JMP Group LLC (NYSE: JMP), an investment banking and alternative
asset management firm, reported financial results today for the
quarter ended June 30, 2018.
A summary of JMP Group’s operating results for the quarter and
six months ended June 30, 2018, and for comparable prior periods,
is set forth below.
Quarter Ended Six Months Ended (in thousands, except
per share amounts) June 30, 2018 Mar. 31, 2018 June
30, 2017 June 30, 2018 June 30, 2017 Total net
revenues $44,264 $27,211 $23,143 $71,475 $47,521 Net
income/(loss) attributable to JMP Group ($1,988 ) ($283 ) ($8,535 )
($2,271 ) ($13,275 ) Net income/(loss) attributable to JMP Group
per share ($0.09 ) ($0.01 ) ($0.39 ) ($0.11 ) ($0.61 )
Operating net income/(loss) $3,384 ($1,631 ) $559 $1,753 ($1,524 )
Operating net income/(loss) per share $0.16 ($0.07 ) $0.03 $0.08
($0.07 ) Book value per share 4.13 $4.34 4.82 4.13 4.82
Adjusted book value per share 5.08 $5.23 5.43 5.08 5.43
For more information about operating net income, including a
reconciliation to net income, and adjusted book value per share,
including a reconciliation to book value per share, see the section
below titled “Non-GAAP Financial Measures.”
“We had an excellent quarter, with operating earnings of $0.16
per share, primarily driven by record investment banking revenues,
increased net interest income due to the accumulation of loans
leading up to CLO V’s June pricing, and a favorable exit from a
principal investment,” said Chairman and Chief Executive Officer
Joe Jolson. “JMP Securities contributed $0.12 per share to
operating results for the second quarter and $0.45 per share for
the trailing four quarters, equating to an annualized return on
equity of approximately 36% for both periods. Distributable
earnings at the publicly traded partnership improved to $0.13 per
share and more than covered our cash distributions, thanks to much
higher net interest income and better-than-expected credit
performance.
“Looking ahead to the second half of the year, we are working
hard to close on a record pipeline of M&A and private placement
transactions, while simultaneously benefitting from an open
‘window’ for growth-oriented companies to raise capital in the
public equity markets. JMP Securities has recently added four
senior, M&A-focused investment bankers to its platform, which
should increase our already strong momentum in this attractive
business over the next few years. If CLO V closes shortly, as
anticipated, we will have completed the 18-month cycle of plowing
our capital back into our credit business at attractive IRRs.”
Segment Results of Operations
A summary of JMP Group’s operating net income per share by
segment for the quarter and six months ended June 30, 2018, and for
comparable prior periods, is set forth below.
Quarter Ended Six Months Ended ($ as shown) June 30,
2018 Mar. 31, 2018 June 30, 2017 June 30, 2018
June 30, 2017 Broker-dealer $0.12 $0.08 $0.05 $0.20 $0.06 Asset
management (0.01 ) (0.03 ) (0.01 ) (0.04 ) (0.01 ) Operating
platform EPS 0.12 0.05 0.04 0.16 0.05 Net corporate income 0.04
(0.12 ) (0.01 ) (0.08 ) (0.12 ) Operating EPS (diluted)
$0.16 ($0.07 ) $0.03 $0.08 ($0.07 )
Note: Due to
rounding, numbers in columns above may not sum to totals
presented.
For more information about operating net income, including a
reconciliation to net income, see the section below titled
“Non-GAAP Financial Measures.”
Composition of Revenues
Investment Banking
Investment banking revenues were a record $28.6 million, an
increase of 49.3% from $19.1 million for the quarter ended June 30,
2017. For the six months ended June 30, 2018, investment banking
revenues were $49.2 million, an increase of 50.4% from $32.7
million for the six months ended June 30, 2017.
A summary of the company’s investment banking revenues and
transaction counts for the quarter and six months ended June 30,
2018, and for comparable prior periods, is set forth below.
Quarter Ended Six Months Ended June 30, 2018
Mar. 31, 2018 June 30, 2017 June 30, 2018
June 30, 2017 ($ in thousands) Count Revenues
Count Revenues Count Revenues Count Revenues
Count Revenues
Equity and debt origination
31 $24,049
(1)
21 $11,862
(1)
37 $14,384 52 $35,911
(1)
60 $24,854
Strategic advisory and private
placements
6 4,513 7 8,801
5
4,744 13 13,313
8
7,874 Total 37 $28,562
(1)
28 $20,663
(1)
42
$19,128 65 $49,224
(1)
68
$32,728 (1) Prior to 2018, JMP Group presented investment
banking revenues net of related expenses. In the quarter ended
March 31, 2018, the company adopted new accounting guidance on
revenue recognition, which resulted in the presentation of
investment banking revenues and related expenses on a gross basis
in the company’s financial statements. These related expenses were
$2.7 million and $2.0 million for the quarters ended June 30 and
March 31, 2018, respectively, and $4.7 million for the six months
ended June 30, 2018.
Brokerage
Net brokerage revenues were $5.4 million, an increase of 7.3%
from $5.1 million for the quarter ended June 30, 2017. For the six
months ended June 30, 2018, net brokerage revenues were
$10.1 million, a decrease of 2.4% from $10.4 million for the
six months ended June 30, 2017.
Total capital markets revenues, which consist of net brokerage
revenues produced by the institutional equities division in
addition to equity and debt origination revenues generated by the
investment banking division, were $29.5 million and $46.0 million
for the quarter and six months ended June 30, 2018, respectively,
compared to $19.5 million and $35.3 million for the quarter and six
months ended June 30, 2017, respectively.
Asset Management
Asset management fees were $5.4 million, an increase of 29.5%
from $4.2 million for the quarter ended June 30, 2017. For the six
months ended June 30, 2018, asset management fees were
$11.8 million, an increase of 17.3% from $10.1 million for the
six months ended June 30, 2017.
A summary of the company’s client assets under management for
the quarter ended June 30, 2018, and for comparable prior periods,
is set forth below.
(in thousands) June 30, 2018 Mar. 31, 2018
June 30, 2017
Harvest Capital Strategies, JMP Asset
Management and HCAP Advisors
$867 $884 $1,195 JMP Credit Advisors 1,111 965 819 Client assets
under management 1,978 1,849 2,014 Assets under management by
sponsored funds (1) 3,556 3,420 1,379
Client assets under management, including
sponsored funds
$5,534 $5,269 $3,393 (1) Sponsored funds are asset managers
in which JMP Group owns an economic interest.
Principal Transactions
Principal transactions generated a net realized and unrealized
gain of $1.7 million, compared to a net realized and unrealized
loss of $0.3 million for the quarter ended June 30, 2017. In June
2018, JMP Group exited an equity investment in an independent
financial services platform, realizing a gain of $1.2 million,
which contributed $0.03 per share to operating net income for the
quarter. For the six months ended June 30, 2018, principal
transactions generated a net realized and unrealized loss of $1.9
million, compared to a net realized and unrealized loss of $2.2
million for the six months ended June 30, 2017.
Net Interest Income
Net interest income was $4.0 million, an increase of 106.6% from
$2.0 million for the quarter ended June 30, 2017. For the six
months ended June 30, 2018, net interest income was
$7.0 million, an increase of 140.8% from $2.9 million for the
six months ended June 30, 2017. The year-over-year increase was
primarily due to a materially higher average loan balance for the
first half of 2018 than for the first half of 2017, due to the
reinvestment of funds that resulted from the liquidation of JMP
Credit Advisors CLO I in February 2017.
Provision for Loan Losses
The net loan loss provision was $1.3 million, including a
general loan loss provision of $1.3 million, reflecting loan growth
of $169.1 million during the quarter.
Expenses
Compensation and Benefits
Compensation and benefits expense was $29.2 million, compared to
$22.7 million for the quarter ended June 30, 2017. As a percentage
of net revenues, compensation and benefits expense was 65.8%,
compared to 97.9% for the quarter ended June 30, 2017. With regard
to annually awarded compensation, a concept which adjusts
compensation expense related to share-based awards and deferred
compensation, compensation and benefits expense was 65.8% of net
revenues, compared to 98.0% for the quarter ended June 30, 2017. Of
the 65.8% for the quarter ended June 30, 2018, 4.2% was
attributable to incentive fees earned by hedge funds, a majority of
which is passed through to the funds’ investment teams. Of the
98.0% for the quarter ended June 30, 2017, no portion was
attributable to incentive fees earned by hedge funds.
For the six months ended June 30, 2018, compensation and
benefits expense was $53.4 million, compared to $44.5 million for
the six months ended June 30, 2017. As a percentage of net
revenues, compensation and benefits expense was 74.7%, compared to
93.5% for the six months ended June 30, 2017. With regard to
annually awarded compensation, compensation and benefits expense
was 74.5% of net revenues, compared to 91.4% for the six months
ended June 30, 2017. Of the 74.5% for the six months ended
June 30, 2018, 6.8% was attributable to incentive fees earned
by hedge funds. Of the 91.4% for the six months ended June 30,
2017, 3.1% was attributable to incentive fees earned by hedge
funds.
For more information about compensation ratios, see the section
below titled “Non-GAAP Financial Measures.”
Non-Compensation Expense
Non-compensation expense was $11.4
million and $21.7 million for the quarter and six
months ended June 30, 2018, respectively, compared
to $8.9 million and $16.7 million for the
quarter and six months ended June 30, 2017, respectively. The
year-over-year increases were attributable to the adoption of new
accounting guidance on revenue recognition, which caused
$2.7 million of investment banking-related expenses to be
presented on a gross basis and to be included within
non-compensation expense for the quarter ended June 30, 2018. For
the six months ended June 30, 2018, the amount was
$4.7 million. In prior periods, such expenses were presented
as a deduction from investment banking revenues.
Share Repurchase Activity
During the quarter ended June 30, 2018, JMP Group repurchased
92,922 shares of its common stock at an aggregate cost of $0.5
million, or $5.15 per share. As of July 1, 2018, approximately
700,000 shares were eligible for repurchase through year-end.
Personnel
At June 30, 2018, the company had 216 full-time employees,
compared to 211 at March 31, 2018, and 226 at June 30, 2017.
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. Furthermore, company management believes that this
presentation enables a more meaningful comparison of JMP Group’s
financial performance across 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 gains, losses or expenses that JMP Group
generally expects to continue to recognize. The adjustment of these
non-GAAP items should not be construed as an inference that these
gains or expenses are unusual, infrequent or non-recurring.
Therefore, both GAAP measures of JMP Group’s 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.
Compensation Ratio
A compensation ratio expresses compensation expense as a
percentage of net revenues in a given period. As presented by JMP
Group, an adjusted compensation ratio is a non-GAAP financial
measure that utilizes adjusted compensation and benefits expense as
the numerator. This adjusted ratio excludes certain
compensation-related expenses that are or are not recognized under
GAAP. In particular, the adjusted compensation ratio reverses
compensation expense and unrealized mark-to-market gains or losses
related to share-based awards and deferred compensation (so that
the compensation expenses used in the numerator correspond to the
adjusted net revenues generated in the periods presented).
A statement of JMP Group’s compensation ratio for the quarter
and six months ended June 30, 2018, and for comparable prior
periods, is set forth below.
Quarter Ended Six Months Ended ($ in thousands) June
30, 2018 Mar. 31, 2018 June 30, 2017 June 30, 2018
June 30, 2017 Total net revenues $44,264
$27,211 $23,143 $71,475 $47,521
Compensation and benefits $29,138 $24,261 $22,652 $53,399 $44,450
Subtract/(add back):
Share-based awards and deferred compensation 30 145
(27 ) 175 1,008 Adjusted compensation and
benefits $29,108 $24,116 $22,679 $53,224
$43,442
Ratio of compensation expense to net
revenues
65.8%
89.2%
97.9%
74.7%
93.5%
Ratio of adjusted compensation expense to
net revenues
65.8%
88.6%
98.0%
74.5%
91.4%
Operating Net Income
Operating net income is a non-GAAP financial measure that (i)
reverses compensation expense related to share-based awards and
deferred compensation, (ii) reverses the general loan loss
provision taken with regard to certain CLOs, (iii) excludes the
impact of the early retirement of debt issued by JMP Group and a
CLO, (iv) excludes transaction costs related to a CLO, (v) excludes
amortization expense related to a CLO, (vi) reverses unrealized
gains or losses related to real estate investment properties, (vii)
reverses net unrealized gains and losses on strategic equity
investments and warrants, and (viii) assumes an effective tax rate.
In particular, operating net income adjusts for:
- the grant of RSUs and options;
- net deferred compensation, which
consists of (a) deferred compensation awarded in a given period but
recognized as a GAAP expense over the subsequent three years, less
(b) GAAP expense recognized in a given period but already reflected
in the operating income of a prior period; the purpose of this
adjustment is to fully reflect compensation awarded in a given
year, notwithstanding the timing of GAAP expense;
- the non-specific loss provision
recorded with regard to loans held by JMP Credit Advisors CLO II
(while outstanding), JMP Credit Advisors CLO III, JMP Credit
Advisors CLO IV and JMP Credit Advisors CLO V and to loans held for
investment, which is required by GAAP;
- one-time expenses associated with the
redemption of debt underlying JMP Credit Advisors CLO III (in
the first quarter of 2018) and of senior notes due 2021 (in the
fourth quarter of 2017) and the resulting acceleration of the
amortization of remaining capitalized issuance costs for each;
- one-time transaction costs related to
the refinancing of notes issued by JMP Credit Advisors
CLO III;
- amortization expense related to an
intangible asset resulting from the repurchase of a portion of the
equity of JMP Credit Advisors CLO III;
- unrealized gains or losses on
commercial real estate investments, adjusted for non-cash
expenditures, including depreciation and amortization;
- unrealized mark-to-market gains or
losses on the company’s strategic equity investments as well as
certain warrant positions; and
- a combined federal, state and local
income tax rate of 26% at the taxable direct subsidiary of parent
company JMP Group, while applying a tax rate of 0% to the company’s
other direct subsidiary, which is a “pass-through entity” for tax
purposes.
A reconciliation of JMP Group’s net income to its operating net
income for the quarter and six months ended June 30, 2018, and for
comparable prior periods is set forth below.
Quarter Ended Six Months Ended (in thousands, except
per share amounts) June 30, 2018 Mar. 31, 2018 June
30, 2017 June 30, 2018 June 30, 2017 Net
income/(loss) attributable to JMP Group ($1,988 ) ($283 ) ($8,535 )
($2,271 ) ($13,275 ) Add back/(subtract): Income tax
expense/(benefit) 4,895 (5,568 ) (198 ) (673 ) (1,282 )
Income/(loss) before taxes 2,907 (5,851 ) (8,733 ) (2,944 ) (14,557
) Add back/(subtract):
Share-based awards and deferred
compensation
69 144 207 213 1,167
General loan loss provision/(reversal) –
collateralized loan obligations
1,164 329 1,251 1,493 833 Early retirement of debt - 1,318 5,432
1,318 5,432 Restructuring costs – CLO portfolios (10 ) 64 286 54
286 Amortization of intangible asset – CLO III 69 69 69 138 138
Unrealized (gain)/loss – real
estate-related depreciation and amortization
(24 ) 1,628 1,745 1,604 3,901
Unrealized mark-to-market (gain)/loss –
strategic equity investments and warrants
(295 ) 638 69 343 488 Operating
income/(loss) before taxes 3,880 (1,661 ) 326 2,219 (2,312 )
Income tax expense/(benefit) 496 (30 ) (233 ) 466
(788 ) Operating net income/(loss) $3,384 ($1,631 ) $559
$1,753 ($1,524 ) Operating net income/(loss)
per share: Basic $0.16 ($0.08 ) $0.03 $0.08 ($0.07 ) Diluted (1)
$0.16 ($0.07 ) $0.03 $0.08 ($0.07 ) Weighted average shares
outstanding: Basic 21,537 21,666 21,651 21,601 21,612 Diluted (1)
21,745 21,811 22,107 21,772 22,006
(1)
On a GAAP basis, the weighted average number of diluted
shares outstanding for the quarters ended June 30, 2018, March 31,
2018, and June 30, 2017, was 21,536,706, 21,665,652 and 21,651,544,
respectively, and for the six months ended June 30, 2018, and June
30, 2017, was 21,600,823 and 21,612,333, respectively, equivalent
to the weighted average number of basic shares outstanding, due to
the company’s net loss for those periods. Under GAAP, in a period
of net loss, dilutive securities are disregarded in the calculation
of earnings per share.
Book Value per Share
At June 30, 2018, JMP Group’s book value per share was $4.13.
Adding back accumulated depreciation and amortization expense
related to commercial real estate investments that is recognized by
JMP Group as a result of equity method accounting reflects the
reversal of that expense in the calculation of adjusted net
revenues, adjusted principal transaction revenues and operating net
income. Likewise, adding back the accumulated general loan loss
provision related to collateralized loan obligations reflects the
reversal of that provision in the calculation of adjusted net
revenues and operating net income. Such reversals result in an
adjusted book value per share of $5.08, as set forth below.
(in thousands, except per share amounts) June 30, 2018
Mar. 31, 2018 June 30, 2017 Shareholders'
equity $88,654 $93,418 $104,162
Accumulated unrealized loss – real
estate-related depreciation and amortization
$13,555 $13,578 $8,206
Accumulated general loan loss provision –
collateralized loan obligations
6,951 5,787 4,914 Adjusted shareholders'
equity $109,160 $112,783 $117,281 Book
value per share $4.13 $4.34 $4.82 Adjusted
book value per share $5.08 $5.23 $5.43
Basic shares outstanding 21,486 21,547 21,599 Quarterly
operating ROE (1)
14.9%
(6.9%
)
2.0%
LTM operating ROE (1)
7.9%
4.7%
3.6%
Quarterly adjusted operating ROE (1)
12.2%
(5.8%
)
1.9%
LTM adjusted operating ROE (1)
6.7%
4.1%
3.4%
(1) Operating return on equity (ROE) equals operating net
income divided by average shareholders’ equity. Adjusted operating
ROE equals operating net income divided by average adjusted
shareholders’ equity. For more information about operating net
income, including a reconciliation to net income attributable to
JMP Group, see the section above titled “Operating Net Income.”
Conference Call
JMP Group will hold a conference call to discuss the results
detailed herein at 10:00 a.m. ET on Thursday, July 26, 2018. To
participate in the call, dial (888) 566-6060 (domestic) or (973)
200-3100 (international). The conference identification number is
2389987.
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, at
investor.jmpg.com/events.cfm. The Internet broadcast will be
archived and will remain available on the website for future
replay.
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 or
losses stemming from sales of or prepayments on, or losses stemming
from defaults on, loans underlying the company’s collateralized
loan obligations; 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
quarter, depending upon the amount and sorts of revenue recognized
as well as other factors. The amount of compensation and benefits
expense recognized in a particular quarter may not be indicative of
such expense in any future period. As a result, the company
suggests that its 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 may contain 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. 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, 2017, as filed with the U.S. Securities and Exchange Commission
on March 28, 2018, 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, 2017, and all
other periodic reports are available on JMP Group’s website at
www.jmpg.com and on the SEC’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.
Disclosure Information
JMP Group uses the investor relations section of its website as
a means of complying with its disclosure obligations under
Regulation FD. Accordingly, investors should monitor the company’s
website in addition to its press releases, SEC filings, and
investor conference calls and webcasts.
About JMP Group
JMP Group LLC is a diversified capital markets firm that
provides investment banking, equity research, and sales and trading
services to corporate and institutional clients as well as
alternative asset management products and services to institutional
and high-net-worth investors. JMP Group conducts its investment
banking and research, sales and trading activities through JMP
Securities; its hedge fund, venture and private capital, and credit
management activities through Harvest Capital Strategies, JMP Asset
Management and JMP Credit Advisors; and the management of Harvest
Capital Credit Corporation (NASDAQ: HCAP), a business development
company, through HCAP Advisors. For more information, visit
www.jmpg.com.
JMP GROUP LLC
Consolidated Statements of Financial
Condition
(Unaudited)
(in thousands) June 30, 2018 Dec. 31, 2017
Assets Cash and cash equivalents $50,402 $85,594 Restricted
cash and deposits 46,693 51,727 Marketable securities owned, at
fair value 21,455 20,825 Other investments 16,916 27,984 Loans held
for investment, net of allowance for loan losses 285,846 83,948
Loans collateralizing asset-backed
securities issued, net of allowance for loan losses
784,663 765,583 Other assets 45,056 40,965 Total assets $1,251,031
$1,076,626 Liabilities and Shareholders' Equity
Liabilities: Marketable securities sold, but not yet purchased, at
fair value $5,630 $7,919 Accrued compensation 25,290 43,131
Asset-backed securities issued, net of issuance costs 739,912
738,248 CLO V warehouse facility 238,500 61,250 Bond payable, net
of issuance costs 93,145 93,103 Note payable 18,829 - Other
liabilities 27,456 22,796 Total liabilities 1,148,762 966,447
Shareholders' Equity: Total JMP Group LLC shareholders'
equity 88,654 96,335 Non-redeemable non-controlling interest 13,615
13,844 Total equity 102,269 110,179 Total liabilities and
shareholders' equity $1,251,031 $1,076,626
JMP GROUP LLC
Consolidated Statements of
Operations
(Unaudited)
Quarter Ended Six Months Ended (in thousands, except
per share amounts) June 30, 2018 June 30, 2017 June 30, 2018
June 30, 2017 Revenues: Investment banking $28,562
$19,128 $49,224 $32,728 Brokerage 5,447 5,078 10,111 10,364 Asset
management fees 5,378 4,153 11,803 10,064 Principal transactions
1,684 (323 ) (1,936 ) (2,216 ) Gain/(loss) on sale and payoff of
loans (150 ) 83 (332 ) 930 Net dividend income 319 273 615 539
Other income 311 194 360 639
Non-interest revenues 41,551 28,586 69,845
53,048 Interest income 15,669 9,696 28,379 18,763
Interest expense (11,634 ) (7,743 ) (21,336 ) (15,838 ) Net
interest income 4,035 1,953 7,043 2,925
Gain/(loss) on repurchase or early retirement of debt (42 )
(5,542 ) (2,668 ) (5,332 ) Provision for loan losses (1,280 )
(1,854 ) (2,745 ) (3,120 ) Total net revenues 44,264 23,143
71,475 47,521 Non-interest expenses:
Compensation and benefits 29,138 22,652 53,399 44,450
Administration 2,711 2,721 4,944 4,540 Brokerage, clearing and
exchange fees 788 789 1,565 1,548 Travel and business development
1,202 1,111 2,156 2,026 Managed deal expenses 2,348 - 3,914 -
Communications and technology 1,047 1,051 2,109 2,104 Occupancy
1,143 1,111 2,260 2,222 Professional fees 1,138 853 3,043 2,015
Depreciation 287 303 551 614 Other 776 950 1,163
1,627 Total non-interest expense 40,578 31,541
75,104 61,146 Net income/(loss) before
income tax 3,686 (8,398 ) (3,629 ) (13,625 ) Income tax
expense/(benefit) 4,895 (198 ) (673 ) (1,282 ) Net
income/(loss) (1,209 ) (8,200 ) (2,956 ) (12,343 )
Less: Net income/(loss) attributable to
non-redeemable non-controlling interest
779 335 (685 ) 932 Net income/(loss)
attributable to JMP Group ($1,988 ) ($8,535 ) ($2,271 ) ($13,275 )
Net income/(loss) attributable to JMP Group per share: Basic
($0.09 ) ($0.39 ) ($0.11 ) ($0.61 ) Diluted ($0.09 ) ($0.39 )
($0.11 ) ($0.61 ) Weighted average common shares
outstanding: Basic 21,537 21,652 21,601 21,612 Diluted 21,537
21,652 21,601 21,612
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180725005744/en/
Investor Relations ContactJMP Group LLCAndrew Palmer,
415-835-8978apalmer@jmpg.comorMedia Relations ContactsDukas
Linden Public Relations, Inc.Zach Leibowitz,
646-722-6528zach@dlpr.comorAlyssa Noud,
646-722-6525alyssa@dlpr.com
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