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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 September 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 October 31, 2022

Common Stock, $0.0001 par value

50,081,414

PENNYMAC FINANCIAL SERVICES, INC.

FORM 10-Q

September 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

79

Item 4.

Controls and Procedures

81

PART II. OTHER INFORMATION

82

Item 1.

Legal Proceedings

82

Item 1A.

Risk Factors

82

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

82

Item 3.

Defaults Upon Senior Securities

82

Item 4.

Mine Safety Disclosures

82

Item 5.

Other Information

82

Item 6.

Exhibits

83

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 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:

interest rate changes;

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;

declines in real estate values or significant changes in U.S. housing prices or activity in the U.S. housing market;

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;

3

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

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 contributor 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 PMT, 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)

    

September 30, 

December 31, 

    

2022

    

2021

(in thousands, except share amounts)

ASSETS

Cash

 $

1,558,679

 $

340,069

Short-term investment at fair value

36,098

6,873

Loans held for sale at fair value (includes $4,012,264 and $9,135,577 pledged to creditors)

4,149,726

9,742,483

Derivative assets

164,160

333,695

Servicing advances, net (includes valuation allowance of $63,713 and $120,940; $253,370 and $232,107 pledged to creditors)

455,083

702,160

Mortgage servicing rights at fair value (includes $5,604,447 and $3,856,791 pledged to creditors)

5,661,672

3,878,078

Operating lease right-of-use assets

72,138

89,040

Investment in PennyMac Mortgage Investment Trust at fair value

884

1,300

Receivable from PennyMac Mortgage Investment Trust

32,306

40,091

Loans eligible for repurchase

3,757,538

3,026,207

Other (includes $9,886 and $45,294 pledged to creditors)

473,527

616,616

Total assets

 $

16,361,811

 $

18,776,612

LIABILITIES

Assets sold under agreements to repurchase

 $

3,487,335

 $

7,292,735

Mortgage loan participation purchase and sale agreements

367,473

479,845

Notes payable secured by mortgage servicing assets

1,793,972

1,297,622

Unsecured senior notes

1,778,988

1,776,219

Obligations under capital lease

3,489

Derivative liabilities

125,487

22,606

Mortgage servicing liabilities at fair value

2,214

2,816

Accounts payable and accrued expenses

358,187

359,413

Operating lease liabilities

92,380

110,003

Payable to PennyMac Mortgage Investment Trust

87,978

228,019

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

26,675

30,530

Income taxes payable

964,307

685,262

Liability for loans eligible for repurchase

3,757,538

3,026,207

Liability for losses under representations and warranties

37,187

43,521

Total liabilities

12,879,721

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, 51,011,021 and 56,867,202 shares, respectively

5

6

Additional paid-in capital

125,396

Retained earnings

3,482,085

3,292,923

Total stockholders' equity

3,482,090

3,418,325

Total liabilities and stockholders' equity

 $

16,361,811

 $

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 September 30, 

  

Nine months ended September 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

$

170,342

$

639,730

$

705,772

$

2,002,515

From PennyMac Mortgage Investment Trust

(1,648)

(12,976)

(16,052)

(38,772)

168,694

626,754

689,720

1,963,743

Loan origination fees:

From non-affiliates

31,845

88,040

134,902

274,048

From PennyMac Mortgage Investment Trust

2,192

6,541

6,938

21,861

34,037

94,581

141,840

295,909

Fulfillment fees from PennyMac Mortgage Investment Trust

18,407

43,922

55,807

158,777

Net loan servicing fees:

Loan servicing fees:

From non-affiliates

270,336

216,592

774,483

635,620

From PennyMac Mortgage Investment Trust

20,247

20,703

61,670

59,811

Other

22,497

30,463

70,535

91,793

313,080

267,758

906,688

787,224

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

95,411

(147,669)

420,424

(260,474)

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

(1,037)

Mortgage servicing rights hedging results

(164,749)

(86,459)

(558,614)

(437,492)

(69,338)

(234,128)

(138,190)

(699,003)

Net loan servicing fees

243,742

33,630

768,498

88,221

Net interest income (expense):

Interest income:

From non-affiliates

82,994

68,312

186,740

230,803

From PennyMac Mortgage Investment Trust

387

82,994

68,312

186,740

231,190

Interest expense:

To non-affiliates

82,965

90,711

231,399

299,575

To PennyMac Mortgage Investment Trust

1,280

82,965

90,711

231,399

300,855

Net interest income (expense)

29

(22,399)

(44,659)

(69,665)

Management fees from PennyMac Mortgage Investment Trust

7,731

8,520

23,758

28,882

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

(119)

(67)

(311)

478

Results of real estate acquired in settlement of loans

528

378

1,881

1,698

Other

3,241

1,293

8,775

5,507

Total net revenues

476,290

786,612

1,645,309

2,473,550

Expenses

Compensation

157,793

249,183

601,532

773,079

Loan origination

28,356

80,932

148,620

243,999

Technology

35,647

32,406

105,054

100,314

Professional services

16,230

24,429

57,126

62,549

Marketing and advertising

7,601

11,360

43,011

28,238

Occupancy and equipment

11,299

9,389

30,139

27,456

Servicing

20,399

27,892

22,204

78,365

Other

13,493

11,472

40,105

34,478

Total expenses

290,818

447,063

1,047,791

1,348,478

Income before provision for income taxes

185,472

339,549

597,518

1,125,072

Provision for income taxes

50,338

90,239

159,628

294,665

Net income

$

135,134

$

249,310

$

437,890

$

830,407

Earnings per share

Basic

$

2.59

$

4.02

$

8.10

$

12.65

Diluted

$

2.46

$

3.80

$

7.69

$

11.98

Weighted average shares outstanding

Basic

52,170

62,085

54,043

65,671

Diluted

54,968

65,652

56,913

69,341

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 September 30, 2022

Additional

Total

Number of

Par

paid-in

Retained

stockholders'

    

shares

    

value

    

capital

    

earnings

    

equity

(in thousands)

Balance, June 30, 2022

52,939

$

5

$

$

3,461,380

$

3,461,385

Net income

135,134

135,134

Stock-based compensation

20

6,863

6,863

Issuance of common stock in settlement of directors' fees

1

52

52

Repurchase of common stock

(1,949)

(6,915)

(92,787)

(99,702)

Common stock dividend ($0.20 per share)

(21,642)

(21,642)

Balance, September 30, 2022

51,011

$

5

$

$

3,482,085

$

3,482,090