EX-99.1 2 ex991reclassifiedresultsby.htm RECLASSIFIED RESULTS BY BUSINESS SEGMENT YEAR OVER YEAR Document

Exhibit 99.1
Reclassified Results by Business Segment due to Business Segment Restructuring Year Over Year Comparison

(In thousands)As ReportedAmount RestatedAs ReportedAmountRestated
2022Reclassified20222023Reclassified2023
Private Banks:
Revenues (A)$575,625 ($5,615)$570,010 $503,317 ($7,000)$496,317 
Expenses473,209 ($5,388)467,821 455,820 ($7,330)448,490 
Operating Profit102,416 (227)102,189 47,497 33047,827 
Operating Margin18 %18 %%10 %
Investment Advisors:
Revenues447,766 447,766 436,298 436,298 
Expenses251,650 251,650 259,142 259,142 
Operating Profit196,116 196,116 177,156 177,156 
Operating Margin44 %44 %41 %41 %
Institutional Investors:
Revenues323,353 323,353 289,708 289,708 
Expenses172,252 172,252 165,455 165,455 
Operating Profit151,101 151,101 124,253 124,253 
Operating Margin47 %47 %43 %43 %
Investment Managers:
Revenues624,918 (25,257)599,661 670,486 (25,232)645,254 
Expenses404,850 (22,885)381,965 437,174 (17,978)419,196 
Operating Profit220,068 (2,372)217,696 233,312 (7,254)226,058 
Operating Margin35 %36 %35 %35 %
Investments in New Businesses:
Revenues19,375 30,87250,247 19,984 32,23252,216 
Expenses45,159 28,27373,432 45,437 25,30870,745 
Operating Loss(25,784)2,599(23,185)(25,453)6,924(18,529)
Totals:
Revenues$1,991,037 $—$1,991,037 $1,919,793 $—$1,919,793 
Expenses1,347,120 1,347,120 1,363,028 1,363,028 
Corporate Overhead Expenses168,164 168,164 132,241 132,241 
Income from Operations$475,753 $—$475,753 $424,524 $—$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.