PennyMac Financial Services, Inc. PFSI today reported net income of $65.3 million for the third quarter of 2015, on revenue of $189.2 million. Net income attributable to PFSI common stockholders was $12.7 million or $0.58 per diluted share.
Third Quarter 2015 Highlights
- Pretax income of $73.9 million, down 1 percent from the prior quarter; servicing contribution adversely impacted by a $47.9 million reduction in MSR value partially offset by gains of $30.5 million related to hedges and $10.3 million resulting from a reduction in the ESS liability
-
Total net revenue of $189.2 million, down 4 percent from the prior
quarter
- Production revenue of $135.2 million, up 3 percent from the prior quarter
- Servicing revenue of $46.1 million, down 21 percent from the prior quarter
- Investment Management revenue of $7.8 million, up 13 percent from the prior quarter
- Total loan production activity of $15.5 billion in unpaid principal balance (UPB), up 19 percent from the prior quarter
- Servicing portfolio reached $154.8 billion in UPB, up 14 percent from June 30, 2015
- Net assets under management were approximately $1.8 billion, down 5 percent from the prior quarter
"PennyMac Financial delivered strong financial performance in the third quarter as a result of continued growth in our loan production and servicing businesses," said Chairman and Chief Executive Officer Stanford L. Kurland. "Our Correspondent aggregation business gained significant market share and achieved record funding volumes made possible by PennyMac Financial's highly scalable, technology-enabled operations platform. While this quarter's earnings were reduced by a decline in the fair value of our MSR asset resulting from lower interest rates, we expect the low rate environment to result in additional production-related income over time and contribute to the growth trajectory in PennyMac Financial's earnings."
The following table presents the contribution of PennyMac Financial's Production, Servicing and Investment Management segments to pretax income:
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Quarter ended September 30, 2015 | ||||||||||
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Mortgage Banking |
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|||||||||
Production | Servicing | Total |
Investment Management |
Total | ||||||
(in thousands) | ||||||||||
Revenue | ||||||||||
Net gains on mortgage loans held for sale at fair value |
$ 81,005 | $ 1,641 | $ 82,646 | $ - | $ 82,646 | |||||
Loan origination fees | 29,448 | - | 29,448 | - | 29,448 | |||||
Fulfillment fees from PennyMac Mortgage Investment Trust |
17,553 | - | 17,553 | - | 17,553 | |||||
Net loan servicing fees | - | 57,258 | 57,258 | - | 57,258 | |||||
Management fees | - | - | - | 6,456 | 6,456 | |||||
Carried Interest from Investment Funds | - | - | - | 1,483 | 1,483 | |||||
Net interest income (expense): | ||||||||||
Interest income | 13,228 | 1,825 | 15,053 | - | 15,053 | |||||
Interest expense | 6,290 | 14,714 | 21,004 | - | 21,004 | |||||
6,938 | (12,889) | (5,951) | - | (5,951) | ||||||
Other | 272 | 121 | 393 | (141) | 252 | |||||
Total net revenue | 135,216 | 46,131 | 181,347 | 7,798 | 189,145 | |||||
Expenses | 57,477 | 52,187 | 109,664 | 5,618 | 115,282 | |||||
Income (loss) before provision for income taxes and non-segment activities |
77,739 | (6,056) | 71,683 | 2,180 | 73,863 | |||||
Non-segment activities - parent company interest | Â | Â | Â | Â | 60 | |||||
Income (loss) before provision for income taxes | $ 77,739 | $ (6,056) | $ 71,683 | $ 2,180 | $ 73,923 | |||||
 |
Production Segment
Production includes the correspondent acquisition of newly originated mortgage loans for PennyMac Financial's own account, fulfillment services on behalf of PennyMac Mortgage Investment Trust PMT, and consumer direct lending.
PennyMac Financial's loan production totaled $15.5 billion in UPB, of which $11.4 billion in UPB was for its own account, and $4.1 billion was fee-based fulfillment activity for PMT. Interest rate lock commitments (IRLCs) on correspondent government-insured and consumer direct loans totaled $11.2 billion in UPB.
Production segment pretax income totaled $77.7 million, an increase of 2 percent from the second quarter due to increases in loan origination fees and net interest income, partially offset by lower gains on mortgage loans revenue and higher segment expenses.
The components of net gains on mortgage loans held for sale are detailed in the following table:
 | Quarter ended | |||||||||||
September 30,
2015 |
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June 30,
2015 |
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September 30,
2014 |
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(in thousands) | ||||||||||||
Net gains on mortgage loans held for sale: | ||||||||||||
MSR value | $ | 153,338 | $ | 119,848 | $ | 61,200 | ||||||
Recapture payable to PennyMac Mortgage Investment Trust |
(3,098 | ) | (1,456 | ) | (2,143 | ) | ||||||
Provision for representations and warranties | (2,292 | ) | (1,748 | ) | (1,584 | ) | ||||||
Cash investment (1) | (85,426 | ) | (20,949 | ) | (8,472 | ) | ||||||
Fair value changes of pipeline, inventory and hedges |
 | 20,124 |  |  | (11,740 | ) |  | (868 | ) | |||
$ | 82,646 | Â | $ | 83,955 | Â | $ | 48,133 | Â | ||||
Net gains on mortgage loans held for sale by segment: |
||||||||||||
Production | $ | 81,005 | Â | $ | 86,377 | Â | $ | 41,308 | Â | |||
Servicing | $ | 1,641 | Â | $ | (2,422 | ) | $ | 6,825 | Â | |||
 | ||||||||||||
(1) Includes cash hedge expense | ||||||||||||
 |
Net gains on mortgage loans held for sale totaled $82.6 million in the third quarter, a 2 percent decrease from $84.0 million in the second quarter. The decrease was driven by a reduction in government-insured correspondent lock volumes during the quarter and a decline in consumer direct margins.
PennyMac Financial performs fulfillment services for conventional conforming and jumbo loans acquired by PMT in its correspondent production business. These services include, but are not limited to: marketing, relationship management, the approval of correspondent sellers and the ongoing monitoring of their performance, reviews of loan data, documentation and appraisals to assess loan quality and risk; and pricing, hedging and activities related to the subsequent sale and securitization of loans in the secondary mortgage markets for PMT. Fees earned from fulfillment of correspondent loans on behalf of PMT totaled $17.6 million in the third quarter, compared to $15.3 million in the second quarter. The increase was driven by a 14 percent increase in conventional loan acquisitions from the second quarter; the average fulfillment fee rate was 43 basis points, unchanged from the second quarter.
Production segment expenses increased to $57.5 million, a 4 percent increase from the second quarter, primarily driven by the increase in loan production volumes.
Servicing Segment
Servicing includes income from owned MSRs, in addition to subservicing and special servicing activities. The Servicing segment posted a pretax loss of $6.1 million in the third quarter, versus a pretax loss of $2.4 million in the second quarter. Net loan servicing fees totaled $57.3 million for the quarter, a 16 percent quarter-over-quarter decrease, which included $106.1 million in servicing fees reduced by $41.6 million of amortization and realization of MSR cash flows. Net loan servicing fees also included $47.9 million of impairment and fair value losses on MSRs, partially offset by gains of $30.5 million related to hedges and $10.3 million resulting from the change in fair value of the ESS liability.
The following table presents a breakdown of net loan servicing fees:
 | Quarter ended | |||||||||||
September 30,
2015 |
 |
June 30,
2015 |
 |
September 30,
2014 |
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(in thousands) | ||||||||||||
Net loan servicing fees: | ||||||||||||
Loan servicing fees (1) | $ | 106,052 | $ | 91,006 | $ | 64,708 | ||||||
Effect of MSRs: | ||||||||||||
Amortization and realization of cash flows | (41,594 | ) | (31,385 | ) | (19,703 | ) | ||||||
Change in fair value and provision for impairment of MSRs carried at lower of amortized cost or fair value |
(47,926 | ) | 44,378 | 261 | ||||||||
Change in fair value of excess servicing spread financing |
10,271 | (7,133 | ) | 9,539 | ||||||||
Hedging (losses) gains | Â | 30,455 | Â | Â | (28,317 | ) | Â | (897 | ) | |||
Total amortization, impairment and change in fair value of MSRs |
 | (48,794 | ) |  | (22,457 | ) |  | (10,800 | ) | |||
Net loan servicing fees | $ | 57,258 | Â | $ | 68,549 | Â | $ | 53,908 | Â | |||
 | ||||||||||||
(1) Includes contractually-specified servicing fees |
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 |
Servicing segment expenses totaled $52.2 million, an $8.3 million decrease from the second quarter, largely due to a reduction in expenses related to the early buyout (EBO) of loans from seasoned Ginnie Mae pools, lower provisioning for unrecoverable servicing advances and a decline in loss claims to the government agencies from elevated levels in the second quarter. These reductions were partially offset by increased staffing levels for recent MSR portfolio acquisitions and continued portfolio growth.
The total servicing portfolio reached $154.8 billion in UPB at September 30, 2015, an increase of 14 percent from the prior quarter end. Of the total servicing portfolio, prime servicing was $150.8 billion in UPB and special servicing was $4.0 billion in UPB. The Company subservices and services under contract $45.3 billion in UPB, an increase of 5 percent from June 30, 2015, primarily due to new correspondent acquisitions by PMT. PennyMac Financial's MSR portfolio grew to $107.0 billion in UPB, an increase of 18 percent over the prior quarter, resulting from the acquisition of government-insured loans in correspondent production, consumer direct lending activities, and the completion of MSR acquisitions totaling $10.0 billion in UPB.
The table below details PennyMac Financial's servicing portfolio UPB:
 |
September 30,
2015 |
 |
June 30,
2015 |
 |
September 30,
2014 |
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(in thousands) | |||||||||
Loans serviced at period end: | |||||||||
Prime servicing: | |||||||||
Owned | |||||||||
Mortgage servicing rights | |||||||||
Originated | $ | 54,259,297 | $ | 44,794,166 | $ | 33,297,161 | |||
Acquired | Â | 52,717,209 | Â | 45,887,246 | Â | 27,568,250 | |||
106,976,506 | 90,681,412 | 60,865,411 | |||||||
Mortgage servicing liabilities | 957,113 | 816,424 | - | ||||||
Mortgage loans held for sale | Â | 1,602,692 | Â | 1,526,779 | Â | 1,217,599 | |||
109,536,311 | 93,024,615 | 62,083,010 | |||||||
Subserviced for Advised Entities | Â | 41,303,357 | Â | 39,011,761 | Â | 33,848,483 | |||
Total prime servicing | Â | 150,839,668 | Â | 132,036,376 | Â | 95,931,493 | |||
Special servicing: | |||||||||
Subserviced for Advised Entities | Â | 3,990,744 | Â | 4,133,946 | Â | 4,152,284 | |||
Total special servicing | Â | 3,990,744 | Â | 4,133,946 | Â | 4,152,284 | |||
Total loans serviced | $ | 154,830,412 | $ | 136,170,322 | $ | 100,083,777 | |||
 | |||||||||
Mortgage loans serviced: | |||||||||
Owned | |||||||||
Mortgage servicing rights | $ | 106,976,506 | $ | 90,681,412 | $ | 60,865,411 | |||
Mortgage servicing liabilities | 957,113 | 816,424 | - | ||||||
Mortgage loans held for sale | Â | 1,602,692 | Â | 1,526,779 | Â | 1,217,599 | |||
109,536,311 | 93,024,615 | 62,083,010 | |||||||
Subserviced | Â | 45,294,101 | Â | 43,145,707 | Â | 38,000,767 | |||
Total mortgage loans serviced | $ | 154,830,412 | $ | 136,170,322 | $ | 100,083,777 | |||
 |
Investment Management Segment
PennyMac Financial manages PMT and certain private investment funds, for which it earns base management fees and incentive compensation. Net assets under management were approximately $1.8 billion as of September 30, 2015, down 5 percent from June 30, 2015.
Pretax income for the Investment Management segment was $2.2 million, an increase of $1.2 million from the second quarter of 2015. Management fees, which include base management fees and incentive fees from PMT and management fees from the private investment funds, decreased 7 percent from the prior quarter, primarily due to a $0.5 million decline in management fee revenue from the private investment funds. Carried interest from the private investment funds increased by $1.3 million from the prior quarter resulting from improved performance of the funds during the quarter.
The following table presents a breakdown of management fees and carried interest:
 | Quarter ended | ||||||||
September 30,
2015 |
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June 30,
2015 |
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September 30,
2014 |
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(in thousands) | |||||||||
Management fees: | |||||||||
PennyMac Mortgage Investment Trust | |||||||||
Base | $ | 5,742 | $ | 5,709 | $ | 6,033 | |||
Performance incentive | Â | - | Â | 70 | Â | 3,590 | |||
5,742 | 5,779 | 9,623 | |||||||
Investment Funds | Â | 714 | Â | 1,184 | Â | 1,756 | |||
Total management fees | Â | 6,456 | Â | 6,963 | Â | 11,379 | |||
Carried Interest | Â | 1,483 | Â | 182 | Â | 1,902 | |||
Total management fees and Carried Interest | $ | 7,939 | $ | 7,145 | $ | 13,281 | |||
 | |||||||||
Net assets of Advised Entities: | |||||||||
PennyMac Mortgage Investment Trust | $ | 1,513,505 | $ | 1,525,297 | $ | 1,588,041 | |||
Investment Funds | Â | 238,349 | Â | 316,383 | Â | 428,040 | |||
$ | 1,751,854 | $ | 1,841,680 | $ | 2,016,081 |
Investment Management segment expenses totaled $5.6 million, a 6 percent decrease from the second quarter.
Consolidated Expenses
Total expenses for the third quarter were $115.3 million, a 5 percent decrease from the second quarter. Compensation expense increased $3.7 million from the second quarter to $74.1 million, driven by increases in headcount related to the growth in servicing and production volumes. Other expenses increased 23 percent to $9.6 million, primarily due to higher custodial agent fees associated with recent MSR acquisitions and servicing portfolio growth.
Mr. Kurland concluded, "We continue to make ongoing investments in PennyMac Financial's leading operating platform to build additional capacity and enhance productivity. Our capabilities in correspondent production and loan servicing are recognized as distinctive in the industry, and we are leveraging these capabilities to grow our consumer direct lending activities. Our success continues to be driven by our management team's substantial expertise combined with the unique operational capabilities we have developed, including technology, which we believe result in a distinct and sustainable competitive advantage for PennyMac Financial."
Management's slide presentation will be available in the Investor Relations section of the Company's website at www.ir.pennymacfinancial.com beginning at 1:30 p.m. (Pacific Standard Time) on Wednesday, November 4, 2015.
About PennyMac Financial Services, Inc.
PennyMac Financial Services, Inc. is a specialty financial services firm with a comprehensive mortgage platform and integrated business focused on the production and servicing of U.S. mortgage loans and the management of investments related to the U.S. mortgage market. PennyMac Financial Services, Inc. trades on the New York Stock Exchange under the symbol "PFSI." Additional information about PennyMac Financial Services, Inc. is available at www.ir.pennymacfinancial.com.
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, the Company's 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," "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: changes in federal, state and local laws and regulations applicable to the highly regulated industry in which we operate; lawsuits or governmental actions if we do not comply with the laws and regulations applicable to our businesses; the creation of the Consumer Financial Protection Bureau, or CFPB, and enforcement of its rules; changes in existing U.S. government-sponsored entities, their current roles or their guarantees or guidelines; changes to government mortgage modification programs; the licensing and operational requirements of states and other jurisdictions applicable to our businesses, to which our bank competitors are not subject; foreclosure delays and changes in foreclosure practices; certain banking regulations that may limit our business activities; changes in macroeconomic and U.S. residential real estate market conditions; difficulties in growing loan production volume; changes in prevailing interest rates; increases in loan delinquencies and defaults; our reliance on PennyMac Mortgage Investment Trust as a significant source of financing for, and revenue related to, our correspondent production business and purchased mortgage servicing rights; availability of required additional capital and liquidity to support business growth; our obligation to indemnify third-party purchasers or repurchase loans that we originate, acquire or assist in with fulfillment; our obligation to indemnify advised entities or investment funds to meet certain criteria or characteristics or under other circumstances; decreases in the historical returns on the assets that we select and manage for our clients, and our resulting management and incentive fees; regulation applicable to our investment management segment; conflicts of interest in allocating our services and investment opportunities among ourselves and our advised entities; the potential damage to our reputation and adverse impact to our business resulting from ongoing negative publicity; and our rapid growth. You should not place undue reliance on any forward-looking statement and should consider all of the uncertainties and risks described above, as well as those more fully discussed in reports and other documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, and the statements made in this press release are current as of the date of this release only.
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PENNYMAC FINANCIAL SERVICES, INC. | |||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||
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 | |||||||||
September 30,
2015 |
June 30,
2015 |
September 30,
2014 |
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(in thousands, except share data) | |||||||||
ASSETS | |||||||||
Cash | $ | 47,415 | $ | 74,728 | $ | 77,251 | |||
Short-term investments at fair value | 24,766 | 23,577 | 36,335 | ||||||
Mortgage loans held for sale at fair value | 1,696,980 | 1,594,262 | 1,259,991 | ||||||
Servicing advances, net | 252,172 | 244,806 | 195,246 | ||||||
Derivative assets | 53,569 | 43,568 | 28,400 | ||||||
Carried Interest due from Investment Funds | 70,196 | 68,713 | 67,035 | ||||||
Investment in PennyMac Mortgage Investment Trust at fair value | 1,160 | 1,307 | 1,607 | ||||||
Mortgage servicing rights | 1,307,392 | 1,135,510 | 677,413 | ||||||
Receivable from Investment Funds | 1,542 | 2,148 | 2,702 | ||||||
Receivable from PennyMac Mortgage Investment Trust | 17,220 | 16,245 | 21,420 | ||||||
Note receivable from PennyMac Mortgage Investment Trust---Secured | 150,000 | 52,526 | - | ||||||
Furniture, fixtures, equipment and building improvements, net | 14,107 | 11,773 | 11,574 | ||||||
Capitalized software, net | 2,035 | 1,250 | 580 | ||||||
Deferred tax asset | 25,878 | 34,165 | 52,820 | ||||||
Loans eligible for repurchase | 97,455 | 77,529 | 58,145 | ||||||
Other | Â | 53,435 | Â | 48,498 | Â | 48,108 | |||
Total assets | $ | 3,815,322 | $ | 3,430,605 | $ | 2,538,627 | |||
 | |||||||||
LIABILITIES | |||||||||
Mortgage loans sold under agreements to repurchase | $ | 1,286,411 | $ | 1,263,248 | $ | 929,747 | |||
Mortgage loan participation and sale agreement | 247,410 | 195,959 | 142,383 | ||||||
Note payable | 406,990 | 246,456 | 154,948 | ||||||
Excess servicing spread financing at fair value | 418,573 | 359,102 | 187,368 | ||||||
Derivative liabilities | 4,632 | 13,584 | 4,440 | ||||||
Mortgage servicing liabilities at fair value | 10,724 | 11,791 | 4,091 | ||||||
Accounts payable and accrued expenses | 85,530 | 84,357 | 62,712 | ||||||
Payable to Investment Funds | 30,211 | 31,255 | 35,874 | ||||||
Payable to PennyMac Mortgage Investment Trust | 147,326 | 139,699 | 104,783 | ||||||
Payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement |
72,275 | 71,895 | 75,925 | ||||||
Liability for loans eligible for repurchase | 97,455 | 77,529 | 58,145 | ||||||
Liability for losses under representations and warranties | Â | 18,478 | Â | 16,257 | Â | 11,762 | |||
Total liabilities | Â | 2,826,015 | Â | 2,511,132 | Â | 1,772,178 | |||
 | |||||||||
STOCKHOLDERS' EQUITY | |||||||||
Class A common stock---authorized 200,000,000 shares of $0.0001 par value; issued and outstanding, 21,842,868, 21,790,666 and 21,525,644 shares, respectively |
2 | 2 | 2 | ||||||
Class B common stock---authorized 1,000 shares of $0.0001 par value; issued and outstanding, 52, 52 and 58 shares, respectively |
- | - | - | ||||||
Additional paid-in capital | 169,297 | 167,536 | 161,309 | ||||||
Retained earnings | Â | 85,699 | Â | 73,019 | Â | 42,479 | |||
Total stockholders' equity attributable to PennyMac Financial Services, Inc. common stockholders |
 | 254,998 |  | 240,557 |  | 203,790 | |||
Noncontrolling interests in Private National Mortgage Acceptance Company, LLC |
 | 734,309 |  | 678,916 |  | 562,659 | |||
Total stockholders' equity | Â | 989,307 | Â | 919,473 | Â | 766,449 | |||
Total liabilities and stockholders' equity |
$ | 3,815,322 | $ | 3,430,605 | $ | 2,538,627 | |||
 |
 | ||||||||||||
PENNYMAC FINANCIAL SERVICES, INC. | ||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||
 |  | |||||||||||
Quarter ended | ||||||||||||
September 30,
2015 |
 |
June 30,
2015 |
September 30,
2014 |
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(in thousands, except per share data) | ||||||||||||
Revenue | ||||||||||||
Net gains on mortgage loans held for sale at fair value | $ | 82,646 | $ | 83,955 | $ | 48,133 | ||||||
Loan origination fees | 29,448 | 24,421 | 11,823 | |||||||||
Fulfillment fees from PennyMac Mortgage Investment Trust | 17,553 | 15,333 | 15,497 | |||||||||
Net loan servicing fees: | ||||||||||||
Loan servicing fees | ||||||||||||
From non-affiliates | 83,424 | 66,867 | 44,647 | |||||||||
From PennyMac Mortgage Investment Trust | 11,736 | 12,136 | 12,325 | |||||||||
From Investment Funds | 796 | 153 | 1,116 | |||||||||
Ancillary and other fees | Â | 10,096 | Â | Â | 11,850 | Â | Â | 6,620 | Â | |||
106,052 | 91,006 | 64,708 | ||||||||||
Amortization, impairment and change in estimated fair value of mortgage servicing rights |
 | (48,794 | ) |  | (22,457 | ) |  | (10,800 | ) | |||
Net loan servicing fees | Â | 57,258 | Â | Â | 68,549 | Â | Â | 53,908 | Â | |||
Management fees: | ||||||||||||
From PennyMac Mortgage Investment Trust | 5,742 | 5,779 | 9,623 | |||||||||
From Investment Funds | Â | 714 | Â | Â | 1,184 | Â | Â | 1,756 | Â | |||
 | 6,456 |  |  | 6,963 |  |  | 11,379 |  | ||||
Carried Interest from Investment Funds | 1,483 | 182 | 1,902 | |||||||||
Net interest expense: | ||||||||||||
Interest income | 15,053 | 13,184 | 8,975 | |||||||||
Interest expense | Â | 20,944 | Â | Â | 16,349 | Â | Â | 11,713 | Â | |||
(5,891 | ) | (3,165 | ) | (2,738 | ) | |||||||
Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust |
(158 | ) | (244 | ) | 8 | |||||||
Other | Â | 410 | Â | Â | 357 | Â | Â | 713 | Â | |||
Total net revenue | Â | 189,205 | Â | Â | 196,351 | Â | Â | 140,625 | Â | |||
Expenses | ||||||||||||
Compensation | 74,129 | 70,422 | 48,375 | |||||||||
Servicing | 16,770 | 28,603 | 13,914 | |||||||||
Technology | 6,676 | 6,490 | 4,350 | |||||||||
Professional services | 3,803 | 4,074 | 3,290 | |||||||||
Loan origination | 4,314 | 4,148 | 2,537 | |||||||||
Other | Â | 9,590 | Â | Â | 7,815 | Â | Â | 5,467 | Â | |||
Total expenses |
 | 115,282 |  |  | 121,552 |  |  | 77,933 |  | |||
Income before provision for income taxes | 73,923 | 74,799 | 62,692 | |||||||||
Provision for income taxes | Â | 8,575 | Â | Â | 8,619 | Â | Â | 7,232 | Â | |||
Net income | 65,348 | 66,180 | 55,460 | |||||||||
Less: Net income attributable to noncontrolling interest | Â | 52,668 | Â | Â | 53,431 | Â | Â | 44,971 | Â | |||
Net income attributable to PennyMac Financial Services, Inc. common stockholders |
$ | 12,680 | Â | $ | 12,749 | Â | $ | 10,489 | Â | |||
 | ||||||||||||
Earnings per share | ||||||||||||
Basic | $ | 0.58 | $ | 0.59 | $ | 0.49 | ||||||
Diluted | $ | 0.58 | $ | 0.59 | $ | 0.49 | ||||||
Weighted-average common shares outstanding | ||||||||||||
Basic | 21,810 | 21,700 | 21,432 | |||||||||
Diluted | 76,138 | 76,105 | 75,949 |
View source version on businesswire.com: http://www.businesswire.com/news/home/20151104006786/en/
PennyMac Financial Services, Inc.
Investors and Media
Christopher
Oltmann
818-264-4907
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