PFSI - PennyMac Financial Services Inc. (PFSI) Q1 2024 Earnings Call Transcript
2024-04-24 20:33:10 ET
PennyMac Financial Services, Inc. (PFSI)
Q1 2024 Earnings Conference Call
April 24, 2024, 5:00 PM ET
Company Participants
David Spector - Chairman and CEO
Dan Perotti - Chief Financial Officer
Conference Call Participants
Bose George - KBW
Doug Harter - UBS
Crispin Love - Piper Sandler
Kyle Joseph - Jefferies
Terry Ma - Barclays
Eric Hagen - BTIG
Presentation
Operator
Good afternoon and welcome to PennyMac Financial Services Inc.’s First Quarter 2024 Earnings Call. Additional earnings materials, including presentation slides that will be referred to in this call, are available on the PennyMac Financial website at pfsi.pennymac.com.
Before we begin, let me remind you that this call may contain forward-looking statements that are subject to certain risks identified on Slide 2 of the earnings presentation that could cause the company’s actual results to differ materially, as well as non-GAAP measures that have been reconciled to their GAAP equivalent in the earnings materials.
Now, I’d like to introduce David Spector, PennyMac Financial’s Chairman and Chief Executive Officer; and Dan Perotti, PennyMac Financial’s Chief Financial Officer. Please go ahead.
David Spector
Thank you, operator. Good afternoon and thank you to everyone for participating in our first quarter earnings call.
PFSI reported net income of $39 million and an annualized return on equity of 4% in the first quarter. These results include $125 million of fair value declines on mortgage servicing rights net of hedges and $2 million of a non-recurring legal accrual....
PennyMac Financial Services, Inc. (PFSI) Q1 2024 Earnings Call Transcript