UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON,
D.C. 20549
FORM 11-K
FOR ANNUAL REPORTS OF
EMPLOYEE STOCK PURCHASE, SAVINGSAND
SIMILAR PLANS
PURSUANT TO SECTION 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
(Mark
One)
[X]
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ANNUAL REPORT PURSUANT TO
SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
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For the fiscal year
ended December 31, 2007
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OR
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[ ]
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TRANSITION REPORT PURSUANT TO
SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
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For the transition
period from
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to
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Commission file
number: 1-8972
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A. Full title and address of the plan, if
different from that of the issuer named below:
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INDYMAC
BANK, F.S.B. 401(k) PLAN
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B.
Name of issuer of the securities held
pursuant to the plan and the address of its principal executive office:
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INDYMAC BANCORP, INC.
888 East Walnut Street
Pasadena, California 91101-7211
FINANCIAL STATEMENTS AND EXHIBITS
(a)
Financial
Statements
Filed as a part of this
report on Form 11-K are the audited statements of net assets available for
benefits of the IndyMac Bank, F.S.B. 401(k) Plan (the Plan) as of and
for the year ended December 31, 2007 and 2006, and the related statements
of changes in net assets available for benefits for the years then ended. These financial statements and the related
schedules were prepared in accordance with the financial reporting requirements
of ERISA.
(b)
Exhibit
23.1
Consent
of Independent Registered Public Accounting Firm
SIGNATURES
The
Plan.
Pursuant to the
requirements of the Securities Exchange Act of 1934, the trustees (or other
persons who administer the Plan) have duly caused this annual report to be
signed on its behalf by the undersigned thereunto duly authorized.
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IndyMac
Bank, F.S.B. 401(k) Plan
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(Name of Plan)
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By:
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/s/ S. BLAIR
ABERNATHY
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S.
Blair Abernathy
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Executive
Vice President
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and
Chief Financial Officer
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Date:
June 27, 2008
2
IndyMac Bank, F.S.B. 401(k) Plan
Financial Statements and
Supplemental Schedules
December 31, 2007
and 2006
TABLE OF CONTENTS
3
Report
of Independent Registered Public Accounting Firm
Board of Directors and
Employee Benefits Fiduciary Committee
IndyMac Bank, F.S.B. 401(k) Plan
We have audited the
accompanying statements of net assets available for benefits of the IndyMac
Bank, F.S.B. 401(k) Plan as of December 31, 2007 and 2006, and the
related statements of changes in net assets available for benefits for the
years then ended. These financial statements are the responsibility of the Plans
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits
in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. We were not engaged to perform an audit of the
Plans internal control over financial reporting. Our audits included
consideration of internal control over financial reporting as a basis of
designing audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the Plans
internal control over financial reporting. Accordingly, we express no such
opinion. An audit also includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the accounting
principles used and significant estimates made by management, and evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the
financial statements referred to above present fairly, in all material
respects, the net assets available for benefits of the Plan at December 31,
2007 and 2006, and the changes in its net assets available for benefits for the
years then ended, in conformity with U.S. generally accepted accounting
principles.
Our audits were performed
for the purpose of forming an opinion on the financial statements taken as a
whole. The accompanying supplemental schedule of assets (held at end of year)
as of December 31, 2007 and supplemental schedule of delinquent
participant contributions for the year then ended are presented for purposes of
additional analysis and are not required parts of the financial statements but
are supplementary information required by the Department of Labors Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. These supplemental schedules are the responsibility of
the Plans management. The supplemental schedules have been subjected to the
auditing procedures applied in our audits of the financial statements and, in
our opinion, are fairly stated in all material respects in relation to the
financial statements taken as a whole.
Los Angeles, California
June 25, 2008
4
IndyMac
Bank, F.S.B. 401(k) Plan
Statements
of Net Assets Available for Benefits
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December 31
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2007
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2006
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Assets
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Investments, at fair value
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$
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156,411,315
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$
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145,319,242
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Receivables:
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Employers contributions
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939
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Participants contributions
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539
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4,018
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Total receivables
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539
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4,957
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Net assets available for benefits
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$
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156,411,854
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$
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145,324,199
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The accompanying notes
are an integral part of these statements.
5
IndyMac
Bank, F.S.B. 401(k) Plan
Statements
of Changes in Net Assets Available for Benefits
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Year Ended December 31
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2007
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2006
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Additions to net assets attributed to:
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Investment income:
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Net appreciation in fair value of investments
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$
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(10,464,534
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$
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11,850,007
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Dividends
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1,877,311
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1,395,164
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Interest on participant notes receivable
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429,797
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246,165
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Other
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2,011
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665
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(8,155,415
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13,492,001
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Contributions:
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Participants
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30,533,932
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27,788,208
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Employer
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6,817,710
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8,362,868
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Rollovers
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6,667,576
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3,818,722
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44,019,218
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39,969,798
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Total additions
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35,863,803
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53,461,799
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Deductions from net assets attributed to:
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Distributions to participants
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24,464,993
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9,201,050
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Administrative expenses
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311,155
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314,513
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Total deductions
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24,776,148
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9,515,563
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Net increase
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11,087,655
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43,946,236
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Net assets available for benefits:
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Beginning of year
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145,324,199
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101,377,963
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End of year
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$
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156,411,854
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$
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145,324,199
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The accompanying notes
are an integral part of these statements.
6
INDYMAC
BANK, F.S.B. 401(k) PLAN
NOTES TO
FINANCIAL STATEMENTS
DECEMBER
31, 2007 and 2006
NOTE 1 - DESCRIPTION OF PLAN
IndyMac Bank, F.S.B. (Indymac), an indirect
wholly-owned subsidiary of IndyMac Bancorp, Inc. (together, the Company),
adopted the IndyMac Bank, F.S.B. 401(k) Plan (the Plan) for the benefit
of the Companys employees. The Plan was established to provide retirement
savings benefits to eligible employees of the Company. Principal Life Insurance
Company is the Plan recordkeeper and Principal Trust Company is the Plan
custodian. The IndyMac Bank, F.S.B. Employee Benefits Fiduciary Committee (the Fiduciary
Committee) has the responsibility to administer the Plan.
The following description of the Plan provides only
general information. Participants should refer to the Plan document for a
complete description of the Plans provisions.
GENERAL
The Plan is a defined contribution plan covering all
eligible employees of the Company and provides for retirement, disability,
death and termination benefits. The Plan is subject to the provisions of the
Employee Retirement Income Security Act of 1974 (ERISA).
CONTRIBUTIONS
For the plan year ended December 31, 2007,
participants could contribute up to 40% of annual eligible compensation
(consistent with 2006) to a maximum of $15,500 of pre-tax contributions, as
defined in the Plan, as compared to a maximum of $15,000 of pre-tax
contributions for the plan year ended December 31, 2006. For 2008, the contribution deferral amount
will remain constant at a maximum of $15,500 on a pre-tax basis. The Plan also
allows eligible participants to contribute catch-up contributions of up to
$5,000 for 2008, which is consistent with 2007 and 2006. Participants may also
contribute amounts representing distributions from other qualified plans
(rollover contributions). The Company may determine, at its discretion,
employer matching contributions to be made. During the years ended December 31,
2007 and 2006, the Company matched 75 cents for every dollar contributed by the
participant on the first 3% of the eligible pay the participant contributed to
the Plan and 25 cents for every dollar contributed by the participant on the
second 3% of the eligible pay contributed to the Plan. Employer matching
contributions totaled $6.8 million and $8.4 million for the years ended December 31,
2007 and 2006, respectively. All employer contributions were made in cash. During 2007, withdrawals from forfeited
nonvested accounts were used to reduce employer contributions. In February 2008, the Company announced
it would suspend employer matching contributions effective March 1, 2008.
PARTICIPANT
ACCOUNTS
Each
participants account is credited with the participants contributions and
allocations of the Companys contributions and Plan earnings. Allocations of
Plan earnings are based upon the number of units of the Plan in each
participants account. Forfeited balances of terminated participants nonvested
accounts can be applied as employer contributions made in advance, and can be
used to reduce the Companys future contributions and administrative fees.
Participants may transfer funds between any of their investment funds except
their Countrywide Financial Corporation common stock fund, from which only
transfers out are permitted. There were 9,448 and 7,788 participants with an
account balance in the Plan as of December 31, 2007 and 2006,
respectively.
VESTING
Participants are immediately vested in their
contributions plus actual investment returns thereon. Vesting in the Companys
contribution portion of their account plus actual investment returns thereon is
based on years of continuous service. A participant vests at the rate of 20%
per year until becoming fully vested after 5 years of service.
As a result of employee layoffs in 2007, the Company
analyzed whether a partial termination of the Plan had occurred. The
Company concluded a partial termination of the Plan had not
occurred based on the advice of outside legal counsel. The
Company
7
INDYMAC
BANK, F.S.B. 401(k) PLAN
NOTES TO
FINANCIAL STATEMENTS
DECEMBER
31, 2007 and 2006
NOTE 1 - DESCRIPTION OF PLAN
(Continued)
will monitor this issue in 2008. In the
event of a partial termination of the Plan, the accounts of affected
participants would be fully vested as required by applicable law.
INVESTMENT
OPTIONS
Upon enrollment in the Plan, a participant may direct
employee contributions in any of the investment options described below:
Indymac Bank Top Tier Money Market
Savings Account
Monies are invested in Indymacs FDIC-insured top tier
money market savings account. Through March 3, 2008, this investment
option served as the default investment fund for Plan participants.
Principal Pooled Separate Funds
Money Market
Monies are invested in high-quality,
short-term money market instruments.
Government & High Quality Bond
Monies are
primarily invested in securities that are AAA-rated or issued by the U.S.
government, its agencies or instrumentalities. Monies may also be invested in
mortgage-backed securities representing an interest in a pool of mortgage
loans.
Large Cap Stock Index
Monies are
normally invested in 500 of the nations largest companies - the same companies
found in the Standard & Poors (S&P) 500 Stock Index.
Large Company Growth
Monies are invested in stocks of large
seasoned companies deemed to have strong earnings growth potential. Up to 25%
of assets may be invested in foreign securities.
Large Company Value
Monies are invested in stocks of
companies with large market capitalizations at the time of purchase. Up to 25%
of assets may be invested in foreign securities.
Mid-Cap Stock Index
Monies are primarily invested in common
stocks of companies that compose the S&P 400 Mid Cap Stock Index, an index
of 400 commonly traded mid-cap stocks.
Small-Cap Stock Index
Monies are primarily invested in common
stocks of companies that compose the S&P 600 Small Cap Index, an index of
600 commonly traded small cap stocks.
Mutual Funds
American Century Small Cap Value Investment
This
fund seeks long-term capital growth and normally invests at least 80% of its
assets in equity securities of U.S. companies with small market
capitalizations.
American Funds Growth Fund of America R3
This
fund seeks capital growth by investing in common stocks. Up to 15% of assets
may be invested in securities of issuers domiciled outside of the United States
and Canada, and not included in the S&P 500 Composite Index. The fund may
invest up to 10% of assets in lower quality nonconvertible debt securities.
American Funds EuroPacific Growth R3
This
fund seeks long-term capital growth and primarily invests in securities of
issuers located in Europe and the Pacific Basin.
8
INDYMAC
BANK, F.S.B. 401(k) PLAN
NOTES TO
FINANCIAL STATEMENTS
DECEMBER
31, 2007 and 2006
NOTE 1 - DESCRIPTION OF PLAN
(Continued)
T. Rowe Price Science & Technology
This fund
seeks long-term capital growth and normally invests at least 80% of its assets
in companies expected to benefit from the development, advancement, and use of
science and/or technology.
T. Rowe Price Mid-Cap Growth
This
fund seeks long-term growth of capital and normally invests at least 80% of its
assets in mid-cap common stocks with above-average growth potential. Also, the
fund may invest in other securities including foreign stocks, futures, and
options.
T. Rowe Price Equity-Income
This fund
seeks dividend income and potential for capital appreciation is also
considered. The fund will normally invest at least 80% of its assets in common
stocks, with 65% in the common stocks of well-established companies paying
above-average dividends and may also purchase other securities including
foreign stocks, futures, and options.
Vanguard Growth & Income
This
fund seeks a total return greater than that of the S&P 500 Index on an
annual basis. The fund invests at least 65% of its assets in securities
included in the S&P 500 Index.
Vanguard Asset Allocation
This fund
seeks to maximize long-term total return and allocates assets among common
stocks, bonds, and money-market instruments. It may invest up to 100% of assets
in any one of the three asset classes.
Vanguard Total Bond Market Index
This
fund seeks to track the performance of a broad, market-weighted bond index. As
such, the fund invests at least 80% of its assets in bonds held in the index
and maintains a dollar-weighted average maturity consistent with that of the
index, ranging between 5 and 10 years.
Vanguard Explorer
This fund
seeks long-term growth of capital and invests primarily in equity securities of
small companies. These companies tend to be unseasoned but are considered to
have superior growth potential.
Common
Stock
IndyMac Bancorp, Inc. Common Stock
Monies
are invested in the common stock of IndyMac Bancorp, Inc.
Countrywide Financial Corporation Common Stock
Monies
are invested in the common stock of Countrywide Financial Corporation. The
participants of the Plan can no longer contribute to this investment option.
Effective February 11, 2008, the Company added
six new investment options to the Plan.
The six additions were Principal LifeTime Separate funds which are
investment options based on a participants projected retirement date. On March 4, 2008, these new investment
options became the default investment option for participants that had not made
an affirmative investment election in the Plan.
PARTICIPANT
NOTES RECEIVABLE
Participants may elect to borrow from their account a
minimum of $1,000 up to a maximum of the lesser of $50,000, or 50% of their
vested account balance. Loan transactions are treated as a transfer from (to)
the investment fund to (from) the loan fund. Loan terms range from 1 to 5 years
or up to 15 years for the purchase of a primary residence. The loans are
collateralized by the balance in the participants account and bear interest at
a reasonable rate, not in excess of that permitted by law. Principal and
interest are paid ratably through monthly payroll deductions.
9
INDYMAC
BANK, F.S.B. 401(k) PLAN
NOTES
TO FINANCIAL STATEMENTS
DECEMBER
31, 2007 and 2006
NOTE 1 -
DESCRIPTION OF PLAN
(Continued)
PAYMENT
OF BENEFITS
On separation from
service, a participant may elect to receive an amount equal to the vested value
of his or her account through a lump-sum distribution. If the participant has
invested in the pooled or mutual funds, he or she will receive distributions in
cash. If the participant has invested in IndyMac Bancorp, Inc. or
Countrywide Financial Corporation stock, he or she can elect to receive
distribution in either cash or shares.
Additionally, the Plan is
subject to the annual minimum distribution requirements determined by Treasury
Regulations under Section 401(a)(9) of the Internal Revenue Code (the
Code).
FORFEITED
ACCOUNTS
At December 31, 2007
and 2006, forfeited nonvested accounts totaled $46,000 and $1.9 million,
respectively. During 2007 and 2006, withdrawals from these accounts totaled
$2.8 million and $146,000, respectively, and were used to reduce employer
contributions or pay administrative fees.
NOTE 2 - SUMMARY OF ACCOUNTING
POLICIES
BASIS
OF ACCOUNTING
The financial statements
of the Plan are prepared under the accrual method of accounting. Certain prior
year amounts have been reclassified to conform to the current year
presentation.
USE
OF ESTIMATES
The preparation of
financial statements in conformity with U.S. generally accepted accounting
principles requires management to make estimates and assumptions that affect
the amounts reported in the financial statements and accompanying notes. Actual
results could differ from those estimates.
INVESTMENT
VALUATION AND INCOME RECOGNITION
The Plans investments
are stated at fair value. The value of each pooled separate account is
determined at the close of each business day by Principal Life Insurance
Company based on market values of the underlying investment securities. Common
stocks are valued based upon the stock price at the last reported sales price
on the last business day of the plan year. Mutual funds are valued at quoted
market prices that represent the net asset values of underlying shares held by
the Plan as of year-end. Money market funds and participant notes receivable
are valued at cost, which approximates fair value. Purchases and sales of
securities are recorded on a trade-date basis. Interest income is recorded on
the accrual method. Dividends are recorded on the ex-dividend date.
In September 2006,
the FASB issued Statement No. 157,
Fair
Value Measurements
(SFAS 157). SFAS 157 addresses how
entities should measure fair value when they are required to use a fair value
measure for recognition or disclosure purposes under U.S. generally
accepted accounting principles. SFAS 157 defines fair value, establishes a
framework for measuring fair value and expands disclosures about fair value
measurements. SFAS 157 is effective prospectively for fiscal years
beginning after November 15, 2007. The Plan will adopt SFAS 157
prospectively on January 1, 2008, and at this time has not determined what
impact, if any, adoption of SFAS 157 will have on the Plans financial
statements.
10
INDYMAC
BANK, F.S.B. 401(k) PLAN
NOTES
TO FINANCIAL STATEMENTS
DECEMBER
31, 2007 and 2006
NOTE 3 - INVESTMENTS
Principal Trust Company
is the custodian of the Plan and trustee with respect to all assets in the Plan
except for Indymac Bancorp, Inc. and Countrywide Financial Corporation
common stock held at Bankers Trust Company, N.A. The fair values and the rates
of return of the following individual investments are as follows:
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December 31,
2007
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December 31,
2006
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Fair Value
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Rate of
Return
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Fair
Value
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Rate of
Return
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Indymac Bank Top
Tier Money Market Savings Account*
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$42,826,016
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4.83
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%
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$ 38,857,175
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4.47
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%
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Principal Money
Market Fund
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4,318,579
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4.86
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1,958,431
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4.55
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Principal
Government & High Quality Bond Fund
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4,573,706
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4.51
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4,744,443
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4.15
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Principal Large
Cap Stock Index Fund*
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8,182,809
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5.18
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7,511,963
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15.46
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Principal Large
Company Growth Fund
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5,767,919
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23.02
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4,276,505
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9.67
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Principal Large
Company Value Fund
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4,553,987
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(0.30
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)
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4,351,607
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19.92
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Principal Mid-Cap
Stock Index Fund
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3,163,310
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7.66
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2,652,002
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10.04
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Principal Small-Cap
Stock Index Fund
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4,271,652
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(0.51
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)
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4,181,554
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14.84
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American Century
Small Cap Value Investment Fund
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4,291,028
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(2.72
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)
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4,413,577
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15.52
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American Funds
Growth Fund of America R3 Fund
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|
6,233,531
|
|
10.59
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|
4,641,085
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|
10.62
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|
American Funds
EuroPacific Growth R3 Fund*
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|
15,731,306
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18.58
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10,605,241
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21.43
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T. Rowe Price
Science & Technology Fund
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3,361,523
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11.88
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2,549,750
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7.10
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T. Rowe Price
Mid-Cap Growth Fund
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|
6,267,905
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17.65
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4,644,643
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6.79
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T. Rowe Price
Equity-Income Fund
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|
7,774,804
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|
3.30
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|
6,573,355
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19.14
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Vanguard
Growth & Income Fund*
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|
9,674,478
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|
2.62
|
|
8,935,850
|
|
14.01
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|
Vanguard Asset
Allocation Fund
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|
6,323,446
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|
6.58
|
|
4,939,681
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|
16.02
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|
Vanguard Total
Bond Market Index Fund
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|
5,870,825
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|
6.92
|
|
4,884,059
|
|
4.27
|
|
Vanguard Explorer
Fund
|
|
3,451,721
|
|
5.06
|
|
2,850,487
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|
9.70
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IndyMac
Bancorp, Inc. Common Stock**
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|
3,846,642
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|
(85.67
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)
|
16,691,935
|
|
20.86
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|
Countrywide
Financial Corporation Common Stock
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|
189,279
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|
(78.25
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)
|
1,145,041
|
|
26.30
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Total, excluding
participant notes receivable
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|
$150,674,466
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|
|
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$
141,408,384
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|
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* Represents 5% or more of the
Plans net assets at December 31, 2007 and December 31, 2006
** Represents 5% or more of the
Plans net assets at December 31, 2006 only
11
INDYMAC
BANK, F.S.B. 401(k) PLAN
NOTES
TO FINANCIAL STATEMENTS
DECEMBER
31, 2007 and 2006
NOTE 3 INVESTMENTS (Continued)
During the years ended December 31,
2007 and 2006, the Plans investments (including realized and unrealized gains
and losses) appreciated (depreciated) in fair value as follows:
|
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Year Ended December 31,
|
|
|
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2007
|
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2006
|
|
|
|
|
|
|
|
Indymac money market and Principal pooled
separate accounts:
|
|
|
|
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|
Indymac Bank Top Tier Money Market Savings Accuont
|
|
$
|
2,099,912
|
|
$
|
1,560,210
|
|
Principal Money Market Fund
|
|
140,375
|
|
61,157
|
|
Principal Government & High Quality Bond
Fund
|
|
198,357
|
|
176,819
|
|
Principal Large Cap Stock Index Fund
|
|
396,326
|
|
938,059
|
|
Principal Large Company Growth Fund
|
|
1,039,721
|
|
357,609
|
|
Principal Large Company Value Fund
|
|
(14,521)
|
|
616,879
|
|
Principal Mid-Cap Stock Index Fund
|
|
180,166
|
|
203,518
|
|
Principal Small-Cap Stock Index Fund
|
|
(47,181)
|
|
421,463
|
|
Indymac money market and Principal pooled
separate accounts
|
|
3,993,155
|
|
4,335,714
|
|
|
|
|
|
|
|
Mutual funds:
|
|
|
|
|
|
American Century Small Cap Value Investment Fund
|
|
(175,613)
|
|
507,660
|
|
American Funds Growth Fund of America R3 Fund
|
|
499,605
|
|
372,628
|
|
American Funds Euro pacific Growth R3 Fund
|
|
2,009,668
|
|
1,428,615
|
|
T. Rowe Price Science & Technology Fund
|
|
287,720
|
|
153,734
|
|
T. Rowe Price Mid-Cap Growth Fund
|
|
821,264
|
|
248,278
|
|
T. Rowe Price Equity-Income Fund
|
|
56,175
|
|
817,625
|
|
Vanguard Growth & Income Fund
|
|
54,351
|
|
894,659
|
|
Vanguard Asset Allocation Fund
|
|
212,421
|
|
534,420
|
|
Vanguard Total Bond Market Index Fund
|
|
95,601
|
|
(10,424
|
)
|
Vanguard Explorer Fund
|
|
132,910
|
|
166,243
|
|
Mutual funds
|
|
3,994,102
|
|
5,113,438
|
|
|
|
|
|
|
|
Common stock:
|
|
|
|
|
|
IndyMac Bancorp, Inc.
|
|
(17,670,977)
|
|
2,171,513
|
|
Countrywide Financial Corporation
|
|
(780,814)
|
|
229,342
|
|
Common stock
|
|
(18,451,791)
|
|
2,400,855
|
|
Net (depreciation) appreciation
|
|
$
|
(10,464,534)
|
|
$
|
11,850,007
|
|
NOTE 4 -
RISKS AND UNCERTAINTIES
The Plan provides for
various investments in pooled separate funds, mutual funds and common stock.
Investments in general are subject to various risks, such as interest rate,
credit and overall market volatility risks. The Plans exposure to credit
losses in the event of nonperformance of investments is limited to the carrying
value of such investments.
Due to the level of risk
associated with certain investments, it is reasonably possible that changes in
the value of investments could occur in the near term and that such changes
could materially affect participants account balances and the amounts reported
in the statements of net assets available for benefits.
12
INDYMAC
BANK, F.S.B. 401(k) PLAN
NOTES
TO FINANCIAL STATEMENTS
DECEMBER
31, 2007 and 2006
NOTE 5 -
PLAN TERMINATION
Although it has not
expressed any intent to do so, the Company has the right to terminate the Plan
subject to the provisions of ERISA. In the event of Plan termination,
participants will become fully vested in their accounts.
NOTE 6 -
TAX STATUS
The Plan has received a
determination letter from the Internal Revenue Service dated August 12,
2002, stating that the Plan is qualified under Section 401(a) of
the Internal Revenue Code (the Code) and, therefore, the related trust is
exempt from taxation. Subsequent to this determination by the Internal Revenue
Service, the Plan was amended and restated. Once qualified, the Plan is
required to operate in conformity with the Code to maintain its qualification. The plan sponsor has indicated that it will
take the necessary steps, if any, to bring the Plans operations into
compliance with the Code.
NOTE 7 -
ADMINISTRATIVE EXPENSES
Recordkeeping fees are
typically covered by the forfeitures of the Plan. For the years ended December 31,
2007 and 2006, these expenses approximated $311,000 and $315,000, respectively.
NOTE 8 -
RELATED-PARTY TRANSACTIONS
Certain Plan investments are units of pooled separate
accounts managed by the Principal Life Insurance Company. Participants also
have the option to invest in the Indymac Bank Top Tier Money Market Savings
Account and IndyMac Bancorp, Inc. common stock. These transactions qualify
as party-in-interest transactions, for which a statutory exemption exists.
13
Supplemental
Schedules
14
IndyMac
Bank, F.S.B. 401(k) Plan
Schedule
H, Line 4(i) Schedule of Assets (Held at End of Year)
December 31, 2007
Identity of Issuer, Borrower,
Lessor or Similar Party
|
|
Description of
Investment
|
|
Current Value
|
|
|
|
|
|
|
|
Indymac Bank*
|
|
Money Market Savings Account
|
|
$
|
42,826,016
|
|
Principal Life Insurance Company*
|
|
Money Market Fund
|
|
4,318,579
|
|
Principal Life Insurance Company*
|
|
Government & High Quality Bond Fund
|
|
4,573,706
|
|
Principal Life Insurance Company*
|
|
Large Cap Stock Index Fund
|
|
8,182,809
|
|
Principal Life Insurance Company*
|
|
Large Company Growth Fund
|
|
5,767,919
|
|
Principal Life Insurance Company*
|
|
Large Company Value Fund
|
|
4,553,987
|
|
Principal Life Insurance Company*
|
|
Mid-Cap Stock Index Fund
|
|
3,163,310
|
|
Principal Life Insurance Company*
|
|
Small-Cap Stock Index Fund
|
|
4,271,652
|
|
American Century Investments
|
|
American Century Small Cap Value Fund
|
|
4,291,028
|
|
American Funds
|
|
American Funds Growth Fund of Amer R3 Fund
|
|
6,233,531
|
|
American Funds
|
|
American Funds Euro Pacific Growth R3 Fund
|
|
15,731,306
|
|
T. Rowe Price Funds
|
|
T. Rowe Price Science & Technology Fund
|
|
3,361,523
|
|
T. Rowe Price Funds
|
|
T. Rowe Price Mid-Cap Growth Fund
|
|
6,267,905
|
|
T. Rowe Price Funds
|
|
T. Rowe Price Equity-Income Fund
|
|
7,774,804
|
|
Vanguard Group
|
|
Vanguard Growth & Income Fund
|
|
9,674,478
|
|
Vanguard Group
|
|
Vanguard Asset Allocation Fund
|
|
6,323,446
|
|
Vanguard Group
|
|
Vanguard Total Bond Market Index Fund
|
|
5,870,825
|
|
Vanguard Group
|
|
Vanguard Explorer Fund
|
|
3,451,721
|
|
IndyMac Bancorp, Inc.*
|
|
Common Stock
|
|
3,846,642
|
|
Countrywide Financial Corporation
|
|
Common Stock
|
|
189,279
|
|
Participant Notes Receivable*
|
|
Rates range from 5.00% to 11.50%
|
|
5,736,849
|
|
Total
|
|
|
|
$
|
156,411,315
|
|
* Party-in-interest
15
IndyMac
Bank, F.S.B. 401(k) Plan
Schedule
H, Line 4(a) Schedule of Delinquent Participant Contributions
Year Ended December 31, 2007
Participant Contributions Transferred
Late to the Plan
|
|
Total that Constitute Nonexempt
Prohibited Transactions
|
|
|
|
$5,849
|
|
$5,849
|
16
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