8-K 1 mrop0306.txt MONTHLY REPORT OF OPERATIONS, MARCH 2006 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 26, 2006 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 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a 12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 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. 7 the summary monthly financial data as of March 31, 2006 attached as Exhibit 99.1, 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 99.1 Monthly Financial Data as of March 31, 2006 (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: April 26, 2006 By: /s/ Douglas J. Goddard ------------------ Douglas J. Goddard Chief Financial Officer INDEX TO EXHIBITS Item Page 99.1 Monthly Financial Information as of March 31, 2006 4 3 EXHIBIT 99.1 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 3 months the 3 months ended ended ended ended ended March 31, February 28, March 31, March 31, March 31, 2006 2006 2005 2006 2005 ----------- ------------ ------------ ------------ ------------- Cash and investment $ 396,042 $ 374,660 $ 268,704 $ 396,042 $ 268,704 securities Total assets $ 10,569,288 $ 10,547,530 $ 8,420,703 $ 10,569,288 $ 8,420,703 LOANS: Total mortgage-backed $ 69,296 $ 70,791 $ 90,597 $ 69,296 $ 90,597 securities Total loans, net $ 9,776,444 $ 9,778,117 $ 7,824,493 $ 9,776,444 $ 7,824,493 Loans originated/purchased: Single family loans $ 215,447 $ 197,153 $ 435,084 $ 645,924 $ 1,153,401 Multi-family loans 29,803 12,406 35,526 63,147 135,764 Commercial real estate loans 2,662 1,848 6,875 6,110 18,304 Other 4,781 3,752 3,795 10,585 9,436 ------------ ---------- ---------- ---------- ----------- $ 252,693 $ 215,159 $ 481,280 $ 725,766 $ 1,316,905 ============ ========== ========== ========== =========== Percentage of ARMs 100% 100% 100% 100% 100% originated: Loan repayments: Single family loans $ 224,970 $ 161,800 $ 101,024 $ 514,708 $ 234,104 Multi-family and commercial real estate loans 13,012 42,514 62,467 76,430 83,529 Othe r 8,059 3,088 4,178 18,528 21,511 ------------ ---------- ---------- ---------- ----------- $ 246,041 $ 207,402 $ 167,669 $ 609,666 $ 339,144 ============ ========== ========== ========== =========== Loans sold $ 7,642 $ 5,643 $ -- $ 15,140 $ -- Percentage of portfolio in adjustable rate loans 96.37% 96.29% 93.73% 96.37% 93.73% Non-performing assets to total assets 0.07% 0.07% 0.08% 0.07% 0.08% BORROWINGS: Federal Home Loan Bank Advances $ 3,755,000 $ 4,026,000 $ 2,998,813 $ 3,755,000 $ 2,998,813 Reverse repurchase $ 966,000 $ 1,066,000 $ 1,059,700 $ 966,000 $ 1,059,700 agreements DEPOSITS: Retail deposits $ 2,660,946 $ 2,607,174 $ 2,496,922 $ 2,660,946 $ 2,496,922 Wholesale deposits 2,402,271 2,088,409 1,311,140 2,402,271 1,311,140 ------------ ---------- ---------- ---------- ----------- $ 5,063,217 $ 4,695,583 $ 3,808,062 $ 5,063,217 $ 3,808,062 ============ ========== ========== ========== =========== Net increase (decrease) $ 367,634 $ 237,888 $ (37,444) $ 678,163 $ 23,167 AVERAGE INTEREST RATES: Yield on loans 6.52% 6.25% 4.76% 6.34% 4.76% Yield on investments 5.92% 4.70% 4.35% 5.04% 3.67% Yield on earning assets 6.48% 6.20% 4.72% 6.27% 4.69% Cost of deposits 3.57% 3.39% 1.86% 3.34% 1.82% Cost of borrowings 4.49% 4.32% 2.83% 4.33% 2.71% Cost of money 4.03% 3.88% 2.35% 3.86% 2.25% Earnings spread 2.45% 2.32% 2.37% 2.41% 2.44% Effective net spread (FirstFed Consolidated) 2.55% 2.42% 2.44% 2.59% 2.56%
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