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) May 23, 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 April 30, 2002
(Unconsolidated)
99.1 Loan Portfolio Segment Report of First Federal Bank
of California as of April 30, 2002
ITEM 9. REGULATION FD DISCLOSURE.
The Registrant hereby incorporates by reference into this Item
9 the summary monthly financial data as of April 30, 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 April 30, 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: May 23, 2002 By: /s/ Douglas J. Goddard
Douglas J. Goddard
Chief Financial Officer
INDEX TO EXHIBITS
Item Page
99.0 Monthly Financial Information as of April 30, 2002 4
99.1 Loan Portfolio Segment Report of First Federal Bank of
California as of April 30, 2002 5
First Federal Bank of California, fsb
MONTHLY REPORT OF OPERATIONS
Unconsolidated Financial Highlights
Unaudited
(Dollars in thousands)
As of, As of, As of, As of, As of,
for the for the for the for the for the
month month month 4 months 4 months
ended ended ended ended ended
April 30, March 31, April 30, April 30, April 30,
2002 2002 2001 2002 2001
AVERAGE INVESTMENTS $ 154,683 $ 248,068 $ 185,445 $ 209,398 $ 195,017
LOANS:
Total loans and
mortgage-backed
securities 4,146,400 4,164,070 4,197,815 4,146,400 4,197,815
Loans
originated/purchased:
Single family
loans 48,357 72,363 110,703 207,676 398,344
Multi-family loans 50,134 46,991 45,862 169,506 104,165
Commercial real
estate loans 9,471 11,123 - 25,444 6,303
Other 3,139 1,821 8,106 8,005 16,266
-------- -------- -------- --------- --------
$ 111,101 $ 132,298 $ 164,671 $ 410,631 $ 525,078
======== ======== ======== ========= ========
Loans sold $ 6,977 $ 7,136 $ 6,921 $ 25,161 $ 17,642
Average rate on
loans 5.91% 6.43% 7.11% 6.26% 7.37%
Originated/purchased
Percentage of
portfolio in
adjustable rate
loans 69.90% 69.80% 86.25% 69.90% 86.25%
Non-performing
assets
to total assets 0.16% 0.16% 0.23% 0.16% 0.23%
BORROWINGS:
Federal Home Loan
Bank Advances
Advances $1,392,000 $1,467,000 $1,664,000 $1,392,000 $1,664,000
Reverse
repurchase
agreements $ 158,226 $ 127,695 $ 268,999 $ 158,226 $ 268,999
DEPOSITS:
Retail deposits $2,131,786 $2,162,654 $1,771,585 $2,131,786 $1,771,585
Wholesale deposits 392,024 419,389 479,193 392,024 479,193
--------- --------- --------- ---------- ---------
$2,523,810 $2,582,043 $2,250,778 $2,523,810 $2,250,778
========= ========= ========= ========= =========
Net increase
(decrease) $ (64,904) $ 73,035 $ (45,929)$ (29,197)$ 82,027
AVERAGE INTEREST
RATES:
Yield on loans 6.20% 6.22% 8.06% 6.38% 8.18%
Yield on investments 4.44% 3.14% 5.46% 2.90% 5.73%
Yield on earning
assets 6.13% 6.05% 7.95% 6.22% 8.07%
Cost of deposits 2.54% 2.63% 4.58% 2.73% 4.78%
Cost of borrowings 4.60% 4.49% 6.09% 4.59% 6.25%
Cost of money 3.32% 3.35% 5.26% 3.47% 5.45%
Earnings spread 2.81% 2.70% 2.69% 2.75% 2.62%
Effective net spread 2.98% 2.53% 2.88% 2.91% 2.83%
First Federal Bank of California, fsb
LOAN PORTFOLIO STRATIFICATION
Unconsolidated financial highlights
Unaudited
(Dollars in thousands)
REAL ESTATE LOAN PORTFOLIO
Bank Percent
owned of
balance total
Property type:
Single family $ 1,935,100 49%
Multi-family 1,591,090 40%
Commercial & industrial 389,503 10%
Construction 27,766 1%
Land 869 0%
--------- -----
Total real estate loans $ 3,944,328 100%
========= =====
Single family:
Without prepayment penalty $ 1,637,991 85%
With prepayment penalty 297,109 15%
-------- -----
Total single family loans $ 1,935,100 100%
========= =====
Age:
0 to 10 years $ 1,396,760 85%
>10 years 241,231 15%
-------- -----
Total $ 1,637,991 100%
========= =====
Single family loans without prepayment penalty
Loans 0 to 10 Years
Balances by Current Principal Balance
Current Less Greater Percent
interest than $252 $275 $500 than of
rate range $252 - $275 -$500 -$1,000 $1,000 Total total
<5.00% $ 5,010 $ 779 $ 47,238 $ 43,566 $ 8,154 $ 104,747 7.5%
5.00%-5.25% 30,716 6,342 32,902 18,935 3,135 92,030 6.6%
5.25%-5.50% 66,876 8,275 67,946 47,409 25,793 216,299 15.5%
5.50%-5.75% 83,951 8,751 59,253 56,475 52,558 260,988 18.7%
5.75%-6.00% 40,621 4,749 36,532 20,833 31,503 134,238 9.6%
6.00%-6.25% 30,699 4,216 32,677 19,239 14,824 101,655 7.3%
6.25%-6.50% 12,670 2,123 21,942 14,820 23,557 75,112 5.4%
6.50%-6.75% 26,736 1,599 15,185 26,592 23,235 93,347 6.7%
6.75%-7.00% 16,622 1,066 34,273 47,365 21,580 120,906 8.6%
7.00%-7.25% 7,222 1,069 18,794 26,339 30,709 84,133 6.0%
7.25%-7.50% 6,944 1,041 18,003 16,051 13,587 55,626 4.0%
7.50%-7.75% 5,940 527 10,928 1,774 6,164 25,333 1.8%
7.75%-8.00% 5,579 523 8,225 1,769 4,214 20,310 1.4%
8.00%-9.00% 5,441 519 3,858 1,197 - 11,015 0.8%
>9.00% 1,021 - - - - 1,021 0.1%
------- ------- ------- ------- ------- --------- ------
Total $ 346,048 $ 41,579 $407,756 $342,364 $259,013 $1,396,760 100.0%
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