8-K 1 q0304.txt MONTHLY REPORT OF OPERATION MARCH 31, 2004 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) April, 21, 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 March 31, 2004 (Unconsolidated) ITEM 9. REGULATION FD DISCLOSURE. The Registrant hereby incorporates by reference into this Item 9 the summary monthly financial data as of March 31, 2004 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 21, 2004 By: ---------------------- Douglas J. Goddard Chief Financial Officer 2 INDEX TO EXHIBITS Item 99.0 Monthly Financial Information as of March 31, 2004 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 3 months ended 3 months ended ended Mar.31, ended Feb. 29, ended Mar. 31, Mar. 31, Mar. 31, 2004 2004 2003 2004 2003 Cash and investment securities $ 255,021 $ 233,998 $ 168,221 $ 255,021 $ 168,221 Total assets $ 5,173,058 $ 5,043,648 $ 4,416,211 $ 5,173,058 $ 4,416,211 LOANS: Total mortgage-backed securities $ 124,217 $ 127,979 $ 185,315 $ 124,217 $ 185,315 Total loans, net $ 4,640,055 $ 4,530,330 $ 3,929,897 $ 4,640,055 $ 3,929,897 Loans originated/purchased: Single family loans $ 154,418 $ 157,274 $ 145,533 $ 438,524 $ 388,779 Multi-family loans 65,877 31,376 64,791 125,567 121,815 Commercial real estate loans 3,745 1,421 2,420 7,766 10,110 Other 9,657 405 5,694 21,681 18,225 -------------- --------------- --------------- ---------------- --------------- $ 233,697 $ 190,476 $ 218,438 $ 593,538 $ 538,929 ============== =============== =============== ================ =============== Percentage of ARMs originated: 97% 97% 69% 97% 66% Loan repayments: Single family loans $ 80,318 $ 61,439 $ 78,016 $ 198,632 $ 235,509 Multi-family and commercial real estate loans 36,143 31,897 75,353 114,947 140,424 Other 8,292 7,331 3,671 17,418 14,515 -------------- --------------- --------------- ---------------- --------------- $ 124,753 $ 100,667 $ 157,040 $ 330,997 $ 390,448 ============== =============== =============== ================ =============== Loans sold $ 632 $ 495 $ 11,137 $ 1,618 $ 40,460 Average rate on loans originated/purchased 4.39% 4.62% 5.01% 4.53% 5.11% Percentage of portfolio in adjustable rate loans 81.08% 79.97% 72.00% 81.08% 72.00% Non-performing assets to total assets 0.06% 0.05% 0.14% 0.06% 0.14% BORROWINGS: Federal Home Loan Bank Advances $ 1,852,000 $ 1,755,000 $ 1,347,000 $ 1,852,000 $ 1,347,000 Reverse repurchase $ 117,122 $ 120,122 $ 149,021 $ 117,122 $ 149,021 agreements DEPOSITS: Retail deposits $ 2,540,048 $ 2,515,862 $ 2,366,712 $ 2,540,048 $ 2,366,712 Wholesale deposits 192,932 175,950 143,766 192,932 143,766 -------------- --------------- --------------- ---------------- --------------- $ 2,732,980 $ 2,691,812 $ 2,510,478 $ 2,732,980 $ 2,510,478 ============== =============== =============== ================ =============== Net increase (decrease) $ 41,168 $ 57,221 $ (16,689) $ 175,554 $ (34,555) AVERAGE INTEREST RATES: Yield on loans 4.82% 4.90% 5.76% 4.90% 5.83% Yield on investments 2.63% 3.00% 3.48% 2.52% 3.88% Yield on earning assets 4.73% 4.83% 5.69% 4.82% 5.77% Cost of deposits 1.28% 1.29% 1.72% 1.29% 1.83% Cost of borrowings 2.61% 2.70% 3.44% 2.69% 3.52% Cost of money 1.82% 1.86% 2.34% 1.87% 2.43% Earnings spread 2.91% 2.97% 3.35% 2.95% 3.34% Effective net spread 3.02% 3.09% 3.49% 3.07% 3.49%
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