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) October 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 September 30, 2002
(Unconsolidated)
99.1 Loan Portfolio Segment Report of First Federal Bank
of California as of September 30, 2002
ITEM 9. REGULATION FD DISCLOSURE.
The Registrant hereby incorporates by reference into this Item
9 the summary monthly financial data as of September 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 September 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: October 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 September 30, 2002 4
99.1 Loan Portfolio Segment Report of First Federal Bank of
California as of September 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 9 months 9 months
ended ended ended ended ended
Sep. 30, Aug. 31, Sep. 30, Sep. 30, Sep. 30,
2002 2002 2001 2002 2001
AVERAGE INVESTMENTS $ 136,155 $ 163,880 $ 179,119 $ 180,418 $ 191,132
LOANS:
Total loans and
mortgage-backed
securities 4,025,767 4,059,958 4,257,212 4,025,767 4,257,212
Loans
originated/purchased:
Single family
loans 44,494 44,928 51,922 444,767 790,695
Multi-family loans 21,731 31,845 30,239 347,376 306,187
Commercial real
estate loans 1,230 7,497 18,062 52,614 102,234
Other 5,616 4,272 3,015 26,303 31,481
-------- -------- -------- --------- ---------
$ 73,071 $ 88,542 $103,238 $ 871,060 $1,230,597
======== ======== ======== ========= =========
Loans sold $ 10,411 $ 7,562 $ 5,561 $ 53,519 $ 48,604
Average rate on
loans originated/
purchased 5.56% 5.71% 6.79% 6.01% 7.18%
Percentage of
portfolio in
adjustable rate
loans 70.57% 70.41% 74.69% 70.57% 74.69%
Non-performing assets
to total assets 0.11% 0.10% 0.23% 0.11% 0.23%
BORROWINGS:
Federal Home Loan
Bank Advances $ 1,247,000$ 1,272,000$ 1,639,000$ 1,247,000$ 1,639,000
Reverse repurchase
agreements $ 166,567$ 170,891$ 228,716$ 166,567$ 228,716
DEPOSITS:
Retail deposits $ 2,220,053$ 2,220,964$ 1,865,843$ 2,220,053$ 1,865,843
Wholesale deposits 289,798 321,536 493,745 289,798 493,745
--------- --------- --------- --------- ---------
$ 2,509,851$ 2,542,500$ 2,359,588$ 2,509,851$ 2,359,588
========= ========= ========= ========= =========
Net increase
(decrease) $ (32,649)$ 25,102$ (22,987)$ (43,156)$ 190,837
AVERAGE INTEREST
RATES:
Yield on loans 6.08% 6.10% 7.21% 6.22% 7.85%
Yield on investments 4.51% 4.15% 5.04% 3.60% 5.64%
Yield on earning
assets 6.02% 6.02% 7.12% 6.11% 7.75%
Cost of deposits 2.21% 2.30% 3.70% 2.53% 4.40%
Cost of borrowings 4.45% 4.45% 5.26% 4.50% 5.92%
Cost of money 3.02% 3.09% 4.39% 3.28% 5.09%
Earnings spread 3.00% 2.93% 2.73% 2.83% 2.66%
Effective net spread 3.18% 3.11% 2.91% 3.00% 2.88%
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 $ 1,772,188 46%
Multi-family 1,660,551 43%
Commercial & industrial 403,515 10%
Construction 10,739 1%
Land 537 0%
--------- ----
Total real estate loans $ 3,847,530 100%
========= ====
Single family:
Without prepayment penalty $ 1,473,884 83%
With prepayment penalty 298,304 17%
--------- ----
Total single family loans $ 1,772,188 100%
========= ====
Age:
0 to 10 years $ 1,255,653 85%
>10 years 218,231 15%
--------- ----
Total $ 1,473,884 100%
========= ====
Single family loans without prepayment penalty
Loans 0 to 10 Years
Balances by Current Principal Balance
Current
interest Less Greater Percent
rate than $252 $275 $500 than of
range $252 - $275 -$500 -$1,000 $1,000 Total total
<5.00% $ 6,458 $ 1,032 $ 53,684 $ 51,186 $ 17,007 $ 129,367 10.3%
5.00%-5.25% 30,775 5,555 38,650 20,003 6,544 101,527 8.1%
5.25%-5.50% 69,403 9,087 61,717 40,594 17,670 198,471 15.8%
5.50%-5.75% 79,617 8,744 44,089 51,507 42,175 226,132 18.0%
5.75%-6.00% 36,906 5,246 43,353 25,635 31,649 142,789 11.4%
6.00%-6.25% 27,723 2,903 30,158 19,696 11,664 92,144 7.3%
6.25%-6.50% 15,057 2,131 27,632 13,661 16,052 74,533 5.9%
6.50%-6.75% 27,581 1,045 16,180 21,185 15,090 81,081 6.5%
6.75%-7.00% 12,274 1,301 21,889 28,626 10,611 74,701 5.9%
7.00%-7.25% 6,127 1,068 14,456 13,755 22,157 57,563 4.6%
7.25%-7.50% 4,753 1,302 13,507 7,747 13,504 40,813 3.3%
7.50%-7.75% 3,718 526 7,912 690 6,121 18,967 1.5%
7.75%-8.00% 2,881 -- 6,599 1,755 -- 11,235 0.9%
8.00%-9.00% 2,813 256 2,451 684 -- 6,204 0.5%
>9.00% 126 -- -- -- -- 126 0.0%
------- ------- ------- ------- ------- -------- -----
Total $326,212 $ 40,196 $382,277 $296,724 $210,244 $1,255,653 100.0%
======== ======= ======= ======= ======= ========= =====
5