PennyMac Financial Services Inc

For the period ended Dec 31, 2023. Filed Feb 21, 2024.

About this filing

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FY2023 · Filed Feb 21, 2024

PFSI$62.85-5.4%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Statements of Income


· · Year ended December 31,
· · 2023 · 2022 · 2021
· · (in thousands, except earnings per share)
Revenues
Net gains on loans held for sale at fair value:
From non-affiliates	$547,727	$808,197	$2,515,874
From PennyMac Mortgage Investment Trust	(1,784)	(16,564)	(51,473)
	545,943	791,633	2,464,401
Loan origination fees:
From non-affiliates	142,902	161,441	358,028
From PennyMac Mortgage Investment Trust	3,216	8,418	26,126
	146,118	169,859	384,154
Fulfillment fees from PennyMac Mortgage Investment Trust	27,826	67,991	178,927
Net loan servicing fees:
Loan servicing fees:
From non-affiliates	1,268,650	1,054,828	875,570
From PennyMac Mortgage Investment Trust	81,347	81,915	80,658
Other	134,949	91,894	118,884
	1,484,946	1,228,637	1,075,112
Change in fair value of mortgage servicing rights and mortgage servicing liabilities	(605,568)	354,176	(415,906)
Change in fair value of excess servicing spread financing payable to PennyMac Mortgage Investment Trust	—	—	(1,037)
Mortgage servicing rights hedging results	(236,778)	(631,484)	(475,215)
	(842,346)	(277,308)	(892,158)
Net loan servicing fees	642,600	951,329	182,954
Net interest expense:
Interest income:
From non-affiliates	632,840	294,062	299,782
From Townsgate Closing Services, LLC	84	—	—
From PennyMac Mortgage Investment Trust	—	—	387
	632,924	294,062	300,169
Interest expense:
From non-affiliates	637,777	335,427	389,419
To PennyMac Mortgage Investment Trust	—	—	1,280
	637,777	335,427	390,699
Net interest expense	(4,853)	(41,365)	(90,530)
Management fees from PennyMac Mortgage Investment Trust	28,762	31,065	37,801
Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust	312	(235)	336
Results of real estate acquired in settlement of loans	1,545	2,510	1,993
Repricing of payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement	—	576	—
Other	13,403	12,392	7,325
Total net revenues	1,401,656	1,985,755	3,167,361
Expenses
Compensation	576,964	735,231	999,802
Legal settlements	162,770	4,649	(4)
Technology	143,152	139,950	141,426
Loan origination	114,500	173,622	330,788
Servicing	69,433	59,628	109,835
Professional services	60,521	73,270	94,283
Occupancy and equipment	36,558	40,124	35,810
Marketing and advertising	17,631	46,762	44,806
Other	36,496	47,272	51,432
Total expenses	1,218,025	1,320,508	1,808,178
Income before provision for income taxes	183,631	665,247	1,359,183
Provision for income taxes	38,975	189,740	355,693
Net income	$144,656	$475,507	$1,003,490
Earnings per share
Basic	$2.89	$8.96	$15.73
Diluted	$2.74	$8.50	$14.87
Weighted average shares outstanding
Basic	49,978	53,065	63,799
Diluted	52,733	55,950	67,471

ContentsView on SEC.gov

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