EX-99.2 3 ex992reclassifiedresultsby.htm RECLASSIFIED RESULTS BY BUSINESS SEGMENT Document

Exhibit 99.2
Reclassified Results by Business Segment due to Business Segment Restructuring

(In thousands)Full Year 1st Qtr.2nd Qtr.3rd Qtr.4th Qtr.Full Year
202220232023202320232023
Private Banks:
Revenues (A)$570,010 $120,902 $132,414 $119,664 $123,337 $496,317 
Expenses467,821 112,462 114,165 111,207 110,656 448,490 
Operating Profit102,189 8,440 18,249 8,457 12,681 47,827 
Operating Margin18 %%14 %%10 %10 %
Investment Advisors:
Revenues447,766 106,538 109,580 110,461 109,719 436,298 
Expenses251,650 63,546 64,178 64,280 67,138 259,142 
Operating Profit196,116 42,992 45,402 46,181 42,581 177,156 
Operating Margin44 %40 %41 %42 %39 %41 %
Institutional Investors:
Revenues323,353 74,290 75,145 70,479 69,794 289,708 
Expenses172,252 40,868 45,516 39,953 39,118 165,455 
Operating Profit151,101 33,422 29,629 30,526 30,676 124,253 
Operating Margin47 %45 %39 %43 %44 %43 %
Investment Managers:
Revenues599,661 154,497 159,204 162,982 168,571 645,254 
Expenses381,965 101,685 103,213 103,585 110,713 419,196 
Operating Profit217,696 52,812 55,991 59,397 57,858 226,058 
Operating Margin36 %34 %35 %36 %34 %35 %
Investments in New Businesses:
Revenues50,247 12,892 12,714 13,173 13,437 52,216 
Expenses73,432 17,639 17,015 18,265 17,826 70,745 
Operating Loss(23,185)(4,747)(4,301)(5,092)(4,389)(18,529)
Totals:
Revenues$1,991,037 $469,119 $489,057 $476,759 $484,858 $1,919,793 
Expenses1,347,120 336,200 344,087 337,290 345,451 1,363,028 
Corporate Overhead Expenses168,164 31,152 32,369 30,997 37,723 132,241 
Income from Operations$475,753 $101,767 $112,601 $108,472 $101,684 $424,524 

(A) The 2022 full year Private Banks revenues includes one time early termination fees of $88.0 million from a significant investment processing client.