|
Douglas
J. Goddard
|
|
Chief
Financial Officer
|
First
Federal Bank of California
PRELIMINARY
MONTHLY REPORT OF OPERATIONS Unconsolidated Financial
Highlights
Unaudited
(Dollars
in thousands)
|
|||||||||||
As
of, for
the
month
ended
December
31,
2007
|
As
of, for
the
month
ended
November
30,
2007
|
As
of, for
the
month
ended
December
31,
2006
|
As
of, for
the
12 months ended
December
31,
2007
|
As
of, for
the
12 months ended
December
31,
2006
|
|||||||
Cash
and investment
Securities
|
$
|
370,762
|
$
|
392,042
|
$
|
462,940
|
$
|
370,762
|
$
|
462,940
|
|
Total
mortgage-backed
Securities
|
$
|
46,435
|
$
|
46,417
|
$
|
57,197
|
$
|
46,435
|
$
|
57,197
|
|
Total
assets
|
$
|
7,219,930
|
$
|
7,288,069
|
$
|
9,295,587
|
$
|
7,219,930
|
$
|
9,295,587
|
|
LOANS:
|
|||||||||||
Total
loans
|
$
|
6,523,364
|
$
|
6,582,415
|
$
|
8,517,452
|
$
|
6,523,364
|
$
|
8,517,452
|
|
Loans
funded:
|
|||||||||||
Single-family
loans
|
$
|
33,393
|
$
|
38,269
|
$
|
98,592
|
$
|
650,511
|
$
|
1,929,686
|
|
Multi-family
loans
|
74,539
|
60,702
|
1,700
|
366,236
|
229,332
|
||||||
Commercial
& industrial
real
estate loans
|
9,935
|
3,160
|
-
|
28,460
|
11,757
|
||||||
Other
loans
|
3,263
|
6,592
|
3,533
|
28,933
|
34,495
|
||||||
Total
loans funded:
|
$
|
121,130
|
$
|
108,723
|
$
|
103,825
|
$
|
1,074,140
|
$
|
2,205,270
|
|
Loans
originated for third
parties:
|
-
|
1,000
|
6,690
|
110,073
|
76,699
|
||||||
Total
loans originated:
|
$
|
121,130
|
$
|
109,723
|
$
|
110,515
|
$
|
1,184,213
|
$
|
2,281,969
|
|
Percentage
of ARMs
originated:
|
39%
|
42%
|
44%
|
51%
|
88%
|
||||||
Loan
repayments:
|
|||||||||||
Single-family
loans
|
$
|
130,010
|
$
|
101,606
|
$
|
225,657
|
$
|
1,964,885
|
$
|
2,365,361
|
|
Multi-family
& commercial real estate loans
|
25,798
|
49,389
|
72,250
|
536,442
|
432,246
|
||||||
Other
loans
|
1,159
|
1,817
|
2,464
|
44,084
|
51,471
|
||||||
$
|
156,967
|
$
|
152,812
|
$
|
300,371
|
$
|
2,545,411
|
$
|
2,849,078
|
||
Loans
sold
|
$
|
-
|
$
|
-
|
$
|
55,743
|
$
|
417,191
|
$
|
481,608
|
|
Percentage
of adjustable rate
loans
to the total portfolio
|
90.18%
|
91.58%
|
97.11%
|
90.18%
|
97.11%
|
||||||
Non-performing
assets to
total
assets ratio
|
2.79%
|
2.34%
|
0.21%
|
2.79%
|
0.21%
|
||||||
BORROWINGS:
|
|||||||||||
Federal
Home Loan Bank
advances
|
$
|
2,084,000
|
$
|
2,041,000
|
$
|
1,490,000
|
$
|
2,084,000
|
$
|
1,490,000
|
|
Reverse
repurchase
agreements
|
$
|
120,000
|
$
|
120,000
|
$
|
978,448
|
$
|
120,000
|
$
|
978,448
|
|
DEPOSITS:
|
|||||||||||
Retail
deposits
|
$
|
3,107,490
|
$
|
3,115,018
|
$
|
2,866,740
|
$
|
3,107,490
|
$
|
2,866,740
|
|
Wholesale
deposits
|
1,061,458
|
1,145,397
|
3,035,378
|
1,061,458
|
3,035,378
|
||||||
$
|
4,168,948
|
$
|
4,260,415
|
$
|
5,902,118
|
$
|
4,168,948
|
$
|
5,902,118
|
||
Net
increase (decrease)
|
$
|
(91,467)
|
$
|
(121,549)
|
$
|
(49,321)
|
$
|
(1,733,171)
|
$
|
1,517,064
|
AVERAGE
INTEREST RATES (CONSOLIDATED):
|
|||||||||||
As
of, for
the
month
ended
December
31,
2007
|
As
of, for
the
month
ended
November
30,
2007
|
As
of, for
the
month
ended
December
31,
2006
|
As
of, for
the
12 months
ended
December
31,
2007
|
As
of, for
the
12 months
ended
December
31,
2006
|
|||||||
Yield
on loans
|
7.52%
|
7.60%
|
7.99%
|
7.88%
|
7.24%
|
||||||
Yield
on investments
|
5.42%
|
5.44%
|
5.62%
|
5.52%
|
5.18%
|
||||||
Yield
on earning assets
|
7.38%
|
7.46%
|
7.85%
|
7.74%
|
7.12%
|
||||||
Cost
of deposits
|
4.17%
|
4.26%
|
4.53%
|
4.38%
|
4.07%
|
||||||
Cost
of borrowings
|
4.93%
|
5.20%
|
5.41%
|
5.32%
|
4.87%
|
||||||
Cost
of money
|
4.44%
|
4.57%
|
4.80%
|
4.68%
|
4.41%
|
||||||
Earnings
spread
|
2.94%
|
2.89%
|
3.05%
|
3.06%
|
2.71%
|
||||||
Effective
net spread
|
3.27%
|
3.25%
|
3.42%
|
3.42%
|
2.97%
|