IndyMac Cites Record Profits, Mortgage Volume

IndyMac Bancorp Inc., Pasadena, Calif., the holding company for IndyMac Bank, has reported record net earnings of $49.7 million ($0.87 per share) for the third quarter, up 34% from earnings in the third quarter of 2002.Mortgage loan production totaled a record $8.5 billion in the third quarter, up 64% from the volume recorded a year earlier, IndyMac said. "Based on our ratelocks and pipeline at the end of the third quarter, our forecast for fourth-quarter production ranges from $5.8 billion to $6.6 billion, which represents a decline of 23% to 32% from the third quarter," said Michael W. Perry, IndyMac's chairman and chief executive officer. This would be significantly better than the 52% decline projected for the industry as a whole by the Mortgage Bankers Association of America, he noted. IndyMac declared a cash dividend of $0.20 per share, up from $0.15 per share in the previous quarter. The company can be found online at http://www.indymacbank.com.