PennyMac Financial Services, Inc. (NYSE: PFSI) today reported a
net loss of $36.8 million for the fourth quarter of 2023, or
$(0.74) per share on a diluted basis, on revenue of $361.9 million.
Book value per share decreased to $70.52 from $71.56 at September
30, 2023.
PFSI’s Board of Directors declared a fourth quarter cash
dividend of $0.20 per share, payable on February 23, 2024, to
common stockholders of record as of February 13, 2024.
Fourth Quarter 2023 Highlights
- Pretax loss was $54.2 million, compared to pretax income of
$126.8 million in the prior quarter and $67.7 million in the fourth
quarter of 2022
- Includes a non-recurring expense accrual of $158.4 million in
the servicing segment as a result of the long-standing arbitration
related to the development of our proprietary servicing
software
- Issued 5-year $125 million term loan secured by Ginnie Mae MSR
and servicing advances
- Issued $750 million of 6-year unsecured senior notes due in
December 2029
- Redeemed $875 million in secured term notes due in 2025
- Production segment pretax income of $39.4 million, up from
$25.2 million in the prior quarter and a pretax loss of $9.0
million in the fourth quarter of 2022
- Total loan acquisitions and originations, including those
fulfilled for PennyMac Mortgage Investment Trust (NYSE: PMT), were
$26.7 billion in unpaid principal balance (UPB), up 6 percent from
the prior quarter and 16 percent from the fourth quarter of
2022
- Consumer direct interest rate lock commitments (IRLCs) were
$1.6 billion in UPB, down 6 percent from the prior quarter and 5
percent from the fourth quarter of 2022
- Broker direct IRLCs were $2.8 billion in UPB, down 7 percent
from the prior quarter and up 38 percent from the fourth quarter of
2022
- Government correspondent IRLCs totaled $11.2 billion in UPB, up
11 percent from the prior quarter and 5 percent from the fourth
quarter of 2022
- Conventional correspondent IRLCs for PFSI’s account totaled
$10.0 billion in UPB, down 3 percent from the prior quarter and up
110 percent from the fourth quarter of 2022
- Correspondent acquisitions of conventional conforming loans
fulfilled for PennyMac Mortgage Investment Trust (NYSE: PMT) were
$2.5 billion in UPB, down 10 percent from the prior quarter and 63
percent from the fourth quarter of 2022
- Servicing segment pretax loss was $95.5 million, compared to
pretax income of $101.2 million in the prior quarter and $75.6
million in the fourth quarter of 2022
- Pretax income excluding valuation-related and non-recurring
items was $144.4 million, up 20 percent from the prior quarter due
to lower operating expenses, higher servicing fee revenue and
decreased realization of MSR cash flows, partially offset by higher
net interest expense
- Valuation-related and non-recurring items included:
- $370.7 million in mortgage servicing rights (MSR) fair value
losses largely offset by $294.8 million in hedging gains
- $158.4 million arbitration accrual
- Net impact on pretax income related to these items was $(234.3)
million, or $(3.25) in earnings per share
- $5.7 million provision for losses on active loans
- Servicing portfolio grew to $607.2 billion in UPB, up 3 percent
from September 30, 2023 driven by production volumes which more
than offset prepayment activity
- Investment Management segment pretax income was $1.9 million,
up from $0.4 million in the prior quarter and $1.2 million in the
fourth quarter of 2022
- Net assets under management (AUM) were $2.0 billion,
essentially unchanged from September 30, 2023
Full-Year 2023 Highlights
- Net income of $144.7 million, down from $475.5 million in
2022
- Pretax income of $183.6 million, down from $665.2 million in
2022
- Total net revenue of $1.4 billion, down from $2.0 billion in
2022
- Repurchased 1.2 million shares of PFSI’s common stock for an
approximate cost of $71 million
- Loan production of $99.4 billion in UPB, a decrease of 9
percent from 2022
- Servicing portfolio UPB of $607.2 billion at year end, up 10
percent from December 31, 2022
“PennyMac Financial produced an annualized operating return on
equity of 15%1 in the fourth quarter, marking the culmination of
another outstanding year for the company and highlighting the
strength of our balanced business model,” said Chairman and CEO
David Spector. “The net loss in the fourth quarter was primarily
driven by a one-time accrual related to the award in our
long-running arbitration with Black Knight. While we disagree with
the final ruling, we are very pleased to retain ownership of our
industry-leading servicing system, as well as the ability to
utilize it as we see fit to benefit our customers and
stakeholders.”
Mr. Spector continued, “2023 was one of the more challenging
origination markets in recent history, with industry volumes down
approximately 40 percent from 2022 and unit originations at their
lowest levels since 1990. However, Pennymac, through its
multi-channel production platform, produced nearly $100 billion in
UPB of mortgage loans, down only 9 percent from 2022, demonstrating
both our strong access to the purchase market and our ability to
profitably support our customers and business partners. These
production volumes continued to drive the organic growth of our
servicing portfolio, which ended the year at more than $600 billion
in UPB, up 10 percent from the end of last year. Our scaled and
growing servicing business is key to the success we have achieved,
driving earnings in higher interest rate environments and future
opportunities as our customer base continues to expand.”
Mr. Spector concluded, “I am extraordinarily proud of what we
accomplished in 2023 and I am even more excited about PennyMac
Financial’s future. Our long track record of strong operational and
financial performance is unique in the mortgage industry and has
been driven by the resilience of our balanced business model with
industry-leading positions in both production and servicing, as
well as our strong capital and risk management disciplines. I
believe we are the most well-positioned company in the industry
with proprietary, industry-leading technology, a strong balance
sheet, and a growing population of servicing customers that stand
to benefit from the products and services we offer to best fit
their home ownership needs.”
1 See page 15 for a reconciliation of non-GAAP items
The following table presents the contributions of PennyMac
Financial’s segments to pretax income:
Quarter ended December 31, 2023 Mortgage Banking
InvestmentManagement Production Servicing
Total Total (in thousands) Revenue Net gains
on loans held for sale at fair value
$
124,267
$
24,498
$
148,765
$
-
$
148,765
Loan origination fees
38,059
-
38,059
-
38,059
Fulfillment fees from PMT
4,931
-
4,931
-
4,931
Net loan servicing fees
-
162,311
162,311
-
162,311
Management fees
-
-
-
7,252
7,252
Net interest income (expense): Interest income
73,370
91,569
164,939
3
164,942
Interest expense
65,199
105,302
170,501
-
170,501
8,171
(13,733
)
(5,562
)
3
(5,559
)
Other
1,055
2,698
3,753
2,427
6,180
Total net revenue
176,483
175,774
352,257
9,682
361,939
Expenses
137,126
271,300
408,426
7,743
416,169
Income before provision for income taxes
$
39,357
$
(95,526
)
$
(56,169
)
$
1,939
$
(54,230
)
Production Segment
The Production segment includes the correspondent acquisition of
newly originated government-insured and certain conventional
conforming loans for PennyMac Financial’s own account, fulfillment
services on behalf of PMT and direct lending through the consumer
direct and broker direct channels, including the underwriting and
acquisition of loans from correspondent sellers on a non-delegated
basis.
PennyMac Financial’s loan production activity for the quarter
totaled $26.7 billion in UPB, $24.2 billion of which was for its
own account, and $2.5 billion of which was fee-based fulfillment
activity for PMT. Correspondent locks for PFSI and direct lending
IRLCs totaled $25.6 billion in UPB, up 2 percent from the prior
quarter and 34 percent from the fourth quarter of 2022.
Production segment pretax income was $39.4 million, up from
pretax income of $25.2 million in the prior quarter and a pretax
loss of $9.0 million in the fourth quarter of 2022. Production
segment revenue totaled $176.5 million, essentially unchanged from
the prior quarter and up 34 percent from the fourth quarter of
2022. The increase from the fourth quarter of 2022 was driven
primarily by higher net gains on loans held for sale due to higher
volumes and margins.
The components of net gains on loans held for sale are detailed
in the following table:
Quarter ended December 31,2023 September
30,2023 December 31,2022 (in thousands) Receipt
of MSRs
$
549,965
$
450,936
$
358,462
Mortgage servicing rights recapture payable to PennyMac Mortgage
Investment Trust
(290
)
(500
)
(512
)
Provision for liability for representations and warranties, net
(1,002
)
(1,459
)
(444
)
Cash loss, including cash hedging results
(606,160
)
(251,245
)
(340,869
)
Fair value changes of pipeline, inventory and hedges
206,252
(46,358
)
85,276
Net gains on mortgage loans held for sale
$
148,765
$
151,374
$
101,913
Net gains on mortgage loans held for sale by segment: Production
$
124,267
$
127,821
$
84,708
Servicing
$
24,498
$
23,553
$
17,205
PennyMac Financial performs fulfillment services for certain
conventional conforming and jumbo loans acquired by PMT from
non-affiliates in its correspondent production business. These
services include, but are not limited to, marketing, relationship
management, correspondent seller approval and monitoring, loan file
review, underwriting, pricing, hedging and activities related to
the subsequent sale and securitization of loans in the secondary
mortgage markets for PMT.
Fees earned from the fulfillment of correspondent loans on
behalf of PMT totaled $4.9 million in the fourth quarter, down 11
percent from the prior quarter and 60 percent from the fourth
quarter of 2022. The quarter-over-quarter decrease was driven by
lower conventional acquisition volumes for PMT’s account.
Net interest income in the fourth quarter totaled $8.2 million,
up from $2.5 million in the prior quarter. Interest income totaled
$73.4 million, up from $62.2 million in the prior quarter, and
interest expense totaled $65.2 million, up from $59.6 million in
the prior quarter, both due to higher volumes and higher average
note rates on newly originated loans.
Production segment expenses were $137.1 million, down 8 percent
from the prior quarter and 2 percent from the fourth quarter of
2022. Production expenses, net of loan origination expense, were
lower than the prior quarter primarily due to lower compensation
accruals related to financial performance.
Servicing Segment
The Servicing segment includes income from owned MSRs,
subservicing and special servicing activities. The total servicing
portfolio grew to $607.2 billion in UPB at December 31, 2023, an
increase of 3 percent from September 30, 2023 and 10 percent from
December 31, 2022. PennyMac Financial subservices and conducts
special servicing for $232.7 billion in UPB. PennyMac Financial’s
owned MSR portfolio grew to $374.6 billion in UPB, an increase of 5
percent from September 30, 2023 and 18 percent from December 31,
2022.
The table below details PennyMac Financial’s servicing portfolio
UPB:
December 31,2023 September 30,2023 December
31,2022 (in thousands) Prime servicing: Owned Mortgage
servicing rights and liabilities Originated
$
352,790,614
$
333,372,910
$
295,032,674
Purchased
17,478,397
17,924,005
19,568,122
370,269,011
351,296,915
314,600,796
Loans held for sale
4,294,689
5,181,866
3,498,214
374,563,700
356,478,781
318,099,010
Subserviced for PMT
232,643,144
232,903,327
233,554,875
Total prime servicing
607,206,844
589,382,108
551,653,885
Special servicing - subserviced for PMT
9,925
10,780
20,797
Total loans serviced
$
607,216,769
$
589,392,888
$
551,674,682
Servicing segment pretax loss was $95.5 million compared to
pretax income of $101.2 million in the prior quarter and $75.6
million in the fourth quarter of 2022. Servicing segment pretax
loss in the fourth quarter included a non-recurring arbitration
accrual of $158.4 million. Servicing segment net revenues totaled
$175.8 million, down from $217.1 million in the prior quarter and
$199.0 million in the fourth quarter of 2022. The
quarter-over-quarter decrease was driven primarily by lower net
loan servicing fees and net interest expense in the fourth quarter
versus net interest income in the prior quarter.
Revenue from net loan servicing fees totaled $162.3 million,
down from $185.4 million in the prior quarter primarily driven by
increased net valuation related losses and partially offset by
increased loan servicing fees due to a larger servicing portfolio
and lower realization of cash flows. Net loan servicing fee
revenues included $402.5 million in loan servicing fees, reduced by
$164.3 million from the realization of MSR cash flows. Net
valuation-related losses totaled $75.9 million, and included MSR
fair value losses of $370.7 million driven by the decline in
mortgage interest rates, and hedging gains of $294.8 million.
The following table presents a breakdown of net loan servicing
fees:
Quarter ended December 31,2023 September
30,2023 December 31,2022 (in thousands) Loan
servicing fees
$
402,484
$
387,934
$
321,949
Changes in fair value of MSRs and MSLs resulting from: Realization
of cash flows
(164,255
)
(177,775
)
(148,835
)
Change in fair value inputs
(370,705
)
398,871
82,587
Hedging gains (losses)
294,787
(423,656
)
(72,870
)
Net change in fair value of MSRs and MSLs
(240,173
)
(202,560
)
(139,118
)
Net loan servicing fees
$
162,311
$
185,374
$
182,831
Servicing segment revenue included $24.5 million in net gains on
loans held for sale related to reperforming government-insured and
guaranteed loans purchased out of Ginnie Mae securitizations, or
EBOs. These gains were up from $23.6 million in the prior quarter
and $17.2 million in the fourth quarter of 2022. These EBOs are
previously delinquent loans that were brought back to performing
status through PennyMac Financial’s successful servicing
efforts.
Net interest expense totaled $13.7 million, versus net interest
income of $7.2 million in the prior quarter and net interest
expense of $2.7 million in the fourth quarter of 2022. Interest
income was $91.6 million, down from $104.4 million in the prior
quarter due to decreased placement fees on custodial balances from
seasonally lower average balances. Interest expense was $105.3
million, up from $97.2 million in the prior quarter due to higher
average balances of debt outstanding during the quarter.
Servicing segment expenses totaled $271.3 million and included a
non-recurring arbitration accrual of $158.4 million. Excluding this
accrual, servicing segment expenses were $112.9 million, down
slightly from the prior quarter.
Investment Management Segment
PennyMac Financial manages PMT for which it earns base
management fees and may earn incentive compensation. Net AUM was
$2.0 billion as of December 31, 2023, essentially unchanged from
September 30, 2023 and December 31, 2022.
Pretax income for the Investment Management segment was $1.9
million, up from $0.4 million in the prior quarter and $1.2 million
in the fourth quarter of 2022. Base management fees from PMT were
$7.3 million, essentially unchanged from the prior quarter and the
fourth quarter of 2022. No performance incentive fees were earned
in the fourth quarter.
The following table presents a breakdown of management fees:
Quarter ended December 31,2023 September
30,2023 December 31,2022 (in thousands)
Management fees: Base
$
7,252
$
7,175
$
7,307
Performance incentive
-
-
-
Total management fees
$
7,252
$
7,175
$
7,307
Net assets of PennyMac Mortgage Investment Trust
$
1,957,090
$
1,949,078
$
1,962,815
Investment Management segment expenses totaled $7.7 million,
down 8 percent from the prior quarter and 11 percent from the
fourth quarter of 2022.
Consolidated Expenses
Total expenses were $416.2 million. Excluding the non-recurring
arbitration accrual of $158.4 million, total expenses were $257.8
million, down from $273.5 million in the prior quarter and $272.7
million in the fourth quarter of 2022.
Taxes
PFSI recorded a benefit from income tax of $17.4 million in the
fourth quarter, due to the pretax loss.
Management’s slide presentation and accompanying material will
be available in the Investor Relations section of the Company’s
website at pfsi.pennymac.com after the market closes on Thursday,
February 1, 2024. Management will also host a conference call and
live audio webcast at 5:00 p.m. Eastern Time to review the
Company’s financial results. The webcast can be accessed at
pfsi.pennymac.com, and a replay will be available shortly after its
conclusion.
About PennyMac Financial Services, Inc.
PennyMac Financial Services, Inc. is a specialty financial
services firm focused on the production and servicing of U.S.
mortgage loans and the management of investments related to the
U.S. mortgage market. Founded in 2008, the company is recognized as
a leader in the U.S. residential mortgage industry and employs
approximately 3,900 people across the country. In 2023, PennyMac
Financial’s production of newly originated loans totaled $99
billion in unpaid principal balance, making it the second largest
mortgage lender in the nation. As of December 31, 2023, PennyMac
Financial serviced loans totaling $607 billion in unpaid principal
balance, making it a top five mortgage servicer in the nation.
Additional information about PennyMac Financial Services, Inc. is
available at pfsi.pennymac.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, regarding management’s beliefs, estimates, projections,
and assumptions with respect to, among other things, the Company’s
financial results, future operations, business plans and investment
strategies, as well as industry and market conditions, all of which
are subject to change. Words like “believe,” “expect,”
“anticipate,” “promise,” “project,” “plan,” and other expressions
or words of similar meanings, as well as future or conditional
verbs such as “will,” “would,” “should,” “could,” or “may” are
generally intended to identify forward-looking statements. Actual
results and operations for any future period may vary materially
from those projected herein and from past results discussed herein.
Factors which could cause actual results to differ materially from
historical results or those anticipated include, but are not
limited to: interest rate changes; declines in real estate or
significant changes in U.S. housing prices or activity in the U.S.
housing market; the continually changing federal, state and local
laws and regulations applicable to the highly regulated industry in
which we operate; lawsuits or governmental actions that may result
from any noncompliance with the laws and regulations applicable to
our business; the mortgage lending and servicing-related
regulations promulgated by the Consumer Financial Protection Bureau
and its enforcement of these regulations; our dependence on U.S.
government-sponsored entities and changes in their current roles or
their guarantees or guidelines; the licensing and operational
requirements of states and other jurisdictions applicable to our
business, to which our bank competitors are not subject;
foreclosure delays and changes in foreclosure practices; changes in
macroeconomic and U.S. real estate market conditions; difficulties
inherent in adjusting the size of our operations to reflect changes
in business levels; purchase opportunities for mortgage servicing
rights and our success in winning bids; our substantial amount of
indebtedness; increases in loan delinquencies, defaults and
forbearances; our reliance on PennyMac Mortgage Investment Trust
(NYSE: PMT) as a significant contributor to our mortgage banking
business; maintaining sufficient capital and liquidity and
compliance with financial covenants; our obligation to indemnify
third-party purchasers or repurchase loans if loans that we
originate, acquire, service or assist in the fulfillment of, fail
to meet certain criteria or characteristics or under other
circumstances; our obligation to indemnify PMT if our services fail
to meet certain criteria or characteristics or under other
circumstances; decreases in investment management and incentive
fees; conflicts of interest in allocating our services and
investment opportunities among us and our advised entities; our
ability to mitigate cybersecurity risks, cyber incidents and
technology disruptions; the effect of public opinion on our
reputation; our exposure to risks of loss and disruptions in
operations resulting from adverse weather conditions, man-made or
natural disasters, climate change and pandemics; our ability to
effectively identify, manage and hedge our credit, interest rate,
prepayment, liquidity and climate risks; our initiation or
expansion of new business activities or strategies; our ability to
detect misconduct and fraud; our ability to pay dividends to our
stockholders; and our organizational structure and certain
requirements in our charter documents. You should not place undue
reliance on any forward- looking statement and should consider all
of the uncertainties and risks described above, as well as those
more fully discussed in reports and other documents filed by the
Company with the Securities and Exchange Commission from time to
time. The Company undertakes no obligation to publicly update or
revise any forward-looking statements or any other information
contained herein, and the statements made in this press release are
current as of the date of this release only.
The Company’s earnings materials contain financial information
calculated other than in accordance with U.S. generally accepted
accounting principles (“GAAP”), such as pretax income and operating
return on equity excluding valuation-related changes and a
non-recurring legal accrual that provides a meaningful perspective
on the Company’s business results since the Company utilizes this
information to evaluate and manage the business. Non-GAAP
disclosure has limitations as an analytical tool and should not be
viewed as a substitute for financial information determined in
accordance with GAAP.
PENNYMAC FINANCIAL SERVICES,
INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
December 31,2023 September 30,2023 December
31,2022 (in thousands, except share amounts)
ASSETS Cash
$
938,371
$
1,177,304
$
1,328,536
Short-term investment at fair value
10,268
5,553
12,194
Loans held for sale at fair value
4,420,691
5,186,656
3,509,300
Derivative assets
179,079
103,366
99,003
Servicing advances, net
694,038
399,281
696,753
Mortgage servicing rights at fair value
7,099,348
7,084,356
5,953,621
Investment in PennyMac Mortgage Investment Trust at fair value
1,121
930
929
Receivable from PennyMac Mortgage Investment Trust
29,262
27,613
36,372
Loans eligible for repurchase
4,889,925
4,445,814
4,702,103
Other
582,460
518,441
483,773
Total assets
$
18,844,563
$
18,949,314
$
16,822,584
LIABILITIES Assets sold under agreements to
repurchase
$
3,763,956
$
4,411,747
$
3,001,283
Mortgage loan participation purchase and sale agreements
446,054
498,392
287,592
Notes payable secured by mortgage servicing assets
1,873,415
2,673,402
1,942,646
Unsecured senior notes
2,519,651
1,782,689
1,779,920
Derivative liabilities
53,275
41,200
21,712
Mortgage servicing liabilities at fair value
1,805
1,818
2,096
Accounts payable and accrued expenses
449,896
306,821
347,908
Payable to PennyMac Mortgage Investment Trust
208,210
97,975
205,011
Payable to exchanged Private National Mortgage Acceptance Company,
LLC unitholders under tax receivable agreement
26,099
26,099
26,099
Income taxes payable
1,042,886
1,059,993
1,002,744
Liability for loans eligible for repurchase
4,889,925
4,445,814
4,702,103
Liability for losses under representations and warranties
30,788
30,491
32,421
Total liabilities
15,305,960
15,376,441
13,351,535
STOCKHOLDERS' EQUITY Common stock—authorized
200,000,000 shares of $0.0001 par value; issued and outstanding
50,178,963, 49,925,752, and 49,988,492 shares, respectively
5
5
5
Additional paid-in capital
24,287
11,475
-
Retained earnings
3,514,311
3,561,393
3,471,044
Total stockholders' equity
3,538,603
3,572,873
3,471,049
Total liabilities and stockholders’ equity
$
18,844,563
$
18,949,314
$
16,822,584
PENNYMAC FINANCIAL SERVICES,
INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS (UNAUDITED)
Quarter ended
December 31, 2023
September 30, 2023
December 31, 2022
(in thousands, except per share amounts) Revenues
Net gains on loans held for sale at fair value
$
148,765
$
151,374
$
101,913
Loan origination fees
38,059
37,701
28,019
Fulfillment fees from PennyMac Mortgage Investment Trust
4,931
5,531
12,184
Net loan servicing fees:
Loan servicing fees
402,484
387,934
321,949
Change in fair value of mortgage servicing rights and mortgage
servicing liabilities
(534,960
)
221,096
(66,248
)
Mortgage servicing rights hedging results
294,787
(423,656
)
(72,870
)
Net loan servicing fees
162,311
185,374
182,831
Net interest (expense) income :
Interest income
164,942
166,552
107,322
Interest expense
170,501
156,863
104,028
(5,559
)
9,689
3,294
Management fees from PennyMac Mortgage Investment Trust
7,252
7,175
7,307
Other
6,180
3,464
4,898
Total net revenues
361,939
400,308
340,446
Expenses
Compensation
135,138
156,909
133,699
Legal settlements
160,025
(171
)
(427
)
Technology
32,870
39,000
34,896
Servicing
28,907
13,242
37,424
Loan origination
26,879
28,889
25,002
Professional services
9,684
11,942
16,144
Occupancy and equipment
8,772
8,900
9,985
Marketing and advertising
4,180
4,632
3,751
Other
9,714
10,168
12,243
Total expenses
416,169
273,511
272,717
(Loss) income before (benefit from) provision for income
taxes
(54,230
)
126,797
67,729
(Benefit from) provision for income taxes
(17,388
)
33,927
30,112
Net (loss) income
$
(36,842
)
$
92,870
$
37,617
(Loss) earnings per share
Basic
$
(0.74
)
$
1.86
$
0.75
Diluted
$
(0.74
)
$
1.77
$
0.71
Weighted-average common shares outstanding
Basic
49,987
49,902
50,164
Diluted
49,987
52,561
53,088
Dividend declared per share
$
0.20
$
0.20
$
0.20
PENNYMAC FINANCIAL SERVICES,
INC.
CONSOLIDATED STATEMENTS OF
INCOME (UNAUDITED)
Year ended December 31,
2023
2022
2021
(in thousands, except earnings per share) Revenue Net
gains on loans held for sale at fair value
$
545,943
$
791,633
$
2,464,401
Loan origination fees
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 fees
134,949
91,894
118,884
1,484,946
1,228,637
1,075,112
Change in fair value of mortgage servicing rights, mortgage
servicing liabilities and excess servicing spread financing
(605,568
)
354,176
(416,943
)
Hedging results
(236,778
)
(631,484
)
(475,215
)
Net loan servicing fees
642,600
951,329
182,954
Net interest expense: Interest income
632,924
294,062
300,169
Interest expense
637,777
335,427
390,699
(4,853
)
(41,365
)
(90,530
)
Management fees from PennyMac Mortgage Investment Trust
28,762
31,065
37,801
Other
15,260
15,243
9,654
Total net revenue
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
PENNYMAC FINANCIAL SERVICES,
INC.
RECONCILIATION OF PRETAX LOSS
TO OPERATING NET INCOME
Quarter ended December 31, 2023 (in
thousands, except annualized operating return on equity) Loss
before benefit from income taxes
$
(54,230
)
Decrease in fair value of MSRs and MSLs due to changes in valuation
inputs used in the valuation model
370,705
Hedging gains associated with MSRs
(294,787
)
Non-recurring item - accrual for arbitration result
158,368
Operating pretax income
$
180,056
Tax expense(1)
48,345
Operating net income
$
131,711
Average stockholders' equity
$
3,555,398
Annualized operating return on equity
15
%
(1) Assumes a tax rate of 26.85%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240201302460/en/
Media Kristyn Clark kristyn.clark@pennymac.com (805)
395-9943
Investors Kevin Chamberlain Isaac Garden
PFSI_IR@pennymac.com (818) 224-7028
PennyMac Financial Servi... (NYSE:PFSI)
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