Pennymac financial services, inc. (PFSI)
Income statement / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Sep'17
Revenues:
Net gains on loans held for sale at fair value:
From non-affiliates

266,366

197,118

175,070

111,222

58,753

41,043

38,349

46,019

59,028

98,235

Net gains on loans held for sale at fair value

344,282

257,487

235,732

147,533

84,776

59,748

56,914

60,946

71,414

108,136

Loan origination fees from non-affiliates

53,591

58,740

45,212

33,822

21,687

23,601

24,366

22,886

23,355

31,060

Loan origination fees

57,571

63,868

49,434

36,924

23,930

26,165

26,485

24,428

24,563

33,168

Net loan servicing fees:
Loan servicing fees
From non-affiliates and affiliates

198,653

196,655

185,967

180,753

166,790

163,565

147,182

138,871

135,483

126,416

Other

28,755

24,521

26,018

26,008

22,017

19,316

17,009

13,637

14,171

15,548

Loan servicing fees

241,929

234,871

224,949

218,329

199,377

194,405

174,262

161,942

160,673

153,782

Amortization, impairment and change in fair value of mortgage servicing rights and mortgage servicing liabilities

-1,357

144,877

162,584

162,799

122,857

89,719

63,450

47,257

36,963

80,529

Change in fair value of excess servicing spread payable to PennyMac Mortgage Investment Trust

-15,879

147,140

158,720

159,195

118,806

89,193

64,559

48,253

43,884

75,701

Net loan servicing fees

257,808

87,731

66,229

59,134

80,571

105,212

109,703

113,689

116,789

78,081

Net interest income:
Interest income:
From non-affiliates

71,346

74,728

81,925

69,208

56,537

55,957

59,152

53,206

40,639

42,326

Interest income

72,564

76,015

83,452

70,900

58,333

57,733

60,964

55,104

42,615

44,442

Interest expense:
To non-affiliates

59,538

62,965

54,089

50,157

34,477

32,907

35,035

28,706

32,811

38,494

Interest expense

61,512

65,132

56,380

52,924

37,543

36,461

38,775

32,616

36,745

42,492

Net interest income

11,052

10,883

27,072

17,976

20,790

21,272

22,189

22,488

5,870

1,950

Management fees, net:
Management fees

9,055

10,314

10,098

8,832

7,248

6,559

6,471

5,664

5,775

6,216

Result of real estate acquired in settlement of loans

-707

1,214

-188

-743

274

768

-194

-13

28

-281

Other

1,681

2,025

2,379

2,126

2,350

2,205

2,605

2,571

1,872

487

Total net revenue

721,825

490,375

436,347

302,977

247,705

251,201

250,929

244,298

238,201

250,635

Expenses
Compensation

168,436

141,009

141,132

114,717

106,600

99,353

103,364

98,540

102,013

93,417

Loan origination

46,004

44,919

34,851

23,071

14,497

12,936

7,203

5,144

2,115

5,581

Servicing

42,166

57,487

47,909

29,008

30,293

41,518

40,797

28,490

26,299

24,968

Technology

19,107

15,515

20,385

16,080

15,966

15,056

15,273

15,154

14,620

13,926

Professional services

13,404

10,983

9,682

6,313

5,881

9,173

7,117

5,587

5,738

4,636

Occupancy and equipment

8,038

7,841

7,257

7,042

6,776

7,151

7,117

6,507

6,377

5,933

Marketing

-

-

-

-

-

-

-

-

2,161

2,375

Other

9,940

9,255

8,934

7,156

7,401

9,869

8,361

10,178

5,882

5,655

Total expenses

307,095

287,009

270,150

203,387

187,414

192,895

189,232

169,600

165,205

156,491

Income before provision for income taxes

414,730

203,366

166,197

99,590

60,291

58,306

61,697

74,698

72,996

94,144

Provision for income taxes

108,487

50,705

44,724

26,894

14,156

5,346

5,545

6,293

6,070

11,652

Net income

-

-

121,473

72,696

-

52,960

56,152

68,405

66,926

82,492

Less: Net income attributable to noncontrolling interest

-

-

-

-

-

14,211

41,663

50,568

50,307

65,411

Net income attributable to PennyMac Financial Services, Inc. common stockholders

306,243

152,661

121,473

72,696

46,135

38,749

14,489

17,837

16,619

17,081

Earnings per share
Basic (in dollars per share)

3.89

1.95

1.55

0.93

0.59

0.63

0.58

0.71

0.70

0.73

Diluted (in dollars per share)

3.73

1.88

1.51

0.92

0.58

0.65

0.57

0.70

0.67

0.71

Weighted-average shares outstanding
Basic (in shares)

78,689

78,475

78,361

78,335

77,653

60,180

25,125

24,959

23,832

23,426

Diluted (in shares)

82,008

82,374

80,382

79,318

79,286

-95,911

78,913

78,825

79,461

78,416

Dividend declared per share (in dollars per share)

0.12

-

-

-

-

-

0.40

-

-

-

PMT
From PennyMac Mortgage Investment Trust

-77,916

-

-60,662

-36,311

-26,023

-

-18,565

-14,927

-12,386

-

Loan origination fees from PennyMac Mortgage Investment Trust

3,980

5,128

4,222

3,102

2,243

2,564

2,119

1,542

1,208

-

Fulfillment fees from PennyMac Mortgage Investment Trust

41,940

58,297

45,149

29,590

27,574

28,591

26,256

14,559

11,944

-

From non-affiliates and affiliates

14,521

13,695

12,964

11,568

10,570

11,524

10,071

9,431

11,019

-

Changes in fair value included in income

14,522

-

3,864

3,604

4,051

-

-1,109

-996

-6,921

-

From PennyMac Mortgage Investment Trust

1,218

1,287

1,527

1,692

1,796

1,776

1,812

1,898

1,976

-

To PennyMac Mortgage Investment Trust

1,974

2,167

2,291

2,767

3,066

3,554

3,740

3,910

3,934

-

Management fees

9,055

10,314

10,098

8,832

7,248

6,559

6,482

5,728

5,696

-

Change in fair value of investment in and dividends received from affiliate

-857

39

66

119

192

-87

129

108

182

-

Investment Funds
From non-affiliates and affiliates

-

-

-

-

-

-

-

3

-

-

Management fees

-

-

-

-

-

0

-11

-64

79

-

Carried interest from Investment Funds

-

-

-

-

-

0

-17

-168

-180

-