PennyMac Financial Services Inc

For the period ended Jun 30, 2024. Filed Jul 31, 2024.

About this filing

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.

Jun 30, 2024 · Filed Jul 31, 2024

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

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Contents

Consolidated Statements of Income

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


· · Quarter ended June 30, · Six months ended June 30,
· · 2024 · · 2023 · 2024 · · 2023
			(in thousands, except earnings per share)
Revenues
Net gains on loans held for sale at fair value:
From non-affiliates	$176,537	$141,928		$339,331	$246,798
From PennyMac Mortgage Investment Trust	(473)	(509)		(826)	(994)
	176,064	141,419		338,505	245,804
Loan origination fees:
From non-affiliates	41,644	38,267		77,656	68,247
From PennyMac Mortgage Investment Trust	431	701		790	2,111
	42,075	38,968		78,446	70,358
Fulfillment fees from PennyMac Mortgage Investment Trust	4,427	5,441		8,443	17,364
Net loan servicing fees:
Loan servicing fees:
From non-affiliates	375,040	307,119		733,066	597,816
From PennyMac Mortgage Investment Trust	20,264	20,317		40,526	40,766
Other	45,392	29,035		91,288	55,946
	440,696	356,471		864,880	694,528
Change in fair value of mortgage servicing rights and mortgage servicing liabilities	(101,315)	(55,257)		(129,900)	(291,704)
Mortgage servicing rights hedging results	(171,777)	(155,136)		(466,422)	(107,909)
	(273,092)	(210,393)		(596,322)	(399,613)
Net loan servicing fees	167,604	146,078		268,558	294,915
Net interest expense:
Interest income	200,811	172,952		357,237	301,430
Interest expense	207,871	178,642		373,640	310,413
Net interest expense	(7,060)	(5,690)		(16,403)	(8,983)
Management fees from PennyMac Mortgage Investment Trust	7,133	7,078		14,321	14,335
Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust	(40)	116		(30)	142
Results of real estate acquired in settlement of loans	193	199		599	341
Other	15,731	2,938		19,348	5,133
Total net revenues	406,127	336,547		711,787	639,409
Expenses
Compensation	141,956	136,982		288,332	284,917
Technology	35,690	35,244		71,657	71,282
Loan origination	40,270	31,646		70,838	58,732
Servicing	22,920	14,652		39,024	27,284
Professional services	9,404	17,888		18,666	38,895
Occupancy and equipment	7,893	10,066		16,569	18,886
Marketing and advertising	5,445	5,578		9,116	8,819
Other	8,695	11,574		19,848	19,530
Total expenses	272,273	263,630		534,050	528,345
Income before provision for income taxes	133,854	72,917		177,737	111,064
Provision for income taxes	35,596	14,667		40,171	22,436
Net income	$98,258	$58,250		$137,566	$88,628
Earnings per share
Basic	$1.93	$1.17		$2.71	$1.77
Diluted	$1.85	$1.11		$2.59	$1.68
Weighted average shares outstanding
Basic	50,955	49,874		50,751	50,013
Diluted	53,204	52,264		53,140	52,803

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