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) December 18, 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 November 30, 2002 (Unconsolidated)
99.1 Loan Portfolio Segment Report of First Federal Bank of
California as of November 30, 2002
ITEM 9. REGULATION FD DISCLOSURE.
The Registrant hereby incorporates by reference into this Item
9 the summary monthly financial data as of November 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 November 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: December 18, 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 November 30, 2002 4
99.1 Loan Portfolio Segment Report of First Federal Bank of
California as of November 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 11 months 11 months
ended ended ended ended ended
Nov.30, Oct. 31, Nov. 30, Nov. 30, Nov. 30,
2002 2002 2001 2002 2001
AVERAGE INVESTMENTS $ 146,148 $ 147,216 $ 223,486 $ 174,284 $ 195,439
LOANS:
Total mortgage-
backed securities 206,424 211,620 291,598 206,424 291,598
Total loans 3,721,446 3,766,077 4,022,920 3,721,446 4,022,920
Loans originated/
purchased:
Single family loans 83,064 60,566 37,707 588,397 859,942
Multi-family loans 19,501 25,211 24,147 392,088 351,826
Commercial real
estate loans 10,498 9,653 8,956 72,765 123,665
Other 4,097 1,149 466 31,549 34,411
-------- -------- -------- --------- ----------
$ 117,160 $ 96,579 $ 71,276 $ 1,084,799 $ 1,369,844
======== ======== ======== ========= ==========
Loans sold $ 29,331 $ 21,889 $ 777 $ 104,739 $ 52,931
Average rate on
loans originated/
purchased 5.36% 5.41% 6.48% 5.89% 7.12%
Percentage of
portfolio in
adjustable rate
loans 70.97% 70.77% 72.60% 70.97% 72.60%
Non-performing assets
to total assets 0.13% 0.13% 0.19% 0.13% 0.19%
BORROWINGS:
Federal Home Loan
Bank Advances $1,167,000 $1,187,000 $1,599,000 $ 1,167,000 $ 1,599,000
Reverse repurchase
agreements $ 155,273 $ 160,621 $ 211,040 $ 155,273 $ 211,040
DEPOSITS:
Retail deposits $2,267,154 $2,242,481 $1,882,254 $ 2,267,154 $ 1,882,254
Wholesale deposits 260,720 286,989 499,550 260,720 499,550
--------- --------- --------- --------- ---------
$2,527,874 $2,529,470 $2,381,804 $ 2,527,874 $ 2,381,804
========= ========= ========= ========= =========
Net increase
(decrease) $ (1,596)$ 19,619$ 14,123 $ (25,133) $ 213,054
AVERAGE INTEREST
RATES:
Yield on loans 6.21% * 6.01% 6.93% 6.20% 7.69%
Yield on investments 3.83% 4.20% 3.98% 3.66% 5.35%
Yield on earning
assets 6.13% 5.95% 6.78% 6.10% 7.59%
Cost of deposits 2.07% 2.16% 3.20% 2.45% 4.18%
Cost of borrowings 4.02% 4.40% 4.74% 4.45% 5.74%
Cost of money 2.75% 2.95% 3.87% 3.21% 4.89%
Earnings spread 3.38% * 3.00% 2.91% 2.89% 2.70%
Effective net spread 3.54% 3.16% 3.07% 3.06% 2.90%
* Recoveries of interest income on charged-off and non-accrual loans and other
adjustments to loan interest income added .32% to the yield on loans and .31%
to the yield on earning assets for the month of November 30, 2002.
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 $ 1,639,684 45%
Multi-family 1,645,551 44%
Commercial & industrial 412,991 11%
Construction 7,517 0%
Land 212 0%
--------- -----
Total real estate loans $ 3,705,955 100%
========= =====
Single family:
Without prepayment penalty $ 1,338,235 79%
With prepayment penalty 335,449 21%
--------- -----
Total single family loans $ 1,729,041 100%
========= =====
Age:
0 to 10 years $ 1,176,202 88%
>10 years 162,033 12%
--------- -----
Total $ 1,338,235 100%
========= =====
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% $ 12,097 $ 1,805 $ 56,756 $ 53,302 $ 21,090 $ 145,050 12.3%
5.00%-5.25% 32,431 6,890 43,124 27,721 8,485 118,651 10.1%
5.25%-5.50% 68,197 9,076 58,879 38,314 20,377 194,843 16.6%
5.50%-5.75% 75,261 6,555 46,732 46,511 36,832 211,891 18.0%
5.75%-6.00% 33,875 4,717 35,870 22,181 24,174 120,817 10.3%
6.00%-6.25% 27,647 4,233 31,064 15,679 8,034 86,657 7.4%
6.25%-6.50% 10,185 1,605 21,332 11,699 13,068 57,889 4.9%
6.50%-6.75% 26,583 1,320 12,346 19,670 6,996 66,915 5.7%
6.75%-7.00% 10,507 1,300 18,617 20,759 9,464 60,647 5.2%
7.00%-7.25% 5,589 1,069 11,339 11,354 19,985 49,336 4.2%
7.25%-7.50% 3,346 1,057 11,159 5,324 9,059 29,945 2.5%
7.50%-7.75% 3,195 526 6,068 688 6,109 16,586 1.4%
7.75%-8.00% 2,432 -- 5,776 1,752 -- 9,960 0.8%
8.00%-9.00% 2,838 256 3,210 683 -- 6,987 0.6%
>9.00% 28 -- -- -- -- 28 0.0%
------- ------- ------- ------- ------- --------- ------
Total $ 314,211 $ 40,409 $362,272 $275,637 $183,673 $1,176,202 100.0%
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