<PAGE>
1

                                                           EXHIBIT 99.1

FOR IMMEDIATE RELEASE                                      INVESTOR AND MEDIA
                                                           CONTACT: PAMELA MARSH
                                                                  (626) 535-8465


             INDYMAC ANNOUNCES RECORD QUARTERLY EPS OF $0.73, UP 30%
             -- BOARD OF DIRECTORS INCREASES CASH DIVIDEND BY 50% --
                    --TERRANCE HODEL JOINS INDYMAC'S BOARD--


PASADENA, Calif. - August 1, 2003 - IndyMac Bancorp, Inc. (NYSE: NDE) ("IndyMac"
or the "Company"), the holding company for IndyMac Bank(R) F.S.B., today
reported record earnings of $41.4 million, or $0.73 per share for the second
quarter of 2003. IndyMac has also filed its Form 10-Q for the second quarter
with the Securities and Exchange Commission. IndyMac's Form 10-Q is available on
IndyMac's Web site at WWW.INDYMACBANK.COM.

QUARTERLY CASH DIVIDEND

Based on IndyMac's strong operating performance and strong financial position,
including earnings, capital and liquidity and its commitment to shareholder
value, IndyMac's Board of Directors declared a cash dividend of $0.15 per share,
up 50%, from $0.10 per share in the previous quarter. The cash dividend is
payable September 18, 2003 to shareholders of record on August 14, 2003.

"The recent favorable change in the tax law related to dividends has provided a
compelling reason to substantially increase the dividend rate now and
efficiently return capital to our shareholders," commented Michael W. Perry,
IndyMac's Chairman and Chief Executive Officer. "The dividend now represents a
payout ratio of 21%, up from a payout ratio of 14% previously. Over time, we
expect to increase our payout ratio to align more closely with our financial
institution peers whose payout ratios generally range from 30% to 50%,"
continued Mr. Perry.

HIGHLIGHTS OF THE QUARTER

      -     Record revenues of $173 million, up 25% over the second quarter of
            2002

      -     Record earnings of $41.4 million, up 20% over the second quarter of
            2002

      -     Return on average equity of 18% and return on average assets of 1.5%

      -     Record mortgage loan production of $8.0 billion, up 73% over the
            second quarter of 2002
<PAGE>
2

      -     Record pipeline of mortgage loans in process of $6.9 billion at June
            30, 2003, up 86% over June 30, 2002

      -     Total assets of $10.7 billion, up 43% compared with assets at June
            30, 2002

      -     Portfolio of mortgage loans serviced for others of $29 billion, up
            21% over the prior year

      -     Non-performing assets remained low at 0.88% of total assets, down
            from 1.3% at June 30, 2002

      -     With the completion of our third year as a depository institution,
            our initial capital requirement of 8% core capital expired. Excess
            capital effective July 1, 2003 using the standard capital rules for
            well-capitalized institutions was $259 million, including available
            cash at the parent company.

"IndyMac's performance this year continues to be outstanding, with strong growth
in production and mortgage banking revenues partially offset, by design, with
lower returns in our investing activities. We have continued to invest in
mortgage loans, mortgage servicing rights and mortgage-backed securities to
enhance the diversification and consistency of our revenue streams. In light of
the recent significant increase in long-term Treasury and mortgage rates, the
industry appears to be in for an abrupt return to a more normal
purchase-dominated mortgage market. Given that the majority of our capital is
devoted to investment portfolio activities as opposed to mortgage origination
activities and we currently have $259 million of excess capital, we believe we
are reasonably well positioned for this likely challenging transition,"
commented Mr. Perry. "While recent interest rate volatility makes earnings
forecasting more difficult, we expect that earnings per share for the full year
2003 will range from $2.70 to $2.80 per share, reflecting growth of 12% to 16%
over 2002," concluded Mr. Perry.

TERRANCE G. HODEL JOINS BOARD OF DIRECTORS

IndyMac also announced the appointment of Terrance G. Hodel to its Board of
Directors, increasing the number of directors to eight. Mr. Hodel, 60, held the
position of President and Chief Operating Officer of North American Mortgage
Company from 1992 to 1997 when it was acquired by Dime Bancorp, Inc. At the
time, North American Mortgage was one of the ten largest mortgage companies in
the United States. Mr. Hodel continued to serve as Vice Chairman of North
American for an additional year following the acquisition. He most recently
served as Chief Executive Officer of Paymap, Inc. from 2001 to May of this year.
Prior to his service at North American Mortgage Company, Mr. Hodel served as
President and Chief Executive Officer of IMCO Realty Services, a
<PAGE>
3

large mortgage banking company, from 1985 to 1992, and was President and Chief
Executive Officer of Wells Fargo Mortgage Company from 1979 to 1985. Mr. Hodel
has more than 33 years experience in the mortgage banking industry. He holds an
MBA from Stanford University and serves on the Board of Trustees of Marin
Academy and Pomona College, and on the Board of Directors of Luther Burbank
Savings. Mr. Hodel also served on the Board of Directors of the Mortgage Bankers
Association of America from 1992 to 1998 and on the Board of Directors of
Redwood Trust from 1999 to 2000.

"We are extremely pleased to welcome Terry to IndyMac's Board of Directors. With
his extensive background in mortgage banking, Terry brings tremendous industry
expertise to complement the depth and breadth of our highly qualified team of
independent directors," commented Patrick C. Haden, Chairman of the IndyMac
Board Nominating and Governance Committee. "In addition to serving on our Board
of Directors, Terry will be a member of the Asset and Liability Committee and
the Community Lending, Compliance and Technology Committee."

CONFERENCE CALL

On Friday, August 1, 2003, at 11:00 A.M. EDT (8:00 A.M. PDT), Michael W. Perry,
Chairman and Chief Executive Officer, will host a live Webcast and conference
call to discuss the results of the second quarter, followed by a question and
answer session. A slide presentation will accompany the Webcast/conference call
and can be accessed along with IndyMac's Form 10-Q via IndyMac Bank's home page
at WWW.INDYMACBANK.COM.

If you would like to participate:

      -     Internet Webcast Access: http://WWW.INDYMACBANK.COM

      -     The telephone dial-in number is (800) 946-0705, access code # 436941

      -     The replay number is (888) 203-1112, access code # 436941

To participate on the call, please dial in 15 minutes prior to the scheduled
start time. The conference call will be replayed continuously beginning two
hours after the call on August 1st through August 8th and will be available on
IndyMac's Web site at www.indymacbank.com.

                                      ****
<PAGE>
4

IndyMac Bank is a leading technology-based mortgage lender with its
award-winning e-MITS(R) platform to facilitate automated underwriting,
risk-based pricing and rate lock of home loans on a nationwide basis via the
Internet. IndyMac provides mortgage products and services through its business
relationship division, IndyMac Mortgage Bank, and its consumer direct division,
IndyMac Consumer Bank. IndyMac's mortgage website is ranked the number one
overall mortgage website by Gomez(R), an internet quality measurement firm, a
position it has held for six of seven measurement periods since Fall 2000.

IndyMac Mortgage Bank offers multi-channel distribution of its mortgage products
and services through a nationwide network of mortgage brokers, mortgage bankers,
financial institutions, Realtors(R) and homebuilders. The Mortgage Bank also
provides commercial loans to homebuilders for the purpose of constructing new
single-family residences.

IndyMac Consumer Bank offers mortgage products and services directly to
consumers through the Internet, a state-of-the-art call center and its Southern
California branch structure. The Consumer Bank also offers a wide array of
Web-enhanced banking services, including deposits, competitive CD and money
market accounts, and online bill payment services. IndyMac Bank is FDIC insured.

Through its Investment Portfolio Group, IndyMac services $33 billion of mortgage
loans and invests in single-family residential mortgage loans, mortgage-backed
securities and mortgage servicing rights to provide core, stable net interest
and fee income.

IndyMac Bank is the largest savings and loan in Los Angeles and the 19th largest
nationwide (based on assets). IndyMac's management is committed to delivering
superior returns and increasing shareholder value. IndyMac's total annualized
return to shareholders for the period 1993 through June 30, 2003 of 23%, under
its current management team, has exceeded the comparable returns of 12% and 10%
for the Dow Jones Industrial Average and S&P 500, respectively, for the same
period.
<PAGE>
5

For more information about IndyMac and its affiliates, or to subscribe to the
Company's Email Alert feature for notification on Company news and events,
please visit our Web site at www.indymacbank.com.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release may be deemed to be
forward-looking statements within the meaning of the federal securities laws.
The words "believe," "expect," "forecast," "anticipate," "estimate," "project,"
"plan," and similar expressions identify forward-looking statements that are
inherently subject to risks and uncertainties, many of which cannot be predicted
or quantified. Actual results and the timing of certain events could differ
materially from those projected in or contemplated by the forward-looking
statements due to a number of factors, including the effect of economic and
market conditions; THE LEVEL AND VOLATILITY OF INTEREST RATES; THE COMPANY'S
HEDGING STRATEGIES, HEDGE EFFECTIVENESS AND ASSET AND LIABILITY MANAGEMENT; THE
ACCURACY OF SUBJECTIVE ESTIMATES USED IN DETERMINING THE FAIR VALUE OF FINANCIAL
ASSETS OF INDYMAC; credit risks with respect to our loans and other financial
assets; the impact of changes in financial accounting standards; the actions
undertaken by both current and potential new competitors; the availability of
funds from IndyMac's lenders and from loan sales and securitizations, to fund
mortgage loan originations and portfolio investments; THE EXECUTION OF INDYMAC'S
GROWTH PLANS; the impact of current, pending or future legislation and
regulations; and other risk factors described in the reports that IndyMac files
with the Securities and Exchange Commission, including this Annual Report on
Form 10-K, Quarterly Reports on Form 10-Q, and its reports on Form 8-K.

While all of the above items are important, the capitalized items represent
those that in management's view merit increased focus given current conditions

                                       ###