority of these floating-rate advances by converting the balances subject to variable interest rates to a fixed interest rate.

Refer to Note 2 of our 2021 Form 10-K for information regarding these interest rate swaps, which are accounted for as hedging instruments.

Subordinated notes

As part of the assets acquired and liabilities assumed in the TriState Capital acquisition, we assumed, as of the closing date, TriState Capital’s subordinated notes due 2030, with an aggregate principal amount of $ 98 million.

The subordinated notes incur interest at a fixed rate of 5.75 % until May 2025 and thereafter at a variable interest rate based on London Interbank Offered Rate (“ LIBOR”), or an appropriate alternative reference rate.

We may redeem up to $ 60 million of these subordinated notes beginning in May 2025 and $ 38 million beginning in August 2025 at a redemption price equal to 100 % of the principal amount of the notes to be redeemed plus accrued and unpaid interest thereon to the redemption date.

In February 2019, RJF and RJ&A entered into an unsecured revolving credit facility agreement (the “Credit Facility”) with a syndicate of lenders.

In April 2021, we amended our Credit Facility, extending the term from February 2024 to April 2026 and incorporating a lower cost of borrowing under the Credit Facility and certain favorable covenant modifications.

This committed unsecured borrowing facility provides for maximum borrowings of up to $ 500 million, with a sublimit of $ 300 million for RJF.

RJ&A may borrow up to $ 500 million under the Credit Facility, depending on the amount of outstanding borrowings of RJF.

The interest rates on borrowings under the Credit Facility are variable and were based on LIBOR as of June 30, 2022, as adjusted for RJF’s credit rating;

however, the administrative agent has the right to select a commercially available alternative reference rate to LIBOR if adequate and reasonable means do not exist for ascertaining LIBOR.

There were no borrowings outstanding on the Credit Facility as of June 30, 2022.

There is a facility fee associated with the Credit Facility, which also varies with RJF’s credit rating.

Based upon RJF’s credit rating as of June 30, 2022, the variable rate facility fee, which is applied to the committed amount, was 0.150 % per annum.

In addition to the Credit Facility, we maintain various secured and unsecured lines of credit, which are generally utilized to finance certain fixed income securities or for cash management purposes.

Borrowings during the year were generally day-to-day and there were no borrowings outstanding on these arrangements as of June 30, 2022.

The interest rates for these arrangements are variable and are based on a daily bank quoted rate, which may reference LIBOR, the Fed Funds rate, a lender’s prime rate, the Canadian prime rate, or another commercially available rate, as applicable.

We also have other collateralized financings included in “Collateralized financings” on our Condensed Consolidated Statements of Financial Condition.

See Note 7 for information regarding our other collateralized financing arrangements.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 16 – SENIOR NOTES PAYABLE

The following table summarizes our senior notes payable.

$ in millions June 30, 2022 September 30, 2021

4.65 % senior notes, due 2030

4.95 % senior notes, due 2046

3.75 % senior notes, due 2051

Total principal amount 2,050 2,050

Unaccreted premiums/(discounts) 6 5

Unamortized debt issuance costs ( 18 ) ( 18 )

Total senior notes payable $ 2,038 $ 2,037

In April 2021, we sold in a registered underwritten public offering $ 750 million in aggregate principal amount of 3.75 % senior notes due April 2051.

We utilized the proceeds from the offering and cash on hand to early-redeem our $ 250 million of 5.625 % senior notes due 2024 and our $ 500 million of 3.625 % senior notes due 2026.

We recognized losses on the extinguishment of such notes of $ 98 million which was presented in “Losses on extinguishment of debt” in our Condensed Consolidated Statements of Income and Comprehensive Income for the three and nine months ended June 30, 2021.

See Note 17 of our 2021 Form 10-K for further discussion on our senior notes payable.

NOTE 17 – INCOME TAXES

5 unchanged sentences

Effective tax rate

Our effective income tax rate of 22.4 % for the six months ended March 31, 2022 was higher than the 21.7 % effective tax rate for our fiscal year 2021.

The higher effective income tax rate for the six months ended March 31, 2022 primarily resulted from the negative impact of nondeductible valuation losses associated with our company-owned life insurance policies that were recognized during the current year-to-date period compared to fiscal year 2021 which had non-taxable gains, partially offset by the impact of a larger current year tax benefit related to share-based compensation that vested during the year.

Our effective income tax rate of 23.9 % for the nine months ended June 30, 2022 was higher than the 21.7 % effective tax rate for our fiscal year 2021.

The higher effective income tax rate for the nine months ended June 30, 2022 primarily resulted from the negative impact of nondeductible valuation losses associated with our company-owned life insurance policies that were recognized during the current year-to-date period compared to fiscal year 2021 which had non-taxable gains.

The increase in tax expense was partially offset by the favorable impact of larger tax deductions in the current year related to share-based compensation awards that vested during the year.

Uncertain tax positions

7 unchanged sentences

In the normal course of business, we enter into commitments for debt and equity underwritings.

As of March 31, 2022, we had seven such open underwriting commitments, of which all but one were subsequently settled in open market transactions and none of which resulted in a significant loss.

As of June 30, 2022, we had two such open underwriting commitments, which were subsequently settled in open market transactions and did not result in significant losses.

Lending commitments and other credit-related financial instruments

Raymond James Bank has outstanding, at any time, a significant number of commitments to extend credit and other credit-related off-balance-sheet financial instruments, such as standby letters of credit and loan purchases, which then extend over varying periods of time.

We have outstanding, at any time, a significant number of commitments to extend credit and other credit-related off-balance-sheet financial instruments, such as standby letters of credit and loan purchases, which then extend over varying periods of time.

These arrangements are subject to strict underwriting assessments and each customer’s credit worthiness is evaluated on a case-by-case basis.

Fixed-rate commitments are subject to market risk resulting from fluctuations in interest rates and our exposure is limited to the replacement value of those commitments.

The following table presents Raymond James Bank’s commitments to extend credit and other credit-related off-balance sheet financial instruments outstanding.

$ in millions March 31, 2022 September 30, 2021

Open-end consumer lines of credit (primarily SBL)

$ 20,686 $ 17,515

The following table presents our commitments to extend credit and other credit-related off-balance sheet financial instruments outstanding at Raymond James Bank and TriState Capital Bank.

$ in millions June 30, 2022 September 30, 2021

SBL and other consumer lines of credit $ 31,928 $ 17,515

Commercial lines of credit

1 unchanged sentence

Unfunded lending commitments

$ 1,342 $ 548

Standby letters of credit

Open-end consumer lines of credit primarily represent the unfunded amounts of bank loans to consumers that are secured by marketable securities at advance rates consistent with industry standards.

SBL and other consumer lines of credit primarily represent the unfunded amounts of bank loans to consumers that are secured by marketable securities at advance rates consistent with industry standards.

The proceeds from repayment or, if necessary, the liquidation of collateral, which is monitored daily, are expected to satisfy the amounts drawn against these existing lines of credit.

These lines of credit are primarily uncommitted, as we reserve the right to not make any advances or may terminate these lines at any time.

Because many of Raymond James Bank’s lending commitments expire without being funded in whole or in part, the contractual amounts are not estimates of our actual future credit exposure or future liquidity requirements.

Because many of our lending commitments expire without being funded in whole or in part, the contractual amounts are not estimates of our actual future credit exposure or future liquidity requirements.

The allowance for credit losses calculated under CECL provides for potential losses related to the unfunded lending commitments.

See Note 2 of our 2021 Form 10-K and Note 8 of this Form 10-Q for further discussion of this allowance for credit losses related to unfunded lending commitments.

See Note 2 of our 2021 Form 10-K and Notes 3 and 8 of this Form 10-Q for further discussion of this allowance for credit losses related to unfunded lending commitments, including a discussion of the initial provision for credit losses on loans and lending commitments acquired as part of the TriState Capital acquisition.

RJ&A enters into margin lending arrangements which allow customers to borrow against the value of qualifying securities.

4 unchanged sentences

Investment commitments

We had unfunded commitments to various investments, including private equity investments and certain Raymond James Bank investments, of $ 30 million as of March 31, 2022.

We had unfunded commitments to various investments, primarily those held by Raymond James Bank and TriState Capital Bank, of $ 43 million as of June 30, 2022.

Other commitments

1 unchanged sentence

(“RJAHI”), formerly known as Raymond James Tax Credit Funds, Inc., sells investments in project partnerships to various LIHTC funds, which have third-party investors, and for which RJAHI serves as the managing member or general partner.

RJAHI typically sells investments in project partnerships to LIHTC funds within 90 days of their acquisition.

Until such investments are sold to LIHTC funds, RJAHI is responsible for funding investment

RJAHI typically sells investments in project partnerships to LIHTC funds within

RAYMOND JAMES FINANCIAL, INC.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements (Unaudited)

commitments to such partnerships.

As of March 31, 2022, RJAHI had committed approximately $ 189 million to project partnerships that had not yet been sold to LIHTC funds.

90 days of their acquisition.

Until such investments are sold to LIHTC funds, RJAHI is responsible for funding investment commitments to such partnerships.

As of June 30, 2022, RJAHI had committed approximately $ 151 million to project partnerships that had not yet been sold to LIHTC funds.

Because we expect to sell these project partnerships to LIHTC funds and the equity funding events arise over future periods, the contractual commitments are not expected to materially impact our future liquidity requirements.

RJAHI may also make short-term loans or advances to project partnerships and LIHTC funds.

For information regarding our acquisition commitments associated with our announced acquisitions of TriState Capital and SumRidge Partners see Note 3 of this Form 10-Q.

For information regarding our acquisition commitments associated with our recent acquisition of SumRidge Partners see Note 3.

For information regarding our lease commitments see Note 13 of this Form 10-Q and for information on the maturities of our lease liabilities see Note 14 of our 2021 Form 10-K.

28 unchanged sentences

There are certain matters for which we are unable to estimate the upper end of the range of reasonably possible loss.

With respect to legal and regulatory matters for which management has been able to estimate a range of reasonably possible loss as of March 31, 2022, we estimated the upper end of the range of reasonably possible aggregate loss to be approximately $ 85 million in excess of the aggregate accruals for such matters.

With respect to legal and regulatory matters for which management has been able to estimate a range of reasonably possible loss as of June 30, 2022, we estimated the upper end of the range of reasonably possible aggregate loss to be approximately $ 80 million in excess of the aggregate accruals for such matters.

Refer to Note 2 of our 2021 Form 10-K for a discussion of our criteria for recognizing liabilities for contingencies.

2 unchanged sentences

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 17 – ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)

NOTE 19 – SHAREHOLDERS’ EQUITY

Preferred stock

On June 1, 2022, we completed our acquisition of TriState Capital.

As a component of our total purchase consideration for TriState Capital on June 1, 2022, we issued two new series of preferred stock to replace previously issued and outstanding preferred stock of TriState Capital.

See Note 3 for further information about the acquisition.

On June 1, 2022, we issued 1.61 million 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, par value of $ 0.10 per share (“Series A Preferred Stock”), with a liquidation preference of $ 1,000 per share (equivalent of $ 25 per depositary share).

Dividends on the Series A Preferred Stock are non-cumulative and, if declared, payable quarterly at a rate of 6.75 % per annum from original issue date up to, but excluding, April 1, 2023, and thereafter at a floating rate equal to 3-month LIBOR, or industry-accepted alternative reference rate, plus a spread of 3.985 % per annum.

Subject to requisite regulatory approvals, we may redeem the Series A Preferred Stock on or after April 1, 2023, in whole or in part, at our option, at the liquidation preference plus declared and unpaid dividends.

As of June 30, 2022, there were 40,250 shares of Series A Preferred Stock issued and outstanding with a carrying value and aggregate liquidation preference of $ 41 million and $ 40 million, respectively.

We also issued 3.22 million depositary shares on June 1, 2022, each representing a 1/40th interest in a share of 6.375 % Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock, par value of $ 0.10 per share (“Series B Preferred Stock”), with a liquidation preference of $ 1,000 per share (equivalent of $ 25 per depositary share).

Dividends on the Series B Preferred Stock are non-cumulative and, if declared, 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 LIBOR, or industry-accepted alternative reference rate, plus a spread of 4.088 % per annum.

Under certain circumstances, the aforementioned fixed rate may apply in lieu of the floating rate.

Subject to requisite regulatory approvals, we may redeem the Series B Preferred Stock on or after July 1, 2024, in whole or in part, at our option, at the liquidation preference plus declared and unpaid dividends.

As of June 30, 2022, there were 80,500 shares of Series B Preferred Stock issued and outstanding with a carrying value and aggregate liquidation preference of $ 79 million and $ 81 million, respectively.

The following table details dividends declared on our preferred stock for each respective period.

Three and nine months ended June 30, 2022

Total declared

($ in millions)

Per preferred share amount

Series A Preferred Stock $ 1 $ 16.88

Series B Preferred Stock 1 $ 15.94

Total preferred stock dividends declared $ 2

Common equity

Common stock issuance

During our fiscal third quarter of 2022 we issued 7.97 million shares of common stock, primarily in the form of per share consideration in the settlement of TriState Capital common stock, and 551 thousand restricted stock awards in conjunction with our acquisition of TriState Capital on June 1, 2022.

See Note 3 for further information on the TriState Capital acquisition and Note 22 for further information on the restricted stock awards.

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 2021, our Board of Directors authorized share repurchases of up to $ 1 billion, which replaced the previous authorization.

Our share repurchases are effected primarily through regular open-market purchases, 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.

Following the acquisition of TriState Capital on June 1, 2022, we repurchased 1.14 million shares of our common stock for $ 100 million at an average price of approximately $ 88 per share.

As of June 30, 2022, approximately $ 900 million remained available under the Board of Directors’ share repurchase authorization.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

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,

2022 2021 2022 2021

Dividends per common share - declared $ 0.34 $ 0.26 $ 1.02 $ 0.78

Dividends per common share - paid $ 0.34 $ 0.26 $ 0.94 $ 0.77

During our fiscal fourth quarter of 2021, our Board of Directors approved a three-for-two stock split, effected in the form of a 50 % stock dividend and paid on September 21, 2021.

All share and per share information has been retroactively adjusted to reflect this stock split.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Accumulated other comprehensive income/(loss)

All of the components of other comprehensive income/(loss) (“OCI”), net of tax, were attributable to RJF.

2 unchanged sentences

net investment hedges and currency translations Available- for-sale securities Cash flow hedges Total

Three months ended March 31, 2022

Three months ended June 30, 2022

AOCI as of beginning of period $ 71 $ ( 91 ) $ ( 20 ) $ ( 380 ) $ 11 $ ( 389 )

5 unchanged sentences

AOCI as of end of period $ 95 $ ( 155 ) $ ( 60 ) $ ( 537 ) $ 21 $ ( 576 )

Six months ended March 31, 2022

Nine months ended June 30, 2022

AOCI as of beginning of period $ 81 $ ( 90 ) $ ( 9 ) $ ( 5 ) $ ( 27 ) $ ( 41 )

5 unchanged sentences

AOCI as of end of period $ 95 $ ( 155 ) $ ( 60 ) $ ( 537 ) $ 21 $ ( 576 )

Three months ended March 31, 2021

Three months ended June 30, 2021

AOCI as of beginning of period $ 76 $ ( 81 ) $ ( 5 ) $ ( 4 ) $ ( 29 ) $ ( 38 )

5 unchanged sentences

AOCI as of end of period $ 67 $ ( 67 ) $ — $ 21 $ ( 31 ) $ ( 10 )

Six months ended March 31, 2021

Nine months ended June 30, 2021

AOCI as of beginning of period $ 115 $ ( 140 ) $ ( 25 ) $ 89 $ ( 53 ) $ 11

5 unchanged sentences

AOCI as of end of period $ 67 $ ( 67 ) $ — $ 21 $ ( 31 ) $ ( 10 )

Reclassifications from AOCI to net income, excluding taxes, for the three and six months ended March 31, 2022 were recorded in “Interest expense” on the Condensed Consolidated Statements of Income and Comprehensive Income.

Reclassifications from AOCI to net income, excluding taxes, for the three and six months ended March 31, 2021 were primarily recorded in “Other” revenues and “Interest expense” on the Condensed Consolidated Statements of Income and Comprehensive Income.

Our net investment hedges and cash flow hedges relate to our derivatives associated with Raymond James Bank’s business operations.

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

Reclassifications from AOCI to net income, excluding taxes, for the three and nine months ended June 30, 2021 were primarily recorded in “Other” revenues and “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 2021 Form 10-K.

6 unchanged sentences

For further information about our significant accounting policies related to revenue recognition, see Note 2 of our 2021 Form 10-K.

See Note 23 of this Form 10-Q for additional information on our segment results.

Three months ended March 31, 2022

$ in millions Private Client Group Capital Markets Asset Management Raymond James Bank Other and intersegment eliminations Total

See Note 1 and Note 25 of this Form 10-Q for additional information on our segment determinations and results.

Three months ended June 30, 2022

$ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total

Asset management and related administrative fees $ 1,214 $ — $ 220 $ — $ ( 7 ) $ 1,427

32 unchanged sentences

Notes to Condensed Consolidated Financial Statements (Unaudited)

Three months ended March 31, 2021

$ in millions Private Client Group Capital Markets Asset Management Raymond James Bank Other and intersegment eliminations Total

Three months ended June 30, 2021

$ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total

Asset management and related administrative fees $ 1,050 $ 1 $ 218 $ — $ ( 7 ) $ 1,262

20 unchanged sentences

All other (1)

7 1 1 8 21 38

Total other 7 18 1 8 21 55

9 unchanged sentences

Notes to Condensed Consolidated Financial Statements (Unaudited)

Six months ended March 31, 2022

$ in millions Private Client Group Capital Markets Asset Management Raymond James Bank Other and intersegment eliminations Total

Nine Months Ended June 30, 2022

$ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total

Asset management and related administrative fees $ 3,621 $ 2 $ 673 $ — $ ( 23 ) $ 4,273

32 unchanged sentences

Notes to Condensed Consolidated Financial Statements (Unaudited)

Six months ended March 31, 2021

$ in millions Private Client Group Capital Markets Asset Management Raymond James Bank Other and intersegment eliminations Total

Nine Months Ended June 30, 2021

$ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total

Asset management and related administrative fees $ 2,914 $ 3 $ 607 $ — $ ( 22 ) $ 3,502

29 unchanged sentences

(1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.

At March 31, 2022 and September 30, 2021, net receivables related to contracts with customers were $ 378 million and $ 416 million, respectively.

At June 30, 2022 and September 30, 2021, net receivables related to contracts with customers were $ 427 million and $ 416 million, respectively.

RAYMOND JAMES FINANCIAL, INC.

3 unchanged sentences

The following table details the components of interest income and interest expense.

Three months ended March 31, Six months ended March 31,

Three months ended June 30, Nine months ended June 30,

$ in millions 2022 2021 2022 2021

4 unchanged sentences

Brokerage client receivables 24 19 66 56

Bank loans, net of unearned income and deferred expenses

171 142 335 287

Bank loans, net 255 150 590 437

All other 20 10 46 31

9 unchanged sentences

Total interest expense

$ 60 $ 40 $ 135 $ 115

Net interest income $ 314 $ 165 $ 706 $ 493

9 unchanged sentences

Other information related to our share-based awards is presented in Note 23 of our 2021 Form 10-K.

During the three and six months ended March 31, 2022, we granted approximately 550 thousand and 2.9 million RSUs, respectively, with a weighted-average grant-date fair value of $ 107.06 and $ 98.86 , respectively, compared with approximately 225 thousand and 2.3 million RSUs granted during the three and six months ended March 31, 2021 with a weighted-average grant-date fair value of $ 77.82 and $ 62.42 , respectively (as adjusted for the September 21, 2021 three-for-two stock split described in Note 1 of this Form 10-Q).

For the three and six months ended March 31, 2022, total share-based compensation amortization related to RSUs was $ 41 million and $ 105 million, respectively, compared with $ 30 million and $ 72 million for the three and six months ended March 31, 2021, respectively.

As of March 31, 2022, there were $ 348 million of total pre-tax compensation costs not yet recognized (net of estimated forfeitures) related to RSUs, including those granted during the six months ended March 31, 2022.

These costs are expected to be recognized over a weighted-average period of 3.2 years.

Restricted stock units

During the three and nine months ended June 30, 2022, we granted approximately 222 thousand and 3.1 million RSUs, respectively, with a weighted-average grant-date fair value of $ 97.64 and $ 98.77 , respectively, compared with approximately 75 thousand and 2.3 million RSUs granted during the three and nine months ended June 30, 2021, with a weighted-average grant-date fair value of $ 87.87 and $ 63.17 , respectively (as adjusted for the September 21, 2021 three-for-two stock split described in Note 19).

For the three and nine months ended June 30, 2022, total share-based compensation amortization related to RSUs was $ 36 million and $ 141 million, respectively, compared with $ 27 million and $ 98 million for the three and nine months ended June 30, 2021, respectively.

As of June 30, 2022, there were $ 332 million of total pre-tax compensation costs not yet recognized (net of estimated forfeitures) related to RSUs, including those granted during the nine months ended June 30, 2022.

These costs are expected to be recognized over a weighted-average period of three years .

RAYMOND JAMES FINANCIAL, INC.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements (Unaudited)

Restricted stock awards

As a component of our total purchase consideration for TriState Capital on June 1, 2022, in accordance with the terms of the acquisition, 551 thousand RJF restricted stock awards were issued at terms that mirrored restricted stock awards of TriState Capital which were outstanding as of the acquisition date.

The fair value of the RJF restricted stock awards was calculated as of the June 1, 2022 acquisition date and was allocated between the pre-acquisition service period ($ 28 million treated as purchase consideration) and the post-acquisition requisite service period, over which we will recognize share-based compensation amortization.

As of June 30, 2022, there were $ 24 million of total pre-tax compensation costs not yet recognized for these RJF restricted shares.

These costs are expected to be recognized over a weighted-average period of three years .

See Note 3 for further discussion of our acquisition of TriState Capital.

NOTE 23 – REGULATORY CAPITAL REQUIREMENTS

RJF, as a bank holding company and financial holding company, Raymond James Bank, our broker-dealer subsidiaries and our trust subsidiaries are subject to capital requirements by various regulatory authorities.

RJF, as a bank holding company and financial holding company, as well as Raymond James Bank, TriState Capital Bank, our broker-dealer subsidiaries and our trust subsidiaries are subject to capital requirements by various regulatory authorities.

Capital levels of each entity are monitored to ensure compliance with our various regulatory capital requirements.

4 unchanged sentences

Under these rules, minimum requirements are established for both the quantity and quality of capital held by banking organizations.

RJF and Raymond James Bank are required to maintain minimum ratios of common equity tier 1 (“CET1”), tier 1 capital and total capital to risk-weighted assets, as well as minimum leverage ratios (defined as tier 1 capital divided by adjusted average assets).

RJF, Raymond James Bank, and TriState Capital Bank are required to maintain minimum leverage ratios (defined as tier 1 capital divided by adjusted average assets), as well as minimum ratios of tier 1 capital, common equity tier 1 (“CET1”) and total capital to risk-weighted assets.

These capital ratios incorporate quantitative measures of our assets, liabilities, and certain off-balance sheet items as calculated under the regulatory capital rules and are subject to qualitative judgments by the regulators about components, risk-weightings, and other factors.

RJF and Raymond James Bank each calculate these ratios in order to assess compliance with both regulatory requirements and their internal capital policies.

We calculate these ratios in order to assess compliance with both regulatory requirements and internal capital policies.

In order to maintain our ability to take certain capital actions, including dividends and common equity repurchases, and to make bonus payments, we must hold a capital conservation buffer above our minimum risk-based capital requirements.

As of March 31, 2022, both RJF’s and Raymond James Bank’s capital levels exceeded the capital conservation buffer requirement and were each categorized as “well-capitalized.”

As of June 30, 2022, capital levels at RJF, Raymond James Bank, and TriState Capital Bank exceeded the capital conservation buffer requirement and each entity was categorized as “well-capitalized.”

For further discussion of regulatory capital requirements applicable to certain of our businesses and subsidiaries, see Note 24 of our 2021 Form 10-K.

To meet requirements for capital adequacy or to be categorized as “well-capitalized,” RJF must maintain minimum CET1, Tier 1 capital, Total capital and Tier 1 leverage amounts and ratios as set forth in the following table.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

To meet requirements for capital adequacy or to be categorized as “well-capitalized,” RJF must maintain minimum Tier 1 leverage, CET1, Tier 1 capital, and Total capital amounts and ratios as set forth in the following table.

Actual Requirement for capital

2 unchanged sentences

$ in millions Amount Ratio Amount Ratio Amount Ratio

RJF as of March 31, 2022:

CET1 $ 7,921 23.9 % $ 1,492 4.5 % $ 2,155 6.5 %

RJF as of June 30, 2022:

Tier 1 leverage $ 8,228 10.8 % $ 3,042 4.0 % $ 3,803 5.0 %

Tier 1 capital $ 8,228 20.0 % $ 2,473 6.0 % $ 3,297 8.0 %

$ 7,921 23.9 % $ 1,989 6.0 % $ 2,652 8.0 %

CET1 $ 8,228 20.0 % $ 1,855 4.5 % $ 2,679 6.5 %

Total capital $ 8,868 21.5 % $ 3,297 8.0 % $ 4,121 10.0 %

Tier 1 leverage $ 7,921 11.1 % $ 2,854 4.0 % $ 3,567 5.0 %

RJF as of September 30, 2021:

$ 7,428 25.0 % $ 1,337 4.5 % $ 1,932 6.5 %

Tier 1 leverage $ 7,428 12.6 % $ 2,363 4.0 % $ 2,954 5.0 %

Tier 1 capital $ 7,428 25.0 % $ 1,783 6.0 % $ 2,377 8.0 %

CET1 $ 7,428 25.0 % $ 1,337 4.5 % $ 1,932 6.5 %

Total capital $ 7,780 26.2 % $ 2,377 8.0 % $ 2,972 10.0 %

Tier 1 leverage $ 7,428 12.6 % $ 2,363 4.0 % $ 2,954 5.0 %

As of March 31, 2022, RJF’s regulatory capital increase compared to September 30, 2021 was driven by an increase in equity, due to positive earnings net of dividends, partially offset by an increase in goodwill and intangible assets arising from the Charles Stanley acquisition (See Note 3 for further information).

As of June 30, 2022, RJF’s regulatory capital increase compared to September 30, 2021 was driven by an increase in equity primarily due to common and preferred stock issued in connection with the TriState Capital acquisition and positive earnings, partially offset by an increase in goodwill and intangible assets arising from the TriState Capital and Charles Stanley acquisitions (see Note 3 for further information) as well as dividends.

RJF’s Tier 1 and Total capital ratios decreased compared to September 30, 2021, resulting from an increase in risk-weighted assets, partially offset by the increase in regulatory capital.

The increase in risk-weighted assets was primarily driven by increases in our bank loan portfolio and an increase in assets segregated for regulatory purposes and restricted cash arising from the acquisition of Charles Stanley.

RJF’s Tier 1 leverage ratio as of March 31, 2022 decreased compared to September 30, 2021 due to increased average assets, driven by the growth in assets segregated for regulatory purposes and restricted cash, bank loans, and available-for-sale securities.

The increase in risk-weighted assets was primarily driven by increases in our bank loan and available-for-sale securities portfolios and unfunded lending commitments resulting from the TriState Capital acquisition and growth at Raymond James Bank, as well as an increase in assets segregated for regulatory purposes and restricted cash due to higher client cash balances and the acquisition of Charles Stanley.

RJF’s Tier 1 leverage ratio at June 30, 2022 decreased compared to September 30, 2021 due to higher average assets driven by increases in bank loans, available-for-sale securities, as well as assets segregated for regulatory purposes and restricted cash.

The higher average assets also reflect one month’s impact of the TriState Capital acquisition.

The increase in average assets was partially offset by the increase in regulatory capital.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

To meet the requirements for capital adequacy or to be categorized as “well-capitalized,” Raymond James Bank must maintain CET1, Tier 1 capital, Total capital and Tier 1 leverage amounts and ratios as set forth in the following table.

To meet the requirements for capital adequacy or to be categorized as “well-capitalized,” Raymond James Bank and TriState Capital Bank must maintain CET1, Tier 1 capital, Total capital and Tier 1 leverage amounts and ratios as set forth in the following tables.

Actual Requirement for capital

2 unchanged sentences

$ in millions Amount Ratio Amount Ratio Amount Ratio

Raymond James Bank as of March 31, 2022:

CET1 $ 2,752 12.6 % $ 981 4.5 % $ 1,417 6.5 %

Raymond James Bank as of June 30, 2022:

Tier 1 leverage $ 2,853 7.1 % $ 1,617 4.0 % $ 2,022 5.0 %

Tier 1 capital

$ 2,853 12.2 % $ 1,408 6.0 % $ 1,877 8.0 %

CET1 $ 2,853 12.2 % $ 1,056 4.5 % $ 1,525 6.5 %

Total capital

$ 3,147 13.4 % $ 1,877 8.0 % $ 2,346 10.0 %

Tier 1 leverage $ 2,752 7.2 % $ 1,524 4.0 % $ 1,905 5.0 %

Raymond James Bank as of September 30, 2021:

CET1 $ 2,626 13.4 % $ 883 4.5 % $ 1,275 6.5 %

Tier 1 leverage $ 2,626 7.4 % $ 1,411 4.0 % $ 1,763 5.0 %

Tier 1 capital $ 2,626 13.4 % $ 1,177 6.0 % $ 1,569 8.0 %

CET1 $ 2,626 13.4 % $ 883 4.5 % $ 1,275 6.5 %

Total capital $ 2,873 14.6 % $ 1,569 8.0 % $ 1,962 10.0 %

Raymond James Bank’s regulatory capital increased compared to September 30, 2021, driven by an increase in equity due to positive earnings, offset by dividends paid to RJF.

Raymond James Bank’s Tier 1 and Total capital ratios decreased compared to September 30, 2021, due to an increase in risk-weighted assets, primarily resulting from increases in bank loans and available-for-sale securities, partially offset by the increase in regulatory capital.

Raymond James Bank’s Tier 1 leverage ratio at June 30, 2022 decreased compared to September 30, 2021 due to the increase in average assets, driven primarily by the increases in bank loans and available-for-sale securities.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

On June 1, 2022, we completed our acquisition of TriState Capital, including TriState Capital Bank.

See Note 3 for additional information on this acquisition.

Actual Requirement for capital

adequacy purposes To be well-capitalized

under regulatory provisions

$ in millions Amount Ratio Amount Ratio Amount Ratio

TriState Capital Bank as of June 30, 2022:

Tier 1 leverage $ 1,019 7.3 % $ 562 4.0 % $ 703 5.0 %

As of March 31, 2022, Raymond James Bank’s regulatory capital increased compared to September 30, 2021, driven by an increase in equity due to positive earnings, offset by dividends paid to RJF.

Raymond James Bank’s Tier 1 capital and Total capital ratios decreased compared to September 30, 2021, due to an increase in risk-weighted assets, primarily resulting from increases in our bank loan portfolio and available-for-sale securities, partially offset by the increase in regulatory capital.

Raymond James Bank’s Tier 1 leverage ratio as of March 31, 2022 decreased compared to September 30, 2021, driven by growth in bank loans and available-for-sale securities.

Tier 1 capital

$ 1,019 13.7 % $ 446 6.0 % $ 594 8.0 %

CET1 $ 1,019 13.7 % $ 334 4.5 % $ 483 6.5 %

Total capital

$ 1,047 14.1 % $ 594 8.0 % $ 743 10.0 %

Certain of our broker-dealer subsidiaries are subject to the requirements of the Uniform Net Capital Rule (Rule 15c3-1) under the Securities Exchange Act of 1934.

The following table presents the net capital position of RJ&A.

$ in millions March 31, 2022 September 30, 2021

$ in millions June 30, 2022 September 30, 2021

Raymond James & Associates, Inc.

7 unchanged sentences

$ 1,156 $ 1,979

The decrease in RJ&A’s net capital and excess net capital as of March 31, 2022 as compared to September 30, 2021 reflected the impact of significant dividends from RJ&A to RJF during the six months ended March 31, 2022.

As of March 31, 2022, all of our other active regulated domestic and international subsidiaries were in compliance with and exceeded all applicable capital requirements.

The decrease in RJ&A’s net capital and excess net capital as of June 30, 2022 as compared to September 30, 2021 reflected the impact of significant dividends from RJ&A to RJF during the nine months ended June 30, 2022.

As of June 30, 2022, all of our other active regulated domestic and international subsidiaries were in compliance with and exceeded all applicable capital requirements.

RAYMOND JAMES FINANCIAL, INC.

2 unchanged sentences

NOTE 24 – EARNINGS PER SHARE

All share, earnings per share, and dividends per share information has been retroactively adjusted to reflect the September 21, 2021 three-for-two stock split described in Note 1 of this Form-Q.

All share and earnings per share information has been retroactively adjusted to reflect the September 21, 2021 three-for-two stock split described in Note 19.

The following table presents the computation of basic and diluted earnings per common share.

Three months ended March 31, Six months ended March 31,

Three months ended June 30, Nine months ended June 30,

in millions, except per share amounts 2022 2021 2022 2021

Income for basic earnings per common share:

$ 323 $ 355 $ 769 $ 667

Net income available to common shareholders $ 299 $ 307 $ 1,068 $ 974

Less allocation of earnings and dividends to participating securities

( 1 ) — ( 2 ) ( 1 )

Net income attributable to RJF common shareholders

$ 323 $ 355 $ 768 $ 666

Net income available to common shareholders after participating securities $ 298 $ 307 $ 1,066 $ 973

Income for diluted earnings per common share:

$ 323 $ 355 $ 769 $ 667

Net income available to common shareholders $ 299 $ 307 $ 1,068 $ 974

Less allocation of earnings and dividends to participating securities

( 1 ) — ( 2 ) ( 1 )

Net income attributable to RJF common shareholders

$ 323 $ 355 $ 768 $ 666

Net income available to common shareholders after participating securities $ 298 $ 307 $ 1,066 $ 973

Common shares:

9 unchanged sentences

0.5 — 0.4 0.2

The allocation of earnings and dividends to participating securities in the preceding table represents dividends paid during the period to participating securities, consisting of certain RSUs, plus an allocation of undistributed earnings to such participating securities.

Participating securities and related dividends paid on these participating securities were insignificant for each of the three and six months ended March 31, 2022 and 2021.

The allocation of earnings and dividends to participating securities in the preceding table represents dividends paid during the period to participating securities, consisting of certain RSUs, as well as the restricted stock awards granted as part of our acquisition of TriState Capital, plus an allocation of undistributed earnings to such participating securities.

Participating securities and related dividends paid on these participating securities were insignificant for each of the three and nine months ended June 30, 2022 and 2021.

Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed.

Dividends per common share declared and paid are detailed in the following table for each respective period.

Three months ended March 31, Six months ended March 31,

2022 2021 2022 2021

Dividends per common share - declared $ 0.34 $ 0.26 $ 0.68 $ 0.52

Dividends per common share - paid $ 0.34 $ 0.26 $ 0.60 $ 0.51

RAYMOND JAMES FINANCIAL, INC.

5 unchanged sentences

Asset Management;

Raymond James Bank;

As described in Note 1, our Bank segment has been renamed from Raymond James Bank as a result of our acquisition of TriState Capital on June 1, 2022.

The segments are determined based upon factors such as the services provided and the distribution channels served and are consistent with how we assess performance and determine how to allocate our resources.

1 unchanged sentence

The following table presents information concerning operations in these segments.

Three months ended March 31, Six months ended March 31,

Three months ended June 30, Nine months ended June 30,

$ in millions 2022 2021 2022 2021

5 unchanged sentences

228 225 698 629

Raymond James Bank 197 160 380 327

Bank 276 169 656 496

( 21 ) 2 ( 54 ) ( 6 )

8 unchanged sentences

93 105 303 275

Raymond James Bank 83 111 185 182

Bank 74 104 259 286

( 64 ) ( 134 ) ( 164 ) ( 206 )

3 unchanged sentences

The following table presents our net interest income on a segment basis.

Three months ended March 31, Six months ended March 31,

Three months ended June 30, Nine months ended June 30,

$ in millions 2022 2021 2022 2021

3 unchanged sentences

Capital Markets

Raymond James Bank 189 155 366 312

Asset Management

Bank 270 161 636 473

Other ( 18 ) ( 26 ) ( 61 ) ( 69 )

1 unchanged sentence

The following table presents our total assets on a segment basis.

$ in millions March 31, 2022 September 30, 2021

$ in millions June 30, 2022 September 30, 2021

Total assets:

3 unchanged sentences

Asset Management (2)

Raymond James Bank 38,167 36,154

55,562 36,154

Other 2,105 2,534

Total $ 86,111 $ 61,891

(1) The March 31, 2022 balance reflects the assets of Charles Stanley which was acquired on January 21, 2022.

See Note 3 of this Form 10-Q for further discussion.

(1) The June 30, 2022 balance reflected the assets of Charles Stanley which was acquired on January 21, 2022.

See Note 3 for further discussion.

(2) The June 30, 2022 balance reflected the assets of TriState Capital which was acquired on June 1, 2022.

See Note 3 for further discussion.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following table presents goodwill, which was included in our total assets, on a segment basis.

$ in millions March 31, 2022 September 30, 2021

$ in millions June 30, 2022 September 30, 2021

Private Client Group (1)

2 unchanged sentences

Total $ 1,335 $ 660

(1) As of March 31, 2022, this balance includes £ 121 million, or $ 159 million, of goodwill arising from our acquisition of Charles Stanley on January 21, 2022.

See Note 3 of this Form 10-Q for further discussion.

(1) As of June 30, 2022, this balance included £ 121 million, or $ 147 million, of goodwill arising from our acquisition of Charles Stanley on January 21, 2022.

See Note 3 for further discussion.

(2) Represents goodwill arising from our acquisition of TriState Capital on June 1, 2022.

See Note 3 for further discussion.

We have operations in the U.S., Canada and Europe.

1 unchanged sentence

The following table presents our net revenues and pre-tax income classified by major geographic area in which they were earned.

Three months ended March 31, Six months ended March 31,

Three months ended June 30, Nine months ended June 30,

$ in millions 2022 2021 2022 2021

10 unchanged sentences

The following table presents our total assets by major geographic area in which they were held.

$ in millions March 31, 2022 September 30, 2021

$ in millions June 30, 2022 September 30, 2021

Total assets:

2 unchanged sentences

Total $ 86,111 $ 61,891

(1) The March 31, 2022 balance reflects the assets of Charles Stanley which was acquired on January 21, 2022.

See Note 3 of this Form 10-Q for further discussion.

(1) The June 30, 2022 balance reflected the assets of TriState Capital which was acquired on June 1, 2022.

See Note 3 or further discussion.

(2) The June 30, 2022 balance reflected the assets of Charles Stanley which was acquired on January 21, 2022.

See Note 3 for further discussion.

The following table presents goodwill, which was included in our total assets, classified by major geographic area in which it was held.

$ in millions March 31, 2022 September 30, 2021

$ in millions June 30, 2022 September 30, 2021

$ 1,148 $ 619

Total $ 1,335 $ 660

(1) As of March 31, 2022, this balance includes £ 121 million, or $ 159 million, of goodwill arising from our acquisition of Charles Stanley on January 21, 2022.

See Note 3 of this Form 10-Q for further discussion.

(1) As of June 30, 2022, this balance included $ 529 million of goodwill arising from our acquisition of TriState Capital on June 1, 2022.

See Note 3 for further discussion.

(2) As of June 30, 2022, this balance included £ 121 million, or $ 147 million, of goodwill arising from our acquisition of Charles Stanley on January 21, 2022.

See Note 3 for further discussion.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements