PennyMac Mortgage Investment Trust (NYSE: PMT) today reported net income of $29.6 million, or $0.79 per diluted share, for the second quarter of 2012, on net investment income of $64.4 million. In addition, the Board of Trustees of PMT has declared a cash dividend of $0.55 per common share of beneficial interest. This dividend will be paid on August 31, 2012 to common shareholders of record on August 16, 2012.
Record financial results:
- Diluted earnings per common share of $0.79, up 22 percent from the prior quarter on a 27 percent increase in weighted shares outstanding
- Net investment income of $64.4 million, up 38 percent from the prior quarter
- Net income of $29.6 million, up 55 percent from the prior quarter
- Return on average equity of 17 percent 1, up from 13 percent in the prior quarter
Strong operational performance:
- Correspondent purchases of $3.4 billion in unpaid principal balance (UPB) 2, up 88 percent from the prior quarter
- Conventional purchases of $1.8 billion, up 79 percent from the prior quarter
- Correspondent interest rate lock commitments (IRLCs) of $4.6 billion, up 94 percent from the prior quarter
- Conventional IRLCs of $2.7 billion, an increase of 120 percent from the prior quarter
- Distressed mortgage loan purchases of $402 million in UPB
- Cash flow from investments of $116 million, up 46 percent from prior quarter
|1||Return on equity calculated using average monthly equity values.|
|2||FHA purchases were $1.6 billion in UPB, for which PMT earns a sourcing fee and interest income for its holding period.|
Quarter ended June 30, 2012
|Net gain on investments||$||27,992||$||-||$||27,992|
|Net gain on mortgage loans acquired for sale||-||18,046||18,046|
|Loan fulfillment fees||-||7,715||7,715|
|Loan servicing expense||5,756||30||5,786|
|Pre-tax net income||$||25,958||$||12,017||$||37,975|
|*Net of intersegment elimination|
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