mrop083107edgar.htm
 
 

 
 

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 27, 2007




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 (17 CFR 240.13e-4(c))


Total number of pages is 5

Index to Exhibits is on Page 3

1
 




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 August 31, 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 August 31, 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: September 27, 2007                                                                                                                                          By: /s/ Douglas J. Goddard
 
                                                                                                     Douglas J. Goddard
 
                                                                                                     Chief Financial Officer


 
2
 



INDEX TO EXHIBITS





Exhibit                                                                         Page

  99.1           Monthly Financial Data as of and for the period ended August 31, 2007                               4-5

 
 
 
3

 
                                                                          EXHIBIT 99.1

   
First Federal Bank of California
MONTHLY REPORT OF OPERATIONS Unconsolidated Financial Highlights
Unaudited
(Dollars in thousands)
                       
   
As of, for the
month ended
August 31,
 2007
  
As of, for the
month ended
July 31,
2007
  
As of, for the
month ended
August 31,
2006
  
As of, for the 8 months ended
August 31,
 2007
  
As of, for the 8
months ended
August 31,
 2006
  
Cash and investment securities
 
$
 
389,780
 
$
 
371,976
 
$
 
408,707
 
$
 
389,780
 
$
 
408,707
  
Total mortgage-backed securities
 
$
 
48,698
 
$
 
49,783
 
$
 
63,235
 
$
 
48,698
 
$
 
63,235
  
Total assets
$
7,317,996
$
7,416,987
$
10,055,318
$
7,317,996
$
10,055,318
  
                       
LOANS:
                      
Total loans
$
6,653,050
$
6,787,380
$
9,338,578
$
6,653,050
$
9,338,578
  
                       
Loans funded:
                      
 
Single-family loans
 
$
 
42,343
 
$
 
46,721
 
$
 
182,698
 
$
 
440,469
 
$
 
1,494,957
  
Multi-family loans
  
38,750
  
18,006
  
23,522
  
121,248
  
180,063
  
Commercial & industrial
     real estate loans
  
 
1,000
  
 
-
  
 
-
  
 
13,455
  
 
11,057
  
Other loans
  
1,306
  
355
  
741
  
13,194
  
24,388
  
         Total loans funded:
$
 
83,399
 
$
 
65,082
 
$
 
206,961
 
$
 
588,366
 
$
 
1,710,465
  
Loans originated for third parties:
  
 
3,681
  
 
13,246
  
 
3,495
  
 
95,543
  
 
48,431
  
 
Total loans originated:
 
$
 
87,080
 
$
 
78,328
 
$
 
210,456
 
$
 
683,909
 
$
 
1,758,896
  
                       
Percentage of ARMs originated:
  
 
59%
  
 
44%
  
 
79%
  
 
50%
  
 
94%
  
                       
Loan repayments:
                      
 
Single-family loans
 
$
 
131,529
 
$
 
165,971
 
$
 
209,851
 
$
 
1,581,480
 
$
 
1,529,939
  
Multi-family & commercial real
     estate loans
  
 
 
55,473
  
 
 
35,883
  
 
 
34,604
  
 
 
362,589
  
 
 
243,906
  
Other loans
  
3,797
  
9,505
  
5,384
  
36,655
  
31,988
  
 
$
190,799
$
211,359
$
249,839
$
1,980,724
$
1,805,833
  
                       
Loans sold
$
17,766
$
51,752
$
36,926
$
410,811
$
226,254
  
 
Percentage of portfolio in
         adjustable rate loans
  
 
 
95.83%
  
 
 
96.57%
  
 
 
96.80%
  
 
 
95.83%
  
 
 
96.80%
  
 
Non-performing assets to
         total assets ratio
  
 
 
1.16%
  
 
 
1.01%
  
 
 
0.07%
  
 
 
1.16%
  
 
 
0.07%
  
                       
BORROWINGS:
                      
Federal Home Loan Bank advances
 
$
 
1,371,000
 
$
 
945,000
 
$
 
2,338,000
 
$
 
1,371,000
 
$
 
2,338,000
  
Reverse repurchase agreements
 
$
 
570,000
 
$
 
873,000
 
$
 
950,000
 
$
 
570,000
 
$
 
950,000
  
                       
DEPOSITS:
                      
Retail deposits
$
3,112,060
$
3,073,050
$
2,715,886
$
3,112,060
$
2,715,886
  
Wholesale deposits
  
1,388,937
  
1,607,485
  
3,179,937
  
1,388,937
  
3,179,937
  
 
$
4,500,997
$
4,680,535
$
5,895,823
$
4,500,997
$
5,895,823
  
                       
Net increase (decrease)
 
$
 
(179,538)
 
$
 
(213,233)
 
$
 
43,483
 
$
 
(1,401,121)
 
$
 
1,510,769
  
 
 
4
 
 
 
 
AVERAGE INTEREST RATES (CONSOLIDATED):
 
Yield on loans
  
 
7.95%
  
 
7.96%
  
 
7.48%
  
 
7.98%
  
 
7.00%
  
 
Yield on investments
  
5.47%
  
5.39%
  
 
5.31%
  
5.45%
  
5.03%
  
 
Yield on earning
        assets
  
7.80%
  
7.80%
  
 
 
7.36%
  
7.83%
  
6.88%
  
 
Cost of deposits
  
 
4.33%
  
 
4.36%
  
 
4.32%
  
 
4.44%
  
 
3.82%
  
 
Cost of borrowings
  
5.36%
  
5.41%
  
 
5.21%
  
5.38%
  
4.76%
  
 
Cost of money
  
 
4.65%
  
 
4.66%
  
 
4.65%
  
 
4.73%
  
 
4.27%
  
 
Earnings spread
  
 
3.15%
  
 
3.14%
  
 
2.71%
  
 
3.10%
  
 
2.61%
  
 
Effective net spread
  
3.50%
  
3.50%
  
 
3.00%
  
3.50%
  
2.78%
  
                       
 
 
 
 
5