8-K 1 rop307ef.htm MONTHLY REPORT OF OPERATIONS, MARCH 31, 2007

 

 

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 25, 2007

 

 

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):

 

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Total number of pages is 5

 

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 March 31, 2007 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 March 31, 2007 (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 25, 2007

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 March 31, 2007

4-5

 

 

3

EXHIBIT 99.1

 

 

 

First Federal Bank of California

MONTHLY REPORT OF OPERATIONS Unconsolidated Financial Highlights

Unaudited

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of, for the month ended

March 31,

2007

 

As of, for the month ended

February 28,

2007

 

As of, for the month ended

March 31,

2006

 

As of, for the 3 months ended

March 31,

2007

 

As of, for the 3 months ended

March 31,

2006

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and investment securities

 

$

 

429,631

 

$

 

354,123

 

$

 

396,042

 

$

 

429,631

 

$

 

396,042

 

Total mortgage- backed securities

 

$

 

52,846

 

$

 

53,804

 

$

 

69,296

 

$

 

52,846

$

 

69,296

 

Total assets

$

8,533,396

$

8,706,987

$

10,569,288

$

8,533,396

$

10,569,288

 

 

 

 

 

 

 

 

 

 

 

 

 

LOANS:

 

 

 

 

 

 

 

 

 

 

 

Total loans, net

$

7,811,020

$

8,070,721

$

9,776,444

$

7,811,020

$

9,776,444

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans originated/purchased:

 

 

 

 

 

 

 

 

 

 

 

 

Single family loans

 

$

 

65,248

 

$

 

69,475

 

$

 

215,447

 

$

 

219,618

 

$

 

645,924

 

 

Multi-family loans

 

21,749

 

5,239

 

29,803

 

34,268

 

63,147

 

Commercial real estate loans

 

 

-

 

 

4,455

 

 

2,662

 

 

4,455

 

 

6,110

 

Other

 

998

 

134

 

4,781

 

1,168

 

10,585

 

 

$

87,995

$

79,303

$

252,693

$

259,509

$

725,766

 

 

 

 

 

 

 

 

 

 

 

 

 

Percentage of ARMs originated:

 

 

50%

 

 

 

42%

 

 

 

100%

 

 

 

47%

 

 

 

100%

 

 

 

 

 

 

 

 

 

 

 

 

 

Loan repayments:

 

 

 

 

 

 

 

 

 

 

 

 

Single family loans

 

$

 

249,007

 

$

 

177,766

 

$

 

224,970

 

$

 

636,491

 

$

 

514,708

 

 

Multi-family and commercial real estate loans

 

 

 

52,780

 

 

 

28,700

 

 

 

13,012

 

 

 

120,354

 

 

 

76,430

 

Other

 

3,001

 

7,733

 

8,059

 

15,689

 

18,528

 

 

$

304,788

$

214,199

$

246,041

$

772,534

$

609,666

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans sold

$

40,273

$

87,717

$

7,642

$

180,549

$

15,140

 

 

 

 

 

 

 

 

 

 

 

 

 

Percentage of portfolio in adjustable rate loans

 

 

 

97.08%

 

 

 

97.04%

 

 

 

96.37%

 

 

 

97.08%

 

 

 

96.37%

 

Non-performing assets to total assets ratio

 

 

 

0.46%

 

 

 

0.34%

 

 

 

0.07%

 

 

 

0.46%

 

 

 

0.07%

 

 

 

 

 

 

 

 

 

 

 

 

 

BORROWINGS:

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank Advances

 

$

 

1,540,000

 

$

 

1,572,000

 

$

 

3,755,000

 

$

 

1,540,000

 

$

 

3,755,000

 

Reverse repurchase agreements

 

$

 

898,448

 

$

 

928,448

 

$

 

966,000

 

$

 

898,448

 

$

 

966,000

 

 

 

 

 

 

 

 

 

 

 

 

 

DEPOSITS:

 

 

 

 

 

 

 

 

 

 

 

Retail deposits

$

2,991,372

$

2,891,897

$

2,660,946

$

2,991,372

$

2,660,946

 

Wholesale deposits

 

2,140,178

 

2,353,361

 

2,402,271

 

2,140,178

 

2,402,271

 

 

$

5,131,550

$

5,245,258

$

5,063,217

$

5,131,550

$

5,063,217

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease)

 

$

 

(113,708)

 

$

 

(269,271)

 

$

 

367,634

 

$

 

(770,568)

 

$

 

678,163

 

 

 

4

 

AVERAGE INTEREST RATES (CONSOLIDATED):

 

Yield on loans

 

 

 

8.03%

 

(1)

 

7.93%

 

(1)

 

6.95%

 

(1)

 

7.96%

 

(1)

 

6.66%

 

(1)

Yield on investments

 

 

 

5.45%

 

(2)

 

5.54%

 

(2)

 

5.52%

 

(2)

 

5.51%

 

(2)

 

4.72%

 

(2)

Yield on earning assets

 

 

 

7.88%

 

 

 

7.81%

 

 

 

6.87%

 

 

 

7.81%

 

 

 

6.55%

 

 

 

Cost of deposits

 

 

 

4.50%

 

 

 

4.52%

 

 

 

3.57%

 

 

 

4.53%

 

 

 

3.39%

 

 

 

Cost of borrowings

 

 

 

5.38%

 

 

5.42%

 

 

 

 

4.55%

 

 

 

5.40%

 

 

 

4.39%

 

 

 

Cost of money

 

 

 

4.79%

 

 

 

4.81%

 

 

 

4.06%

 

 

 

4.80%

 

 

 

3.92%

 

 

 

Earnings spread

 

 

 

3.09%

 

 

 

3.00%

 

 

 

2.81%

 

 

 

3.01%

 

 

 

2.63%

 

 

 

Effective net spread

 

 

 

3.48%

 

 

 

3.37%

 

 

 

 

3.01%

 

 

 

3.45%

 

 

 

2.88%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.

 

 

5