Private Banks – provides outsourced investment processing and investment management platforms to banks and trust institutions, independent wealth advisers and financial advisors worldwide;

Investment Advisors – provides investment management and investment processing platforms to affluent investors through a network of independent registered investment advisors, financial planners and other investment professionals in the United States;

Institutional Investors – provides investment management and administrative outsourcing platforms to retirement plan sponsors, healthcare systems and not-for-profit organizations worldwide;

Investment Managers – provides investment operations outsourcing platforms to fund companies, banking institutions and both traditional and non-traditional investment managers worldwide; and

Investments in New Businesses – focuses on providing investment management programs to ultra-high-net-worth families residing in the United States; developing internet-based investment services and advice platforms; entering new markets; and conducting other research and development activities.

The information in the following tables is derived from the Company’s internal financial reporting used for corporate management purposes. There are no inter-segment revenues for the three and nine months ended September 30, 2018 and 2017. Management evaluates Company assets on a consolidated basis during interim periods. The accounting policies of the reportable business segments are the same as those described in Note 1 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.

The following tables highlight certain financial information about each of the Company’s business segments for the three months ended September 30, 2018 and 2017.



	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses			Total
	For the Three Months Ended September 30, 2018
Revenues	$	118,449	$	102,550	$	83,466	$	101,275	$	2,942		$	408,682
Expenses	116,471		53,287		40,497		65,296		5,769			281,320
Operating profit (loss)	$	1,978	$	49,263	$	42,969	$	35,979	$	(2,827	)	$	127,362



	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses			Total
	For the Three Months Ended September 30, 2017
Revenues	$	118,499	$	94,318	$	80,411	$	91,020	$	1,770		$	386,018
Expenses	115,806		50,585		40,003		59,831		5,063			271,288
Operating profit (loss)	$	2,693	$	43,733	$	40,408	$	31,189	$	(3,293	)	$	114,730

A reconciliation of the total operating profit reported for the business segments to income from operations in the Consolidated Statements of Operations for the three months ended September 30, 2018 and 2017 is as follows:



	2018			2017
Total operating profit from segments	$	127,362		$	114,730
Corporate overhead expenses	(14,942		)	(15,493		)
Income from operations	$	112,420		$	99,237

The following tables provide additional information for the three months ended September 30, 2018 and 2017 pertaining to our business segments:



	Capital Expenditures (1)				Depreciation
	2018		2017		2018		2017
Private Banks	$	7,999	$	14,671	$	3,427	$	4,374
Investment Advisors	3,927		5,421		1,168		759
Institutional Investors	962		1,260		410		248
Investment Managers	4,104		3,450		1,796		1,197
Investments in New Businesses	287		173		137		162
Total from business segments	$	17,279	$	24,975	$	6,938	$	6,740
Corporate overhead	460		377		317		208
	$	17,739	$	25,352	$	7,255	$	6,948



	Amortization
	2018		2017
Private Banks	$	6,943	$	9,125
Investment Advisors	2,445		2,973
Institutional Investors	427		425
Investment Managers	2,346		1,132
Investments in New Businesses	186		40
Total from business segments	$	12,347	$	13,695
Corporate overhead	58		50
	$	12,405	$	13,745

The following tables highlight certain financial information about each of the Company’s business segments for the nine months ended September 30, 2018 and 2017.



	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses			Total
	For the Nine Months Ended September 30, 2018
Revenues	$	361,739	$	301,632	$	252,391	$	295,696	$	7,652		$	1,219,110
Expenses	343,515		158,792		122,617		191,955		16,807			833,686
Operating profit (loss)	$	18,224	$	142,840	$	129,774	$	103,741	$	(9,155	)	$	385,424



	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses			Total
	For the Nine Months Ended September 30, 2017
Revenues	$	347,317	$	275,302	$	235,483	$	255,123	$	5,108		$	1,118,333
Expenses	336,709		147,504		117,499		165,743		15,067			782,522
Operating profit (loss)	$	10,608	$	127,798	$	117,984	$	89,380	$	(9,959	)	$	335,811

A reconciliation of the total operating profit reported for the business segments to income from operations in the Consolidated Statements of Operations for the nine months ended September 30, 2018 and 2017 is as follows:



	2018			2017
Total operating profit from segments	$	385,424		$	335,811
Corporate overhead expenses	(46,398		)	(45,830		)
Income from operations	$	339,026		$	289,981

The following tables provide additional information for the nine months ended September 30, 2018 and 2017 pertaining to our business segments:



	Capital Expenditures (1)				Depreciation
	2018		2017		2018		2017
Private Banks	$	27,767	$	37,000	$	10,069	$	12,956
Investment Advisors	12,471		13,651		3,378		2,294
Institutional Investors	2,926		3,157		1,310		719
Investment Managers	9,994		13,730		5,411		3,141
Investments in New Businesses	731		432		442		701
Total from business segments	$	53,889	$	67,970	$	20,610	$	19,811
Corporate Overhead	1,134		921		905		536
	$	55,023	$	68,891	$	21,515	$	20,347



	Amortization
	2018		2017
Private Banks	$	20,317	$	26,464
Investment Advisors	7,203		8,720
Institutional Investors	1,281		1,174
Investment Managers	7,036		1,623
Investments in New Businesses	410		200
Total from business segments	$	36,247	$	38,181
Corporate Overhead	173		151
	$	36,420	$	38,332