IndyMac Announces EPS of $1.18, 34% Rise Includes $0.05 Hurricane Charge; Board of Directors Increases Quarterly Cash Dividend to $0.42, up 24%.

Publication: Business Wire

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COPYRIGHT 2005 Business Wire

PASADENA, Calif. -- IndyMac Bancorp, Inc. (NYSE:NDE) ("IndyMac" or the "Company"), the holding company for IndyMac Bank(R) F.S.B., today reported earnings of $79.3 million, or $1.18 per share for the third quarter of 2005, including $3.1 million, net of tax, or $0.05 per share of estimated losses related to the Gulf Coast Hurricanes. This represents increases of 40 percent and 34 percent, respectively, compared with pro forma net earnings of $56.4 million, or $0.88 per share in the third quarter of 2004. GAAP earnings totaled $49.7 million or $0.78 per share during the third quarter of 2004, $0.10 per share below the pro forma amount.

The difference between the third quarter 2004 pro forma and GAAP earnings was related to the implementation of SEC Staff Accounting Bulletin (SAB) No. 105 and purchase accounting adjustments related to the Company's acquisition of Financial Freedom Holdings Inc. Pro forma earnings were provided to allow investors to evaluate IndyMac's results on an accounting basis comparable to its historical performance.

IndyMac has also filed its Form 10-Q for the third quarter with the Securities and Exchange Commission. The Form 10-Q is available on IndyMac's Website at www.indymacbank.com.

Quarterly Cash Dividend

Based on IndyMac's strong operating performance and financial position, including earnings, capital and liquidity, and its commitment to shareholder value, IndyMac's Board of Directors declared a cash dividend of $0.42 per share, up 24 percent from the dividend declared and paid in the fourth quarter last year, representing IndyMac's tenth consecutive increase in the quarterly dividend. The cash dividend is payable Dec. 8, 2005 to shareholders of record on Nov. 10, 2005.

Highlights of the Third Quarter of 2005 Compared with Third Quarter 2004 Pro forma

--Revenues of $282.7 million, up 31 percent.

--Earnings of $79.3 million, up 40 percent.

--EPS of $1.18, up 34 percent.

--ROE of 22 percent, up...

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