8-K 1 mrop1003.txt MONTHLY REPORT OF OPERATION OCTOBER 31,2003 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) November 21, 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 ITEM 7. FINANCIAL STATEMENTS, PRO-FORMA FINANCIAL INFORMATION AND EXHIBITS (c) Exhibits 99.0 Monthly Financial Data as of October 31, 2003 (Unconsolidated) ITEM 9. REGULATION FD DISCLOSURE. The Registrant hereby incorporates by reference into this Item 9 the summary monthly financial data as of October 31, 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: November 21, 2003 By:/s/ Douglas J. Goddard ---------------------- Douglas J. Goddard Chief Financial Officer 2 INDEX TO EXHIBITS Item 99.0 Monthly Financial Information as of October 31, 2003 3 First Federal Bank of California, fsb MONTHLY REPORT OF OPERATIONS Unconsolidated Financial Highlights Unaudited (Dollars in thousands) As of, for the As of, for the As of, for the As of, for the As of, for the month ended month ended month ended 10 months ended 10 months ended Oct. 31, Sept. 30, Oct. 31, Oct 31, Oct. 31, 2003 2003 2002 2003 2002 Cash and investment securities $ 123,858 $ 125,703 $ 153,531 $ 123,858 $ 153,531 Total assets $ 4,595,776 $ 4,524,955 $ 4,266,772 $ 4,595,776 $ 4,266,772 LOANS: Total mortgage-backed securities $ 146,215 $ 151,130 $ 211,620 $ 146,215 $ 211,620 Total loans, net $ 4,185,893 $ 4,107,646 $ 3,766,077 $ 4,185,893 $ 3,766,077 Loans originated/purchased: Single family loans $ 181,141 $ 151,092 $ 60,566 $ 1,382,592 $ 505,333 Multi-family loans 38,533 42,226 25,211 390,128 372,587 Commercial real estate loans 7,711 4,670 9,653 32,687 62,267 Other 7,652 5,571 1,149 45,354 27,452 -------------- --------------- --------------- ---------------- --------------- $ 235,037 $ 203,559 $ 96,579 $ 1,850,761 $ 967,639 ============== =============== =============== ================ =============== Percentage of ARMs originated: 93% 92% 55% 73% 51% Loan repayments: Single family loans $ 77,257 $ 100,986 $ 100,269 $ 845,425 $ 859,103 Multi-family and commercial real estate loans 79,627 53,559 29,666 554,963 256,750 Other 2,006 3,815 7,857 45,072 94,391 -------------- --------------- --------------- ---------------- --------------- $ 158,890 $ 158,360 $ 137,792 $ 1,445,460 $ 1,210,244 ============== =============== =============== ================ =============== Loans sold $ 2,543 $ 3,903 $ 21,889 $ 83,791 $ 75,408 Average rate on loans originated/purchased 4.76% 4.69% 5.41% 4.93% 5.95% Percentage of portfolio in adjustable rate loans 76.83% 75.50% 70.77% 76.83% 70.77% Non-performing assets to total assets 0.10% 0.12% 0.13% 0.10% 0.13% BORROWINGS: Federal Home Loan Bank Advances $ 1,469,000 $ 1,429,000 $ 1,187,000 $ 1,469,000 $ 1,187,000 Reverse repurchase $ 126,616 $ 129,220 $ 160,621 $ 126,616 $ 160,621 agreements DEPOSITS: Retail deposits $ 2,490,622 $ 2,464,410 $ 2,242,481 $ 2,490,622 $ 2,242,481 Wholesale deposits 54,588 58,476 286,989 54,588 286,989 -------------- --------------- --------------- ---------------- --------------- $ 2,545,210 $ 2,522,886 $ 2,529,470 $ 2,545,210 $ 2,529,470 ============== =============== =============== ================ =============== Net increase (decrease) $ 22,324 $ (5,327) $ 19,619 $ 176 $ (23,537) AVERAGE INTEREST RATES: Yield on loans 5.29% 5.33% 6.01% 5.58% 6.20% Yield on investments 1.79% 1.28% 4.20% 2.28% 3.65% Yield on earning assets 5.21% 5.20% 5.95% 5.48% 6.09% Cost of deposits 1.38% 1.40% 2.16% 1.60% 2.49% Cost of borrowings 3.10% 3.14% 4.40% 3.27% 4.49% Cost of money 2.03% 2.06% 2.95% 2.23% 3.26% Earnings spread 3.18% 3.14% 3.00% 3.25% 2.83% Effective net spread 3.30% 3.27% 3.16% 3.39% 3.01%
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