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IndyMac Experiences 'Best Quarter' Ever.
Pasedena, CA -- IndyMac earned $79.3 million, or $1.18 per share, in the third quarter, posting a 34% rise in earnings per share from a year earlier despite taking a $0.05 per-share charge related to Hurricane Katrina.
If you take out the Katrina charge, the company's third quarter was the best ever, exceeding the second quarter 2005 record, according to chairman and CEO Michael Perry. And as the company gains lending market share, its servicing portfolio is growing rapidly as well.
The company's mortgage origination volume surged by 64% from a year earlier to $17 billion. The company's share of the loan origination market, at 2.19% based on the MBA's estimate of the loan origination universe, is up 37% from a year earlier. Mr. Perry said during the company's third-quarter conference call that IndyMac's market share may rise to about 2.7% for the fourth quarter.
Moreover, Mr. Perry said that IndyMac may have climbed into the top 10 mortgage originators list based on third-quarter numbers.
IndyMac reported revenue of $282.7 million in the quarter, up 31% from the same period of 2004 on a pro-forma basis. The company also reached a record number for total assets at $19.6 billion, up 22%.
And the good times may not be over for IndyMac. The company's pipeline of mortgage loan applications stood at $8.9 billion as of Sept. 30, up 39%.
IndyMac's portfolio of home loans serviced for others grew to $74 billion as of Sept. 30, up 66% from 12 months earlier. IndyMac pegged the value of its mortgage servicing rights at $941 million, or 5% of earning assets.
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