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 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 March 31, 2002 (Unconsolidated) 99.1 Loan Portfolio Segment Report of First Federal Bank of California as of March 31, 2002 ITEM 9. REGULATION FD DISCLOSURE. The Registrant hereby incorporates by reference into this Item 9 the summary monthly financial data as of March 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 March 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: April 25, 2002 By:/s/ Douglas J. Goddard Douglas J. Goddard Chief Financial Officer INDEX TO EXHIBITS Item Page 99.0 Monthly Financial Information as of March 31, 2002 4 99.1 Loan Portfolio Segment Report of First Federal Bank of California as of March 31, 2002 5 MONTHLY REPORT OF OPERATIONS Unaudited, Unconsolidated Financial Highlights As of, for the Month As of,for the 3 Months Ended March 31, Ended March 31, --------------------- ---------------------- 2002 2001 2002 2001 (Dollars in thousands) AVERAGE INVESTMENTS $ 248,068 $ 215,196 $ 227,636 $ 198,208 LOANS Total Loans and Mortgage- Backed Securities $4,164,070 $4,153,934 $4,164,070 $4,153,934 Loans Originated/Purchased: Single-Family Loans $ 72,363 $ 91,539 $ 159,319 $ 287,641 Multi-Family Loans 46,991 18,218 119,372 58,303 Commercial Real Estate Loans 11,123 2,380 15,973 6,303 Others 1,821 4,227 4,866 8,160 $ 132,298 $ 116,364 $ 299,530 $ 360,407 Loans Sold $ 7,136 $ 6,903 $ 18,184 $ 10,721 Average Rate on Loans Originated/Purchased 6.43% 7.28% 6.39% 7.49% Percentage of Portfolio in Adjustable Rate Loans 69.80% 89.04% 69.80% 89.04% Non-performing Assets to Total Assets 0.16% 0.27% 0.16% 0.27% BORROWINGS Federal Home Loan Bank Advances $1,467,000 $1,604,000 $1,467,000 $1,604,000 Reverse Repurchase Agreements $ 127,695 $ 275,205 $ 127,695 $ 275,205 DEPOSITS Retail Deposits $2,162,654 $1,780,648 $2,162,654 $1,780,648 Wholesale Deposits $ 419,389 $ 516,059 $ 419,389 $ 516,059 ---------- ---------- --------- --------- $2,582,043 $2,296,707 $2,582,043 $2,296,707 Net Increase (Decrease) $ 73,035 $ 67,714 $ 29,036 $ 127,956 AVERAGE INTEREST RATES Yield on Loans 6.22% 8.14% 6.44% 8.22% Yield on Investments 3.14% 5.49% 2.55% 5.82% Yield on Earning Assets 6.05% 8.00% 6.24% 8.10% Cost of Deposits 2.63% 4.76% 2.79% 4.85% Cost of Borrowings 4.49% 6.18% 4.59% 6.30% Cost of Money 3.35% 5.41% 3.52% 5.51% Earnings Spread 2.70% 2.59% 2.72% 2.59% Effective Net Spread 2.85% 2.81% 2.89% 2.81% First Federal Bank of California, fsb Loan Portfolio Stratification as of 03/31/2002 (000's omitted) Total Real Estate Loan Portfolio Bank Owned Percent of Property Type Balance Total Single Family $1,970,470 50% Multi-family 1,566,563 39% Commercial & Ind 383,260 10% Construction 32,042 1% Land 874 0% Total Real Estate Loans $3,953,209 100% Single Family Without Prepayment Penalty $1,676,720 85% With Prepayment Penalty 293,750 15% Total Single Family Loans $1,970,470 100% Bank Owned Age Balance 0 to 10 Yrs $1,441,957 86% >10 Yrs $234,763 14% Total $1,676,720 100% 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 % <5.00% $ 4,320 $ 524 $ 49,273 $ 45,870 $ 9,162 $ 109,149 7.6% 5.00%-5.25% 5,408 1,593 3,016 3,127 2,020 15,164 1.1% 5.25%-5.50% 32,373 6,081 36,099 21,067 7,893 103,513 7.2% 5.50%-5.75% 69,242 9,070 71,838 49,088 39,629 238,867 16.6% 5.75%-6.00% 84,098 7,942 61,320 53,965 54,214 261,539 18.0% 6.00%-6.25% 46,570 5,790 41,184 29,020 39,506 162,070 11.2% 6.25%-6.50% 22,442 1,856 30,465 18,469 25,226 98,458 6.8% 6.50%-6.75% 15,087 2,383 24,325 26,809 23,229 91,833 6.4% 6.75%-7.00% 34,421 1,330 36,211 49,107 21,597 142,666 9.9% 7.00%-7.25% 10,208 812 20,583 26,606 34,002 92,211 6.4% 7.25%-7.50% 8,960 1,313 18,965 17,570 14,805 61,613 4.3% 7.50%-7.75% 7,218 527 10,965 2,763 6,168 27,641 1.9% 7.75%-8.00% 6,691 524 8,230 1,772 4,218 21,435 1.5% 8.00%-9.00% 5,693 518 4,646 2,724 1,021 14,602 1.0% >9.00% 1,196 0 0 0 0 1,196 0.1% Total $353,927 $ 40,263 $417,120 $ 347,957 $282,690 $1,441,957 100.0%