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) June 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
Total number of pages is 4
Index to Exhibit is on Page 3.
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ITEM 7. FINANCIAL STATEMENTS, PRO-FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
99.0 Monthly Financial Data as of May 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 May 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: June 21, 2004 By:/s/ ____________________
Douglas J. Goddard
Chief Financial Officer
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INDEX TO EXHIBITS
Item Page
99.0 Monthly Financial Information as of May 31, 2004 3
3
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
ended the month ended the month ended the month 5 months ended 5 months ended
May 31, 2004 April 30,2004 May 31, 2003 May 31,2004 May 31,2003
Cash and investment securities $ 333,023 $ 281,657 $ 159,020 $ 333,023 $ 159,020
Total assets $ 5,387,868 $ 5,252,273 $ 4,468,261 $ 5,387,868 $ 4,468,261
LOANS:
Total mortgage-backed securities $ 118,494 $ 121,788 $ 175,009 $ 118,494 $ 175,009
Total loans, net $ 4,781,744 $ 4,699,382 $ 4,003,518 $ 4,781,744 $ 4,003,518
Loans originated/purchased:
Single family loans $ 167,819 $ 143,967 $ 109,404 $ 750,310 $ 619,418
Multi-family loans 20,767 38,441 62,229 184,775 221,792
Commercial real estate loans 1,050 850 - 9,666 14,311
Other 7,213 13,128 5,214 42,022 26,903
-------------- --------------- --------------- ---------------- ---------------
$ 196,849 $ 196,386 $ 176,847 $ 986,773 $ 882,424
============== =============== =============== ================ ===============
Percentage of ARMs originated: 100% 99% 61% 98% 66%
Loan repayments:
Single family loans $ 84,657 $ 93,646 $ 81,741 $ 376,935 $ 393,984
Multi-family and commercial real
estate loans 26,733 41,533 46,517 183,213 234,636
Other 4,641 2,319 3,149 24,378 24,289
-------------- --------------- --------------- ---------------- ---------------
$ 116,031 $ 137,498 $ 131,407 $ 584,526 $ 652,909
============== =============== =============== ================ ===============
Loans sold $ 575 $ - $ 4,058 $ 2,193 $ 55,040
Average rate on loans
originated/purchased 4.37% 4.38% 4.90% 4.47% 5.06%
Percentage of portfolio in
adjustable rate loans 83.03% 82.36% 72.60% 83.03% 72.60%
Non-performing assets
to total assets 0.04% 0.05% 0.09% 0.04% 0.09%
BORROWINGS:
Federal Home Loan Bank
Advances $ 2,074,000 $ 1,949,000 $ 1,419,000 $ 2,074,000 $ 1,419,000
Reverse
repurchase $ 115,224 $ 115,224 $ 139,725 $ 115,224 $ 139,725
agreements
DEPOSITS:
Retail deposits $ 2,545,493 $ 2,538,422 $ 2,391,719 $ 2,545,493 $ 2,391,719
Wholesale deposits 204,710 191,748 95,052 204,710 95,052
-------------- --------------- --------------- ---------------- ---------------
$ 2,750,203 $ 2,730,170 $ 2,486,771 $ 2,750,203 $ 2,486,771
============== =============== =============== ================ ===============
Net increase (decrease) $ 20,033 $ (2,810) $ 28,091 $ 192,777 $ (58,262)
AVERAGE INTEREST RATES:
Yield on loans 4.69% 4.71% 5.58% 4.77% 5.76%
Yield on investments 2.82% 2.51% 1.92% 2.65% 3.21%
Yield on earning assets 4.60% 4.61% 5.47% 4.67% 5.68%
Cost of deposits 1.27% 1.26% 1.56% 1.28% 1.74%
Cost of borrowings 2.41% 2.43% 3.24% 2.53% 3.41%
Cost of money 1.77% 1.75% 2.21% 1.81% 2.35%
Earnings spread 2.83% 2.86% 3.26% 2.86% 3.33%
Effective net spread 2.93% 2.96% 3.40% 2.96% 3.47%
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