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) April, 21, 2004
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
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ITEM 7. FINANCIAL STATEMENTS, PRO-FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
99.0 Monthly Financial Data as of March 31, 2004 (Unconsolidated)
ITEM 9. REGULATION FD DISCLOSURE.
The Registrant hereby incorporates by reference into this Item 9 the
summary monthly financial data as of March 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.
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: April 21, 2004 By:
----------------------
Douglas J. Goddard
Chief Financial Officer
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INDEX TO EXHIBITS
Item
99.0 Monthly Financial Information as of March 31, 2004
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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, for As of, for the As of, for the
the month the month the month 3 months ended 3 months ended
ended Mar.31, ended Feb. 29, ended Mar. 31, Mar. 31, Mar. 31,
2004 2004 2003 2004 2003
Cash and investment securities $ 255,021 $ 233,998 $ 168,221 $ 255,021 $ 168,221
Total assets $ 5,173,058 $ 5,043,648 $ 4,416,211 $ 5,173,058 $ 4,416,211
LOANS:
Total mortgage-backed securities $ 124,217 $ 127,979 $ 185,315 $ 124,217 $ 185,315
Total loans, net $ 4,640,055 $ 4,530,330 $ 3,929,897 $ 4,640,055 $ 3,929,897
Loans originated/purchased:
Single family loans $ 154,418 $ 157,274 $ 145,533 $ 438,524 $ 388,779
Multi-family loans 65,877 31,376 64,791 125,567 121,815
Commercial real estate loans 3,745 1,421 2,420 7,766 10,110
Other 9,657 405 5,694 21,681 18,225
-------------- --------------- --------------- ---------------- ---------------
$ 233,697 $ 190,476 $ 218,438 $ 593,538 $ 538,929
============== =============== =============== ================ ===============
Percentage of ARMs originated: 97% 97% 69% 97% 66%
Loan repayments:
Single family loans $ 80,318 $ 61,439 $ 78,016 $ 198,632 $ 235,509
Multi-family and commercial real
estate loans 36,143 31,897 75,353 114,947 140,424
Other 8,292 7,331 3,671 17,418 14,515
-------------- --------------- --------------- ---------------- ---------------
$ 124,753 $ 100,667 $ 157,040 $ 330,997 $ 390,448
============== =============== =============== ================ ===============
Loans sold $ 632 $ 495 $ 11,137 $ 1,618 $ 40,460
Average rate on loans
originated/purchased 4.39% 4.62% 5.01% 4.53% 5.11%
Percentage of portfolio in
adjustable rate loans 81.08% 79.97% 72.00% 81.08% 72.00%
Non-performing assets
to total assets 0.06% 0.05% 0.14% 0.06% 0.14%
BORROWINGS:
Federal Home Loan Bank
Advances $ 1,852,000 $ 1,755,000 $ 1,347,000 $ 1,852,000 $ 1,347,000
Reverse
repurchase $ 117,122 $ 120,122 $ 149,021 $ 117,122 $ 149,021
agreements
DEPOSITS:
Retail deposits $ 2,540,048 $ 2,515,862 $ 2,366,712 $ 2,540,048 $ 2,366,712
Wholesale deposits 192,932 175,950 143,766 192,932 143,766
-------------- --------------- --------------- ---------------- ---------------
$ 2,732,980 $ 2,691,812 $ 2,510,478 $ 2,732,980 $ 2,510,478
============== =============== =============== ================ ===============
Net increase (decrease) $ 41,168 $ 57,221 $ (16,689) $ 175,554 $ (34,555)
AVERAGE INTEREST RATES:
Yield on loans 4.82% 4.90% 5.76% 4.90% 5.83%
Yield on investments 2.63% 3.00% 3.48% 2.52% 3.88%
Yield on earning assets 4.73% 4.83% 5.69% 4.82% 5.77%
Cost of deposits 1.28% 1.29% 1.72% 1.29% 1.83%
Cost of borrowings 2.61% 2.70% 3.44% 2.69% 3.52%
Cost of money 1.82% 1.86% 2.34% 1.87% 2.43%
Earnings spread 2.91% 2.97% 3.35% 2.95% 3.34%
Effective net spread 3.02% 3.09% 3.49% 3.07% 3.49%
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