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) November 19, 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 October 31, 2002
(Unconsolidated)
99.1 Loan Portfolio Segment Report of First Federal Bank
of California as of October 31, 2002
ITEM 9. REGULATION FD DISCLOSURE.
The Registrant hereby incorporates by reference into this Item
9 the summary monthly financial data as of October 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 October 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: November 19, 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 October 31, 2002 4
99.1 Loan Portfolio Segment Report of First Federal Bank of
California as of October 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 10 months 10 months
ended ended ended ended ended
Oct. 31, Sep. 30, Oct.31, Oct. 31, Oct. 31,
2002 2002 2001 2002 2001
---- ---- ---- ---- ----
AVERAGE INVESTMENTS $ 147,216 $ 136,155 $ 206,147 $ 177,098 $ 192,634
LOANS:
Total mortgage-backed 211,620 218,424 300,862 211,620 300,862
securities
Total loans 3,977,697 4,025,767 4,211,239 3,977,697 4,211,239
Loans originated/
purchased:
Single family loans 60,566 44,494 31,540 505,333 822,235
Multi-family loans 25,211 21,731 21,492 372,587 327,679
Commercial real
estate loans 9,653 1,230 12,475 62,267 114,709
Other 1,149 5,616 2,464 27,452 33,945
-------- -------- --------- ---------- -----------
$ 96,579 $ 73,071 $ 67,971 $ 967,639 $ 1,298,568
======== ======== ========= ========== ===========
Loans sold $ 21,889 $ 10,411 $ 3,550 $ 75,408 $ 52,154
Average rate on loans
originated/purchased 5.41% 5.56% 6.74% 5.95% 7.16%
Percentage of
portfolio in
adjustable rate
loans 70.77% 70.57% 73.65% 70.77% 73.65%
Non-performing assets
to total assets 0.13% 0.11% 0.29% 0.13% 0.29%
BORROWINGS:
Federal Home Loan
Bank Advances $1,187,000 $1,247,000 $1,569,000 $1,187,000 $1,569,000
Reverse
repurchase
agreements $ 160,621 $ 166,567 $ 222,478 $ 160,621 $ 222,478
DEPOSITS:
Retail deposits $2,242,481 $2,220,053 $1,864,982 $2,242,481 $1,864,982
Wholesale deposits 286,989 289,798 502,699 286,989 502,699
--------- --------- --------- --------- ---------
$2,529,470 $2,509,851 $2,367,681 $2,529,470 $2,367,681
========= ========= ========= ========= =========
Net increase
(decrease) $ 19,619 $ (32,649)$ 8,093 $ (23,537) $ 198,930
AVERAGE INTEREST
RATES:
Yield on loans 6.01% 6.08% 7.07% 6.20% 7.77%
Yield on investments 4.20% 4.51% 4.45% 3.65% 5.51%
Yield on earning
assets 5.95% 6.02% 6.95% 6.09% 7.67%
Cost of deposits 2.16% 2.21% 3.46% 2.49% 4.28%
Cost of borrowings 4.40% 4.45% 5.07% 4.49% 5.84%
Cost of money 2.95% 3.02% 4.16% 3.26% 4.99%
Earnings spread 3.00% 3.00% 2.79% 2.83% 2.68%
Effective net spread 3.16% 3.18% 2.96% 3.01% 2.88%
4
First Federal Bank of California, fsb
LOAN PORTFOLIO STRATIFICATION
Unconsolidated financial highlights
Unaudited
(Dollars in thousands)
REAL ESTATE LOAN PORTFOLIO
As of October 31, 2002
Bank Percent
owned of
balance total
------- -----
Property type:
Single family $ 1,729,041 45%
Multi-family 1,658,507 44%
Commercial & industrial 410,803 11%
Construction 7,926 0%
Land 212 0%
--------- -----
Total real estate loans $ 3,806,489 100%
========= =====
Single family:
Without prepayment penalty $ 1,383,108 80%
With prepayment penalty 345,933 20%
--------- -----
Total single family loans $ 1,729,041 100%
========= =====
Age:
0 to 10 years $ 1,218,529 88%
>10 years 164,579 12%
--------- -----
Total $ 1,383,108 100%
========= =====
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% $ 8,699 $ 1,038 $ 54,747 $ 49,116 $ 17,553 $ 131,153 10.8%
5.00%-5.25% 31,257 5,813 39,500 21,973 7,982 106,525 8.8%
5.25%-5.50% 69,722 9,313 59,532 41,961 15,582 196,110 16.1%
5.50%-5.75% 76,803 7,926 47,464 49,182 42,102 223,477 18.3%
5.75%-6.00% 37,844 4,709 42,306 26,019 25,900 136,778 11.2%
6.00%-6.25% 29,030 3,170 31,016 18,777 9,446 91,439 7.5%
6.25%-6.50% 12,144 2,126 26,884 14,489 15,016 70,659 5.8%
6.50%-6.75% 27,591 1,319 13,496 22,014 10,487 74,907 6.1%
6.75%-7.00% 10,714 1,299 18,978 26,029 9,498 66,518 5.5%
7.00%-7.25% 6,512 1,342 11,849 11,351 19,977 51,031 4.2%
7.25%-7.50% 3,950 782 12,280 6,053 11,025 34,090 2.8%
7.50%-7.75% 3,483 526 6,506 688 6,108 17,311 1.4%
7.75%-8.00% 2,874 -- 6,587 1,752 -- 11,213 0.9%
8.00%-9.00% 3,046 256 3,208 682 -- 7,192 0.6%
>9.00% 126 -- -- -- -- 126 0.0%
-------- ------- ------- ------- ------- --------- -----
Total $ 323,795 $ 39,619 $374,353 $290,086 $190,676 $1,218,529 100.0%
======== ======= ======= ======= ======= ========= =====
5