8-K 1 mon0403.txt 04-30-03 MONTHLY REPORT OF OPERATIONS 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) May 23, 2003 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 7. FINANCIAL STATEMENTS, PRO-FORMA FINANCIAL INFORMATION AND EXHIBITS (c) Exhibits 99.0 Monthly Financial Data as of April 30, 2003 (Unconsolidated) ITEM 9. REGULATION FD DISCLOSURE. The Registrant hereby incorporates by reference into this Item 9 the summary monthly financial data as of April 30, 2003 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. A discussion of the factors that could impact 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: April 23, 2003 By:/s/ Douglas J. Goddard ---------------------- Douglas J. Goddard Chief Financial Officer 2 INDEX TO EXHIBITS Item Page 99.0 Monthly Financial Information as of April 30, 2003 4 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 4 months 4 months ended ended ended ended ended April 30, March 31, April 30, April 30, April 30, 2003 2003 2002 2003 2002 ---- ---- ---- ---- ---- Cash and investment securities $ 144,421 $ 168,221 $ 162,483 $ 144,421 $ 162,483 Total assets $ 4,415,590 $ 4,416,212 $ 4,449,650 $ 4,415,590 $ 4,449,650 LOANS: Total mortgage- backed securities $ 181,495 $ 185,315 $ 249,043 $ 181,495 $ 249,043 Total loans, net $3,958,762 $ 3,929,897 $ 3,897,357 $ 3,958,762 $ 3,897,357 Loans originated/purchased: Single family loans $ 121,235 $ 145,533 $ 48,357 $ 510,014 $ 207,676 Multi-family loans 37,748 64,791 50,134 159,563 169,506 Commercial real estate loans 4,201 2,420 9,471 14,311 25,444 Other 3,464 5,694 3,139 21,689 8,005 --------- --------- --------- ---------- ----------- $ 166,648 $ 218,438 $ 111,101 $ 705,577 $ 410,631 ========= ========= ========= ========== =========== Percentage of ARMs originated: 69% 69% 34% 67% 41% Loan repayments: Single family loans $ 76,734 $ 78,016 $ 77,671 $ 312,243 $ 378,557 Multi-family and commercial real estate loans 47,695 75,353 29,347 188,119 101,633 Other 6,625 3,671 13,976 21,140 38,679 --------- --------- --------- ---------- ----------- $ 131,054 $ 157,040 $ 120,994 $ 521,502 $ 518,869 ========= ========= ========= ========== =========== Loans sold $ 10,522 $ 11,137 $ 6,977 $ 50,982 $ 25,161 Average rate on loans 5.05% 5.01% 5.91% 5.10% 6.26% originated/purchased Percentage of portfolio in 72.18% 72.00% 69.90% 72.18% 69.90% adjustable rate loans Non-performing assets 0.09% 0.14% 0.16% 0.09% 0.16% to total assets BORROWINGS: Federal Home Loan Bank Advances $ 1,404,000 $ 1,347,000 $ 1,392,000 $ 1,404,000 $ 1,392,000 Reverse repurchase agreements $ 144,922 $ 149,021 $ 158,226 $ 144,922 $ 158,226 DEPOSITS: Retail deposits $ 2,356,528 $ 2,366,712 $ 2,131,786 $ 2,356,528 $ 2,131,786 Wholesale deposits 102,152 143,766 392,024 102,152 392,024 --------- --------- --------- ---------- ----------- $ 2,458,680 $ 2,510,478 $ 2,523,810 $ 2,458,680 $ 2,523,810 ========= ========= ========= ========== =========== Net increase (decrease) $ (51,798) $ (16,689) $ (64,904) $ (86,353) $ (29,197) AVERAGE INTEREST RATES: Yield on loans 5.70% 5.76% 6.20% 5.80% 6.38% Yield on investments 2.73% 3.48% 4.44% 3.57% 2.90% Yield on earning assets 5.61% 5.69% 6.13% 5.73% 6.22% Cost of deposits 1.67% 1.72% 2.54% 1.79% 2.73% Cost of borrowings 3.29% 3.44% 4.60% 3.46% 4.59% Cost of money 2.29% 2.34% 3.32% 2.39% 3.47% Earnings spread 3.32% 3.35% 2.81% 3.34% 2.75% Effective net spread 3.46% 3.49% 2.98% 3.49% 2.91%
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