PennyMac Financial Services Inc
For the period ended Mar 31, 2024. Filed May 1, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 1, 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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Consolidated Statements of Income
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
| | | | | | | |
|---|---|---|---|---|---|---|
| · · Quarter ended March 31, | ||||||
| · · 2024 · · 2023 | ||||||
| | | (in thousands, except earnings per share) | ||||
| Revenues | | | | | | |
| Net gains on loans held for sale at fair value: | | | | | | |
| From non-affiliates | | $162,794 | | $104,870 | ||
| From PennyMac Mortgage Investment Trust | | | (353) | | | (485) |
| | | | 162,441 | | | 104,385 |
| Loan origination fees: | | | | | | |
| From non-affiliates | | | 36,012 | | | 29,980 |
| From PennyMac Mortgage Investment Trust | | | 359 | | | 1,410 |
| | | | 36,371 | | | 31,390 |
| Fulfillment fees from PennyMac Mortgage Investment Trust | | | 4,016 | | | 11,923 |
| Net loan servicing fees: | | | | | | |
| Loan servicing fees: | | | | | | |
| From non-affiliates | | | 358,026 | | | 290,697 |
| From PennyMac Mortgage Investment Trust | | | 20,262 | | | 20,449 |
| Other | | | 45,896 | | | 26,911 |
| | | | 424,184 | | | 338,057 |
| Change in fair value of mortgage servicing rights and mortgage servicing liabilities | | | (28,585) | | | (236,447) |
| Mortgage servicing rights hedging results | | | (294,645) | | | 47,227 |
| | | | (323,230) | | | (189,220) |
| Net loan servicing fees | | | 100,954 | | | 148,837 |
| Net interest expense: | | | | | | |
| Interest income | | | 156,426 | | | 128,478 |
| Interest expense | | | 165,769 | | | 131,771 |
| Net interest expense | | | (9,343) | | | (3,293) |
| Management fees from PennyMac Mortgage Investment Trust | | | 7,188 | | | 7,257 |
| Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust | | | 10 | | | 26 |
| Results of real estate acquired in settlement of loans | | | 406 | | | 142 |
| Other | | | 3,617 | | | 2,195 |
| Total net revenues | | | 305,660 | | | 302,862 |
| Expenses | | | | | | |
| Compensation | | | 146,376 | | | 147,935 |
| Technology | | | 35,967 | | | 36,038 |
| Loan origination | | | 30,568 | | | 27,086 |
| Servicing | | | 16,104 | | | 12,632 |
| Professional services | | | 9,262 | | | 21,007 |
| Occupancy and equipment | | | 8,676 | | | 8,820 |
| Marketing and advertising | | | 3,671 | | | 3,241 |
| Other | | | 11,153 | | | 7,956 |
| Total expenses | | | 261,777 | | | 264,715 |
| Income before provision for income taxes | | | 43,883 | | | 38,147 |
| Provision for income taxes | | | 4,575 | | | 7,769 |
| Net income | | $39,308 | | $30,378 | ||
| Earnings per share | | | | | | |
| Basic | | $0.78 | | $0.61 | ||
| Diluted | | $0.74 | | $0.57 | ||
| Weighted average shares outstanding | | | | | | |
| Basic | | | 50,547 | | | 50,154 |
| Diluted | | | 53,100 | | | 53,352 |
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