Company Quick10K Filing
PennyMac Financial Services
Price30.76 EPS4
Shares80 P/E8
MCap2,473 P/FCF-1
Net Debt-202 EBIT531
TEV2,271 TEV/EBIT4
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-04
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-06-30 Filed 2019-08-13
10-Q 2019-03-31 Filed 2019-05-06
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10-K 2018-12-31 Filed 2019-03-05
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10-K 2018-09-30 Filed 2018-12-26
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10-Q 2014-12-31 Filed 2015-02-13
10-K 2014-09-30 Filed 2014-12-22
10-Q 2014-06-30 Filed 2014-08-13
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10-Q 2013-12-31 Filed 2014-02-13
10-K 2013-09-30 Filed 2013-12-23
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10-Q 2012-12-31 Filed 2013-02-13
10-K 2012-09-30 Filed 2012-12-20
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10-Q 2010-08-13 Filed 2010-08-13
10-Q 2010-03-31 Filed 2010-05-14
10-Q 2009-12-31 Filed 2010-02-12
8-K 2020-08-05 Earnings, Officers, Exhibits
8-K 2020-06-30 Enter Agreement, Exhibits
8-K 2020-06-10
8-K 2020-05-28
8-K 2020-05-19
8-K 2020-05-07
8-K 2020-04-24
8-K 2020-04-01
8-K 2020-03-17
8-K 2020-03-16
8-K 2020-03-06
8-K 2020-02-12
8-K 2020-02-06
8-K 2019-11-06
8-K 2019-10-31
8-K 2019-09-09
8-K 2019-08-01
8-K 2019-07-23
8-K 2019-07-02
8-K 2019-05-30
8-K 2019-05-02
8-K 2019-04-10
8-K 2019-03-29
8-K 2019-03-04
8-K 2019-02-20
8-K 2019-02-07
8-K 2018-12-31
8-K 2018-12-06
8-K 2018-06-11
8-K 2018-05-30
8-K 2018-01-05

PFSI 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1 - Organization
Note 2 - Basis of Presentation and Recently Adopted Accounting Pronouncement
Note 3 - Concentration of Risk
Note 4 - Transactions with Affiliates
Note 5 - Loan Sales and Servicing Activities
Note 6 - Fair Value
Note 7 - Loans Held for Sale At Fair Value
Note 8 - Derivative Financial Instruments
Note 9 - Mortgage Servicing Rights and Mortgage Servicing Liabilities
Note 10 - Leases
Note 11 - Other Assets
Note 12 - Borrowings
Note 13 - Liability for Losses Under Representations and Warranties
Note 14 - Income Taxes
Note 15 - Commitments and Contingencies
Note 16 - Stockholders' Equity
Note 17 - Net Gains on Loans Held for Sale
Note 18 - Net Interest Income
Note 19 - Stock - Based Compensation
Note 20 - Earnings per Share of Common Stock
Note 21 - Supplemental Cash Flow Information
Note 22 - Regulatory Capital and Liquidity Requirements
Note 23 - Segments
Note 24 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 pfsi-20200630xex31d1.htm
EX-31.2 pfsi-20200630xex31d2.htm
EX-32.1 pfsi-20200630xex32d1.htm
EX-32.2 pfsi-20200630xex32d2.htm

PennyMac Financial Services Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02016201720182020
Assets, Equity
0.30.20.20.10.10.02016201720182020
Rev, G Profit, Net Income
0.80.50.1-0.2-0.6-0.92016201720182020
Ops, Inv, Fin

72358167000.00035Accelerated 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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, 2020

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.

(formerly known as New 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 5, 2020

Common Stock, $0.0001 par value

72,390,922

Table of Contents

PENNYMAC FINANCIAL SERVICES, INC.

FORM 10-Q

June 30, 2020

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

9

Item 2.

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

60

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

77

Item 4.

Controls and Procedures

78

PART II. OTHER INFORMATION

79

Item 1.

Legal Proceedings

79

Item 1A.

Risk Factors

79

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

81

Item 3.

Defaults Upon Senior Securities

81

Item 4.

Mine Safety Disclosures

81

Item 5.

Other Information

81

Item 6.

Exhibits

82

2

Table of Contents

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 our share of future markets; 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, 2019, filed with the Securities and Exchange Commission (“SEC”) on February 28, 2020.

 

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

our exposure to risks of loss resulting from adverse weather conditions, civil unrest, man-made or natural disasters, the effect of climate change, and pandemics, such as 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;

certain banking regulations that may limit our business activities;

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

Table of Contents

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

difficulties inherent in growing loan production volume;

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

any required additional capital and liquidity to support business growth that may not be available on acceptable terms, if at all;

changes in prevailing interest rates;

increases in loan delinquencies and defaults;

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 (“MSRs”);

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 recent growth;

our ability to effectively identify, manage, monitor and mitigate financial 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

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

PENNYMAC FINANCIAL SERVICES, INC.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

    

June 30, 

    

December 31, 

    

2020

    

2019

(in thousands, except share amounts)

ASSETS

Cash (includes $896,058 and $52,599 pledged to creditors)

 $

910,257

 $

188,291

Short-term investments at fair value

7,746

74,611

Loans held for sale at fair value (includes $4,873,662 and $4,846,138 pledged to creditors)

4,918,253

4,912,953

Assets purchased from PennyMac Mortgage Investment Trust under agreements to resell pledged to creditors

90,101

107,512

Derivative assets

400,302

159,686

Servicing advances, net (includes valuation allowance of $102,497 and $82,157; $197,094 and $207,460 pledged to creditors)

282,285

331,169

Mortgage servicing rights at fair value (includes $2,209,928 and $2,920,603 pledged to creditors)

2,213,539

2,926,790

Operating lease right-of-use assets

73,571

73,090

Investment in PennyMac Mortgage Investment Trust at fair value

1,310

1,672

Receivable from PennyMac Mortgage Investment Trust

44,329

48,159

Loans eligible for repurchase

13,762,157

1,046,527

Other (includes $141,417 and $32,598 pledged to creditors)

522,625

333,557

Total assets

 $

23,226,475

 $

10,204,017

Assets sold under agreements to repurchase

 $

3,759,315

 $

4,141,053

Mortgage loan participation purchase and sale agreements

536,395

497,948

Obligations under capital lease

16,749

20,810

Notes payable secured by mortgage servicing assets

1,294,949