JMP Group Inc. (NYSE:JMP), an investment banking and alternative
asset management firm, reported financial results today for the
quarter and full fiscal year ended December 31, 2010.
- Total net revenues were $44.0 million
for the quarter, compared to $46.1 million for the fourth quarter
of 2009. For the year, total net revenues were $144.7 million,
compared to $149.5 million for the year ended December 31, 2009.
Adjusting for the impact of non-cash items, adjusted net revenues
were $47.0 million for the quarter and $153.8 million for the year
ended December 31, 2010. For more information on adjusted net
revenues, including a reconciliation to net revenues, please see
the section below titled “Non-GAAP Financial Measures.”
- Net income attributable to JMP Group
was $3.5 million, or $0.16 per diluted share, for the quarter,
compared to $3.5 million, or $0.16 per diluted share, for the
fourth quarter of 2009. For the year, net income attributable to
JMP Group was $8.7 million, or $0.40 per diluted share, compared to
$10.8 million, or $0.49 per diluted share, for the year ended
December 31, 2009.
- Operating net income was $8.5 million,
or $0.38 per diluted share, for the quarter, an increase of 27.0%
from $6.7 million, or $0.30 per diluted share, for the fourth
quarter of 2009. For the year, operating net income was $20.1
million, or $0.90 per diluted share, an increase of 47.3% from
$13.6 million, or $0.62 per diluted share, for the year ended
December 31, 2009. For more information on operating net income,
including a reconciliation to net income, please see the section
below titled “Non-GAAP Financial Measures.”
“JMP produced its second consecutive record year of adjusted
revenues and operating earnings,” said Joe Jolson, chairman
and chief executive officer of JMP Group. “In addition to the
continued elevated contribution from JMP Credit due to strong loan
sale profits, our investment banking group had a successful year,
with good momentum headed into 2011, delivering near-record
revenues in the fourth quarter. While 2010 was a tough year for
institutional equity trading volumes, our net commissions improved
19 percent on a linked-quarter basis in the December period. We
remain optimistic that our more than 50 percent increase in stocks
under coverage over the past two years will lead to further market
share gains going forward. Even though Harvest Capital Strategies
had a subpar performance year in 2010, we were successful in
growing sponsored assets under management to $1.8 billion and
further diversifying our alternative asset classes to include
venture and private capital. While comparing to 2010’s record
results will present a challenge this year—since we continue to
expect a sharp drop-off in loan sale gains—we remain focused on
delivering a return of at least 10 percent on adjusted tangible
equity, excluding loan sale profits and assuming relative stability
in capital markets conditions.”
Revenues
Investment Banking
Investment banking revenues were $17.1 million for the quarter,
an increase of 15.3% from $14.8 million for the fourth quarter of
2009. For the year, investment banking revenues were
$45.5 million, an increase of 14.0% from $39.9 million for
2009.
The company executed 26 investment banking transactions during
the quarter, compared to 18 during the fourth quarter of 2009.
Public equity underwriting revenues amounted to $9.2 million,
up from $4.2 million, as the company executed 16 public equity
offerings, versus nine for the fourth quarter of 2009. Private
placement fee revenues were $3.3 million, down from
$5.5 million, with the company executing four private
placements, versus three for the fourth quarter of 2009. Strategic
advisory revenues totaled $4.6 million, down from
$5.1 million, with the company acting as a strategic advisor
on six completed transactions, in line with six during the fourth
quarter of 2009.
The company executed 74 investment banking transactions over the
course of the full year, compared to 56 during 2009. Public equity
underwriting revenues amounted to $22.3 million, up from
$16.3 million, as the company executed 44 public equity
offerings, versus 30 during 2009. Private placement fee revenues
were $11.3 million, up from $9.7 million, with the
company executing 14 private placements, versus 10 during the prior
year. Strategic advisory revenues totaled $11.9 million, down
from $14.0 million, with the company acting as a strategic
advisor on 16 completed transactions, in line with 16 during
2009.
Brokerage
Net brokerage revenues were $7.0 million for the quarter, a
decrease of 14.3% from $8.2 million for the fourth quarter of 2009
but an increase of 18.8% from $5.9 million for the third quarter of
2010. For the year, net brokerage revenues were $28.3 million, a
decrease of 16.9% from $34.0 million for 2009.
Asset Management
Asset management-related fee revenues were $5.3 million for the
quarter, a decrease of 9.2% from $5.8 million for the fourth
quarter of 2009, including performance-related incentive fees of
$2.7 million and $3.1 million, respectively. For the year, asset
management-related fee revenues were $15.7 million, a decrease of
31.0% from $22.7 million for 2009, including performance-related
incentive fees of $5.1 million and $12.7 million, respectively.
Asset management-related fee revenues include asset management fees
as well as certain fee revenues (in particular, asset management
fundraising fees generated by JMP Securities, loan fees, and
revenues from fee-sharing arrangements with other asset managers)
reported in JMP Group’s financial statements as other income. Fee
revenues classified as other income were $2.4 million and
$1.4 million (including performance-related incentive fees of
$1.9 million and $1.0 million) for the fourth quarters of 2010
and 2009, respectively, and $3.5 million and $2.6 million
(including performance-related incentive fees of $2.2 million and
$1.1 million) for the full years 2010 and 2009, respectively.
Client assets under management at December 31, 2010 totaled $1.3
billion, including $516.9 million of funds managed by Harvest
Capital Strategies and $757.2 million par value of loans and cash
underlying the two collateralized loan obligations managed by JMP
Credit Advisors (the internal manager of JMP Credit Corporation).
Client assets under management were $1.3 billion at September 30,
2010 and $1.1 billion at December 31, 2009. Including
sponsored funds, client assets under management totaled
$1.8 billion at December 31, 2010, compared to $1.8 billion
and $1.3 billion at September 30, 2010 and December 31, 2009,
respectively.
Principal Transactions
Principal transactions generated net revenues of $0.5 million
for the quarter, compared to net revenues of $3.1 million for the
fourth quarter of 2009. For the year, principal transactions
generated net revenues of $3.4 million, compared to net revenues of
$18.5 million for 2009. Principal transactions primarily include
direct investments made by JMP Group as well as investments by the
company in funds managed by Harvest Capital Strategies.
For the year, direct investments and investments by JMP Group in
its hedge funds produced net realized and unrealized gains of $3.2
million, compared to net realized and unrealized gains of
$12.0 million for 2009. In addition, an investment in publicly
traded New York Mortgage Trust, Inc. produced an unrealized gain of
$0.2 million, compared to aggregate realized and unrealized gains
of $6.5 million for 2009 due to investments in New York
Mortgage Trust as well as publicly traded Hercules Technology
Growth Capital, Inc.
Gain on Sales and Payoffs of Loans and Loan Loss Provision
JMP Credit Corporation realized gains of $13.1 million for the
quarter due to the sale or payoff of 31 of the loans in its
portfolio, compared to $10.7 million due to the sale or payoff of
11 loans during the fourth quarter of 2009. For the year, realized
gains amounted to $39.4 million as a result of the sale or payoff
of 81 loans, compared to $22.3 million due to the sale or payoff of
23 loans during 2009. At December 31, 2010, 30 loans with an
aggregate par value of $126.3 million and an associated liquidity
discount of $35.6 million remained from the portfolio acquired
by JMP Credit in April 2009.
A loan loss provision of $0.4 million was recorded for the
quarter with regard to performing loans as a general reserve at JMP
Credit. For the year, loan loss provisions totaled $1.3
million.
At December 31, 2010, gross impaired loans totaled $13.9
million, or 3.1% of gross loans outstanding, compared to $14.0
million, or 3.2% of gross loans outstanding, at September 30, 2010
and $74.4 million, or 16.1% of gross loans outstanding, at December
31, 2009. With regard to impaired loans at December 31, 2010,
discounts and reserves (including credit discounts, liquidity
discounts and allowances for loan losses) equaled
$11.7 million, or 84.3% of gross impaired loans outstanding.
With regard to performing loans at December 31, 2010, discounts and
reserves (including liquidity discounts, allowances for loan losses
and deferred loan fees) equaled $40.9 million, or 9.3% of
gross performing loans outstanding.
Net Interest and Net Dividend Income
Net interest income equaled $0.5 million for the quarter,
compared to $2.8 million for the fourth quarter of 2009, and net
dividend income totaled $0.8 million, versus $0.7 million for the
fourth quarter of 2009. For the year, net interest income was $11.5
million, compared to $9.4 million for 2009, and net dividend income
was $2.2 million, versus $2.5 million for 2009.
Unscheduled principal prepayments enhanced the yield on loans at
JMP Credit Corporation and contributed $0.4 million and $0.4
million of net interest income for the fourth quarters of 2010 and
2009, respectively, and $4.0 million and $0.8 million for the full
years 2010 and 2009, respectively.
Expenses
Compensation and Benefits
Compensation and benefits expense was $30.2 million for the
quarter, compared to $34.3 million for the fourth quarter of 2009.
For the year, compensation and benefits expense was
$95.7 million, compared to $105.2 million for 2009. Of the
amounts recorded for the quarter and year ended December 31, 2010,
non-cash compensation expense attributable to restricted stock
units, or RSUs, granted in connection with JMP Group’s May 2007
initial public offering was $0.3 million and $2.6 million,
respectively, while such expense attributable to RSUs granted
thereafter was $4.2 million and $5.0 million, respectively. In
addition, compensation expense of $3.8 million was recorded during
the fourth quarter of 2010 because of the vesting of
performance-linked RSUs tied to the company’s record annual
operating results.
As a percentage of total net revenues, compensation and benefits
expense was 68.8% for the quarter, compared to 74.5% for the fourth
quarter of 2009, and was 66.1% for the year, compared to 70.4% for
2009. Excluding the cost of RSU grants, compensation and benefits
expense was 58.5% of total net revenues for the quarter, compared
to 61.8% for the fourth quarter of 2009, and was 60.9% for the
year, compared to 63.8% for 2009.
Non-Compensation Expense
Non-compensation expense was $6.1 million for the quarter,
compared to $6.4 million for the fourth quarter of 2009. For the
year, non-compensation expense was $28.3 million, compared to
$24.0 million for 2009. Contributing to non-compensation
expense for 2010 was a one-time impairment charge of
$2.8 million recorded in the third quarter in connection with
the purchase of an asset management contract during that
period.
As a percentage of total net revenues, non-compensation expense
was 13.9% for the quarter, unchanged from 13.9% for the fourth
quarter of 2009, and 19.5% for the year, compared to 16.0% for
2009. Excluding the one-time impairment charge of $2.8 million, the
adjusted non-compensation expense ratio was 17.6% for 2010.
Non-GAAP Financial Measures
In addition to the GAAP financial results presented in this
press release, JMP Group presents the non-GAAP financial measures
discussed below. These non-GAAP measures are provided to enhance
investors’ overall understanding of the company’s current financial
performance. Additionally, company management believes that this
presentation enables meaningful comparison of JMP Group’s financial
performance in various periods. However, the non-GAAP financial
results presented should not be considered a substitute for results
that are presented in a manner consistent with GAAP. A limitation
of the non-GAAP financial measures presented is that the
adjustments concern expenses or gains that JMP Group expects to
continue to recognize; the adjustment of these items should not be
construed as an inference that these expenses or gains are unusual,
infrequent or non-recurring. Therefore, company management believes
that both JMP Group’s GAAP measures of its financial performance
and the respective non-GAAP measures should be considered together.
The non-GAAP measures presented herein may not be comparable to
similarly titled measures presented by other companies.
Adjusted Net Revenue
Adjusted net revenue is a non-GAAP financial measure that (i)
excludes the net amortization of discounts on loans held and
asset-backed securities issued by JMP Credit Corporation, (ii)
excludes amortization expense related to an intangible asset, and
(iii) reverses net unrealized gains and losses on strategic equity
investments and warrants. In particular, adjusted net revenue
adjusts for:
- the non-cash net amortization of
liquidity discounts at JMP Credit, due to scheduled contractual
principal repayments, of $4.5 million and $9.8 million for the
quarter and year ended December 31, 2010, respectively;
- non-cash amortization—in the amount of
$0.1 million per quarter over a period ending in February 2013—of
$1.0 million pledged as an indemnity, and deemed an intangible
asset, in connection with the purchase by JMP Group in September
2010 of a management contract for a collateralized loan
obligation;
- unrealized mark-to-market gains or
losses on (i) the company’s strategic investments in publicly
traded New York Mortgage Trust, Inc. and, in 2009, Hercules
Technology Growth Capital, Inc. as well as (ii) certain warrant
positions; and
- a non-cash bargain purchase gain of
$1.2 million resulting from the acquisition of Cratos Capital
Partners by JMP Credit during the quarter ended June 30, 2009.
A reconciliation of JMP Group’s net revenues to the company’s
adjusted net revenues for the quarter and year ended December 31,
2010 and for comparable prior periods is set forth below.
Three Months Ended Year Ended (in thousands, except
per share amounts) Dec. 31, 2010 Dec. 31, 2009 Dec. 31, 2010
Dec. 31, 2009 Revenues: Non-interest revenues $
43,452 $ 43,335 $ 133,180 $ 140,038 Net interest income 505
2,758 11,522 9,446 Total
net revenues 43,957 46,093 144,702 149,484 Add
back/(subtract): Net amortization of liquidity discounts on loans
4,452 789 9,783 2,130 Amortization of intangible asset 100 - 100 -
(Gain)/loss on strategic equity
investments and warrant positions
(1,544 ) 191 (757 ) (5,682 ) Gain on bargain purchase -
- - (1,179 ) Adjusted net
revenues $ 46,965 $ 47,073 $ 153,828 $ 144,753
Company management has utilized adjusted net revenue, adjusted
in the manner described above, as an additional device to aid in
understanding and analyzing JMP Group’s financial results for the
periods presented. Management believes that adjusted net revenues
provide useful information by excluding non-cash additions to and
deductions from total net revenues that may otherwise obscure the
company’s cash operating revenues and complicate an assessment of
the company’s core business outlook. Management also believes that
adjusted net revenue is a useful measure because it allows for a
better evaluation of the performance of JMP Group’s ongoing
business and facilitates a meaningful comparison of the company’s
results in a given period to those in prior and future periods.
Operating Net Income
Operating net income is a non-GAAP financial measure that (i)
reverses stock-based compensation expense related to equity awards
granted both at the time of JMP Group’s May 2007 initial public
offering and thereafter, (ii) excludes the net amortization of
discounts on loans held and asset-backed securities issued by JMP
Credit Corporation, (iii) excludes amortization expense related to
an intangible asset, (iv) reverses net unrealized gains and losses
on strategic equity investments and warrants, and (v) assumes an
effective tax rate of 42%. In particular, operating net income
adjusts for:
- the grant of 1,931,060 restricted stock
units, or RSUs, at the time of the company’s IPO, which resulted in
non-cash compensation expense of $0.3 million and $2.6 million
for the quarter and year ended December 31, 2010,
respectively;
- the grant of RSUs subsequent to the
company’s IPO, which resulted in non-cash compensation expense of
$4.2 million and $5.0 million (including $3.8 million
from the vesting of performance-linked RSUs in the fourth quarter
due to the company’s record results) for the quarter and year ended
December 31, 2010, respectively;
- the non-cash net amortization of
liquidity discounts at JMP Credit, due to scheduled contractual
principal repayments, of $4.5 million and $9.8 million for the
quarter and year ended December 31, 2010, respectively;
- non-cash amortization—in the amount of
$0.1 million per quarter over a period ending in February 2013—of
$1.0 million pledged as an indemnity, and deemed an intangible
asset, in connection with the purchase by JMP Group in September
2010 of a management contract for a collateralized loan
obligation;
- unrealized mark-to-market gains or
losses on (i) the company’s strategic investments in publicly
traded New York Mortgage Trust, Inc. and, in 2009, Hercules
Technology Growth Capital, Inc. as well as (ii) certain warrant
positions;
- a non-cash bargain purchase gain of
$1.2 million resulting from the acquisition of Cratos Capital
Partners by JMP Credit during the quarter ended June 30, 2009;
and
- a combined federal, state and local
income tax rate of 42%.
A reconciliation of JMP Group’s net income to the company’s
operating net income for the quarter and year ended December 31,
2010 and for comparable prior periods is set forth below.
Three Months Ended (in thousands, except per share amounts)
Dec. 31, 2010 Dec. 31, 2009 Net income attributable
to JMP Group Inc. $ 3,527 $ 3,521 Add back: Income tax
expense 3,575 1,171 Income before taxes 7,102
4,692 Add back/(subtract): Compensation expense –
IPO-related RSUs 339 691 Compensation expense – post-IPO RSUs 4,189
5,164 Net amortization of liquidity discounts on loans 4,452 789
Amortization of intangible asset 100 - Unrealized (gain)/loss on
strategic equity investments and warrants (1,544 )
191 Operating income before taxes 14,638 11,527 Income tax
expense (assumed tax rate of 42%) 6,148 4,841
Operating net income $ 8,490 $ 6,686 Operating net
income per share: Basic $ 0.39 $ 0.31 Diluted $ 0.38 $ 0.30
Weighted average shares outstanding: Basic 21,734 21,258 Diluted
22,537 22,228 Year Ended (in thousands, except per
share amounts) Dec. 31, 2010 Dec. 31, 2009 Net income
attributable to JMP Group Inc. $ 8,861 $ 10,810 Add back:
Income tax expense 9,039 7,663 Income
before taxes 17,900 18,473 Add back/(subtract): Compensation
expense – IPO-related RSUs 2,576 3,161 Compensation expense –
post-IPO RSUs 4,998 6,582 Net amortization of liquidity discounts
on loans 9,783 2,130 Amortization of intangible asset 100 -
Unrealized (gain)/loss on strategic equity investments and warrants
(757 ) (5,682 ) Gain on bargain purchase -
(1,179 ) Operating income before taxes 34,600 23,485 Income
tax expense (assumed tax rate of 42%) 14,532
9,864 Operating net income $ 20,068 $ 13,621
Operating net income per share: Basic $ 0.93 $ 0.66 Diluted
$ 0.90 $ 0.62 Weighted average shares outstanding: Basic
21,646 20,791 Diluted 22,396 22,137
Company management has utilized operating net income on a total
and per share basis, adjusted in the manner described above, as an
additional device to aid in understanding and analyzing JMP Group’s
financial results for the periods presented. Management believes
that operating net income provides useful information by excluding
or including certain items that may not be representative of the
company’s core operating results or business outlook. Management
also believes that operating net income is a useful measure because
it allows for a better evaluation of the performance of JMP Group’s
ongoing business and facilitates a meaningful comparison of the
company’s results in a given period to those in prior and future
periods.
Adjusted Book Value per Share
At December 31, 2010, JMP Group’s tangible book value per share
was $5.93, compared to $5.57 at September 30, 2010 and $5.60
at December 31, 2009. Adjusting book value to reflect the net
liquidity discount on JMP Credit Corporation’s loan portfolio and
asset-backed securities issued, JMP Group’s adjusted tangible book
value per share at December 31, 2010 would have been $4.76, as
indicated by the table below.
(in thousands, except per share amounts) Dec. 31, 2010
Sept. 30, 2010 Dec. 31, 2009 Total JMP Group
stockholders' equity $ 129,854 $ 122,124 $ 120,636 Goodwill and
intangible assets 900 1,000 -
Tangible stockholders' equity 128,954 121,124 120,636
Liquidity discount on loans 35,594 51,603 91,544 Liquidity discount
on asset-backed securities issued (79,681 ) (86,836 )
(107,846 ) Net liquidity discount (44,087 ) (35,233 )
(16,302 ) Income tax benefit (assumed tax rate of 42%)
18,517 14,798 6,847 Net
after-tax liquidity discount (25,570 ) (20,435 )
(9,455 ) Adjusted tangible stockholders' equity $
103,384 $ 100,689 $ 111,181 Adjusted
tangible book value per share $ 4.76 $ 4.63 $ 5.16
Basic shares outstanding 21,737 21,733 21,534
Quarterly operating ROATE*
32.4 % 14.3 % 23.2 % Annual operating ROATE* 18.2 % N/A 12.0 %
* Return on adjusted tangible equity = annualized operating
net income / average adjusted tangible stockholders' equity.
Share Repurchase Activity
During 2010, JMP Group repurchased 1,205,991 shares of its
common stock at an average price of $6.91 per share, or $8.3
million in total. Of that amount, 394,005 shares were repurchased
at an average price of $7.08 per share, or $2.8 million in total,
in connection with the vesting of restricted stock units, whereby
employees tendered shares for the payment of applicable withholding
taxes. At year-end, approximately 481,000 shares remained eligible
for repurchase under the company’s existing repurchase
authorization.
Cautionary Note Regarding Quarterly Financial Results
Due to the nature of its business, JMP Group’s quarterly
revenues and net income may fluctuate materially depending on: the
size and number of investment banking transactions on which it
advises; the timing of the completion of those transactions; the
size and number of securities trades which it executes for
brokerage customers; the performance of its asset management funds
and inflows and outflows of assets under management; gains stemming
from sales of or prepayments on, or losses stemming from defaults
on, loans underlying the company’s collateralized loan obligation;
and the effect of the overall condition of the securities markets
and economy as a whole. Accordingly, revenues and net income in any
particular quarter may not be indicative of future results.
Furthermore, JMP Group’s compensation expense is generally based
upon revenues and can fluctuate materially in any particular
quarter depending upon the amount and sorts of revenue recognized
as well as other factors. The amount of compensation and benefits
expense recognized in any particular quarter may not be indicative
of such expense in a future period. As a result, the company
suggests that annual results may be the most meaningful gauge for
investors in evaluating the performance of its business.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements provide JMP Group’s current
expectations or forecasts about future events, including beliefs,
plans, objectives, intentions, assumptions and other statements
that are not historical facts, such as the likelihood of market
share gains, the potential for future loan portfolio gains and the
company’s ability to generate future returns on adjusted tangible
equity. Forward-looking statements are subject to known and unknown
risks and uncertainties that could cause actual results to differ
materially from those expected or implied by the forward-looking
statements. The company’s actual results could differ materially
from those anticipated in forward-looking statements for many
reasons, including the factors described in the sections entitled
“Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” in the company’s
Form 10-K for the year ended December 31, 2009 as filed with the
Securities and Exchange Commission on March 9, 2010 as well as in
the similarly captioned sections of other periodic reports filed by
the company under the Exchange Act. The Form 10-K for the year
ended December 31, 2009 and all other periodic reports are
available on JMP Group’s website at www.jmpg.com and on the
Securities and Exchange Commission’s website at www.sec.gov. Unless
required by law, JMP Group undertakes no obligation to publicly
update or revise any forward-looking statement to reflect
circumstances or events after the date of this press release.
Conference Call
JMP Group will hold a conference call to discuss the results
detailed herein at 9:00 a.m. EST on Wednesday, February 16, 2011.
To participate in the call, dial (888) 566-6060 (domestic) or (706)
634-1012 (international). The conference identification code is
“43760403.”
The conference call will also be broadcast live over the
Internet and will be accessible via a link in the investor
relations section of the company’s website, www.jmpg.com. The
Internet broadcast will be archived and will remain available on
the website for future replay.
About JMP Group
JMP Group Inc. is a full-service investment banking and asset
management firm that provides investment banking, sales and
trading, and equity research services to corporate and
institutional clients and alternative asset management products to
institutional and high-net-worth investors. JMP Group operates
through three subsidiaries, JMP Securities, Harvest Capital
Strategies and JMP Credit Advisors. For more information, visit
www.jmpg.com.
JMP GROUP INC.
Consolidated Statements of Financial
Condition
(Unaudited)
(in thousands) Dec. 31, 2010 Dec. 31, 2009
Assets Cash and cash equivalents $ 71,114 $ 75,680
Restricted cash and deposits 47,718 36,629 Receivable from clearing
broker 1,331 1,609 Marketable securities owned, at fair value
23,748 5,899 Other investments 38,702 59,190 Loans held for
investment, net of allowance for loan losses 813 1,592
Loans collateralizing asset-backed
securities issued, net of purchase discounts and allowance for loan
losses
400,763 327,967 Deferred tax assets 32,542 51,499 Other assets
21,121 14,656 Total assets $ 637,852 $ 574,721
Liabilities and Stockholders' Equity Liabilities:
Accrued compensation $ 37,424 $ 43,026
Asset-backed securities issued, net of
purchase discounts
351,322 326,632 Note payable 26,209 9,045 Deferred tax liability
36,176 48,220 Other liabilities 45,411 22,146 Total
liabilities 496,542 449,069 Stockholders'
Equity: Total JMP Group Inc. stockholders' equity 129,854 120,636
Noncontrolling interest 11,456 5,016 Total equity
141,310 125,652 Total liabilities and equity $
637,852 $ 574,721
JMP GROUP INC.
Consolidated Statements of
Operations
(Unaudited)
Three Months Ended Year Ended (in thousands, except
per share amounts) Dec. 31, 2010 Dec. 31, 2009 Dec.
31, 2010 Dec. 31, 2009 Revenues: Investment banking $
17,083 $ 14,820 $ 45,519 $ 39,924 Brokerage 7,004 8,168 28,259
34,004 Asset management fees 2,915 4,382 12,231 20,148 Principal
transactions 534 3,114 3,421 18,517 Gain on sale and payoff of
loans 13,132 10,697 39,363 22,268 Gain on repurchase of
asset-backed securities issued - 500 - 4,705 Gain on bargain
purchase - - - 1,179 Net dividend income 776 671 2,248 2,521 Other
income 2,371 1,439 3,466
2,593 Non-interest revenues 43,815
43,791 134,507 145,859
Interest income 9,103 11,198 45,209 35,370 Interest expense
(8,598 ) (8,440 ) (33,687 ) (25,924 )
Net interest income 505 2,758
11,522 9,446 Provision for loan losses
(363 ) (456 ) (1,327 ) (5,821 ) Total
net revenues 43,957 46,093
144,702 149,484 Non-interest expenses:
Compensation and benefits 30,234 34,330 95,708 105,179
Administration 1,443 1,509 5,767 5,050 Brokerage, clearing and
exchange fees 1,358 1,228 5,110 5,284 Travel and business
development 769 810 3,401 2,396 Communications and technology 833
1,085 3,969 3,892 Occupancy 672 660 2,666 2,448 Professional fees
774 806 3,380 3,589 Depreciation 140 153 635 746 Impairment loss on
intangible asset - - 2,750 - Other 132 176
611 555 Total non-interest
expenses 36,355 40,757 123,997
129,139 Income before income tax
expense 7,602 5,336 20,705 20,345 Income tax expense 3,575
1,171 9,039 7,663
Net income 4,027 4,165 11,666 12,682 Less: Net income attributable
to noncontrolling interest 500 644
2,805 1,872 Net income attributable to
JMP Group Inc. $ 3,527 $ 3,521 $ 8,861 $
10,810 Net income attributable to JMP Group Inc. per
share: Basic $ 0.16 $ 0.17 $ 0.41 $ 0.52 Diluted $ 0.16 $ 0.16 $
0.40 $ 0.49 Weighted average common shares outstanding:
Basic 21,734 21,258 21,646 20,791 Diluted 22,537 22,228 22,396
22,137
JMP (NYSE:JMP)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
JMP (NYSE:JMP)
Historical Stock Chart
Von Jul 2023 bis Jul 2024
