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PennyMac Financial Services, Inc. Reports Fourth Quarter 2013 Results

PennyMac Financial Services, Inc. (NYSE: PFSI) today reported net income of $37.3 million for the fourth quarter of 2013, on revenue of $90.4 million. Net income attributable to PFSI common stockholders was $6.4 million, or $0.32 per diluted share.

Fourth Quarter 2013 Highlights

  • Total net revenue of $90.4 million, up 4 percent from the prior quarter
  • Mortgage Banking revenue of $75.7 million, up 4 percent from the prior quarter
  • Investment Management revenue of $14.7 million, up 3 percent from the prior quarter
  • Total loan production activity of $6.0 billion in unpaid principal balance (UPB), down25 percent from the prior quarter
  • Servicing portfolio reached $78.2 billion in UPB, up 48 percent from September 30, 2013
  • Net assets under management totaled $2.0 billion, down 1 percent from September 30, 2013
  • Successfully closed and transferred two previously announced bulk mortgage servicing rights (MSR) portfolio acquisitions totaling $20.1 billion in UPB, with co-investment by PennyMac Mortgage Investment Trust (NYSE: PMT) in the excess servicing spread

Full-Year 2013 Highlights

  • Pretax income of $182.1 million, up 54 percent from the prior year
  • Total net revenue of $386.6 million, up 46 percent from the prior year
  • Mortgage Banking revenue of $330.2 million, up 44 percent from the prior year
  • Investment Management revenue of $56.3 million, up 57 percent from the prior year
  • Loan production totaled $31.7 billion, an increase of 44 percent from the prior year, which includes over $1 billion in originations in PFSI’s retail lending business.

“PennyMac Financial ended a successful year with a solid quarter despite continuing headwinds in the mortgage origination market,” said Chairman and Chief Executive Officer Stanford L. Kurland. “We successfully completed and transferred two bulk MSR acquisitions, helping to grow our servicing portfolio by 48 percent and presenting attractive opportunities for our retail lending business. Loan production volumes were lower, driven by a decline in the U.S. origination market. Nevertheless, our mortgage banking revenues increased quarter-over-quarter and we remained focused on expense management, leading to a 19 percent increase in net income for the quarter.”

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