IndyMac Reports Record Pro Forma Earnings

IndyMac Bancorp Inc., Pasadena, Calif., the holding company for IndyMac Bank, has reported record pro forma net earnings of $211.3 million ($3.40 per share) for 2004, compared with $171.3 million ($3.01 per share) in 2003.Mortgage loan production totaled a record $37.9 billion, up 30% from the volume recorded the year before, IndyMac said. (The company said the pro forma earnings, related to SEC Staff Accountability Bulletin No. 105 and adjustments related to IndyMac's acquisition of Financial Freedom Holdings, were reported to provide comparability to historical performance figures.) For the fourth quarter, the company reported pro forma net earnings of $58.4 million ($0.91 per share), compared with $43.3 million ($0.75 per share) in the fourth quarter of 2003. Mortgage loan production totaled a record $11.2 billion, up 79% from that of a year earlier. "While industry volumes declined 26% in 2004 from 2003 levels, we grew our mortgage volumes 30%, and as a result, we achieved 74% growth in market share for the full year, to 1.34%," said Michael W. Perry, IndyMac's chief executive officer. The company can be found online at http://www.indymacbank.com.