EXHIBIT 99.1
FOR IMMEDIATE RELEASE INVESTOR AND MEDIA
CONTACT: PAMELA MARSH
(626) 535-8465
INDYMAC BANCORP EXPECTS STRONG THIRD QUARTER AND YEAR
PASADENA, Calif. - October 17, 2003 - IndyMac Bancorp, Inc. (NYSE: NDE)
("IndyMac" or the "Company"), the holding company for IndyMac Bank(R) F.S.B.,
today announced that earnings per share for the third quarter 2003 will exceed
the earnings per share of $0.73 reported for the second quarter 2003. While
still in the final stages of review and certification, the third quarter results
will reflect record mortgage production, up 7% over the second quarter of this
year, effective pipeline hedging/risk management to protect IndyMac's margin on
sale of loans, successful capital deployment to increase average earning assets
and improvement in the net interest margin. In addition, given the strong
quarter, the Company's previous guidance for the full year 2003 for earnings per
share ranging from $2.70 to $2.80 per share is lower than is currently
anticipated and should not be relied upon. The Company will issue more formal
guidance on the full year when it releases its earnings and files its Form 10-Q
on October 31st.
CONFERENCE CALL INFORMATION
On Friday, October 31, 2003, at 11:00 A.M. ET (8:00 A.M. PT), Michael W. Perry,
Chairman and Chief Executive Officer, will host a live Webcast and conference
call to discuss the results of the third quarter, followed by a question and
answer session. A slide presentation will accompany the Webcast/conference call
and can be accessed along with IndyMac's Form 10-Q via IndyMac Bank's home page
at www.indymacbank.com.
If you would like to participate:
- - Internet Webcast Access: http://www.indymacbank.com
- - The telephone dial-in number is (888) 855-5428, access code # 571352
- - The replay number is (888) 203-1112, access code # 571352
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To participate on the call, please dial in 15 minutes prior to the scheduled
start time. The conference call will be replayed continuously beginning two
hours after the call on October 31st through November 7th and will be available
on IndyMac's Web site at WWW.INDYMACBANK.COM.
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IndyMac Bancorp, Inc is the holding company for IndyMac Bank, the largest
savings and loan in Los Angeles and the 19th largest nationwide (based on
assets). IndyMac's management is committed to delivering superior returns and
increasing shareholder value through its hybrid mortgage bank/thrift business
model. IndyMac's total annualized return to shareholders for the period 1993
through September 30, 2003 of 22%, under its current management team, has
exceeded the comparable returns of 12% and 10% for the Dow Jones Industrial
Average and S&P 500, respectively, for the same period.
IndyMac is a leading technology-based mortgage lender with its award-winning
e-MITS(R) platform to facilitate automated underwriting, risk-based pricing and
rate lock of home loans on a nationwide basis via the Internet. IndyMac provides
mortgage products and services through its business relationship division,
IndyMac Mortgage Bank, and its consumer direct division, IndyMac Consumer Bank
and invests in certain of its mortgage loan production and mortgage servicing
for long-term returns through its Investment Portfolio Group. IndyMac's mortgage
website is ranked the number one overall mortgage website by Gomez(R), an
internet quality measurement firm, a position it has held for six of seven
measurement periods since Fall 2000.
IndyMac Mortgage Bank offers multi-channel distribution of its mortgage products
and services through a nationwide network of mortgage brokers, mortgage bankers,
financial institutions, Realtors(R) and homebuilders. The Mortgage Bank also
provides commercial loans to homebuilders for the purpose of constructing new
single-family residences.
IndyMac Consumer Bank offers mortgage products and services directly to
consumers through the Internet, a state-of-the-art call center and its Southern
California branch structure. The Consumer Bank also offers a wide array of
Web-enhanced banking services, including deposits, competitive CD and money
market accounts, and online bill payment services. IndyMac Bank is FDIC insured.
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Through its Investment Portfolio Group, IndyMac services $33 billion of mortgage
loans and invests in single-family residential mortgage loans, mortgage-backed
securities and mortgage servicing rights to provide core, stable net interest
and fee income.
For more information about IndyMac and its affiliates, or to subscribe to the
Company's Email Alert feature for notification on Company news and events,
please visit our Web site at www.indymacbank.com.
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FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release may be deemed to be
forward-looking statements within the meaning of the federal securities laws.
The words "believe," "expect," "forecast," "anticipate," "estimate," "project,"
"plan," and similar expressions identify forward-looking statements that are
inherently subject to risks and uncertainties, many of which cannot be predicted
or quantified. Actual results and the timing of certain events could differ
materially from those projected in or contemplated by the forward-looking
statements due to a number of factors, including the effect of economic and
market conditions; the level and volatility of interest rates; the Company's
hedging strategies, hedge effectiveness and asset and liability management; the
accuracy of subjective estimates used in determining the fair value of financial
assets of IndyMac; credit risks with respect to our loans and other financial
assets; the impact of changes in financial accounting standards; the actions
undertaken by both current and potential new competitors; the availability of
funds from IndyMac's lenders and from loan sales and securitizations, to fund
mortgage loan originations and portfolio investments; the execution of IndyMac's
growth plans; the impact of current, pending or future legislation and
regulations; and other risk factors described in the reports that IndyMac files
with the Securities and Exchange Commission, including the Annual Report on Form
10-K, Quarterly Reports on Form 10-Q, and its reports on Form 8-K.
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