IndyMac Reports Record '06 Earnings

IndyMac Bancorp Inc., Pasadena, Calif., the holding company for IndyMac Bank, has reported record net earnings of $343 million ($4.82 per share) for 2006, up 17% from profits recorded in 2005.Mortgage loan production totaled a record $90 billion, up 48% from the volume recorded the year before, IndyMac said. For the fourth quarter, the company reported net earnings of $72 million, compared with net earnings of $70 million in the fourth quarter of 2005. Earnings per share amounted to $0.97, down 8%, IndyMac said. Mortgage loan production totaled a record $26 billion for the quarter, up 44% from that of a year earlier. Michael W. Perry, IndyMac's chief executive officer, said the company's management is "clearly disappointed with these results because they were considerably below our normal earnings growth." However, Mr. Perry said the company "maintained reasonable and prudent credit quality in our mortgage loan production," adding that subprime loans represented only 3% of fourth-quarter production. The company can be found online at http://www.indymacbank.com.