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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Net gains on loans held for sale at fair value:        
From non-affiliates $ 687,765 $ 111,222 $ 954,131 $ 169,975
Net gains on loans held for sale at fair value 682,173 147,533 1,026,455 232,309
Loan origination fees from non-affiliates 54,660 33,822 108,251 55,509
Loan origination fees 58,948 36,924 116,519 60,854
Fulfillment fees from PennyMac Mortgage Investment Trust     94,755 57,164
Loan servicing fees        
From non-affiliates 199,178 180,753 397,831 347,543
Other 28,543 26,008 57,298 48,025
Loan servicing fees 243,254 218,329 485,183 417,706
Change in fair value of mortgage servicing rights and mortgage servicing liabilities 205,789 365,979 1,241,002 623,393
Hedging results (15,764) 203,180 1,020,806 337,737
Change in fair value of excess servicing spread payable to PennyMac Mortgage Investment Trust (220,917) (159,195) (205,038) (278,001)
Net loan servicing fees 22,337 59,134 280,145 139,705
Interest income:        
From non-affiliates 46,526 69,208 117,872 125,745
Interest income 47,318 70,900 119,882 129,233
Interest expense:        
To non-affiliates 50,835 50,157 110,373 84,634
Interest expense 53,207 52,924 114,719 90,467
Net interest (expense) income (5,889) 17,976 5,163 38,766
Management fees, net:        
Management fees 8,288 8,832 17,343 16,080
Result of real estate acquired in settlement of loans 296 743 (411) 1,017
Other 2,123 2,126 3,804 4,476
Total net revenue 821,634 302,977 1,543,459 550,682
Expenses        
Compensation 179,886 114,717 348,322 221,317
Servicing 56,503 29,008 98,669 59,301
Loan origination 50,921 23,071 96,925 37,568
Technology 21,905 16,080 41,012 32,046
Professional services 12,500 6,313 25,904 12,194
Occupancy and equipment 8,293 7,042 16,331 13,818
Other 11,264 7,156 21,204 14,557
Total expenses 341,272 203,387 648,367 390,801
Income before provision for income taxes 480,362 99,590 895,092 159,881
Provision for income taxes 127,685 26,894 236,172 41,050
Net income attributable to PennyMac Financial Services, Inc. common stockholders $ 352,677 $ 72,696 $ 658,920 $ 118,831
Earnings per share        
Basic (in dollars per share) $ 4.53 $ 0.93 $ 8.42 $ 1.52
Diluted (in dollars per share) $ 4.39 $ 0.92 $ 8.11 $ 1.50
Weighted-average shares outstanding        
Basic (in shares) 77,790 78,335 78,240 77,996
Diluted (in shares) 80,424 79,318 81,241 79,301
Dividend declared per share (in dollars per share) $ 0.12   $ 0.24  
PMT        
Net gains on loans held for sale at fair value:        
From PennyMac Mortgage Investment Trust $ (5,592) $ 36,311 $ 72,324 $ 62,334
Loan origination fees from PennyMac Mortgage Investment Trust 4,288 3,102 8,268 5,345
Fulfillment fees from PennyMac Mortgage Investment Trust 52,815 29,590 94,755 57,164
Loan servicing fees        
Loan servicing fees from affiliates 15,533 11,568 30,054 22,138
Changes in fair value included in income 636 3,604 15,158 7,655
Interest income:        
From PennyMac Mortgage Investment Trust 792 1,692 2,010 3,488
Interest expense:        
To PennyMac Mortgage Investment Trust 2,372 2,767 4,346 5,833
Management fees, net:        
Management fees 8,288 8,832 17,343 16,080
Change in fair value of investment in and dividends received from affiliate $ 543 $ 119 $ (314) $ 311