IndyMac Reports 3Q Profits

IndyMac Bancorp Inc., Pasadena, Calif., the holding company for IndyMac Bank FSB, has reported earnings of $79.3 million ($1.18 per share) for the third quarter under generally accepted accounting principles, compared with $49.7 million ($0.78 per share) a year earlier.IndyMac produced a record $17.0 billion of mortgage loans in the third quarter, up 64% from the level of a year earlier, the company said. "Taking out the $0.05 per share costs related to the Gulf Coast hurricanes, IndyMac's earnings would have been $1.23 per share, our best ever on an operating basis, exceeding the $1.21 per share operating run rate we reported last quarter," said Michael W. Perry, IndyMac's chairman and chief executive officer. The mortgage pipeline totaled a record $8.9 billion as of Sept. 30, up 39% from that of a year earlier, the company said. IndyMac can be found online at http://www.indymacbank.com.