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
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8-K 2020-11-05
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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 - Related Party Transactions
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 - Short - Term Borrowings
Note 13 - Long - Term Debt
Note 14 - Liability for Losses Under Representations and Warranties
Note 15 - Income Taxes
Note 16 - Commitments and Contingencies
Note 17 - Stockholders' Equity
Note 18 - Net Gains on Loans Held for Sale
Note 19 - Net Interest Income
Note 20 - Stock - Based Compensation
Note 21 - Earnings per Share of Common Stock
Note 22 - Supplemental Cash Flow Information
Note 23 - Regulatory Capital and Liquidity Requirements
Note 24 - Segments
Note 25 - 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-10.5 pfsi-20210331xex10d5.htm
EX-10.6 pfsi-20210331xex10d6.htm
EX-10.7 pfsi-20210331xex10d7.htm
EX-10.8 pfsi-20210331xex10d8.htm
EX-31.1 pfsi-20210331xex31d1.htm
EX-31.2 pfsi-20210331xex31d2.htm
EX-32.1 pfsi-20210331xex32d1.htm
EX-32.2 pfsi-20210331xex32d2.htm

PennyMac Financial Services Earnings 2021-03-31

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

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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 March 31, 2021

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 May 4, 2021

Common Stock, $0.0001 par value

66,734,198

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PENNYMAC FINANCIAL SERVICES, INC.

FORM 10-Q

March 31, 2021

TABLE OF CONTENTS

Page

Special Note Regarding Forward-Looking Statements

3

PART I. FINANCIAL INFORMATION

6

Item 1.

Financial Statements (Unaudited):

6

Consolidated Balance Sheets

6

Consolidated Statements of Income

7

Consolidated Statements of Changes in Stockholders’ Equity

8

Consolidated Statements of Cash Flows

9

Notes to Consolidated Financial Statements

10

Item 2.

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

58

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

74

Item 4.

Controls and Procedures

76

PART II. OTHER INFORMATION

77

Item 1.

Legal Proceedings

77

Item 1A.

Risk Factors

78

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

78

Item 3.

Defaults Upon Senior Securities

78

Item 4.

Mine Safety Disclosures

78

Item 5.

Other Information

78

Item 6.

Exhibits

79

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, 2020, filed with the Securities and Exchange Commission (“SEC”) on February 25, 2021.

 

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, man-made or natural disasters, the effect of climate change, and pandemics, such as COVID-19;

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

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

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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;

maintaining sufficient capital and liquidity to support business growth including compliance with financial covenants;

changes in prevailing interest rates;

our substantial amount of indebtedness;

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.

 

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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.

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

PENNYMAC FINANCIAL SERVICES, INC.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

    

March 31, 

    

December 31, 

    

2021

    

2020

(in thousands, except share amounts)

ASSETS

Cash

 $

441,870

 $

532,716

Short-term investments at fair value

24,850

15,217

Loans held for sale at fair value (includes $13,267,667 and $11,457,678 pledged to creditors)

13,385,789

11,616,400

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

80,862

Derivative assets

530,852

711,238

Servicing advances, net (includes valuation allowance of $156,315 and $181,433; $373,110 and $413,484 pledged to creditors)

550,150

579,528

Mortgage servicing rights at fair value (includes $3,265,073 and $2,577,964 pledged to creditors)

3,268,910

2,581,174

Operating lease right-of-use assets

74,795

74,934

Investment in PennyMac Mortgage Investment Trust at fair value

1,470

1,105

Receivable from PennyMac Mortgage Investment Trust

68,644

87,005

Loans eligible for repurchase

12,312,393

14,625,447

Other (includes $114,342 and $166,418 pledged to creditors)

638,257

692,169

Total assets

 $

31,297,980

 $

31,597,795

LIABILITIES

Assets sold under agreements to repurchase

 $

10,848,477

 $

9,654,797

Mortgage loan participation purchase and sale agreements

518,747

521,477

Obligations under capital lease

10,468

11,864

Notes payable secured by mortgage servicing assets

1,296,285

1,295,840

Unsecured senior notes

1,288,198

645,820

Excess servicing spread financing payable to PennyMac Mortgage Investment Trust at fair value

131,750

Derivative liabilities

68,557

42,638

Mortgage servicing liabilities at fair value

46,026

45,324

Accounts payable and accrued expenses

355,429

308,398

Operating lease liabilities

96,069

94,193

Payable to PennyMac Mortgage Investment Trust

164,469

140,306

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

35,165

35,165

Income taxes payable

751,855

622,700

Liability for loans eligible for repurchase

12,312,393

14,625,447

Liability for losses under representations and warranties

38,428

32,688

Total liabilities

27,830,566

28,208,407

Commitments and contingencies – Note 16

STOCKHOLDERS’ EQUITY

Common stock—authorized 200,000,000 shares of $0.0001 par value; issued and outstanding, 66,961,401 and 70,905,532 shares, respectively

7

7

Additional paid-in capital

762,585

1,047,052

Retained earnings

2,704,822

2,342,329

Total stockholders' equity

3,467,414

3,389,388

Total liabilities and stockholders’ equity

 $

31,297,980

 $

31,597,795

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

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PENNYMAC FINANCIAL SERVICES, INC.

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

Quarter ended March 31, 

2021

2020

(in thousands, except per share amounts)

Revenues

Net gains on loans held for sale at fair value:

From non-affiliates

$

768,589

$

266,366

From PennyMac Mortgage Investment Trust

(14,248)

77,916

754,341

344,282

Loan origination fees:

From non-affiliates

95,845

53,591

From PennyMac Mortgage Investment Trust

8,192

3,980

104,037

57,571

Fulfillment fees from PennyMac Mortgage Investment Trust

60,835

41,940

Net loan servicing fees:

Loan servicing fees:

From non-affiliates

210,753

198,653

From PennyMac Mortgage Investment Trust

19,093

14,521

Other

29,599

28,755

259,445

241,929

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

223,463

(1,035,213)

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

(1,037)

14,522

Mortgage servicing rights hedging results

(442,151)

1,036,570

(219,725)

15,879

Net loan servicing fees

39,720

257,808

Net interest (expense) income:

Interest income:

From non-affiliates

81,694

71,346

From PennyMac Mortgage Investment Trust

387

1,218

82,081

72,564

Interest expense:

To non-affiliates

106,433

59,538

To PennyMac Mortgage Investment Trust

1,280

1,974

107,713

61,512

Net interest (expense) income

(25,632)

11,052

Management fees from PennyMac Mortgage Investment Trust

8,449

9,055

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

401

(857)

Results of real estate acquired in settlement of loans

780

(707)

Other

1,755

1,681

Total net revenues

944,686

721,825

Expenses

Compensation

258,829

168,436

Loan origination

87,392

46,004

Technology

33,672

19,107

Servicing

19,183

42,166

Professional services

13,286

13,404

Occupancy and equipment

9,038

8,038

Other

17,278

9,940

Total expenses

438,678

307,095

Income before provision for income taxes

506,008

414,730

Provision for income taxes

129,140

108,487

Net income

$

376,868

$

306,243

Earnings per share

Basic

$

5.45

$

3.89

Diluted

$

5.15

$

3.73

Weighted average shares outstanding

Basic

69,113

78,689

Diluted

73,117

82,008

Dividend declared per share

$

0.20

$

0.12

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

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PENNYMAC FINANCIAL SERVICES, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

Quarter ended March 31, 2021

Additional

Total

Number of

Par

paid-in

Retained

stockholders'

    

shares

    

value

    

capital

    

earnings

    

equity

(in thousands)

Balance, December 31, 2020

70,906

$

7

$

1,047,052

$

2,342,329

$

3,389,388

Net income

376,868

376,868

Stock-based compensation

707

4,001

4,001

Issuance of common stock in settlement of directors' fees

1

51

51

Repurchase of common stock

(4,653)