IndyMac Reports 3Q Profits

IndyMac Bancorp Inc., Pasadena, Calif., the holding company for IndyMac Bank, has reported pro forma net earnings of $56.4 million ($0.88 per share) for the third quarter, compared with net earnings of $49.7 million ($0.87 per share) a year earlier.The company said earnings were reported on a pro forma basis rather than under generally accepted accounting principles in order to provide comparability with its earnings reports in previous quarters. (The difference between GAAP and pro forma earnings in the third quarter stems from the implementation of SEC Staff Accounting Bulletin No. 105 and purchase accounting adjustments related to IndyMac's acquisition of Financial Freedom Holdings Inc., the company said.) IndyMac produced a record $10.3 billion of mortgage loans in the third quarter, up 21% from the level of a year earlier, the company said. "The results this quarter were very strong due to solid execution on our two key strategies: to use our thrift portfolio capabilities to generate increased earnings and to increase market share as the mortgage industry transitions to a more normal post-refinance boom level," said Michael W. Perry. IndyMac's chairman and chief executive officer. IndyMac can be found online at http://www.indymacbank.com.