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JMP Group Reports Second Quarter 2018 Financial Results
SAN FRANCISCO--(BUSINESS WIRE)--July 25, 2018--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.”
The following information was filed by Jmp Group Llc (JMP) on Wednesday, July 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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