8-K 1 mrop0506.txt MONTHLY REPORT OF OPERATIONS, MAY 31, 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): June 27, 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 simultaneouslysatisfy 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 Exhibits 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 and for the period ended May 31, 2006 attached as Exhibit 99.1, which is being furnished in accordance with Rule 101(e)(1) under Regulation FD. 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 period of time, 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 and for the period ended May 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: June 27, 2006 By: /s/ Douglas J. Goddard ------------------ Douglas J. Goddard Chief Financial Officer 2 INDEX TO EXHIBITS Exhibit Page 99.1 Monthly Financial Data as of and for the period ended May 31, 2006 4 3 EXHIBIT 99.1 First Federal Bank of California MONTHLY REPORT OF OPERATIONS Unconsolidated Financial Highlights Unaudited (Dollars in thousands) As of, for As of, As of, As of,for the As of, for the the month for the month for the month 5 months 5 months ended ended ended ended ended May 31, April 30, May 31, May 31, May 31, 2006 2006 2005 2006 2005 ---- ---- ---- ---- ---- Cash and investment $ 377,413 $ 382,008 $ 247,111 $ 377,413 $ 247,111 securities Total assets $ 10,391,317 $ 10,512,908 $ 9,062,480 $ 10,391,317 $ 9,062,480 LOANS: Total mortgage-backed $ 65,906 $ 67,632 $ 87,048 $ 65,906 $ 87,048 securities Total loans, net $ 9,619,601 $ 9,734,700 $ 8,485,123 $ 9,619,601 $ 8,485,123 Loans originated/purchased: Single family loans $ 183,666 $ 175,738 $ 360,914 $ 1,005,328 $ 1,941,084 Multi-family loans 37,284 15,077 71,162 115,508 240,626 Commercial real estate loans 2,688 1,230 4,546 10,028 22,850 Other 828 4,368 2,028 15,781 19,632 ------------ --------- --------- ---------- ---------- $ 224,466 $ 196,413 $ 438,650 $ 1,146,645 $ 2,224,192 ============ ========= ========= ========== ========== Percentage of ARMs 100% 100% 100% 100% 100% originated: Loan repayments: Single family loans $ 211,100 $ 186,847 $ 99,042 $ 912,656 $ 428,808 Multi-family and commercial real estate loans 34,441 41,686 28,346 152,556 134,758 Other 3,379 1,686 1,060 23,594 22,343 ------------ --------- --------- ---------- ---------- $ 248,920 $ 230,219 $ 128,448 $ 1,088,806 $ 585,909 ============ ========= ========= ========== ========== Loans sold $ 86,723 $ 5,270 $ -- $ 107,133 $ -- Percentage of portfolio in adjustable rate loans 96.51% 96.49% 93.99% 96.51% 93.99% Non-performing assets to total assets ratio 0.11% 0.12% 0.06% 0.11% 0.06% BORROWINGS: Federal Home Loan Bank Advances $ 3,203,000 $ 3,458,000 $ 3,317,213 $ 3,203,000 $ 3,317,213 Reverse repurchase agreements $ 1,021,000 $ 1,021,000 $ 1,231,978 $ 1,021,000 $ 1,231,978 DEPOSITS: Retail deposits $ 2,660,598 $ 2,623,403 $ 2,502,235 $ 2,660,598 $ 2,502,235 Wholesale deposits 2,683,830 2,609,631 1,437,656 2,683,830 1,437,656 ----------- --------- --------- ---------- ---------- $ 5,344,428 $ 5,233,034 $ 3,939,891 $ 5,344,428 $ 3,939,891 =========== ========= ========= ========== ========== Net increase (decrease) $ 111,394 $ 169,817 $ 73,140 $ 959,374 $ 154,996 AVERAGE INTEREST RATES (CONSOLIDATED): ------------------------------------- Yield on loans 6.99% (1) 6.83% (1) 5.21% (1) 6.76% (1) 5.01% (1) Yield on investments 4.91% (2) 4.89% (2) 4.05% (2) 4.92% (2) 3.73% (2) Yield on earning assets 6.86% 6.71% 5.14% 6.65% 4.93% Cost of deposits 3.89% 3.72% (3) 2.12% 3.57% 1.92% Cost of borrowings 4.79% 4.67% (3) 3.11% 4.54% 2.89% Cost of money 4.31% 4.19% (3) 2.65% 4.06% 2.41% Earnings spread 2.55% 2.52% (3) 2.49% 2.59% 2.52% Effective net spread 2.79% 2.74% (3) 2.63% 2.77% 2.65% (1) Reflects the reclassification of prepayment fees and late payment charges to interest income from non-interest income. (2) Reflects the inclusion of the average balance in FHLB stock and the related dividend income. (3) Restated to annualize deposits and borrowings on a 365/365-day basis. 4