JMP GROUP LLC (JMP) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $0.79 million, or $ 0.04 a share in the quarter, against a net loss of $1.15 million, or $0.05 a share in the last year period.
Revenue during the quarter grew 18.25 percent to $70.36 million from $59.50 million in the previous year period. Net interest income for the quarter dropped 54.17 percent over the prior year period to $2.29 million. Non-interest income for the quarter rose 23.71 percent over the last year period to $34.34 million.
JMP GROUP LLC has made provision of $0.61 million for loan losses during the quarter, down 40.30 percent from $1.02 million in the same period last year.
"Despite a challenging year in the U.S. equities business across Wall Street, JMP’s 2016 operating earnings of $0.48 per share came close to the consensus analyst estimate of $0.51 per share from last February, due to record results for both our M&A advisory business and our direct principal investments," said chairman and chief executive officer Joe Jolson. "Together, M&A and private placement fees totaled nearly $33 million from 28 transactions, compared to $12.6 million from 15 transactions in 2015. We met our three-year objective to organically grow this key franchise to record levels, even as the volume of sub-billion-dollar U.S. M&A transactions fell by almost 10% in 2016 industry-wide.
Assets, liabilities fallTotal assets stood at $1,125.83 million as on Dec. 31, 2016, down 11.87 percent compared with $1,277.50 million on Dec. 31, 2015. On the other hand, total liabilities stood at $990.54 million as on Dec. 31, 2016, down 11.92 percent from $1,124.61 million on Dec. 31, 2015. Investments stood at $51.59 million as on Dec. 31, 2016, down 47.01 percent or $45.76 million from year-ago. Shareholders equity stood at $135.29 million as on Dec. 31, 2016, down 11.51 percent or $17.60 million from year-ago.
Book value per share was $5.77 for the quarter, up 3.78 percent or $0.21 compared to $5.56 for the same period last year.
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