PennyMac Financial Services, Inc. Reports Second Quarter 2024 Results and Increases Quarterly Dividend
PennyMac Financial Services (NYSE: PFSI) reported net income of $98.3 million for Q2 2024, or $1.85 per diluted share, on revenue of $406.1 million. Key highlights include:
- Book value per share increased to $71.76 from $70.13 in Q1 2024
- Quarterly dividend increased by 50% to $0.30 per share
- Pretax income rose to $133.9 million, up from $43.9 million in Q1 2024
- Production segment pretax income was $41.3 million
- Servicing segment pretax income was $88.5 million
- Total loan acquisitions and originations reached $27.2 billion in UPB
- Servicing portfolio grew to $632.7 billion in UPB
The company's strong performance was driven by growth in its servicing business and increased production volumes across all channels.
PennyMac Financial Services (NYSE: PFSI) ha riportato un utile netto di 98,3 milioni di dollari per il secondo trimestre del 2024, corrispondente a 1,85 dollari per azione diluita, su ricavi di 406,1 milioni di dollari. I punti salienti includono:
- Il valore contabile per azione è aumentato a 71,76 dollari rispetto ai 70,13 dollari del primo trimestre del 2024
- Il dividendo trimestrale è aumentato del 50% a 0,30 dollari per azione
- L'utile ante imposte è salito a 133,9 milioni di dollari, in crescita rispetto ai 43,9 milioni di dollari del primo trimestre del 2024
- L'utile ante imposte del segmento produzione è stato di 41,3 milioni di dollari
- L'utile ante imposte del segmento servizi è stato di 88,5 milioni di dollari
- Le acquisizioni e le origini dei prestiti totali hanno raggiunto 27,2 miliardi di dollari in UPB
- Il portafoglio di servicer è cresciuto a 632,7 miliardi di dollari in UPB
Le solide performance dell'azienda sono state guidate dalla crescita del business di servicing e dall’aumento dei volumi di produzione in tutti i canali.
PennyMac Financial Services (NYSE: PFSI) reportó un ingreso neto de 98,3 millones de dólares para el segundo trimestre de 2024, equivalente a 1,85 dólares por acción diluida, con ingresos de 406,1 millones de dólares. Los aspectos destacados incluyen:
- El valor contable por acción aumentó a 71,76 dólares desde 70,13 dólares en el primer trimestre de 2024
- El dividendo trimestral se incrementó en un 50% a 0,30 dólares por acción
- El ingreso antes de impuestos aumentó a 133,9 millones de dólares, subiendo desde 43,9 millones de dólares en el primer trimestre de 2024
- El ingreso antes de impuestos del segmento de producción fue de 41,3 millones de dólares
- El ingreso antes de impuestos del segmento de servicios fue de 88,5 millones de dólares
- Las adquisiciones y originaciones de préstamos totales alcanzaron los 27,2 mil millones de dólares en UPB
- El portafolio de servicios creció a 632,7 mil millones de dólares en UPB
El sólido desempeño de la empresa fue impulsado por el crecimiento en su negocio de servicios y por el aumento en los volúmenes de producción en todos los canales.
PennyMac Financial Services (NYSE: PFSI)는 2024년 2분기에 98.3백만 달러의 순이익을 보고하였으며, 이는 희석 주당 1.85달러에 해당하며, 수익은 406.1백만 달러입니다. 주요 하이라이트는 다음과 같습니다:
- 주당 장부가치가 70.13달러에서 71.76달러로 증가했습니다.
- 분기 배당금이 50% 증가하여 주당 0.30달러입니다.
- 세전 이익은 133.9백만 달러로 증가했으며, 이는 2024년 1분기 43.9백만 달러에서 증가한 수치입니다.
- 생산 부문의 세전 이익은 41.3백만 달러였습니다.
- 서비스 부문의 세전 이익은 88.5백만 달러였습니다.
- 총 대출 인수 및 발생액은 UPB에서 272억 달러에 도달했습니다.
- 서비스 포트폴리오는 UPB에서 6,327억 달러로 성장했습니다.
회사의 강력한 성과는 서비스 사업의 성장과 모든 채널에서의 생산량 증가에 의해 이끌어졌습니다.
PennyMac Financial Services (NYSE: PFSI) a annoncé un revenu net de 98,3 millions de dollars pour le 2e trimestre 2024, soit 1,85 dollar par action diluée, sur un chiffre d'affaires de 406,1 millions de dollars. Les points saillants incluent :
- La valeur comptable par action a augmenté à 71,76 dollars contre 70,13 dollars au 1er trimestre 2024
- Le dividende trimestriel a été augmenté de 50 % à 0,30 dollar par action
- Le revenu avant impôt a atteint 133,9 millions de dollars, en hausse par rapport à 43,9 millions de dollars au 1er trimestre 2024
- Le revenu avant impôt du segment production était de 41,3 millions de dollars
- Le revenu avant impôt du segment services était de 88,5 millions de dollars
- Les acquisitions et origines de prêts totaux ont atteint 27,2 milliards de dollars en UPB
- Le portefeuille de services a crû pour atteindre 632,7 milliards de dollars en UPB
La forte performance de l'entreprise a été soutenue par la croissance de son activité de services et une augmentation des volumes de production à travers tous les canaux.
PennyMac Financial Services (NYSE: PFSI) berichtete über ein netto Einkommen von 98,3 Millionen Dollar im 2. Quartal 2024, was 1,85 Dollar je verwässerter Aktie entspricht, bei einem Umsatz von 406,1 Millionen Dollar. Zu den wichtigsten Highlights gehören:
- Der Buchwert pro Aktie stieg auf 71,76 Dollar von 70,13 Dollar im 1. Quartal 2024
- Die quartalsweise Dividende wurde um 50% auf 0,30 Dollar pro Aktie erhöht
- Das Vorsteuereinkommen stieg auf 133,9 Millionen Dollar, von 43,9 Millionen Dollar im 1. Quartal 2024
- Das Vorsteuereinkommen im Produktionssegment betrug 41,3 Millionen Dollar
- Das Vorsteuereinkommen im Servicsegment betrug 88,5 Millionen Dollar
- Die Gesamterwerbungs- und Originierungsbeträge der Kredite erreichten 27,2 Milliarden Dollar in UPB
- Das Servicing-Portfolio wuchs auf 632,7 Milliarden Dollar in UPB
Die starke Leistung des Unternehmens wurde durch das Wachstum im Servicing-Geschäft und die gestiegenen Produktionsvolumina in allen Kanälen angetrieben.
- Net income of $98.3 million, or $1.85 per diluted share
- 50% increase in quarterly dividend to $0.30 per share
- Pretax income rose to $133.9 million, up 205% from Q1 2024
- Total loan acquisitions and originations increased 25% to $27.2 billion in UPB
- Servicing portfolio grew 2% to $632.7 billion in UPB
- Successful issuance of $650 million senior unsecured notes
- Net valuation related declines of $72.4 million in the servicing segment
- MSR hedging losses of $171.8 million due to high hedge costs and interest rate volatility
Insights
The financial results reported by PennyMac Financial Services, Inc. are impressive, with a marked increase in net income to
PennyMac's loan origination and acquisition volumes reaching
One key factor contributing to PennyMac's success is their proprietary technology, which has enabled record low per loan servicing expenses. This technological edge not only improves efficiency but also enhances scalability, providing a competitive advantage in the mortgage servicing industry. By leveraging technology, PennyMac is capable of managing a growing servicing portfolio effectively, even in fluctuating market conditions. This operational efficiency driven by tech adoption is a positive signal for investors, indicating lower costs and higher profitability potential in the long run.
PFSI’s Board of Directors declared a second quarter cash dividend of
Second Quarter 2024 Highlights
-
Pretax income was
$133.9 million $43.9 million $72.9 million -
Production segment pretax income was
$41.3 million $35.9 million $24.4 million -
Total loan acquisitions and originations, including those fulfilled for PennyMac Mortgage Investment Trust (NYSE: PMT), were
$27.2 billion -
Broker direct interest rate lock commitments (IRLCs) were
$4.3 billion -
Consumer direct IRLCs were
$2.7 billion -
Government correspondent IRLCs totaled
$11.1 billion -
Conventional correspondent IRLCs for PFSI’s account totaled
$9.9 billion -
Correspondent acquisitions of conventional conforming and jumbo loans fulfilled for PMT were
$2.2 billion
-
Total loan acquisitions and originations, including those fulfilled for PennyMac Mortgage Investment Trust (NYSE: PMT), were
-
Servicing segment pretax income was
$88.5 million $4.9 million $46.5 million -
Pretax income excluding valuation-related items and non-recurring items was
$149.0 million -
Valuation-related and non-recurring items included:
-
$99.4 million $171.8 million -
Non-recurring, non-cash gain of
$12.5 million -
Net impact on pretax income related to these items was
$(59.9) million $(0.82)
-
Net impact on pretax income related to these items was
-
$0.6 million
-
-
Servicing portfolio grew to
$632.7 billion
-
Pretax income excluding valuation-related items and non-recurring items was
-
Investment Management segment pretax income was
$4.0 million $3.1 million $2.0 million -
Net assets under management (AUM) were
$1.9 billion
-
Net assets under management (AUM) were
-
Issued
$650 million
“PennyMac Financial generated strong earnings in the second quarter with an annualized operating return on equity of 16 percent,” said Chairman and CEO David Spector. “Given our continued strong financial results, I am pleased to note that PFSI’s Board of Directors approved a quarterly common cash dividend of
Mr. Spector continued, “While our financial performance in recent periods has been strong, I continue to believe Pennymac’s best days are yet ahead. This quarter we successfully raised
The following table presents the contributions of PennyMac Financial’s segments to pretax income:
| Quarter ended June 30, 2024 | |||||||||||||||||
| Mortgage Banking | Investment Management |
||||||||||||||||
| Production | Servicing | Total | Total | ||||||||||||||
| (in thousands) | |||||||||||||||||
| Revenues | |||||||||||||||||
| Net gains on loans held for sale at fair value | $ |
154,317 |
$ |
21,747 |
|
$ |
176,064 |
|
$ |
- |
$ |
176,064 |
|
||||
| Loan origination fees |
|
42,075 |
|
- |
|
|
42,075 |
|
|
- |
|
42,075 |
|
||||
| Fulfillment fees from PMT |
|
4,427 |
|
- |
|
|
4,427 |
|
|
- |
|
4,427 |
|
||||
| Net loan servicing fees |
|
- |
|
167,604 |
|
|
167,604 |
|
|
- |
|
167,604 |
|
||||
| Management fees |
|
- |
|
- |
|
|
- |
|
|
7,133 |
|
7,133 |
|
||||
| Net interest income (expense): | |||||||||||||||||
| Interest income |
|
84,613 |
|
116,119 |
|
|
200,732 |
|
|
79 |
|
200,811 |
|
||||
| Interest expense |
|
83,376 |
|
124,495 |
|
|
207,871 |
|
|
- |
|
207,871 |
|
||||
|
1,237 |
|
(8,376 |
) |
|
(7,139 |
) |
|
79 |
|
(7,060 |
) |
|||||
| Other |
|
509 |
|
13,250 |
|
|
13,759 |
|
|
2,125 |
|
15,884 |
|
||||
| Total net revenues |
|
202,565 |
|
194,225 |
|
|
396,790 |
|
|
9,337 |
|
406,127 |
|
||||
| Expenses |
|
161,286 |
|
105,685 |
|
|
266,971 |
|
|
5,302 |
|
272,273 |
|
||||
| Income before provision for income taxes | $ |
41,279 |
$ |
88,540 |
|
$ |
129,819 |
|
$ |
4,035 |
$ |
133,854 |
|
||||
Production Segment
The Production segment includes the correspondent acquisition of newly originated government- insured and certain conventional conforming loans for PennyMac Financial’s own account, fulfillment services on behalf of PMT and direct lending through the consumer direct and broker direct channels, including the underwriting and acquisition of loans from correspondent sellers on a non-delegated basis.
PennyMac Financial’s loan production activity for the quarter totaled
Production segment pretax income was
The components of net gains on loans held for sale are detailed in the following table:
| Quarter ended | |||||||||
| June 30, 2024 |
March 31, 2024 |
June 30, 2023 |
|||||||
| (in thousands) | |||||||||
| Receipt of MSRs | $ |
541,207 |
|
$ |
412,520 |
|
$ |
562,523 |
|
| Mortgage servicing rights recapture payable to PennyMac Mortgage Investment Trust |
|
(473 |
) |
|
(353 |
) |
|
(509 |
) |
| Provision for representations and warranties, net |
|
(53 |
) |
|
(632 |
) |
|
(1,131 |
) |
| Cash loss, including cash hedging results |
|
(321,270 |
) |
|
(158,971 |
) |
|
(308,199 |
) |
| Fair value changes of pipeline, inventory and hedges |
|
(43,347 |
) |
|
(90,123 |
) |
|
(111,265 |
) |
| Net gains on loans held for sale | $ |
176,064 |
|
$ |
162,441 |
|
$ |
141,419 |
|
| Net gains on loans held for sale by segment: | |||||||||
| Production | $ |
154,317 |
|
$ |
141,431 |
|
$ |
126,249 |
|
| Servicing | $ |
21,747 |
|
$ |
21,010 |
|
$ |
15,170 |
|
PennyMac Financial performs fulfillment services for certain conventional conforming and jumbo loans acquired by PMT from non-affiliates in its correspondent production business. These services include, but are not limited to, marketing, relationship management, correspondent seller approval and monitoring, loan file review, underwriting, pricing, hedging and activities related to the subsequent sale and securitization of loans in the secondary mortgage markets for PMT.
Fees earned from the fulfillment of correspondent loans on behalf of PMT totaled
Net interest income in the second quarter totaled
Production segment expenses were
Servicing Segment
The Servicing segment includes income from owned MSRs and subservicing. The total servicing portfolio grew to
The table below details PennyMac Financial’s servicing portfolio UPB:
| June 30, 2024 |
March 31, 2024 |
June 30, 2023 |
||||
| (in thousands) | ||||||
| Prime servicing: | ||||||
| Owned | ||||||
| Mortgage servicing rights and liabilities | ||||||
| Originated | $ |
379,882,952 |
$ |
364,441,567 |
$ |
319,257,805 |
| Purchased |
|
16,568,065 |
|
17,051,740 |
|
18,474,265 |
|
396,451,017 |
|
381,493,307 |
|
337,732,070 |
|
| Loans held for sale |
|
6,108,082 |
|
5,111,719 |
|
4,250,706 |
|
402,559,099 |
|
386,605,026 |
|
341,982,776 |
|
| Subserviced for PMT |
|
230,170,703 |
|
230,809,585 |
|
234,463,739 |
| Total prime servicing |
|
632,729,802 |
|
617,414,611 |
|
576,446,515 |
| Special servicing - subserviced for PMT |
|
8,810 |
|
9,427 |
|
12,780 |
| Total loans serviced | $ |
632,738,612 |
$ |
617,424,038 |
$ |
576,459,295 |
Servicing segment pretax income was
Revenue from net loan servicing fees totaled
The following table presents a breakdown of net loan servicing fees:
| Quarter ended | |||||||||
| June 30, 2024 |
March 31, 2024 |
June 30, 2023 |
|||||||
| (in thousands) | |||||||||
| Loan servicing fees | $ |
440,696 |
|
$ |
424,184 |
|
$ |
356,471 |
|
| Changes in fair value of MSRs and MSLs resulting from: | |||||||||
| Realization of cash flows |
|
(200,740 |
) |
|
(198,564 |
) |
|
(174,162 |
) |
| Change in fair value inputs |
|
99,425 |
|
|
169,979 |
|
|
118,905 |
|
| Hedging losses |
|
(171,777 |
) |
|
(294,645 |
) |
|
(155,136 |
) |
| Net change in fair value of MSRs and MSLs |
|
(273,092 |
) |
|
(323,230 |
) |
|
(210,393 |
) |
| Net loan servicing fees | $ |
167,604 |
|
$ |
100,954 |
|
$ |
146,078 |
|
Servicing segment revenue included
Net interest expense totaled
Servicing segment expenses totaled
Investment Management Segment
PennyMac Financial manages PMT for which it earns base management fees and may earn incentive compensation. Net AUM were
Pretax income for the Investment Management segment was
The following table presents a breakdown of management fees:
| Quarter ended | ||||||
| June 30, 2024 |
March 31, 2024 |
June 30, 2023 |
||||
| (in thousands) | ||||||
| Management fees: | ||||||
| Base | $ |
7,133 |
$ |
7,188 |
$ |
7,078 |
| Performance incentive |
|
- |
|
- |
|
- |
| Total management fees | $ |
7,133 |
$ |
7,188 |
$ |
7,078 |
| Net assets of PennyMac Mortgage Investment Trust at quarter end | $ |
1,939,869 |
$ |
1,958,914 |
$ |
1,931,496 |
Investment Management segment expenses totaled
Consolidated Expenses
Total expenses were
Taxes
PFSI recorded a provision for tax expense of
Management’s slide presentation and accompanying material will be available in the Investor Relations section of the Company’s website at pfsi.pennymac.com after the market closes on Tuesday, July 23, 2024. Management will also host a conference call and live audio webcast at 5:00 p.m. Eastern Time to review the Company’s financial results. The webcast can be accessed at pfsi.pennymac.com, and a replay will be available shortly after its conclusion.
About PennyMac Financial Services, Inc.
PennyMac Financial Services, Inc. is a specialty financial services firm focused on the production and servicing of
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, regarding management’s beliefs, estimates, projections, and assumptions with respect to, among other things, our financial results, future operations, business plans and investment strategies, as well as industry and market conditions, all of which are subject to change. Words like “believe,” “expect,” “anticipate,” “promise,” “project,” “plan,” and other expressions or words of similar meanings, as well as future or conditional verbs such as “will,” “would,” “should,” “could,” or “may” are generally intended to identify forward-looking statements. Actual results and operations for any future period may vary materially from those projected herein and from past results discussed herein. Factors which could cause actual results to differ materially from historical results or those anticipated include, but are not limited to: interest rate changes; changes in real estate values, housing prices and housing sales; changes in macroeconomic and
The press release contains financial information calculated other than in accordance with
PENNYMAC FINANCIAL SERVICES, INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
||||||
| June 30, 2024 |
March 31, 2024 |
June 30, 2023 |
||||
| (in thousands, except share amounts) | ||||||
| ASSETS | ||||||
| Cash | $ |
595,336 |
$ |
927,394 |
$ |
1,532,399 |
| Short-term investment at fair value |
|
188,772 |
|
69 |
|
8,088 |
| Principal-only stripped mortgage-backed securities at fair value |
|
914,223 |
|
524,576 |
|
- |
| Loans held for sale at fair value |
|
6,238,959 |
|
5,200,350 |
|
4,270,494 |
| Derivative assets |
|
145,887 |
|
108,987 |
|
85,517 |
| Servicing advances, net |
|
414,235 |
|
499,955 |
|
500,122 |
| Mortgage servicing rights at fair value |
|
7,923,078 |
|
7,483,210 |
|
6,510,585 |
| Investment in PennyMac Mortgage Investment Trust at fair value |
|
1,031 |
|
1,101 |
|
1,011 |
| Receivable from PennyMac Mortgage Investment Trust |
|
29,413 |
|
30,835 |
|
25,046 |
| Loans eligible for repurchase |
|
4,560,058 |
|
4,401,896 |
|
4,401,098 |
| Other |
|
566,573 |
|
623,368 |
|
650,108 |
| Total assets | $ |
21,577,565 |
$ |
19,801,741 |
$ |
17,984,468 |
| LIABILITIES | ||||||
| Assets sold under agreements to repurchase | $ |
6,408,428 |
$ |
5,435,354 |
$ |
3,780,524 |
| Mortgage loan participation purchase and sale agreements |
|
511,837 |
|
363,798 |
|
505,712 |
| Notes payable secured by mortgage servicing assets |
|
1,723,144 |
|
1,972,020 |
|
2,472,726 |
| Unsecured senior notes |
|
3,160,226 |
|
2,521,031 |
|
1,781,756 |
| Derivative liabilities |
|
18,830 |
|
40,784 |
|
22,039 |
| Mortgage servicing liabilities at fair value |
|
1,708 |
|
1,732 |
|
1,940 |
| Accounts payable and accrued expenses |
|
294,812 |
|
263,338 |
|
334,234 |
| Payable to PennyMac Mortgage Investment Trust |
|
100,220 |
|
127,993 |
|
123,287 |
| Payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement |
|
26,099 |
|
26,099 |
|
26,099 |
| Income taxes payable |
|
1,082,397 |
|
1,047,337 |
|
1,026,147 |
| Liability for loans eligible for repurchase |
|
4,560,058 |
|
4,401,896 |
|
4,401,098 |
| Liability for losses under representations and warranties |
|
28,688 |
|
29,976 |
|
30,146 |
| Total liabilities |
|
17,916,447 |
|
16,231,358 |
|
14,505,708 |
| STOCKHOLDERS' EQUITY | ||||||
| Common stock -- authorized 200,000,000 shares of |
|
5 |
|
5 |
|
5 |
| Additional paid-in capital |
|
30,053 |
|
27,179 |
|
- |
| Retained earnings |
|
3,631,060 |
|
3,543,199 |
|
3,478,755 |
| Total stockholders' equity |
|
3,661,118 |
|
3,570,383 |
|
3,478,760 |
| Total liabilities and stockholders’ equity | $ |
21,577,565 |
$ |
19,801,741 |
$ |
17,984,468 |
PENNYMAC FINANCIAL SERVICES, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
|||||||||
| Quarter ended | |||||||||
| June 30, 2024 |
March 31, 2024 |
June 30, 2023 |
|||||||
| (in thousands, except per share amounts) | |||||||||
| Revenues | |||||||||
| Net gains on loans held for sale at fair value | $ |
176,064 |
|
$ |
162,441 |
|
$ |
141,419 |
|
| Loan origination fees |
|
42,075 |
|
|
36,371 |
|
|
38,968 |
|
| Fulfillment fees from PennyMac Mortgage Investment Trust |
|
4,427 |
|
|
4,016 |
|
|
5,441 |
|
| Net loan servicing fees: | |||||||||
| Loan servicing fees |
|
440,696 |
|
|
424,184 |
|
|
356,471 |
|
| Change in fair value of mortgage servicing rights and mortgage servicing liabilities |
|
(101,315 |
) |
|
(28,585 |
) |
|
(55,257 |
) |
| Mortgage servicing rights hedging results |
|
(171,777 |
) |
|
(294,645 |
) |
|
(155,136 |
) |
| Net loan servicing fees |
|
167,604 |
|
|
100,954 |
|
|
146,078 |
|
| Net interest expense: | |||||||||
| Interest income |
|
200,811 |
|
|
156,426 |
|
|
172,952 |
|
| Interest expense |
|
207,871 |
|
|
165,769 |
|
|
178,642 |
|
|
(7,060 |
) |
|
(9,343 |
) |
|
(5,690 |
) |
|
| Management fees from PennyMac Mortgage Investment Trust |
|
7,133 |
|
|
7,188 |
|
|
7,078 |
|
| Other |
|
15,884 |
|
|
4,033 |
|
|
3,253 |
|
| Total net revenues |
|
406,127 |
|
|
305,660 |
|
|
336,547 |
|
| Expenses | |||||||||
| Compensation |
|
141,956 |
|
|
146,376 |
|
|
136,982 |
|
| Technology |
|
35,690 |
|
|
35,967 |
|
|
35,244 |
|
| Loan origination |
|
40,270 |
|
|
30,568 |
|
|
31,646 |
|
| Servicing |
|
22,920 |
|
|
16,104 |
|
|
14,652 |
|
| Professional services |
|
9,404 |
|
|
9,262 |
|
|
17,888 |
|
| Occupancy and equipment |
|
7,893 |
|
|
8,676 |
|
|
10,066 |
|
| Marketing and advertising |
|
5,445 |
|
|
3,671 |
|
|
5,578 |
|
| Other |
|
8,695 |
|
|
11,153 |
|
|
11,574 |
|
| Total expenses |
|
272,273 |
|
|
261,777 |
|
|
263,630 |
|
| Income before provision for income taxes |
|
133,854 |
|
|
43,883 |
|
|
72,917 |
|
| Provision for income taxes |
|
35,596 |
|
|
4,575 |
|
|
14,667 |
|
| Net income | $ |
98,258 |
|
$ |
39,308 |
|
$ |
58,250 |
|
| Earnings per share | |||||||||
| Basic | $ |
1.93 |
|
$ |
0.78 |
|
$ |
1.17 |
|
| Diluted | $ |
1.85 |
|
$ |
0.74 |
|
$ |
1.11 |
|
| Weighted-average common shares outstanding | |||||||||
| Basic |
|
50,955 |
|
|
50,547 |
|
|
49,874 |
|
| Diluted |
|
53,204 |
|
|
53,100 |
|
|
52,264 |
|
| Dividend declared per share | $ |
0.20 |
|
$ |
0.20 |
|
$ |
0.20 |
|
PENNYMAC FINANCIAL SERVICES, INC. RECONCILIATION OF GAAP NET INCOME TO OPERATING NET INCOME AND ANNUALIZED OPERATING RETURN ON EQUITY |
|||
| Quarter ended | |||
| June 30, 2024 | |||
| (in thousands, except annualized operating return on equity) |
|||
| Net income | $ |
98,258 |
|
| Increase in fair value of MSRs and MSLs due to changes in valuation inputs used in the valuation model |
|
(99,425 |
) |
| Hedging losses associated with MSRs |
|
171,777 |
|
| Non-recurring items |
|
(12,484 |
) |
| Adjustments | $ |
59,868 |
|
| Tax impacts of adjustments(1) |
|
16,075 |
|
| Operating net income | $ |
142,051 |
|
| Average stockholders' equity | $ |
3,614,238 |
|
| Annualized operating return on equity |
|
16 |
% |
(1) Assumes a tax rate of |
|||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240723806615/en/
Media
Lauren Padilla
mediarelations@pennymac.com
805.225.8224
Investors
Kevin Chamberlain
Isaac Garden
PFSI_IR@pennymac.com
818.224.7028
Source: PennyMac Financial Services, Inc.
FAQ
What was PennyMac Financial Services' (PFSI) net income for Q2 2024?
How much did PFSI increase its quarterly dividend in Q2 2024?
What was the total loan acquisition and origination volume for PFSI in Q2 2024?
How much did PFSI's servicing portfolio grow to in Q2 2024?
What was PFSI's pretax income for Q2 2024?
