8-K 1 mon1201.txt FIRSTFED FINANCIAL CORP. MO. RPT OF OPERATIONS 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) January 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 December 31, 2001 (Unconsolidated) 99.1 Loan Portfolio Segment Report of First Federal Bank of California as of December 31, 2001 ITEM 9. REGULATION FD DISCLOSURE. The Registrant hereby incorporates by reference into this Item 9 the summary monthly financial data as of December 31, 2001 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 December 31, 2001, 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: January 25, 2002 By: Douglas J. Goddard Chief Financial Officer INDEX TO EXHIBITS Item Page 99.0 Monthly Financial Information as of December 31, 2001 4 99.1 Loan Portfolio Segment Report of First Federal Bank of California as of December 31, 2001 5 MONTHLY REPORT OF OPERATIONS Unaudited, Unconsolidated Financial Highlights As of, for the Month As of,for the 12 Months Ended December 31, Ended December 31, --------------------- ---------------------- 2001 2000 2001 2000 (Dollars in thousands) AVERAGE INVESTMENTS $ 259,861 $ 193,542 $ 200,807 $ 176,476 LOANS Total Loans and Mortgage- Backed Securities $4,288,968 $4,003,689 $4,288,968 $4,003,689 Loans Originated/Purchased: Single-Family Loans $ 53,032 $ 56,255 $ 912,974 $ 784,208 Multi-Family Loans 55,632 24,192 407,458 236,990 Commercial Real Estate Loans 23,570 28,603 147,235 41,883 Others 257 1,594 34,668 17,929 Loans Acquired from Acquisition 0 0 150,035 0 $ 132,491 $ 110,644 $1,652,375 $1,081,010 Loans Sold $ 8,223 $ 1,094 $ 61,154 $ 9,526 Average Rate on Loans Originated/Purchased 6.60% 8.21% 7.07% 7.73% Percentage of Portfolio in Adjustable Rate Loans 71.38% 92.07% 71.38% 92.07% Non-performing Assets to Total Assets 0.17% 0.19% 0.17% 0.19% BORROWINGS Federal Home Loan Bank Advances $1,597,000 $1,579,000 $1,597,000 $1,579,000 Reverse Repurchase Agreements $ 211,040 $ 294,110 $ 211,040 $ 294,110 DEPOSITS Retail Deposits $2,068,547 $1,713,842 $2,068,547 $1,713,842 Wholesale Deposits $ 484,460 $ 454,909 $ 484,460 $ 454,909 ---------- ---------- --------- --------- $2,553,007 $2,168,751 $2,553,007 $2,168,751 Net Increase (Decrease) $ 171,203 $ (14,162) $ 384,256 $ 103,670 AVERAGE INTEREST RATES Yield on Loans 6.81% 8.18% 7.61% 7.85% Yield on Investments 3.67% 5.34% 5.16% 6.11% Yield on Earning Assets 6.63% 7.99% 7.50% 7.77% Cost of Deposits 3.06% 4.90% 4.08% 4.70% Cost of Borrowings 4.74% 6.47% 5.67% 6.29% Cost of Money 3.75% 5.62% 4.79% 5.40% Earnings Spread 2.88% 2.37% 2.71% 2.37% Effective Net Spread 3.04% 2.58% 2.90% 2.57% First Federal Bank of California, fsb Loan Portfolio Stratification as of 12/31/2001 (000's omitted) Total Real Estate Loan Portfolio Bank Owned Percent of Property Type Balance Total Single Family $2,140,755 52% Multi-family 1,531,215 38% Commercial & Ind 359,903 9% Construction 38,060 1% Land 1,481 0% Total Real Estate Loans $4,071,414 100% Single Family Without Prepayment Penalty $1,842,909 86% With Prepayment Penalty 297,846 14% Total Single Family Loans $2,140,755 100% Bank Owned Age Balance 0 to 10 Yrs $1,577,631 86% >10 Yrs $265,278 14% Total $1,842,909 100%