(a) Excludes non-vested shares.
(b) Total assets include $1.9 billion in cash, offset by an equal amount in overnight borrowings (repaid October 1, 2008) to meet point-in-time regulatory balance sheet composition requirements related to Raymond James Bank qualifying as a thrift institution.
(c) Total assets include $3.2 billion invested in qualifying assets comprised of $2 billion in reverse repurchase agreements (collateralized by GNMA and U.S. Treasury securities) and $1.2 billion in U.S. Treasury securities, offset by $900 million in overnight borrowings (repaid October 1, 2009) and $2.3 billion in customer deposits (redirected to third party banks participating in the Raymond James Bank Deposit Program in October 2009), to meet point-in-time regulatory balance sheet composition requirements related to Raymond James Bank qualifying as a thrift institution.
(d) Total assets include $3.1 billion in qualifying assets, offset by $2.4 billion in overnight borrowings (repaid October 1, 2010) and $700 million in additional Raymond James Bank Deposit Program deposits (redirected to third party banks participating in the Raymond James Bank Deposit Program in early October 2010) to meet point-in-time regulatory balance sheet composition requirements related to Raymond James Bank qualifying as a thrift institution.
(e) Effective October 1, 2015, we implemented new accounting guidance related to the presentation of debt issuance costs. The new guidance requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying value of that debt liability. Footnoted periods presented have been restated to reflect this change.
PRIVATE CLIENT GROUP
More than 7,100 financial advisors – affiliated as traditional employees, independent contractors, independent registered investment advisors or financial institution-based advisors – provide financial planning, investment advisory and securities transaction services to more than 2.9 million client accounts through the 2,800 branch offices of Raymond James & Associates, Inc. (including the Alex. Brown division), Raymond James Financial Services, Inc., Raymond James Financial Services Advisors, Inc., Raymond James Ltd. in Canada (including the 3Macs division), and Raymond James Investment Services Limited in the United Kingdom.
Investment Banking, Public Finance, Institutional Sales and Trading, and Syndicate serve corporate, institutional, nonprofit and municipal clients throughout North America, Latin America and Europe. This group also provides research on nearly 1,300 companies globally, market-making in more than 1,932 common stocks, and trading primarily in municipal, government agency, mortgage-backed and corporate bonds. In addition, Raymond James Tax Credit Funds syndicates limited partnership investments in low-income housing projects to help banks and other institutions meet their Community Reinvestment Act obligations through governmental and rent subsidies.
Through Eagle Asset Management, we serve as a discretionary manager for institutional equity and fixed income portfolios and our internally sponsored mutual funds. Through Raymond James Institutional Consulting Services, we provide investment management and implementation of appropriate investment strategies for institutions, including nonprofits, foundations, endowments, corporations, family offices and insurance companies. Asset Management Services also provides sales and operational support for managed accounts and fee-based platforms for Raymond James financial advisors. Managed strategies, offering institutional-quality portfolio management, include Raymond James Consulting Services and the Freedom portfolios. Fee-based alternatives offer the advantage of helping to align incentives with client objectives while providing the flexibility to pursue a wide range of investment strategies and include the Passport and Ambassador programs.
RAYMOND JAMES BANK
A national bank, Raymond James Bank provides a comprehensive array of personal and corporate banking services including residential, securities-based and commercial lending products, as well as FDIC-insured deposit accounts that serve as one of the primary sweep options for client brokerage accounts. The bank is active in corporate loan syndications and participations as well as whole loan purchases in the secondary market.
The Other segment includes the firm’s principal capital and private equity activities, as well as certain corporate overhead costs of Raymond James Financial including the interest cost on our public debt, and the integration costs associated with acquisitions.