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) September 20, 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 August 31, 2002 (Unconsolidated)
99.1 Loan Portfolio Segment Report of First Federal Bank of
California as of August 31, 2002
ITEM 9. REGULATION FD DISCLOSURE.
The Registrant hereby incorporates by reference into this Item
9 the summary monthly financial data as of August 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 August 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: September 20, 2002 By:/s/ Douglas J. Goddard
Douglas J. Goddard
Chief Financial Officer
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INDEX TO EXHIBITS
Item Page
99.0 Monthly Financial Information as of August 31, 2002 4
99.1 Loan Portfolio Segment Report of First Federal Bank of
California as of August 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 8 months 8 months
ended ended ended ended ended
August 31, July 31, August 31, August 31, August 31,
2002 2002 2001 2002 2001
AVERAGE INVESTMENTS $ 163,880 $ 157,684 $ 170,848 $ 185,951 $ 192,635
LOANS:
Total loans and
mortgage- backed
securities 4,059,958 4,103,191 4,261,633 4,059,958 4,261,633
Loans originated/
purchased:
Single family loans 44,928 56,918 64,708 400,273 738,773
Multi-family loans 31,845 55,979 46,362 325,645 275,948
Commercial real
estate loans 7,497 6,640 36,936 51,384 84,172
Other 4,272 2,345 1,213 20,687 28,466
-------- -------- -------- ---------- ---------
$ 88,542 $ 121,882 $ 149,219 $ 797,989 $1,127,359
======== ======== ======== ========== =========
Loans sold $ 7,562 $ 1,313 $ 5,509 $ 43,108 $ 43,043
Average rate on loans
originated/purchased 5.71% 5.82% 7.05% 6.05% 7.22%
Percentage of
portfolio in
adjustable rate
loans 70.41% 69.81% 76.09% 70.41% 76.09%
Non-performing assets
to total assets 0.10% 0.13% 0.30% 0.10% 0.30%
BORROWINGS:
Federal Home Loan
Bank Advances $ 1,272,000$ 1,322,000$ 1,639,000$ 1,272,000 $ 1,639,000
Reverse repurchse
agreements $ 170,891$ 170,891$ 245,214$ 170,891 $ 245,214
DEPOSITS:
Retail deposits $ 2,220,964$ 2,175,669$ 1,860,154$ 2,220,964 $ 1,860,154
Wholesale deposits 321,536 341,729 522,421 321,536 522,421
--------- --------- --------- --------- ---------
$ 2,542,500$ 2,517,398$ 2,382,575$ 2,542,500 $ 2,382,575
========= ========= ========= ========= =========
Net increase
(decrease) $ 25,102$ 17,134$ 56,512$ (10,507)$ 213,824
AVERAGE INTEREST
RATES:
Yield on loans 6.10% 6.10% 7.40% 6.24% 7.93%
Yield on investments 4.15% 4.42% 5.63% 3.54% 5.53%
Yield on earning
assets 6.02% 6.03% 7.33% 6.12% 7.83%
Cost of deposits 2.30% 2.38% 3.88% 2.56% 4.47%
Cost of borrowings 4.45% 4.35% 5.58% 4.50% 6.00%
Cost of money 3.09% 3.12% 4.64% 3.31% 5.17%
Earnings spread 2.93% 2.91% 2.69% 2.77% 2.66%
Effective net spread 3.11% 3.08% 2.88% 2.98% 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 $ 1,807,452 46%
Multi-family 1,652,248 43%
Commercial & industrial 408,627 10%
Construction 12,138 1%
Land 633 0%
-------- -----
Total real estate loans $ 3,881,098 100%
========= =====
Single family:
Without prepayment penalty $ 1,506,664 83%
With prepayment penalty 300,788 17%
--------- -----
Total single family loans $ 1,807,452 100%
========= =====
Age:
0 to 10 years $ 1,287,653 85%
>10 years 219,011 15%
--------- -----
Total $ 1,506,664 100%
========= =====
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% $ 8,048 $ 774 $ 51,367 $ 48,233 $ 15,886 $ 124,308 9.7%
5.00%-5.25% 33,929 7,690 43,983 27,816 6,436 119,854 9.3%
5.25%-5.50% 71,461 8,832 65,742 41,100 23,132 210,267 16.3%
5.50%-5.75% 77,005 7,376 47,580 47,571 44,354 223,886 17.4%
5.75%-6.00% 37,262 4,995 37,670 25,789 26,350 132,066 10.3%
6.00%-6.25% 27,944 4,248 30,650 18,383 10,566 91,791 7.1%
6.25%-6.50% 15,948 1,332 23,414 16,035 17,342 74,071 5.8%
6.50%-6.75% 26,145 789 15,746 24,182 16,166 83,028 6.4%
6.75%-7.00% 13,182 1,048 26,214 33,260 11,943 85,647 6.7%
7.00%-7.25% 5,834 1,070 14,757 15,527 23,797 60,985 4.7%
7.25%-7.50% 4,688 1,303 14,788 9,120 13,517 43,416 3.4%
7.50%-7.75% 3,861 526 8,282 690 6,127 19,486 1.5%
7.75%-8.00% 3,223 253 6,607 1,758 -- 11,841 0.9%
8.00%-9.00% 3,260 257 2,454 685 -- 6,656 0.5%
>9.00% 351 -- -- -- -- 351 0.0%
------- ------ ------- ------- ------- --------- ------
Total $ 332,141 $ 40,493 $389,254 $310,149 $215,616 $1,287,653 100.0%
======= ====== ======= ======= ======= ========= ======
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