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, traditional and non-traditional investment managers worldwide and family offices in the United States; and

Investments in New Businesses – focuses on providing investment management solutions 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, 2019 and 2018. 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, 2018.

The following tables highlight certain financial information about each of the Company’s business segments for the three months ended March 31, 2019 and 2018.



	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses			Total
	For the Three Months Ended March 31, 2019
Revenues	$	118,259	$	94,761	$	80,113	$	104,649	$	3,038		$	400,820
Expenses	110,962		52,502		38,754		69,066		5,940			277,224
Operating profit (loss)	$	7,297	$	42,259	$	41,359	$	35,583	$	(2,902	)	$	123,596



	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

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, 2019 and 2018 is as follows:



	2019			2018
Total operating profit from segments	$	123,596		$	131,258
Corporate overhead expenses	(20,035		)	(14,942		)
Income from operations	$	103,561		$	116,316

The following tables provide additional information for the three months ended March 31, 2019 and 2018 pertaining to our business segments:



	Capital Expenditures (1)				Depreciation
	2019		2018		2019		2018
Private Banks	$	8,461	$	10,239	$	3,549	$	3,319
Investment Advisors	3,947		4,260		1,179		1,105
Institutional Investors	871		967		405		448
Investment Managers	3,349		2,520		1,771		1,809
Investments in New Businesses	241		204		91		150
Total from business segments	$	16,869	$	18,190	$	6,995	$	6,831
Corporate overhead	385		308		336		291
	$	17,254	$	18,498	$	7,331	$	7,122



	Amortization
	2019		2018
Private Banks	$	7,141	$	6,627
Investment Advisors	2,523		2,357
Institutional Investors	433		427
Investment Managers	2,339		2,345
Investments in New Businesses	185		40
Total from business segments	$	12,621	$	11,796
Corporate overhead	58		58
	$	12,679	$	11,854