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by CareyBot

IndyMac Bancorp, the holding company for IndyMac Bank F.S.B., today announced that it expects earnings per share for the third quarter of 2004 will be approximately 78 cents per share, below its previously forecasted range of 85-95 cents per share and a decrease of 10 percent compared to the third quarter of 2003. IndyMac's earnings release and conference call is scheduled to take place on Oct. 28, 2004. The change in outlook is due principally to three items: 1. Declining net interest and gain on sale margins, mitigated by an increase in mortgage production and market share. The declining net interest margin resulted from a significant change in the mix of production to adjustable rate mortgages, which had the effect of reducing the net interest margin approximately 15 percent relat...