Q1 2020 PennyMac Financial Services Inc Earnings Call (Pre-recorded) Transcript
Good afternoon and welcome to the first quarter 2020 earnings discussion for PennyMac Financial Services, Inc. The slides that accompany this discussion are available on PennyMac Financial's website at ir.pennymacfinancial.com. Before we begin, please take a few moments to read the disclaimer on Slide 2 of the presentation. Thank you.
Now I'd like to begin by introducing David Spector, PennyMac Financial's President and Chief Executive Officer, who will review the company's first quarter 2020 results.
Thank you, Isaac. PennyMac Financial reported record earnings in the first quarter, driven by continued strong production results, combined with substantial gains on our interest rate hedge investments, which more than offset fair value losses on mortgage servicing rights. Net income was $306.2 million or diluted earnings per share of $3.73. Book value per share increased to $29.85, up from $26.26 at the end of
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