XML 15 R4.htm IDEA: XBRL DOCUMENT v3.22.1
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Net gains on loans held for sale at fair value:    
Net gains on loans held for sale at fair value $ 298,459 $ 754,341
Loan origination fees 67,858 104,037
Fulfillment fees from PennyMac Mortgage Investment Trust 16,754 60,835
Loan servicing fees    
Loan servicing fees 291,258 259,445
Change in fair value of mortgage servicing rights and mortgage servicing liabilities (212,911) (223,463)
Changes in fair value included in income   (1,037)
Mortgage servicing rights hedging results (217,860) (442,151)
Change in fair value of excess servicing spread financing payable to PennyMac Mortgage Investment Trust (4,949) (219,725)
Net loan servicing fees 286,309 39,720
Interest income:    
Interest income 53,882 82,081
Interest expense:    
Interest expense 77,307 107,713
Net interest expense (23,425) (25,632)
Management fees, net:    
Management fees from PennyMac Mortgage Investment Trust 8,117 8,449
Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust 2 401
Result of real estate acquired in settlement of loans 543 780
Other 2,887 1,755
Total net revenue 657,504 944,686
Expenses    
Compensation 245,547 258,829
Loan origination 75,333 87,392
Technology 34,786 33,672
Marketing and advertising 22,403 6,665
Professional services 20,103 13,286
Occupancy and equipment 9,469 9,038
Servicing (1,246) 19,183
Other 16,589 10,613
Total expenses 422,984 438,678
Income before provision for income taxes 234,520 506,008
Provision for income taxes 60,927 129,140
Net income attributable to PennyMac Financial Services, Inc. common stockholders $ 173,593 $ 376,868
Earnings per share    
Basic (in dollars per share) $ 3.11 $ 5.45
Diluted (in dollars per share) $ 2.94 $ 5.15
Weighted-average shares outstanding    
Basic (in shares) 55,831 69,113
Diluted (in shares) 59,129 73,117
Non-affiliates    
Net gains on loans held for sale at fair value:    
Net gains on loans held for sale at fair value $ 308,111 $ 768,589
Loan origination fees 65,516 95,845
Loan servicing fees    
Loan servicing fees 244,809 210,753
Interest income:    
Interest income 53,882 81,694
Interest expense:    
Interest expense 77,307 106,433
PennyMac Mortgage Investment Trust    
Net gains on loans held for sale at fair value:    
Net gains on loans held for sale at fair value 9,652 14,248
Loan origination fees 2,342 8,192
Loan servicing fees    
Loan servicing fees 21,088 19,093
Interest income:    
Interest income   387
Interest expense:    
Interest expense   1,280
Others    
Loan servicing fees    
Loan servicing fees $ 25,361 $ 29,599