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) January 25, 2002
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 5
Index to Exhibit is on Page 3.
ITEM 7. FINANCIAL STATEMENTS, PRO-FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits
99.0 Monthly Financial Data as of December 31, 2001 (Unconsolidated)
99.1 Loan Portfolio Segment Report of First Federal Bank of
California as of December 31, 2001
ITEM 9. REGULATION FD DISCLOSURE.
The Registrant hereby incorporates by reference into this Item 9 the
summary monthly financial data as of December 31, 2001 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.
The Registrant hereby incorporates by reference into this Item 9 the
Loan Portfolio Segment Reports as of December 31, 2001, attached as
Exhibit 99.1, which are being furnished in accordance with Rule 101(e)(1)under
Regulation FD and shall not be deemed to be filed. This information is being
presented by management of the Registrant in response to the request of various
analysts and investors for additional information regarding the single family
loan portfolio of Registrant's sole subsidiary, First Federal Bank of
California (the "Bank"). Specifically, the report presents information which
management believes is relevant to the perceived issue of prepayment risk on
recently originated single family home loans in the Bank's portfolio.
Information regarding prepayment risk on other loans in the Bank's portfolio is
not presented herein.
A discussion of the factors that could impact this area as to 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: January 25, 2002 By:
Douglas J. Goddard
Chief Financial Officer
INDEX TO EXHIBITS
Item Page
99.0 Monthly Financial Information as of December 31, 2001 4
99.1 Loan Portfolio Segment Report of First Federal Bank of
California as of December 31, 2001 5
MONTHLY REPORT OF OPERATIONS
Unaudited, Unconsolidated Financial Highlights
As of, for the Month As of,for the 12 Months
Ended December 31, Ended December 31,
--------------------- ----------------------
2001 2000 2001 2000
(Dollars in thousands)
AVERAGE INVESTMENTS $ 259,861 $ 193,542 $ 200,807 $ 176,476
LOANS
Total Loans and Mortgage-
Backed Securities $4,288,968 $4,003,689 $4,288,968 $4,003,689
Loans Originated/Purchased:
Single-Family Loans $ 53,032 $ 56,255 $ 912,974 $ 784,208
Multi-Family Loans 55,632 24,192 407,458 236,990
Commercial Real Estate Loans 23,570 28,603 147,235 41,883
Others 257 1,594 34,668 17,929
Loans Acquired from
Acquisition 0 0 150,035 0
$ 132,491 $ 110,644 $1,652,375 $1,081,010
Loans Sold $ 8,223 $ 1,094 $ 61,154 $ 9,526
Average Rate on Loans
Originated/Purchased 6.60% 8.21% 7.07% 7.73%
Percentage of Portfolio in
Adjustable Rate Loans 71.38% 92.07% 71.38% 92.07%
Non-performing Assets
to Total Assets 0.17% 0.19% 0.17% 0.19%
BORROWINGS
Federal Home Loan Bank
Advances $1,597,000 $1,579,000 $1,597,000 $1,579,000
Reverse Repurchase
Agreements $ 211,040 $ 294,110 $ 211,040 $ 294,110
DEPOSITS
Retail Deposits $2,068,547 $1,713,842 $2,068,547 $1,713,842
Wholesale Deposits $ 484,460 $ 454,909 $ 484,460 $ 454,909
---------- ---------- --------- ---------
$2,553,007 $2,168,751 $2,553,007 $2,168,751
Net Increase (Decrease) $ 171,203 $ (14,162) $ 384,256 $ 103,670
AVERAGE INTEREST RATES
Yield on Loans 6.81% 8.18% 7.61% 7.85%
Yield on Investments 3.67% 5.34% 5.16% 6.11%
Yield on Earning Assets 6.63% 7.99% 7.50% 7.77%
Cost of Deposits 3.06% 4.90% 4.08% 4.70%
Cost of Borrowings 4.74% 6.47% 5.67% 6.29%
Cost of Money 3.75% 5.62% 4.79% 5.40%
Earnings Spread 2.88% 2.37% 2.71% 2.37%
Effective Net Spread 3.04% 2.58% 2.90% 2.57%
First Federal Bank of California, fsb
Loan Portfolio Stratification
as of 12/31/2001
(000's omitted)
Total Real Estate Loan Portfolio
Bank Owned Percent of
Property Type Balance Total
Single Family $2,140,755 52%
Multi-family 1,531,215 38%
Commercial & Ind 359,903 9%
Construction 38,060 1%
Land 1,481 0%
Total Real Estate Loans $4,071,414 100%
Single Family
Without Prepayment Penalty $1,842,909 86%
With Prepayment Penalty 297,846 14%
Total Single Family Loans $2,140,755 100%
Bank Owned
Age Balance
0 to 10 Yrs $1,577,631 86%
>10 Yrs $265,278 14%
Total $1,842,909 100%
Loans 0 to Ten Years
Balances by Current Principal Balance
Current
Interest Less Greater
Rate Range than than
$ 252 $252-275 $275-500 $500-1,000 $ 1,000 Total %
<5.50% $ 3,791 $ 815 $ 5,182 $ 3,015 $ 0 $ 12,803 0.8%
5.50%-5.75% 600 0 365 2,782 1,342 5,089 0.3%
5.75%-6.00% 7,122 1,863 56,465 55,681 15,707 136,838 8.7%
6.00%-6.25% 20,975 3,452 24,661 24,579 21,788 95,455 6.0%
6.25%-6.50% 64,213 10,754 73,748 60,956 53,154 262,825 16.7%
6.50%-6.75% 81,609 8,554 81,732 78,321 74,512 324,728 20.6%
6.75%-7.00% 82,248 9,921 80,694 80,600 76,690 330,153 20.9%
7.00%-7.25% 34,977 4,792 44,126 36,459 55,903 176,257 11.2%
7.25%-7.50% 23,939 3,721 38,722 24,928 19,070 110,380 7.0%
7.50%-7.75% 26,299 1,069 16,749 5,568 8,670 58,355 3.7%
7.75%-8.00% 18,313 1,315 9,385 2,791 4,261 36,065 2.3%
8.00%-9.00% 11,364 1,316 6,635 4,727 1,794 25,836 1.6%
>9.00% 2,571 276 0 0 0 2,847 0.2%
Total $378,021 $ 47,848 $438,464 $ 380,407 $332,891 $1,577,631 100.0%