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 26, 2007
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
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 (17 CFR 240.13e-4(c))
Total number of pages is 5
Index to Exhibits is on Page 3
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ITEM 7.01. Regulation FD Disclosure.
The Registrant hereby incorporates by reference into this Item. 7 the
summary monthly financial data as of and for the period ended June 30, 2007
attached as Exhibit 99.1, which is being furnished in accordance with Rule
101(e)(1) under Regulation FD.
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 period of time, 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 and Exhibits.
(d) Exhibits
99.1 Monthly Financial Data as of and for the period ended
June 30, 2007 (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: July 26, 2007 By: /s/ Douglas J. Goddard
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Douglas J. Goddard
Chief Financial Officer
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INDEX TO EXHIBITS
Exhibit Page
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99.1 Monthly Financial Data as of and for the period ended June 30, 2007 4-5
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EXHIBIT 99.1
First Federal Bank of California
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 As of, for the
month ended month ended month ended 6 months ended 6 months ended
June 30, May 31, June 30, June 30, June 30,
2007 2007 2006 2007 2006
--------------- --------------- --------------- --------------- ---------------
Cash and investment
securities $ 385,942 $ 336,630 $ 391,568 $ 385,942 $ 391,568
Total mortgage- backed
securities $ 50,569 $ 51,346 $ 64,791 $ 50,569 $ 64,791
Total assets $ 7,669,286 $ 7,853,963 $ 10,254,669 $ 7,669,286 $ 10,254,669
LOANS:
Total loans $ 6,994,426 $ 7,233,433 $ 9,463,861 $ 6,994,426 $ 9,463,861
Loans Funded:
Single family loans $ 41,033 $ 37,792 $ 152,979 $ 351,405 $ 1,158,306
Multi-family loans 12,409 4,755 22,052 64,492 137,561
Commercial & industrial
real estate loans 6,500 -- 1,029 12,455 11,057
Other loans 264 1,180 1,522 11,533 17,303
--------------- --------------- --------------- --------------- ---------------
Total Loans Funded: $ 60,206 $ 43,727 $ 177,582 $ 439,885 $ 1,324,227
Loans Originated for Third
Parties: 6,993 4,130 4,915 78,616 40,451
--------------- --------------- --------------- --------------- ---------------
Total Loans Originated: $ 67,199 $ 47,857 $ 182,497 $ 518,501 $ 1,364,678
=============== =============== =============== =============== ===============
Percentage of ARMs
originated: 51% 50% 93% 49% 98%
Loan repayments:
Single family loans $ 213,359 $ 220,220 $ 190,864 $ 1,283,980 $ 1,103,520
Multi-family and
commercial real estate
loans 70,616 41,574 27,336 271,233 179,892
Other 1,786 4,183 2,447 23,353 26,040
--------------- --------------- --------------- --------------- ---------------
$ 285,761 $ 265,977 $ 220,647 $ 1,578,566 $ 1,309,452
=============== ================ =============== =============== ===============
Loans sold $ 5,214 $ 69,049 $ 78,129 $ 341,293 $ 185,263
Percentage of portfolio in
adjustable rate loans 96.84% 97.04% 96.68% 96.84% 96.68%
Non-performing assets to
total assets ratio 0.85% 0.65% 0.07% 0.85% 0.07%
BORROWINGS:
Federal Home Loan Bank
advances $ 945,000 $ 1,120,000 $ 2,909,000 $ 945,000 $ 2,909,000
Reverse repurchase
agreements $ 900,900 $ 900,000 $ 1,000,000 $ 900,900 $ 1,000,000
DEPOSITS:
Retail deposits $ 3,067,847 $ 3,004,350 $ 2,692,499 $ 3,067,847 $ 2,692,499
Wholesale deposits 1,825,921 1,893,882 2,841,630 1,825,921 2,841,630
--------------- ---------------- --------------- --------------- ---------------
$ 4,893,768 $ 4,898,232 $ 5,534,129 $ 4,893,768 $ 5,534,129
=============== ================ =============== =============== ===============
Net increase
(decrease) $ (4,464) $ 24,190 $ 189,701 $ (1,008,350) $ 1,149,075
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AVERAGE INTEREST RATES (CONSOLIDATED):
Yield on loans 8.00% 8.03% 7.39% 7.99% 6.87%
Yield on investments 5.32% 5.38% 5.17% 5.46% 4.94%
Yield on earning assets 7.85% 7.89% 7.26% 7.84% 6.75%
Cost of deposits 4.37% 4.38% 4.02% 4.46% 3.65%
Cost of Borrowings 5.37% 5.39% 5.07% 5.39% 4.60%
Cost of money 4.67% 4.71% 4.48% 4.76% 4.12%
Earnings spread 3.18% 3.18% 2.78% 3.08% 2.63%
Effective net spread 3.55% 3.54% 3.05% 3.49% 2.88%
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