Industry News

IndyMac earnings soar

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IndyMac Bancorp, the holding company for IndyMac Bank, reported record net earnings of $83.1 million, or $1.26 per share, for the second quarter of 2005, up 52 percent over the second quarter of 2004, when net earnings totaled $54.6 million, or $0.90 per share. Revenues for the second quarter of 2005 totaled $288.7 million, up 45 percent over the second quarter of 2004. Mortgage loan production jumped to $14.2 billion in the second quarter, up 51 percent over the second quarter of 2004. IndyMac also raised its quarterly dividend 25 percent to 40 cents per share. The move represents IndyMac's ninth consecutive increase in the quarterly dividend. "The second quarter represented another outstanding quarter for IndyMac with production, assets, revenues, EPS and pipeline all at record levels," said Michael W. Perry, chairman and CEO of IndyMac Bancorp. "We had solid execution in our origination and portfolio businesses and we note that our continued diligent focus on interest rate risk ma...