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Business Segment Information
 3 Months Ended
Mar. 31, 2015
Segment Reporting [Abstract]  
Business Segment Information
Business Segment Information
The Company’s reportable business segments are:
Private Banks – provides investment processing and investment management programs to banks and trust institutions, independent wealth advisers and financial advisors worldwide;
Investment Advisors – provides investment management programs 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 programs and administrative outsourcing solutions to retirement plan sponsors, hospitals and not-for-profit organizations worldwide;
Investment Managers – provides investment operations outsourcing solutions 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 solutions; 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 months ended March 31, 2015 and 2014. 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, 2014.
The following tables highlight certain unaudited financial information about each of the Company’s business segments for the three months ended March 31, 2015 and 2014.
 
Private
Banks
 
Investment
Advisors
 
Institutional
Investors
 
Investment
Managers
 
Investments
In New
Businesses
 
Total
 
For the Three Months Ended March 31, 2015
Revenues
$
111,213

 
$
74,015

 
$
73,548

 
$
65,367

 
$
1,301

 
$
325,444

Expenses
99,256

 
39,059

 
35,211

 
40,623

 
4,866

 
219,015

Operating profit (loss)
$
11,957

 
$
34,956

 
$
38,337

 
$
24,744

 
$
(3,565
)
 
$
106,429

Gain on sale of subsidiary
2,791

 
—

 
—

 
—

 
—

 
2,791

Interest income
180

 
—

 
—

 
—

 
—

 
180

Total profit (loss)
$
14,928

 
$
34,956

 
$
38,337

 
$
24,744

 
$
(3,565
)
 
$
109,400


 
Private
Banks
 
Investment
Advisors
 
Institutional
Investors
 
Investment
Managers
 
Investments
In New
Businesses
 
Total
 
For the Three Months Ended March 31, 2014
Revenues
$
105,179

 
$
66,424

 
$
68,657

 
$
61,008

 
$
1,118

 
$
302,386

Expenses
100,190

 
34,577

 
34,095

 
39,184

 
4,249

 
212,295

Operating profit (loss)
$
4,989

 
$
31,847

 
$
34,562

 
$
21,824

 
$
(3,131
)
 
$
90,091

Gain on sale of subsidiary
5,582

 
—

 
—

 
—

 
—

 
5,582

Total profit (loss)
$
10,571

 
$
31,847

 
$
34,562

 
$
21,824

 
$
(3,131
)
 
$
95,673


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 March 31, 2015 and 2014 is as follows: 
 
2015
 
2014
Total operating profit from segments above
$
106,429

 
$
90,091

Corporate overhead expenses
(13,359
)
 
(11,699
)
Income from operations
$
93,070

 
$
78,392



The following tables provide additional information for the three months ended March 31, 2015 and 2014 pertaining to our business segments: 
 
Capital Expenditures
 
Depreciation
 
2015
 
2014
 
2015
 
2014
Private Banks
$
8,502

 
$
8,798

 
$
3,097

 
$
3,732

Investment Advisors
3,318

 
3,589

 
838

 
491

Institutional Investors
947

 
1,288

 
303

 
209

Investment Managers
2,048

 
2,135

 
999

 
512

Investments in New Businesses
151

 
580

 
563

 
530

Total from business segments
$
14,966

 
$
16,390

 
$
5,800

 
$
5,474

Corporate overhead
409

 
645

 
195

 
110

 
$
15,375

 
$
17,035

 
$
5,995

 
$
5,584


 
Amortization
 
2015
 
2014
Private Banks
$
7,251

 
$
5,952

Investment Advisors
2,400

 
2,197

Institutional Investors
375

 
341

Investment Managers
250

 
227

Investments in New Businesses
25

 
440

Total from business segments
$
10,301

 
$
9,157

Corporate overhead
57

 
57

 
$
10,358

 
$
9,214