JMP Group LLC (NYSE: JMP), an investment banking and alternative
asset management firm, reported financial results today for the
quarter ended June 30, 2019.
A summary of JMP Group’s operating results for the quarter and
six months ended June 30, 2019, and for comparable prior periods,
is set forth below.
Quarter Ended Six Months Ended (in thousands, except per
share amounts) June 30, 2019 Mar. 31, 2019 June 30, 2018
June 30, 2019 June 30, 2018 Total net revenues
$28,068
$27,167
$44,264
$55,235
$71,475
Net income/(loss) attributable to JMP Group
($1,112
)
$5,069
($1,988
)
$3,957
($2,271
)
Net income/(loss) attributable to JMP Group per share
($0.05
)
$0.24
($0.09
)
$0.19
($0.11
)
Operating net income
($697
)
$1,669
$3,384
$972
$1,753
Operating net income per share
($0.03
)
$0.08
$0.16
$0.05
$0.08
Book value per share
$3.91
$4.08
$4.13
$3.91
$4.13
Adjusted book value per share
$4.67
$4.77
$5.08
$4.67
$5.08
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 a disappointing second
quarter due to lower-than-expected investment banking revenues,”
said Chairman and Chief Executive Officer Joe Jolson. “However, the
month of June was more in line with our expectations; and, given
our current transaction pipeline, we are cautiously optimistic
about our prospects for a strong second half of 2019. We continue
to invest a material percentage of our earnings to grow our
advisory business organically, hiring three M&A-focused
managing directors so far this year. We’ve also made good progress
at simplifying our balance sheet by reducing our investment
portfolio and retiring long-term debt. In the second quarter, we
sold our senior equity in our two most recent collateralized loan
obligations at relatively attractive prices, using the proceeds to
help finance a self-tender offer for 1.8 million, or about 9%, of
our shares in June and the retirement of $11 million of our 8.00%
senior notes in July.”
Segment Results of Operations
A summary of JMP Group’s operating net income per share by
segment for the quarter and six months ended June 30, 2019, and for
comparable prior periods, is set forth below.
Quarter Ended Six Months Ended ($ as shown) June 30, 2019
Mar. 31, 2019 June 30, 2018 June 30, 2019 June 30, 2018
Broker-dealer
($0.04
)
($0.05
)
$0.12
($0.09
)
$0.20
Asset management: Asset management fee income
(0.01
)
(0.03
)
(0.01
)
(0.04
)
(0.04
)
Investment income
0.09
0.23
(1)
0.14
0.31
(1)
0.11
Total asset management
0.07
0.20
0.13
0.28
0.07
Corporate costs
(0.07
)
(0.07
)
(0.10
)
(0.14
)
(0.19
)
Operating EPS (diluted)
($0.03
)
$0.08
$0.16
$0.05
$0.08
(1)
Includes a gain of $0.08 per share on the
sale of a controlling interest in JMP Credit Advisors LLC to
Medalist Partners LP.
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 $17.7 million, a decrease of
37.9% from $28.6 million for the quarter ended June 30, 2018. For
the six months ended June 30, 2019, investment banking revenues
were $29.6 million, a decrease of 39.8% from $49.2 million for the
six months ended June 30, 2018.
A summary of the company’s investment banking revenues and
transaction counts for the quarter and six months ended June 30,
2019, and for comparable prior periods, is set forth below.
Quarter Ended Six Months Ended June 30, 2019 Mar. 31, 2019 June 30,
2018 June 30, 2019 June 30, 2018 ($ in thousands) Count Revenues
Count Revenues Count Revenues Count Revenues Count Revenues Equity
and debt origination
25
$12,328
17
$6,789
31
$24,049
42
$19,117
52
$35,911
Strategic advisory and private placements
3
5,408
6
5,090
6
4,513
9
10,498
13
13,313
Total
28
$17,736
23
$11,879
37
$28,562
51
$29,615
65
$49,224
Brokerage
Net brokerage revenues were $4.7 million, a decrease of 14.5%
from $5.4 million for the quarter ended June 30, 2018. For the six
months ended June 30, 2019, net brokerage revenues were $9.2
million, a decrease of 9.1% from $10.1 million for the six months
ended June 30, 2018.
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 $17.0 million and $28.3 million
for the quarter and six months ended June 30, 2019, respectively,
compared to $29.5 million and $46.0 million for the quarter and six
months ended June 30, 2018, respectively.
Asset Management
Asset management fees were $2.4 million, a decrease of 56.2%
from $5.4 million for the quarter ended June 30, 2018. For the six
months ended June 30, 2019, asset management fees were $4.1
million, a decrease of 65.6% from $11.8 million for the six months
ended June 30, 2018. The decrease is primarily due to the sale of
the Harvest Small Cap Partners hedge fund strategy at year-end
2018. For the quarter and six months ended June 30, 2018, the fund
strategy contributed $3.6 million and $8.4 million, respectively,
to asset management fees. While the sale results in a considerable
loss of asset management revenue, it was structured to have a
neutral to slightly positive effect on JMP Group’s operating net
income going forward, as the company will share in the fund
strategy’s revenues in 2019 and beyond.
A summary of the company’s client assets under management for
the quarter ended June 30, 2019, and for comparable prior periods,
is set forth below.
(in millions) June 30, 2019 Mar. 31, 2019 June 30, 2018 Harvest
Capital Strategies, JMP Asset Management and HCAP Advisors
$544
$517
$889
JMP Credit Advisors (1)
-
-
1,111
Client assets under management
544
517
2,000
Assets under management by sponsored funds (2)
5,108
4,932
3,580
Client assets under management, including sponsored funds
$5,652
$5,449
$5,580
(1)
As announced on March 20, 2019,
JMP Group sold a 50.1% equity interest in JMP Credit Advisors LLC
to Medalist Partners LP and a 4.9% interest to employees of JMP
Credit Advisors. Consequently, assets managed by Medalist Partners
Corporate Finance, the former JMP Credit Advisors, are included
among sponsored funds as of March 31, 2019.
(2)
Funds managed by third-party
asset managers in which JMP Group owns an economic interest.
Principal Transactions
Principal transactions generated a net gain of $1.4 million,
compared to a net gain of $1.7 million for the quarter ended June
30, 2018. For the six months ended June 30, 2019, principal
transactions generated a net gain of $6.7 million, compared to a
net loss of $1.9 million for the six months ended June 30, 2018.
The difference is primarily due to a gain of $3.4 million on the
sale of a majority interest in JMP Credit Advisors in March 2019,
in addition to a gain of $0.2 million on JMP Group’s investment in
Workspace Property Trust for the quarter ended March 31, 2019,
compared to a loss of $2.0 million on the investment for the
quarter ended March 31, 2018, due to costs associated with a failed
initial public offering.
Net Interest Income
Net interest income was $0.8 million, a decrease of 79.4% from
$4.0 million for the quarter ended June 30, 2018. For the six
months ended June 30, 2019, net interest income was $4.4 million, a
decrease of 38.2% from $7.0 million for the six months ended June
30, 2018. The difference is primarily due to a change in the
recognition of income from investments in collateralized loan
obligations following the sale of a majority interest in JMP Credit
Advisors to Medalist Partners in March 2019.
Provision for Loan Losses
For the quarter ended June 30, 2019, there was no loan loss
provision, because JMP Group deconsolidated all collateralized loan
obligations from the company’s financial statements upon the sale
of a majority interest in JMP Credit Advisors to Medalist Partners
in March 2019. For the quarter ended June 30, 2018, the net loan
loss provision was $1.3 million.
Expenses
Compensation and Benefits
Compensation and benefits expense was $19.9 million, compared to
$29.1 million for the quarter ended June 30, 2018. As a percentage
of net revenues, compensation and benefits expense was 71.1%,
compared to 65.8% for the quarter ended June 30, 2018. With regard
to annually awarded compensation, a non-GAAP measure that adjusts
compensation expense related to share-based awards and deferred
compensation, compensation and benefits expense was 69.0% of net
revenues, compared to 65.7% for the quarter ended June 30,
2018.
For the six months ended June 30, 2019, compensation and
benefits expense was $37.2 million, compared to $53.4 million for
the six months ended June 30, 2018. As a percentage of net
revenues, compensation and benefits expense was 67.3%, compared to
74.7% for the six months ended June 30, 2018. With regard to
annually awarded compensation, compensation and benefits expense
was 64.7% of net revenues, compared to 74.4% for the six months
ended June 30, 2018. The difference is in part due to the sale of
the Harvest Small Cap Partners hedge fund strategy at year-end
2018. In 2018, when the strategy’s revenues and expenses were
recognized by JMP Group, any incentive fees earned, substantially
all of which were passed through to the strategy’s investment team
as compensation, resulted in elevated compensation ratios in
certain periods.
For more information about compensation ratios, see the section
below titled “Non-GAAP Financial Measures.”
Non-Compensation Expense
Non-compensation expense was $9.8 million and $18.7 million for
the quarter and six months ended June 30, 2019, respectively,
compared to $11.4 million and $21.7 million for the quarter and six
months ended June 30, 2018, respectively.
Share Repurchase Activity
During the quarter ended June 30, 2019, JMP Group repurchased
1,978,303 shares of its common stock, including 1,816,732 shares in
connection with a self-tender offer that expired on June 13, 2019.
In aggregate, share repurchases during the quarter cost $7.8
million, or $3.95 per share.
Personnel
At June 30, 2019, the company had 200 full-time employees,
compared to 197 at March 31, 2019, and 215 at June 30, 2018.
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, 2019, and for comparable prior
periods, is set forth below.
Quarter Ended
Six Months Ended
($ in thousands) June 30, 2019 Mar. 31, 2019 June 30, 2018 June 30,
2019 June 30, 2018 Total net revenues
$28,068
$27,167
$44,264
$55,235
$71,475
Compensation and benefits
$19,945
$17,222
$29,138
$37,167
$53,399
Subtract/(add back): Share-based awards and deferred compensation
587
844
69
1,431
213
Adjusted compensation and benefits
$19,358
$16,378
$29,069
$35,736
$53,186
Ratio of compensation expense to net revenues
71.1%
63.4%
65.8%
67.3%
74.7%
Ratio of adjusted compensation expense to net revenues
69.0%
60.3%
65.7%
64.7%
74.4%
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 collateralized loan obligations and loans held for
investment, which is required by GAAP, prior to the quarter ended
March 31, 2019;
- one-time expenses associated with the redemption of debt
underlying JMP Credit Advisors CLO III (in the first quarter of
2018), the partial redemption of senior notes due 2023 (in the
third quarter of 2018), 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 management fees from 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
- as of January 1, 2019, a combined federal, state and local
income tax rate of 26% at the consolidated taxable parent company,
JMP Group, while, prior to January 1, 2019, a combined federal,
state and local income tax rate of 26% at the taxable direct
subsidiary of JMP Group and a tax rate of 0% at the company’s other
direct subsidiary, which was 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, 2019, and for
comparable prior periods is set forth below.
Quarter Ended Six Months Ended (in thousands, except per share
amounts) June 30, 2019 Mar. 31, 2019 June 30, 2018 June 30, 2019
June 30, 2018 Net income/(loss) attributable to JMP Group
($1,112
)
$5,069
($1,988
)
$3,957
($2,271
)
Add back/(subtract): Income tax expense/(benefit)
(517
)
(4,102
)
4,895
(4,619
)
(673
)
Income/(loss) before taxes
(1,629
)
967
2,907
(662
)
(2,944
)
Add back/(subtract): Share-based awards and deferred
compensation
587
844
69
1,431
213
General loan loss provision/(reversal) – collateralized loan
obligations
-
-
1,164
-
1,493
Early retirement of debt
-
-
-
-
1,318
Restructuring costs – CLO portfolios
-
-
(10
)
-
54
Amortization of intangible asset – CLO III
-
277
69
277
138
Unrealized (gain)/loss – real estate-related depreciation and
amortization
221
557
(24
)
778
1,604
Unrealized mark-to-market (gain)/loss – strategic equity
investments and warrants
(121
)
(390
)
(295
)
(511
)
343
Operating income/(loss) before taxes
(942
)
2,255
3,880
1,313
2,219
Income tax expense/(benefit)
(245
)
586
496
341
466
Operating net income/(loss)
($697
)
$1,669
$3,384
$972
$1,753
Operating net income/(loss) per share: Basic
($0.03
)
$0.08
$0.16
$0.05
$0.08
Diluted (1)
($0.03
)
$0.08
$0.16
$0.05
$0.08
Weighted average shares outstanding: Basic
20,772
21,288
21,537
21,028
21,601
Diluted (1)
20,962
21,429
21,745
21,151
21,772
(1)
On a GAAP basis, the weighted average
number of diluted shares outstanding for the quarters ended June
30, 2019, and June 30, 2018, and for the six months ended June 30,
2018, was 20,771,802, 21,536,706 and 21,600,823, 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, 2019, JMP Group’s book value per share was $3.91.
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. Starting with the quarter ended March 31, 2019, the
add-back includes a tax provision related to the expense reversed
in that period, due to the company’s election to be taxed as a C
corporation as of January 1, 2019. 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, an
adjustment not made subsequent to the sale of a majority interest
in JMP Credit Advisors in March 2019. As a result, adjusted book
value per share was $4.67 for the quarter ended June 30, 2019, as
set forth below.
(in thousands, except per share amounts) June 30, 2019 Mar. 31,
2019 June 30, 2018 Shareholders' equity
$75,441
$86,633
$88,654
Accumulated unrealized loss – real estate-related
depreciation and amortization
$14,759
$14,596
$13,555
Accumulated general loan loss provision – collateralized loan
obligations
-
-
6,951
Adjusted shareholders' equity
$90,200
$101,229
$109,160
Book value per share
$3.91
$4.08
$4.13
Adjusted book value per share
$4.67
$4.77
$5.08
Basic shares outstanding
19,302
21,210
21,486
Quarterly operating ROE (1)
(3.4%
)
7.8%
14.9%
LTM operating ROE (1)
6.2%
10.6%
7.9%
Quarterly adjusted operating ROE (1)
(2.9%
)
6.4%
12.2%
LTM adjusted operating ROE (1)
5.1%
8.7%
6.7%
(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 25, 2019. To
participate in the call, dial (888) 566-6060 (domestic) or (973)
200-3100 (international). The conference identification number is
3494894.
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, 2018, as filed with the U.S. Securities and Exchange Commission
on March 28, 2019, 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, 2018, 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 capital and private capital
activities through Harvest Capital Strategies and JMP Asset
Management; 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, 2019 Dec. 31, 2018 Assets
Cash and cash equivalents
$52,901
$70,927
Restricted cash and deposits
1,221
61,881
Marketable securities owned
81,499
18,874
Other investments
32,112
16,124
Loans held for investment, net of allowance for loan losses
5,292
29,608
Loans collateralizing asset-backed securities issued, net of
allowance for loan losses
-
1,161,463
Other assets
62,948
32,365
Total assets
$235,973
$1,391,242
Liabilities and Shareholders' Equity Liabilities:
Marketable securities sold, but not yet purchased
$2,724
$4,626
Accrued compensation
13,672
41,609
Bond payable, net of issuance costs
83,706
83,497
Note payable
15,812
829
Asset-backed securities issued, net of issuance costs
-
1,112,342
CLO warehouse facility
-
22,500
Other liabilities
44,887
28,633
Total liabilities
160,801
1,294,036
Shareholders' Equity: Total JMP Group LLC shareholders'
equity
75,441
83,707
Non-redeemable non-controlling interest
(269
)
13,499
Total equity
75,172
97,206
Total liabilities and shareholders' equity
$235,973
$1,391,242
JMP GROUP LLC
Consolidated Statements of
Operations
(Unaudited)
Quarter Ended Six Months Ended (in thousands, except per share
amounts) June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018
Revenues: Investment banking
$17,736
$28,562
$29,615
$49,224
Brokerage
4,657
5,447
9,192
10,111
Asset management fees
2,354
5,378
4,057
11,803
Principal transactions
1,423
1,684
6,711
(1,936)
Gain/(loss) on sale and payoff of loans
(21)
(150)
(38)
(332)
Net dividend income
293
319
589
615
Other income
793
311
758
360
Non-interest revenues
27,235
41,551
50,884
69,845
Interest income
2,772
15,669
17,063
28,379
Interest expense
(1,939)
(11,634)
(12,712)
(21,336)
Net interest income
833
4,035
4,351
7,043
Gain/(loss) on repurchase or early retirement of debt
-
(42)
-
(2,668)
Provision for loan losses
-
(1,280)
-
(2,745)
Total net revenues
28,068
44,264
55,235
71,475
Non-interest expenses: Compensation and benefits
19,945
29,138
37,167
53,399
Administration
2,748
2,711
4,677
4,944
Brokerage, clearing and exchange fees
733
788
1,434
1,565
Travel and business development
1,347
1,202
2,368
2,156
Managed deal expenses
1,334
2,348
1,867
3,914
Communications and technology
1,127
1,047
2,180
2,109
Occupancy
1,409
1,143
2,832
2,260
Professional fees
821
1,138
2,277
3,043
Depreciation
311
287
608
551
Other
5
776
500
1,163
Total non-interest expense
29,780
40,578
55,910
75,104
Net income/(loss) before income tax
(1,712)
3,686
(675)
(3,629)
Income tax expense/(benefit)
(517)
4,895
(4,619)
(673)
Net income/(loss)
(1,195)
(1,209)
3,944
(2,956)
Less: Net income/(loss) attributable to non-redeemable
non-controlling interest
(83)
779
(13)
(685)
Net income/(loss) attributable to JMP Group
($1,112)
($1,988)
$3,957
($2,271)
Net income/(loss) attributable to JMP Group per share: Basic
($0.05)
($0.09)
$0.19
($0.11)
Diluted
($0.05)
($0.09)
$0.19
($0.11)
Weighted average common shares outstanding: Basic
20,772
21,537
21,028
21,601
Diluted
20,772
21,537
21,151
21,601
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190724005265/en/
Investor Relations Contact JMP Group LLC Andrew Palmer
(415) 835-8978 apalmer@jmpg.com
Media Relations Contacts Dukas Linden Public Relations,
Inc. Zach Leibowitz (646) 722-6528 zach@dlpr.com
Alyssa Noud (646) 722-6525 alyssa@dlpr.com
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