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) February 28, 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 January 31, 2002 (Unconsolidated) 99.1 Loan Portfolio Segment Report of First Federal Bank of California as of January 31, 2002 ITEM 9. REGULATION FD DISCLOSURE. The Registrant hereby incorporates by reference into this Item 9 the summary monthly financial data as of January 31, 2002 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 January 31, 2002, 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: February 28, 2002 By: Douglas J. Goddard Chief Financial Officer INDEX TO EXHIBITS Item Page 99.0 Monthly Financial Information as of January 31, 2002 4 99.1 Loan Portfolio Segment Report of First Federal Bank of California as of January 31, 2002 5 MONTHLY REPORT OF OPERATIONS Unaudited, Unconsolidated Financial Highlights As of, for the Month Ended January 31, --------------------- 2002 2001 (Dollars in thousands) AVERAGE INVESTMENTS $ 231,860 $ 191,072 LOANS Total Loans and Mortgage- Backed Securities $4,231,988 $4,022,499 Loans Originated/Purchased: Single-Family Loans $ 39,894 $ 53,206 Multi-Family Loans 22,258 16,977 Commercial Real Estate Loans 1,500 0 Others 2,700 2,909 $ 66,352 $ 73,092 Loans Sold $ 5,554 $ 2,565 Average Rate on Loans Originated/Purchased 6.35% 7.58% Percentage of Portfolio in Adjustable Rate Loans 70.75% 91.19% Non-performing Assets to Total Assets 0.26% 0.24% BORROWINGS Federal Home Loan Bank Advances $1,497,000 $1,534,000 Reverse Repurchase Agreements $ 208,367 $ 293,164 DEPOSITS Retail Deposits $2,059,683 $1,701,516 Wholesale Deposits $ 422,458 $ 493,583 ---------- ---------- $2,482,141 $2,195,099 Net Increase (Decrease) $ (70,866) $ 26,348 AVERAGE INTEREST RATES Yield on Loans 6.58% 8.30% Yield on Investments 3.80% 5.81% Yield on Earning Assets 6.44% 8.19% Cost of Deposits 2.92% 4.85% Cost of Borrowings 4.72% 6.43% Cost of Money 3.67% 5.58% Earnings Spread 2.77% 2.61% Effective Net Spread 2.91% 2.82% First Federal Bank of California, fsb Loan Portfolio Stratification as of 01/31/2002 (000's omitted) Total Real Estate Loan Portfolio Bank Owned Percent of Property Type Balance Total Single Family $2,060,694 52% Multi-family 1,532,461 38% Commercial & Ind 371,394 9% Construction 36,037 1% Land 1,477 0% Total Real Estate Loans $4,002,063 100% Single Family Without Prepayment Penalty $1,763,127 86% With Prepayment Penalty 297,567 14% Total Single Family Loans $2,060,694 100% Bank Owned Age Balance 0 to 10 Yrs $1,503,120 85% >10 Yrs $260,007 15% Total $1,763,127 100% 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% $ 3,513 $ 537 $ 5,516 $ 3,973 $ 0 $ 13,539 0.9% 5.50%-5.75% 4,384 1,342 52,714 52,214 13,875 124,529 8.3% 5.75%-6.00% 32,687 5,537 31,933 17,845 17,314 105,316 7.0% 6.00%-6.25% 79,299 7,148 87,155 63,387 45,751 282,740 18.8% 6.25%-6.50% 79,278 10,674 60,396 64,623 73,576 288,547 19.2% 6.50%-6.75% 54,399 6,875 47,786 41,523 52,017 202,600 13.5% 6.75%-7.00% 30,902 3,731 51,759 54,794 33,969 175,155 11.6% 7.00%-7.25% 20,268 1,322 38,990 30,361 39,241 130,182 8.6% 7.25%-7.50% 31,526 2,379 24,077 23,566 14,832 96,380 6.4% 7.50%-7.75% 11,962 782 11,260 4,275 7,378 35,657 2.4% 7.75%-8.00% 8,572 1,034 8,915 2,768 4,225 25,514 1.7% 8.00%-9.00% 7,936 1,051 6,093 3,688 1,778 20,546 1.4% >9.00% 2,142 273 0 0 0 2,415 0.2% Total $366,868 $ 42,685 $426,594 $ 363,017 $303,956 $1,503,120 100.0%