IndyMac Takes a Hit

IndyMac Bancorp (IMB) took a first quarter loss and said it wasn’t expecting much for the rest of the year because of the tight credit market.

IndyMac posted a net loss of $184.2 million, down to $2.27 a share vs a profit for the same period last year of seventy cents a share, or $52.4 million.

The company has gone on a mission to reducing their net losses in order to move forward, and thus put their credit costs behind them, according to Chairman and CEO Michael W. Perry.

Shares of IMB dropped 2.9% to $3.33; of note is that almost twenty-five percent of the first quarter was related to office closings and staff reductions.

While IMB doesn’t expect to make any profit for the rest of the year, they are hoping to reduce their costs each quarter of 2008.