mrop0907.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): October 25, 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



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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 September 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 September 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: October 25, 2007                                                                                                                                                    By: /s/ Douglas J. Goddard
 
                                                                                                         Douglas J. Goddard
 
                                                                                                          Chief Financial Officer



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INDEX TO EXHIBITS




                             
Exhibit                                                                                                                                                                                                                                                                                                        Page

  99.1           Monthly Financial Data as of and for the period ended September 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
month ended
September 30,
 2007
  
As of, for the
month ended
August 31,
 2007
  
As of, for the
month ended
September 30,
2006
  
As of, for the 9 months ended
September 30,
 2007
  
As of, for the 9 months ended
September 30,
 2006
  
                       
Cash and investment
     securities
 
$
 
441,908
 
$
 
389,780
 
$
 
601,370
 
$
 
441,908
 
$
 
601,370
  
Total mortgage-backed
     securities
 
$
 
47,923
 
$
 
48,698
 
$
 
61,670
 
$
 
47,923
 
$
 
61,670
  
Total assets
$
7,368,096
$
7,317,996
$
10,076,160
$
7,368,096
$
10,076,160
  
                       
LOANS:
                      
Total loans
$
6,632,610
$
6,653,050
$
9,159,171
$
6,632,610
$
9,159,171
  
                       
Loans funded:
                      
 
Single-family loans
 
$
 
77,558
 
$
 
42,343
 
$
 
111,509
 
$
 
518,027
 
$
 
1,606,466
  
Multi-family loans
  
36,744
  
38,750
  
13,522
  
157,992
  
193,585
  
Commercial & industrial
     real estate loans
  
 
-
  
 
1,000
  
 
-
  
 
13,455
  
 
11,057
  
Other loans
  
162
  
1,306
  
4,720
  
13,356
  
29,108
  
 
         Total loans funded:
 
$
 
114,464
 
$
 
83,399
 
$
 
129,751
 
$
 
702,830
 
$
 
1,840,216
  
Loans originated for third
     parties:
  
 
2,551
  
 
3,681
  
 
2,585
  
 
98,094
  
 
51,016
  
 
Total loans originated:
 
$
 
117,015
 
$
 
87,080
 
$
 
132,336
 
$
 
800,924
 
$
 
1,891,232
  
                       
Percentage of ARMs
     originated:
  
 
69%
  
 
59%
  
 
77%
  
 
53%
  
 
93%
  
                       
Loan repayments:
                      
 
Single-family loans
 
$
 
78,240
 
$
 
131,529
 
$
 
179,622
 
$
 
1,659,720
 
$
 
1,709,561
  
Multi-family & commercial real estate loans
  
 
 
47,157
  
 
 
55,473
  
 
 
29,089
  
 
 
409,746
  
 
 
272,995
  
Other loans
  
1,781
  
3,797
  
2,737
  
38,436
  
34,725
  
 
$
127,178
$
190,799
$
211,448
$
2,107,902
$
2,017,281
  
                       
Loans sold
$
5,761
$
17,766
$
93,519
$
416,572
$
319,773
  
 
Percentage of portfolio in
     adjustable rate loans
  
 
 
94.45%
  
 
 
95.83%
  
 
 
96.93%
  
 
 
94.45%
  
 
 
96.93%
  
 
Non-performing assets to
     total assets ratio
  
 
 
1.40%
  
 
 
1.16%
  
 
 
0.11%
  
 
 
1.40%
  
 
 
0.11%
  
                       
BORROWINGS:
                      
Federal Home Loan Bank
     advances
 
$
 
1,501,000
 
$
 
1,371,000
 
$
 
2,238,000
 
$
 
1,501,000
 
$
 
2,238,000
  
Reverse repurchase
     agreements
 
$
 
520,000
 
$
 
570,000
 
$
 
950,000
 
$
 
520,000
 
$
 
950,000
  
                       
DEPOSITS:
                      
Retail deposits
$
3,101,323
$
3,112,060
$
2,738,829
$
3,101,323
$
2,738,829
  
Wholesale deposits
  
1,377,410
  
1,388,937
  
3,262,617
  
1,377,410
  
3,262,617
  
 
$
4,478,733
$
4,500,997
$
6,001,446
$
4,478,733
$
6,001,446
  
Net increase (decrease)
 
$
 
(22,264)
 
$
 
(179,538)
 
$
 
105,623
 
$
 
(1,423,385)
 
$
 
1,616,392
  
 
 
4
 
 
AVERAGE INTEREST RATES (CONSOLIDATED):
 
   
As of, for the
month ended
September 30,
2007
  
As of, for the
month ended
August 31,
 2007
  
As of, for the
month ended
September 30,
2006
  
As of, for the 9 months ended
September 30,
 2007
  
As of, for the 9 months ended
September 30,
 2006
  
 
Yield on loans
  
 
7.86%
  
 
7.95%
  
 
7.58%
  
 
7.97%
  
 
7.06%
  
 
Yield on investments
  
5.52%
  
5.47%
  
 
5.20%
  
5.49%
  
5.01%
  
 
Yield on earning
     assets
  
7.70%
  
7.80%
  
 
 
7.44%
  
7.82%
  
6.94%
  
 
Cost of deposits
  
 
4.32%
  
 
4.33%
  
 
4.43%
  
 
4.42%
  
 
3.90%
  
 
Cost of  borrowings
  
5.40%
  
5.36%
  
 
5.29%
  
5.38%
  
4.76%
  
 
Cost of money
  
 
4.67%
  
 
4.65%
  
 
4.74%
  
 
4.73%
  
 
4.29%
  
 
Earnings spread
  
 
3.03%
  
 
3.15%
  
 
2.70%
  
 
3.09%
  
 
2.65%
  
 
Effective net spread
  
3.40%
  
3.50%
  
 
3.00%
  
3.48%
  
2.90%
  


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