PennyMac Mortgage Investment Trust (NYSE: PMT) today reported net income of $40.4 million, or $0.81 per diluted share, for the third quarter of 2012, on net investment income of $99.2 million. In addition, PMT’s Board of Trustees has declared a cash dividend of $0.57 per common share of beneficial interest. This dividend will be paid on November 30, 2012 to common shareholders of record on November 16, 2012.
- Diluted earnings per common share of $0.81, up 3 percent from the prior quarter with a 33 percent increase in weighted shares outstanding
- Net investment income of $99.2 million, up 54 percent from the prior quarter
- Net income of $40.4 million, up 37 percent from the prior quarter
- Return on average equity of 16 percent 1, down from 17 percent in the prior quarter
- Issued over $359 million in new equity capital, bringing total shareholders’ equity to $1.2 billion
- Increased dividend to $0.57 per diluted common share, up 3 percent from the prior quarter
Mortgage Investment Results:
- Correspondent purchases of $6.3 billion in unpaid principal balance (UPB) 2, up 87 percent from the prior quarter
- Conventional purchases of $3.7 billion in UPB, up 111 percent from the prior quarter
- Correspondent interest rate lock commitments (IRLCs) of $8.5 billion, up 84 percent from the prior quarter
- Conventional IRLCs of $5.5 billion, up 105 percent from the prior quarter
- Distressed mortgage loan purchases of $357 million in UPB
Return on equity calculated based on average shareholders’ equity for each month.
FHA purchases were $2.6 billion in UPB, for which PMT earns a sourcing fee of 3bps and interest income for its holding period.
|Quarter ended September 30, 2012|
|Net gain on investments||$||26,061||$||-||$||-||$||26,061|
|Net gain on mortgage loans acquired for sale||-||49,793||-||49,793|
|Loan fulfillment fees payable to affiliate||-||17,258||-||17,258|