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IndyMac Sees Big Growth in Servicing, But Credit Concerns Rise.(IndyMac Bancorp Inc.)(Brief article)
PASADENA, CA -- IndyMac's posted dramatic growth in its loan servicing portfolio over the past year, but the hybrid thrift-mortgage bank also saw a higher share of its on-balance sheet loans fall into nonperforming status.
Earnings fell to $52.4 million, or $0.70 per share, in the first quarter, down from $79.8 million, or $1.18 per share, in the first quarter of 2006 as credit costs crept higher
IndyMac said shrinking profit margins on loan production and higher credit costs were largely to blame for the earnings downturn.
But IndyMac said first-quarter revenue totaled $302.1 million, down just 1% from the year-earlier period. And the company grew its assets 23% from a year ago to a record level of $29.7 billion.
But the company did suffer credit deterioration, with nonperforming assets accounting for 1.09% of the portfolio, more than double the 0.43% level from a year earlier.
IndyMac ...
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