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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Mortgage loan servicing fees        
From non-affiliates and affiliates $ 147,182 $ 126,416 $ 421,536 $ 345,231
Ancillary and other fees 17,009 15,548 44,817 38,616
Net servicing fees 174,262 153,782 496,877 417,289
Amortization, impairment and change in fair value of mortgage servicing rights and mortgage servicing liabilities (63,450) (80,529) (147,670) (232,889)
Change in fair value of excess servicing spread payable to PennyMac Mortgage Investment Trust (64,559) (75,701) (156,696) (218,132)
Net mortgage loan servicing fees 109,703 78,081 340,181 199,157
Net gains on mortgage loans held for sale at fair value:        
From non-affiliates 38,349 98,235 143,396 285,599
Net gains on mortgage loans held for sale at fair value 56,914 108,136 189,274 293,183
Mortgage loan origination fees from non-affiliates 24,366 31,060 70,607 83,558
Mortgage loan origination fees 26,485 33,168 75,476 88,935
Interest income:        
From non-affiliates 59,152 42,326 152,997 97,328
Interest income 60,964 44,442 158,683 103,274
Interest expense:        
To non-affiliates 35,035 38,494 96,552 95,832
Interest expense 38,775 42,492 108,136 108,843
Net interest income (expense): 22,189 1,950 50,547 (5,569)
Management fees, net:        
Management fees 6,471 6,216 17,910 17,597
Result of real estate acquired in settlement of loans 194 281 179 137
Other 2,605 487 7,048 3,068
Total net revenue 250,929 250,635 733,428 656,829
Expenses        
Compensation 103,364 93,417 303,917 261,624
Servicing 40,797 24,968 95,586 76,513
Technology 15,273 13,926 45,047 36,863
Occupancy and equipment 7,117 5,933 20,001 16,940
Professional services 7,117 4,636 18,442 12,977
Loan origination 7,203 5,581 14,462 14,830
Marketing 2,275 2,375 6,654 6,594
Other 6,086 5,655 19,928 16,352
Total expenses 189,232 156,491 524,037 442,693
Income before provision for income taxes 61,697 94,144 209,391 214,136
Provision for income taxes 5,545 11,652 17,908 26,512
Net income 56,152 82,492 191,483 187,624
Less: Net income attributable to noncontrolling interest 41,663 65,411 142,538 149,185
Net income attributable to PennyMac Financial Services, Inc. common stockholders $ 14,489 $ 17,081 $ 48,945 $ 38,439
Earnings per share        
Basic (in dollars per share) $ 0.58 $ 0.73 $ 1.99 $ 1.66
Diluted (in dollars per share) $ 0.57 $ 0.71 $ 1.94 $ 1.62
Weighted-average shares outstanding        
Basic (in shares) 25,125 23,426 24,644 23,147
Diluted (in shares) 78,913 78,416 78,954 78,231
Dividend declared per share of Class A common stock $ 0.40   $ 0.40  
PMT        
Mortgage loan servicing fees        
From non-affiliates and affiliates $ 10,071 $ 11,402 $ 30,521 $ 31,987
Changes in fair value included in income (1,109) 4,828 (9,026) 14,757
Net gains on mortgage loans held for sale at fair value:        
From PennyMac Mortgage Investment Trust 18,565 9,901 45,878 7,584
Mortgage loan origination fees from PennyMac Mortgage Investment Trust 2,119 2,108 4,869 5,377
Fulfillment fees from PennyMac Mortgage Investment Trust 26,256 23,507 52,759 61,184
Interest income:        
From PennyMac Mortgage Investment Trust 1,812 2,116 5,686 5,946
Interest expense:        
To PennyMac Mortgage Investment Trust 3,740 3,998 11,584 13,011
Management fees, net:        
Management fees 6,482 6,038 17,906 16,684
Change in fair value of investment in and dividends received from affiliate 129 (33) 419 182
Investment Funds        
Mortgage loan servicing fees        
From non-affiliates and affiliates   416 3 1,455
Management fees, net:        
Management fees (11) 178 4 913
Carried Interest from Investment Funds $ (17) $ (1,158) $ (365) $ (1,045)