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) September 21, 2004
FirstFed Financial Corp.
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(Exact name of registrant as specified in its charter)
Delaware 1-9566 95-4087449
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(State of Incorporation)(Commission File No.)(IRS Employer Identification No.)
401 Wilshire Boulevard, Santa Monica, California, 90401-1490
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (310) 319-6000
Total number of pages is 4
Index to Exhibit is on Page 3.
ITEM 7.01 REGULATION FD DISCLOSURE
The Registrant hereby incorporates by reference into this Item. 9 the
summary monthly financial data as of June 30, 2004 attached as Exhibit 99.0,
which is being furnished in accordance with Rule 101(e)(1) under Regulation FD
and shall not be deemed to be filed.
A discussion of the factors that could impact the Bank's loan portfolio in
general, and the Registrant's overall business and financial performance, can be
found in the Registrant's reports filed with the Securities and Exchange
Commission. These factors include, among others, general economic and business
conditions and changes therein, competition, consumer preferences and various
other matters beyond the Registrant's control. Given these concerns, investors
and analysts should not place undue reliance on the enclosed information. These
reports speak only as of their stated date, and the Registrant undertakes no
obligation to publicly update or revise the reports, although it may do so from
time to time as management of the Registrant believes is warranted.
ITEM 9.01 FINANCIAL STATEMENTS, PRO-FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
99.0 Monthly Financial Data as of August 31, 2004 (Unconsolidated)
S I G N A T U R E S
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.
FIRSTFED FINANCIAL CORP.
Dated: September 21, 2004 By:
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Douglas J. Goddard
Chief Financial Officer
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INDEX TO EXHIBITS
Item Page
99.0 Monthly Financial Information as of August 31, 2004 4
3
First Federal Bank of California, fsb
MONTHLY REPORT OF OPERATIONS
Unconsolidated Financial Highlights
Unaudited
(Dollars in thousands)
As of, for As of, for As of, for As of, for As of, for
the month the month the month the 8 months the 8 months
ended August,31 ended July,31 ended August,31 ended August,31 ended August,31
2004 2004 2003 2004 2003
---- ---- ---- ---- ----
Cash and investment
securities $ 330,613 $ 335,330 $ 191,843 $ 330,613 $ 191,843
Total assets $ 6,089,558 $ 5,775,984 $ 4,543,182 $ 6,089,558 $ 4,543,182
LOANS:
Total mortgage-backed
securities $ 109,972 $ 113,119 $ 157,378 $ 109,972 $ 157,378
Total loans, net $ 5,465,658 $ 5,152,941 $ 4,059,550 $ 5,465,658 $ 4,059,550
Loans originated/purchased:
Single family loans $ 326,871 $ 289,705 $ 125,070 $ 1,597,241 $ 1,050,359
Multi-family loans 74,668 39,344 31,482 345,731 309,369
Commercial real estate
loans 3,650 6,262 1,650 25,920 20,306
Other 4,313 1,250 1,813 53,338 32,131
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$ 409,502 $ 336,561 $ 160,015 $ 2,022,230 $ 1,412,165
========= =========== ========== ========== ============
Percentage of ARMs
originated: 100% 100% 75% 99% 67%
Loan repayments:
Single family loans $ 81,791 74,006 $ 98,831 $ 619,979 $ 667,182
Multi-family and
commercial real estate
loans 16,651 35,157 83,205 292,874 421,777
Other 2,240 5,860 5,009 32,915 39,251
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$ 100,682 $ 115,023 $ 187,045 $ 945,768 $ 1,128,210
============ ========== =========== ========== ===========
Loans sold $ -- 280 $ 6,162 $ 3,297 $ 77,345
Average rate on loans
originated/purchased 4.45% 4.40% 4.88% 4.44% 5.00%
Percentage of portfolio in
adjustable rate loans 85.19% 84.47% 74.39% 85.19% 74.39%
Non-performing assets
to total assets 0.01% 0.02% 0.15% 0.01% 0.15%
BORROWINGS:
Federal Home Loan Bank
Advances $ 2,400,000 $ 2,361,000 $ 1,439,000 $ 2,400,000 $ 1,439,000
Reverse
repurchase
agreements $ 115,224 $ 115,224 $ 137,220 $ 115,224 $ 137,220
DEPOSITS:
Retail deposits $ 2,539,457 $ 2,545,711 $ 2,470,336 $ 2,539,457 $ 2,470,336
Wholesale deposits 560,476 287,019 57,877 560,476 57,877
------------ ------------ ----------- ----------- -----------
$ 3,099,933 $ 2,832,730 $ 2,528,213 $ 3,099,933 $ 2,528,213
============ ============ =========== ============ ===========
Net increase (decrease) $ 267,203 $ 44,272 $ 49,115 $ 542,507 $ (16,820)
AVERAGE INTEREST RATES:
Yield on loans 4.56% 4.60% 5.36% 4.74% 5.64%
Yield on investments 2.80% 2.60% 1.38% 2.61% 2.53%
Yield on earning assets 4.46% 4.49% 5.25% 4.63% 5.55%
Cost of deposits 1.39% 1.31% 1.46% 1.29% 1.66%
Cost of borrowings 2.49% 2.47% 3.08% 2.51% 3.31%
Cost of money 1.89% 1.83% 2.09% 1.85% 2.28%
Earnings spread 2.57% 2.66% 3.16% 2.78% 3.27%
Effective net spread 2.66% 2.75% 3.27% 2.87% 3.42%
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