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Press Release: PennyMac Financial Services, Inc. -5-

· 02/04/2021 16:30
CONTACT: Mediavalue $ 2,740,785 $ 725,528 $ 249,022 Loan origination fees 285,551 174,156 101,641 Fulfillment fees from PennyMac Mortgage Investment Trust 222,200 160,610 81,350 Net loan servicing fees: Loan servicing fees: From non-affiliates 814,646 730,165 585,101 From PennyMac Mortgage Investment Trust 67,181 48,797 42,045 Investment funds - - 3 Other fees 116,464 98,564 64,133 ---------- --------- -------- 998,291 877,526 691,282 Change in fair value of mortgage servicing rights, mortgage servicing liabilities and excess servicing spread financing (1,477,023) (979,358) (124,844) Hedging results 918,180 395,497 (121,045) ---------- --------- -------- Net loan servicing fees 439,448 293,665 445,393 ---------- --------- -------- Net interest (expense) income: Interest income 247,026 288,700 216,416 Interest expense 271,551 211,979 144,597 ---------- --------- -------- (24,525) 76,721 71,819 Management fees, net: From PennyMac Mortgage Investment Trust 34,538 36,492 24,465 From Investment Funds - - 4 ---------- --------- -------- 34,538 36,492 24,469 ---------- --------- -------- Carried Interest from Investment Funds - - (365) Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust (453) 416 332 Results of real estate acquired in settlement of loans 1,036 557 589 Revaluation of payable to exchange Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement 280 379 1,126 Other 6,737 8,880 9,253 ---------- --------- -------- Total net revenue 3,705,597 1,477,404 984,629 ---------- --------- -------- Expenses Compensation 738,569 503,458 403,270 Servicing 256,934 164,697 137,104 Loan origination 219,746 117,338 27,398 Technology 112,570 67,946 60,103 Professional services 64,064 32,859 27,615 Occupancy and equipment 33,357 28,916 27,152 Other 39,748 32,746 34,290 ---------- --------- -------- Total expenses 1,464,988 947,960 716,932 ---------- --------- -------- Income before provision for income taxes 2,240,609 529,444 267,697 Provision for income taxes 593,725 136,479 23,254 ---------- --------- -------- Net income 1,646,884 392,965 244,443 Less: Net income attributable to noncontrolling interest - - 156,749 ---------- --------- -------- Net income attributable to PennyMac Financial Services, Inc. common stockholders $ 1,646,884 $ 392,965 $ 87,694 ========== ========= ======== Earnings per share Basic $ 21.91 $ 5.02 $ 2.62 Diluted $ 20.92 $ 4.89 $ 2.59 Weighted average shares outstanding Basic 75,161 78,466 33,524 Diluted 78,728 81,076 35,322

View source version on businesswire.com: https://www.businesswire.com/news/home/20210204006094/en/

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)