UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934



Date of Report (Date of earliest event reported)    July 28, 2004


ITLA CAPITAL CORPORATION


(Exact name of Registrant as specified in its Charter)



Delaware 0-26960 95-4596322

(State or other jurisdiction
of incorporation)
(Commission File No.) (IRS Employer
Identification No.)


888 Prospect Street, Suite 110, La Jolla, California92037

(Address of principal executive offices)(Zip Code)


Registrant's telephone number, including area code: (858) 551-0511



N/A
(Former name or former address, if changed since last report)





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ITEM 12.  Results of Operation and Financial Condition

            On July 28, 2004, the Registrant issued the press release attached hereto as Exhibit 99 and incorporated herein by reference announcing its earnings for the second quarter of 2004.


























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SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

ITLA CAPITAL CORPORATION


Date: July 30, 2004 By: /s/ Timothy M. Doyle
Timothy M. Doyle
Senior Managing Director and
Chief Financial Officer


























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EXHIBIT INDEX

Exhibit No.Description
99Press Release






















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