In its first earnings report since its May IPO, PennyMac Financial Services reported disappointing profit figures but beat analysts’ revenue estimates due to strong mortgage-banking growth.

The Moorpark company reported net income of $48.2 million (38 cents) for the second quarter ended June 30 on revenue of $111 million.

Analysts on average had expected net income of 59 cents a share on revenue of $106 million, according to Thomson Financial.

The company produces and services U.S. residential mortgage loans and is an affiliate of publicly held mortgage REIT PennyMac Mortgage Investment Trust. Stanford Kurland, the former president of Countrywide Financial, is chief executive of both companies.

The company reported growth in all categories, including mortgage banking, which rose 6 percent to $97 million.

“PennyMac Financial is building the leading non-bank mortgage specialist company and continues to demonstrate growth in all of our underlying business drivers,” said Kurland in a prepared statement.

Shares lost 40 cents, or more than 2 percent, to close at $18.99 on the New York Stock Exchange.