IndyMac Reports $49.7-Million Profit

IndyMac Bancorp reported a $49.7-million profit, matching its year-earlier earnings. Increased home-loan operations were offset by accounting changes, including a regulator-imposed adjustment in how it values pending loans.

The Pasadena-based thrift and mortgage banker earned 78 cents a share, down from 87 cents in the third quarter of 2003. Without the accounting changes, the profit would have been 88 cents a share, the company said. Home-loan production was $10.3 billion, up 21% from a year earlier.