8-K 1 mon0903.txt MONTHLY REPORT OF OPERATIONS SEPTEMBER 30, 2003 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 22, 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 September 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 September 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: October 22, 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 September 30, 2003 4 3 Exhibit 99.0 First Federal Bank of California, fsb MONTHLY REPORT OF OPERATIONS Unconsolidated Financial Highlights Unaudited (Dollars in thousands) As of, for As of, for As of, for As of, for the As of, for the the month the month the month 9 months ended 9 months ended ended Sept. 30, ended Aug. 31, ended Sept. 30, Sept. 30, Sept. 30, 2003 2003 2002 2003 2002 ---- ---- ---- ---- ---- Cash and investment securities $ 125,703 $ 191,843 $ 152,979 $ 125,703 $ 152,979 Total assets $ 4,524,955 $ 4,543,182 $ 4,317,241 $ 4,524,955 $ 4,317,241 LOANS: Total mortgage-backed securities $ 151,130 $ 157,378 $ 218,424 $ 151,131 $ 218,424 Total loans, net $ 4,107,646 $ 4,059,550 $ 3,807,343 $ 4,107,646 $ 3,807,343 Loans originated/purchased: Single family loans $ 151,092 $ 125,070 $ 44,494 $ 1,201,451 $ 444,767 Multi-family loans 42,226 31,482 21,731 351,595 347,376 Commercial real estate loans 4,670 1,650 1,230 24,976 52,614 Other 5,571 1,813 5,616 37,702 26,303 -------------- --------------- --------------- ---------------- ---------------- $ 203,559 $ 160,615 $ 73,071 $ 1,615,724 $ 871,060 ============== =============== =============== ================ ================ Percentage of ARMs originated: 92% 75% 60% 70% 51% Loan repayments: Single family loans $ 100,986 $ 98,831 $ 77,206 $ 768,168 $ 758,834 Multi-family and commercial real estate loans 53,559 83,205 19,936 475,336 227,084 Other 3,815 5,009 7,207 43,066 86,534 -------------- --------------- --------------- ---------------- ---------------- $ 158,360 $ 187,045 $ 104,349 $ 1,286,570 $ 1,072,452 ============== =============== =============== ================ ================ Loans sold $ 3,903 $ 6,162 $ 10,411 $ 81,248 $ 53,519 Average rate on loans originated/purchased 4.69% 4.88% 5.56% 4.96% 6.01% Percentage of portfolio in adjustable rate loans 75.50% 74.39% 70.57% 75.39% 70.57% Non-performing assets to total assets 0.12% 0.15% 0.11% 0.12% 0.11% BORROWINGS: Federal Home Loan Bank Advances $ 1,429,000 $ 1,439,000 $ 1,247,000 $ 1,429,000 $ 1,247,000 Reverse repurchase $ 129,220 $ 137,220 $ 166,567 $ 129,220 $ 166,567 agreements DEPOSITS: Retail deposits $ 2,464,410 $ 2,470,336 $ 2,220,053 $ 2,464,410 $ 2,220,053 Wholesale deposits 58,476 57,877 289,798 58,476 289,798 -------------- --------------- --------------- ---------------- ---------------- $ 2,522,886 $ 2,528,213 $ 2,509,851 $ 2,522,886 $ 2,509,851 ============== =============== =============== ================ ================ Net increase (decrease) $ (5,327) $ 49,115 $ (32,649) $ (22,147) $ (43,156) AVERAGE INTEREST RATES: Yield on loans 5.33% 5.36% 6.08% 5.61% 6.22% Yield on investments 1.28% 1.38% 4.51% 2.32% 3.60% Yield on earning assets 5.20% 5.25% 6.02% 5.51% 6.11% Cost of deposits 1.40% 1.46% 2.21% 1.63% 2.53% Cost of borrowings 3.14% 3.08% 4.45% 3.29% 4.50% Cost of money 2.06% 2.09% 3.02% 2.25% 3.28% Earnings spread 3.14% 3.16% 3.00% 3.26% 2.83% Effective net spread 3.27% 3.27% 3.18% 3.40% 3.00%
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