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3 Southland Banks Post Increase in Profit

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January 28, 2005|E. Scott Reckard

IndyMac Bancorp Inc., a Pasadena thrift that specializes in home loans over the Internet, reported 30% higher fourth-quarter profit Thursday. Net income also rose at two Asian American banks, East West Bancorp in San Marino and Los Angeles-based Hanmi Financial Corp.

IndyMac earned $55.9 million, or 87 cents a share, up from $43.3 million, or 75 cents, in the fourth quarter of 2003, as its mortgage volume rose 79%. Full-year net income fell from $171.3 million, or $3.01 a share, to $170.5 million, or $2.74. The earnings beat Wall Street expectations and IndyMac shares rose by $2.04 to $35.70 on the New York Stock Exchange.

East West Bancorp, a Chinese American bank, earned $22.6 million, or 42 cents a share, up 38% from $16.4 million, or 33 cents, a year earlier. The sale of two offices contributed 2 cents a share of profit.

For the year, East West earned $78 million, or $1.49 a share, up 32% from $59 million, or $1.19. East West stock closed down $1.44 on Nasdaq at $37.91.

Hanmi earned $11.7 million, or 23 cents a share, up from $5.1 million, or 18 cents. The Korean American bank attributed the increase partly to its takeover of Pacific Union Bank. Annual profit was $36.7 million, or 84 cents a share, compared with $19.2 million, or 67 cents, in 2003. Hanmi shares fell 37 cents to $35.41 on Nasdaq.

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E. Scott Reckard

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