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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Net gains on loans held for sale at fair value:        
From non-affiliates $ 865,044 $ 175,070 $ 1,819,175 $ 345,045
Net gains on loans held for sale at fair value 855,269 235,732 1,881,724 468,041
Loan origination fees from non-affiliates 69,496 45,212 177,747 100,721
Loan origination fees 75,572 49,434 192,091 110,288
Fulfillment fees from PennyMac Mortgage Investment Trust     149,594 102,313
Loan servicing fees        
From non-affiliates 203,696 185,967 601,527 533,510
Other 27,920 26,018 85,218 74,043
Loan servicing fees 250,368 224,949 735,551 642,655
Change in fair value of mortgage servicing rights and mortgage servicing liabilities 127,217 412,730 1,368,219 1,036,123
Hedging results 6,521 250,146 1,027,327 587,883
Change in fair value of excess servicing spread payable to PennyMac Mortgage Investment Trust (117,561) (158,720) (322,599) (436,721)
Net loan servicing fees 132,807 66,229 412,952 205,934
Interest income:        
From non-affiliates 52,276 81,925 170,148 207,670
Interest income 52,952 83,452 172,834 212,685
Interest expense:        
To non-affiliates 61,109 54,089 171,482 138,723
Interest expense 63,179 56,380 177,898 146,847
Net interest (expense) income (10,227) 27,072 (5,064) 65,838
Management fees, net:        
Management fees 8,508 10,098 25,851 26,178
Result of real estate acquired in settlement of loans 1,214 188 803 1,205
Other 2,298 2,379 6,102 6,855
Total net revenue 1,119,992 436,347 2,663,451 987,029
Expenses        
Compensation 202,440 141,132 550,762 362,449
Servicing 71,110 47,909 169,779 107,210
Loan origination 53,752 34,851 150,677 72,419
Technology 28,964 20,385 69,976 52,431
Professional services 18,307 9,682 44,211 21,876
Occupancy and equipment 8,491 7,257 24,822 21,075
Other 8,637 8,934 29,841 23,491
Total expenses 391,701 270,150 1,040,068 660,951
Income before provision for income taxes 728,291 166,197 1,623,383 326,078
Provision for income taxes 193,131 44,724 429,303 85,774
Net income attributable to PennyMac Financial Services, Inc. common stockholders $ 535,160 $ 121,473 $ 1,194,080 $ 240,304
Earnings per share        
Basic (in dollars per share) $ 7.39 $ 1.55 $ 15.65 $ 3.08
Diluted (in dollars per share) $ 7.03 $ 1.51 $ 15.00 $ 3.01
Weighted-average shares outstanding        
Basic (in shares) 72,439 78,361 76,292 78,119
Diluted (in shares) 76,138 80,382 79,618 79,821
Dividend declared per share (in dollars per share) $ 0.15   $ 0.39  
PMT        
Net gains on loans held for sale at fair value:        
From PennyMac Mortgage Investment Trust $ (9,775) $ 60,662 $ 62,549 $ 122,996
Loan origination fees from PennyMac Mortgage Investment Trust 6,076 4,222 14,344 9,567
Fulfillment fees from PennyMac Mortgage Investment Trust 54,839 45,149 149,594 102,313
Loan servicing fees        
Loan servicing fees from affiliates 18,752 12,964 48,806 35,102
Changes in fair value included in income 3,135 3,864 18,293 11,519
Interest income:        
From PennyMac Mortgage Investment Trust 676 1,527 2,686 5,015
Interest expense:        
To PennyMac Mortgage Investment Trust 2,070 2,291 6,416 8,124
Management fees, net:        
Management fees 8,508 10,098 25,851 26,178
Change in fair value of investment in and dividends received from affiliate $ (288) $ 66 $ (602) $ 377