XML 39 R4.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Net gains on loans held for sale at fair value:      
From non-affiliates $ 542,163 $ 184,439 $ 369,815
Net gains on loans held for sale at fair value 725,528 249,022 391,804
Loan origination fees from non-affiliates 159,461 94,208 112,124
Loan origination fees 174,156 101,641 119,202
Loan servicing fees      
From non-affiliates and affiliates 730,165 585,101 475,848
Other fees 98,564 64,133 58,924
Loan servicing fees 877,526 691,282 579,297
Amortization, impairment and change in fair value of mortgage servicing rights and mortgage servicing liabilities (593,117) (237,389) (292,588)
Change in fair value of excess servicing spread payable to PennyMac Mortgage Investment Trust (583,861) (245,889) (273,238)
Net loan servicing fees 293,665 445,393 306,059
Interest income:      
From non-affiliates 282,398 208,954 135,141
Interest income 288,700 216,416 143,179
Interest expense:      
To non-affiliates 201,688 129,459 127,569
Interest expense 211,979 144,597 144,520
Net interest income (expense) 76,721 71,819 (1,341)
Management fees, net:      
Management fees 36,492 24,469 23,585
Carried interest from Investment Funds   (365) (1,040)
Result of real estate acquired in settlement of loans 557 589 94
Repricing of payable to exchanged Private National Mortgage Acceptance Company , LLC unitholders under tax receivable agreement 379 1,126 32,940
Other 8,880 9,253 3,683
Total net revenue 1,477,404 984,629 955,463
Expenses      
Compensation 503,458 403,270 358,721
Servicing 164,697 137,104 117,696
Loan origination 117,338 27,398 20,429
Technology 67,946 60,103 52,013
Professional services 32,859 27,615 17,845
Occupancy and equipment 28,916 27,152 22,615
Other 32,746 34,290 30,235
Total expenses 947,960 716,932 619,554
Income before provision for income taxes 529,444 267,697 335,909
Provision for income taxes 136,479 23,254 24,387
Net income 392,965 244,443 311,522
Less: Net income attributable to noncontrolling interest   156,749 210,765
Net income attributable to PennyMac Financial Services, Inc. common stockholders $ 392,965 $ 87,694 $ 100,757
Earnings per share      
Basic (in dollars per share) $ 5.02 $ 2.62 $ 4.34
Diluted (in dollars per share) $ 4.89 $ 2.59 $ 4.03
Weighted-average shares outstanding      
Basic (in shares) 78,206 33,524 23,199
Diluted (in shares) 80,340 35,322 24,999
PMT      
Net gains on loans held for sale at fair value:      
Recapture payable to PennyMac Mortgage Investment Trust $ 183,365 $ 64,583 $ 21,989
Loan origination fees from PennyMac Mortgage Investment Trust 14,695 7,433 7,078
Fulfillment fees from PennyMac Mortgage Investment Trust 160,610 81,350 80,359
Loan servicing fees      
From non-affiliates and affiliates 48,797 42,045 43,064
Change in fair value of excess servicing spread payable to PennyMac Mortgage Investment Trust 9,256 (8,500) 19,350
Interest income:      
From PennyMac Mortgage Investment Trust 6,302 7,462 8,038
Interest expense:      
To PennyMac Mortgage Investment Trust 10,291 15,138 16,951
Management fees, net:      
Management fees 36,492 24,465 22,584
Change in fair value of investment in and dividends received from affiliate $ 416 332 118
Investment Funds      
Loan servicing fees      
From non-affiliates and affiliates   3 1,461
Management fees, net:      
Management fees   4 1,001
Carried interest from Investment Funds   $ (365) $ (1,040)