8-K 1 rop1203.txt MONTHLY REPORT OF OPERATION DECEMBER 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) January 28, 2004 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 1 ITEM 7. FINANCIAL STATEMENTS, PRO-FORMA FINANCIAL INFORMATION AND EXHIBITS (c) Exhibits 99.0 Monthly Financial Data as of December 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 December 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: January 28, 2004 By: ---------------------- Douglas J. Goddard Chief Financial Officer 2 INDEX TO EXHIBITS Item 99.0 Monthly Financial Information as of December 31, 2003 3 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 12 months 12 months ended Dec.31 ended Nov. 30, ended Dec. 31, ended Dec. 31, ended Dec.31, 2003 2003 2002 2003 2002 Cash and investment securities $ 170,729 $ 124,513 $ 148,255 $ 170,729 $ 148,255 Total assets $ 4,819,457 $ 4,660,040 $ 4,256,086 $ 4,819,457 $ 4,256,086 LOANS: Total mortgage-backed securities $ 135,176 $ 140,786 $ 200,585 $ 135,176 $ 200,585 Total loans, net $ 4,374,112 $ 4,252,826 $ 3,769,235 $ 4,374,112 $ 3,769,235 Loans originated/purchased: Single family loans $ 184,279 $ 145,713 $ 139,912 $ 1,712,584 $ 728,309 Multi-family loans 31,922 48,376 49,319 470,426 441,407 Commercial real estate loans 1,050 1,500 11,285 35,237 84,050 Other 8,955 2,974 3,457 57,283 35,006 -------------- --------------- --------------- ---------------- --------------- $ 226,206 $ 198,563 $ 203,973 $ 2,275,530 $ 1,288,772 ============== =============== =============== ================ =============== Percentage of ARMs originated: 96% 94% 63% 77% 52% Loan repayments: Single family loans $ 60,653 $ 42,427 $ 107,840 $ 948,505 $ 1,084,008 Multi-family and commercial real estate loans 41,948 85,546 46,682 682,457 345,945 Other 4,113 4,979 3,098 54,163 101,520 -------------- --------------- --------------- ---------------- --------------- $ 106,714 $ 132,952 $ 157,620 $ 1,685,125 $ 1,531,473 ============== =============== =============== ================ =============== Loans sold $ 1,059 $ 1,220 $ 29,436 $ 86,070 $ 134,175 Average rate on loans originated/purchased 4.66% 4.55% 5.07% 4.87% 5.76% Percentage of portfolio in adjustable rate loans 79.03% 78.26% 71.46% 79.03% 71.46% Non-performing assets to total assets 0.10% 0.12% 0.17% 0.10% 0.17% BORROWINGS: Federal Home Loan Bank Advances $ 1,694,000 $ 1,507,000 $ 1,167,000 $ 1,694,000 $ 1,167,000 Reverse repurchase $ 122,622 $ 122,622 $ 155,273 $ 122,622 $ 155,273 agreements DEPOSITS: Retail deposits $ 2,505,892 $ 2,506,572 $ 2,282,024 $ 2,505,892 $ 2,282,024 Wholesale deposits 51,534 58,096 263,009 51,534 263,009 -------------- --------------- --------------- ---------------- --------------- $ 2,557,426 $ 2,564,668 $ 2,545,033 $ 2,557,426 $ 2,545,033 ============== =============== =============== ================ =============== Net increase (decrease) $ (7,242) $ 19,458 $ 17,159 $ 12,393 $ (7,974) AVERAGE INTEREST RATES: Yield on loans 5.01% 5.13% 5.94% 5.49% 6.18% Yield on investments 2.19% 1.40% 3.57% 2.20% 3.65% Yield on earning assets 4.96% 5.06% 5.84% 5.40% 6.08% Cost of deposits 1.31% 1.36% 1.97% 1.55% 2.42% Cost of borrowings 2.88% 2.99% 3.63% 3.21% 4.39% Cost of money 1.93% 1.98% 2.54% 2.18% 3.16% Earnings spread 3.03% 3.08% 3.30% 3.22% 2.92% Effective net spread 3.15% 3.21% 3.45% 3.35% 3.09% 4