First Quarter Strong For IndyMac

Record quarterly earnings were reported by IndyMac Bancorp Inc. on Monday morning. The mortgage giant reported a quarterly mortgage production topping $20 billion, and earnings of $80 million for the same quarter.

For the first time in more than a year, IndyMac was able to show marked earnings and assets for the first quarter of 2006. The lender showed earnings of $63 million the first quarter of last year and has improved by more than 25% with earnings topping $80 million for the first quarter of 2006. IndyMac�s hybrid thrift/mortgage banking business model was tested with rising rates and a cooling mortgage market, and has stood up to fierce competition from other lenders. Following the growth, IndyMac plans to open additional back offices in hot market areas toward the middle of 2006.

Despite market trends leaning towards cooling, IndyMac has been able to steadily show small increases in earnings per share throughout the slowing of the market. Production, average interest and earnings all showed marked increases for 2006 first quarter when compared to the same time from 2005. IndyMac is known for providing quality service while charging less per loan to process than most lenders.

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