8-K 1 mrop0804.txt MROP AUGUST 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) September 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 Total number of pages is 4 Index to Exhibit is on Page 3. ITEM 7.01 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. ITEM 9.01 FINANCIAL STATEMENTS, PRO-FORMA FINANCIAL INFORMATION AND EXHIBITS (c) Exhibits 99.0 Monthly Financial Data as of August 31, 2004 (Unconsolidated) 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: September 21, 2004 By: ---------------------- Douglas J. Goddard Chief Financial Officer 2 INDEX TO EXHIBITS Item Page 99.0 Monthly Financial Information as of August 31, 2004 4 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 As of, for the month the month the month the 8 months the 8 months ended August,31 ended July,31 ended August,31 ended August,31 ended August,31 2004 2004 2003 2004 2003 ---- ---- ---- ---- ---- Cash and investment securities $ 330,613 $ 335,330 $ 191,843 $ 330,613 $ 191,843 Total assets $ 6,089,558 $ 5,775,984 $ 4,543,182 $ 6,089,558 $ 4,543,182 LOANS: Total mortgage-backed securities $ 109,972 $ 113,119 $ 157,378 $ 109,972 $ 157,378 Total loans, net $ 5,465,658 $ 5,152,941 $ 4,059,550 $ 5,465,658 $ 4,059,550 Loans originated/purchased: Single family loans $ 326,871 $ 289,705 $ 125,070 $ 1,597,241 $ 1,050,359 Multi-family loans 74,668 39,344 31,482 345,731 309,369 Commercial real estate loans 3,650 6,262 1,650 25,920 20,306 Other 4,313 1,250 1,813 53,338 32,131 --------- ----------- ---------- ---------- ------------ $ 409,502 $ 336,561 $ 160,015 $ 2,022,230 $ 1,412,165 ========= =========== ========== ========== ============ Percentage of ARMs originated: 100% 100% 75% 99% 67% Loan repayments: Single family loans $ 81,791 74,006 $ 98,831 $ 619,979 $ 667,182 Multi-family and commercial real estate loans 16,651 35,157 83,205 292,874 421,777 Other 2,240 5,860 5,009 32,915 39,251 ------------ ---------- ----------- ---------- ----------- $ 100,682 $ 115,023 $ 187,045 $ 945,768 $ 1,128,210 ============ ========== =========== ========== =========== Loans sold $ -- 280 $ 6,162 $ 3,297 $ 77,345 Average rate on loans originated/purchased 4.45% 4.40% 4.88% 4.44% 5.00% Percentage of portfolio in adjustable rate loans 85.19% 84.47% 74.39% 85.19% 74.39% Non-performing assets to total assets 0.01% 0.02% 0.15% 0.01% 0.15% BORROWINGS: Federal Home Loan Bank Advances $ 2,400,000 $ 2,361,000 $ 1,439,000 $ 2,400,000 $ 1,439,000 Reverse repurchase agreements $ 115,224 $ 115,224 $ 137,220 $ 115,224 $ 137,220 DEPOSITS: Retail deposits $ 2,539,457 $ 2,545,711 $ 2,470,336 $ 2,539,457 $ 2,470,336 Wholesale deposits 560,476 287,019 57,877 560,476 57,877 ------------ ------------ ----------- ----------- ----------- $ 3,099,933 $ 2,832,730 $ 2,528,213 $ 3,099,933 $ 2,528,213 ============ ============ =========== ============ =========== Net increase (decrease) $ 267,203 $ 44,272 $ 49,115 $ 542,507 $ (16,820) AVERAGE INTEREST RATES: Yield on loans 4.56% 4.60% 5.36% 4.74% 5.64% Yield on investments 2.80% 2.60% 1.38% 2.61% 2.53% Yield on earning assets 4.46% 4.49% 5.25% 4.63% 5.55% Cost of deposits 1.39% 1.31% 1.46% 1.29% 1.66% Cost of borrowings 2.49% 2.47% 3.08% 2.51% 3.31% Cost of money 1.89% 1.83% 2.09% 1.85% 2.28% Earnings spread 2.57% 2.66% 3.16% 2.78% 3.27% Effective net spread 2.66% 2.75% 3.27% 2.87% 3.42%
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