IndyMac Touts Record 2Q Earnings, Volume

IndyMac Bancorp Inc., Pasadena, Calif., has reported record mortgage loan volume and record net earnings of $83.1 million ($1.26 per share) for the second quarter, compared with pro forma net earnings of $54.6 million ($0.90 per share) a year earlier.(IndyMac earned $23.0 million, or $0.38 per share, in the second quarter of 2004 under generally accepted accounting principles. The difference between pro forma and GAAP earnings in 2004 was related to a Securities and Exchange Commission staff accounting bulletin that took effect April 1, 2004, IndyMac said.) IndyMac's mortgage loan production totaled a record $14.2 billion in the second quarter, up 51% from that of a year earlier, the company said. Richard H. Wohl, IndyMac Bank's newly appointed president, said the bank boosted its mortgage market share to 1.82%, a 56% year-over-year increase. "A significant portion of this increase was driven by our re-entry into the correspondent and conduit channels, which contributed 35%, and our new reverse mortgage company, Financial Freedom, which contributed 13%," Mr. Wohl said.