RAYMOND JAMES FINANCIAL : REPORTS SECOND QUARTER OF FISCAL 2022 RESULTS – Form 8-K







RAYMOND JAMES FINANCIAL REPORTS SECOND QUARTER

OF FISCAL 2022 RESULTS

•Domestic Private Client Group net new asset(1) growth of 11% over the prior 12 months and nearly 9% annualized for the fiscal second quarter

•Quarterly net revenues of $2.67 billion, up 13% over the prior year’s fiscal second quarter and down 4% compared to the record set in the preceding quarter

•Quarterly net income of $323 million, or $1.52 per diluted share, and quarterly adjusted net income of $331 million(2), or $1.55 per diluted share(2)

•Client assets under administration of $1.26 trillion(3), record Private Client Group (PCG) assets in fee-based accounts of $678.0 billion(3), and financial assets under management of $193.7 billion

•Record PCG financial advisors of 8,730(3), net increases of 403 over March 2021 and 266 over December 2021

•Record clients’ domestic cash sweep balances of $76.5 billion and record net loans at Raymond James Bank of $27.9 billion

•Annualized return on equity for the first half of fiscal 2022 of 18.1% and annualized adjusted return on tangible common equity for the first half of fiscal 2022 of 20.6%(2)

ST. PETERSBURG, Fla – Raymond James Financial, Inc. (NYSE: RJF) today reported net revenues of $2.67 billion and net income of $323 million, or $1.52 per diluted share, for the fiscal second quarter ended March 31, 2022. Excluding $11 million of acquisition-related expenses, quarterly adjusted net income was $331 million(2), or $1.55 per diluted share(2).

Quarterly net revenues grew 13% over the prior year’s fiscal second quarter primarily driven by higher asset management and related administrative fees, reflecting the strong year-over-year growth in Private Client Group assets in fee-based accounts and net interest income. The sequential decline in quarterly net revenues was largely attributable to lower investment banking revenues, while the quarterly decline in net income also reflected a bank loan provision for credit losses during the current quarter compared to a benefit in the preceding quarter, and a higher effective tax rate. The bank loan provision for credit losses in the current quarter was primarily associated with strong loan growth during the quarter.

For the first six months of the fiscal year, record net revenues of $5.45 billion increased 19%, record earnings per diluted share of $3.61 increased 14%, and adjusted earnings per diluted share of $3.67(2) increased 16% over the first half of fiscal 2021. The Private Client Group, Capital Markets and Asset Management segments generated record net revenues and pre-tax income during the first six months of the fiscal year.

“I am pleased with our results for the fiscal second quarter and the first half of the fiscal year, especially given the challenging market conditions. Financial advisor retention and recruiting in the Private Client Group segment remain strong, contributing to solid domestic net new asset growth of 11% over the prior 12 months, and we successfully closed on the Charles Stanley acquisition during the quarter,” said Chair and CEO Paul Reilly. “While heightened geopolitical and macroeconomic uncertainties negatively impacted investment banking revenues during the quarter,

Please refer to the footnotes at the end of this press release for additional information.

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the M&A pipeline remains robust. Looking forward, we are well positioned for the expected increases in short-term interest rates with healthy loan growth at Raymond James Bank, a high concentration of floating-rate assets, record clients’ domestic cash sweep balances and solid capital ratios providing us ample balance sheet flexibility. The TriState Capital Holdings acquisition, which is currently anticipated to close by the end of the fiscal third quarter, is expected to further increase our floating-rate, interest-earning assets and diversify our funding sources.”

Segment Results

Private Client Group

•Record quarterly net revenues of $1.92 billion, up 17% over the prior year’s fiscal second quarter and 5% over the preceding quarter

•Quarterly pre-tax income of $213 million, up 11% over the prior year’s fiscal second quarter and 9% over the preceding quarter

•Private Client Group assets under administration of $1.20 trillion(3), up 17% over March 2021 and flat compared to December 2021

•Record Private Client Group assets in fee-based accounts of $678.0 billion(3), up 19% over March 2021 and flat compared to December 2021

•Record Private Client Group financial advisors of 8,730(3), which includes 200 advisors with Charles Stanley, increased 403 over March 2021 and 266 over December 2021

•Record clients’ domestic cash sweep balances of $76.5 billion, up 22% over March 2021 and 4% over December 2021

Record quarterly net revenues grew 17% over the prior-year quarter and 5% over the preceding quarter, predominantly driven by the increase in asset management and related administrative fees, reflecting higher assets in fee-based accounts. Net revenues and expenses during the quarter included just over two months of results for Charles Stanley, which closed on January 21, 2022.

“With our continued focus on supporting, retaining and attracting high-quality financial advisors, we generated solid domestic net new asset growth of 11% over the prior 12 months and nearly 9% annualized during the quarter,” said Reilly. “Furthermore, financial advisor recruiting activity remains strong as prospective advisors continue to be attracted to our client-centric culture, multiple affiliation options and robust support and solutions offerings.”

Capital Markets

•Quarterly net revenues of $413 million, down 5% compared to the prior year’s fiscal second quarter and 33% compared to the preceding quarter

•Quarterly pre-tax income of $87 million, down 17% compared to the prior year’s fiscal second quarter and 57% compared to the preceding quarter

•Quarterly investment banking revenues of $226 million, flat compared to the prior year’s fiscal second quarter and down 45% compared to the record set in the preceding quarter

Quarterly net revenues declined 5% compared to the prior-year quarter predominantly driven by lower fixed income brokerage revenues and equity underwriting revenues, partially offset by a year-over-year increase in M&A revenues. Sequentially, quarterly net revenues decreased 33% primarily due to lower investment banking revenues.

“Following remarkable results in the preceding quarter, Capital Markets revenues declined as investment banking revenues were negatively impacted by increased geopolitical and macroeconomic uncertainties,” said Reilly. “The M&A pipeline remains robust, but market conditions throughout the remainder of the fiscal year will heavily influence closings. In March, we announced the acquisition of SumRidge Partners, a technology-driven fixed income market maker specializing in investment-grade and high-yield corporate bonds, municipal bonds and institutional preferred securities. We currently expect to close the acquisition in the fiscal fourth quarter of 2022.”

Please refer to the footnotes at the end of this press release for additional information.

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Asset Management

•Quarterly net revenues of $234 million, up 12% over the prior year’s fiscal second quarter and down 1% compared to the preceding quarter

•Quarterly pre-tax income of $103 million, up 18% over the prior year’s fiscal second quarter and down 4% compared to the preceding quarter

•Financial assets under management of $193.7 billion, up 9% over March 2021 and down 5% compared to December 2021

The year-over-year growth of quarterly net revenues and pre-tax income was largely attributable to higher financial assets under management, driven by equity market appreciation and net inflows into fee-based accounts in the Private Client Group. Financial assets under management decreased 5% sequentially as net inflows were more than offset by the declines in equity markets during the quarter.

Raymond James Bank

•Quarterly net revenues of $197 million, up 23% over the prior year’s fiscal second quarter and 8% over the preceding quarter

•Quarterly pre-tax income of $83 million, down 25% compared to the prior year’s fiscal second quarter and 19% compared to the preceding quarter

•Record net loans of $27.9 billion, up 22% over March 2021 and 7% over December 2021

•Net interest margin (NIM) of 2.01% for the quarter, up 7 basis points over the prior year’s fiscal second quarter and 9 basis points over the preceding quarter

Net revenue growth was due to higher asset balances and NIM expansion during the quarter. The asset growth was primarily attributable to strong, broad-based loan growth, including 41% year-over-year growth of securities-based loans to clients in the Private Client Group. The Bank’s NIM increased 9 basis points during the quarter to 2.01%, and further NIM expansion is expected from the Federal Reserve’s interest rate increases. Despite revenue growth, pre-tax income declined reflecting the bank loan loss provision in the current quarter, resulting from strong loan growth in contrast to the bank loan benefit for credit losses in the comparative periods. The bank loan allowance for credit losses as a percent of loans held for investment ended the quarter at 1.17%, down from 1.50% at March 2021 and 1.18% at December 2021, as the credit quality of the loan portfolio remains healthy.

Other

The effective tax rate during the quarter increased to 25.4%, reflecting the unfavorable impact of nondeductible valuation losses associated with the corporate-owned life insurance portfolio. As of April 27, 2022, $1 billion remained available under the Board’s approved share repurchase authorization. At the end of the quarter, the total capital ratio was 25.0%(4) and the tier 1 leverage ratio was 11.1%(4), both well above the regulatory requirements.

A conference call to discuss the results will take place tomorrow morning, Thursday, April 28, at 8:15 a.m. ET. The live audio webcast, and the presentation which management will review on the call, will be available at www.raymondjames.com/investor-relations/financial-information/quarterly-earnings. For a listen-only connection to the conference call, please dial: 800-899-6991 (conference code: 22018191). An audio replay of the call will be available at the same location until July 27, 2022.

Please refer to the footnotes at the end of this press release for additional information.

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About Raymond James Financial, Inc.

Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. The company has approximately 8,700 financial advisors. Total client assets are $1.26 trillion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Additional information is available atwww.raymondjames.com.

Forward-Looking Statements

Certain statements made in this press release may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions, demand for and pricing of our products, acquisitions (including our announced acquisitions of TriState Capital Holdings, Inc. and SumRidge Partners, LLC), divestitures, anticipated results of litigation, regulatory developments, and general economic conditions. In addition, words such as “expects,” “anticipates,” and future or conditional verbs such as “will”, as well as any other statement that necessarily depends on future events, is intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission (the “SEC”) from time to time, including our most recent Annual Report on Form 10-K, and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available at www.raymondjames.com and the SEC’s website at www.sec.gov. We expressly disclaim any obligation to update any forward-looking statement in the event it later turns out to be inaccurate, whether as a result of new information, future events, or otherwise.

Please refer to the footnotes at the end of this press release for additional information.

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RAYMOND JAMES FINANCIAL, INC.

Fiscal Second Quarter of 2022

Selected Financial Highlights
(Unaudited)

Summary results of operations

Three months ended % change from
$ in millions, except per share amounts March 31,
2022
March 31,
2021
December 31,
2021
March 31,
2021
December 31,
2021
Net revenues $ 2,673 $ 2,372 $ 2,781 13% (4)%
Pre-tax income $ 433 $ 447 $ 558 (3)% (22)%
Net income $ 323 $ 355 $ 446 (9)% (28)%

Earnings per common share: (5) (6)

Basic $ 1.56 $ 1.72 $ 2.16 (9)% (28)%
Diluted $ 1.52 $ 1.68 $ 2.10 (10)% (28)%

Non-GAAP measures: (2)

Adjusted pre-tax income

$ 444 NA $ 564 (1)% (21)%

Adjusted net income

$ 331 NA $ 451 (7)% (27)%

Adjusted earnings per common share – basic (5) (6)

$ 1.59 NA $ 2.18 (8)% (27)%

Adjusted earnings per common share – diluted (5) (6)

$ 1.55 NA $ 2.12 (8)% (27)%
Six months ended
$ in millions, except per share amounts March 31,
2022
March 31,
2021
% change
Net revenues $ 5,454 $ 4,594 19%
Pre-tax income $ 991 $ 846 17%
Net income $ 769 $ 667 15%

Earnings per common share: (5) (6)

Basic $ 3.71 $ 3.23 15%
Diluted $ 3.61 $ 3.16 14%

Non-GAAP measures: (2)

Adjusted pre-tax income $ 1,008 $ 848 19%
Adjusted net income $ 782 $ 669 17%

Adjusted earnings per common share – basic (5) (6)

$ 3.77 $ 3.24 16%

Adjusted earnings per common share – diluted (5) (6)

$ 3.67 $ 3.17 16%

Please refer to the footnotes at the end of this press release for additional information.

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RAYMOND JAMES FINANCIAL, INC.

Fiscal Second Quarter of 2022

Consolidated Statements of Income
(Unaudited)
Three months ended % change from
in millions, except per share amounts March 31,
2022
March 31,
2021
December 31,
2021
March 31,
2021
December 31,
2021
Revenues:
Asset management and related administrative fees $ 1,464 $ 1,173 $ 1,382 25% 6%
Brokerage revenues:
Securities commissions 422 443 425 (5)% (1)%
Principal transactions 142 148 133 (4)% 7%
Total brokerage revenues 564 591 558 (5)% 1%
Account and service fees 179 159 177 13% 1%
Investment banking 235 242 425 (3)% (45)%
Interest income 242 200 225 21% 8%
Other 27 44 51 (39)% (47)%
Total revenues 2,711 2,409 2,818 13% (4)%
Interest expense (38) (37) (37) 3% 3%
Net revenues 2,673 2,372 2,781 13% (4)%
Non-interest expenses:
Compensation, commissions and benefits 1,852 1,648 1,884 12% (2)%
Non-compensation expenses:
Communications and information processing 127 107 112 19% 13%
Occupancy and equipment 62 57 59 9% 5%
Business development 34 21 35 62% (3)%
Investment sub-advisory fees 40 31 38 29% 5%
Professional fees 22 24 26 (8)% (15)%
Bank loan provision/(benefit) for credit losses 21 (32) (11) NM NM

Acquisition-related expenses (7)

11 6 NM 83%
Other 71 69 74 3% (4)%
Total non-compensation expenses 388 277 339 40% 14%
Total non-interest expenses 2,240 1,925 2,223 16% 1%

Pre-tax income

433 447 558 (3)% (22)%
Provision for income taxes 110 92 112 20% (2)%
Net income $ 323 $ 355 $ 446 (9)% (28)%

Earnings per common share – basic (5) (6)

$ 1.56 $ 1.72 $ 2.16 (9)% (28)%

Earnings per common share – diluted (5) (6)

$ 1.52 $ 1.68 $ 2.10 (10)% (28)%

Weighted-average common shares outstanding – basic (5)

207.7 206.7 206.3 -% 1%

Weighted-average common and common equivalent shares outstanding – diluted (5)

213.0 211.8 212.4 1% -%

Please refer to the footnotes at the end of this press release for additional information.

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RAYMOND JAMES FINANCIAL, INC.

Fiscal Second Quarter of 2022

Consolidated Statements of Income
(Unaudited)
Six months ended
in millions, except per share amounts March 31,
2022
March 31,
2021
% change
Revenues:
Asset management and related administrative fees $ 2,846 $ 2,240 27%
Brokerage revenues:
Securities commissions 847 824 3%
Principal transactions 275 295 (7)%
Total brokerage revenues 1,122 1,119 -%
Account and service fees 356 304 17%
Investment banking 660 503 31%
Interest income 467 403 16%

Other (8)

78 100 (22)%
Total revenues 5,529 4,669 18%
Interest expense (75) (75) -%
Net revenues 5,454 4,594 19%
Non-interest expenses:
Compensation, commissions and benefits 3,736 3,148 19%
Non-compensation expenses:
Communications and information processing 239 206 16%
Occupancy and equipment 121 114 6%
Business development 69 44 57%
Investment sub-advisory fees 78 59 32%
Professional fees 48 54 (11)%
Bank loan provision/(benefit) for credit losses 10 (18) NM

Acquisition-related expenses (7)

17 2 750%

Other (8)

145 139 4%
Total non-compensation expenses 727 600 21%
Total non-interest expenses 4,463 3,748 19%

Pre-tax income

991 846 17%
Provision for income taxes 222 179 24%
Net income $ 769 $ 667 15%

Earnings per common share – basic (5) (6)

$ 3.71 $ 3.23 15%

Earnings per common share – diluted (5) (6)

$ 3.61 $ 3.16 14%

Weighted-average common shares outstanding – basic (5)

207.0 206.0 -%

Weighted-average common and common equivalent shares outstanding – diluted (5)

212.6 210.6 1%

Please refer to the footnotes at the end of this press release for additional information.

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RAYMOND JAMES FINANCIAL, INC. Consolidated Selected Key Metrics

Fiscal Second Quarter of 2022

(Unaudited)
As of % change from

$ in millions, except per share amounts

March 31,
2022
March 31,
2021
December 31,
2021
March 31,
2021
December 31,
2021
Total assets $ 73,101 $ 56,066 $ 68,461 30% 7%
Total equity attributable to Raymond James Financial, Inc. $ 8,602 $ 7,592 $ 8,600 13% -%

Book value per share (5) (9)

$ 41.38 $ 36.89 $ 41.45 12% -%

Tangible book value per share (2) (5) (9)

$ 36.46 $ 32.94 $ 37.55 11% (3)%

Capital ratios:

Tier 1 capital 23.9 %

(4)

23.6 % 25.9 %
Total capital 25.0 %

(4)

24.7 % 27.0 %
Tier 1 leverage 11.1 %

(4)

12.2 % 12.1 %
Three months ended Six months ended
March 31,
2022
March 31,
2021
December 31,
2021
March 31,
2022
March 31,
2021

Return on equity (10)

15.0 % 19.0 % 21.2 % 18.1 % 18.1 %

Adjusted return on equity (2) (10)

15.4 % NA 21.4 % 18.4 % 18.2 %

Return on tangible common equity (2) (10)

16.8 % 21.2 % 23.4 % 20.2 % 20.1 %

Adjusted return on tangible common equity (2) (10)

17.2 % NA 23.7 % 20.6 % 20.2 %

Pre-tax margin (11)

16.2 % 18.8 % 20.1 % 18.2 % 18.4 %

Adjusted pre-tax margin (2) (11)

16.6 % NA 20.3 % 18.5 % 18.5 %

Total compensation ratio (12)

69.3 % 69.5 % 67.7 % 68.5 % 68.5 %
Effective tax rate 25.4 % 20.6 % 20.1 % 22.4 % 21.2 %

Client asset metrics ($ in billions)

As of % change from
March 31,
2022
March 31,
2021
December 31,
2021
March 31,
2021
December 31,
2021

Client assets under administration (3)

$ 1,256.1 $ 1,085.4 $ 1,257.8 16% -%

Private Client Group assets under administration (3)

$ 1,198.3 $ 1,028.1 $ 1,199.8 17% -%

Private Client Group assets in fee-based accounts (3)

$ 678.0 $ 567.6 $ 677.8 19% -%

Financial assets under management

$ 193.7 $ 178.2 $ 203.2 9% (5)%

Clients’ domestic cash sweep balances

($ in millions)

As of % change from
March 31,
2022
March 31,
2021
December 31,
2021
March 31,
2021
December 31,
2021

Raymond James Bank Deposit

Program (“RJBDP”): (13)

Raymond James Bank $ 33,570 $ 28,174 $ 33,097 19% 1%
Third-party banks 25,887 25,110 24,316 3% 6%
Subtotal RJBDP 59,457 53,284 57,413 12% 4%
Client Interest Program 17,013 9,517 16,065 79% 6%

Total clients’ domestic cash sweep balances

$ 76,470 $ 62,801 $ 73,478 22% 4%
Three months ended Six months ended
March 31,
2022
March 31,
2021
December 31,
2021
March 31,
2022
March 31,
2021

Average yield on RJBDP – third-party banks (14)

0.32 % 0.30 % 0.28 % 0.30 % 0.31 %
Private Client Group financial advisors As of % change from
March 31,
2022
March 31,
2021
December 31,
2021
March 31,
2021
December 31,
2021
Employees 3,601 3,375 3,447 7% 4%
Independent contractors 5,129 4,952 5,017 4% 2%

Total advisors (3)

8,730 8,327 8,464 5% 3%

Please refer to the footnotes at the end of this press release for additional information.

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RAYMOND JAMES FINANCIAL, INC. Consolidated Net Interest

Fiscal Second Quarter of 2022

(Unaudited)

The following tables present our consolidated average interest-earning asset and interest-bearing liability balances, interest income and expense and the related rates.

Consolidated Net Interest
Three months ended
March 31, 2022 March 31, 2021 December 31, 2021
$ in millions Average
balance
Interest Annualized average
rate
Average
balance
Interest Annualized average
rate
Average
balance
Interest Annualized average
rate
Interest-earning assets:
Cash and cash equivalents $ 5,919 $ 3 0.20 % $ 5,284 $ 2 0.20 % $ 6,076 $ 3 0.18 %
Assets segregated for regulatory purposes and restricted cash 19,522 7 0.15 % 10,087 5 0.18 % 13,011 4 0.12 %
Available-for-sale securities 8,869 25 1.16 % 7,997 21 1.08 % 8,511 22 1.02 %
Brokerage client receivables 2,558 21 3.29 % 2,222 19 3.36 % 2,484 21 3.35 %
Bank loans, net of unearned income and deferred expenses:
Loans held for investment:
Commercial and industrial (“C&I”) loans 8,783 54 2.49 % 7,540 48 2.56 % 8,581 55 2.49 %
Commercial real estate (“CRE”) loans 3,150 20 2.56 % 2,665 17 2.54 % 2,941 20 2.67 %
Real estate investment trust (“REIT”) loans 1,324 9 2.48 % 1,309 8 2.50 % 1,133 7 2.56 %

Tax-exempt loans (15)

1,289 9 3.18 % 1,227 8 3.35 % 1,297 8 3.19 %
Residential mortgage loans 5,770 38 2.69 % 5,005 34 2.72 % 5,451 37 2.68 %
Securities-based loans and other 6,753 39 2.31 % 4,638 26 2.23 % 6,289 35 2.20 %
Loans held for sale 268 2 2.94 % 177 1 1.89 % 239 2 2.94 %
Total bank loans, net 27,337 171 2.53 % 22,561 142 2.56 % 25,931 164 2.52 %
All other interest-earning assets 2,192 15 2.64 % 2,201 11 1.87 % 2,376 11 1.91 %
Total interest-earning assets $ 66,397 $ 242 1.48 % $ 50,352 $ 200 1.61 % $ 58,389 $ 225 1.53 %
Interest-bearing liabilities:
Bank deposits:
Savings, money market and Negotiable Order of Withdrawal accounts $ 33,097 $ 2 0.02 % $ 27,662 $ 2 0.02 % $ 31,894 $ 2 0.02 %
Certificates of deposit 733 3 1.83 % 898 4 1.88 % 843 4 1.87 %
Total bank deposits 33,830 5 0.06 % 28,560 6 0.08 % 32,737 6 0.07 %
Brokerage client payables 21,405 0.01 % 11,485 1 0.02 % 14,300 1 0.03 %
Other borrowings 856 4 2.15 % 862 5 2.18 % 857 5 2.20 %
Senior notes payable 2,037 23 4.44 % 2,045 24 4.74 % 2,037 23 4.44 %
All other interest-bearing liabilities 707 6 1.93 % 600 1 0.88 % 650 2 1.16 %
Total interest-bearing liabilities $ 58,835 $ 38 0.26 % $ 43,552 $ 37 0.34 % $ 50,581 $ 37 0.28 %
Net interest income $ 204 $ 163 $ 188

Please refer to the footnotes at the end of this press release for additional information.

9

RAYMOND JAMES FINANCIAL, INC. Consolidated Net Interest

Fiscal Second Quarter of 2022

(Unaudited)
Consolidated Net Interest
Six months ended
March 31, 2022 March 31, 2021
$ in millions Average
balance
Interest Annualized average
rate
Average
balance
Interest Annualized average
rate
Interest-earning assets:
Cash and cash equivalents $ 5,954 $ 6 0.19 % $ 5,500 $ 6 0.23 %
Assets segregated for regulatory and other purposes 15,844 11 0.14 % 7,954 8 0.19 %
Available-for-sale securities 8,688 47 1.09 % 7,735 44 1.14 %
Brokerage client receivables 2,521 42 3.32 % 2,152 37 3.42 %
Bank loans, net of unearned income and deferred expenses:
Loans held for investment:
C&I loans 8,681 109 2.49 % 7,537 99 2.60 %
CRE loans 3,044 40 2.61 % 2,623 34 2.56 %
REIT loans 1,227 16 2.51 % 1,272 16 2.47 %

Tax-exempt loans (15)

1,293 17 3.19 % 1,232 16 3.35 %
Residential mortgage loans 5,609 75 2.68 % 5,003 69 2.75 %
Securities-based loans and other 6,519 74 2.26 % 4,460 51 2.26 %
Loans held for sale 254 4 2.94 % 159 2 2.36 %
Total bank loans, net 26,627 335 2.53 % 22,286 287 2.59 %
All other interest-earning assets 2,279 26 2.26 % 2,247 21 1.93 %
Total interest-earning assets $ 61,913 $ 467 1.51 % $ 47,874 $ 403 1.69 %
Interest-bearing liabilities:
Bank deposits:
Savings, money market and Negotiable Order of Withdrawal accounts $ 32,489 $ 4 0.02 % $ 27,144 $ 3 0.02 %
Certificates of deposit 789 7 1.85 % 925 9 1.90 %
Total bank deposits 33,278 11 0.06 % 28,069 12 0.08 %
Brokerage client payables 17,275 1 0.01 % 9,403 2 0.04 %
Other borrowings 856 9 2.17 % 864 10 2.21 %
Senior notes payable 2,037 46 4.44 % 2,045 48 4.74 %
All other interest-bearing liabilities 680 8 1.65 % 587 3 1.01 %
Total interest-bearing liabilities $ 54,126 $ 75 0.28 % $ 40,968 $ 75 0.36 %
Net interest income $ 392 $ 328

Please refer to the footnotes at the end of this press release for additional information.

10

RAYMOND JAMES FINANCIAL, INC. Segment Results

Fiscal Second Quarter of 2022

(Unaudited)
Three months ended % change from
$ in millions March 31,
2022
March 31,
2021
December 31,
2021
March 31,
2021
December 31,
2021
Net revenues:
Private Client Group $ 1,922 $ 1,647 $ 1,839 17% 5%
Capital Markets 413 433 614 (5)% (33)%
Asset Management 234 209 236 12% (1)%
Raymond James Bank 197 160 183 23% 8%

Other (16)

(18) (12) (15) (50)% (20)%
Intersegment eliminations (75) (65) (76) (15)% 1%

Total net revenues

$ 2,673 $ 2,372 $ 2,781 13% (4)%

Pre-tax income/(loss):

Private Client Group $ 213 $ 192 $ 195 11% 9%
Capital Markets 87 105 201 (17)% (57)%
Asset Management 103 87 107 18% (4)%
Raymond James Bank 83 111 102 (25)% (19)%

Other (16)

(53) (48) (47) (10)% (13)%

Pre-tax income

$ 433 $ 447 $ 558 (3)% (22)%
Six months ended
$ in millions March 31,
2022
March 31,
2021
% change
Net revenues:
Private Client Group $ 3,761 $ 3,114 21%
Capital Markets 1,027 885 16%
Asset Management 470 404 16%
Raymond James Bank 380 327 16%

Other (16)

(33) (8) (313)%
Intersegment eliminations (151) (128) (18)%
Total net revenues $ 5,454 $ 4,594 19%
Pre-tax income/(loss):
Private Client Group $ 408 $ 332 23%
Capital Markets 288 234 23%
Asset Management 210 170 24%
Raymond James Bank 185 182 2%

Other (16)

(100) (72) (39)%
Pre-tax income $ 991 $ 846 17%

Please refer to the footnotes at the end of this press release for additional information.

11

RAYMOND JAMES FINANCIAL, INC. Segment Results

Fiscal Second Quarter of 2022

(Unaudited)
Private Client Group
Three months ended % change from
$ in millions March 31,
2022
March 31,
2021
December 31,
2021
March 31,
2021
December 31,
2021
Revenues:
Asset management and related administrative fees $ 1,245 $ 979 $ 1,162 27% 7%
Brokerage revenues:
Mutual and other fund products 166 183 171 (9)% (3)%
Insurance and annuity products 110 109 111 1% (1)%
Equities, ETFs and fixed income products 121 121 115 -% 5%
Total brokerage revenues 397 413 397 (4)% -%
Account and service fees:
Mutual fund and annuity service fees 109 99 114 10% (4)%

RJBDP fees: (13)

Third-party banks

20 19 17 5% 18%

Raymond James Bank

49 44 50 11% (2)%
Client account and other fees 53 42 49 26% 8%
Total account and service fees 231 204 230 13% -%
Investment banking 9 16 13 (44)% (31)%
Interest income 37 30 33 23% 12%
All other 6 8 7 (25)% (14)%
Total revenues 1,925 1,650 1,842 17% 5%
Interest expense (3) (3) (3) -% -%
Net revenues 1,922 1,647 1,839 17% 5%
Non-interest expenses:
Financial advisor compensation and benefits 1,231 1,040 1,187 18% 4%
Administrative compensation and benefits 289 260 283 11% 2%
Total compensation, commissions and benefits 1,520 1,300 1,470 17% 3%
Non-compensation expenses 189 155 174 22% 9%
Total non-interest expenses 1,709 1,455 1,644 17% 4%
Pre-tax income $ 213 $ 192 $ 195 11% 9%

Please refer to the footnotes at the end of this press release for additional information.

12

RAYMOND JAMES FINANCIAL, INC. Segment Results

Fiscal Second Quarter of 2022

(Unaudited)
Private Client Group
Six months ended
$ in millions March 31,
2022
March 31,
2021
% change
Revenues:
Asset management and related administrative fees $ 2,407 $ 1,864 29%
Brokerage revenues:
Mutual and other fund products 337 331 2%
Insurance and annuity products 221 207 7%
Equities, ETFs and fixed income products 236 228 4%
Total brokerage revenues 794 766 4%
Account and service fees:
Mutual fund and annuity service fees 223 193 16%

RJBDP fees: (13)

Third-party banks 37 40 (8)%
Raymond James Bank 99 87 14%
Client account and other fees 102 74 38%
Total account and service fees 461 394 17%
Investment banking 22 22 -%
Interest income 70 60 17%
All other 13 13 -%
Total revenues 3,767 3,119 21%
Interest expense (6) (5) 20%
Net revenues 3,761 3,114 21%
Non-interest expenses:
Financial advisor compensation and benefits 2,418 1,971 23%
Administrative compensation and benefits 572 509 12%
Total compensation, commissions and benefits 2,990 2,480 21%
Non-compensation expenses 363 302 20%
Total non-interest expenses 3,353 2,782 21%
Pre-tax income $ 408 $ 332 23%

Please refer to the footnotes at the end of this press release for additional information.

13

RAYMOND JAMES FINANCIAL, INC. Segment Results

Fiscal Second Quarter of 2022

(Unaudited)
Capital Markets
Three months ended % change from
$ in millions March 31,
2022
March 31,
2021
December 31,
2021
March 31,
2021
December 31,
2021
Revenues:
Brokerage revenues:
Fixed income $ 125 $ 142 $ 120 (12)% 4%
Equity 41 34 39 21% 5%
Total brokerage revenues 166 176 159 (6)% 4%
Investment banking:
Merger & acquisition and advisory 139 122 271 14% (49)%
Equity underwriting 52 67 97 (22)% (46)%
Debt underwriting 35 37 44 (5)% (20)%
Total investment banking 226 226 412 -% (45)%
Interest income 5 5 5 -% -%
Tax credit fund revenues 15 24 35 (38)% (57)%
All other 4 4 5 -% (20)%
Total revenues 416 435 616 (4)% (32)%
Interest expense (3) (2) (2) 50% 50%
Net revenues 413 433 614 (5)% (33)%
Non-interest expenses:

Compensation, commissions and benefits

253 259 331 (2)% (24)%

Acquisition-related expenses (7)

4 -% (100)%
Other non-compensation expenses 73 69 78 6% (6)%
Total non-interest expenses 326 328 413 (1)% (21)%

Pre-tax income

$ 87 $ 105 $ 201 (17)% (57)%
Six months ended
$ in millions March 31,
2022
March 31,
2021
% change
Revenues:
Brokerage revenues:
Fixed income $ 245 $ 273 (10)%
Equity 80 76 5%
Total brokerage revenues 325 349 (7)%
Investment banking:
Merger & acquisition and advisory 410 271 51%
Equity underwriting 149 127 17%
Debt underwriting 79 83 (5)%
Total investment banking 638 481 33%
Interest income 10 8 25%
Tax credit fund revenues 50 40 25%
All other 9 11 (18)%
Total revenues 1,032 889 16%
Interest expense (5) (4) (25)%
Net revenues 1,027 885 16%
Non-interest expenses:
Compensation, commissions and benefits 584 511 14%

Acquisition-related expenses (7)

4 NM
Other non-compensation expenses 151 140 8%
Total non-interest expenses 739 651 14%
Pre-tax income $ 288 $ 234 23%

Please refer to the footnotes at the end of this press release for additional information.

14

RAYMOND JAMES FINANCIAL, INC. Segment Results

Fiscal Second Quarter of 2022

(Unaudited)
Asset Management
Three months ended % change from
$ in millions March 31,
2022
March 31,
2021
December 31,
2021
March 31,
2021
December 31,
2021
Revenues:

Asset management and related administrative fees:

Managed programs $ 149 $ 137 $ 151 9% (1)%
Administration and other 77 64 76 20% 1%

Total asset management and related administrative fees

226 201 227 12% -%
Account and service fees 6 5 6 20% -%
All other 2 3 3 (33)% (33)%
Net revenues 234 209 236 12% (1)%
Non-interest expenses:

Compensation, commissions and benefits

47 50 46 (6)% 2%
Non-compensation expenses 84 72 83 17% 1%
Total non-interest expenses 131 122 129 7% 2%

Pre-tax income

$ 103 $ 87 $ 107 18% (4)%
Six months ended
$ in millions March 31,
2022
March 31,
2021
% change
Revenues:
Asset management and related administrative fees:
Managed programs $ 300 $ 266 13%
Administration and other 153 123 24%
Total asset management and related administrative fees 453 389 16%
Account and service fees 12 9 33%
All other 5 6 (17)%
Net revenues 470 404 16%
Non-interest expenses:
Compensation, commissions and benefits 93 95 (2)%
Non-compensation expenses 167 139 20%
Total non-interest expenses 260 234 11%
Pre-tax income $ 210 $ 170 24%

Please refer to the footnotes at the end of this press release for additional information.

15

RAYMOND JAMES FINANCIAL, INC. Segment Results
Fiscal Second Quarter of 2021 (Unaudited)
Raymond James Bank
Three months ended % change from
$ in millions March 31,
2022
March 31,
2021
December 31,
2021
March 31,
2021
December 31,
2021
Revenues:
Interest income $ 199 $ 165 $ 187 21% 6%
Interest expense (10) (10) (10) -% -%
Net interest income 189 155 177 22% 7%
All other 8 5 6 60% 33%
Net revenues 197 160 183 23% 8%
Non-interest expenses:
Compensation and benefits 14 13 13 8% 8%
Non-compensation expenses:
Bank loan provision/(benefit) for credit losses 21 (32) (11) NM NM

RJBDP fees to Private Client Group (13)

49 44 50 11% (2)%
All other 30 24 29 25% 3%
Total non-compensation expenses 100 36 68 178% 47%
Total non-interest expenses 114 49 81 133% 41%
Pre-tax income $ 83 $ 111 $ 102 (25)% (19)%
Six months ended
$ in millions March 31,
2022
March 31,
2021
% change
Revenues:
Interest income $ 386 $ 333 16%
Interest expense (20) (21) (5)%
Net interest income 366 312 17%
All other 14 15 (7)%
Net revenues 380 327 16%
Non-interest expenses:
Compensation and benefits 27 25 8%
Non-compensation expenses:
Bank loan provision/(benefit) for credit losses 10 (18) NM

RJBDP fees to Private Client Group (13)

99 87 14%
All other 59 51 16%
Total non-compensation expenses 168 120 40%
Total non-interest expenses 195 145 34%
Pre-tax income $ 185 $ 182 2%

Please refer to the footnotes at the end of this press release for additional information.

16

RAYMOND JAMES FINANCIAL, INC. Segment Results

Fiscal Second Quarter of 2022

(Unaudited)
Other
Three months ended % change from
$ in millions March 31,
2022
March 31,
2021
December 31,
2021
March 31,
2021
December 31,
2021
Revenues:
Interest income $ 3 $ 3 $ 1 -% 200%
Net gains/(losses) on private equity investments (2) 8 5 NM NM
All other 5 2 2 150% 150%
Total revenues 6 13 8 (54)% (25)%
Interest expense (24) (25) (23) (4)% 4%
Net revenues (18) (12) (15) (50)% (20)%
Non-interest expenses:
Compensation and all other 24 36 30 (33)% (20)%

Acquisition-related expenses (7)

11 2 NM 450%
Total non-interest expenses 35 36 32 (3)% 9%

Pre-tax loss

$ (53) $ (48) $ (47) (10)% (13)%
Six months ended
$ in millions March 31,
2022
March 31,
2021
% change
Revenues:
Interest income $ 4 $ 6 (33)%

Net gains on private equity investments (8)

3 32 (91)%
All other 7 3 133%
Total revenues 14 41 (66)%
Interest expense (47) (49) (4)%
Net revenues (33) (8) (313)%
Non-interest expenses:

Compensation and all other (8)

54 62 (13)%

Acquisition-related expenses (7)

13 2 550%
Total non-interest expenses 67 64 5%

Pre-tax loss

$ (100) $ (72) (39)%

Please refer to the footnotes at the end of this press release for additional information.

17

RAYMOND JAMES FINANCIAL, INC. Raymond James Bank Selected Key Metrics

Fiscal Second Quarter of 2022

(Unaudited)

The following metrics are attributable to our Raymond James Bank banking subsidiary, which is a component of our Raymond James Bank

segment.

As of % change from

$ in millions

March 31,
2022
March 31,
2021
December 31,
2021
March 31,
2021
December 31,
2021

Total assets

$ 38,579 $ 33,221 $ 38,107 16% 1%

Total equity

$ 2,383 $ 2,409 $ 2,597 (1)% (8)%

Bank loans, net

$ 27,883 $ 22,879 $ 26,132 22% 7%
Bank loan allowance for credit losses $ 328 $ 345 $ 308 (5)% 6%
Bank loan allowance for credit losses as a % of loans held for investment 1.17 % 1.50 % 1.18 %
Total nonperforming assets $ 104 $ 31 $ 74 235% 41%
Nonperforming assets as a % of total assets 0.27 % 0.09 % 0.19 %
Total criticized loans $ 735 $ 1,001 $ 735 (27)% -%

Criticized loans as a % of loans held for investment

2.63 % 4.35 % 2.75 %
Capital ratios:
Tier 1 capital 12.6 %

(4)

13.1 % 13.3 %
Total capital 13.9 %

(4)

14.4 % 14.6 %
Tier 1 leverage 7.2 %

(4)

7.5 % 7.2 %
Three months ended % change from
$ in millions March 31,
2022
March 31,
2021
December 31,
2021
March 31,
2021
December 31,
2021
Bank loan provision/(benefit) for credit losses $ 21 $ (32) $ (11) NM NM
Net charge-offs $ 1 $ 2 $ 1 (50)% -%
Net interest margin (net yield on interest-earning assets) 2.01 % 1.94 % 1.92 %
Six months ended
$ in millions March 31,
2022
March 31,
2021
% change
Bank loan provision/(benefit) for credit losses $ 10 $ (18) NM
Net charge-offs: $ 2 $ 2 -%
Net interest margin (net yield on interest-earning assets) 1.97 % 1.98 %

Please refer to the footnotes at the end of this press release for additional information.

18

RAYMOND JAMES FINANCIAL, INC. Non-GAAP Financial Measures

Fiscal Second Quarter of 2022

(Unaudited)

Reconciliation of non-GAAP financial measures to GAAP financial measures

We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non-GAAP financial measures have been separately identified in this document. We believe certain of these non-GAAP financial measures provides useful information to management and investors by excluding certain material items that may not be indicative of our core operating results. We utilize these non-GAAP financial measures in assessing the financial performance of the business, as they facilitate a comparison of current- and prior-period results. We believe that return on tangible common equity and tangible book value per share are meaningful to investors as they facilitate comparisons of our results to the results of other companies. In the following tables, the tax effect of non-GAAP adjustments reflects the statutory rate associated with each non-GAAP item. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures of other companies. The following tables provide a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures.

Three months ended Six months ended
$ in millions, except per share amounts March 31,
2022
December 31,
2021
March 31,
2022
March 31,
2021

Net income

$ 323 $ 446 $ 769 $ 667

Non-GAAP adjustments:

Acquisition-related expenses (7)

11 6 17 2
Pre-tax impact of non-GAAP adjustments 11 6 17 2

Tax effect of non-GAAP adjustments

(3) (1) (4)

Total non-GAAP adjustments, net of tax

8 5 13 2

Adjusted net income

$ 331 $ 451 $ 782 $ 669

Pre-tax income

$ 433 $ 558 $ 991 $ 846

Pre-tax impact of non-GAAP adjustments (as detailed above)

11 6 17 2

Adjusted pre-tax income

$ 444 $ 564 $ 1,008 $ 848

Pre-tax margin (11)

16.2 % 20.1 % 18.2 % 18.4 %

Non-GAAP adjustments:

Acquisition-related expenses (7)

0.4 % 0.2 % 0.3 % 0.1 %
Total non-GAAP adjustments 0.4 % 0.2 % 0.3 % 0.1 %

Adjusted pre-tax margin (11)

16.6 % 20.3 % 18.5 % 18.5 %

Earnings per common share:(5) (6)

Basic $ 1.56 $ 2.16 $ 3.71 $ 3.23

Non-GAAP adjustments:

Acquisition-related expenses (7)

0.05 0.03 0.08 0.01
Tax effect of non-GAAP adjustments (0.02) (0.01) (0.02)
Total non-GAAP adjustments, net of tax 0.03 0.02 0.06 0.01
Adjusted basic $ 1.59 $ 2.18 $ 3.77 $ 3.24
Diluted $ 1.52 $ 2.10 $ 3.61 $ 3.16

Non-GAAP adjustments:

Acquisition-related expenses (7)

0.05 0.03 0.08 0.01
Tax effect of non-GAAP adjustments (0.02) (0.01) (0.02)
Total non-GAAP adjustments, net of tax 0.03 0.02 0.06 0.01
Adjusted diluted $ 1.55 $ 2.12 $ 3.67 $ 3.17

Please refer to the footnotes at the end of this press release for additional information.

19

RAYMOND JAMES FINANCIAL, INC. Non-GAAP Financial Measures

Fiscal Second Quarter of 2022

(Unaudited)

Reconciliation of non-GAAP financial measures to GAAP financial measures

(Continued from previous page)

Book value per share As of
$ in millions, except per share amounts March 31,
2022
March 31,
2021
December 31,
2021

Total equity attributable to Raymond James Financial, Inc.

$ 8,602 $ 7,592 $ 8,600

Less non-GAAP adjustments:

Goodwill and identifiable intangible assets, net

1,110 868 874
Deferred tax liabilities, net (88) (56) (65)
Tangible common equity attributable to Raymond James Financial, Inc. $ 7,580 $ 6,780 $ 7,791

Common shares outstanding (5)

207.9 205.8 207.5

Book value per share (5) (9)

$ 41.38 $ 36.89 $ 41.45

Tangible book value per share (5) (9)

$ 36.46 $ 32.94 $ 37.55
Return on equity Three months ended Six months ended
$ in millions March 31,
2022
March 31,
2021
December 31,
2021
March 31,
2022
March 31,
2021

Average equity (17)

$ 8,601 $ 7,478 $ 8,423 $ 8,482 $ 7,356

Impact on average equity of non-GAAP adjustments:

Acquisition-related expenses (7)

6 NA 3 8 1
Tax effect of non-GAAP adjustments (2) NA (1) (2)

Adjusted average equity (17)

$ 8,605 NA $ 8,425 $ 8,488 $ 7,357

Average equity (17)

$ 8,601 $ 7,478 $ 8,423 $ 8,482 $ 7,356

Less:

Average goodwill and identifiable intangible assets, net 992 851 878 955 767
Average deferred tax liabilities, net (77) (56) (64) (72) (49)

Average tangible common equity (17)

$ 7,686 $ 6,683 $ 7,609 $ 7,599 $ 6,638

Impact on average equity of non-GAAP adjustments:

Acquisition-related expenses (7)

6 NA 3 8 1
Tax effect of non-GAAP adjustments (2) NA (1) (2)

Adjusted average tangible common equity (17)

$ 7,690 NA $ 7,611 $ 7,605 $ 6,639

Return on equity (10)

15.0 % 19.0 % 21.2 % 18.1 % 18.1 %

Adjusted return on equity (10)

15.4 % NA 21.4 % 18.4 % 18.2 %

Return on tangible common equity (10)

16.8 % 21.2 % 23.4 % 20.2 % 20.1 %

Adjusted return on tangible common equity (10)

17.2 % NA 23.7 % 20.6 % 20.2 %

Please refer to the footnotes at the end of this press release for additional information.

20

RAYMOND JAMES FINANCIAL, INC.

Fiscal Second Quarter of 2022 Footnotes

(1)

Domestic Private Client Group net new assets represents domestic Private Client Group client inflows, including dividends and interest, less domestic Private Client Group client outflows, including commissions, advisory fees and other fees.

(2) These are non-GAAP financial measures. See the schedules on the previous pages for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures and for more information on these measures. There were no non-GAAP adjustments to earnings for the three months ended March 31, 2021; therefore percent changes for earnings-related non-GAAP financial measures are calculated based on non-GAAP financial measures for the current period as compared to GAAP results for the March 31, 2021 period.
(3)

These metrics include the impact of the acquisition of Charles Stanley Group PLC (“Charles Stanley”), which was completed on January 21, 2022. As of March 31, 2022, the impact on client assets under administration and Private Client Group assets under administration was $33 billion, the impact on Private Client Group assets in fee-based accounts was $21 billion, and the impact on financial advisors was the addition of 200 advisors.

(4) Estimated.
(5) During our fiscal fourth quarter of 2021 the Board of Directors approved a 3-for-2 stock split, effected in the form of a 50% stock dividend, paid on September 21, 2021. All share and per share information has been retroactively adjusted to reflect this stock split.
(6) Earnings per common share is computed by dividing net income (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period or, in the case of adjusted earnings per common share, computed by dividing adjusted net income (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period.
(7)

Acquisition-related expenses in our Other segment for the three and six months ended March 31, 2022 primarily included professional expenses and other costs incurred to effect our acquisition of Charles Stanley, which was completed in January 2022, and our announced acquisitions of TriState Capital Holdings, Inc. and SumRidge Partners, LLC. Acquisition-related expenses in our Other segment for the six months ended March 31, 2021 primarily included professional expenses associated with our acquisitions of NWPS Holdings, Inc. and Financo, LLC (“Financo”), which were completed in fiscal 2021. Acquisition-related expenses in our Capital Markets segment included amortization expense related to intangible assets with short useful lives associated with our acquisitions of Financo and Cebile Capital, which were completed in fiscal 2021.

(8)

Other revenues included $3 million and $32 million of net private equity gains for the six months ended March 31, 2022 and 2021, respectively, which were included in our Other segment. Of these amounts, an insignificant amount of losses and $10 million of gains for the six months ended March 31, 2022 and 2021, respectively, were attributable to noncontrolling interests and were offset in Other expenses.

(9) Book value per share is computed by dividing total equity attributable to Raymond James Financial, Inc. by the number of common shares outstanding at the end of each respective period or, in the case of tangible book value per share, computed by dividing tangible common equity by the number of common shares outstanding at the end of each respective period. Tangible common equity is defined as total equity attributable to Raymond James Financial, Inc. less goodwill and intangible assets, net of related deferred taxes.
(10) Return on equity is computed by dividing annualized net income by average equity for each respective period or, in the case of return on tangible common equity, computed by dividing annualized net income by average tangible common equity for each respective period. Adjusted return on equity is computed by dividing annualized adjusted net income by adjusted average equity for each respective period, or in the case of adjusted return on tangible common equity, computed by dividing annualized adjusted net income by adjusted average tangible common equity for each respective period.
(11) Pre-tax margin is computed by dividing pre-tax income by net revenues for each respective period or, in the case of adjusted pre-tax margin, computed by dividing adjusted pre-tax income by net revenues for each respective period.
(12) Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period.
(13) We earn fees from RJBDP, a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at Raymond James Bank and various third-party banks. Fees earned by the Private Client Group on Raymond James Bank deposits are eliminated in consolidation.
(14) Average yield on RJBDP – third-party banks is computed by dividing annualized RJBDP fees – third-party banks, which are net of the interest expense paid to clients by the third-party banks, by the average daily RJBDP balances at third-party banks.
(15) The average yield is presented on a tax-equivalent basis for each respective period.
(16)

The Other segment includes the results of our private equity investments, interest income on certain corporate cash balances, certain acquisition-related expenses, and certain corporate overhead costs of RJF, including the interest costs on our public debt.

(17)

Average equity is computed by adding the total equity attributable to Raymond James Financial, Inc. as of the date indicated to the prior quarter-end total, and dividing by two, or in the case of average tangible common equity, computed by adding tangible common equity as of the date indicated to the prior quarter-end total, and dividing by two. For the year-to-date period, average equity is computed by adding the total equity attributable to Raymond James Financial, Inc. as of each quarter-end date during the indicated period to the beginning of year total, and dividing by three, or in the case of average tangible common equity, computed by adding tangible common equity as of each quarter-end date during the indicated period to the beginning of year total, and dividing by three. Adjusted average equity is computed by adjusting for the impact on average equity of the non-GAAP adjustments, as applicable for each respective period. Adjusted average tangible common equity is computed by adjusting for the impact on average tangible common equity of the non-GAAP adjustments, as applicable for each respective period.

Disclaimer

Raymond James Financial Inc. published this content on 27 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2022 23:42:30 UTC.

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All news about RAYMOND JAMES FINANCIAL, INC.

Analyst Recommendations on RAYMOND JAMES FINANCIAL, INC.

Sales 2022 11 052 M

Net income 2022 1 618 M

Net Debt 2022

P/E ratio 2022 13,4x
Yield 2022 1,35%
Capitalization 20 912 M
20 912 M
Capi. / Sales 2022 1,89x
Capi. / Sales 2023 1,67x
Nbr of Employees 15 000
Free-Float 77,5%

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Mean consensus BUY
Number of Analysts 11
Last Close Price 100,42 $
Average target price 135,67 $
Spread / Average Target 35,1%


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