PennyMac Q1 2022 Earnings Report
Key Takeaways
PennyMac Financial Services, Inc. reported a net income of $173.6 million for Q1 2022, with earnings per share of $2.94 on revenue of $657.5 million. The results reflect the strength of the balanced business model amidst rapid increases in mortgage rates, with strong contributions from the servicing portfolio offsetting reduced financial performance in the production business.
Net income for the first quarter of 2022 was $173.6 million, or $2.94 per share.
Revenue for the quarter totaled $657.5 million.
Book value per share increased to $62.19.
The Board of Directors declared a first quarter cash dividend of $0.20 per share.
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Forward Guidance
Company remains committed to driving further efficiencies across the platform while actively aligning expense base with expected lower levels of activity. PennyMac Financial has a long history of demonstrating success while managing through varying interest rate environments. Company believes its scaled and comprehensive platform, including commitment to enterprise risk management, and new initiatives across business will enable it to navigate this challenging mortgage market.