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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

Form 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from           to           

Commission File Number: 001-38727

PennyMac Financial Services, Inc.

(Exact name of registrant as specified in its charter)

Delaware

83-1098934

(State or other jurisdiction of

(IRS Employer

incorporation or organization)

Identification No.)

3043 Townsgate Road, Westlake Village, California

91361

(Address of principal executive offices)

(Zip Code)

(818224-7442

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

    

Trading Symbol(s)

    

Name of each exchange on which registered

Common Stock, $0.0001 par value

PFSI

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.

Class

Outstanding at August 2, 2022

Common Stock, $0.0001 par value

52,464,912

PENNYMAC FINANCIAL SERVICES, INC.

FORM 10-Q

June 30, 2022

TABLE OF CONTENTS

Page

Special Note Regarding Forward-Looking Statements

3

PART I. FINANCIAL INFORMATION

5

Item 1.

Financial Statements (Unaudited):

5

Consolidated Balance Sheets

5

Consolidated Statements of Income

6

Consolidated Statements of Changes in Stockholders’ Equity

7

Consolidated Statements of Cash Flows

8

Notes to Consolidated Financial Statements

10

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

59

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

77

Item 4.

Controls and Procedures

79

PART II. OTHER INFORMATION

80

Item 1.

Legal Proceedings

80

Item 1A.

Risk Factors

80

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

80

Item 3.

Defaults Upon Senior Securities

80

Item 4.

Mine Safety Disclosures

80

Item 5.

Other Information

80

Item 6.

Exhibits

81

2

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q (“Report”) contains certain forward-looking statements that are subject to various risks and uncertainties. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” “continue,” “plan” or other similar words or expressions. 

 

Forward-looking statements are based on certain assumptions, discuss future expectations, describe future plans and strategies, contain financial and operating projections or state other forward-looking information. Examples of forward-looking statements include the following:

projections of our revenues, income, earnings per share, capital structure or other financial items;
descriptions of our plans or objectives for future operations, products or services;
forecasts of our future economic performance, interest rates, profit margins and prepayment rates; and
descriptions of assumptions underlying or relating to any of the foregoing expectations regarding the timing of generating any revenues.

Our ability to predict results or the actual effect of future events, actions, plans or strategies is inherently uncertain. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results and performance could differ materially from those set forth in the forward-looking statements. There are a number of factors, many of which are beyond our control that could cause actual results to differ significantly from management’s expectations. Some of these factors are discussed below.

 

You should not place undue reliance on any forward-looking statement and should consider the following uncertainties and risks, as well as the risks and uncertainties discussed elsewhere in this Report and the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission (“SEC”) on February 23, 2022.

 

Factors that could cause actual results to differ materially from historical results or those anticipated include, but are not limited to:

changes in prevailing interest rates;

our exposure to risks of loss resulting from adverse weather conditions, man-made or natural disasters, the effect of climate change, and pandemics, such as the corona virus (“COVID-19”);

the continually changing 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 mortgage lending and servicing-related regulations promulgated by the Consumer Financial Protection Bureau (“CFPB”) and its enforcement of these regulations;

our dependence on U.S. government-sponsored entities and changes in their current roles or their guarantees or guidelines;

changes to government mortgage modification programs;

foreclosure delays and changes in foreclosure practices;

the licensing and operational requirements of states and other jurisdictions applicable to our businesses, to which our bank competitors are not subject;

our ability to manage third-party service providers and vendors and their compliance with laws, regulations and investor requirements;

3

changes in macroeconomic and U.S. real estate market conditions;

difficulties inherent in adjusting the size of our operations to reflect changes in business levels;

maintaining sufficient capital and liquidity and compliance with financial covenants;

our substantial amount of indebtedness;

increases in loan delinquencies and defaults;

failure to modify, resell or refinance early buyout loans or defaults of early buyout loans beyond our expectations;

our reliance on PennyMac Mortgage Investment Trust (“PMT”) as a significant source of financing for, and revenue related to, our mortgage banking business;

our obligation to indemnify third-party purchasers or repurchase loans if loans that we originate, acquire, service or assist in the fulfillment of, fail to meet certain criteria or characteristics or under other circumstances;

our exposure to counterparties that are unwilling or unable to honor contractual obligations, including their obligation to indemnify us or repurchase defective mortgage loans;

our ability to realize the anticipated benefit of potential future acquisitions of mortgage servicing rights;

our obligation to indemnify PMT if our services fail to meet certain criteria or characteristics or under other circumstances;

decreases in the returns on the assets that we select and manage for our clients, and our resulting management and incentive fees;

the extensive amount of regulation applicable to our investment management segment;

conflicts of interest in allocating our services and investment opportunities among ourselves and PMT;

the effect of public opinion on our reputation;

our ability to effectively identify, manage and hedge our credit, interest rate, prepayment, liquidity and climate risks;

our initiation of new business activities or expansion of existing business activities;

our ability to detect misconduct and fraud;

our ability to effectively deploy new information technology applications and infrastructure;

our ability to mitigate cybersecurity risks and cyber incidents;

our ability to pay dividends to our stockholders; and

our organizational structure and certain requirements in our charter documents.

Other factors that could also cause results to differ from our expectations may not be described in this Report or any other document. Each of these factors could by itself, or together with one or more other factors, adversely affect our business, results of operations and/or financial condition.

 

Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.

4

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

PENNYMAC FINANCIAL SERVICES, INC.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

    

June 30, 

December 31, 

    

2022

    

2021

(in thousands, except share amounts)

ASSETS

Cash

 $

1,415,396

 $

340,069

Short-term investment at fair value

4,961

6,873

Loans held for sale at fair value (includes $3,270,508 and $9,135,577 pledged to creditors)

3,586,810

9,742,483

Derivative assets

103,901

333,695

Servicing advances, net (includes valuation allowance of $66,143 and $120,940; $279,664 and $232,107 pledged to creditors)

570,822

702,160

Mortgage servicing rights at fair value (includes $5,163,544 and $3,856,791 pledged to creditors)

5,217,167

3,878,078

Operating lease right-of-use assets

82,078

89,040

Investment in PennyMac Mortgage Investment Trust at fair value

1,037

1,300

Receivable from PennyMac Mortgage Investment Trust

43,234

40,091

Loans eligible for repurchase

2,778,768

3,026,207

Other (includes $25,547 and $45,294 pledged to creditors)

468,081

616,616

Total assets

 $

14,272,255

 $

18,776,612

LIABILITIES

Assets sold under agreements to repurchase

 $

2,441,816

 $

7,292,735

Mortgage loan participation purchase and sale agreements

502,116

479,845

Obligations under capital lease

3,489

Notes payable secured by mortgage servicing assets

1,793,260

1,297,622

Unsecured senior notes

1,778,055

1,776,219

Derivative liabilities

42,702

22,606

Mortgage servicing liabilities at fair value

2,337

2,816

Accounts payable and accrued expenses

317,998

359,413

Operating lease liabilities

102,756

110,003

Payable to PennyMac Mortgage Investment Trust

98,991

228,019

Payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement

27,014

30,530

Income taxes payable

885,721

685,262

Liability for loans eligible for repurchase

2,778,768

3,026,207

Liability for losses under representations and warranties

39,336

43,521

Total liabilities

10,810,870

15,358,287

Commitments and contingencies – Note 16

STOCKHOLDERS’ EQUITY

Common stock—authorized 200,000,000 shares of $0.0001 par value; issued and outstanding, 52,938,854 and 56,867,202 shares, respectively

5

6

Additional paid-in capital

125,396

Retained earnings

3,461,380

3,292,923

Total stockholders' equity

3,461,385

3,418,325

Total liabilities and stockholders' equity

 $

14,272,255

 $

18,776,612

The accompanying notes are an integral part of these consolidated financial statements.

5

PENNYMAC FINANCIAL SERVICES, INC.

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

Quarter ended June 30, 

  

Six months ended June 30, 

2022

2021

  

2022

2021

(in thousands, except earnings per share)

Revenues

Net gains on loans held for sale at fair value:

From non-affiliates

$

227,319

$

594,196

$

535,430

$

1,362,785

From PennyMac Mortgage Investment Trust

(4,752)

(11,548)

(14,404)

(25,796)

222,567

582,648

521,026

1,336,989

Loan origination fees:

From non-affiliates

37,541

90,163

103,057

186,008

From PennyMac Mortgage Investment Trust

2,404

7,128

4,746

15,320

39,945

97,291

107,803

201,328

Fulfillment fees from PennyMac Mortgage Investment Trust

20,646

54,020

37,400

114,855

Net loan servicing fees:

Loan servicing fees:

From non-affiliates

259,338

208,275

504,147

419,028

From PennyMac Mortgage Investment Trust

20,335

20,015

41,423

39,108

Other

22,677

31,731

48,038

61,330

302,350

260,021

593,608

519,466

Change in fair value of mortgage servicing rights and mortgage servicing liabilities

112,102

(336,268)

325,013

(112,805)

Change in fair value of excess servicing spread financing payable to
PennyMac Mortgage Investment Trust

(1,037)

Mortgage servicing rights hedging results

(176,005)

91,118

(393,865)

(351,033)

(63,903)

(245,150)

(68,852)

(464,875)

Net loan servicing fees

238,447

14,871

524,756

54,591

Net interest expense:

Interest income:

From non-affiliates

49,864

80,797

103,746

162,491

From PennyMac Mortgage Investment Trust

387

49,864

80,797

103,746

162,878

Interest expense:

To non-affiliates

71,127

102,431

148,434

208,864

To PennyMac Mortgage Investment Trust

1,280

71,127

102,431

148,434

210,144

Net interest expense

(21,263)

(21,634)

(44,688)

(47,266)

Management fees from PennyMac Mortgage Investment Trust

7,910

11,913

16,027

20,362

Change in fair value of investment in and dividends received from
PennyMac Mortgage Investment Trust

(194)

144

(192)

545

Results of real estate acquired in settlement of loans

810

540

1,353

1,320

Other

2,647

2,459

5,534

4,214

Total net revenues

511,515

742,252

1,169,019

1,686,938

Expenses

Compensation

198,192

265,067

443,739

523,896

Loan origination

44,931

75,675

120,264

163,067

Technology

34,621

34,236

69,407

67,908

Professional services

20,793

24,834

40,896

38,120

Marketing and advertising

13,007

10,213

35,410

16,878

Occupancy and equipment

9,371

9,029

18,840

18,067

Servicing

3,051

31,290

1,805

50,473

Other

10,023

12,393

26,612

23,006

Total expenses

333,989

462,737

756,973

901,415

Income before provision for income taxes

177,526

279,515

412,046

785,523

Provision for income taxes

48,363

75,286

109,290

204,426

Net income

$

129,163

$

204,229

$

302,756

$

581,097

Earnings per share

Basic

$

2.38

$

3.10

$

5.51

$

8.61

Diluted

$

2.28

$

2.94

$

5.23

$

8.16

Weighted average shares outstanding

Basic

54,167

65,890

54,995

67,493

Diluted

56,642

69,399

57,892

71,248

The accompanying notes are an integral part of these consolidated financial statements.

6

PENNYMAC FINANCIAL SERVICES, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

Quarter ended June 30, 2022

Additional

Total

Number of

Par

paid-in

Retained

stockholders'

    

shares

    

value

    

capital

    

earnings

    

equity

(in thousands)

Balance, March 31, 2022

55,342

$

6

$

$

3,441,597

$

3,441,603

Net income

129,163

129,163

Stock-based compensation

23

15,352

15,352

Issuance of common stock in settlement of directors' fees

1

51

51

Repurchase of common stock

(2,427)

(1)

(15,403)

(98,241)

(113,645)

Common stock dividend ($0.20 per share)

(11,139)

(11,139)

Balance, June 30, 2022

52,939

$

5

$

$

3,461,380

$

3,461,385

Quarter ended June 30, 2021

Additional

Total

Number of

Par

paid-in