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) August 22, 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 July 31, 2002 (Unconsolidated) 99.1 Loan Portfolio Segment Report of First Federal Bank of California as of July 31, 2002 ITEM 9. REGULATION FD DISCLOSURE. The Registrant hereby incorporates by reference into this Item 9 the summary monthly financial data as of July 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 July 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: August 22, 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 July 31, 2002 4 99.1 Loan Portfolio Segment Report of First Federal Bank of California as of July 31, 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 7 months 7 months ended ended ended ended ended July 31, June 30, July 31, July 31, July 31 2002 2002 2001 2002 2001 AVERAGE INVESTMENTS $ 157,684 $ 139,843 $ 172,830 $ 189,104 $ 195,747 LOANS: Total loans and mortgage-backed securities 4,103,191 4,091,471 4,251,355 4,103,191 4,251,355 Loans originated/ purchased: Single family loans 56,918 52,361 92,692 355,345 674,065 Multi-family loans 55,979 27,089 63,957 293,800 250,458 Commercial real estate loans 6,640 6,200 2,675 43,887 26,364 Other 2,345 2,746 4,081 16,415 27,253 -------- -------- -------- --------- -------- $ 121,882 $ 88,396 $ 163,405 $ 709,447 $ 978,140 ======== ======== ======== ========= ======== Loans sold $ 1,313 $ 3,795 $ 6,665 $ 35,546 $ 37,534 Average rate on loans originated/purchased 5.82% 5.79% 7.00% 6.09% 7.25% Percentage of portfolio in adjustable rate loans 69.81% 69.47% 78.09% 69.81% 78.09% Non-performing assets to total assets 0.13% 0.11% 0.27% 0.13% 0.27% BORROWINGS: Federal Home Loan Bank Advances $1,322,000 $1,342,000 $1,634,000 $1,322,000 $1,634,000 Reverse repurchase agreements $ 170,891 $ 176,131 $ 258,693 $ 170,891 $ 258,693 DEPOSITS: Retail deposits $2,175,669 $2,164,087 $1,836,453 $2,175,669 $1,836,453 Wholesale deposits 341,729 336,177 489,610 341,729 489,610 --------- --------- --------- --------- --------- $2,517,398 $2,500,264 $2,326,063 $2,517,398 $2,326,063 ========= ========= ========= ========= ========= Net increase $ 17,134 $ (9,042) $ 44,928 $ (35,609) $ 157,312 (decrease) AVERAGE INTEREST RATES: Yield on loans 6.10% 6.04% 7.54% 6.26% 8.01% Yield on investments 4.42% 4.77% 5.25% 3.43% 5.52% Yield on earning assets 6.03% 6.00% 7.45% 6.14% 7.90% Cost of deposits 2.38% 2.44% 4.07% 2.60% 4.56% Cost of borrowings 4.35% 4.35% 5.76% 4.51% 6.06% Cost of money 3.12% 3.16% 4.83% 3.35% 5.24% Earnings spread 2.91% 2.84% 2.62% 2.77% 2.66% Effective net spread 3.08% 3.00% 2.80% 2.96% 2.86% 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 $ 1,861,391 47% Multi-family 1,638,636 42% Commercial & industrial 406,431 10% Construction 13,506 1% Land 638 0% --------- ----- Total real estate loans $ 3,920,602 100% ========= ===== Single family: Without prepayment penalty $ 1,564,059 84% With prepayment penalty 297,332 16% --------- ----- Total single family loans $ 1,861,391 100% ========= ===== Age: 0 to 10 years $ 1,339,374 86% >10 years 224,685 14% --------- ----- Total $ 1,564,059 100% ========= ===== 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% $ 10,160 $ 781 $ 51,093 $ 44,504 $ 12,656 $ 119,194 8.9% 5.00%-5.25% 51,109 10,104 55,405 40,560 8,833 166,011 12.4% 5.25%-5.50% 66,814 8,817 59,982 39,258 27,265 202,136 15.0% 5.50%-5.75% 72,694 7,916 56,397 49,596 48,253 234,856 17.5% 5.75%-6.00% 30,955 4,213 31,981 19,987 19,665 106,801 8.0% 6.00%-6.25% 28,197 3,466 32,125 21,711 10,592 96,091 7.2% 6.25%-6.50% 23,609 1,065 20,922 15,747 19,095 80,438 6.0% 6.50%-6.75% 17,212 1,065 15,565 26,869 21,851 82,562 6.2% 6.75%-7.00% 13,053 1,311 29,190 35,422 16,619 95,595 7.1% 7.00%-7.25% 6,166 1,073 16,415 19,067 25,753 68,474 5.1% 7.25%-7.50% 5,171 1,309 15,209 10,373 13,562 45,624 3.4% 7.50%-7.75% 4,175 527 9,443 693 6,150 20,988 1.6% 7.75%-8.00% 3,912 522 6,630 1,763 -- 12,827 1.0% 8.00%-9.00% 3,377 258 2,788 687 -- 7,110 0.5% >9.00% 667 -- -- -- -- 667 0.1% ------- ------- ------- ------- ------- --------- ------ Total $337,271 $42,427 $403,145 $326,237 $230,294 $1,339,374 100.0% ======= ======= ======= ======= ======= ========= ====== 5