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Business Segment Information
 6 Months Ended
Jun. 30, 2016
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 and six months ended June 30, 2016 and 2015. 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, 2015.
The following tables highlight certain financial information about each of the Company’s business segments for the three months ended June 30, 2016 and 2015.
 
Private
Banks
 
Investment
Advisors
 
Institutional
Investors
 
Investment
Managers
 
Investments
In New
Businesses
 
Total
 
For the Three Months Ended June 30, 2016
Revenues
$
114,836

 
$
81,883

 
$
74,674

 
$
70,938

 
$
1,500

 
$
343,831

Expenses
102,862

 
44,721

 
36,550

 
46,968

 
5,355

 
236,456

Operating profit (loss)
$
11,974

 
$
37,162

 
$
38,124

 
$
23,970

 
$
(3,855
)
 
$
107,375


 
Private
Banks
 
Investment
Advisors
 
Institutional
Investors
 
Investment
Managers
 
Investments
In New
Businesses
 
Total
 
For the Three Months Ended June 30, 2015
Revenues
$
115,333

 
$
77,753

 
$
75,980

 
$
67,280

 
$
1,399

 
$
337,745

Expenses
104,727

 
40,857

 
36,528

 
42,141

 
4,803

 
229,056

Operating profit (loss)
$
10,606

 
$
36,896

 
$
39,452

 
$
25,139

 
$
(3,404
)
 
$
108,689


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 June 30, 2016 and 2015 is as follows: 
 
2016
 
2015
Total operating profit from segments
$
107,375

 
$
108,689

Corporate overhead expenses
(13,852
)
 
(12,771
)
Income from operations
$
93,523

 
$
95,918



The following tables provide additional information for the three months ended June 30, 2016 and 2015 pertaining to our business segments: 
 
Capital Expenditures (1)
 
Depreciation
 
2016
 
2015
 
2016
 
2015
Private Banks
$
8,454

 
$
10,108

 
$
3,199

 
$
2,976

Investment Advisors
3,267

 
2,843

 
964

 
825

Institutional Investors
696

 
1,068

 
339

 
298

Investment Managers
1,743

 
1,794

 
1,172

 
991

Investments in New Businesses
121

 
132

 
547

 
571

Total from business segments
$
14,281

 
$
15,945

 
$
6,221

 
$
5,661

Corporate overhead
279

 
476

 
213

 
182

 
$
14,560

 
$
16,421

 
$
6,434

 
$
5,843

(1) Capital expenditures include additions to property and equipment and capitalized software.
 
Amortization
 
2016
 
2015
Private Banks
$
7,769

 
$
7,445

Investment Advisors
2,585

 
2,459

Institutional Investors
425

 
375

Investment Managers
275

 
250

Investments in New Businesses
40

 
25

Total from business segments
$
11,094

 
$
10,554

Corporate overhead
190

 
57

 
$
11,284

 
$
10,611



The following tables highlight certain financial information about each of the Company’s business segments for the six months ended June 30, 2016 and 2015.
 
Private
Banks
 
Investment
Advisors
 
Institutional
Investors
 
Investment
Managers
 
Investments
In New
Businesses
 
Total
 
For the Six Months Ended June 30, 2016
Revenues
$
228,197

 
$
158,562

 
$
147,571

 
$
140,856

 
$
2,908

 
$
678,094

Expenses
206,603

 
89,495

 
71,932

 
92,243

 
10,587

 
470,860

Operating profit (loss)
$
21,594

 
$
69,067

 
$
75,639

 
$
48,613

 
$
(7,679
)
 
$
207,234

Gain on sale of subsidiary
2,791

 
—

 
—

 
—

 
—

 
2,791

Segment profit (loss)
$
24,385

 
$
69,067

 
$
75,639

 
$
48,613

 
$
(7,679
)
 
$
210,025

 
Private
Banks
 
Investment
Advisors
 
Institutional
Investors
 
Investment
Managers
 
Investments
In New
Businesses
 
Total
 
For the Six Months Ended June 30, 2015
Revenues
$
226,546

 
$
151,768

 
$
149,528

 
$
132,647

 
$
2,700

 
$
663,189

Expenses
203,983

 
79,916

 
71,739

 
82,764

 
9,669

 
448,071

Operating profit (loss)
$
22,563

 
$
71,852

 
$
77,789

 
$
49,883

 
$
(6,969
)
 
$
215,118

Gain on sale of subsidiary
2,791

 
—

 
—

 
—

 
—

 
2,791

Segment profit (loss)
$
25,354

 
$
71,852

 
$
77,789

 
$
49,883

 
$
(6,969
)
 
$
217,909


A reconciliation of the total operating profit reported for the business segments to income from operations in the Consolidated Statements of Operations for the six months ended June 30, 2016 and 2015 is as follows: 
 
2016
 
2015
Total operating profit from segments
$
207,234

 
$
215,118

Corporate overhead expenses
(26,899
)
 
(26,130
)
Income from operations
$
180,335

 
$
188,988



The following tables provide additional information for the six months ended June 30, 2016 and 2015 pertaining to our business segments: 
 
Capital Expenditures
 
Depreciation
 
2016
 
2015
 
2016
 
2015
Private Banks
$
17,166

 
$
18,610

 
$
6,380

 
$
6,073

Investment Advisors
6,119

 
6,161

 
1,940

 
1,663

Institutional Investors
1,492

 
2,015

 
673

 
601

Investment Managers
3,065

 
3,842

 
2,362

 
1,990

Investments in New Businesses
215

 
283

 
1,095

 
1,134

Total from business segments
$
28,057

 
$
30,911

 
$
12,450

 
$
11,461

Corporate Overhead
589

 
885

 
431

 
377

 
$
28,646

 
$
31,796

 
$
12,881

 
$
11,838

 
Amortization
 
2016
 
2015
Private Banks
$
15,480

 
$
14,696

Investment Advisors
5,138

 
4,859

Institutional Investors
824

 
750

Investment Managers
541

 
500

Investments in New Businesses
66

 
50

Total from business segments
$
22,049

 
$
20,855

Corporate Overhead
247

 
114

 
$
22,296

 
$
20,969