8-K 1 mrop1106.txt MONTHLY REPORT OF OPERATIONS, NOVEMBER 30, 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): December 18, 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 Exhibits is on Page 3 1 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 November 30, 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 and Exhibits. (d) Exhibits 99.1 Monthly Financial Data as of and for the period ended November 30, 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: December 18, 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 November 30, 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, for As of, for As of, for the As of, for the month ended the month ended the month ended 11 months ended the 11 months ended November 30, October 31, November 30, November 30, November 30, 2006 2006 2005 2006 2005 ---- ---- ---- ---- ---- Cash and investment securities $ 396,674 $ 341,959 $ 316,748 $ 396,674 $ 316,748 Total mortgage-backed securities $ 58,931 $ 60,627 $ 76,228 $ 58,931 $ 76,228 Total assets $ 9,481,635 $ 9,659,556 $ 10,239,600 $ 9,481,635 $ 10,239,600 LOANS: Total loans, net $ 8,774,143 $ 9,005,468 $ 9,541,125 $ 8,774,143 $ 9,541,125 Loans originated/purchased: Single family loans $ 103,657 $ 120,971 $ 330,363 $ 1,831,094 $ 3,982,647 Multi-family loans 14,334 19,713 24,625 227,632 399,170 Commercial real estate loans 700 -- 600 11,757 45,001 Other 229 1,625 3,087 30,962 37,100 ----------- ---------- ----------- ----------- ------------ $ 118,920 $ 142,309 $ 358,675 $ 2,101,445 $ 4,463,918 =========== ========== =========== =========== ============ Percentage of ARMs 100 % 100 % 100 % 100 % 100 % originated: Loan repayments: Single family loans $ 209,963 $ 220,180 $ 154,878 $ 2,139,704 $ 1,330,282 Multi-family and commercial real estate loans 63,725 23,276 63,568 359,996 394,333 Other 12,408 1,874 3,425 49,007 40,660 ----------- ---------- ----------- ----------- ------------ $ 286,096 $ 245,330 $ 221,871 $ 2,548,707 $ 1,765,275 =========== ========== =========== =========== ============ Loan sold $ 59,629 $ 46,463 $ 504 $ 425,865 $ 12,623 Percentage of portfolio in adjustable rate loans 97.06 % 97.00 % 95.99% 97.06 % 95.99% Non-performing assets to total assets ratio 0.22 % 0.18 % 0.05% 0.22 % 0.05% BORROWINGS: Federal Home Loan Bank Advances $ 1,630,000 $ 1,833,000 $ 3,970,500 $ 1,630,000 $ 3,970,500 Reverse repurchase aggrements $ 980,000 $ 980,000 $ 1,176,684 $ 980,000 $ 1,176,684 DEPOSITS: Retail deposits $ 2,828,101 $ 2,776,501 $ 2,592,991 $ 2,828,101 $ 2,592,991 Wholesale deposits 3,123,338 3,169,279 1,836,710 3,123,338 1,836,710 ----------- ---------- ----------- ----------- ------------ $ 5,951,439 $ 5,945,780 $ 4,429,701 $ 5,951,439 $ 4,429,701 =========== ========== =========== =========== ============ Net increase (decrease) $ 5,659 $ (55,666) $ (41,504) $ 1,566,385 $ 644,806 AVERAGE INTEREST RATES (CONSOLIDATED): Yield on loans 7.83% (1) 7.62% (1) 6.18% (1) 7.17% (1) 5.46% (1) Yield on investments 5.36% (2) 5.62% (2) 4.49% (2) 5.09% (2) 3.97% (2) Yield on earning assets 7.71% 7.51% 6.10% 7.05% 5.38% Cost of deposits 4.52% 4.49% 2.94% 4.03% 2.34% Cost of borrowings 5.38% 5.33% 3.99% 4.83% 3.32% Cost of money 4.80% 4.77% 3.50% 4.37% 2.84% Earnings Spread 2.91% 2.74% 2.60% 2.68% 2.54% Effective net spread 3.24% 3.06% 2.77% 2.94% 2.69% (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. 4