PASADENA, Calif. — IndyMac Bancorp reported first-quarter net income on Thursday of just over $15 million, or 24 cents a share, down 30% from the first quarter last year, which included a non-recurring net gain of $30.1 million.

The company called attention to a previously disclosed charge of $10 million for a change in an accounting principle related to interest and investment income, as well as to higher loan- and credit-loss provisions for discontinued businesses.

Without the accounting charge, IndyMac’s per-share earnings grew 15%, to $25.2 million, or 39 cents a share.

The market reacted harshly to the news, pushing IndyMac’s stock price down almost 9% in late afternoon trading, to $25.75.

IndyMac said that it expects per-share earnings of $1.80 for the year, a 36% increase from 2000, and a range of $2.25 to $2.40 in 2002.

Michael Perry, chief executive of IndyMac, said 90% of its credit losses are related to its discontinued manufactured housing and home improvement businesses, which in the long run should be a positive.

“I don’t think the market is understanding this morning, from the reaction of the stock, the power of getting those issues behind us,” Mr. Perry said during a conference call Thursday. He added that future credit losses would be very low.

In addition, Mr. Perry said, he wants to move IndyMac, the 27th-largest mortgage originator in the country last year, into the top 10.

“It was a very, very good quarter,” Gary Gordon, an analyst at UBS Warburg, said in an interview. “I think it’s one of the best mortgage companies in the industry. They have very low costs to originate loans; they’re getting terrific volume growth and very nice profit margins.”

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