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EX-99.2 - EX-99.2 - PennyMac Mortgage Investment Trust | d214306dex992.htm |
8-K - 8-K - PennyMac Mortgage Investment Trust | d214306d8k.htm |
Exhibit 99.1
Media | Investors | |||||
Kristyn Clark | Kevin Chamberlain | |||||
(805) 395-9943 | Isaac Garden | |||||
(818) 224-7028 |
PennyMac Mortgage Investment Trust Reports
Second Quarter 2021 Results
Westlake Village, CA, August 5, 2021 PennyMac Mortgage Investment Trust (NYSE: PMT) today reported net income attributable to common shareholders of $31.9 million, or $0.32 per common share on a diluted basis for the second quarter of 2021, on net investment income of $121.6 million. PMT previously announced a cash dividend for the second quarter of 2021 of $0.47 per common share of beneficial interest, which was declared on June 23, 2021 and paid on July 29, 2021 to common shareholders of record as of July 15, 2021.
Second Quarter 2021 Highlights
Financial results:
| Net income attributable to common shareholders of $31.9 million, down from $65.4 million in the prior quarter |
| Strong correspondent segment results and performance of government-sponsored enterprise (GSE) credit risk transfer (CRT) investments |
| Mortgage servicing rights (MSR) fair value declines partially offset by fair value gains on interest rate hedges and Agency mortgage-backed securities (MBS) |
| Book value per common share decreased to $20.77 at June 30, 2021 from $20.90 at March 31, 20211 |
1 | As described in Note 2 of PMTs Quarterly Report on form 10Q for the quarter ended June 30, 2021, a recent accounting change requires that beginning in 2022, the portion of PMTs 2024 and 2026 Exchangeable Notes originally allocated to additional paid-in capital will be reclassified to the carrying value of the exchangeable notes. Giving effect to this change on the pro forma basis, PMTs book value as of 6/30/21 would have been $20.38. |
1
Other investment and financing highlights:
| Investment activity driven by strong correspondent production volumes |
| Conventional correspondent loan production volumes of $30.5 billion in unpaid principal balance (UPB), down 10 percent from the prior quarter and up 61 percent from the second quarter of 2020 |
| Added $413 million in new MSRs |
| Purchased $13 million in face amount of a securitization of non-owner occupied loans totaling $248 million in UPB on June 30, 2021, sourced organically from conventional correspondent production volumes |
PMT continues to take advantage of its position as the largest correspondent aggregator in the U.S. and its synergistic relationship with PFSI, said Chairman and CEO David Spector. The infrastructure we have in place for PMT to source investments organically has proven to be a unique competitive advantage unmatched in the industry. PMT demonstrated this by successfully completing its first purchase of subordinate bonds related to a private label securitization of non-owner occupied loans acquired in PMTs correspondent production business. Additionally, we believe these new investments offer compelling, long-term returns, and benefit from PFSIs industry-leading fulfillment process and position as the servicer of the underlying loans. While the recent decline in interest rates combined with FHFAs elimination of the Adverse Market Refinance Fee is expected to have a mark-to-market impact on PMTs MSR value, these factors have meaningfully increased the population of loans that would benefit from a refinance. The continuation of this vibrant origination market combined with PMTs high-quality interest rate sensitive and credit investments support PMTs ability to continue delivering strong risk-adjusted returns to its shareholders.
2
The following table presents the contributions of PMTs segments, consisting of Credit Sensitive Strategies, Interest Rate Sensitive Strategies, Correspondent Production, and Corporate:
Quarter ended June 30, 2021 | ||||||||||||||||||||
Credit sensitive strategies |
Interest rate sensitive strategies |
Correspondent production |
Corporate | Consolidated | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Net investment income (loss): |
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Net gains on loans acquired for sale |
$ | 1 | $ | | $ | 27,725 | $ | | $ | 27,726 | ||||||||||
Net gains on investments: |
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CRT investments |
98,029 | | | | 98,029 | |||||||||||||||
Loans at fair value |
131 | | | | 131 | |||||||||||||||
Loans held by variable interest entity net of |
| 918 | | | 918 | |||||||||||||||
Mortgage-backed securities |
| 29,252 | | | 29,252 | |||||||||||||||
Hedging derivatives |
253 | (178 | ) | | | 75 | ||||||||||||||
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98,413 | 29,992 | | | 128,405 | ||||||||||||||||
Net loan servicing fees |
| (44,912 | ) | | | (44,912 | ) | |||||||||||||
Net interest (expense) income: |
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Interest income |
401 | 10,056 | 32,519 | 710 | 43,686 | |||||||||||||||
Interest expense |
16,177 | 39,141 | 23,884 | | 79,202 | |||||||||||||||
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(15,776 | ) | (29,085 | ) | 8,635 | 710 | (35,516 | ) | |||||||||||||
Other income |
20 | | 45,843 | | 45,863 | |||||||||||||||
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82,658 | (44,005 | ) | 82,203 | 710 | 121,566 | |||||||||||||||
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Expenses: |
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Loan fulfillment and servicing fees |
80 | 19,936 | 54,019 | | 74,035 | |||||||||||||||
Management fees payable to |
| | | 11,913 | 11,913 | |||||||||||||||
Other |
4,061 | 1,507 | 9,150 | 7,103 | 21,821 | |||||||||||||||
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$ | 4,141 | $ | 21,443 | $ | 63,169 | $ | 19,016 | $ | 107,769 | |||||||||||
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Pretax income (loss) |
$ | 78,517 | $ | (65,448 | ) | $ | 19,034 | $ | (18,306 | ) | $ | 13,797 | ||||||||
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Credit Sensitive Strategies Segment
The Credit Sensitive Strategies segment primarily includes results from CRT, and also includes distressed loans and non-Agency subordinated bonds. Pretax income for the segment was $78.5 million on revenues of $82.7 million, compared to pretax income of $134.3 million on revenues of $138.5 million in the prior quarter.
Net gain on investments in the segment was $98.4 million, down from $154.3 million in the prior quarter.
Net gain on CRT investments for the quarter was $98.0 million, down from $154.0 million in the prior quarter, and included $38.7 million in valuation-related gains which reflects the impact of credit spread tightening and elevated prepayment speeds. The prior quarter included $98.1 million in such gains. Net gain on CRT investments also included $39.1 million in realized gains and carry, compared to a gain of $42.7 million in the prior quarter. Recoveries net of realized losses during the quarter were $20.2 million, primarily related to L Street Securities 2017-PM1, as losses were reversed for loans that had been in forbearance and reperformed.
3
Net interest expense for the segment totaled $15.8 million, compared to $16.6 million in the prior quarter. Interest income totaled $0.4 million, down from $0.7 million in the prior quarter. Interest expense totaled $16.2 million, down from $17.3 million in the prior quarter due to decreased financing expenses as a result of smaller CRT balances due to prepayments.
Segment expenses were $4.1 million, down from $4.3 million in the prior quarter due to lower expenses related to assisting certain borrowers in mitigating loan delinquencies they incurred as a result of dislocations arising from the COVID-19 pandemic.
Interest Rate Sensitive Strategies Segment
The Interest Rate Sensitive Strategies segment includes results from investments in MSRs, Agency MBS, non-Agency senior MBS and interest rate hedges. Pretax loss for the segment was $65.4 million on investment losses of $44.0 million, compared to a pretax loss of $64.6 million on net investment losses of $44.8 million in the prior quarter. The segment includes investments that typically have offsetting fair value exposures to changes in interest rates. For example, in a period with decreasing interest rates, MSRs typically decrease in fair value whereas Agency MBS typically increase in fair value.
The results in the Interest Rate Sensitive Strategies segment consist of net gains and losses on investments, net interest income and net loan servicing fees, as well as associated expenses.
Net gain on investments for the segment was $30.0 million, and consisted of $29.3 million of gains on MBS, $0.9 million of gains on loans held by variable interest entities net of asset-backed secured financing, and $0.2 million of losses on hedging derivatives.
Net loan servicing fees were a loss of $44.9 million, compared to net loan servicing fee income of $50.0 million in the prior quarter. Net loan servicing fees included servicing fees of $124.0 million, up from the prior quarter primarily driven by a larger portfolio, and $24.9 million in other fees, reduced by $69.6 million in realization of MSR cash flows, which was up 17 percent from the prior quarter. Net loan servicing fees also included $229.9 million in fair value losses of MSRs, $94.1 million in related hedging gains, and $11.5 million of MSR recapture income. PMTs hedging activities are intended to manage the Companys net exposure across all interest rate sensitive strategies, which include MSRs and MBS.
4
The following schedule details net loan servicing fees:
Quarter ended | ||||||||||||
June 30, 2021 | March 31, 2021 | June 30, 2020 | ||||||||||
(in thousands) | ||||||||||||
From non-affiliates: |
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Contractually specified (1) |
$ | 124,019 | $ | 116,287 | $ | 101,823 | ||||||
Other fees |
24,902 | 16,245 | 11,887 | |||||||||
Effect of MSRs: |
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Carried at fair valuechange in fair value |
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Realization of cashflows |
(69,613 | ) | (59,385 | ) | (59,199 | ) | ||||||
Other |
(229,885 | ) | 337,667 | (111,649 | ) | |||||||
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(299,498 | ) | 278,282 | (170,848 | ) | ||||||||
Gains (losses) on hedging derivatives |
94,116 | (374,403 | ) | (50,650 | ) | |||||||
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(205,382 | ) | (96,121 | ) | (221,498 | ) | |||||||
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(56,461 | ) | 36,411 | (107,788 | ) | ||||||||
From PFSIMSR recapture income |
11,549 | 13,634 | 5,128 | |||||||||
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Net loan servicing fees |
$ | (44,912 | ) | $ | 50,045 | $ | (102,660 | ) | ||||
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(1) | Includes contractually specified servicing fees, net of guarantee fees. |
MSR fair value losses resulted primarily from increased expectations for prepayment activity in the future due to lower mortgage rates and a flatter yield curve, while Agency MBS and interest rate hedges increased in fair value. PMT benefited from recapture income from PFSI for elevated prepayment activity during the quarter. PMT generally benefits from recapture income when the prepayment of a loan underlying PMTs MSR results from refinancing by PFSI.
Net interest expense for the segment was $29.1 million, up from $23.8 million in the prior quarter. Interest income totaled $10.1 million, down from $13.5 million in the prior quarter, due primarily to lower earnings rates on custodial balances. Interest expense totaled $39.1 million, up slightly from the prior quarter.
Segment expenses were $21.4 million, up from $19.8 million in the prior quarter.
5
Correspondent Production Segment
PMT acquires newly originated loans from correspondent sellers and typically sells or securitizes the loans, resulting in current-period income and additions to its investments in MSRs related to a portion of its production. PMTs Correspondent Production segment generated pretax income of $19.0 million, down from $35.6 million in the prior quarter.
Through its correspondent production activities, PMT acquired $46.7 billion in UPB of loans, down 9 percent from the prior quarter and up 56 percent from the second quarter of 2020. Of total correspondent acquisitions, conventional conforming acquisitions totaled $30.5 billion, and government-insured or guaranteed acquisitions totaled $16.2 billion, down from $33.8 billion and $17.4 billion, respectively, in the prior quarter. Interest rate lock commitments on conventional loans totaled $30.3 billion, down from $34.0 billion in the prior quarter.
Segment revenues were $82.2 million, a 23 percent decrease from the prior quarter and included net gain on loans acquired for sale of $27.7 million, other income of $45.8 million, which primarily consists of volume-based origination fees, and net interest income of $8.6 million. Net gain on loans acquired for sale in the quarter decreased by $25.3 million from the prior quarter as a result of lower volumes and margins as industry volumes declined. Interest income was $32.5 million, up from $22.8 million in the prior quarter due to higher average rates on newly originated loans, and interest expense was $23.9 million, up slightly from the prior quarter.
Segment expenses were $63.2 million, down from $71.5 million in the prior quarter driven by the decrease in acquisition volumes. The weighted average fulfillment fee rate in the second quarter was 18 basis points, unchanged from the prior quarter.
Corporate Segment
The Corporate segment includes interest income from cash and short-term investments, management fees, and corporate expenses.
Segment revenues were $0.7 million, up slightly from $0.6 million in the prior quarter. Management fees were $11.9 million, up 41 percent from the prior quarter as a result of incentive fees paid to PFSI based on PMTs profitability. Other segment expenses were $7.1 million, up from $6.4 million in the prior quarter.
Taxes
PMT recorded a tax benefit of $24.3 million driven by fair value declines in MSRs held in PMTs taxable subsidiary.
***
Managements slide presentation will be available in the Investor Relations section of the Companys website at www.pennymac-REIT.com beginning at 1:30 p.m. (Pacific Time) on Thursday, August 5, 2021.
6
About PennyMac Mortgage Investment Trust
PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. PMT is externally managed by PNMAC Capital Management, LLC, a wholly-owned subsidiary of PennyMac Financial Services, Inc. (NYSE: PFSI). Additional information about PennyMac Mortgage Investment Trust is available at www.PennyMac-REIT.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, regarding managements beliefs, estimates, projections and assumptions with respect to, among other things, the Companys financial results, future operations, business plans and investment strategies, as well as industry and market conditions, all of which are subject to change. Words like believe, expect, anticipate, promise, plan, and other expressions or words of similar meanings, as well as future or conditional verbs such as will, would, should, could, or may are generally intended to identify forward-looking statements. Actual results and operations for any future period may vary materially from those projected herein and from past results discussed herein. Factors which 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 and disruptions in operations resulting from adverse weather conditions, man-made or natural disasters, climate change and pandemics such as COVID-19; the impact to our CRT agreements of increased borrower requests for forbearance under the CARES Act; changes in the Companys investment objectives or investment or operational strategies, including any new lines of business or new products and services that may subject it to additional risks; volatility in the Companys industry, the debt or equity markets, the general economy or the real estate finance and real estate markets specifically, whether the result of market events or otherwise; events or circumstances which undermine confidence in the financial and housing markets or otherwise have a broad impact on financial and housing markets, such as the sudden instability or collapse of large depository institutions or other significant corporations, terrorist attacks, natural or manmade disasters, or threatened or actual armed conflicts; elimination of the FHFAs adverse market refinance fee; changes in general business, economic, market, employment and domestic and international political conditions, or in consumer confidence and spending habits from those expected; declines in real estate or significant changes in U.S. housing prices or activity in the U.S. housing market; the availability of, and level of competition for, attractive risk-adjusted investment opportunities in mortgage loans and mortgage-related assets that satisfy the Companys investment objectives; the inherent difficulty in winning bids to acquire mortgage loans, and the Companys success in doing so; the concentration of credit risks to which the Company is exposed; the degree and nature of the Companys competition; the Companys dependence on its manager and servicer, potential conflicts of interest with such entities and their affiliates, and the performance of such entities; changes in personnel and lack of availability of qualified personnel at its manager, servicer or their affiliates; the availability, terms and deployment of short-term and long-term capital; the adequacy of the Companys cash reserves and working capital; the Companys ability to maintain the desired relationship between its financing and the interest rates and maturities of its assets; the timing and amount of cash flows, if any, from the Companys investments; unanticipated increases or volatility in financing and other costs, including changes in interest rates; our substantial amount of indebtedness; the performance, financial condition and liquidity of borrowers; the ability of the Companys servicer, which also provides the Company with fulfillment services, to approve and monitor correspondent sellers and underwrite loans to investor standards; incomplete or inaccurate information or documentation provided by customers or counterparties, or adverse changes in the financial condition of the Companys customers and counterparties; the Companys indemnification and repurchase obligations in connection with mortgage loans it purchases and later sells or securitizes; the quality and enforceability of the collateral documentation evidencing the Companys ownership and rights in the assets in which it invests; increased rates of delinquency, default and/or decreased recovery rates on the Companys investments; the performance of mortgage loans underlying mortgage backed securities in which the Company retains credit risk; the Companys ability to foreclose on its investments in a timely manner or at all; increased prepayments of the mortgages and other loans underlying the Companys mortgage-backed securities or relating to the Companys mortgage servicing rights and other investments; the degree to which the Companys hedging strategies may or may not protect it from interest rate volatility; the effect of the accuracy of or changes in the estimates the Company makes about uncertainties, contingencies and asset and liability valuations when measuring and reporting upon the Companys financial condition and results of operations; the Companys ability to maintain appropriate internal control over financial reporting; technologies for loans and the Companys ability to mitigate security risks and cyber intrusions; the Companys ability to obtain and/or maintain licenses and other approvals in those jurisdictions where required to conduct its business; the Companys ability to detect misconduct and fraud; the Companys ability to comply with various federal, state and local laws and regulations that govern its business; developments in the secondary markets for the Companys mortgage loan products; legislative and regulatory changes that impact the mortgage loan industry or housing market; changes in regulations or the occurrence of other events that impact the business, operations or prospects of government agencies such as the Government National Mortgage Association, the Federal Housing Administration or the Veterans Administration, the U.S.
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Department of Agriculture, or government-sponsored entities such as the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, or such changes that increase the cost of doing business with such entities; the Dodd-Frank Wall Street Reform and Consumer Protection Act and its implementing regulations and regulatory agencies, and any other legislative and regulatory changes that impact the business, operations or governance of mortgage lenders and/or publicly traded companies; the Consumer Financial Protection Bureau and its issued and future rules and the enforcement thereof; changes in government support of homeownership; changes in government or government-sponsored home affordability programs; limitations imposed on the Companys business and its ability to satisfy complex rules for it to qualify as a REIT for U.S. federal income tax purposes and qualify for an exclusion from the Investment Company Act of 1940 and the ability of certain of the Companys subsidiaries to qualify as REITs or as taxable REIT subsidiaries for U.S. federal income tax purposes, as applicable, and the Companys ability and the ability of its subsidiaries to operate effectively within the limitations imposed by these rules; changes in governmental regulations, accounting treatment, tax rates and similar matters (including changes to laws governing the taxation of REITs, or the exclusions from registration as an investment company); the Companys ability to make distributions to its shareholders in the future; the Companys failure to deal appropriately with issues that may give rise to reputational risk; and the Companys organizational structure and certain requirements in its charter documents. You should not place undue reliance on any forward-looking statement and should consider all of the uncertainties and risks described above, as well as those more fully discussed in reports and other documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, and the statements made in this press release are current as of the date of this release only.
8
PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
June 30, 2021 | March 31, 2021 | June 30, 2020 | ||||||||||
(in thousands except share amounts) | ||||||||||||
ASSETS | ||||||||||||
Cash |
$ | 68,616 | $ | 92,842 | $ | 346,007 | ||||||
Short-term investments |
44,890 | 108,375 | 273,592 | |||||||||
Mortgage-backed securities at fair value |
2,309,864 | 1,916,485 | 2,612,986 | |||||||||
Loans acquired for sale at fair value |
5,535,300 | 4,646,761 | 2,179,962 | |||||||||
Loans at fair value |
350,401 | 117,647 | 230,660 | |||||||||
Excess servicing spread received from |
| | 151,206 | |||||||||
Derivative and credit risk transfer strip assets |
88,278 | 182,969 | 114,346 | |||||||||
Real estate acquired in settlement of loans |
14,715 | 17,715 | 43,559 | |||||||||
Deposits securing credit risk transfer arrangements |
2,256,047 | 2,664,420 | 1,666,449 | |||||||||
Mortgage servicing rights |
2,551,373 | 2,441,214 | 1,189,605 | |||||||||
Servicing advances |
111,858 | 150,160 | 38,254 | |||||||||
Due from PennyMac Financial Services, Inc. |
19,216 | 7,521 | 3,458 | |||||||||
Other |
247,554 | 176,145 | 233,635 | |||||||||
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Total assets |
$ | 13,598,112 | $ | 12,522,254 | $ | 9,083,719 | ||||||
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LIABILITIES | ||||||||||||
Assets sold under agreements to repurchase |
$ | 7,193,671 | $ | 6,091,973 | $ | 3,981,761 | ||||||
Mortgage loan participation and sale agreements |
28,037 | 68,176 | 93,117 | |||||||||
Exchangeable senior notes |
496,825 | 494,097 | 195,333 | |||||||||
Notes payable secured by credit risk transfer |
2,829,177 | 2,897,794 | 1,810,845 | |||||||||
Asset-backed financing of variable interest entities |
321,875 | 101,238 | 212,170 | |||||||||
Interest-only security payable at fair value |
13,185 | 18,922 | 14,981 | |||||||||
Assets sold to PennyMac Financial Services, Inc. |
| | 90,101 | |||||||||
Derivative and credit risk transfer strip liabilities |
86,681 | 229,970 | 140,201 | |||||||||
Firm commitment to purchase credit risk transfer |
| | 191,193 | |||||||||
Accounts payable and accrued liabilities |
170,458 | 122,837 | 48,735 | |||||||||
Due to PennyMac Financial Services, Inc. |
61,883 | 68,644 | 44,329 | |||||||||
Income taxes payable |
16,616 | 42,493 | 15,451 | |||||||||
Liability for losses under representations and warranties |
36,314 | 28,967 | 10,225 | |||||||||
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Total liabilities |
11,254,722 | 10,165,111 | 6,848,442 | |||||||||
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SHAREHOLDERS EQUITY | ||||||||||||
Preferred shares of beneficial interest |
299,707 | 299,707 | 299,707 | |||||||||
Common shares of beneficial interestauthorized, 500,000,000 |
979 | 979 | 993 | |||||||||
Additional paid-in capital |
2,138,422 | 2,137,933 | 2,119,577 | |||||||||
Accumulated deficit |
(95,718 | ) | (81,476 | ) | (185,000 | ) | ||||||
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Total shareholders equity |
2,343,390 | 2,357,143 | 2,235,277 | |||||||||
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Total liabilities and shareholders equity |
$ | 13,598,112 | $ | 12,522,254 | $ | 9,083,719 | ||||||
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9
PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the Quarterly Periods Ended | ||||||||||||
June 30, 2021 | March 31, 2021 | June 30, 2020 | ||||||||||
(in thousands, except per share amounts) | ||||||||||||
Investment Income |
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Net gains on loans acquired for sale |
$ | 27,726 | $ | 53,012 | $ | 162,214 | ||||||
Loan origination fees |
45,714 | 52,902 | 25,208 | |||||||||
Net gains on investments |
128,405 | 83,191 | 488,934 | |||||||||
Net loan servicing fees: |
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From nonaffiliates |
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Servicing fees |
148,921 | 132,532 | 113,710 | |||||||||
Change in fair value of mortgage servicing rights |
(299,498 | ) | 278,282 | (170,848 | ) | |||||||
Hedging results |
94,116 | (374,403 | ) | (50,650 | ) | |||||||
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(56,461 | ) | 36,411 | (107,788 | ) | ||||||||
From PennyMac Financial Services, Inc. |
11,549 | 13,634 | 5,128 | |||||||||
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(44,912 | ) | 50,045 | (102,660 | ) | ||||||||
Interest income |
43,686 | 37,589 | 40,812 | |||||||||
Interest expense |
79,202 | 76,308 | 61,048 | |||||||||
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Net interest expense |
(35,516 | ) | (38,719 | ) | (20,236 | ) | ||||||
Results of real estate acquired in settlement of loans |
(25 | ) | 837 | 2,856 | ||||||||
Other |
174 | 129 | 2,005 | |||||||||
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Net investment income |
121,566 | 201,397 | 558,321 | |||||||||
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Expenses |
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Earned by PennyMac Financial Services, Inc.: |
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Loan fulfillment fees |
54,020 | 60,835 | 52,815 | |||||||||
Loan servicing fees |
20,015 | 19,093 | 15,533 | |||||||||
Management fees |
11,913 | 8,449 | 8,288 | |||||||||
Loan origination |
7,986 | 9,308 | 4,468 | |||||||||
Loan collection and liquidation |
3,975 | 3,857 | 864 | |||||||||
Safekeeping |
2,592 | 1,941 | 1,905 | |||||||||
Professional services |
1,897 | 2,224 | 1,492 | |||||||||
Compensation |
1,328 | 2,185 | 1,200 | |||||||||
Other |
4,043 | 2,477 | 3,693 | |||||||||
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Total expenses |
107,769 | 110,369 | 90,258 | |||||||||
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Income before (benefit from) provision for income taxes |
13,797 | 91,028 | 468,063 | |||||||||
(Benefit from) provision for income taxes |
(24,295 | ) | 19,425 | 3,443 | ||||||||
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Net income |
38,092 | 71,603 | 464,620 | |||||||||
Dividends on preferred shares |
6,235 | 6,234 | 6,235 | |||||||||
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Net income attributable to common shareholders |
$ | 31,857 | $ | 65,369 | $ | 458,385 | ||||||
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Earnings per share |
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Basic |
$ | 0.32 | $ | 0.67 | $ | 4.59 | ||||||
Diluted |
$ | 0.32 | $ | 0.67 | $ | 4.51 | ||||||
Weighted average shares outstanding |
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Basic |
97,927 | 97,892 | 99,689 | |||||||||
Diluted |
98,034 | 98,103 | 101,592 | |||||||||
Dividends declared per common share |
$ | 0.47 | $ | 0.47 | $ | 0.40 |
10