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 and nine months ended September 30, 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 September 30, 2019 and 2018:



	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses			Total
	For the Three Months Ended September 30, 2019
Revenues	$	117,250	$	103,033	$	80,337	$	112,186	$	3,448		$	416,254
Expenses	110,788		51,509		37,268		71,889		7,926			279,380
Operating profit (loss)	$	6,462	$	51,524	$	43,069	$	40,297	$	(4,478	)	$	136,874



	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses			Total
	For the Three Months Ended September 30, 2018
Revenues	$	118,449	$	102,550	$	83,466	$	101,275	$	2,942		$	408,682
Expenses	116,471		53,287		40,497		65,296		5,769			281,320
Operating profit (loss)	$	1,978	$	49,263	$	42,969	$	35,979	$	(2,827	)	$	127,362

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 September 30, 2019 and 2018 is as follows:



	2019			2018
Total operating profit from segments	$	136,874		$	127,362
Corporate overhead expenses	(16,237		)	(14,942		)
Income from operations	$	120,637		$	112,420

The following tables provide additional information for the three months ended September 30, 2019 and 2018 pertaining to our business segments:



	Capital Expenditures (1)				Depreciation
	2019		2018		2019		2018
Private Banks	$	8,018	$	7,999	$	3,640	$	3,427
Investment Advisors	4,468		3,927		1,162		1,168
Institutional Investors	1,070		962		393		410
Investment Managers	5,311		4,104		1,793		1,796
Investments in New Businesses	379		287		101		137
Total from business segments	$	19,246	$	17,279	$	7,089	$	6,938
Corporate overhead	663		460		320		317
	$	19,909	$	17,739	$	7,409	$	7,255



	Amortization
	2019		2018
Private Banks	$	7,322	$	6,943
Investment Advisors	2,609		2,445
Institutional Investors	440		427
Investment Managers	2,334		2,346
Investments in New Businesses	185		186
Total from business segments	$	12,890	$	12,347
Corporate overhead	57		58
	$	12,947	$	12,405

The following tables highlight certain financial information about each of the Company’s business segments for the nine months ended September 30, 2019 and 2018:



	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses			Total
	For the Nine Months Ended September 30, 2019
Revenues	$	351,601	$	297,916	$	241,559	$	326,037	$	9,547		$	1,226,660
Expenses	329,540		154,569		115,383		209,326		20,663			829,481
Operating profit (loss)	$	22,061	$	143,347	$	126,176	$	116,711	$	(11,116	)	$	397,179



	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses			Total
	For the Nine Months Ended September 30, 2018
Revenues	$	361,739	$	301,632	$	252,391	$	295,696	$	7,652		$	1,219,110
Expenses	343,515		158,792		122,617		191,955		16,807			833,686
Operating profit (loss)	$	18,224	$	142,840	$	129,774	$	103,741	$	(9,155	)	$	385,424

A reconciliation of the total operating profit reported for the business segments to income from operations in the Consolidated Statements of Operations for the nine months ended September 30, 2019 and 2018 is as follows:



	2019			2018
Total operating profit from segments	$	397,179		$	385,424
Corporate overhead expenses	(52,845		)	(46,398		)
Income from operations	$	344,334		$	339,026

The following tables provide additional information for the nine months ended September 30, 2019 and 2018 pertaining to our business segments:



	Capital Expenditures (1)				Depreciation
	2019		2018		2019		2018
Private Banks	$	25,240	$	27,767	$	10,774	$	10,069
Investment Advisors	12,973		12,471		3,506		3,378
Institutional Investors	2,990		2,926		1,212		1,310
Investment Managers	13,535		9,994		5,384		5,411
Investments in New Businesses	964		731		302		442
Total from business segments	$	55,702	$	53,889	$	21,178	$	20,610
Corporate Overhead	1,634		1,134		984		905
	$	57,336	$	55,023	$	22,162	$	21,515



	Amortization
	2019		2018
Private Banks	$	21,680	$	20,317
Investment Advisors	7,682		7,203
Institutional Investors	1,300		1,281
Investment Managers	7,019		7,036
Investments in New Businesses	555		410
Total from business segments	$	38,236	$	36,247
Corporate Overhead	171		173
	$	38,407	$	36,420