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 six months ended June 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 June 30, 2018 and 2017.



	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses			Total
	For the Three Months Ended June 30, 2018
Revenues	$	121,126	$	99,890	$	83,434	$	97,566	$	2,814		$	404,830
Expenses	114,842		53,052		40,871		63,321		5,940			278,026
Operating profit (loss)	$	6,284	$	46,838	$	42,563	$	34,245	$	(3,126	)	$	126,804



	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses			Total
	For the Three Months Ended June 30, 2017
Revenues	$	116,184	$	92,746	$	78,068	$	83,616	$	1,717		$	372,331
Expenses	112,353		49,380		38,668		53,847		5,124			259,372
Operating profit (loss)	$	3,831	$	43,366	$	39,400	$	29,769	$	(3,407	)	$	112,959

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, 2018 and 2017 is as follows:



	2018			2017
Total operating profit from segments	$	126,804		$	112,959
Corporate overhead expenses	(16,514		)	(15,732		)
Income from operations	$	110,290		$	97,227

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



	Capital Expenditures (1)				Depreciation
	2018		2017		2018		2017
Private Banks	$	9,529	$	9,479	$	3,323	$	4,172
Investment Advisors	4,284		3,698		1,105		802
Institutional Investors	997		1,086		452		244
Investment Managers	3,370		8,665		1,806		1,028
Investments in New Businesses	240		153		155		171
Total from business segments	$	18,420	$	23,081	$	6,841	$	6,417
Corporate overhead	366		392		297		182
	$	18,786	$	23,473	$	7,138	$	6,599



	Amortization
	2018		2017
Private Banks	$	6,747	$	8,876
Investment Advisors	2,401		2,897
Institutional Investors	427		426
Investment Managers	2,345		275
Investments in New Businesses	184		41
Total from business segments	$	12,104	$	12,515
Corporate overhead	57		50
	$	12,161	$	12,565

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



	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses			Total
	For the Six Months Ended June 30, 2018
Revenues	$	243,290	$	199,082	$	168,925	$	194,421	$	4,710		$	810,428
Expenses	227,044		105,505		82,120		126,659		11,038			552,366
Operating profit (loss)	$	16,246	$	93,577	$	86,805	$	67,762	$	(6,328	)	$	258,062



	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses			Total
	For the Six Months Ended June 30, 2017
Revenues	$	228,818	$	180,984	$	155,072	$	164,103	$	3,338		$	732,315
Expenses	220,903		96,919		77,496		105,912		10,004			511,234
Operating profit (loss)	$	7,915	$	84,065	$	77,576	$	58,191	$	(6,666	)	$	221,081

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, 2018 and 2017 is as follows:



	2018			2017
Total operating profit from segments	$	258,062		$	221,081
Corporate overhead expenses	(31,456		)	(30,337		)
Income from operations	$	226,606		$	190,744

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



	Capital Expenditures (1)				Depreciation
	2018		2017		2018		2017
Private Banks	$	19,768	$	22,329	$	6,642	$	8,582
Investment Advisors	8,544		8,230		2,210		1,535
Institutional Investors	1,964		1,897		900		471
Investment Managers	5,890		10,280		3,615		1,944
Investments in New Businesses	444		259		305		539
Total from business segments	$	36,610	$	42,995	$	13,672	$	13,071
Corporate Overhead	674		544		588		328
	$	37,284	$	43,539	$	14,260	$	13,399



	Amortization
	2018		2017
Private Banks	$	13,374	$	17,339
Investment Advisors	4,758		5,747
Institutional Investors	854		749
Investment Managers	4,690		491
Investments in New Businesses	224		160
Total from business segments	$	23,900	$	24,486
Corporate Overhead	115		101
	$	24,015	$	24,587