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Business Segment Information
 3 Months Ended
Mar. 31, 2017
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, 2017 and 2016. 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, 2016.
The following tables highlight certain financial information about each of the Company’s business segments for the three months ended March 31, 2017 and 2016.
 
Private
Banks
 
Investment
Advisors
 
Institutional
Investors
 
Investment
Managers
 
Investments
In New
Businesses
 
Total
 
For the Three Months Ended March 31, 2017
Revenues
$
112,634

 
$
88,238

 
$
77,004

 
$
80,487

 
$
1,621

 
$
359,984

Expenses
108,550

 
47,539

 
38,828

 
52,065

 
4,880

 
251,862

Operating profit (loss)
$
4,084

 
$
40,699

 
$
38,176

 
$
28,422

 
$
(3,259
)
 
$
108,122


 
Private
Banks
 
Investment
Advisors
 
Institutional
Investors
 
Investment
Managers
 
Investments
In New
Businesses
 
Total
 
For the Three Months Ended March 31, 2016
Revenues
$
113,361

 
$
76,679

 
$
72,897

 
$
69,918

 
$
1,408

 
$
334,263

Expenses
103,741

 
44,774

 
35,382

 
45,275

 
5,232

 
234,404

Operating profit (loss)
$
9,620

 
$
31,905

 
$
37,515

 
$
24,643

 
$
(3,824
)
 
$
99,859

Gain on sale of subsidiary
2,791

 
—

 
—

 
—

 
—

 
2,791

Segment profit (loss)
$
12,411

 
$
31,905

 
$
37,515

 
$
24,643

 
$
(3,824
)
 
$
102,650


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, 2017 and 2016 is as follows: 
 
2017
 
2016
Total operating profit from segments
$
108,122

 
$
99,859

Corporate overhead expenses
(14,605
)
 
(13,047
)
Income from operations
$
93,517

 
$
86,812



The following tables provide additional information for the three months ended March 31, 2017 and 2016 pertaining to our business segments: 
 
Capital Expenditures (1)
 
Depreciation
 
2017
 
2016
 
2017
 
2016
Private Banks
$
12,850

 
$
8,712

 
$
4,410

 
$
3,181

Investment Advisors
4,532

 
2,852

 
733

 
976

Institutional Investors
811

 
796

 
227

 
334

Investment Managers
1,615

 
1,322

 
916

 
1,190

Investments in New Businesses
106

 
94

 
368

 
548

Total from business segments
$
19,914

 
$
13,776

 
$
6,654

 
$
6,229

Corporate overhead
152

 
310

 
146

 
218

 
$
20,066

 
$
14,086

 
$
6,800

 
$
6,447

(1) Capital expenditures include additions to property and equipment and capitalized software.
 
Amortization
 
2017
 
2016
Private Banks
$
8,464

 
$
7,711

Investment Advisors
2,850

 
2,553

Institutional Investors
323

 
399

Investment Managers
216

 
266

Investments in New Businesses
119

 
26

Total from business segments
$
11,972

 
$
10,955

Corporate overhead
50

 
57

 
$
12,022

 
$
11,012