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Text: I ll begin with consolidated revenues on slide nine.
Record quarterly net revenues of $2.47 billion, grew 35% year-over-year and 4% sequentially.
Record asset management fees grew 8% sequentially, commensurate with a sequential increase of fee-based assets in the preceding quarter.
Private Client Group assets and fee-based accounts were up 9% during the fiscal third quarter, providing a tailwind for this line item for the fourth quarter.
Consolidated brokerage revenue is $552 million, grew 14% over the prior year, but declined 7% from the record set and the preceding quarter.
Institutional fixed income brokerage revenues remain solid, albeit down from the record set in the preceding quarter.
Brokerage revenues and PCG were up 22% on a year-over-year basis, but down 6% sequentially due to lower trading volumes, as well as the large placement fee in the preceding quarter.
Account and service fees of $161 million increased 20% year-over-year and 1% sequentially, largely due to higher average mutual fund balances.
Record consolidated investment banking revenues of $276 million, grew 99% year-over-year and 14% sequentially, driven by record M&A revenues, and strong debt and equity underwriting results.
Our investment banking pipelines remain strong.
So we would be pleased if fourth quarter revenues came in around the average of the quarterly revenues generated over the first three quarters of the fiscal year, that would have been about $260 million on average.
But of course, this line item is inherently difficult to predict.
Other revenues of $55 million were up 25% sequentially, primarily due to $24 million of private equity valuation gains during the quarter, of which approximately $10 million were attributable to non-controlling interest, which are reflected in the other expenses.
Moving to slide 10.
Clients domestic cash sweep balances ended the quarter at $62.9 billion, essentially flat compared to the preceding quarter and representing 6.1% of domestic PCG client assets.
As we continue to experience growing cash balances and less demand from third-party banks during fiscal 2021, $8.6 billion of the client cash is being held in the client interest program at the broker dealer.
Over time, that cash could be redeployed to our bank or third-party banks as capacity becomes available, which would hopefully earn a higher spread than we currently earn on short-term treasuries.
On slide 11, the top chart displays our firmwide net interest income and RJBDP fees from third-party banks on a combined basis, as these two items are directly impacted by changes in short-term interest rates.
The combined net interest income and BDPs from third-party banks of $183 million were up slightly compared to the preceding quarter, as modest NIM compression was offset by growth in client cash balances and higher asset balances in Raymond James Bank.
However, it s still down significantly from the peak of $329 million in the second quarter of fiscal 2019, really highlighting the remarkable results we have been able to generate despite near zero short-term interest rates.
In the lower left portion of the slide, we show net interest margin or NIM for both RJ Bank and the firm overall.
We continue to expect the bank s NIM to decline to just around or just below 1.9% over the next quarter or two.
The average yield on RJBDP balances with third-party banks declined 1 basis point to 29 basis points in the quarter.
We believe this average yield will remain around this level for the rest of the fiscal year, but there will likely be downward pressure in this yield in fiscal 2022, especially in the back half of the fiscal year if banks demand for deposits, don t improve from current levels.
Moving to consolidated expenses on slide 12.
First, our largest expense compensation; the compensation ratio decreased sequentially from 69.5% to 67.2% largely due to record revenues in the capital markets segment, which had a 57% comp ratio during the quarter.
And the benefit from the private equity valuation gains, which do not have direct compensation associated with them.
Given our current revenue mix and disciplined manage of expenses, we remain confident, we can maintain a compensation ratio lower than 70% in this near zero short-term interest rate environment.
And as I ve said over the past few quarters, we could outperform that just as we did in the fiscal third quarter with capital markets revenues at or near these levels.
Non-compensation expenses of $425 million, increased 18% compared to last year s third quarter and 53% sequentially, primarily driven by the $98 million loss on extinguishment of debt, acquisition-related expenses, the non-controlling interest of $10 million and other expenses related to our private equity valuation gains and higher business development expenses.
As we discussed last quarter, we successfully executed a debt offering in the fiscal third quarter to take advantage of the low rate environment and significantly extend the maturities of our existing balances.
We raised $750 million of 30-year senior note at 3.75% and utilize the proceeds and cash on hand to early redeem our next two senior notes that we re maturing in 2024 and 2026, effectively, resulting in the same amount of senior notes outstanding.
This resulted in $98 million in losses associated with the early extinguishment of those nodes, but in doing so locked in very low rates for 30 years, while significantly extending the duration and stability of our funding profile.
Overall, our results show, we have remained focused on managing controllable expenses, while still investing in growth across all of our businesses and ensuring high service levels for advisors and their clients.
Excluding the debt extinguishment expense, we do expect non-compensation expense to continue picking up over the next few quarters as hopefully, travel, recognition trips and conferences continue to resume, and we continue to increase our investments in technology and high quality service levels for our growing business.
We would eventually expect loan loss provisions associated with net loan growth as well.
Slide 13 shows the pre-tax margin trend over the past five quarters.
Pretax margin was 15.6% in fiscal third quarter of 2021 and adjusted pre-tax margin was 19.8%, which was boosted by record revenues, the loan loss reserve release and still relatively subdued business development expenses.
At our Analyst and Investor Day in June, we outlined a pre-tax margin target of 15% to 16% in this near zero interest rate environment.
But as we experienced during the first nine months of the fiscal year, there s meaningful upside to our margins, when capital markets results are strong and improving macroeconomic trends lead to releases of our allowances for credit losses.
On slide 14, at the end of the quarter, total assets were approximately $57.2 billion, a 2% sequential increasing increase, reflecting solid growth of securities-based loans at Raymond James Bank.
Liquidity and capital levels are very strong, with cash at the parent of approximately $1.56 billion, a total capital ratio of 25.5% and a Tier 1 leverage ratio of 12.6%.
We have substantial amount of flexibility to be both defensive and opportunistic.
The third quarter effective tax rate of 20.3% benefited from non-taxable gains in the corporate life insurance portfolio, we would expect that tax rate to be around 21% in the fiscal fourth quarter, assuming a flat equity market.
Slide 15 provides a summary of our capital actions over the past five quarters.
In the third quarter, we repurchased 375,000 shares for $48 million.
As of July 28, $632 million remains available under the current share repurchase authorization.
But as Paul Reilly will discuss our priority continues to be deploying capital to grow our businesses.
Lastly, on slide 16, we provide key credit metrics for Raymond James Bank.
The credit quality of the bank s loan portfolio remains healthy with most trends continuing to improve.
Non-performing assets remained low at just 12 basis points of total assets and criticized loans declined sequentially.
The bank loan loss benefit of $19 million reflects an improved outlook for economic conditions and higher credit ratings on average within the corporate loan portfolio.
Due to reserve releases and loan growth during the quarter, the bank loan allowance for credit losses as a percent of total loans declined from 1.5% to 1.34% of the quarter end.
For the corporate portfolio, these allowances are higher at around 2.4%.
We believe, we re adequately reserved, but that could change if economic conditions deteriorate.
So overall I m very pleased with our strong results for this quarter, which top many records, and did so in spite of the persistent challenges of the global health pandemic and near zero short-term rates.
As for the outlook, we remain well positioned entering the fourth fiscal quarter with records of many of our key business metrics, strong pipelines for financial advisor recruiting and investment banking.
In the Private Client Group results will benefit by starting the fourth quarter with 9% increase of assets and fee-based accounts.
With the strong recruiting pipeline, we are on track for record fiscal year recruiting as prospective advisors across all of the affiliation options have continued to be attracted to our platform, including the leading technology solution, our advisor and client centric culture.
These recruiting results are primarily strong given the very competitive market for experienced advisors.
In Capital Markets segment, the investment banking pipeline remains strong and we expect solid fixed income brokerage results, driven by demand from depository client segment.
However, keep in mind, these there is still an economic uncertainty due to the ongoing pandemic that could impact these results.
In the Asset Management segment, if equity markets remain resilient, we expect results to be positively impacted by higher financial assets under management.
Active asset managers continue to face structural headwinds.
However, we are pleased to see positive net flows on a fiscal year to date basis for Carillon Tower Associates.
We hope that the one benefit of increased market volatility is that it reinforces the value of our high quality asset active managers.
And Raymond James bank should continue to grow as we have ample funding and capital to grow the balance sheet.
We ll continue to focus on lending to PCG clients through securities-based loans and mortgages.
And we will continue to be selective and deliberate in growing our corporate loan and agency backed securities portfolio.
As we look further ahead, we remain focused on the long-term growth.
And as we ve outlined at our recent Analyst and Investor Day, those key growth initiatives, include driving organic growth across all of our core businesses, continue to expand our investments in technology and sharpening our focus on strategic M&A.
Today s announcement of our firm s intention to make an offer for Charles Stanley Group demonstrates our focus on these initiatives in our commitment to deploy excess capital over time.
We believe this acquisition stays true to our long-standing criteria for acquisitions.
So first, being a good cultural fit, a good strategic fit, it makes financial sense for shareholders and something we can integrate.
They ve been amazing at being able to provide excellent service to their clients, to these difficult times.
I m very proud to be a part of this special Raymond James family.

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raymond james financial inc - quarterly net revenue $2.47 billion, up 35% over prior year’s q3.
quarterly net revenue $2.47 billion, up 35% over prior year’s q3.

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