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) December 17, 2004
FirstFed Financial Corp.
(Exact name of registrant as specified in its charter)
Delaware 1-9566 95-4087449
(State of Incorporation) (Commission File No.)(IRS Employer Identification No)
401 Wilshire Boulevard, Santa Monica, California, 90401-1490
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (310) 319-6000
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a 12)
[ ]Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ]Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act 917 CFR 240.13e-4(c))
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. 7 the
summary monthly financial data as of October 31, 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 November 30, 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 December 17, 2004 By:/s/Douglas J. Goddard
----------------------
Douglas J. Goddard
Chief Financial Officer
INDEX TO EXHIBITS
Item Page
99.0 Monthly Financial Information as of November 30, 2004 4
First Federal Bank of California, fsb
MONTHLY REPORT OF OPERATIONS
Unconsolidated Financial Highlights
Unaudited
(Dollars in thousands)
As of, for the As of, for the As of, for the As of, for the 11 As of, for the 11
month ended month ended month ended months ended months ended
November, 30 October, 31 November 30, November 30, November 30,
2004 2004 2003 2004 2003
---- ---- ---- ---- ----
Cash and investment securities $ 295,728 $ 309,447 $ 124,513 $ 295,728 $ 124,513
Total assets $ 7,079,368 $ 6,714,227 $ 4,660,040 $ 7,079,368 $ 4,660,040
LOANS:
Total mortgage-backed securities $ 100,334 $ 103,560 $ 140,786 $ 100,334 $ 140,786
Total loans, net $ 6,480,428 $ 6,104,738 $ 4,252,826 $ 6,480,428 $ 4,252,826
Loans originated/purchased:
Single family loans $ 363,885 $ 301,572 $ 145,713 $ 2,642,055 $ 1,528,305
Multi-family loans 94,235 62,639 48,376 610,142 438,504
Commercial real estate loans 9,750 9,801 1,500 51,782 34,187
Other 6,540 5,787 2,974 71,317 48,328
-------------- -------------- --------------- --------------- ---------------
$ 474,410 $ 379,799 $ 198,563 $ 3,375,296 $ 2,049,324
============== ============== =============== =============== ===============
Percentage of ARMs originated: 100% 100% 94% 99% 75%
Loan repayments:
Single family loans $ 69,037 $ 83,891 $ 42,427 $ 843,553 $ 887,852
Multi-family and commercial real
estate loans 32,847 18,389 85,546 415,749 640,509
Other 2,117 3,012 4,979 39,145 50,051
-------------- -------------- --------------- ---------------- ---------------
$ 104,001 $ 105,292 $ 132,952 $ 1,298,447 $ 1,578,412
============== ============== =============== ================ ===============
Loans sold $ -- $ -- $ 1,220 $ -- $ 85,011
Average rate on loans
originated/purchased 4.62% 4.55% 4.55% 4.48% 4.89%
Percentage of portfolio in
adjustable rate loans 90.74% 89.96% 78.26% 90.74% 78.26%
Non-performing assets
to total assets 0.02% 0.03% 0.12% 0.02% 0.12%
BORROWINGS:
Federal Home Loan Bank
Advances $ 2,735,600 $ 2,584,500 $ 1,507,000 $ 2,735,600 $ 1,507,000
Reverse
repurchase $ 192,000 $ 192,000 $ 122,622 $ 192,000 $ 122,622
agreements
DEPOSITS:
Retail deposits $ 2,540,976 $ 2,556,835 $ 2,506,572 $ 2,540,976 $ 2,506,572
Wholesale deposits 1,109,000 881,774 58,096 1,109,000 58,096
-------------- ------------- --------------- -------------- --------------
$ 3,649,976 $ 3,438,609 $ 2,564,668 $ 3,649,976 $ 2,564,668
============== ============= =============== ============== ==============
Net increase (decrease) $ 211,367 $ 165,275 $ 19,458 $ 1,092,550 $ 19,634
AVERAGE INTEREST RATES:
Yield on loans 4.62% 4.54% 5.13% 4.68% 5.54%
Yield on investments 3.12% 3.13% 1.40% 2.74% 2.23%
Yield on earning assets 4.55% 4.47% 5.06% 4.59% 5.45%
Cost of deposits 1.62% 1.52% 1.36% 1.37% 1.58%
Cost of borrowings 2.51% 2.55% 2.99% 2.53% 3.24%
Cost of money 2.01% 1.98% 1.98% 1.89% 2.20%
Earnings spread 2.54% 2.49% 3.08% 2.70% 3.25%
Effective net spread 2.62% 2.57% 3.21% 2.78% 3.38%