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 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 4.
Index to Exhibit is on Page 3.
Item 5. Other Events.
On September 23, 2002 the registrant, FirstFed Financial
Corp., issued a press release. A copy of the relevant portion of
this press release is attached and incorporated herein as an
Exhibit.
Item 7. Financial Statements and Exhibits
a) Financial Statements of businesses acquired.
Not applicable.
b) Pro forma financial information.
Not applicable.
c) Exhibits
Press Release dated September 23, 2002.
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 23, 2002 By:/s/Douglas J. Goddard
Douglas J. Goddard
Chief Financial Officer
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INDEX TO EXHIBITS
Item Page
Press Release dated September 23, 2002. 4
3
FIRSTFED FINANCIAL CORP. ANNOUNCES
CURRENT ESTIMATE OF REPURCHASE LIABILITY FOR LOANS SOLD WITH
RECOURSE
Santa Monica, California, September 23, 2002 -- FirstFed Financial
Corp. (NYSE-FED), parent company of First Federal Bank of
California, today announced that non-interest income for the
quarter ended September 30, 2002 will be increased by approximately
$5.9 million as the result of a revised estimate of the Company's
repurchase liability for loans sold with recourse. This change in
estimate, which is a non-cash transaction, will increase net
earnings for the quarter by approximately $3.4 million, after tax,
or approximately $.19 per share.
The Company's repurchase liability for loans sold with recourse
represents the total losses that are estimated to occur over the
remaining life of the portfolio of loans sold with recourse,
discounted to present value. At August 31, 2002, the dollar amount
of loans sold with recourse on which the Company had remaining
recourse liability totaled $116 million. The maximum potential
recourse liability on this portfolio was $20 million.
The Companys current estimate of the required repurchase liability
for loans sold with recourse is $6.9 million. This reduced
liability amount reflects the fact that the total portfolio of
loans sold with recourse has been experiencing significant
pay-offs, and has had better credit experience than was previously
estimated. The remaining repurchase liability of $6.9 million is
approximately 6% of the total portfolio of loans sold with recourse.
The Company expects to announce its final results of operations for
the quarter ended September 30, 2002 on October 24, 2002.
This press release contains certain forward-looking statements that
are subject to various factors which could cause actual results to
differ materially from such statements. Such factors include, but
are not limited to, the possibility that the transaction discussed
herein may not have the anticipated effects. FirstFed disclaims
any intent or obligation to update this forward-looking information.
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