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 months ended March 31, 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 March 31, 2018 and 2017.



	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses			Total
	For the Three Months Ended March 31, 2018
Revenues	$	122,164	$	99,192	$	85,491	$	96,855	$	1,896		$	405,598
Expenses	112,202		52,453		41,249		63,338		5,098			274,340
Operating profit (loss)	$	9,962	$	46,739	$	44,242	$	33,517	$	(3,202	)	$	131,258



	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

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, 2018 and 2017 is as follows:



	2018			2017
Total operating profit from segments	$	131,258		$	108,122
Corporate overhead expenses	(14,942		)	(14,605		)
Income from operations	$	116,316		$	93,517

The following tables provide additional information for the three months ended March 31, 2018 and 2017 pertaining to our business segments:



	Capital Expenditures (1)				Depreciation
	2018		2017		2018		2017
Private Banks	$	10,239	$	12,850	$	3,319	$	4,410
Investment Advisors	4,260		4,532		1,105		733
Institutional Investors	967		811		448		227
Investment Managers	2,520		1,615		1,809		916
Investments in New Businesses	204		106		150		368
Total from business segments	$	18,190	$	19,914	$	6,831	$	6,654
Corporate overhead	308		152		291		146
	$	18,498	$	20,066	$	7,122	$	6,800



	Amortization
	2018		2017
Private Banks	$	6,627	$	8,464
Investment Advisors	2,357		2,850
Institutional Investors	427		323
Investment Managers	2,345		216
Investments in New Businesses	40		119
Total from business segments	$	11,796	$	11,972
Corporate overhead	58		50
	$	11,854	$	12,022