PennyMac Financial Services, Inc. PFSI Income Statement

Pennymac financial services, inc. (PFSI)

Income statement / Yearly

Dec'19	Dec'18	Dec'17	Dec'16
Revenues:
Net gains on loans held for sale at fair value:
From non-affiliates
542,163	184,439	369,815	539,872
Net gains on loans held for sale at fair value
725,528	249,022	391,804	531,780
Loan origination fees from non-affiliates
159,461	94,208	112,124	118,844
Loan origination fees
174,156	101,641	119,202	125,534
Fulfillment fees from PennyMac Mortgage Investment Trust
-	-	-	86,465
Net loan servicing fees:
Loan servicing fees
From non-affiliates and affiliates
730,165	585,101	475,848	385,633
Other
98,564	64,133	58,924	46,910
Loan servicing fees
877,526	691,282	579,297	485,741
Amortization, impairment and change in fair value of mortgage servicing rights and mortgage servicing liabilities
593,117	237,389	292,588	324,198
Change in fair value of excess servicing spread payable to PennyMac Mortgage Investment Trust
583,861	245,889	273,238	300,275
Net loan servicing fees
293,665	445,393	306,059	185,466
Net interest income:
Interest income:
From non-affiliates
282,398	208,954	135,141	73,297
Interest income
288,700	216,416	143,179	81,127
Interest expense:
To non-affiliates
201,688	129,459	127,569	83,605
Interest expense
211,979	144,597	144,520	106,206
Net interest income
76,721	71,819	-1,341	-25,079
Management fees, net:
Management fees
36,492	24,469	23,585	22,746
Carried interest from Investment Funds
-	-365	-1,040	980
Result of real estate acquired in settlement of loans
557	589	94	82
Repricing of payable to exchanged Private National Mortgage Acceptance Company , LLC unitholders under tax receivable agreement
379	1,126	32,940	551
Other
8,880	9,253	3,683	3,302
Total net revenue
1,477,404	984,629	955,463	931,887
Expenses
Compensation
503,458	403,270	358,721	342,153
Loan origination
117,338	27,398	20,429	22,528
Servicing
164,697	137,104	117,696	85,857
Technology
67,946	60,103	52,013	35,322
Professional services
32,859	27,615	17,845	18,078
Occupancy and equipment
28,916	27,152	22,615	17,140
Marketing
-	-	-	5,264
Other
32,746	34,290	30,235	22,462
Total expenses
947,960	716,932	619,554	548,804
Income before provision for income taxes
529,444	267,697	335,909	383,083
Provision for income taxes
136,479	23,254	24,387	46,103
Net income
392,965	244,443	311,522	336,980
Less: Net income attributable to noncontrolling interest
-	156,749	210,765	270,901
Net income attributable to PennyMac Financial Services, Inc. common stockholders
392,965	87,694	100,757	66,079
Earnings per share
Basic (in dollars per share)
5.02	2.62	4.34	2.98
Diluted (in dollars per share)
4.89	2.59	4.03	2.94
Weighted-average shares outstanding
Basic (in shares)
78,206	33,524	23,199	22,161
Diluted (in shares)
80,340	35,322	24,999	76,629
PMT
Recapture payable to PennyMac Mortgage Investment Trust
183,365	64,583	21,989	-8,092
Loan origination fees from PennyMac Mortgage Investment Trust
14,695	7,433	7,078	6,690
Fulfillment fees from PennyMac Mortgage Investment Trust
160,610	81,350	80,359	86,465
From non-affiliates and affiliates
48,797	42,045	43,064	50,615
Change in fair value of excess servicing spread payable to PennyMac Mortgage Investment Trust
-9,256	8,500	-19,350	-23,923
Net mortgage loan servicing fees
-	-	-	185,466
From PennyMac Mortgage Investment Trust
6,302	7,462	8,038	7,830
To PennyMac Mortgage Investment Trust
10,291	15,138	16,951	22,601
Management fees
36,492	24,465	22,584	20,657
Change in fair value of investment in and dividends received from affiliate
416	332	118	224
Investment Funds
From non-affiliates and affiliates
-	3	1,461	2,583
Management fees
-	4	1,001	2,089
Carried interest from Investment Funds
-	-365	-1,040	980