3 unchanged sentences
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
−Removed: $ in millions, except per share amounts March 31, 2023 September 30, 2022
+Added: $ in millions, except per share amounts June 30, 2023 September 30, 2022
Cash and cash equivalents $ 8,375 $ 6,178
32 unchanged sentences
650,000,000 shares authorized;
−Removed: 248,323,901 shares issued and 211,581,156 shares outstanding as of March 31, 2023;
+Added: 248,561,711 shares issued and 208,498,326 shares outstanding as of June 30, 2023;
248,018,564 shares issued and 215,122,523 shares outstanding as of September 30, 2022
2 unchanged sentences
Treasury stock, at cost;
−Removed: 36,742,745 and 32,896,041 common shares as of March 31, 2023 and September 30, 2022, respectively
+Added: 40,063,385 and 32,896,041 common shares as of June 30, 2023 and September 30, 2022, respectively
( 2,259 ) ( 1,512 )
8 unchanged sentences
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
−Removed: Three months ended March 31, Six months ended March 31,
+Added: Three months ended June 30, Nine months ended June 30,
in millions, except per share amounts 2023 2022 2023 2022
9 unchanged sentences
987 374 2,729 841
+Added: 57 30 133 108
Total revenues
12 unchanged sentences
Business development
+Added: 66 58 176 127
Investment sub-advisory fees
+Added: 40 38 110 116
Professional fees
31 unchanged sentences
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
−Removed: Three months ended March 31, Six months ended March 31,
+Added: Three months ended June 30, Nine months ended June 30,
$ in millions, except per share amounts 2023 2022 2023 2022
2 unchanged sentences
$ 120 $ — $ 120 $ —
−Removed: Shares issuances — — — —
+Added: Preferred stock issued for TriState Capital Holdings, Inc.
+Added: (“TriState Capital”) acquisition — 120 — 120
+Added: Redemption of preferred stock ( 41 ) — ( 41 ) —
Balance end of period
+Added: 79 120 79 120
Common stock, par value $ .01 per share:
5 unchanged sentences
2,093 2,987 2,088
+Added: Common stock issued for TriState Capital acquisition — 778 — 778
+Added: Restricted stock awards issued for TriState Capital acquisition — 28 — 28
Employee stock purchases
8 unchanged sentences
Net income 369
+Added: 301 1,305 1,070
Common and preferred stock cash dividends declared (see Note 17)
21 unchanged sentences
$ ( 26 ) $ 7 $ ( 26 ) $ 58
−Removed: Net loss attributable to noncontrolling interests — ( 2 ) — —
+Added: Net income/(loss) attributable to noncontrolling interests ( 1 ) 1 ( 1 ) 1
Deconsolidations and sales — ( 31 ) — ( 82 )
7 unchanged sentences
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
−Removed: Six months ended March 31,
+Added: Nine months ended June 30,
$ in millions 2023 2022
Cash flows from operating activities:
+Added: $ 1,305 $ 1,070
Adjustments to reconcile net income to net cash used in operating activities:
17 unchanged sentences
Purchases and originations of loans held for sale, net of proceeds from sales of securitizations and loans held for sale 9 ( 18 )
−Removed: Net cash used in operating activities ( 3,760 ) ( 1,170 )
+Added: Net cash provided by/(used in) operating activities ( 3,948 ) 4,570
Cash flows from investing activities:
5 unchanged sentences
Available-for-sale securities maturations, repayments and redemptions
+Added: Proceeds from sales of available-for-sale securities
Cash and cash equivalents acquired in business acquisitions, including those segregated for regulatory purposes, net of cash paid for acquisitions — 1,769
1 unchanged sentence
( 122 ) ( 68 )
−Removed: Purchase of Federal Home Loan Bank stock, net ( 35 ) —
+Added: Sales of Federal Home Loan Bank stock, net 3 —
Investment in note receivable — ( 125 )
1 unchanged sentence
Other investing activities, net ( 61 ) ( 81 )
−Removed: Net cash used in investing activities ( 319 ) ( 2,403 )
+Added: Net cash provided by/(used in) investing activities 68 ( 5,119 )
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
2 unchanged sentences
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
−Removed: Six months ended March 31,
+Added: Nine months ended June 30,
$ in millions 2023 2022
4 unchanged sentences
Exercise of stock options and employee stock purchases 37 44
+Added: Redemption of preferred stock ( 40 ) —
Proceeds from Federal Home Loan Bank advances 2,550 1,025
4 unchanged sentences
Effect of exchange rate changes on cash and cash equivalents, including those segregated for regulatory purposes 346 ( 289 )
−Removed: Net decrease in cash and cash equivalents, including those segregated for regulatory purposes and restricted cash ( 1,299 ) ( 1,597 )
+Added: Net increase/(decrease) in cash and cash equivalents, including those segregated for regulatory purposes and restricted cash ( 2,445 ) 3,760
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at beginning of year 14,659 16,449
8 unchanged sentences
Non-cash right-of-use assets recorded for new and modified leases $ 112 $ 39
+Added: Common stock issued as consideration for TriState Capital acquisition $ — $ 778
+Added: Restricted stock awards issued as consideration for TriState Capital acquisition $ — $ 28
+Added: Preferred stock issued as consideration for TriState Capital acquisition $ — $ 120
+Added: Effective settlement of note receivable for TriState Capital acquisition $ — $ 123
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
1 unchanged sentence
AND SUBSIDIARIES
+Added: Notes to Condensed Consolidated Financial Statements (Unaudited)
+Added: RAYMOND JAMES FINANCIAL, INC.
+Added: AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
−Removed: March 31, 2023
+Added: June 30, 2023
NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION
33 unchanged sentences
$ in millions Level 1 Level 2 Level 3 Netting
−Removed: adjustments Balance as of March 31, 2023
+Added: adjustments Balance as of June 30, 2023
Assets at fair value on a recurring basis:
14 unchanged sentences
Interest rate 9 414 — ( 199 ) 224
+Added: Foreign exchange — 5 — — 5
Total derivative assets 9 419 — ( 199 ) 229
3 unchanged sentences
Total all other investments 175 2 29 — 206
−Removed: Other assets - fractional shares 92 — — — 92
+Added: Other assets - client-owned fractional shares 100 — — — 100
Subtotal 1,600 9,818 38 ( 199 ) 11,257
6 unchanged sentences
Government and agency obligations 129 — — — 129
−Removed: Non-agency CMOs and ABS — 4 — — 4
Total debt securities 139 563 — — 702
3 unchanged sentences
Interest rate 8 461 — ( 80 ) 389
−Removed: Foreign exchange — 9 — — 9
Other — — 4 — 4
Total derivative liabilities 8 461 4 ( 80 ) 393
−Removed: Other payables - fractional shares 92 — — — 92
+Added: Other payables - repurchase liabilities related to client-owned fractional shares 100 — — — 100
Total liabilities at fair value on a recurring basis $ 313 $ 1,024 $ 4 $ ( 80 ) $ 1,261
29 unchanged sentences
Total all other investments 171 2 29 — 202
−Removed: Other assets - fractional shares 78 — — — 78
+Added: Other assets - client-owned fractional shares 78 — — — 78
1,399 10,542 30 ( 348 ) 11,623
14 unchanged sentences
Total derivative liabilities 40 552 3 ( 65 ) 530
−Removed: Other payables - fractional shares 78 — — — 78
+Added: Other payables - repurchase liabilities related to client-owned fractional shares 78 — — — 78
Total liabilities at fair value on a recurring basis
13 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.
−Removed: Three months ended March 31, 2023
+Added: Three months ended June 30, 2023
Level 3 instruments at fair value
12 unchanged sentences
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period
−Removed: $ — $ ( 2 ) $ —
−Removed: Six months ended March 31, 2023
+Added: Nine Months Ended June 30, 2023
Level 3 instruments at fair value
17 unchanged sentences
Notes to Condensed Consolidated Financial Statements (Unaudited)
−Removed: Three months ended March 31, 2022
+Added: Three months ended June 30, 2022
Level 3 instruments at fair value
Financial assets Financial liabilities
−Removed: Trading assets Derivative assets Other investments Trading liabilities
−Removed: $ in millions Other Other All other Other
+Added: Trading assets Derivative assets Other investments Trading liabilities Derivative liabilities
+Added: $ in millions Other Other All other Other Other
Fair value beginning of period
9 unchanged sentences
$ — $ 2 $ 5 $ — $ ( 1 )
−Removed: Six months ended March 31, 2022
+Added: Nine Months Ended June 30, 2022
Level 3 instruments at fair value
Financial assets Financial liabilities
−Removed: Trading assets Other investments Trading liabilities Derivative liabilities
−Removed: $ in millions Other All other Other Other
+Added: Trading assets Derivative assets Other investments Derivative liabilities
+Added: $ in millions Other Other All other Other
Fair value beginning of period
9 unchanged sentences
$ — $ 2 $ 5 $ ( 1 )
−Removed: As of both March 31, 2023 and September 30, 2022, 14 % of our assets and 2 % of our liabilities were measured at fair value on a recurring basis and Level 3 assets represented less than 1 % of our assets measured at fair value on a recurring basis.
+Added: As of June 30, 2023, 15 % of our assets and 2 % of our liabilities were measured at fair value on a recurring basis.
+Added: In comparison, as of September 30, 2022, 14 % of our assets and 2 % of our liabilities were measured at fair value on a recurring basis.
+Added: As of both June 30, 2023 and September 30, 2022, 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.
−Removed: Our private equity portfolio as of March 31, 2023 primarily included investments in third-party funds, including growth equity, venture capital, and mezzanine lending fund investments.
+Added: Our private equity portfolio as of June 30, 2023 primarily included investments in third-party funds, including growth equity, venture capital, and mezzanine lending fund investments.
Our investments cannot be redeemed directly with the funds.
5 unchanged sentences
$ in millions Recorded value Unfunded commitment
−Removed: March 31, 2023
+Added: June 30, 2023
Private equity investments measured at NAV $ 100 $ 36
11 unchanged sentences
(weighted-average)
−Removed: March 31, 2023
+Added: June 30, 2023
Residential mortgage loans $ 2 $ 8 $ 10 Collateral or
20 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.
−Removed: 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, 2023 and September 30, 2022.
+Added: 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 June 30, 2023 and September 30, 2022.
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
−Removed: March 31, 2023
+Added: June 30, 2023
Financial assets:
23 unchanged sentences
unrealized losses Fair value
−Removed: March 31, 2023
+Added: June 30, 2023
Agency residential MBS $ 5,064 $ 1 $ ( 560 ) $ 4,505
17 unchanged sentences
Total available-for-sale securities $ 11,100 $ — $ ( 1,215 ) $ 9,885
−Removed: The amortized costs and fair values in the preceding table exclude $ 25 million and $ 24 million of accrued interest on available-for-sale securities as of March 31, 2023 and September 30, 2022, respectively, which was included in “Other receivables, net” on our Condensed Consolidated Statements of Financial Condition.
+Added: The amortized costs and fair values in the preceding table exclude $ 28 million and $ 24 million of accrued interest on available-for-sale securities as of June 30, 2023 and September 30, 2022, respectively, which was included in “Other receivables, net” on our Condensed Consolidated Statements of Financial Condition.
See Note 6 for more information regarding available-for-sale securities pledged with the Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank of Atlanta (“FRB”).
5 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.
−Removed: As a result, as of March 31, 2023, the weighted-average life of our available-for-sale securities portfolio was approximately 4.38 years.
−Removed: March 31, 2023
+Added: The weighted-average life of our available-for-sale securities portfolio, after factoring in estimated prepayments, was approximately 4.30 years as of June 30, 2023.
+Added: June 30, 2023
$ in millions Within one year After one but
72 unchanged sentences
fair value Unrealized
−Removed: March 31, 2023
+Added: June 30, 2023
Agency residential MBS
21 unchanged sentences
$ 5,156 $ ( 405 ) $ 4,716 $ ( 810 ) $ 9,872 $ ( 1,215 )
−Removed: At March 31, 2023, of the 1,072 available-for-sale securities in an unrealized loss position, 395 were in a continuous unrealized loss position for less than 12 months and 677 securities were in a continuous unrealized loss position for greater than 12 months.
−Removed: At March 31, 2023, 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 $ 5.07 billion and $ 3.05 billion, respectively, and fair values of $ 4.52 billion and $ 2.70 billion, respectively.
−Removed: During the three and six months ended March 31, 2023 and March 31, 2022, there were no sales of available-for-sale securities.
+Added: At June 30, 2023, of the 1,079 available-for-sale securities in an unrealized loss position, 144 were in a continuous unrealized loss position for less than 12 months and 935 securities were in a continuous unrealized loss position for greater than 12 months.
+Added: At June 30, 2023, 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 $ 4.91 billion and $ 2.95 billion, respectively, and fair values of $ 4.31 billion and $ 2.57 billion, respectively.
+Added: During the three and nine months ended June 30, 2023, there were no sales of available-for-sale securities.
+Added: During the three and nine months ended June 30, 2022, sales of available-for-sale securities were insignificant.
RAYMOND JAMES FINANCIAL, INC.
7 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.
−Removed: March 31, 2023 September 30, 2022
+Added: June 30, 2023 September 30, 2022
$ in millions Derivative assets Derivative liabilities Notional amount Derivative assets Derivative liabilities Notional amount
3 unchanged sentences
Interest rate - matched book (2)
+Added: — — — 52 52 1,340
Foreign exchange 2 — 1,167 4 5 958
23 unchanged sentences
(1) Relates to interest rate derivatives entered into as part of our fixed income business operations, including to-be-announced security contracts that are accounted for as derivatives, as well as our banking operations.
−Removed: (2) During the six months ended March 31, 2023, we entered into an interest rate swap to manage our risk of increases in interest rates associated with certain money market and savings accounts by converting the balances subject to variable interest rates to a fixed interest rate.
+Added: (2) Although the matched book derivative arrangements did not meet the definition of a master netting arrangement as specified by GAAP, the agreement with the third-party intermediary included terms that were similar to a master netting agreement.
+Added: As a result, we presented the matched book amounts as of September 30, 2022 net in the preceding table.
+Added: As of June 30, 2023, we had exited such matched book derivative agreements.
+Added: (3) During the nine months ended June 30, 2023, we entered into an interest rate swap to manage our risk of increases in interest rates associated with certain money market and savings accounts by converting the balances subject to variable interest rates to a fixed interest rate.
Such interest rate swap has been designated and accounted for as a cash flow hedge.
Refer to Note 13 of this Form 10-Q for information regarding these bank deposits.
−Removed: (3) 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.
−Removed: As a result, we present the matched book amounts net in the preceding table.
RAYMOND JAMES FINANCIAL, INC.
4 unchanged sentences
See Note 17 for additional information.
−Removed: Three months ended March 31, Six months ended March 31,
+Added: Three months ended June 30, Nine months ended June 30,
$ in millions 2023 2022 2023 2022
2 unchanged sentences
Total gains/(losses) included in AOCI, net of taxes $ ( 4 ) $ 34 $ ( 34 ) $ 62
−Removed: 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, 2023 and 2022.
+Added: 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, 2023 and 2022.
We expect to reclassify $ 36 million of interest expense out of AOCI and into earnings within the next 12 months.
−Removed: The maximum length of time over which forecasted transactions are or will be hedged is five years .
+Added: The maximum length of time over which forecasted transactions are or will be hedged is four years .
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.
These amounts do not include any offsetting gains/(losses) on the related hedged item.
−Removed: $ in millions Three months ended March 31, Six months ended March 31,
+Added: $ in millions Three months ended June 30, Nine months ended June 30,
Location of gain/(loss) 2023 2022 2023 2022
16 unchanged sentences
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.
−Removed: The aggregate fair value of all derivative instruments with such credit-risk-related contingent features that were in a liability position was $ 7 million as of March 31, 2023 and $ 8 million as of September 30, 2022.
+Added: The aggregate fair value of all derivative instruments with such credit-risk-related contingent features that were in a liability position was $ 3 million as of June 30, 2023 and $ 8 million as of September 30, 2022.
RAYMOND JAMES FINANCIAL, INC.
11 unchanged sentences
$ in millions Reverse repurchase agreements Securities borrowed Total Repurchase agreements Securities loaned Total
−Removed: March 31, 2023
+Added: June 30, 2023
Gross amounts of recognized assets/liabilities $ 181 $ 229 $ 410 $ 110 $ 71 $ 181
16 unchanged sentences
$ in millions Overnight and continuous Up to 30 days 30-90 days Greater than 90 days Total
−Removed: March 31, 2023
+Added: June 30, 2023
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.
−Removed: $ in millions March 31, 2023 September 30, 2022
+Added: $ in millions June 30, 2023 September 30, 2022
Collateral we received that was available to be delivered or repledged $ 3,099 $ 3,812
4 unchanged sentences
Encumbered assets
−Removed: We pledge certain of our assets to collateralize repurchase agreements or other secured borrowings, maintain lines of credit, to maintain our ability to hold certain deposits, or to satisfy our collateral or settlement requirements with counterparties or clearing organizations who may or may not have the right to deliver or repledge such instruments.
+Added: We pledge certain of our assets to collateralize repurchase agreements or other secured borrowings, maintain lines of credit, or to satisfy our collateral or settlement requirements with counterparties or clearing organizations who may or may not have the right to deliver or repledge such instruments.
We pledge certain of our bank loans and available-for-sale securities with the FHLB as security for both the repayment of certain borrowings and to secure capacity for additional borrowings as needed.
We also pledge certain loans and available-for-sale securities with the FRB to be eligible to participate in the Federal Reserve’s discount window program and to participate in certain deposit programs.
−Removed: During the quarter ended March 31, 2023, Raymond James Bank increased its borrowing capacity with the FHLB through the pledge of additional available-for-sale securities.
+Added: During the nine months ended June 30, 2023, Raymond James Bank increased its borrowing capacity with the FHLB through the pledge of additional available-for-sale securities.
The FHLB does not have the ability to sell or repledge such securities until they are borrowed against.
1 unchanged sentence
The following table presents information about our assets that have been pledged for one of the purposes previously described.
−Removed: $ in millions March 31, 2023 September 30, 2022
+Added: $ in millions June 30, 2023 September 30, 2022
Had the right to deliver or repledge $ 1,009 $ 1,276
12 unchanged sentences
See Note 2 of our 2022 Form 10-K for a discussion of accounting policies related to bank loans and the allowance for credit losses.
−Removed: Loan balances in the following tables are presented at amortized cost (outstanding principal balance net of unamortized purchase discounts or premiums, unearned income, and deferred origination fees and costs), except for certain held for sale loans recorded at fair value.
+Added: Loan balances in the following tables are presented at amortized cost (outstanding principal balance net of unamortized purchase discounts or premiums, unearned income, deferred origination fees and costs, and charge-offs), except for certain held for sale loans recorded at fair value.
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 (“ACL”).
1 unchanged sentence
The following table presents the balances for held for investment loans by portfolio segment and held for sale loans.
−Removed: $ in millions March 31, 2023 September 30, 2022
+Added: $ in millions June 30, 2023 September 30, 2022
SBL $ 14,227 $ 15,297
12 unchanged sentences
Accrued interest receivable on bank loans (included in “Other receivables, net”) $ 197 $ 137
−Removed: (1) Bank loans, net as of March 31, 2023 and September 30, 2022 are presented net of $ 89 million and $ 112 million, respectively, of net unamortized discount, unearned income, and deferred loan fees and costs.
+Added: (1) Bank loans, net as of June 30, 2023 and September 30, 2022 are presented net of $ 68 million and $ 112 million, respectively, of net unamortized discount, unearned income, and deferred loan fees and costs.
The net unamortized discount primarily arose from the acquisition date fair value purchase discount on bank loans acquired in the TriState Capital acquisition.
2 unchanged sentences
Held for sale loans
−Removed: We originated or purchased $ 624 million and $ 1.43 billion of loans held for sale during the three and six months ended March 31, 2023, respectively, and $ 999 million and $ 1.97 billion during the three and six months ended March 31, 2022, respectively.
+Added: We originated or purchased $ 699 million and $ 2.13 billion of loans held for sale during the three and nine months ended June 30, 2023, respectively, and, exclusive of the loans acquired on June 1, 2022 in our acquisition of TriState Capital, 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.
The majority of these loans were purchases of the guaranteed portions of Small Business Administration (“SBA”) loans that were initially classified as loans held for sale upon purchase and subsequently transferred to trading instruments once they had been securitized into pools.
−Removed: Proceeds from the sales of these loans held for sale and not securitized amounted to $ 155 million and $ 353 million during the three and six months ended March 31, 2023, respectively, and $ 339 million and $ 677 million during the three and six months ended March 31, 2022, respectively.
−Removed: Net gains resulting from such sales were insignificant for each of the three and six months ended March 31, 2023 and 2022.
+Added: Proceeds from the sales of these loans held for sale and not securitized amounted to $ 221 million and $ 574 million during the three and nine months ended June 30, 2023, respectively, and $ 345 million and $ 1.02 billion during the three and nine months ended June 30, 2022, respectively.
+Added: Net gains resulting from such sales were insignificant for each of the three and nine months ended June 30, 2023 and 2022.
RAYMOND JAMES FINANCIAL, INC.
4 unchanged sentences
$ in millions C&I loans CRE loans REIT loans Residential mortgage loans Total
−Removed: Three months ended March 31, 2023
+Added: Three months ended June 30, 2023
Purchases $ 3 $ — $ — $ 94 $ 97
Sales $ 441 $ — $ — $ — $ 441
−Removed: Six months ended March 31, 2023
+Added: Nine months ended June 30, 2023
Purchases $ 360 $ 39 $ 24 $ 394 $ 817
Sales $ 588 $ — $ — $ — $ 588
−Removed: Three months ended March 31, 2022
+Added: Three months ended June 30, 2022
Purchases $ 439 $ — $ — $ 383 $ 822
Sales $ 33 $ — $ — $ — $ 33
−Removed: Six months ended March 31, 2022
+Added: Nine months ended June 30, 2022
Purchases $ 1,219 $ — $ — $ 790 $ 2,009
5 unchanged sentences
$ 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
−Removed: March 31, 2023
+Added: June 30, 2023
SBL $ — $ — $ — $ — $ — $ 14,227 $ 14,227
13 unchanged sentences
Total loans held for investment $ 4 $ — $ 4 $ 44 $ 30 $ 43,420 $ 43,498
−Removed: The preceding table includes $ 90 million and $ 63 million at March 31, 2023 and September 30, 2022, respectively, of nonaccrual loans which were current pursuant to their contractual terms.
−Removed: The table also includes troubled debt restructurings of $ 20 million, $ 8 million, and $ 10 million for C&I loans, CRE loans, and residential first mortgage loans, respectively, at March 31, 2023, and $ 11 million, $ 9 million, and $ 10 million for C&I loans, CRE loans and residential first mortgage loans, respectively, at September 30, 2022.
−Removed: Other real estate owned, included in “Other assets” on our Condensed Consolidated Statements of Financial Condition, was insignificant at both March 31, 2023 and September 30, 2022.
+Added: The preceding table includes $ 118 million and $ 63 million at June 30, 2023 and September 30, 2022, respectively, of nonaccrual loans which were current pursuant to their contractual terms.
+Added: The table also includes troubled debt restructurings of $ 30 million, $ 7 million, and $ 10 million for C&I loans, CRE loans, and residential first mortgage loans, respectively, at June 30, 2023, and $ 11 million, $ 9 million, and $ 10 million for C&I loans, CRE loans and residential first mortgage loans, respectively, at September 30, 2022.
+Added: Other real estate owned, included in “Other assets” on our Condensed Consolidated Statements of Financial Condition, was insignificant at both June 30, 2023 and September 30, 2022.
RAYMOND JAMES FINANCIAL, INC.
5 unchanged sentences
Loan type ($ in millions)
−Removed: Nature of collateral March 31, 2023 September 30, 2022
+Added: Nature of collateral June 30, 2023 September 30, 2022
C&I loans Commercial real estate and other business assets $ 9 $ 11
−Removed: CRE loans Retail, industrial, office and health care real estate $ 52 $ 21
+Added: CRE loans Office, healthcare, industrial, and retail real estate $ 42 $ 21
Residential mortgage loans Single family homes $ 4 $ 6
−Removed: The recorded investment in residential mortgage loans secured by one-to-four family residential properties for which formal foreclosure proceedings were in process was $ 5 million at both March 31, 2023 and September 30, 2022.
+Added: The recorded investments in residential mortgage loans secured by one-to-four family residential properties for which formal foreclosure proceedings were in process were $ 4 million and $ 5 million as of June 30, 2023 and September 30, 2022, respectively.
Credit quality indicators
16 unchanged sentences
Loans classified as special mention, substandard or doubtful are all considered to be “criticized” loans.
−Removed: March 31, 2023
+Added: June 30, 2023
Loans by origination fiscal year
2 unchanged sentences
Special mention (1)
+Added: — — — — — — 4 4
Substandard (1)
+Added: — — — — — — 5 5
Doubtful — — — — — — — —
27 unchanged sentences
Total tax-exempt loans $ 90 $ 297 $ 162 $ 56 $ 100 $ 843 $ — $ 1,548
+Added: (1) These balances relate to loans which were collateralized by private securities or securities with a limited trading market as of June 30, 2023.
RAYMOND JAMES FINANCIAL, INC.
43 unchanged sentences
The following table presents the held for investment residential mortgage loan portfolio by FICO score and by LTV ratio at origination.
−Removed: March 31, 2023
+Added: June 30, 2023
Loans by origination fiscal year
27 unchanged sentences
$ in millions SBL C&I loans CRE loans REIT loans Residential mortgage loans Tax-exempt loans Total
−Removed: Three months ended March 31, 2023
+Added: Three months ended June 30, 2023
Balance at beginning of period
$ 5 $ 219 $ 100 $ 15 $ 74 $ 2 $ 415
−Removed: Provision for credit losses 1 18 9 — — — 28
+Added: Provision/(benefit) for credit losses — ( 8 ) 55 1 6 — 54
Net (charge-offs)/recoveries:
8 unchanged sentences
ACL by loan portfolio segment as a % of total ACL 1.1 % 45.3 % 32.2 % 3.5 % 17.5 % 0.4 % 100.0 %
−Removed: Six months ended March 31, 2023
+Added: Nine months ended June 30, 2023
Balance at beginning of period
11 unchanged sentences
ACL by loan portfolio segment as a % of total ACL 1.1 % 45.3 % 32.2 % 3.5 % 17.5 % 0.4 % 100.0 %
−Removed: Three months ended March 31, 2022
+Added: Three months ended June 30, 2022
Balance at beginning of period
$ 3 $ 195 $ 71 $ 25 $ 32 $ 2 $ 328
+Added: Initial allowance on acquired purchased credit deteriorated (“PCD”) loans — 1 2 — — — 3
Provision/(benefit) for credit losses:
+Added: Initial provision for credit losses on non-PCD loans acquired with TriState Capital Bank 2 5 19 — — — 26
+Added: Provision/(benefit) for credit losses ( 1 ) 17 — ( 2 ) 16 — 30
+Added: Total provision/(benefit) for credit losses 1 22 19 ( 2 ) 16 — 56
Net (charge-offs)/recoveries:
7 unchanged sentences
ACL by loan portfolio segment as a % of total ACL 1.1 % 54.9 % 24.7 % 6.1 % 12.7 % 0.5 % 100.0 %
−Removed: Six months ended March 31, 2022
+Added: Nine months ended June 30, 2022
Balance at beginning of period
$ 4 $ 191 $ 66 $ 22 $ 35 $ 2 $ 320
+Added: Initial allowance on acquired PCD loans — 1 2 — — — 3
Provision/(benefit) for credit losses:
+Added: Initial provision for credit losses on non-PCD loans acquired with TriState Capital Bank 2 5 19 — — — 26
+Added: Provision/(benefit) for credit losses ( 2 ) 24 5 1 12 — 40
+Added: Total provision/(benefit) for credit losses — 29 24 1 12 — 66
Net (charge-offs)/recoveries:
8 unchanged sentences
ACL by loan portfolio segment as a % of total ACL 1.1 % 54.9 % 24.7 % 6.1 % 12.7 % 0.5 % 100.0 %
−Removed: The allowance for credit losses on held for investment bank loans increased $ 7 million and $ 19 million during the three and six months ended March 31, 2023, respectively, resulting from a $ 28 million and $ 42 million provision for credit losses, respectively, partially offset by net charge-offs which were primarily related to two C&I loans.
−Removed: The provision for credit losses for the three months ended March 31, 2023 primarily reflected the impacts of charge-offs of certain loans during the quarter, loan downgrades in the CRE and C&I loan portfolios, and additional volatility in the macroeconomic outlook.
−Removed: The provision for credit losses for the six months ended March 31, 2023 was primarily due to a weaker macroeconomic outlook, net charge-offs, and the impact of loan growth during the period.
RAYMOND JAMES FINANCIAL, INC.
1 unchanged sentence
Notes to Condensed Consolidated Financial Statements (Unaudited)
−Removed: The allowance for credit losses on unfunded lending commitments, which is included in “Other payables” on our Condensed Consolidated Statements of Financial Condition, was $ 21 million at March 31, 2023 and $ 19 million at both December 31, 2022 and September 30, 2022.
+Added: The allowance for credit losses on held for investment bank loans increased $ 41 million and $ 60 million during the three and nine months ended June 30, 2023, respectively, primarily resulting from provisions for credit losses of $ 54 million and $ 96 million, respectively, partially offset by net charge-offs of certain loans during the period.
+Added: The provision for credit losses for the three months ended June 30, 2023 largely reflected the impacts of a weaker economic outlook for the CRE portfolio as reflected in Moody’s CRE Price Index utilized in our Current Expected Credit Losses (“CECL”) model and to a lesser extent loan downgrades.
+Added: The provision for credit losses for the nine months ended June 30, 2023 primarily reflected the impacts of a weakened macroeconomic outlook for certain loan portfolios, including the aforementioned impact of a weaker economic outlook for the CRE portfolio as reflected in Moody’s CRE Price Index utilized in our CECL model as well as loan downgrades during the period.
+Added: These increases were partially offset by the impact of loan repayments and sales, which had a larger impact than provisions on new loans during the period.
+Added: The allowance for credit losses on unfunded lending commitments, which is included in “Other payables” on our Condensed Consolidated Statements of Financial Condition, was $ 28 million, $ 21 million, and $ 19 million at June 30, 2023, March 31, 2023 and September 30, 2022, respectively.
+Added: The increase in the allowance for credit losses on unfunded lending commitments for the three and nine months ended June 30, 2023 was primarily due to the aforementioned impact of a weaker economic outlook for the CRE portfolio as reflected in Moody’s CRE Price Index utilized in our CECL model.
NOTE 8 – 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.
−Removed: $ in millions March 31, 2023 September 30, 2022
+Added: $ in millions June 30, 2023 September 30, 2022
Affiliated with the firm as of period-end (1)
9 unchanged sentences
(2) These loans were predominantly past due for a period of 180 days or more.
+Added: RAYMOND JAMES FINANCIAL, INC.
+Added: AND SUBSIDIARIES
+Added: Notes to Condensed Consolidated Financial Statements (Unaudited)
NOTE 9 – VARIABLE INTEREST ENTITIES
7 unchanged sentences
$ in millions Aggregate assets Aggregate liabilities
−Removed: March 31, 2023
+Added: June 30, 2023
Restricted Stock Trust Fund
3 unchanged sentences
Total $ 76 $ 23
−Removed: RAYMOND JAMES FINANCIAL, INC.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Condensed Consolidated Financial Statements (Unaudited)
The following table presents information about the carrying value of the assets and liabilities of the VIEs which we consolidate and which are included on our Condensed Consolidated Statements of Financial Condition.
Intercompany balances are eliminated in consolidation and are not reflected in the following table.
−Removed: $ in millions March 31, 2023 September 30, 2022
+Added: $ in millions June 30, 2023 September 30, 2022
Cash and cash equivalents and assets segregated for regulatory purposes and restricted cash $ 5 $ 5
8 unchanged sentences
Our risk of loss for these VIEs is limited to our investments in, advances to, and/or receivables due from these VIEs.
+Added: RAYMOND JAMES FINANCIAL, INC.
+Added: AND SUBSIDIARIES
+Added: Notes to Condensed Consolidated Financial Statements (Unaudited)
Aggregate assets, liabilities, and risk of loss
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.
−Removed: March 31, 2023 September 30, 2022
+Added: June 30, 2023 September 30, 2022
$ in millions Aggregate
14 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.
−Removed: Our qualitative assessments consider macroeconomic indicators and industry and market considerations, such as trends in equity and fixed income markets, gross domestic product, labor markets, interest rates, and housing markets.
−Removed: We also consider regulatory changes, as well as company-specific factors such as reporting unit specific results and changes in key personnel and strategy.
+Added: Our qualitative assessments considered macroeconomic indicators and industry and market considerations, such as trends in equity and fixed income markets, gross domestic product, labor markets, interest rates, and housing markets.
+Added: We also considered regulatory changes, as well as company-specific factors such as market capitalization, reporting unit specific results, and changes in key personnel and strategy.
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.
1 unchanged sentence
No events have occurred since such assessments that would cause us to update this impairment testing.
−Removed: RAYMOND JAMES FINANCIAL, INC.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Condensed Consolidated Financial Statements (Unaudited)
NOTE 11 - OTHER ASSETS
1 unchanged sentence
See Note 2 of our 2022 Form 10-K for a discussion of the accounting polices related to certain of these components.
−Removed: $ in millions March 31, 2023 September 30, 2022
+Added: $ in millions June 30, 2023 September 30, 2022
Investments in company-owned life insurance policies $ 1,133 $ 944
3 unchanged sentences
Investments in FHLB and FRB stock 85 88
+Added: Client-owned fractional shares 100 78
All other 167 186
1 unchanged sentence
See Note 13 of our 2022 Form 10-K for further information regarding our property and equipment and Note 12 of this Form 10-Q and Note 14 of our 2022 Form 10-K for further information regarding our leases.
+Added: RAYMOND JAMES FINANCIAL, INC.
+Added: AND SUBSIDIARIES
+Added: Notes to Condensed Consolidated Financial Statements (Unaudited)
NOTE 12 – LEASES
1 unchanged sentence
See Notes 2 and 14 of our 2022 Form 10-K for additional information related to our leases, including a discussion of our accounting policies.
−Removed: $ in millions March 31, 2023 September 30, 2022
+Added: $ in millions June 30, 2023 September 30, 2022
ROU assets (included in Other assets) $ 519 $ 480
Lease liabilities (included in Other payables) $ 521 $ 482
−Removed: Lease liabilities as of March 31, 2023 excluded $ 53 million of minimum lease payments related to lease arrangements that were legally binding but had not yet commenced.
−Removed: These leases are estimated to commence between dates later in fiscal year 2023 and fiscal year 2025 with lease terms ranging from two to 13 years.
+Added: Lease liabilities as of June 30, 2023 excluded $ 46 million of minimum lease payments related to lease arrangements that were legally binding but had not yet commenced.
+Added: These leases are estimated to commence between dates later in fiscal year 2023 through fiscal year 2025 with lease terms ranging from four to 10 years.
Lease expense
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.
−Removed: Three months ended March 31, Six months ended March 31,
+Added: Three months ended June 30, Nine months ended June 30,
$ in millions 2023 2022 2023 2022
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.
−Removed: RAYMOND JAMES FINANCIAL, INC.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Condensed Consolidated Financial Statements (Unaudited)
NOTE 13 – BANK DEPOSITS
Bank deposits include money market and savings accounts, interest-bearing demand deposits, which include Negotiable Order of Withdrawal accounts, certificates of deposit, and non-interest-bearing demand deposits.
−Removed: The following table presents a summary of bank deposits, as well as the weighted-average interest rates on such deposits.
+Added: The following table presents a summary of bank deposits, excluding affiliated deposits, as well as the weighted-average interest rates on such deposits.
The calculation of the weighted-average rates was based on the actual deposit balances and rates at each respective period end.
−Removed: March 31, 2023 September 30, 2022
+Added: June 30, 2023 September 30, 2022
$ in millions Balance Weighted-average rate Balance Weighted-average rate
4 unchanged sentences
Total bank deposits $ 53,768 2.72 % $ 51,357 1.21 %
−Removed: Money market and savings accounts in the preceding table included $ 37.68 billion and $ 38.71 billion as of March 31, 2023 and September 30, 2022, respectively, of cash balances which were swept to our Bank segment from the client investment accounts maintained at Raymond James & Associates, Inc.
+Added: Money market and savings accounts in the preceding table included $ 27.92 billion and $ 38.71 billion as of June 30, 2023 and September 30, 2022, respectively, of cash balances which were swept to our Bank segment from the client investment accounts maintained at Raymond James & Associates, Inc.
Such deposits are held in Federal Deposit Insurance Corporation (“FDIC”)-insured bank accounts through the Raymond James Bank Deposit Program (“RJBDP”).
Money market and savings accounts also included direct accounts held by TriState Capital Bank on behalf of third-party clients.
−Removed: Interest-bearing demand deposits in the preceding table included $ 2.75 billion of deposits as of March 31, 2023 associated with our Enhanced Savings Program, in which Private Client Group clients may deposit cash in a high-yield Raymond James Bank account.
−Removed: The following table details the estimated amount of total bank deposits that are FDIC-insured, as well as the estimated amount of total bank deposits that exceeded the FDIC insurance limit at each respective period.
−Removed: $ in millions March 31, 2023 September 30, 2022
+Added: Interest-bearing demand deposits in the preceding table included $ 11.23 billion of deposits as of June 30, 2023 associated with our Enhanced Savings Program, in which Private Client Group clients deposit cash in a high-yield Raymond James Bank account.
+Added: The following table details the estimated amount of total bank deposits, excluding affiliated deposits, that are FDIC-insured, as well as the estimated amount that exceeded the FDIC insurance limit at each respective period.
+Added: $ in millions June 30, 2023 September 30, 2022
FDIC-insured bank deposits $ 46,884 $ 43,520
2 unchanged sentences
FDIC-insured bank deposits as a % of total bank deposits 87 % 85 %
−Removed: The following table sets forth the estimated amount of certificates of deposit that exceeded the FDIC insurance limit by time remaining until maturity as of March 31, 2023.
−Removed: $ in millions March 31, 2023
+Added: RAYMOND JAMES FINANCIAL, INC.
+Added: AND SUBSIDIARIES
+Added: Notes to Condensed Consolidated Financial Statements (Unaudited)
+Added: The following table sets forth the estimated amount of certificates of deposit, excluding affiliated deposits, that exceeded the FDIC insurance limit by time remaining until maturity as of June 30, 2023.
+Added: $ in millions June 30, 2023
Three months or less
4 unchanged sentences
Interest expense on deposits, excluding interest expense related to affiliated deposits, is summarized in the following table.
−Removed: Three months ended March 31, Six months ended March 31,
+Added: Three months ended June 30, Nine months ended June 30,
$ in millions 2023 2022 2023 2022
5 unchanged sentences
Refer to Note 5 of this Form 10-Q for information regarding this interest rate swap, which has been designated and accounted for as a cash flow hedge.
−Removed: RAYMOND JAMES FINANCIAL, INC.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Condensed Consolidated Financial Statements (Unaudited)
NOTE 14 – 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.
−Removed: March 31, 2023 September 30, 2022
+Added: June 30, 2023 September 30, 2022
$ in millions Weighted average interest rate Maturity date Balance Weighted average interest rate Maturity date Balance
1 unchanged sentence
Floating rate - term (1)
−Removed: 5.09 % December 2023 - June 2024 $ 850 3.32 % December 2023 $ 850
+Added: 5.36 % December 2023 - March 2025 $ 850 3.32 % December 2023 $ 850
Floating rate - overnight (1)
−Removed: N/A Overnight — 3.11 % Overnight 140
−Removed: Fixed rate 5.13 % April 2023 - June 2023 700 3.45 % December 2022 200
+Added: — % Overnight — 3.11 % Overnight 140
+Added: Fixed rate 5.59 % September 2023 150 3.45 % December 2022 200
Total FHLB advances 1,000 1,190
3 unchanged sentences
(1) Interest rates on these advances reset daily.
−Removed: (2) 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, or an appropriate alternative reference rate.
−Removed: We may redeem these subordinated notes 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.
We use interest rate swaps to manage the risk of increases in interest rates associated with the majority our floating-rate FHLB advances by converting the balances subject to variable interest rates to a fixed interest rate.
1 unchanged sentence
Refer to Note 6 for more information regarding bank loans, net and available-for-sale securities pledged with the FHLB as security for our FHLB borrowings.
+Added: Subordinated notes
+Added: Our subordinated notes incur interest at a fixed rate of 5.75 % until May 2025 and thereafter at a variable interest rate equal to 3-month CME Term SOFR plus a spread adjustment of 5.62 % per annum.
+Added: Refer to Note 16 of our 2022 Form 10-K for additional information regarding these borrowings.
+Added: RAYMOND JAMES FINANCIAL, INC.
+Added: AND SUBSIDIARIES
+Added: Notes to Condensed Consolidated Financial Statements (Unaudited)
+Added: Credit Facility
+Added: In April 2023, we amended and extended our revolving credit facility agreement (the “Credit Facility”), a committed unsecured line of credit under which either RJ&A or RJF have the ability to borrow.
+Added: As a result of the extension, the Credit Facility reflects a term through April 2028 and provides for maximum borrowings of up to $ 750 million.
+Added: The interest rates on borrowings under the Credit Facility are variable and based on the Secured Overnight Financing Rate (“SOFR”), as adjusted for RJF’s credit rating.
+Added: There were no borrowings outstanding on the Credit Facility as of June 30, 2023 or September 30, 2022.
+Added: There is a facility fee associated with the Credit Facility, which also varies with RJF’s credit rating.
+Added: Based upon RJF’s credit rating as of June 30, 2023, the variable rate facility fee, which is applied to the committed amount, was 0.125 % per annum.
For further information on our other borrowing arrangements refer to Note 16 of our 2022 Form 10-K.
6 unchanged sentences
Effective tax rate
−Removed: Our effective income tax rate of 22.6 % for the six months ended March 31, 2023 was lower than the 25.4 % effective tax rate for our fiscal year 2022.
+Added: Our effective income tax rate of 23.0 % for the nine months ended June 30, 2023 was lower than the 25.4 % effective tax rate for our fiscal year 2022.
The decrease in the effective income tax rate was primarily due to nontaxable valuation gains associated with our company-owned life insurance policies that were recognized during the current period compared to fiscal year 2022 which had nondeductible losses.
1 unchanged sentence
Although management cannot predict with any degree of certainty the timing of ultimate resolution of matters under review by various taxing jurisdictions, it is reasonably possible that our uncertain tax position liability balance may decrease within the next 12 months by up to $ 10 million due to expirations of statutes of limitations and the completion of tax examinations.
−Removed: RAYMOND JAMES FINANCIAL, INC.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Condensed Consolidated Financial Statements (Unaudited)
NOTE 16 – COMMITMENTS, CONTINGENCIES AND GUARANTEES
2 unchanged sentences
In the normal course of business, we enter into commitments for debt and equity underwritings.
−Removed: As of March 31, 2023, we had one such open underwriting commitment, which was subsequently settled in an open market transaction and did not result in a significant loss.
+Added: As of June 30, 2023, we had one such open underwriting commitment, which was subsequently settled in an open market transaction that had an insignificant impact on our results of operations.
Lending commitments and other credit-related financial instruments
2 unchanged sentences
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.
+Added: RAYMOND JAMES FINANCIAL, INC.
+Added: AND SUBSIDIARIES
+Added: Notes to Condensed Consolidated Financial Statements (Unaudited)
The following table presents our commitments to extend credit and other credit-related off-balance sheet financial instruments outstanding at our Bank segment.
−Removed: $ in millions March 31, 2023 September 30, 2022
+Added: $ in millions June 30, 2023 September 30, 2022
SBL and other consumer lines of credit $ 37,868 $ 33,641
4 unchanged sentences
Standby letters of credit
−Removed: SBL and other consumer lines of credit primarily represent the unfunded amounts of bank loans to consumers that are secured by marketable securities or other liquid collateral at advance rates consistent with industry standards.
+Added: SBL and other consumer lines of credit primarily represent the unfunded amounts of bank loans to consumers that are primarily secured by marketable securities or other liquid collateral 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.
1 unchanged sentence
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.
−Removed: The allowance for credit losses calculated under the current expected credit losses (“CECL”) model provides for potential losses related to the unfunded lending commitments.
+Added: The allowance for credit losses calculated under the CECL model provides for potential losses related to the unfunded lending commitments.
See Note 2 of our 2022 Form 10-K and Note 7 of this Form 10-Q for further information on this allowance for credit losses related to unfunded lending commitments.
5 unchanged sentences
Investment commitments
−Removed: We had unfunded commitments to various investments, primarily held by Raymond James Bank and TriState Capital Bank, of $ 63 million as of March 31, 2023.
−Removed: RAYMOND JAMES FINANCIAL, INC.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Condensed Consolidated Financial Statements (Unaudited)
+Added: We had unfunded commitments to various investments, primarily held by Raymond James Bank and TriState Capital Bank, of $ 74 million as of June 30, 2023.
Other commitments
3 unchanged sentences
Until such investments are sold to LIHTC funds, RJAHI is responsible for funding investment commitments to such partnerships.
−Removed: As of March 31, 2023, RJAHI had committed approximately $ 149 million to project partnerships that had not yet been sold to LIHTC funds.
+Added: As of June 30, 2023, RJAHI had committed approximately $ 265 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.
8 unchanged sentences
RJF has provided an indemnity to Lloyd’s of London against any and all losses they may incur associated with the excess SIPC policies.
+Added: RAYMOND JAMES FINANCIAL, INC.
+Added: AND SUBSIDIARIES
+Added: Notes to Condensed Consolidated Financial Statements (Unaudited)
Legal and regulatory matters contingencies
21 unchanged sentences
However, the outcome of such litigation and regulatory proceedings could be material to our operating results and cash flows for a particular future period, depending on, among other things, our revenues or income for such period.
+Added: There are certain matters for which we are unable to estimate the upper end of the range of reasonably possible loss.
+Added: 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, 2023, we estimated the upper end of the range of reasonably possible aggregate loss to be approximately $ 100 million in excess of the aggregate accruals for such matters.
+Added: Refer to Note 2 of our 2022 Form 10-K for a discussion of our criteria for recognizing liabilities for contingencies.
RAYMOND JAMES FINANCIAL, INC.
1 unchanged sentence
Notes to Condensed Consolidated Financial Statements (Unaudited)
−Removed: There are certain matters for which we are unable to estimate the upper end of the range of reasonably possible loss.
−Removed: 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, 2023, we estimated the upper end of the range of reasonably possible aggregate loss to be approximately $ 100 million in excess of the aggregate accruals for such matters.
−Removed: Refer to Note 2 of our 2022 Form 10-K for a discussion of our criteria for recognizing liabilities for contingencies.
NOTE 17 – SHAREHOLDERS’ EQUITY
2 unchanged sentences
For further details regarding our preferred stock see Note 20 of our 2022 Form 10-K.
−Removed: $ in millions, except share count March 31, 2023 September 30, 2022
+Added: $ in millions, except share count June 30, 2023 September 30, 2022
6.75 % Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock (“Series A Preferred Stock”):
6 unchanged sentences
Aggregate liquidation preference $ 81 $ 81
−Removed: On April 3, 2023, we redeemed all 40,250 outstanding shares of our Series A Preferred Stock, which triggered the redemption of the related depositary shares (“Series A Depositary Shares”), each representing a 1/40th interest of a share of Series A Preferred Stock, for an aggregate redemption value of $ 40 million.
−Removed: The redemption of the Series A Preferred Stock will be reflected in our condensed consolidated financial statements in our fiscal third quarter of 2023.
−Removed: The following table details dividends declared and dividends paid on our Series A and Series B preferred stock for the three and six months ended March 31, 2023.
−Removed: Three months ended March 31, 2023 Six months ended March 31, 2023
+Added: On April 3, 2023, we redeemed all 40,250 outstanding shares of our Series A Preferred Stock with a carrying value of $ 41 million, which triggered the redemption of the related depositary shares (“Series A Depositary Shares”), each representing a 1/40th interest of a share of Series A Preferred Stock, for an aggregate redemption value of $ 40 million.
+Added: The following table details dividends declared and dividends paid on our Series A and Series B preferred stock for the three and nine months ended June 30, 2023.
+Added: Dividends declared Dividends paid
$ in millions, except per share amounts Total dividends Per preferred
share amount Total dividends Per preferred
−Removed: Dividends declared:
+Added: Three months ended June 30, 2023
Series A Preferred Stock (1)
+Added: $ — $ — $ 1 $ 16.88
Series B Preferred Stock 1 $ 15.94 1 $ 15.94
−Removed: Total preferred stock dividends declared $ 2 $ 4
−Removed: Dividends paid:
+Added: Total preferred stock dividends (1)
+Added: Nine Months Ended June 30, 2023
Series A Preferred Stock (1)
+Added: $ 2 $ 33.76 $ 3 $ 50.64
Series B Preferred Stock 3 $ 47.82 3 $ 47.82
−Removed: Total preferred stock dividends paid $ 2 $ 4
+Added: Total preferred stock dividends (1)
+Added: Three months ended June 30, 2022
+Added: Series A Preferred Stock $ 1 $ 16.88 $ — $ —
+Added: Series B Preferred Stock 1 $ 15.94 — $ —
+Added: Total preferred stock dividends $ 2 $ —
+Added: Nine months ended June 30, 2022
+Added: Series A Preferred Stock $ 1 $ 16.88 $ —
+Added: Series B Preferred Stock 1 $ 15.94 — $ —
+Added: Total preferred stock dividends $ 2 $ —
+Added: (1) Preferred stock dividends on our Condensed Consolidated Statements of Income and Comprehensive Income for the three and nine months ended June 30, 2023 included dividends declared during the periods, as well as the $ 1 million excess of the carrying value of our Series A Preferred Stock over the redemption value, which was reported as an offset to preferred dividends and increased net income available to common shareholders.
+Added: Dividends on Series B Preferred Stock are payable quarterly at a rate of 6.375 % per annum from original issue date up to, but excluding, July 1, 2026, and thereafter at a floating rate equal to 3-month CME Term SOFR plus a spread adjustment of 4.35 % per annum.
+Added: Refer to Note 20 of our 2022 Form 10-K for additional information regarding our Series B Preferred Stock.
RAYMOND JAMES FINANCIAL, INC.
10 unchanged sentences
Our share repurchases are effected primarily through regular open-market purchases, typically under a SEC Rule 10b-18 plan, the amounts and timing of which are determined primarily by our current and projected capital position, applicable law and regulatory constraints, general market conditions, and the price and trading volumes of our common stock.
−Removed: During the three months ended March 31, 2023, we repurchased 3.75 million shares of our common stock for $ 350 million at an average price of $ 93 per share under the Board of Directors’ common stock repurchase authorization.
−Removed: During the six months ended March 31, 2023, we repurchased 5.04 million shares of our common stock for $ 488 million at an average price of $ 97 per share under the Board of Directors’ common stock repurchase authorization.
−Removed: As of March 31, 2023, approximately $ 1.1 billion remained available under such authorization.
+Added: During the three months ended June 30, 2023, under the Board of Directors’ common stock repurchase authorization, we repurchased 3.31 million shares of our common stock for $ 300 million at an average price of $ 90.51 per share.
+Added: During the nine months ended June 30, 2023, we repurchased 8.35 million shares of our common stock for $ 788 million at an average price of $ 94.30 per share.
+Added: As of June 30, 2023, $ 750 million remained available under the Board of Directors’ common stock repurchase authorization.
+Added: We incurred $ 5 million of excise tax on share repurchases during the nine months ended June 30, 2023 which is included in “Treasury stock” on the Condensed Consolidated Statements of Changes in Shareholders’ Equity.
Common stock dividends
Dividends per common share declared and paid are detailed in the following table for each respective period.
−Removed: Three months ended March 31, Six months ended March 31,
+Added: Three months ended June 30, Nine months ended June 30,
2023 2022 2023 2022
2 unchanged sentences
Our dividend payout ratio is detailed in the following table for each respective period and is computed by dividing dividends declared per common share by earnings per diluted common share.
−Removed: Three months ended March 31, Six months ended March 31, 2023
+Added: Three months ended June 30, Nine months ended June 30,
2023 2022 2023 2022
13 unchanged sentences
net investment hedges and currency translations Available- for-sale securities Cash flow hedges Total
−Removed: Three months ended March 31, 2023
+Added: Three months ended June 30, 2023
AOCI as of beginning of period $ 136 $ ( 206 ) $ ( 70 ) $ ( 758 ) $ 30 $ ( 798 )
5 unchanged sentences
AOCI as of end of period $ 120 $ ( 170 ) $ ( 50 ) $ ( 834 ) $ 42 $ ( 842 )
−Removed: Six months ended March 31, 2023
+Added: Nine months ended June 30, 2023
AOCI as of beginning of period $ 153 $ ( 276 ) $ ( 123 ) $ ( 902 ) $ 43 $ ( 982 )
5 unchanged sentences
AOCI as of end of period $ 120 $ ( 170 ) $ ( 50 ) $ ( 834 ) $ 42 $ ( 842 )
−Removed: Three months ended March 31, 2022
+Added: 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 )
−Removed: Six months ended March 31, 2022
+Added: 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 )
−Removed: Reclassifications from AOCI to net income, excluding taxes, for the three and six months ended March 31, 2023 and 2022 were recorded in “Interest expense” on the Condensed Consolidated Statements of Income and Comprehensive Income.
+Added: Reclassifications from AOCI to net income, excluding taxes, for the three and nine months ended June 30, 2023 and 2022 were recorded in “Interest expense” on the Condensed Consolidated Statements of Income and Comprehensive Income.
Our net investment hedges and cash flow hedges relate to derivatives associated with our Bank segment.
8 unchanged sentences
See Note 26 of our 2022 Form 10-K and Note 23 of this Form 10-Q for additional information on our segment results.
−Removed: Three months ended March 31, 2023
+Added: Three months ended June 30, 2023
$ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total
33 unchanged sentences
Notes to Condensed Consolidated Financial Statements (Unaudited)
−Removed: Three months ended March 31, 2022
+Added: Three months ended June 30, 2022
$ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total
33 unchanged sentences
Notes to Condensed Consolidated Financial Statements (Unaudited)
−Removed: Six months ended March 31, 2023
+Added: Nine Months Ended June 30, 2023
$ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total
33 unchanged sentences
Notes to Condensed Consolidated Financial Statements (Unaudited)
−Removed: Six months ended March 31, 2022
+Added: Nine Months Ended June 30, 2022
$ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total
30 unchanged sentences
(1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.
−Removed: At March 31, 2023 and September 30, 2022, net receivables related to contracts with customers were $ 540 million and $ 511 million, respectively.
+Added: At June 30, 2023 and September 30, 2022, net receivables related to contracts with customers were $ 543 million and $ 511 million, respectively.
RAYMOND JAMES FINANCIAL, INC.
3 unchanged sentences
The following table details the components of interest income and interest expense.
−Removed: Three months ended March 31, Six months ended March 31,
+Added: Three months ended June 30, Nine months ended June 30,
$ in millions 2023 2022 2023 2022
27 unchanged sentences
Following this amendment, the Plan authorizes us to grant 96.4 million shares (including the shares available for grant under six predecessor plans).
−Removed: As of March 31, 2023, 21.0 million shares remained available for grant under the Plan.
+Added: As of June 30, 2023, 20.9 million shares remained available for grant under the Plan.
We may utilize treasury shares for grants under the Plan;
4 unchanged sentences
Restricted stock units
−Removed: During the three and six months ended March 31, 2023, we granted approximately 203 thousand and 2.1 million RSUs, respectively, with a weighted-average grant-date fair value of $ 108.39 and $ 116.75 , respectively, compared with approximately 550 thousand and 2.9 million RSUs granted during the three and six months ended March 31, 2022, respectively, with a weighted-average grant-date fair value of $ 107.06 and $ 98.86 , respectively.
−Removed: For the three and six months ended March 31, 2023, total share-based compensation amortization related to RSUs was $ 54 million and $ 130 million, respectively, compared with $ 41 million and $ 105 million for the three and six months ended March 31, 2022, respectively.
−Removed: As of March 31, 2023, there were $ 430 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, 2023.
+Added: During the three and nine months ended June 30, 2023, we granted approximately 47 thousand and 2.1 million RSUs, respectively, with a weighted-average grant-date fair value of $ 90.86 and $ 116.18 , respectively, compared with approximately 222 thousand and 3.1 million RSUs granted during the three and nine months ended June 30, 2022, respectively, with a weighted-average grant-date fair value of $ 97.64 and $ 98.77 , respectively.
+Added: For the three and nine months ended June 30, 2023, total share-based compensation amortization related to RSUs was $ 50 million and $ 180 million, respectively, compared with $ 36 million and $ 141 million for the three and nine months ended June 30, 2022, respectively.
+Added: As of June 30, 2023, there were $ 385 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, 2023.
These costs are expected to be recognized over a weighted-average period of 2.7 years.
3 unchanged sentences
Restricted stock awards
−Removed: Restricted stock awards (“RSAs”) were issued as a component of our total purchase consideration for TriState Capital Holdings, Inc.
−Removed: (“TriState Capital”) on June 1, 2022, in accordance with the terms of the acquisition.
+Added: Restricted stock awards (“RSAs”) were issued as a component of our total purchase consideration for TriState Capital on June 1, 2022, in accordance with the terms of the acquisition.
See Note 23 of our 2022 Form 10-K for further discussion of these awards.
−Removed: For the three and six months ended March 31, 2023 total share-based compensation amortization related to these RSAs was $ 2 million and $ 5 million, respectively.
−Removed: As of March 31, 2023, there were $ 16 million of total pre-tax compensation costs not yet recognized for these RSAs.
+Added: For the three and nine months ended June 30, 2023 total share-based compensation amortization related to these RSAs was $ 2 million and $ 7 million, respectively.
+Added: As of June 30, 2023, there were $ 14 million of total pre-tax compensation costs not yet recognized for these RSAs.
These costs are expected to be recognized over a weighted-average period of 2.3 years.
5 unchanged sentences
We are subject to the Fed’s capital rules which establish an integrated regulatory capital framework and implement, in the U.S., the Basel III regulatory capital reforms from the Basel Committee on Banking Supervision and certain changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
−Removed: The FDIC’s capital rules, which are substantially similar to the Fed’s rules, apply to TriState Capital Bank.
+Added: The FDIC’s capital rules, which are substantially similar to the Fed’s rules, applied to TriState Capital Bank as of June 30, 2023 and September 30, 2022.
We apply the standardized approach for calculating risk-weighted assets and are also subject to the market risk provisions of the Fed’s capital rules (“market risk rule”).
4 unchanged sentences
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.
−Removed: As of March 31, 2023, 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.”
+Added: As of June 30, 2023, 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 2022 Form 10-K.
−Removed: RAYMOND JAMES FINANCIAL, INC.
−Removed: AND SUBSIDIARIES
−Removed: 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, Tier 1 capital, CET1, and Total capital amounts and ratios as set forth in the following table.
3 unchanged sentences
$ in millions Amount Ratio Amount Ratio Amount Ratio
−Removed: RJF as of March 31, 2023:
+Added: RJF as of June 30, 2023:
Tier 1 leverage $ 8,928 11.4 % $ 3,135 4.0 % $ 3,919 5.0 %
7 unchanged sentences
Total capital $ 9,031 20.4 % $ 3,534 8.0 % $ 4,418 10.0 %
−Removed: As of March 31, 2023, RJF’s regulatory capital increase compared with September 30, 2022 was driven by an increase in equity due to positive earnings, partially offset by dividends and share repurchases.
−Removed: RJF’s Tier 1 and Total capital ratios increased compared with September 30, 2022 resulting from the increase in regulatory capital, partially offset by a small increase in risk-weighted assets.
−Removed: The increase in risk-weighted assets was primarily driven by increases in our bank loan portfolio, partially offset by a decrease in assets segregated for regulatory purposes.
−Removed: RJF’s Tier 1 leverage ratio at March 31, 2023 increased compared with September 30, 2022 due to the increase in regulatory capital and lower average assets, primarily driven by a decrease in assets segregated for regulatory purposes.
+Added: RAYMOND JAMES FINANCIAL, INC.
+Added: AND SUBSIDIARIES
+Added: Notes to Condensed Consolidated Financial Statements (Unaudited)
+Added: As of June 30, 2023, RJF’s regulatory capital increase compared with September 30, 2022 was driven by an increase in equity due to positive earnings, partially offset by share repurchases and dividends.
+Added: RJF’s Tier 1 capital and Total capital ratios increased compared with September 30, 2022 resulting from the increase in regulatory capital and a decrease in risk-weighted assets.
+Added: The decrease in risk-weighted assets was primarily driven by a decrease in assets segregated for regulatory purposes, partially offset by an increase in our bank loan portfolio.
+Added: RJF’s Tier 1 leverage ratio at June 30, 2023 increased compared to September 30, 2022 due to the increase in regulatory capital and lower average assets, primarily driven by a decrease in assets segregated for regulatory purposes.
To meet the requirements for capital adequacy or to be categorized as “well-capitalized,” Raymond James Bank and TriState Capital Bank must maintain Tier 1 leverage, Tier 1 capital, CET1, and Total capital amounts and ratios as set forth in the following tables.
5 unchanged sentences
$ in millions Amount Ratio Amount Ratio Amount Ratio
−Removed: Raymond James Bank as of March 31, 2023:
+Added: Raymond James Bank as of June 30, 2023:
Tier 1 leverage $ 3,349 7.6 % $ 1,768 4.0 % $ 2,210 5.0 %
10 unchanged sentences
Raymond James Bank’s regulatory capital increased compared with September 30, 2022, driven by positive earnings, partially offset by dividends paid to RJF.
−Removed: Raymond James Bank’s Tier 1 and Total capital ratios increased compared with September 30, 2022 resulting from the increase in regulatory capital, partially offset by an increase in risk-weighted assets due to growth in the bank loan portfolio and higher cash balances.
−Removed: Raymond James Bank’s Tier 1 leverage ratio at March 31, 2023 increased compared with September 30, 2022 due to the increase in regulatory capital, partially offset by an increase in average assets, primarily driven by an increase in the bank loan portfolio and higher cash balances.
+Added: Raymond James Bank’s Tier 1 capital and Total capital ratios increased compared with September 30, 2022 resulting from the increase in regulatory capital and a decrease in risk-weighted assets largely due to a decrease in the bank loan and available-for-sale securities portfolios.
+Added: Raymond James Bank’s Tier 1 leverage ratio at June 30, 2023 increased compared with September 30, 2022 due to the increase in regulatory capital, partially offset by an increase in average assets, primarily driven by higher cash balances.
RAYMOND JAMES FINANCIAL, INC.
5 unchanged sentences
$ in millions Amount Ratio Amount Ratio Amount Ratio
−Removed: TriState Capital Bank as of March 31, 2023:
+Added: TriState Capital Bank as of June 30, 2023:
Tier 1 leverage $ 1,243 7.2 % $ 695 4.0 % $ 868 5.0 %
12 unchanged sentences
TriState Capital Bank’s regulatory capital increased compared with September 30, 2022, driven by positive earnings.
−Removed: TriState Capital Bank’s Tier 1 and Total capital ratios decreased compared with September 30, 2022, 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.
−Removed: TriState Capital Bank’s Tier 1 leverage ratio at March 31, 2023 decreased slightly compared with September 30, 2022 as the increase in regulatory capital was offset by an increase in average assets, primarily driven by the increases in bank loans and available-for-sale securities.
+Added: TriState Capital Bank’s Tier 1 capital and Total capital ratios increased compared with September 30, 2022, due to the increase in regulatory capital, partially offset by an increase in risk-weighted assets primarily resulting from increases in bank loans and available-for-sale securities.
+Added: TriState Capital Bank’s Tier 1 leverage ratio at June 30, 2023 decreased slightly compared with September 30, 2022 as the increase in regulatory capital was offset by an increase in average assets, primarily driven by higher cash balances, as well as the increases in bank loans and available-for-sale securities.
Our banking subsidiaries may pay dividends to RJF without prior approval of their respective regulators subject to certain restrictions including retained net income and targeted regulatory capital ratios.
2 unchanged sentences
The following table presents the net capital position of RJ&A.
−Removed: $ in millions March 31, 2023 September 30, 2022
+Added: $ in millions June 30, 2023 September 30, 2022
Raymond James & Associates, Inc.
7 unchanged sentences
$ 1,016 $ 1,096
−Removed: As of March 31, 2023, all of our other active regulated domestic and international subsidiaries were in compliance with and exceeded all applicable capital requirements.
+Added: As of June 30, 2023, all of our other active regulated domestic and international subsidiaries were in compliance with and exceeded all applicable capital requirements.
RAYMOND JAMES FINANCIAL, INC.
3 unchanged sentences
The following table presents the computation of basic and diluted earnings per common share.
−Removed: Three months ended March 31, Six months ended March 31,
+Added: Three months ended June 30, Nine months ended June 30,
in millions, except per share amounts 2023 2022 2023 2022
21 unchanged sentences
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 RSAs granted as part of our acquisition of TriState Capital, plus an allocation of undistributed earnings to such participating securities.
−Removed: Participating securities and related dividends paid on these participating securities were insignificant for each of the three and six months ended March 31, 2023 and 2022.
+Added: Participating securities and related dividends paid on these participating securities were insignificant for each of the three and nine months ended June 30, 2023 and 2022.
Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed.
9 unchanged sentences
The following table presents information concerning operations in these segments.
−Removed: Three months ended March 31, Six months ended March 31,
+Added: Three months ended June 30, Nine months ended June 30,
$ in millions 2023 2022 2023 2022
19 unchanged sentences
Total pre-tax income $ 486 $ 415 $ 1,695 $ 1,406
−Removed: (1) The six months ended March 31, 2023 included the favorable impact of a $ 32 million insurance settlement received during the period related to a previously settled litigation matter.
+Added: (1) The nine months ended June 30, 2023 included the favorable impact of a $ 32 million insurance settlement received during the period related to a previously settled litigation matter.
This item has been reflected as an offset to “Other” expenses on our Condensed Consolidated Statements of Income and Comprehensive Income.
1 unchanged sentence
The following table presents our net interest income on a segment basis.
−Removed: Three months ended March 31, Six months ended March 31,
+Added: Three months ended June 30, Nine months ended June 30,
$ in millions 2023 2022 2023 2022
8 unchanged sentences
The following table presents our total assets on a segment basis.
−Removed: $ in millions March 31, 2023 September 30, 2022
+Added: $ in millions June 30, 2023 September 30, 2022
Total assets:
7 unchanged sentences
AND SUBSIDIARIES
+Added: Notes to Condensed Consolidated Financial Statements (Unaudited)
The following table presents goodwill, which was included in our total assets, on a segment basis.
−Removed: $ in millions March 31, 2023 September 30, 2022
+Added: $ in millions June 30, 2023 September 30, 2022
Private Client Group $ 570 $ 550
5 unchanged sentences
The following table presents our net revenues and pre-tax income classified by major geographic area in which they were earned.
−Removed: Three months ended March 31, Six months ended March 31,
+Added: Three months ended June 30, Nine months ended June 30,
$ in millions 2023 2022 2023 2022
10 unchanged sentences
The following table presents our total assets by major geographic area in which they were held.
−Removed: $ in millions March 31, 2023 September 30, 2022
+Added: $ in millions June 30, 2023 September 30, 2022
Total assets:
4 unchanged sentences
The following table presents goodwill, which was included in our total assets, classified by major geographic area in which it was held.
−Removed: $ in millions March 31, 2023 September 30, 2022
+Added: $ in millions June 30, 2023 September 30, 2022
$ 1,250 $ 1,250
4 unchanged sentences
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.