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) July 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 June 30, 2002 (Unconsolidated) 99.1 Loan Portfolio Segment Report of First Federal Bank of California as of June 30, 2002 ITEM 9. REGULATION FD DISCLOSURE. The Registrant hereby incorporates by reference into this Item 9 the summary monthly financial data as of June 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 June 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: July 25, 2002 By:/s/ Douglas J.Goddard Douglas J. Goddard Chief Financial Officer 2 INDEX TO EXHIBITS Item Page 99.0 Monthly Financial Information as of June 30, 2002 4 99.1 Loan Portfolio Segment Report of First Federal Bank of California as of June 30, 2002 5 3 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 6 months 6 months ended ended ended ended ended June 30, May 31, June 30, June 30, June 30, 2002 2002 2001 2002 2001 AVERAGE INVESTMENTS $ 139,843 $ 188,608 $ 219,131 $ 194,340 $ 199,566 LOANS: Total loans and mortgage-backed securities 4,091,471 4,103,967 4,221,985 4,091,471 4,221,985 Loans originated/purchased: Single family loans 52,361 39,654 75,771 298,426 581,373 Multi-family loans 27,089 41,226 34,036 237,821 167,691 Commercial real estate loans 6,200 5,603 18,810 37,247 42,499 Other 2,746 3,319 2,757 14,070 23,172 -------- --------- --------- ---------- --------- $ 88,396 $ 89,802 $ 131,374 $ 587,564 $ 814,735 ======== ========= ========= ========== ========= Loans sold $ 3,795 $ 5,277 $ 7,281 $ 34,233 $ 30,869 Average rate on loans origniated purchased 5.79% 5.92% 7.16% 6.15% 7.30% Percentage of portfolio in adjustable rate loans 69.47% 69.97% 81.87% 69.47% 81.87% Non-performing assets to toal assets 0.11% 0.15% 0.22% 0.11% 0.22% BORROWINGS: Federal Home Loan Bank advances $ 1,342,000 $1,352,000 $1,674,000 $1,342,000 $1,674,000 Reverse repurchase agreements $ 176,131 $ 176,131 $ 264,640 $ 176,131 $ 264,640 DEPOSITS: Retail deposits $ 2,164,087 $2,153,930 $1,804,562 $2,164,087 $1,804,562 Wholesale deposits 336,177 355,376 476,573 336,177 476,573 --------- --------- --------- --------- --------- $ 2,500,264 $2,509,309 $2,281,135 $2,500,264 $2,281,138 ========= ========= ========= ========= ========= Net increase (decrease) $ (9,042)$ (14,504) $ (9,478)$ (52,743)$ 112,384 AVERAGE INTEREST RATES: Yield on loans 6.04% 6.10% 7.80% 6.29% 8.09% Yield on investments 4.77% 3.93% 5.09% 3.30% 5.56% Yield on earning assets 6.00% 6.00% 7.66% 6.15% 7.97% Cost of deposits 2.44% 2.49% 4.24% 2.64% 4.64% Cost of borrowings 4.35% 4.49% 5.82% 4.54% 6.11% Cost of money 3.16% 3.26% 4.97% 3.39% 5.31% Earnings spread 2.84% 2.74% 2.69% 2.77% 2.66% Effective net spread 3.00% 2.91% 2.88% 2.93% 2.87% 4 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 $ 1,875,593 48% Multi-family 1,609,825 41% Commercial & industrial 401,305 10% Construction 17,333 1% Land 642 0% --------- ---- Total real estate loans $ 3,904,698 100% ========= ==== Single family: Without prepayment penalty $ 1,579,940 84% With prepayment penalty 295,653 16% --------- ---- Total single family loans $ 1,875,593 100% ========= ==== Age: 0 to 10 years $ 1,354,434 86% >10 years 225,506 14% --------- ---- Total $ 1,579,940 100% ========= ==== 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% $ 15,231 $ 1,849 $ 56,155 $ 43,875 $ 9,383 $ 126,493 9.3% 5.00%-5.25% 60,145 10,577 59,013 41,429 9,206 180,370 13.3% 5.25%-5.50% 72,769 9,066 57,610 47,342 38,742 225,529 16.6% 5.50%-5.75% 60,249 6,535 55,140 41,365 46,615 209,904 15.5% 5.75%-6.00% 23,841 3,947 26,006 16,515 14,123 84,432 6.2% 6.00%-6.25% 27,876 3,716 29,541 18,893 17,859 97,885 7.2% 6.25%-6.50% 26,539 797 15,881 14,990 23,452 81,659 6.0% 6.50%-6.75% 11,537 1,061 15,385 25,884 21,886 75,753 5.6% 6.75%-7.00% 13,106 1,061 29,298 40,177 19,761 103,403 7.6% 7.00%-7.25% 6,853 1,069 17,448 20,522 26,869 72,761 5.4% 7.25%-7.50% 5,173 1,306 16,193 13,682 13,532 49,886 3.7% 7.50%-7.75% 4,900 526 10,467 691 6,134 22,718 1.7% 7.75%-8.00% 4,192 521 6,614 1,759 2,470 15,556 1.2% 8.00%-9.00% 3,695 257 2,781 686 -- 7,419 0.6% >9.00% 666 -- -- -- -- 666 0.1% ------- ------- ------- ------- ------- -------- ----- Total $ 336,772 $ 42,288 $397,532 $327,810 $250,032 $1,354,434 100% ======= ======= ======= ======= ======= ========= ==== 5