JMP Group LLC (NYSE: JMP), an investment banking and alternative
asset management firm, reported financial results today for the
quarter ended September 30, 2019.
A summary of JMP Group’s operating results for the quarter and
nine months ended September 30, 2019, and for comparable prior
periods, is set forth below.
Quarter Ended Nine Months Ended (in thousands, except per share
amounts) Sept. 30, 2019 June 30, 2019 Sept. 30, 2018 Sept. 30, 2019
Sept. 30, 2018 Total net revenues
$21,024
$28,068
$33,251
$76,259
$104,726
Net income/(loss) attributable to JMP Group
($4,061
)
($1,112
)
$288
($104
)
($1,983
)
Net income/(loss) attributable to JMP Group per share
($0.21
)
($0.05
)
$0.01
($0.01
)
($0.09
)
Operating net income
($1,963
)
($697
)
$1,741
($991
)
$3,494
Operating net income per share
($0.10
)
($0.03
)
$0.08
($0.05
)
$0.16
Book value per share
$3.72
$3.91
$4.06
$3.72
$4.06
Adjusted book value per share
$4.51
$4.67
$5.07
$4.51
$5.07
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 disappointing results
for the quarter and nine months ended in September, primarily due
to decreased capital markets revenues and expenses associated with
the growth of our strategic advisory business,” said Chairman and
Chief Executive Officer Joe Jolson. “We remain focused on building
our longer-term earnings power through a combination of selective
strategic hiring in our M&A business, the reduction of our
fixed but discretionary non-compensation costs, and the
opportunistic redeployment of our invested capital over
time.
“We have produced lower life
sciences equity capital markets revenues this year, as a decline in
the overall biotech ECM market, aggressive industry competition,
and some employee turnover resulted in decreased transaction
activity. However, we have made significant hires in this area over
the past twelve months, and we are optimistic about a recovery in
2020, assuming market conditions remain stable. Our strategic hires
in 2018 and 2019 continue to ramp their pipelines of engaged
advisory transactions, and we hope to enjoy accelerating closings
of these deals going forward.
“During the third quarter, we
took advantage of lower short-term interest rates to refinance our
remaining 8.00% debt due in 2023 with newly issued 6.875% debt due
in 2029. Pushing out the maturity by more than six years and
lowering the coupon materially provided us with increased
flexibility in managing our investment portfolio and with higher
earnings for shareholders. Moreover, we were able to shorten the
no-call period for the new bonds to just two years. In the interim,
we will look to pay down our borrowings with the proceeds of
investment sales and with earnings.”
Segment Results of Operations
A summary of JMP Group’s operating net income per share by
segment for the quarter and nine months ended September 30, 2019,
and for comparable prior periods, is set forth below.
Quarter Ended
Nine Months Ended ($ as shown)
Sept. 30, 2019
June 30, 2019 Sept. 30, 2018 Sept. 30, 2019 Sept. 30, 2018
Broker-dealer
($0.06
)
($0.04
)
$0.09
($0.14
)
$0.29
Asset management: Asset management fee income
(0.01
)
(0.01
)
0.00
(0.05
)
(0.04
)
Investment income
0.05
0.09
0.10
0.37
(1)
0.21
Total asset management
0.03
0.07
0.10
0.32
0.17
Corporate costs
(0.08
)
(0.07
)
(0.11
)
(0.22
)
(0.30
)
Operating EPS (diluted)
($0.10
)
($0.03
)
$0.08
($0.05
)
$0.16
(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 $15.2 million, a decrease of
27.8% from $21.1 million for the quarter ended September 30, 2018.
For the nine months ended September 30, 2019, investment banking
revenues were $44.8 million, a decrease of 36.2% from $70.3 million
for the nine months ended September 30, 2018.
A summary of the company’s investment banking revenues and
transaction counts for the quarter and nine months ended September
30, 2019, and for comparable prior periods, is set forth below.
Quarter Ended Nine Months Ended Sept. 30, 2019 June 30, 2019 Sept.
30, 2018 Sept. 30, 2019 Sept. 30, 2018 ($ in thousands) Count
Revenues Count Revenues Count Revenues Count Revenues Count
Revenues Equity and debt origination
17
$8,561
25
$12,328
21
$11,366
59
$27,678
73
$47,276
Strategic advisory and private placements
6
6,667
3
5,408
4
9,729
15
17,165
17
23,042
Total
23
$15,228
28
$17,736
25
$21,095
74
$44,843
90
$70,318
Brokerage
Net brokerage revenues were $4.0 million, a decrease of 15.1%
from $4.7 million for the quarter ended September 30, 2018. For the
nine months ended September 30, 2019, net brokerage revenues were
$13.2 million, a decrease of 11.0% from $14.8 million for the nine
months ended September 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 $12.5 million and $40.8 million
for the quarter and nine months ended September 30, 2019,
respectively, compared to $16.0 million and $62.1 million for the
quarter and nine months ended September 30, 2018, respectively.
Asset Management
Asset management fees were $1.6 million, a decrease of 56.0%
from $3.7 million for the quarter ended September 30, 2018. For the
nine months ended September 30, 2019, asset management fees were
$5.7 million, a decrease of 63.3% from $15.5 million for the nine
months ended September 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 nine months ended September 30,
2018, the fund strategy contributed $1.6 million and $10.0 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 September 30, 2019, and for comparable prior
periods, is set forth below.
(in millions) Sept. 30, 2019 June 30, 2019 Sept. 30, 2018
Harvest Capital Strategies, JMP
Asset Management and HCAP Advisors
$554
$544
$889
JMP Credit Advisors (1)
-
-
1,211
Client assets under management
554
544
2,100
Assets under management by sponsored funds (2)
5,237
5,108
3,753
Client assets under management, including sponsored funds
$5,791
$5,652
$5,853
(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, have been
included among sponsored funds since the quarter ended 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 loss of $0.3 million,
compared to a net gain of $0.5 million for the quarter ended
September 30, 2018. For the nine months ended September 30, 2019,
principal transactions generated a net gain of $6.4 million,
compared to a net loss of $1.5 million for the nine months ended
September 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 $0.4 million, a decrease of 91.8% from
$4.9 million for the quarter ended September 30, 2018. For the nine
months ended September 30, 2019, net interest income was $4.7
million, a decrease of 60.1% from $11.9 million for the nine months
ended September 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.
In addition, the quarter ended September 30, 2019, included $0.2
million of non-recurring interest expense related to the
refinancing of debt. During the quarter, JMP Group issued 6.875%
senior notes due 2029 and announced the redemption of 8.00% senior
notes due 2023. Per the terms of the indenture, holders of the
8.00% senior notes were contractually owed interest through the
redemption date of October 28, 2019. However, the company opted to
accelerate the payment to the trustee of those notes in order to
derecognize them as of September 27, 2019, and consequently
recorded all of the remaining interest expense, amounting to $0.2
million, in the quarter ended September 30, 2019.
Provision for Loan Losses
The net loan loss provision was $0.4 million for the quarter
ended September 30, 2019, reflecting a specific credit deemed to be
impaired. For the quarter ended September 30, 2018, before JMP
Group deconsolidated all collateralized loan obligations from the
company’s financial statements with the sale of a majority interest
in JMP Credit Advisors to Medalist Partners in March 2019, the net
loan loss provision was $1.5 million.
Early Retirement of Debt
In the quarter ended September 30, 2019, JMP Group redeemed
outstanding 8.00% senior notes due 2023. The redemption of the
notes accelerated the amortization of remaining capitalized
issuance costs of $0.5 million. Additionally, non-recurring
interest expense of $0.2 million was recognized in connection with
the 8.00% senior notes as a result of their redemption, as
described above in the section titled “Net Interest Income.”
Expenses
Compensation and Benefits
Compensation and benefits expense was $17.5 million, compared to
$22.7 million for the quarter ended September 30, 2018. As a
percentage of net revenues, compensation and benefits expense was
83.3%, compared to 68.2% for the quarter ended September 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 79.7%
of net revenues, compared to 68.0% for the quarter ended September
30, 2018.
For the nine months ended September 30, 2019, compensation and
benefits expense was $54.7 million, compared to $76.1 million for
the nine months ended September 30, 2018. As a percentage of net
revenues, compensation and benefits expense was 71.7%, compared to
72.6% for the nine months ended September 30, 2018. With regard to
annually awarded compensation, compensation and benefits expense
was 68.8% of net revenues, compared to 72.4% for the nine months
September 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 $8.9 million and $27.6 million for
the quarter and nine months ended September 30, 2019, respectively,
compared to $8.9 million and $30.6 million for the quarter and nine
months ended September 30, 2018, respectively.
Share Repurchase Activity
The company did not repurchase any outstanding common shares
during the quarter ended September 30, 2019.
Personnel
At September 30, 2019, the company had 208 full-time employees,
compared to 200 at June 30, 2019, and 224 at September 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 nine months ended September 30, 2019, and for comparable prior
periods, is set forth below.
Quarter Ended Nine Months Ended ($ in thousands) Sept. 30, 2019
June 30, 2019 Sept. 30, 2018 Sept. 30, 2019 Sept. 30, 2018
Total net revenues
$21,024
$28,068
$33,251
$76,259
$104,726
Compensation and benefits
$17,506
$19,945
$22,671
$54,673
$76,070
Share-based awards and deferred compensation
753
587
76
2,184
289
Adjusted compensation and benefits
$16,753
$19,358
$22,595
$52,489
$75,781
Ratio of compensation expense to net revenues
83.3
%
71.1
%
68.2
%
71.7
%
72.6
%
Ratio of adjusted compensation expense to net revenues
79.7
%
69.0
%
68.0
%
68.8
%
72.4
%
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 redemption of senior notes due 2023 (in the third
quarter of 2018 and the third quarter of 2019), and the resulting
acceleration of the amortization of remaining capitalized issuance
costs;
- 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 nine months ended September 30, 2019,
and for comparable prior periods is set forth below.
Quarter Ended Nine Months Ended (in thousands, except per share
amounts) Sept. 30, 2019 June 30, 2019 Sept. 30, 2018 Sept. 30, 2019
Sept. 30, 2018 Net income/(loss) attributable to JMP Group
($4,061
)
($1,112
)
$288
($104
)
($1,983
)
Add back/(subtract): Income tax expense/(benefit)
(1,220
)
(517
)
527
(5,839
)
(146
)
Income/(loss) before taxes
(5,281
)
(1,629
)
815
(5,943
)
(2,129
)
Add back/(subtract): Share-based awards and deferred
compensation
753
587
76
2,184
289
General loan loss provision/(reversal) – collateralized loan
obligations
-
-
855
-
2,348
Early retirement of debt
625
-
170
625
1,488
Restructuring costs – CLO portfolios
-
-
-
-
54
Amortization of intangible asset – CLO III
-
-
69
277
207
Unrealized (gain)/loss – real estate-related depreciation and
amortization
647
221
260
1,425
1,864
Unrealized mark-to-market (gain)/loss – strategic equity
investments and warrants
604
(121
)
(327
)
93
16
Operating income/(loss) before taxes
(2,652
)
(942
)
1,918
(1,339
)
4,137
Income tax expense/(benefit)
(689
)
(245
)
177
(348
)
643
Operating net income/(loss)
($1,963
)
($697
)
$1,741
($991
)
$3,494
Operating net income/(loss) per share: Basic
($0.10
)
($0.03
)
$0.08
($0.05
)
$0.16
Diluted (1)
($0.10
)
($0.03
)
$0.08
($0.05
)
$0.16
Weighted average shares outstanding: Basic
19,324
20,772
21,435
20,454
21,545
Diluted (1)
19,582
20,962
21,737
20,584
21,713
(1)
On a GAAP basis, the weighted average
number of diluted shares outstanding for the quarters ended
September 30, 2019, and June 30, 2019, and for the nine months
ended September 30, 2019, and September 30, 2018, was 19,324,427,
20,771,802, 20,454,118 and 21,544,879, 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 September 30, 2019, JMP Group’s book value per share was
$3.72. 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
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 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 $4.51 for the quarter ended September 30, 2019, as set forth
below.
(in thousands, except per share amounts) Sept. 30, 2019 June 30,
2019 Sept. 30, 2018 Shareholders' equity
$71,849
$75,441
$86,734
Accumulated unrealized loss – real estate-related
depreciation and amortization
$15,238
$14,759
$13,815
Accumulated general loan loss provision – collateralized loan
obligations
-
-
7,806
Adjusted shareholders' equity
$87,087
$90,200
$108,355
Book value per share
$3.72
$3.91
$4.06
Adjusted book value per share
$4.51
$4.67
$5.07
Basic shares outstanding
19,324
19,302
21,357
Quarterly operating ROE (1)
(10.7
%)
(3.4
%)
7.9
%
LTM operating ROE (1)
1.9
%
6.2
%
7.6
%
Quarterly adjusted operating ROE (1)
(8.9
%)
(2.9
%)
6.4
%
LTM adjusted operating ROE (1)
1.6
%
5.1
%
6.3
%
(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 no longer hold conference calls in connection
with the release of the company’s quarterly financial results.
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) Sept. 30, 2019 Dec. 31, 2018 Assets
Cash and cash equivalents
$48,020
$70,927
Restricted cash and deposits
1,221
61,881
Marketable securities owned
83,555
18,874
Other investments
34,841
16,124
Loans held for investment, net of allowance for loan losses
4,777
29,608
Loans collateralizing asset-backed securities issued, net of
allowance for loan losses
-
1,161,463
Other assets
60,877
32,365
Total assets
$233,291
$1,391,242
Liabilities and Shareholders' Equity Liabilities:
Marketable securities sold, but not yet purchased
$2,837
$4,626
Accrued compensation
17,867
41,609
Bond payable, net of issuance costs
82,427
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
42,835
28,633
Total liabilities
161,778
1,294,036
Shareholders' Equity: Total JMP Group LLC shareholders'
equity
71,849
83,707
Non-redeemable non-controlling interest
(336
)
13,499
Total equity
71,513
97,206
Total liabilities and shareholders' equity
$233,291
$1,391,242
JMP GROUP LLC
Consolidated Statements of
Operations
(Unaudited)
Quarter Ended
Nine Months Ended
Sept. 30, 2019
Sept. 30, 2018
Sept. 30, 2019
Sept. 30, 2018
Revenues: Investment banking
$15,228
$21,095
$44,843
$70,319
Brokerage
3,968
4,676
13,160
14,787
Asset management fees
1,628
3,702
5,685
15,505
Principal transactions
(340
)
469
6,371
(1,467
)
Gain/(loss) on sale and payoff of loans
-
(556
)
(38
)
(888
)
Net dividend income
279
320
868
935
Other income
759
306
1,517
666
Non-interest revenues
21,522
30,012
72,406
99,857
Interest income
2,328
18,652
19,391
47,031
Interest expense
(1,930
)
(13,789
)
(14,642
)
(35,125
)
Net interest income
398
4,863
4,749
11,906
Gain/(loss) on repurchase or early retirement of debt
(458
)
(170
)
(458
)
(2,838
)
Provision for loan losses
(438
)
(1,454
)
(438
)
(4,199
)
Total net revenues
21,024
33,251
76,259
104,726
Non-interest expenses: Compensation and benefits
17,506
22,671
54,673
76,070
Administration
2,301
2,302
6,978
7,246
Brokerage, clearing and exchange fees
617
808
2,051
2,373
Travel and business development
1,263
1,080
3,631
3,236
Managed deal expenses
685
614
2,552
4,528
Communications and technology
1,061
1,040
3,241
3,149
Occupancy
1,196
1,172
4,028
3,432
Professional fees
1,236
1,272
3,513
4,315
Depreciation
307
285
915
836
Other
200
369
700
1,532
Total non-interest expense
26,372
31,613
82,282
106,717
Net income/(loss) before income tax
(5,348
)
1,638
(6,023
)
(1,991
)
Income tax expense/(benefit)
(1,220
)
527
(5,839
)
(146
)
Net income/(loss)
(4,128
)
1,111
(184
)
(1,845
)
Less: Net income/(loss) attributable to non-redeemable
non-controlling interest
(67
)
823
(80
)
138
Net income/(loss) attributable to JMP Group
($4,061
)
$288
($104
)
($1,983
)
Net income/(loss) attributable to JMP Group per share: Basic
($0.21
)
$0.01
($0.01
)
($0.09
)
Diluted
($0.21
)
$0.01
($0.01
)
($0.09
)
Weighted average common shares outstanding: Basic
19,324
21,435
20,454
21,545
Diluted
19,324
21,737
20,454
21,545
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191023005705/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 Michael Falco (646) 808-3611 michael@dlpr.com
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