|
|
 |
|
Dollars in millions, except per item amounts |
|
| |
Year ended December 31, |
|
|
|
|
|
|
2002 |
|
|
|
2001 |
|
|
|
| Income statement |
| Net revenues |
|
$ |
575 |
|
|
$ |
498 |
|
Net earnings before cumulative effect of a
change in accounting principle(1) |
$ |
143 |
|
$ |
127 |
|
Earnings per share before cumulative
effect of a change in accounting principle
on a diluted basis(1) |
$ |
2.41 |
|
$ |
2.00 |
|
| Return on average equity(2) |
|
16.60 |
% |
|
16.55 |
% |
| Return on average assets(2) |
|
1.80 |
% |
|
1.77 |
% |
| Efficiency ratio(3) |
|
58 |
% |
|
53 |
% |
Capital used to generate a dollar of net
revenue(4) |
$ |
1.46 |
|
$ |
1.46 |
|
| Capital adjusted efficiency ratio(5) |
|
85 |
% |
|
78 |
% |
|
| Balance sheet (period end) |
| Total assets |
$ |
9,574 |
|
$ |
7,497 |
|
| Total equity |
$ |
850 |
|
$ |
845 |
|
| Debt to equity ratio(6) |
|
10.3:1 |
|
|
7.9:1 |
|
| Book value per share |
$ |
15.50 |
|
$ |
14.00 |
|
| Core capital ratio(7) |
|
8.70 |
% |
|
9.16 |
% |
| Risk-based capital ratio(7) |
|
15.02 |
% |
|
15.39 |
% |
| Excess capital(8) |
$ |
94 |
|
$ |
253 |
|
|
| Other selected items |
| Shares repurchased during the period (000's) |
|
6,184 |
|
|
3,364 |
|
| Average repurchase price per share |
$ |
21.27 |
|
$ |
23.42 |
|
| Loans serviced |
$ |
29,139 |
|
$ |
23,127 |
|
| Loan production(9) |
$ |
20,882 |
|
$ |
17,549 |
|
| Loans sold |
$ |
16,825 |
|
$ |
13,901 |
|
| Mortgage banking profit margin(10) |
|
2.56 |
% |
|
2.37 |
% |
|
|
|
|
(1) Net earnings and EPS in 2001 exclude a charge to earnings of $10.2 million or $0.16 per share recorded as a cumulative effect of a change in accounting principle. Net of the change in accounting principle 2001 net earnings were $116 million, or $1.84 per share.
(2) Using earnings before the cumulative effect of a change in accounting principle discussed in note 1 above. Net of the change in accounting principle, the 2001 ROE and ROA would be 15.3% and 1.6%, respectively.
(3) Defined operating expenses, divided by net interest income and other income.
(4) Average equity divided by net interest income and other income.
(5) Efficiency ratio multiplied by the capital required to generate a dollar of net revenue.
(6) Debt (including deposits) divided by total equity.
(7) IndyMac Bank, F.S.B. (excludes unencumbered cash at holding company available for investment in IndyMac Bank). Risk-based capital is based on the regulatory standard risk-weighting. With IndyMac's additional subprime risk-weightings, the ratios are 14.03% and 14.59% at December 31, 2002 and 2001, respectively.
(8) Excess capital is defined as capital held in IndyMac Bank, F.S.B. in excess of IndyMac's interim regulatory requirements for a "well-capitalized" institution plus unencumbered cash at IndyMac Bancorp. Excess capital would increase to $262.7 million using the well-capitalized minimums that we expect to be subject to upon expiration of our interim capital requirements on June 30, 2003.
(9) Includes newly originated commitments on construction loans.
(10) Includes gain on sale of loans plus net interest income plus fee income.
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