Reclassified Results by Business Segment due to Business Segment Restructuring
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(In thousands) | | Full Year | | 1st Qtr. | | 2nd Qtr. | | 3rd Qtr. | | 4th Qtr. | | Full Year |
| | 2022 | | 2023 | | 2023 | | 2023 | | 2023 | | 2023 |
Private Banks: | | | | | | | | | | | | |
Revenues (A) | | $570,010 | | | $120,902 | | | $132,414 | | | $119,664 | | | $123,337 | | | $496,317 | |
Expenses | | 467,821 | | | 112,462 | | | 114,165 | | | 111,207 | | | 110,656 | | | 448,490 | |
Operating Profit | | 102,189 | | | 8,440 | | | 18,249 | | | 8,457 | | | 12,681 | | | 47,827 | |
Operating Margin | | 18 | % | | 7 | % | | 14 | % | | 7 | % | | 10 | % | | 10 | % |
| | | | | | | | | | | | |
Investment Advisors: | | | | | | | | | | | | |
Revenues | | 447,766 | | | 106,538 | | | 109,580 | | | 110,461 | | | 109,719 | | | 436,298 | |
Expenses | | 251,650 | | | 63,546 | | | 64,178 | | | 64,280 | | | 67,138 | | | 259,142 | |
Operating Profit | | 196,116 | | | 42,992 | | | 45,402 | | | 46,181 | | | 42,581 | | | 177,156 | |
Operating Margin | | 44 | % | | 40 | % | | 41 | % | | 42 | % | | 39 | % | | 41 | % |
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Institutional Investors: | | | | | | | | | | | | |
Revenues | | 323,353 | | | 74,290 | | | 75,145 | | | 70,479 | | | 69,794 | | | 289,708 | |
Expenses | | 172,252 | | | 40,868 | | | 45,516 | | | 39,953 | | | 39,118 | | | 165,455 | |
Operating Profit | | 151,101 | | | 33,422 | | | 29,629 | | | 30,526 | | | 30,676 | | | 124,253 | |
Operating Margin | | 47 | % | | 45 | % | | 39 | % | | 43 | % | | 44 | % | | 43 | % |
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Investment Managers: | | | | | | | | | | | | |
Revenues | | 599,661 | | | 154,497 | | | 159,204 | | | 162,982 | | | 168,571 | | | 645,254 | |
Expenses | | 381,965 | | | 101,685 | | | 103,213 | | | 103,585 | | | 110,713 | | | 419,196 | |
Operating Profit | | 217,696 | | | 52,812 | | | 55,991 | | | 59,397 | | | 57,858 | | | 226,058 | |
Operating Margin | | 36 | % | | 34 | % | | 35 | % | | 36 | % | | 34 | % | | 35 | % |
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Investments in New Businesses: | | | | | | | | | | | | |
Revenues | | 50,247 | | | 12,892 | | | 12,714 | | | 13,173 | | | 13,437 | | | 52,216 | |
Expenses | | 73,432 | | | 17,639 | | | 17,015 | | | 18,265 | | | 17,826 | | | 70,745 | |
Operating Loss | | (23,185) | | | (4,747) | | | (4,301) | | | (5,092) | | | (4,389) | | | (18,529) | |
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Totals: | | | | | | | | | | | | |
Revenues | | $1,991,037 | | | $469,119 | | | $489,057 | | | $476,759 | | | $484,858 | | | $1,919,793 | |
Expenses | | 1,347,120 | | | 336,200 | | | 344,087 | | | 337,290 | | | 345,451 | | | 1,363,028 | |
Corporate Overhead Expenses | | 168,164 | | | 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.