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 to retirement plan sponsors, healthcare systems 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 and nine months ended September 30, 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 September 30, 2017 and 2016.



	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses			Total
	For the Three Months Ended September 30, 2017
Revenues	$	118,499	$	94,318	$	80,411	$	91,020	$	1,770		$	386,018
Expenses	115,806		50,585		40,003		59,831		5,063			271,288
Operating profit (loss)	$	2,693	$	43,733	$	40,408	$	31,189	$	(3,293	)	$	114,730



	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses			Total
	For the Three Months Ended September 30, 2016
Revenues	$	115,952	$	85,258	$	76,222	$	75,672	$	1,537		$	354,641
Expenses	105,523		45,080		36,943		48,588		5,348			241,482
Operating profit (loss)	$	10,429	$	40,178	$	39,279	$	27,084	$	(3,811	)	$	113,159

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, 2017 and 2016 is as follows:



	2017			2016
Total operating profit from segments	$	114,730		$	113,159
Corporate overhead expenses	(15,493		)	(15,941		)
Income from operations	$	99,237		$	97,218

The following tables provide additional information for the three months ended September 30, 2017 and 2016 pertaining to our business segments:



	Capital Expenditures (1)				Depreciation
	2017		2016		2017		2016
Private Banks	$	14,671	$	15,018	$	4,374	$	3,289
Investment Advisors	5,421		6,744		759		940
Institutional Investors	1,260		1,744		248		344
Investment Managers	3,450		6,210		1,197		1,228
Investments in New Businesses	173		379		162		549
Total from business segments	$	24,975	$	30,095	$	6,740	$	6,350
Corporate overhead	377		1,111		208		226
	$	25,352	$	31,206	$	6,948	$	6,576



	Amortization
	2017		2016
Private Banks	$	9,125	$	7,972
Investment Advisors	2,973		2,626
Institutional Investors	425		425
Investment Managers	1,132		275
Investments in New Businesses	40		40
Total from business segments	$	13,695	$	11,338
Corporate overhead	50		50
	$	13,745	$	11,388

The following tables highlight certain financial information about each of the Company’s business segments for the nine months ended September 30, 2017 and 2016.



	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses			Total
	For the Nine Months Ended September 30, 2017
Revenues	$	347,317	$	275,302	$	235,483	$	255,123	$	5,108		$	1,118,333
Expenses	336,709		147,504		117,499		165,743		15,067			782,522
Operating profit (loss)	$	10,608	$	127,798	$	117,984	$	89,380	$	(9,959	)	$	335,811



	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses			Total
	For the Nine Months Ended September 30, 2016
Revenues	$	344,149	$	243,820	$	223,793	$	216,528	$	4,445		$	1,032,735
Expenses	312,126		134,575		108,875		140,831		15,935			712,342
Operating profit (loss)	$	32,023	$	109,245	$	114,918	$	75,697	$	(11,490	)	$	320,393
Gain on sale of subsidiary	2,791		—		—		—		—			2,791
Segment profit (loss)	$	34,814	$	109,245	$	114,918	$	75,697	$	(11,490	)	$	323,184

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, 2017 and 2016 is as follows:



	2017			2016
Total operating profit from segments	$	335,811		$	320,393
Corporate overhead expenses	(45,830		)	(42,840		)
Income from operations	$	289,981		$	277,553

The following tables provide additional information for the nine months ended September 30, 2017 and 2016 pertaining to our business segments:



	Capital Expenditures (1)				Depreciation
	2017		2016		2017		2016
Private Banks	$	37,000	$	32,184	$	12,956	$	9,669
Investment Advisors	13,651		12,863		2,294		2,880
Institutional Investors	3,157		3,236		719		1,017
Investment Managers	13,730		9,275		3,141		3,590
Investments in New Businesses	432		594		701		1,644
Total from business segments	$	67,970	$	58,152	$	19,811	$	18,800
Corporate Overhead	921		1,700		536		657
	$	68,891	$	59,852	$	20,347	$	19,457



	Amortization
	2017		2016
Private Banks	$	26,464	$	23,452
Investment Advisors	8,720		7,764
Institutional Investors	1,174		1,249
Investment Managers	1,623		816
Investments in New Businesses	200		106
Total from business segments	$	38,181	$	33,387
Corporate Overhead	151		297
	$	38,332	$	33,684