IndyMac Reports 2Q Profits

IndyMac Bancorp Inc., Pasadena, Calif., has reported record pro forma net earnings of $54.6 million ($0.90 per share) for the second quarter, but the numbers exclude a one-time deferral of $31.6 million of net income in connection with a change in accounting for rate locks.The pro forma net earnings were up 34% from those of a year earlier. The accounting change was made in compliance with a Securities and Exchange Commission staff accounting bulletin that took effect April 1, IndyMac said. The company said there is "no economic or business impact" from the accounting change, which affects only the timing of revenue recognition. IndyMac's mortgage loan production totaled a record $9.4 billion of loans in the second quarter, up 18% from that of a year earlier, the company said. "Our mortgage market share was up 66% over the second quarter of 2003 in a period where many of our peers declined both in volumes and market share this quarter over the same quarter last year," said Michael W. Perry, IndyMac's chairman and chief executive officer. Mr. Perry said the company has revised its earnings forecast for the year from $3.10-3.30 per share to $3.35-3.55 per share. IndyMac, the holding company for IndyMac Bank, can be found online at http://www.indymacbank.com.