IndyMac Reports Record '05 Earnings

IndyMac Bancorp Inc., Pasadena, Calif., the holding company for IndyMac Bank, has reported record net earnings of $300.2 million ($4.54 per share) for 2005, up 42% from pro forma net earnings of $211.3 million ($3.40 per share) in 2004.Mortgage loan production totaled a record $60.8 billion, up 60% from the volume recorded the year before, IndyMac said. For the fourth quarter, the company reported net earnings of $72.3 million ($1.09 per share), compared with pro forma net earnings of $58.4 million ($0.91 per share) in the fourth quarter of 2004. Mortgage loan production totaled a record $18.0 billion during the quarter, up 60% from that of a year earlier. "The 2005 fourth-quarter results clearly demonstrated the power of our hybrid thrift/mortgage bank business model," said Michael W. Perry, IndyMac's chief executive officer. "Of our $1.5 billion of average capital during the fourth quarter, we allocated 34% to our mortgage production divisions, 20% to our MSR division, and 45% to our thrift segment, with each providing strong returns on equity in line with our established targets." The company can be found online at http://www.indymacbank.com.