PennyMac Financial Reports Healthy Quarter

Mortgage lender PennyMac Financial Services Inc. in Moorpark reported boosts in revenue and profit for its final 2015 quarter and the full year. For the fourth quarter that ended Dec. 31, net income grew 50 percent to $68.9 million (58 cents a share) compared to $45.9 million (41 cents a share) for the year-ago period. That was on revenue of $187 million, a 32 percent jump from $142 million a year ago. PennyMac reported full-year net income of $248 million ($2.17 a share) compared to $196 million ($1.73 a share) for 2014, a 27 percent jump. Revenue for the year that ended Dec. 31 was $713 million, a 38 percent increase from the previous year. “Our mortgage production volumes remained strong despite a seasonally smaller mortgage market and higher interest rates during the quarter,” said Chief Executive Stanford Kurland in a statement. The company reported its financial performance after market close Wednesday. Shares closed Thursday down 14 cents or 1.2 percent to $11.25 on the New York Stock Exchange.