8-K 1 mrop0604.txt MONTHLY REPORT OF OPERATIONS JUNE 30, 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) July 23, 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 Total number of pages is 4 Index to Exhibit is on Page 3. 1 ITEM 7. FINANCIAL STATEMENTS, PRO-FORMA FINANCIAL INFORMATION AND EXHIBITS (c) Exhibits 99.0 Monthly Financial Data as of June 30, 2004 (Unconsolidated) ITEM 9. REGULATION FD DISCLOSURE. The Registrant hereby incorporates by reference into this Item. 9 the summary monthly financial data as of June 30, 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: July 23, 2004 By:/s/ Douglas J. Goddard ---------------------- Douglas J. Goddard Chief Financial Officer 2 INDEX TO EXHIBITS Item 99.0 Monthly Financial Information as of June 30, 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 ended the month ended the month ended the month 6 months ended 6 months ended June 30, 2004 May 31, 2004 June 30, 2003 June 30, 2004 June 30, 2003 Cash and investment securities $ 316,162 $ 333,023 $ 114,609 $ 316,162 $ 114,609 Total assets $ 5,526,059 $ 5,387,868 $ 4,461,153 $ 5,526,059 $ 4,461,153 LOANS: Total mortgage-backed securities $ 116,378 $ 118,494 $ 168,937 $ 116,378 $ 168,937 Total loans, net $ 4,928,047 $ 4,781,744 $ 4,040,668 $ 4,924,047 $ 4,040,668 Loans originated/purchased: Single family loans $ 230,355 $ 167,819 $ 135,027 $ 980,665 $ 754,445 Multi-family loans 46,944 20,767 26,872 231,719 248,664 Commercial real estate loans 6,342 1,050 970 16,008 15,281 Other 5,753 7,213 1,780 47,775 28,684 -------------- -------------- -------------- ----------------- --------------- $ 289,394 $ 196,849 $ 164,649 $ 1,276,167 $ 1,047,074 ============== ============== ============== ================= =============== Percentage of ARMs originated: 100% 100% 64% 98% 65% Loan repayments: Single family loans $ 87,248 $ 84,657 $ 91,400 $ 464,183 $ 485,384 Multi-family and commercial real estate loans 57,853 26,733 41,777 241,066 276,413 Other 436 4,641 3,348 24,814 27,637 -------------- -------------- -------------- ----------------- --------------- $ 145,537 $ 116,031 $ 136,525 $ 730,063 $ 789,434 ============== ============== ============== ================= =============== Loans sold $ 824 $ 575 $ 7,093 $ 3,017 $ 62,133 Average rate on loans originated/purchased 4.37% 4.37% 4.94% 4.45% 5.04% Percentage of portfolio in adjustable rate loans 83.60% 83.03% 72.87% 83.60% 72.87% Non-performing assets to total assets 0.02% 0.04% 0.09% 0.02% 0.09% BORROWINGS: Federal Home Loan Bank Advances $ 2,169,000 $ 2,074,000 $ 1,424,000 $ 2,169,000 $ 1,424,000 Reverse repurchase $ 125,224 $ 115,224 $ 139,725 $ 125,224 $ 139,725 agreements DEPOSITS: Retail deposits $ 2,531,152 $ 2,545,493 $ 2,410,034 $ 2,531,152 $ 2,410,034 Wholesale deposits 257,306 204,710 70,484 257,306 70,484 -------------- -------------- -------------- ----------------- --------------- $ 2,788,458 $ 2,750,203 $ 2,480,518 $ 2,788,458 $ 2,480,518 ============== ============== ============== ================= =============== Net increase (decrease) $ 38,255 $ 20,033 $ (6,253) $ 231,032 $ (64,515) AVERAGE INTEREST RATES: Yield on loans 4.69% 4.69% 5.54% 4.80% 5.72% Yield on investments 2.53% 2.82% 0.46% 2.58% 2.70% Yield on earning assets 4.57% 4.60% 5.39% 4.70% 5.63% Cost of deposits 1.27% 1.27% 1.55% 1.28% 1.72% Cost of borrowings 2.45% 2.41% 3.22% 2.52% 3.38% Cost of money 1.79% 1.77% 2.19% 1.81% 2.33% Earnings spread 2.78% 2.83% 3.20% 2.89% 3.30% Effective net spread 2.87% 2.93% 3.33% 2.99% 3.45%
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