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) January 27, 2005
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 December 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 December 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: January 27, 2005 By:/s/ Douglas J. Goddard
----------------------
Douglas J. Goddard
Chief Financial Officer
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INDEX TO EXHIBITS
Item Page
99.0 Monthly Financial Information as of December 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, As of, for As of, for
the month the month for the the 12 the 12
ended ended month ended months ended months ended
December 31, November 30, December 31, December 31, December 31,
2004 2004 2003 2004 2003
---- ---- ---- ---- ----
Cash and investment $ 318,929 $ 295,728 $ 170,729 $ 318,929 $ 170,729
securities
Total assets $ 7,468,983 7,079,368 $ 4,819,457 $ 7,468,983 $ 4,819,457
LOANS:
Total mortgage-backed $ 97,059 100,334 $ 135,176 $ 97,059 $ 135,176
securities
Total loans, net $ 6,837,945 6,480,428 $ 4,374,112 $ 6,837,945 $ 4,374,112
Loans originated/purchased:
Single family loans $ 452,955 363,885 $ 184,279 $ 3,095,010 $ 1,712,584
Multi-family loans 37,184 94,235 31,922 647,326 470,426
Commercial real estate
loans 14,228 9,750 1,050 66,010 35,237
Other 1,146 6,540 8,955 72,463 57,283
------------ ------------ ----------- ------------- -------------
$ 505,513 $ 474,410 $ 226,206 $ 3,880,809 $ 2,275,530
============ ============ =========== ============= =============
Percentage of ARMs 100% 100% 96% 99% 77%
originated:
Loan repayments:
Single family loans $ 104,414 69,037 $ 60,653 $ 947,747 $ 948,505
Multi-family and
commercial real estate
loans 43,452 32,847 41,948 459,201 682,457
Other 3,751 2,117 4,113 42,896 54,163
------------ ------------ ----------- ------------- -------------
$ 151,617 $ 104,001 $ 106,714 $ 1,449,844 $ 1,685,125
============ ============ =========== ============= =============
Loans sold $ -- $ -- $ 1,059 $ -- $ 86,070
Average rate on loans
originated/purchased 4.69% 4.62% 4.66% 4.51% 4.87%
Percentage of portfolio in
adjustable rate loans 91.44% 90.74% 79.03% 91.44% 79.03%
Non-performing assets
to total assets 0.07% 0.02% 0.10% 0.07% 0.10%
BORROWINGS:
Federal Home Loan Bank
Advances $ 3,004,600 $ 2,735,600 $ 1,694,000 $ 3,004,000 $ 1,694,000
Reverse repurchase
agreements $ 187,000 $ 192,000 $ 122,622 $ 187,000 $ 122,622
DEPOSITS:
Retail deposits $ 2,505,568 $ 2,540,976 $ 2,505,892 $ 2,505,568 $ 2,505,892
Wholesale deposits 1,279,327 1,109,000 51,534 1,279,327 51,534
------------ ------------ ----------- ------------- -------------
$ 3,784,895 $ 3,649,976 $ 2,557,426 $ 3,784,895 $ 2,557,426
============ ============ =========== ============= =============
Net increase (decrease) $ 134,919 $ 211,367 $ (7,242) $ 1,227,469 $ 12,393
AVERAGE INTEREST RATES:
Yield on loans 4.58% 4.62% 5.01% 4.68% 5.49%
Yield on investments 3.45% 3.12% 2.19% 2.79% 2.20%
Yield on earning assets 4.54% 4.55% 4.96% 4.59% 5.40%
Cost of deposits 1.73% 1.62% 1.31% 1.42% 1.55%
Cost of borrowings 2.56% 2.51% 2.88% 2.53% 3.21%
Cost of money 2.09% 2.01% 1.93% 1.91% 2.18%
Earnings spread 2.45% 2.54% 3.03% 2.68% 3.22%
Effective net spread 2.52% 2.62% 3.15% 2.78% 3.35%
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