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Press Release: PennyMac Mortgage Investment Trust -4-

· 02/04/2021 16:30
CONTACT: Mediabeneficial interest 299,707 299,707 299,707 Common shares of beneficial interest--authorized, 500,000,000 common shares of $0.01 par value; issued and outstanding 97,862,625, 98,789,406, and 100,182,227 common shares, respectively 979 988 1,002 Additional paid-in capital 2,096,907 2,111,854 2,127,889 (Accumulated deficit) retained earnings (100,734) (131,283) 22,317 ---------- ---------- ------------ Total shareholders' equity 2,296,859 2,281,266 2,450,915 ---------- ---------- ------------ Total liabilities and shareholders' equity $11,516,346 $10,455,067 $ 11,771,351 ========== ========== ============ PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) For the Quarterly Periods Ended ----------------------------------------------------- September 30, December 31, December 31, 2020 2020 2019 ----------------- ---------------- ---------------- (in thousands, except per share amounts) Investment Income Net gain on investments $ 135,715 $ 19,597 $ 34,682 Net loan servicing fees: From nonaffiliates Servicing fees 141,527 125,938 100,518 Change in fair value of mortgage servicing rights (74,415) (66,473) 70,046 Hedging results (115,755) 962 (149,972) --- -------- -------- --------- (48,643) 60,427 20,592 Net gain on loans acquired for sale 70,511 98,422 65,337 Loan origination fees 59,589 38,547 31,959 Interest income 48,577 60,623 95,210 Interest expense 69,637 59,017 92,582 --- -------- -------- --------- Net interest (expense) income (21,060) 1,606 2,628 Results of real estate acquired in settlement of loans 318 2,259 (526) Other 104 155 364 --- -------- -------- --------- Net investment income 196,534 221,013 155,036 --- -------- -------- --------- Expenses Earned by PennyMac Financial Services, Inc.: Loan fulfillment fees 72,606 54,839 58,297 Loan servicing fees 18,375 18,752 13,695 Management fees 8,687 8,508 10,314 Loan origination 10,486 7,234 5,382 Loan collection and liquidation 7,667 1,082 218 Safekeeping 2,452 1,075 1,729 Professional services 1,863 1,554 1,066 Compensation 1,132 1,039 1,513 Other (629) 4,733 3,551 --- -------- -------- --------- Total expenses 122,639 98,816 95,765 --- -------- -------- --------- Income before (benefit from) provision for income taxes 73,895 122,197 59,271 (Benefit from) provision for income taxes (8,984) 22,650 674 --- -------- -------- --------- Net income 82,879 99,547 58,597 Dividends on preferred shares 6,235 6,235 6,235 --- -------- -------- --------- Net income attributable to common shareholders $ 76,644 $ 93,312 $ 52,362 === ======== ======== ========= Earnings per share Basic $ 0.78 $ 0.94 $ 0.56 Diluted $ 0.78 $ 0.94 $ 0.55 Weighted average shares outstanding Basic 98,346 99,227 93,169 Diluted 98,534 99,424 101,865 Dividends declared per common share $ 0.47 $ 0.40 $ 0.47 PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) Year ended December 31, 2020 2019 2018 ---------- ---------- --------- (in thousands, except per share amounts) Net investment income Net (loss) gain on investments $ (170,885) $ 263,318 $ 81,926 Net loan servicing fees: From nonaffiliates Servicing fees 462,517 319,489 212,725 Change in fair value of mortgage servicing rights (938,937) (464,350) (58,781) Hedging results 601,743 80,619 (35,549) ---------- ---------- --------- 125,323 (64,242) 118,395 From PennyMac Financial Services, Inc. 28,373 5,324 2,192 ---------- ---------- --------- 153,696 (58,918) 120,587 Net gain on loans acquired for sale 379,922 170,164 59,185 Loan origination fees 147,272 87,997 43,321 Interest income 222,135 317,885 222,772 Interest expense 270,770 297,446 175,171 ---------- ---------- --------- Net interest (expense) income (48,635) 20,439 47,601 Results of real estate acquired in settlement of loans 5,465 771 (8,786) Other 2,516 5,044 7,233 ---------- ---------- --------- Net investment income 469,351 488,815 351,067 ---------- ---------- --------- Expenses Earned by PennyMac Financial Services, Inc.: Loan fulfillment fees 222,200 160,610 81,350 Loan servicing fees 67,181 48,797 42,045 Management fees 34,538 36,492 24,465 Loan origination 26,437 15,105 6,562 Loan collection and liquidation 10,363 4,600 7,852 Safekeeping 7,090 5,097 1,805 Professional services 6,405 5,556 6,380 Compensation 3,890 6,897 6,781 Other 11,517 15,020 15,839 ---------- ---------- --------- Total expenses 389,621 298,174 193,079 ---------- ---------- --------- Income before provision for (benefit from) income taxes 79,730 190,641 157,988 Provision for (benefit from) income taxes 27,357 (35,716) 5,190 ---------- ---------- --------- Net income 52,373 226,357 152,798 Dividends on preferred shares 24,938 24,938 24,938 ---------- ---------- --------- Net income attributable to common shareholders $ 27,435 $ 201,419 $ 127,860 ========== ========== ========= Earnings per common share Basic $ 0.27 $ 2.54 $ 2.09 Diluted $ 0.27 $ 2.42 $ 1.99 Weighted average common shares outstanding Basic 99,373 78,990 60,898 Diluted 99,373 87,711 69,365

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Janis Allen

(805) 330-4899

Investors

Kevin Chamberlain

Isaac Garden

(818) 224-7028

(END) Dow Jones Newswires

February 04, 2021 16:30 ET (21:30 GMT)