IndyMac Reports Record '02 Earnings

IndyMac Mortgage Holdings Inc., Pasadena, Calif., the holding company for IndyMac Bank, has reported record net earnings of $143 million ($2.41 per share) for 2002, compared with $116.4 million ($1.84 per share) in 2001.Net earnings totaled $36 million ($0.63 per share) for the fourth quarter. Mortgage production totaled a record $20.3 billion for the year, up 23% from $17.5 billion in 2001. "With our balance sheet growth, including strong balances in both our mortgage loans held for sale and held for investment, and our pipeline at near-record levels, we are well positioned for another good year in 2003," said Michael W. Perry, IndyMac's chief executive officer. The company's board of directors has reestablished a policy of paying cash dividends and declared a dividend of $0.40 per share for the coming year in quarterly increments of $0.10 per share. IndyMac's website address is http://www.indymac.com.