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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Net gains on loans held for sale at fair value:        
From non-affiliates $ 175,070 $ 38,349 $ 345,045 $ 143,396
Net gains on loans held for sale at fair value 235,732 56,914 468,041 189,274
Loan origination fees from non-affiliates 45,212 24,366 100,721 70,607
Loan origination fees 49,434 26,485 110,288 75,476
Loan servicing fees        
From non-affiliates and affiliates 185,967 147,182 533,510 421,536
Other 26,018 17,009 74,043 44,817
Loan servicing fees 224,949 174,262 642,655 496,877
Change in fair value of mortgage servicing rights and mortgage servicing liabilities (162,584) (63,450) (448,240) (147,670)
Change in fair value of excess servicing spread payable to PennyMac Mortgage Investment Trust (158,720) (64,559) (436,721) (156,696)
Net loan servicing fees 66,229 109,703 205,934 340,181
Interest income:        
From non-affiliates 81,925 59,152 207,670 152,997
Interest income 83,452 60,964 212,685 158,683
Interest expense:        
To non-affiliates 54,089 35,035 138,723 96,552
Interest expense 56,380 38,775 146,847 108,136
Net interest income 27,072 22,189 65,838 50,547
Management fees, net:        
Management fees 10,098 6,471 26,178 17,910
Result of real estate acquired in settlement of loans 188 194 1,205 179
Other 2,379 2,605 6,855 7,048
Total net revenue 436,347 250,929 987,029 733,428
Expenses        
Compensation 141,132 103,364 362,449 303,917
Servicing 47,909 40,797 107,210 95,586
Loan origination 34,851 7,203 72,419 14,462
Technology 20,385 15,273 52,431 45,047
Occupancy and equipment 7,257 7,117 21,075 20,001
Professional services 9,682 7,117 21,876 18,442
Other 8,934 8,361 23,491 26,582
Total expenses 270,150 189,232 660,951 524,037
Income before provision for income taxes 166,197 61,697 326,078 209,391
Provision for income taxes 44,724 5,545 85,774 17,908
Net income 121,473 56,152 240,304 191,483
Less: Net income attributable to noncontrolling interest   41,663   142,538
Net income attributable to PennyMac Financial Services, Inc. common stockholders $ 121,473 $ 14,489 $ 240,304 $ 48,945
Earnings per share        
Basic (in dollars per share) $ 1.55 $ 0.58 $ 3.08 $ 1.99
Diluted (in dollars per share) $ 1.51 $ 0.57 $ 3.01 $ 1.94
Weighted-average shares outstanding        
Basic (in shares) 78,361 25,125 78,119 24,644
Diluted (in shares) 80,382 78,913 79,821 78,954
Dividend declared per share of Class A common stock (in dollars per share)   $ 0.40   $ 0.40
PMT        
Net gains on loans held for sale at fair value:        
From PennyMac Mortgage Investment Trust $ 60,662 $ 18,565 $ 122,996 $ 45,878
Loan origination fees from PennyMac Mortgage Investment Trust 4,222 2,119 9,567 4,869
Fulfillment fees from PennyMac Mortgage Investment Trust 45,149 26,256 102,313 52,759
Loan servicing fees        
From non-affiliates and affiliates 12,964 10,071 35,102 30,521
Changes in fair value included in income 3,864 (1,109) 11,519 (9,026)
Interest income:        
From PennyMac Mortgage Investment Trust 1,527 1,812 5,015 5,686
Interest expense:        
To PennyMac Mortgage Investment Trust 2,291 3,740 8,124 11,584
Management fees, net:        
Management fees 10,098 6,482 26,178 17,906
Change in fair value of investment in and dividends received from affiliate $ 66 129 $ 377 419
Investment Funds        
Loan servicing fees        
From non-affiliates and affiliates       3
Management fees, net:        
Management fees   (11)   4
Carried Interest from Investment Funds   $ (17)   $ (365)