rjf-20220126
0000720005false00007200052022-01-262022-01-26


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

January 26, 2022
Date of Report (date of earliest event reported)

RAYMOND JAMES FINANCIAL, INC.
(Exact name of registrant as specified in its charter)

Florida
1-9109
59-1517485
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
880 Carillon Parkway
St. Petersburg
Florida
33716
(Address of principal executive offices)
(Zip Code)

(727) 567-1000
(Registrant’s telephone number, including area code)

None
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.01 par valueRJFNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (17 CFR 230.405) or Rule 12b-2 of the Exchange Act (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐


Item 2.02 Results of Operations and Financial Condition

On January 26, 2022, Raymond James Financial, Inc. (the "Company") issued a press release disclosing its results for the fiscal first quarter ended December 31, 2021. A copy of this press release is attached to this Current Report as Exhibit 99.1 and incorporated by reference herein. In addition, a copy of the Company’s Financial Supplement and Earnings Presentation for the fiscal first quarter ended December 31, 2021 are attached as Exhibits 99.2 and 99.3, respectively, to this Current Report and are incorporated by reference herein.

The information in this Current Report, including any exhibits hereto, is being "furnished" and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing of the Company with the Securities and Exchange Commission, whether made before or after the date hereof, regardless of any general incorporation language in such filings (unless the Company specifically states that the information or exhibit in this particular report is incorporated by reference).

Item 9.01 Financial Statements and Exhibits

(d) Exhibits. The following are filed as exhibits to this report:

Exhibit No.

99.1 Press release, dated January 26, 2022, issued by Raymond James Financial, Inc.
99.2 Financial Supplement Fiscal First Quarter 2022 of Raymond James Financial, Inc.
99.3 Earnings Presentation Fiscal First Quarter 2022 of Raymond James Financial, Inc.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

RAYMOND JAMES FINANCIAL, INC.
Date: January 26, 2022
By:
  /s/ Paul M. Shoukry
Paul M. Shoukry
Chief Financial Officer and Treasurer


raymondjameslogo.jpg
January 26, 2022FOR IMMEDIATE RELEASE
Media Contact: Steve Hollister, 727.567.2824
Investor Contact: Kristina Waugh, 727.567.7654
raymondjames.com/news-and-media/press-releases




RAYMOND JAMES FINANCIAL REPORTS FIRST QUARTER
OF FISCAL 2022 RESULTS

•Domestic Private Client Group net new asset(1) growth of 11% over the prior 12 months and 14% annualized for the fiscal first quarter
•Record quarterly net revenues of $2.78 billion, up 25% over the prior year’s fiscal first quarter and 3% over the preceding quarter
•Record quarterly net income of $446 million, or $2.10 per diluted share, and quarterly adjusted net income of $451 million(2), or $2.12 per diluted share(2)
•Records for client assets under administration of $1.26 trillion, financial assets under management of $203.2 billion, clients’ domestic cash sweep balances of $73.5 billion, and net loans at Raymond James Bank of $26.1 billion
•Record quarterly investment banking revenues of $425 million, driven by record merger & acquisition and advisory (M&A) and record equity underwriting results
•Annualized return on equity for the quarter of 21.2% and annualized adjusted return on tangible common equity for the quarter of 23.7%(2)

ST. PETERSBURG, Fla – Raymond James Financial, Inc. (NYSE: RJF) today reported net revenues of $2.78 billion and net income of $446 million, or $2.10 per diluted share, for the fiscal first quarter ended December 31, 2021. Excluding $6 million of acquisition-related expenses, quarterly adjusted net income was $451 million(2), or $2.12 per diluted share(2).

“Fiscal 2022 started off strong with record results this quarter, including net income growth of 43% over the fiscal first quarter of 2021, driven by record asset management and related administrative fees and record investment banking revenues,” said Chairman and CEO Paul Reilly. “Furthermore, we are well positioned entering the fiscal second quarter, with record client assets under administration of $1.26 trillion, record financial assets under management of $203.2 billion, record net loans at Raymond James Bank of $26.1 billion, and strong activity levels for both financial advisor recruiting and investment banking. We also ended the quarter with record clients’ domestic cash sweep balances which should bode well with the anticipated rise in short-term interest rates.”


Please refer to the footnotes at the end of this press release for additional information.
1

Segment Results

Private Client Group

•Record quarterly net revenues of $1.84 billion, up 25% over the prior year’s fiscal first quarter and 2% over the preceding quarter
•Quarterly pre-tax income of $195 million, up 39% over the prior year’s fiscal first quarter and down 12% compared to the preceding quarter
•Record Private Client Group assets under administration of $1.20 trillion, up 23% over December 2020 and 8% over September 2021
•Record Private Client Group assets in fee-based accounts of $677.8 billion, up 27% over December 2020 and 8% over September 2021
•Private Client Group financial advisors of 8,464, a net increase of 231 over December 2020 and a net decrease of 18 compared to September 2021
•Record clients’ domestic cash sweep balances of $73.5 billion, up 19% over December 2020 and 10% over September 2021

Record quarterly revenues grew 25% over the prior-year period and 2% over the preceding quarter, predominantly driven by higher asset management and related administrative fees, reflecting record assets in fee-based accounts. While financial advisor retention and recruiting remain strong across all of our affiliation options, the total number of Private Client Group financial advisors declined modestly compared to September 2021, largely due to elevated retirements typical at calendar year-end.

“Our consistent success retaining and recruiting financial advisors across all of our affiliation options is a testament to our client-focused culture and award-winning technology platform,” said Reilly. “On January 21, we closed the acquisition of U.K.-based Charles Stanley Group. Adding approximately $36 billion in client assets, together, Raymond James Investment Services and Charles Stanley serve clients in the U.K. with approximately $57 billion in client assets. We are pleased to welcome Charles Stanley to the Raymond James family.”

Capital Markets

•Record quarterly net revenues of $614 million, up 36% over the prior year’s fiscal first quarter and 11% over the preceding quarter
•Record quarterly pre-tax income of $201 million, up 56% over the prior year’s fiscal first quarter and 10% over the preceding quarter
•Record quarterly investment banking revenues of $412 million, up 62% over the prior year’s fiscal first quarter and 18% over the preceding quarter
•Record M&A revenues of $271 million, up 82% over the prior year’s fiscal first quarter and 26% over the preceding quarter

Record investment banking revenues were driven by record M&A and record equity underwriting revenues. Fixed income brokerage revenues remained solid during the quarter.

“The Capital Markets segment generated another quarter of record results driven by record M&A and record equity underwriting revenues,” said Reilly. “Investment banking pipelines remain strong and conditions are conducive for continued strength in fixed income brokerage activity.”


Please refer to the footnotes at the end of this press release for additional information.
2

Asset Management

•Quarterly net revenues of $236 million, up 21% over the prior year’s fiscal first quarter and down 1% compared to the preceding quarter
•Quarterly pre-tax income of $107 million, up 29% over the prior year’s fiscal first quarter and down 6% compared to the preceding quarter
•Record financial assets under management of $203.2 billion, up 20% over December 2020 and 6% over September 2021

The growth of revenues and pre-tax income over the prior year’s fiscal first quarter was primarily attributable to higher financial assets under management, driven by equity market appreciation and net inflows into fee-based accounts in the Private Client Group.

Raymond James Bank

•Quarterly net revenues of $183 million, up 10% over the prior year’s fiscal first quarter and 4% over the preceding quarter
•Quarterly pre-tax income of $102 million, up 44% over the prior year’s fiscal first quarter and 26% over the preceding quarter
•Record net loans of $26.1 billion, up 19% over December 2020 and 5% over September 2021
•Net interest margin (NIM) of 1.92% for the quarter, down 10 basis points compared to the prior year’s fiscal first quarter and flat compared to the preceding quarter

Net revenue growth was largely due to higher asset balances. Net loans grew 19% year-over-year and 5% sequentially, driven by higher securities-based loans to Private Client Group clients and growth in corporate loans. Pre-tax income growth was due to the aforementioned revenue growth and a bank loan loss release in the current quarter compared to the provision 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 1.18%, down from 1.71% at December 2020 and 1.27% at September 2021.

Other

The Other segment included $5 million of valuation gains on private equity investments during the quarter, of which $1 million is attributable to noncontrolling interests. The effective tax rate decreased during the quarter, primarily due to a large tax benefit recognized for share-based compensation that vested during the period.

In December, the Board of Directors increased the quarterly dividend 31% to $0.34 per share and authorized share repurchases of up to $1 billion, which replaced the previous authorization. As of January 25, 2022, $1 billion remained available under the authorization. At the end of the quarter, the total capital ratio was 26.9%(3) and the tier 1 leverage ratio was 12.1%(3), both well above the regulatory requirements.

A conference call to discuss the results will take place tomorrow morning, Thursday, January 27, 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: 800-732-5617 (conference code: 22015077). An audio replay of the call will be available at the same location until April 29, 2022.



Please refer to the footnotes at the end of this press release for additional information.
3

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 8,500 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 at www.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 acquisition of Charles Stanley Group PLC completed on January 21, 2022 as well as our proposed acquisition of TriState Capital Holdings, Inc.), anticipated results of litigation, regulatory developments, and general economic conditions. In addition, 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.
4
RAYMOND JAMES FINANCIAL, INC.
Fiscal First Quarter of 2022
Selected Financial Highlights
(Unaudited)

Summary results of operations

Three months ended% change from
$ in millions, except per share amountsDecember 31,
2021		December 31,
2020		September 30,
2021		December 31,
2020		September 30,
2021
Net revenues$2,781 $2,222 

$2,695 25%3%
Pre-tax income$558 $399 $560 40%—%
Net income$446 $312 $429 43%4%
Earnings per common share: (4) (5)
Basic$2.16 $1.52 $2.08 42%4%
Diluted$2.10 $1.48 $2.02 42%4%
Non-GAAP measures: (2)
Adjusted pre-tax income
$564 $401 $570 41%(1)%
Adjusted net income
$451 $314 $437 44%3%
Adjusted earnings per common share - basic (4) (5)
$2.18 $1.53 $2.12 42%3%
Adjusted earnings per common share - diluted (4) (5)
$2.12 $1.49 $2.06 42%3%

Please refer to the footnotes at the end of this press release for additional information.
5
RAYMOND JAMES FINANCIAL, INC.             
Fiscal First Quarter of 2022


Consolidated Statements of Income
(Unaudited)
Three months ended% change from
in millions, except per share amountsDecember 31,
2021		December 31,
2020		September 30,
2021		December 31,
2020		September 30,
2021
Revenues:
Asset management and related administrative fees$1,382 $1,067 $1,366 30%1%
Brokerage revenues:
Securities commissions425 381 412 12%3%
Principal transactions133 147 129 (10)%3%
Total brokerage revenues558 528 541 6%3%
Account and service fees177 145 170 22%4%
Investment banking425 261 364 63%17%
Interest income225 203 215 11%5%
Other (6)
51 56 74 (9)%(31)%
Total revenues2,818 2,260 2,730 25%3%
Interest expense(37)(38)(35)(3)%6%
Net revenues2,781 2,222 2,695 25%3%
Non-interest expenses:
Compensation, commissions and benefits1,884 1,500 1,774 26%6%
Non-compensation expenses:
Communications and information processing112 99 114 13%(2)%
Occupancy and equipment59 57 60 4%(2)%
Business development35 23 36 52%(3)%
Investment sub-advisory fees38 28 37 36%3%
Professional fees26 30 32 (13)%(19)%
Bank loan provision/(benefit) for credit losses (11)14 5 NMNM
Acquisition-related expenses (7)
6 2 10 200%(40)%
Other (6)
74 70 67 6%10%
Total non-compensation expenses339 323 361 5%(6)%
Total non-interest expenses2,223 1,823 2,135 22%4%
Pre-tax income
558 399 560 40%—%
Provision for income taxes112 87 131 29%(15)%
Net income$446 $312 $429 43%4%
Earnings per common share – basic (4) (5)
$2.16 $1.52 $2.08 42%4%
Earnings per common share – diluted (4) (5)
$2.10 $1.48 $2.02 42%4%
Weighted-average common shares outstanding – basic (4)
206.3 205.2 205.5 1%—%
Weighted-average common and common equivalent shares outstanding – diluted (4)
212.4 209.6 211.7 1%—%
Please refer to the footnotes at the end of this press release for additional information.
6
RAYMOND JAMES FINANCIAL, INC.Consolidated Selected Key Metrics
Fiscal First Quarter of 2022
(Unaudited)

As of% change from
$ in millions, except per share amounts
December 31,
2021		December 31,
2020		September 30,
2021		December 31,
2020		September 30,
2021
Total assets$68,461 $53,657 $61,891 28%11%
Total equity attributable to Raymond James Financial, Inc.$8,600 $7,363 $8,245 17%4%
Book value per share (4) (8)
$41.45 $35.73 $40.08 16%3%
Tangible book value per share (2) (4) (8)
$37.55 $31.95 $36.11 18%4%
Capital ratios:
Tier 1 capital25.8 %
(3)
23.4 %25.0 %
Total capital26.9 %
(3)
24.6 %26.2 %
Tier 1 leverage12.1 %
(3)
12.9 %12.6 %
Three months ended
December 31,
2021		December 31,
2020		September 30,
2021
Return on equity (9)
21.2 %17.2 %21.3 %
Adjusted return on equity (2) (9)
21.4 %17.3 %21.7 %
Return on tangible common equity (2) (9)
23.4 %19.0 %23.7 %
Adjusted return on tangible common equity (2) (9)
23.7 %19.1 %24.1 %
Pre-tax margin (10)
20.1 %18.0 %20.8 %
Adjusted pre-tax margin (2) (10)
20.3 %18.0 %21.2 %
Total compensation ratio (11)
67.7 %67.5 %65.8 %
Effective tax rate20.1 %21.8 %23.4 %
Client asset metrics ($ in billions)
As of% change from
December 31,
2021		December 31,
2020		September 30,
2021		December 31,
2020		September 30,
2021
Client assets under administration
$1,257.8 $1,024.8 $1,178.7 23%7%
Private Client Group assets under administration
$1,199.8 $974.2 $1,115.4 23%8%
Private Client Group assets in fee-based accounts
$677.8 $532.7 $627.1 27%8%
Financial assets under management
$203.2 $169.6 $191.9 20%6%
Clients’ domestic cash sweep balances
($ in millions)
As of% change from
December 31,
2021		December 31,
2020		September 30,
2021		December 31,
2020		September 30,
2021
Raymond James Bank Deposit
   Program (“RJBDP”): (12)
Raymond James Bank$33,097 $26,697 $31,410 24%5%
Third-party banks24,316 26,142 24,496 (7)%(1)%
Subtotal RJBDP57,413 52,839 55,906 9%3%
Client Interest Program16,065 8,769 10,762 83%49%
Total clients’ domestic cash sweep balances
$73,478 $61,608 $66,668 19%10%

Three months ended
December 31,
2021		December 31,
2020		September 30,
2021
Average yield on RJBDP - third-party banks (13)
0.28 %0.31 %0.29 %

Private Client Group financial advisorsAs of% change from
December 31,
2021		December 31,
2020		September 30,
2021		December 31,
2020		September 30,
2021
Employees3,447 3,387 3,461 2%—%
Independent contractors5,017 4,846 5,021 4%—%
Total advisors8,464 8,233 8,482 3%—%
Please refer to the footnotes at the end of this press release for additional information.
7
RAYMOND JAMES FINANCIAL, INC.Consolidated Net Interest
Fiscal First 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
 December 31, 2021December 31, 2020September 30, 2021
$ in millionsAverage
balance		InterestAnnualized average
rate		Average
balance		InterestAnnualized average
rate		Average
balance		InterestAnnualized average
rate
Interest-earning assets:     
Cash and cash equivalents$6,076 $3 0.18 %$5,712 $4 0.25 %$5,601 $3 0.19 %
Assets segregated for regulatory purposes and restricted cash13,011 4 0.12 %5,816 3 0.21 %9,994 4 0.14 %
Available-for-sale securities8,511 22 1.02 %7,478 23 1.21 %8,285 21 1.04 %
Brokerage client receivables2,484 21 3.35 %2,082 18 3.48 %2,452 21 3.34 %
Bank loans, net of unearned income and deferred expenses:
Loans held for investment:
Commercial and industrial (“C&I”) loans 8,581 55 2.49 %7,535 51 2.63 %8,295 52 2.46 %
Commercial real estate (“CRE”) loans 2,941 20 2.67 %2,582 17 2.59 %2,817 18 2.54 %
Real estate investment trust (“REIT”) loans 1,133 7 2.56 %1,235 8 2.43 %1,223 7 2.47 %
Tax-exempt loans (14)
1,297 8 3.19 %1,237 8 3.35 %1,321 9 3.21 %
Residential mortgage loans5,451 37 2.68 %5,001 35 2.77 %5,305 37 2.70 %
Securities-based loans and other6,289 35 2.20 %4,286 25 2.29 %5,820 32 2.17 %
Loans held for sale239 2 2.94 %141 1 2.94 %191 1 2.59 %
Total bank loans, net25,931 164 2.52 %22,017 145 2.62 %24,972 156 2.49 %
All other interest-earning assets2,376 11 1.91 %2,288 10 2.00 %2,218 10 1.70 %
Total interest-earning assets$58,389 $225 1.53 %$45,393 $203 1.78 %$53,522 $215 1.59 %
Interest-bearing liabilities:     
Bank deposits:
Savings, money market and Negotiable Order of Withdrawal accounts$31,894 $2 0.02 %$26,637 $1 0.02 %$30,218 $2 0.02 %
Certificates of deposit843 4 1.87 %952 5 1.93 %885 4 1.90 %
Total bank deposits32,737 6 0.07 %27,589 6 0.09 %31,103 6 0.07 %
Brokerage client payables14,300 1 0.03 %7,324 1 0.06 %11,427 — 0.03 %
Other borrowings857 5 2.20 %866 5 2.19 %859 5 2.21 %
Senior notes payable2,037 23 4.44 %2,045 24 4.70 %2,037 23 4.44 %
All other interest-bearing liabilities650 2 1.16 %574 2 1.14 %568 1 0.13 %
Total interest-bearing liabilities$50,581 $37 0.28 %$38,398 $38 0.39 %$45,994 $35 0.30 %
Net interest income$188 $165 $180 

Please refer to the footnotes at the end of this press release for additional information.
8
RAYMOND JAMES FINANCIAL, INC.Segment Results
Fiscal First Quarter of 2022
(Unaudited)

Three months ended% change from
$ in millionsDecember 31,
2021		December 31,
2020		September 30,
2021		December 31,
2020		September 30,
2021
Net revenues:
Private Client Group$1,839 $1,467 $1,801 25%2%
Capital Markets614 452 554 36%11%
Asset Management236 195 238 21%(1)%
Raymond James Bank183 167 176 10%4%
Other (15)
(15)4 (2)NM(650)%
Intersegment eliminations(76)(63)(72)(21)%(6)%
Total net revenues
$2,781 $2,222 $2,695 25%3%
Pre-tax income/(loss):
Private Client Group$195 $140 $222 39%(12)%
Capital Markets201 129 183 56%10%
Asset Management107 83 114 29%(6)%
Raymond James Bank102 71 81 44%26%
Other (15)
(47)(24)(40)(96)%(18)%
Pre-tax income
$558 $399 $560 40%—%

Please refer to the footnotes at the end of this press release for additional information.
9
RAYMOND JAMES FINANCIAL, INC.Segment Results
Fiscal First Quarter of 2022
(Unaudited)

Private Client Group
Three months ended% change from
$ in millionsDecember 31,
2021		December 31,
2020		September 30,
2021		December 31,
2020		September 30,
2021
Revenues: 
Asset management and related administrative fees$1,162 $885 $1,142 31%2%
Brokerage revenues:
Mutual and other fund products171 148 172 16%(1)%
Insurance and annuity products111 98 118 13%(6)%
Equities, ETFs and fixed income products115 107 100 7%15%
Total brokerage revenues397 353 390 12%2%
Account and service fees:
Mutual fund and annuity service fees114 94 110 21%4%
RJBDP fees: (12)
Third-party banks
17 21 18 (19)%(6)%
Raymond James Bank
50 43 49 16%2%
Client account and other fees49 32 44 53%11%
Total account and service fees230 190 221 21%4%
Investment banking13 6 14 117%(7)%
Interest income33 30 32 10%3%
All other7 5 5 40%40%
Total revenues1,842 1,469 1,804 25%2%
Interest expense(3)(2)(3)50%—%
Net revenues1,839 1,467 1,801 25%2%
Non-interest expenses:   
Financial advisor compensation and benefits1,187 931 1,151 27%3%
Administrative compensation and benefits283 249 255 14%11%
Total compensation, commissions and benefits1,470 1,180 1,406 25%5%
Non-compensation expenses174 147 173 18%1%
Total non-interest expenses1,644 1,327 1,579 24%4%
Pre-tax income$195 $140 $222 39%(12)%


Please refer to the footnotes at the end of this press release for additional information.
10
RAYMOND JAMES FINANCIAL, INC.Segment Results
Fiscal First Quarter of 2022
(Unaudited)

Capital Markets
Three months ended% change from
$ in millionsDecember 31,
2021		December 31,
2020		September 30,
2021		December 31,
2020		September 30,
2021
Revenues: 
Brokerage revenues:
Fixed income$120 $131 $118 (8)%2%
Equity39 42 33 (7)%18%
Total brokerage revenues159 173 151 (8)%5%
Investment banking:
Merger & acquisition and advisory 271 149 215 82%26%
Equity underwriting97 60 89 62%9%
Debt underwriting44 46 46 (4)%(4)%
Total investment banking412 255 350 62%18%
Interest income5 3 4 67%25%
Tax credit fund revenues35 16 48 119%(27)%
All other5 7 4 (29)%25%
Total revenues616 454 557 36%11%
Interest expense(2)(2)(3)—%(33)%
Net revenues 614 452 554 36%11%
Non-interest expenses:
Compensation, commissions and benefits
331 252 288 31%15%
Acquisition-related expenses (7)
4 — 3 NM33%
Other non-compensation expenses78 71 80 10%(3)%
Total non-interest expenses413 323 371 28%11%
Pre-tax income
$201 $129 $183 56%10%

Please refer to the footnotes at the end of this press release for additional information.
11
RAYMOND JAMES FINANCIAL, INC.Segment Results
Fiscal First Quarter of 2022
(Unaudited)

Asset Management
Three months ended% change from
$ in millionsDecember 31,
2021		December 31,
2020		September 30,
2021		December 31,
2020		September 30,
2021
Revenues:
Asset management and related administrative fees:
Managed programs$151 $129 $156 17%(3)%
Administration and other76 59 74 29%3%
Total asset management and related administrative fees
227 188 230 21%(1)%
Account and service fees6 4 5 50%20%
All other3 3 3 —%—%
Net revenues236 195 238 21%(1)%
Non-interest expenses:
Compensation, commissions and benefits
46 45 44 2%5%
Non-compensation expenses83 67 80 24%4%
Total non-interest expenses129 112 124 15%4%
Pre-tax income
$107 $83 $114 29%(6)%


Raymond James Bank
Three months ended% change from
$ in millionsDecember 31,
2021		December 31,
2020		September 30,
2021		December 31,
2020		September 30,
2021
Revenues:
Interest income$187 $168 $179 11%4%
Interest expense(10)(11)(10)(9)%—%
Net interest income177 157 169 13%5%
All other6 10 7 (40)%(14)%
Net revenues183 167 176 10%4%
Non-interest expenses:
Compensation and benefits13 12 13 8%—%
Non-compensation expenses:
Bank loan provision/(benefit) for credit losses (11)14 5 NMNM
RJBDP fees to Private Client Group (12)
50 43 49 16%2%
All other29 27 28 7%4%
Total non-compensation expenses68 84 82 (19)%(17)%
Total non-interest expenses81 96 95 (16)%(15)%
Pre-tax income$102 $71 $81 44%26%

Please refer to the footnotes at the end of this press release for additional information.
12
RAYMOND JAMES FINANCIAL, INC.Segment Results
Fiscal First Quarter of 2022
(Unaudited)

Other
Three months ended% change from
$ in millionsDecember 31,
2021		December 31,
2020		September 30,
2021		December 31,
2020		September 30,
2021
Revenues:
Interest income$1 $3 $2 (67)%(50)%
Gains on private equity investments (6)
5 24 18 (79)%(72)%
All other2 1 (1)100%NM
Total revenues8 28 19 (71)%(58)%
Interest expense(23)(24)(21)(4)%10%
Net revenues(15)4 (2)NM(650)%
Non-interest expenses:
Compensation and all other (6)
30 26 31 15%(3)%
Acquisition-related expenses (7)
2 2 7 —%(71)%
Total non-interest expenses32 28 38 14%(16)%
Pre-tax loss
$(47)$(24)$(40)(96)%(18)%

Please refer to the footnotes at the end of this press release for additional information.
13
RAYMOND JAMES FINANCIAL, INC.Raymond James Bank Selected Key Metrics
Fiscal First 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
December 31,
2021		December 31,
2020		September 30,
2021		December 31,
2020		September 30,
2021
Total assets
$38,107 $31,580 $36,481 21%4%
Total equity
$2,597 $2,364 $2,594 10%—%
Bank loans, net
$26,132 $21,957 $24,994 19%5%
Bank loan allowance for credit losses $308 $378 $320 (19)%(4)%
Bank loan allowance for credit losses as a % of loans held for investment 1.18 %1.71 %1.27 %
Total nonperforming assets$74 $28 $74 164%—%
Nonperforming assets as a % of total assets0.19 %0.09 %0.20 %
Total criticized loans$735 $899 $824 (18)%(11)%
Criticized loans as a % of loans held for investment
2.75 %4.06 %3.27 %
Capital ratios:
Tier 1 capital13.3 %
(3)
13.1 %13.4 %
Total capital14.6 %
(3)
14.4 %14.6 %
Tier 1 leverage7.2 %
(3)
7.5 %7.4 %
Three months ended% change from
$ in millionsDecember 31,
2021		December 31,
2020		September 30,
2021		December 31,
2020		September 30,
2021
Bank loan provision/(benefit) for credit losses $(11)$14 $5 NMNM
Net charge-offs$1 $— $7 NM(86)%
Net interest margin (net yield on interest-earning assets)1.92 %2.02 %1.92 %
Please refer to the footnotes at the end of this press release for additional information.
14
RAYMOND JAMES FINANCIAL, INC.Non-GAAP Financial Measures
Fiscal First 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
$ in millions, except per share amountsDecember 31,
2021		December 31,
2020		September 30,
2021
Net income
$446 $312 $429 
Non-GAAP adjustments:
Acquisition-related expenses (7)
6 2 10 
Pre-tax impact of non-GAAP adjustments6 2 10 
Tax effect of non-GAAP adjustments
(1)— (2)
Total non-GAAP adjustments, net of tax
5 2 8 
Adjusted net income
$451 $314 $437 
Pre-tax income
$558 $399 $560 
Pre-tax impact of non-GAAP adjustments (as detailed above)
6 2 10 
Adjusted pre-tax income
$564 $401 $570 
Pre-tax margin (10)
20.1 %18.0 %20.8 %
Non-GAAP adjustments:
Acquisition-related expenses (7)
0.2 %— %0.4 %
Total non-GAAP adjustments 0.2 %— %0.4 %
Adjusted pre-tax margin (10)
20.3 %18.0 %21.2 %
Earnings per common share: (4) (5)
Basic$2.16 $1.52 $2.08 
Non-GAAP adjustments:
Acquisition-related expenses (7)
0.03 0.01 0.05 
Tax effect of non-GAAP adjustments(0.01)— (0.01)
Total non-GAAP adjustments, net of tax 0.02 0.01 0.04 
Adjusted basic$2.18 $1.53 $2.12 
Diluted$2.10 $1.48 $2.02 
Non-GAAP adjustments:
Acquisition-related expenses (7)
0.03 0.01 0.05 
Tax effect of non-GAAP adjustments(0.01)— (0.01)
Total non-GAAP adjustments, net of tax 0.02 0.01 0.04 
Adjusted diluted$2.12 $1.49 $2.06 









Please refer to the footnotes at the end of this press release for additional information.
15
RAYMOND JAMES FINANCIAL, INC.Non-GAAP Financial Measures
Fiscal First Quarter of 2022
(Unaudited)

Reconciliation of non-GAAP financial measures to GAAP financial measures
(Continued from previous page)

Book value per shareAs of
$ in millions, except per share amountsDecember 31,
2021		December 31,
2020		September 30,
2021
Total equity attributable to Raymond James Financial, Inc.
$8,600 $7,363 $8,245 
Less non-GAAP adjustments:
Goodwill and identifiable intangible assets, net
874 834 882 
Deferred tax liabilities, net(65)(56)(64)
Tangible common equity attributable to Raymond James Financial, Inc.$7,791 $6,585 $7,427 
Common shares outstanding (4)
207.5 206.1 205.7 
Book value per share (4) (8)
$41.45 $35.73 $40.08 
Tangible book value per share (4) (8)
$37.55 $31.95 $36.11 

Return on equityThree months ended
$ in millionsDecember 31,
2021		December 31,
2020		September 30,
2021
Average equity (16)
$8,423 $7,239 $8,054 
Impact on average equity of non-GAAP adjustments:
Acquisition-related expenses (7)
3 1 5 
Tax effect of non-GAAP adjustments(1)— (1)
Adjusted average equity (16)
$8,425 $7,240 $8,058 
Average equity (16)
$8,423 $7,239 $8,054 
Less:
Average goodwill and identifiable intangible assets, net878 717 872 
Average deferred tax liabilities, net(64)(45)(60)
Average tangible common equity (16)
$7,609 $6,567 $7,242 
Impact on average equity of non-GAAP adjustments:
Acquisition-related expenses (7)
3 1 5 
Tax effect of non-GAAP adjustments(1)— (1)
Adjusted average tangible common equity (16)
$7,611 $6,568 $7,246 
Return on equity (9)
21.2 %17.2 %21.3 %
Adjusted return on equity (9)
21.4 %17.3 %21.7 %
Return on tangible common equity (9)
23.4 %19.0 %23.7 %
Adjusted return on tangible common equity (9)
23.7 %19.1 %24.1 %
Please refer to the footnotes at the end of this press release for additional information.
16
RAYMOND JAMES FINANCIAL, INC.                             
Fiscal First 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.
(3)Estimated.
(4)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.
(5)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.
(6)
Other revenues included $5 million, $24 million and $18 million of private equity gains for the three months ended December 31, 2021, December 31, 2020, and September 30, 2021, respectively, which were included in our Other segment. Of these amounts, $1 million, $10 million, and $5 million for the three months ended December 31, 2021, December 31, 2020, and September 30, 2021, respectively, were attributable to noncontrolling interests and were offset in Other expenses.
(7)Acquisition-related expenses in our Other segment primarily included professional and integration expenses associated with our acquisition of Charles Stanley Group PLC, which was completed in January 2022, and our announced acquisition of TriState Capital Holdings, Inc., which we expect to close in fiscal 2022. Acquisition-related expenses in our Capital Markets segment included amortization expense related to intangible assets with short useful lives associated with our Financo, LLC and Cebile Capital acquisitions, which were completed in fiscal 2021.
(8)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.
(9)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.
(10)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.
(11)Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period.
(12)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.
(13)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.
(14)The average yield is presented on a tax-equivalent basis for each respective period.
(15)
The Other segment includes the results of our private equity investments, interest income on certain corporate cash balances, acquisition-related expenses, and certain corporate overhead costs of RJF, including the interest costs on our public debt.
(16)
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. 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.

17

raymondjameslogo1a.jpg




EARNINGS RELEASE FINANCIAL SUPPLEMENT


FIRST QUARTER
OF FISCAL 2022 RESULTS










RAYMOND JAMES FINANCIAL, INC.             
Consolidated Statements of Income (Unaudited)

Three months ended% change from
in millions, except per share amountsDecember 31,
2020		March 31,
2021		June 30,
2021		September 30,
2021		December 31,
2021		December 31,
2020		September 30,
2021
Revenues:
Asset management and related administrative fees
$1,067 $1,173 $1,262 $1,366 $1,382 30 %1 %
Brokerage revenues:
Securities commissions381 443 415 412 425 12 %3 %
Principal transactions147 148 137 129 133 (10)%3 %
Total brokerage revenues528 591 552 541 558 6 %3 %
Account and service fees145 159 161 170 177 22 %4 %
Investment banking261 242 276 364 425 63 %17 %
Interest income203 200 205 215 225 11 %5 %
Other (1)
56 44 55 74 51 (9)%(31)%
Total revenues2,260 2,409 2,511 2,730 2,818 25 %3 %
Interest expense(38)(37)(40)(35)(37)(3)%6 %
Net revenues2,222 2,372 2,471 2,695 2,781 25 %3 %
Non-interest expenses:
Compensation, commissions and benefits1,500 1,648 1,661 1,774 1,884 26 %6 %
Non-compensation expenses:
Communications and information processing
99 107 109 114 112 13 %(2)%
Occupancy and equipment57 57 58 60 59 4 %(2)%
Business development23 21 31 36 35 52 %(3)%
Investment sub-advisory fees28 31 34 37 38 36 %3 %
Professional fees30 24 26 32 26 (13)%(19)%
Bank loan provision/(benefit) for credit losses 14 (32)(19)5 (11)NMNM
Losses on extinguishment of debt (2)
— — 98 — — — %— %
Acquisition-related expenses (3)
2 — 7 10 6 200 %(40)%
Other (1)
70 69 81 67 74 6 %10 %
Total non-compensation expenses323 277 425 361 339 5 %(6)%
Total non-interest expenses1,823 1,925 2,086 2,135 2,223 22 %4 %
Pre-tax income
399 447 385 560 558 40 %— %
Provision for income taxes87 92 78 131 112 29 %(15)%
Net income$312 $355 $307 $429 $446 43 %4 %
Earnings per common share – basic (4) (5)
$1.52 $1.72 $1.49 $2.08 $2.16 42 %4 %
Earnings per common share – diluted (4) (5)
$1.48 $1.68 $1.45 $2.02 $2.10 42 %4 %
Weighted-average common shares outstanding – basic (5)
205.2 206.7 205.8 205.5 206.3 1 %— %
Weighted-average common and common equivalent shares outstanding – diluted (5)
209.6 211.8 211.7 211.7 212.4 1 %— %
Please refer to the footnotes at the end of this supplement for additional information.
2
RAYMOND JAMES FINANCIAL, INC.             
Consolidated Selected Key Metrics (Unaudited)

As of% change from
$ in millions, except per share amountsDecember 31,
2020		March 31,
2021		June 30,
2021		September 30,
2021		December 31,
2021		December 31,
2020		September 30,
2021
Total assets$53,657 $56,066 $57,161 $61,891 $68,461 28 %11 %
Total equity attributable to Raymond James Financial, Inc.$7,363 $7,592 $7,863 $8,245 $8,600 17 %4 %
Book value per share (5) (6)
$35.73 $36.89 $38.28 $40.08 $41.45 16 %3 %
Tangible book value per share (5) (6) (7)
$31.95 $32.94 $34.36 $36.11 $37.55 18 %4 %
Capital ratios:
Tier 1 capital23.4 %23.6 %24.4 %25.0 %25.8 %
(8)
Total capital24.6 %24.7 %25.6 %26.2 %26.9 %
(8)
Tier 1 leverage12.9 %12.2 %12.6 %12.6 %12.1 %
(8)


Three months ended% change from
$ in millionsDecember 31,
2020		March 31,
2021		June 30,
2021		September 30,
2021		December 31,
2021		December 31,
2020		September 30,
2021
Adjusted pre-tax income (7)
$401 NA$490 $570 $564 41 %(1)%
Adjusted net income (7)
$314 NA$386 $437 $451 44 %3 %
Adjusted earnings per common share - basic (4) (5) (7)
$1.53 NA$1.88 $2.12 $2.18 42 %3 %
Adjusted earnings per common share - diluted (4) (5) (7)
$1.49 NA$1.82 $2.06 $2.12 42 %3 %
Return on equity (9)
17.2 %19.0 %15.9 %21.3 %21.2 %
Adjusted return on equity (7) (9)
17.3 %NA19.9 %21.7 %21.4 %
Return on tangible common equity (7) (9)
19.0 %21.2 %17.7 %23.7 %23.4 %
Adjusted return on tangible common equity (7) (9)
19.1 %NA22.2 %24.1 %23.7 %
Pre-tax margin (10)
18.0 %18.8 %15.6 %20.8 %20.1 %
Adjusted pre-tax margin (7) (10)
18.0 %NA19.8 %21.2 %20.3 %
Total compensation ratio (11)
67.5 %69.5 %67.2 %65.8 %67.7 %
Effective tax rate21.8 %20.6 %20.3 %23.4 %20.1 %
Please refer to the footnotes at the end of this supplement for additional information.
3
RAYMOND JAMES FINANCIAL, INC.             
Consolidated Selected Key Metrics (Unaudited)

As of% change from
December 31,
2020		March 31,
2021		June 30,
2021		September 30,
2021		December 31,
2021		December 31,
2020		September 30,
2021
Client asset metrics ($ in billions):
Client assets under administration$1,024.8 $1,085.4 $1,165.0 $1,178.7 $1,257.8 23 %7 %
Private Client Group assets under administration$974.2 $1,028.1 $1,102.9 $1,115.4 $1,199.8 23 %8 %
Private Client Group assets in fee-based accounts$532.7 $567.6 $616.7 $627.1 $677.8 27 %8 %
Financial assets under management$169.6 $178.2 $191.0 $191.9 $203.2 20 %6 %
Clients' domestic cash sweep balances ($ in millions):
Raymond James Bank Deposit Program (“RJBDP”): (12)
Raymond James Bank$26,697 $28,174 $29,253 $31,410 $33,097 24 %5 %
Third-party banks26,142 25,110 25,080 24,496 24,316 (7)%(1)%
Subtotal RJBDP52,839 53,284 54,333 55,906 57,413 9 %3 %
Client Interest Program8,769 9,517 8,610 10,762 16,065 83 %49 %
Total clients’ domestic cash sweep balances$61,608 $62,801 $62,943 $66,668 $73,478 19 %10 %

Three months ended
December 31,
2020		March 31,
2021		June 30,
2021		September 30,
2021		December 31,
2021
Average yield on RJBDP - third-party banks (13)
0.31 %0.30 %0.29 %0.29 %0.28 %
As of% change from
December 31,
2020		March 31,
2021		June 30,
2021		September 30,
2021		December 31,
2021		December 31,
2020		September 30,
2021
Private Client Group financial advisors:
Employees3,387 3,375 3,423 3,461 3,447 2 %— %
Independent contractors4,846 4,952 4,990 5,021 5,017 4 %— %
Total advisors8,233 8,327 8,413 8,482 8,464 3 %— %

Please refer to the footnotes at the end of this supplement for additional information.
4
RAYMOND JAMES FINANCIAL, INC.        
Segment Results - Private Client Group (Unaudited)

Three months ended% change from
$ in millionsDecember 31,
2020		March 31,
2021		June 30,
2021		September 30,
2021		December 31,
2021		December 31,
2020		September 30,
2021
Revenues:
Asset management and related administrative fees
$885 $979 $1,050 $1,142 $1,162 31 %2 %
Brokerage revenues:
Mutual and other fund products148 183 167 172 171 16 %(1)%
Insurance and annuity products98 109 113 118 111 13 %(6)%
Equities, ETFs, and fixed income products
107 121 110 100 115 7 %15 %
Total brokerage revenues353 413 390 390 397 12 %2 %
Account and service fees:
Mutual fund and annuity service fees
94 99 105 110 114 21 %4 %
RJBDP fees: (12)
Third-party banks21 19 18 18 17 (19)%(6)%
Raymond James Bank43 44 47 49 50 16 %2 %
Client account and other fees32 42 39 44 49 53 %11 %
Total account and service fees
190 204 209 221 230 21 %4 %
Investment banking6 16 11 14 13 117 %(7)%
Interest income30 30 31 32 33 10 %3 %
All other5 8 7 5 7 40 %40 %
Total revenues1,469 1,650 1,698 1,804 1,842 25 %2 %
Interest expense(2)(3)(2)(3)(3)50 %— %
Net revenues1,467 1,647 1,696 1,801 1,839 25 %2 %
Non-interest expenses:
Financial advisor compensation and benefits
931 1,040 1,082 1,151 1,187 27 %3 %
Administrative compensation and benefits
249 260 251 255 283 14 %11 %
Total compensation, commissions and benefits
1,180 1,300 1,333 1,406 1,470 25 %5 %
Non-compensation expenses147 155 168 173 174 18 %1 %
Total non-interest expenses
1,327 1,455 1,501 1,579 1,644 24 %4 %
Pre-tax income$140 $192 $195 $222 $195 39 %(12)%
Please refer to the footnotes at the end of this supplement for additional information.
5
RAYMOND JAMES FINANCIAL, INC.             
Segment Results - Capital Markets (Unaudited)

Three months ended% change from
$ in millionsDecember 31,
2020		March 31,
2021		June 30,
2021		September 30,
2021		December 31,
2021		December 31,
2020		September 30,
2021
Revenues:
Brokerage revenues:
Fixed income$131 $142 $124 $118 $120 (8)%2 %
Equity42 34 36 33 39 (7)%18 %
Total brokerage revenues173 176 160 151 159 (8)%5 %
Investment banking:
Merger & acquisition and advisory149 122 153 215 271 82 %26 %
Equity underwriting60 67 69 89 97 62 %9 %
Debt underwriting46 37 43 46 44 (4)%(4)%
Total investment banking255 226 265 350 412 62 %18 %
Interest income3 5 4 4 5 67 %25 %
Tax credit fund revenues16 24 17 48 35 119 %(27)%
All other7 4 3 4 5 (29)%25 %
Total revenues454 435 449 557 616 36 %11 %
Interest expense(2)(2)(3)(3)(2)— %(33)%
Net revenues452 433 446 554 614 36 %11 %
Non-interest expenses:
Compensation, commissions and benefits
252 259 256 288 331 31 %15 %
Acquisition-related expenses (3)
— — 3 3 4 NM33 %
Other non-compensation expenses71 69 72 80 78 10 %(3)%
Total non-interest expenses323 328 331 371 413 28 %11 %
Pre-tax income$129 $105 $115 $183 $201 56 %10 %
Please refer to the footnotes at the end of this supplement for additional information.
6
RAYMOND JAMES FINANCIAL, INC.             
Segment Results - Asset Management (Unaudited)

Three months ended% change from
$ in millionsDecember 31,
2020		March 31,
2021		June 30,
2021		September 30,
2021		December 31,
2021		December 31,
2020		September 30,
2021
Revenues:
Asset management and related administrative fees:
Managed programs$129 $137 $148 $156 $151 17 %(3)%
Administration and other59 64 70 74 76 29 %3 %
Total asset management and related administrative fees
188 201 218 230 227 21 %(1)%
Account and service fees4 5 4 5 6 50 %20 %
All other3 3 3 3 3 — %— %
Net revenues195 209 225 238 236 21 %(1)%
Non-interest expenses:
Compensation, commissions and benefits
45 50 43 44 46 2 %5 %
Non-compensation expenses67 72 77 80 83 24 %4 %
Total non-interest expenses112 122 120 124 129 15 %4 %
Pre-tax income$83 $87 $105 $114 $107 29 %(6)%
Please refer to the footnotes at the end of this supplement for additional information.
7
RAYMOND JAMES FINANCIAL, INC.             
Segment Results - Raymond James Bank (Unaudited)

Three months ended% change from
$ in millionsDecember 31,
2020		March 31,
2021		June 30,
2021		September 30,
2021		December 31,
2021		December 31,
2020		September 30,
2021
Revenues:
Interest income$168 $165 $172 $179 $187 11 %4 %
Interest expense(11)(10)(11)(10)(10)(9)%— %
Net interest income157 155 161 169 177 13 %5 %
All other10 5 8 7 6 (40)%(14)%
Net revenues167 160 169 176 183 10 %4 %
Non-interest expenses:
Compensation and benefits12 13 13 13 13 8 %— %
Non-compensation expenses:
Bank loan provision/(benefit) for credit losses 14 (32)(19)5 (11)NMNM
RJBDP fees to Private Client Group (12)
43 44 47 49 50 16 %2 %
All other27 24 24 28 29 7 %4 %
Total non-compensation expenses84 36 52 82 68 (19)%(17)%
Total non-interest expenses96 49 65 95 81 (16)%(15)%
Pre-tax income$71 $111 $104 $81 $102 44 %26 %
Please refer to the footnotes at the end of this supplement for additional information.
8
RAYMOND JAMES FINANCIAL, INC.             
Segment Results - Other (14) (Unaudited)

Three months ended% change from
$ in millionsDecember 31,
2020		March 31,
2021		June 30,
2021		September 30,
2021		December 31,
2021		December 31,
2020		September 30,
2021
Revenues:
Interest income$3 $3 $— $2 $1 (67)%(50)%
Gains/(losses) on private equity investments (1)
24 8 24 18 5 (79)%(72)%
All other1 2 4 (1)2 100 %NM
Total revenues28 13 28 19 8 (71)%(58)%
Interest expense(24)(25)(26)(21)(23)(4)%10 %
Net revenues4 (12)2 (2)(15)NM(650)%
Non-interest expenses:
Compensation and all other (1)
26 36 34 31 30 15 %(3)%
Losses on extinguishment of debt (2)
— — 98 — — — %— %
Acquisition-related expenses (3)
2 — 4 7 2 — %(71)%
Total non-interest expenses28 36 136 38 32 14 %(16)%
Pre-tax loss$(24)$(48)$(134)$(40)$(47)(96)%(18)%
Please refer to the footnotes at the end of this supplement for additional information.
9
RAYMOND JAMES FINANCIAL, INC.             
Raymond James Bank Selected Key Metrics (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 millionsDecember 31,
2020		March 31,
2021		June 30,
2021		September 30,
2021		December 31,
2021		December 31,
2020		September 30,
2021
Total assets$31,580 $33,221 $34,576 $36,481 $38,107 21 %4 %
Total equity$2,364 $2,409 $2,532 $2,594 $2,597 10 %— %
Bank loans, net$21,957 $22,879 $23,896 $24,994 $26,132 19 %5 %
Bank loan allowance for credit losses $378 $345 $322 $320 $308 (19)%(4)%
Bank loan allowance for credit losses as a % of loans held for investment 1.71 %1.50 %1.34 %1.27 %1.18 %
Total nonperforming assets$28 $31 $43 $74 $74 164 %— %
Nonperforming assets as a % of total assets0.09 %0.09 %0.12 %0.20 %0.19 %
Total criticized loans$899 $1,001 $980 $824 $735 (18)%(11)%
Criticized loans as a % of loans held for investment4.06 %4.35 %4.07 %3.27 %2.75 %
Capital ratios:
Tier 1 capital13.1 %13.1 %13.5 %13.4 %13.3 %
(8)
Total capital14.4 %14.4 %14.7 %14.6 %14.6 %
(8)
Tier 1 leverage7.5 %7.5 %7.5 %7.4 %7.2 %
(8)
As of% change from
$ in millionsDecember 31,
2020		March 31,
2021		June 30,
2021		September 30,
2021		December 31,
2021		December 31,
2020		September 30,
2021
Commercial and industrial loans$7,499 $7,816 $8,011 $8,440 $8,608 15 %2 %
Commercial real estate loans2,664 2,710 2,728 2,872 2,992 12 %4 %
Real estate investment trust loans
1,254 1,380 1,270 1,112 1,189 (5)%7 %
Tax-exempt loans1,237 1,223 1,320 1,321 1,290 4 %(2)%
Residential mortgage loans4,928 5,001 5,170 5,318 5,568 13 %5 %
Securities-based loans and other4,544 4,891 5,582 6,106 6,563 44 %7 %
Total loans held for investment22,126 23,021 24,081 25,169 26,210 18 %4 %
Held for sale loans209 203 137 145 230 10 %59 %
Total loans held for sale and investment22,335 23,224 24,218 25,314 26,440 18 %4 %
Allowance for credit losses(378)(345)(322)(320)(308)(19)%(4)%
Bank loans, net$21,957 $22,879 $23,896 $24,994 $26,132 19 %5 %

Three months ended% change from
$ in millionsDecember 31,
2020		March 31,
2021		June 30,
2021		September 30,
2021		December 31,
2021		December 31,
2020		September 30,
2021
Bank loan provision/(benefit) for credit losses $14 $(32)$(19)$5 $(11)NMNM
Net charge-offs$— $2 $4 $7 $1 NM(86)%
Net interest margin (net yield on interest-earning assets)
2.02 %1.94 %1.92 %1.92 %1.92 %
Please refer to the footnotes at the end of this supplement for additional information.
10

RAYMOND JAMES FINANCIAL, INC.

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited)

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 for those periods which include non-GAAP adjustments.

Three months ended
$ in millionsDecember 31,
2020		June 30,
2021		September 30,
2021		December 31,
2021
Net income
$312 $307 $429 $446 
Non-GAAP adjustments:
Losses on extinguishment of debt (2)
— 98 — — 
Acquisition-related expenses (3)
2 7 10 6 
Pre-tax impact of non-GAAP adjustments2 105 10 6 
Tax effect of non-GAAP adjustments
— (26)(2)(1)
Total non-GAAP adjustments, net of tax
2 79 8 5 
Adjusted net income
$314 $386 $437 $451 
Pre-tax income
$399 $385 $560 $558 
Pre-tax impact of non-GAAP adjustments (as detailed above)
2 105 10 6 
Adjusted pre-tax income
$401 $490 $570 $564 
Pre-tax margin (10)
18.0 %15.6 %20.8 %20.1 %
Non-GAAP adjustments:
Losses on extinguishment of debt (2)
— %3.9 %— %— %
Acquisition-related expenses (3)
— %0.3 %0.4 %0.2 %
Total non-GAAP adjustments, net of tax
— %4.2 0.4 %0.2 %
Adjusted pre-tax margin (10)
18.0 %19.8 %21.2 %20.3 %







Please refer to the footnotes at the end of this supplement for additional information.
11

RAYMOND JAMES FINANCIAL, INC.

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited)
(Continued from previous page)

Three months ended
Earnings per common share (4)
December 31,
2020		June 30,
2021		September 30,
2021		December 31,
2021
Basic$1.52 $1.49 $2.08 $2.16 
Non-GAAP adjustments:
Losses on extinguishment of debt (2)
— 0.48 — — 
Acquisition-related expenses (3)
0.01 0.03 0.05 0.03 
Tax effect of non-GAAP adjustments— (0.12)(0.01)(0.01)
Total non-GAAP adjustments, net of tax 0.01 0.39 0.04 0.02 
Adjusted basic$1.53 $1.88 $2.12 $2.18 
Diluted$1.48 $1.45 $2.02 $2.10 
Non-GAAP adjustments:
Losses on extinguishment of debt (2)
— 0.46 — — 
Acquisition-related expenses (3)
0.01 0.03 0.05 0.03 
Tax effect of non-GAAP adjustments— (0.12)(0.01)(0.01)
Total non-GAAP adjustments, net of tax 0.01 0.37 0.04 0.02 
Adjusted diluted$1.49 $1.82 $2.06 $2.12 



Book value per shareAs of
$ in millions, except per share amountsDecember 31,
2020		March 31,
2021		June 30,
2021		September 30,
2021		December 31,
2021
Total equity attributable to Raymond James Financial, Inc.
$7,363 $7,592 $7,863 $8,245 $8,600 
Less non-GAAP adjustments:
Goodwill and identifiable intangible assets, net
834 868 862 882 874 
Deferred tax liabilities, net(56)(56)(56)(64)(65)
Tangible common equity attributable to Raymond James Financial, Inc.$6,585 $6,780 $7,057 $7,427 $7,791 
Common shares outstanding (5)
206.1 205.8 205.4 205.7 207.5 
Book value per share (5) (6)
$35.73 $36.89 $38.28 $40.08 $41.45 
Tangible book value per share (5) (6) (7)
$31.95 $32.94 $34.36 $36.11 $37.55 


Please refer to the footnotes at the end of this supplement for additional information.
12

RAYMOND JAMES FINANCIAL, INC.

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited)
(Continued from previous page)

Return on equityThree months ended
$ in millionsDecember 31,
2020		March 31,
2021		June 30,
2021		September 30,
2021		December 31,
2021
Average equity (15)
$7,239 $7,478 $7,728 $8,054 $8,423 
Impact on average equity of non-GAAP adjustments:
Losses on extinguishment of debt (2)
— NA49 — — 
Acquisition-related expenses (3)
1 NA4 5 3 
Tax effect of non-GAAP adjustments— NA(13)(1)(1)
Adjusted average equity (15)
$7,240 NA$7,768 $8,058 $8,425 
Average equity (15)
$7,239 $7,478 $7,728 $8,054 $8,423 
Less:
Average goodwill and identifiable intangible assets, net717 851 865 872 878 
Average deferred tax liabilities, net(45)(56)(56)(60)(64)
Average tangible common equity (15)
$6,567 $6,683 $6,919 $7,242 $7,609 
Impact on average equity of non-GAAP adjustments:
Losses on extinguishment of debt (2)
— NA49 — — 
Acquisition-related expenses (3)
1 NA4 5 3 
Tax effect of non-GAAP adjustments— NA(13)(1)(1)
Adjusted average tangible common equity (15)
$6,568 NA$6,959 $7,246 $7,611 
Return on equity (9)
17.2 %19.0 %15.9 %21.3 %21.2 %
Adjusted return on equity (9)
17.3 %NA19.9 %21.7 %21.4 %
Return on tangible common equity (9)
19.0 %21.2 %17.7 %23.7 %23.4 %
Adjusted return on tangible common equity (9)
19.1 %NA22.2 %24.1 %23.7 %

Please refer to the footnotes at the end of this supplement for additional information.
13

RAYMOND JAMES FINANCIAL, INC.
Footnotes
(1)Other revenues included $24 million, $8 million, $24 million, $18 million, and $5 million of private equity gains for the three months ended December 31, 2020, March 31, 2021, June 30, 2021, September 30, 2021, and December 31, 2021 respectively, which were included in our Other segment. Of these amounts, $10 million, an insignificant amount, $10 million, $5 million, and $1 million for three months ended December 31, 2020, March 31, 2021, June 30, 2021, September 30, 2021, and December 31, 2021 respectively, were attributable to noncontrolling interests and were offset in Other expenses.
(2)
Losses on extinguishment of debt include make-whole premiums, the accelerated amortization of debt issuance costs, and certain legal and other professional fees associated with the redemptions of our $250 million of 5.625% senior notes due 2024 and our $500 million of 3.625% senior notes due 2026 which occurred during our fiscal third quarter of 2021.
(3)
Acquisition-related expenses in our Other segment for the three months ended December 31, 2021 and September 30, 2021 primarily included professional and integration expenses associated with our acquisition of Charles Stanley Group PLC, which was completed in January 2022, and our announced acquisition of TriState Capital Holdings, Inc., which we expect to close in fiscal 2022. Acquisition-related expenses in our Other segment for the three months ended June 30, 2021 primarily included professional expenses associated with the Charles Stanley Group and Cebile Capital acquisitions. Acquisition-related expenses in our Other segment for the three months ended December 30, 2020 primarily included professional expenses associated with the NWPS and Financo LLC acquisitions, as well as representation & warranty premium costs associated with NWPS. Acquisition-related expenses in our Capital Markets segment included amortization expense related to intangible assets with short useful lives primarily associated with our Financo, LLC and Cebile Capital acquisitions, which were completed in fiscal 2021.
(4)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.
(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)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.
(7)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.
(8)Estimated.
(9)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.
(10)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.
(11)Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period.
(12)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.
(13)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.
(14)
The Other segment includes the results of our private equity investments, interest income on certain corporate cash balances, acquisition-related expenses, and certain corporate overhead costs of RJF, including the interest costs on our public debt and any losses on extinguishment of such debt.
(15)
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. 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.
14
Fiscal 1Q22 Results January 26, 2022

 
Forward-looking statements Certain statements made in this presentation and the associated conference call 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 acquisition of Charles Stanley Group PLC completed on January 21, 2022 as well as our proposed acquisition of TriState Capital Holdings, Inc.), anticipated results of litigation, regulatory developments, and general economic conditions. In addition, 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. 2

 
Overview of Results Paul Reilly Chairman & CEO, Raymond James Financial 3

 
Fiscal 1Q22 highlights 4 Note: All share and per share information has been retroactively adjusted to reflect the September 21, 2021 3-for-2 stock split. * These are non-GAAP measures. See the schedule in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. $ in millions, except per share amounts 1Q22 vs. 1Q21 vs. 4Q21 As reported: Net revenues RECORD $ 2,781 25% 3% Net income RECORD $ 446 43% 4% Earnings per common share - diluted RECORD $ 2.10 42% 4% 1Q21 4Q21 Return on equity 21.2 % 17.2% 21.3% vs. 1Q21 vs. 4Q21 Non-GAAP measures:* Adjusted net income RECORD $ 451 44% 3% Adjusted earnings per common share - diluted RECORD $ 2.12 42% 3% 1Q21 4Q21 Adjusted return on equity 21.4 % 17.3% 21.7% Return on tangible common equity 23.4 % 19.0% 23.7% Adjusted return on tangible common equity 23.7 % 19.1% 24.1%

 
Fiscal 1Q22 key metrics 5 $ in billions 1Q22 vs. 1Q21 vs. 4Q21 Client assets under administration RECORD $ 1,257.8 23% 7% Private Client Group (PCG) assets under administration RECORD $ 1,199.8 23% 8% PCG assets in fee-based accounts RECORD $ 677.8 27% 8% Financial assets under management RECORD $ 203.2 20% 6% Total clients' domestic cash sweep balances RECORD $ 73.5 19% 10% PCG financial advisors 8,464 3% —% Bank loans, net RECORD $ 26.1 19% 5%

 
Fiscal 1Q22 segment results 6 $ in millions 1Q22 vs. 1Q21 vs. 4Q21 Net revenues: Private Client Group RECORD $ 1,839 25% 2% Capital Markets RECORD $ 614 36% 11% Asset Management $ 236 21% (1)% Raymond James Bank $ 183 10% 4% Consolidated net revenues RECORD $ 2,781 25% 3% Pre-tax income: Private Client Group $ 195 39% (12)% Capital Markets* RECORD $ 201 56% 10% Asset Management $ 107 29% (6)% Raymond James Bank $ 102 44% 26% Consolidated pre-tax income* $ 558 40% —% Note: Segments do not total consolidated results because of the Other segment and intersegment eliminations not shown. * 1Q22 included certain acquisition-related expenses in our Capital Markets and Other segments.

 
Financial Review Paul Shoukry Chief Financial Officer, Raymond James Financial 7

 
Consolidated net revenues 8 $ in millions 1Q22 vs. 1Q21 vs. 4Q21 Asset management and related administrative fees $ 1,382 30% 1% Brokerage revenues 558 6% 3% Account and service fees 177 22% 4% Investment banking 425 63% 17% Interest income 225 11% 5% Other* 51 (9)% (31)% Total revenues 2,818 25% 3% Interest expense (37) (3)% 6% Net revenues $ 2,781 25% 3% * 1Q22 Other revenues included $5M of private equity gains which were included in our Other segment. Of this amount, $1M was attributable to noncontrolling interests and was offset in Other expenses.

 
Domestic cash sweep balances 9 C lie nt s' D om es tic C as h S w ee p B al an ce s ($ B ) C ash S w eep B alances as a % of D om estic P C G A U A CLIENTS' DOMESTIC CASH SWEEP BALANCES AS A % OF DOMESTIC PCG ASSETS UNDER ADMINISTRATION (AUA) 26.7 28.2 29.3 31.4 33.1 26.1 25.1 25.1 24.5 24.3 8.8 9.5 8.6 10.8 16.161.6 62.8 62.9 66.7 73.5 6.7% 6.5% 6.1% 6.3% 6.5% RJBDP - RJ Bank* RJBDP - Third-Party Banks* Client Interest Program 1Q21 2Q21 3Q21 4Q21 1Q22 Note: May not total due to rounding. * Raymond James Bank Deposit Program (RJBDP) is 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. Year-over-year change: 19% Sequential change: 10%

 
Net interest income & RJBDP fees (third-party banks) 10 * As reported in Account and Service Fees in the PCG segment. ** 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. $ IN MILLIONS 186 182 183 198 205 165 163 165 180 188 21 19 18 18 17 Firmwide Net Interest Income RJBDP Fees (Third-Party Banks)* 1Q21 2Q21 3Q21 4Q21 1Q22 NET INTEREST MARGIN 2.02% 1.94% 1.92% 1.92% 1.92% 1.45% 1.32% 1.31% 1.33% 1.29% Firmwide Net Interest Margin RJ Bank Net Interest Margin 1Q21 2Q21 3Q21 4Q21 1Q22 AVERAGE YIELD ON RJBDP (THIRD-PARTY BANKS)** 0.31% 0.30% 0.29% 0.29% 0.28% 1Q21 2Q21 3Q21 4Q21 1Q22

 
Consolidated expenses 11 $ in millions 1Q22 vs. 1Q21 vs. 4Q21 Compensation, commissions and benefits $ 1,884 26% 6% Non-compensation expenses: Communications and information processing 112 13% (2)% Occupancy and equipment 59 4% (2)% Business development 35 52% (3)% Investment sub-advisory fees 38 36% 3% Professional fees 26 (13)% (19)% Bank loan provision/(benefit) for credit losses (11) NM NM Acquisition-related expenses* 6 200% (40)% Other** 74 6% 10% Total non-compensation expenses 339 5% (6)% Total non-interest expenses $ 2,223 22% 4% * Acquisition-related expenses in 1Q22 were primarily associated with our acquisitions of Financo, LLC and Cebile Capital, which were completed in fiscal 2021, Charles Stanley Group PLC, which was completed in January 2022, and TriState Capital Holdings, Inc., which we expect to close in fiscal 2022. These expenses were included in our Capital Markets and Other segments. ** 1Q22 Other revenues included $5M of private equity gains which were included in our Other segment. Of this amount, $1M was attributable to noncontrolling interests and was offset in Other expenses. TOTAL COMPENSATION RATIO 67.5% 69.5% 67.2% 65.8% 67.7% 1Q21 2Q21 3Q21 4Q21 1Q22 TOTAL NON-COMPENSATION EXPENSES $ IN MILLIONS 323 277 425 361 339 1Q21 2Q21 3Q21 4Q21 1Q22

 
Consolidated pre-tax margin 12 18.0% 18.8% 15.6% 20.8% 20.1% 19.8% 21.2% 20.3% Pre-Tax Margin (GAAP) Pre-Tax Margin (Adjusted) 1Q21 2Q21 3Q21 4Q21 1Q22 (1) 3Q21 included certain acquisition-related expenses in our Capital Markets and Other segments and losses on extinguishment of debt in our Other segment. (2) 4Q21 and 1Q22 included certain acquisition-related expenses in our Capital Markets and Other segments. (3) This is a non-GAAP measure. See the schedule in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. (1) (2) (2) (3)

 
Other financial information 13 Note: All share and per share information has been retroactively adjusted to reflect the September 21, 2021 3-for-2 stock split. * This amount includes cash on hand at the parent, as well as parent cash loaned to Raymond James & Associates ("RJ&A"), which RJ&A has invested on behalf of RJF in cash and cash equivalents or otherwise deployed in its normal business activities. ** This is a non-GAAP measure. See the schedule in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. *** Estimated. $ in millions, except per share amounts 1Q22 vs. 1Q21 vs. 4Q21 Total assets $ 68,461 28% 11% RJF corporate cash* $ 1,404 (21)% 21% Total equity attributable to RJF $ 8,600 17% 4% Book value per share $ 41.45 16% 3% Tangible book value per share** $ 37.55 18% 4% Weighted-average common and common equivalent shares outstanding – diluted 212.4 1% —% 1Q21 4Q21 Tier 1 capital ratio*** 25.8 % 23.4% 25.0% Total capital ratio*** 26.9 % 24.6% 26.2% Tier 1 leverage ratio*** 12.1 % 12.9% 12.6% Effective tax rate 20.1 % 21.8% 23.4%

 
$395M of dividends paid and share repurchases over the past 5 quarters Capital management 14 DIVIDENDS PAID AND SHARE REPURCHASES* $ IN MILLIONS 65 114 102 54 60 10 60 48 55 54 54 54 60 Share Repurchases* Dividends Paid 1Q21 2Q21 3Q21 4Q21 1Q22 Number of Shares Repurchased* (thousands) 162 750 563 — — Average Share Price of Shares Repurchased* $61.86 $80.04 $85.70 — — Note: All share and per share information has been retroactively adjusted to reflect the September 21, 2021 3-for-2 stock split. * Under the Board of Directors' share repurchase authorization. $1B remains under current share repurchase authorization

 
Raymond James Bank key credit trends 15 $ in millions 1Q22 vs. 1Q21 vs. 4Q21 Bank loan provision/(benefit) for credit losses $ (11) NM NM Net charge-offs $ 1 NM (86)% 1Q21 4Q21 Nonperforming assets as a % of total assets 0.19 % 0.09% 0.20% Bank loan allowance for credit losses as a % of loans held for investment 1.18 % 1.71% 1.27% Criticized loans as a % of loans held for investment 2.75 % 4.06% 3.27%

 
Outlook 16

 
Appendix 17

 
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 18 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 for those periods which include non-GAAP adjustments. Three months ended $ in millions December 31, 2020 June 30, 2021 September 30, 2021 December 31, 2021 Net income $ 312 $ 307 $ 429 $ 446 Non-GAAP adjustments: Losses on extinguishment of debt (1) — 98 — — Acquisition-related expenses (2) 2 7 10 6 Pre-tax impact of non-GAAP adjustments 2 105 10 6 Tax effect of non-GAAP adjustments — (26) (2) (1) Total non-GAAP adjustments, net of tax 2 79 8 5 Adjusted net income $ 314 $ 386 $ 437 $ 451 Pre-tax income $ 399 $ 385 $ 560 $ 558 Pre-tax impact of non-GAAP adjustments (as detailed above) 2 105 10 6 Adjusted pre-tax income $ 401 $ 490 $ 570 $ 564 Pre-tax margin (3) 18.0 % 15.6 % 20.8 % 20.1 % Non-GAAP adjustments: Losses on extinguishment of debt (1) — % 3.9 % — % — % Acquisition-related expenses (2) — % 0.3 % 0.4 % 0.2 % Total non-GAAP adjustments, net of tax — % 4.2 % 0.4 % 0.2 % Adjusted pre-tax margin (3) 18.0 % 19.8 % 21.2 % 20.3 % Note: Please refer to the footnotes on slide 21 for additional information. continued on next slide

 
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 19 Note: Please refer to the footnotes on slide 21 for additional information. Three months ended Earnings per common share (4) (5) December 31, 2020 September 30, 2021 December 31, 2021 Basic $ 1.52 $ 2.08 $ 2.16 Non-GAAP adjustments: Acquisition-related expenses (2) 0.01 0.05 0.03 Tax effect of non-GAAP adjustments — (0.01) (0.01) Total non-GAAP adjustments, net of tax 0.01 0.04 0.02 Adjusted basic $ 1.53 $ 2.12 $ 2.18 Diluted $ 1.48 $ 2.02 $ 2.10 Non-GAAP adjustments: Acquisition-related expenses (2) 0.01 0.05 0.03 Tax effect of non-GAAP adjustments — (0.01) (0.01) Total non-GAAP adjustments, net of tax 0.01 0.04 0.02 Adjusted diluted $ 1.49 $ 2.06 $ 2.12 Book value per share (5) (6) As of $ in millions, except per share amounts December 31, 2020 September 30, 2021 December 31, 2021 Total equity attributable to Raymond James Financial, Inc. $ 7,363 $ 8,245 $ 8,600 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 834 882 874 Deferred tax liabilities, net (56) (64) (65) Tangible common equity attributable to Raymond James Financial, Inc. $ 6,585 $ 7,427 $ 7,791 Common shares outstanding (5) 206.1 205.7 207.5 Book value per share (5) (6) $ 35.73 $ 40.08 $ 41.45 Tangible book value per share (5) (6) $ 31.95 $ 36.11 $ 37.55 continued on next slide

 
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 20 Note: Please refer to the footnotes on slide 21 for additional information. Return on equity Three months ended $ in millions December 31, 2020 September 30, 2021 December 31, 2021 Average equity (7) $ 7,239 $ 8,054 $ 8,423 Impact on average equity of non-GAAP adjustments: Acquisition-related expenses (2) 1 5 3 Tax effect of non-GAAP adjustments — (1) (1) Adjusted average equity (7) $ 7,240 $ 8,058 $ 8,425 Average equity (7) $ 7,239 $ 8,054 $ 8,423 Less: Average goodwill and identifiable intangible assets, net 717 872 878 Average deferred tax liabilities, net (45) (60) (64) Average tangible common equity (7) $ 6,567 $ 7,242 $ 7,609 Impact on average equity of non-GAAP adjustments: Acquisition-related expenses (2) 1 5 3 Tax effect of non-GAAP adjustments — (1) (1) Adjusted average tangible common equity (7) $ 6,568 $ 7,246 $ 7,611 Return on equity (8) 17.2 % 21.3 % 21.2 % Adjusted return on equity (8) 17.3 % 21.7 % 21.4 % Return on tangible common equity (8) 19.0 % 23.7 % 23.4 % Adjusted return on tangible common equity (8) 19.1 % 24.1 % 23.7 %

 
Footnotes 21 (1) Losses on extinguishment of debt include make-whole premiums, the accelerated amortization of debt issuance costs, and certain legal and other professional fees associated with the redemptions of our $250 million of 5.625% senior notes due 2024 and our $500 million of 3.625% senior notes due 2026 which occurred during our fiscal third quarter of 2021. (2) Acquisition-related expenses in our Other segment for the three months ended December 31, 2021 and September 30, 2021 primarily included professional and integration expenses associated with our acquisition of Charles Stanley Group PLC, which was completed in January 2022, and our announced acquisition of TriState Capital Holdings, Inc., which we expect to close in fiscal 2022. Acquisition- related expenses in our Other segment for the three months ended June 30, 2021 primarily included professional expenses associated with the Charles Stanley Group and Cebile Capital acquisitions. Acquisition-related expenses in our Other segment for the three months ended December 30, 2020 primarily included professional expenses associated with the NWPS and Financo LLC acquisitions, as well as representation & warranty premium costs associated with NWPS. Acquisition-related expenses in our Capital Markets segment included amortization expense related to intangible assets with short useful lives primarily associated with our Financo, LLC and Cebile Capital acquisitions, which were completed in fiscal 2021. (3) 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. (4) 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. (5) During our fourth fiscal quarter of 2021 the Board of Directors approved a 3-for-2 stock split, effected in the form of a 50% stock dividend, payable September 21, 2021. All share and per share information has been retroactively adjusted to reflect this stock split. (6) 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. (7) 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. 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. (8) 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.