8-K 1 rop0607.txt MONTHLY REPORT OF OPERATIONS, JUNE 30, 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): July 26, 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): [ ] 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 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 June 30, 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 June 30, 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: July 26, 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 June 30, 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 As of, for the As of, for the As of, for the As of, for the month ended month ended month ended 6 months ended 6 months ended June 30, May 31, June 30, June 30, June 30, 2007 2007 2006 2007 2006 --------------- --------------- --------------- --------------- --------------- Cash and investment securities $ 385,942 $ 336,630 $ 391,568 $ 385,942 $ 391,568 Total mortgage- backed securities $ 50,569 $ 51,346 $ 64,791 $ 50,569 $ 64,791 Total assets $ 7,669,286 $ 7,853,963 $ 10,254,669 $ 7,669,286 $ 10,254,669 LOANS: Total loans $ 6,994,426 $ 7,233,433 $ 9,463,861 $ 6,994,426 $ 9,463,861 Loans Funded: Single family loans $ 41,033 $ 37,792 $ 152,979 $ 351,405 $ 1,158,306 Multi-family loans 12,409 4,755 22,052 64,492 137,561 Commercial & industrial real estate loans 6,500 -- 1,029 12,455 11,057 Other loans 264 1,180 1,522 11,533 17,303 --------------- --------------- --------------- --------------- --------------- Total Loans Funded: $ 60,206 $ 43,727 $ 177,582 $ 439,885 $ 1,324,227 Loans Originated for Third Parties: 6,993 4,130 4,915 78,616 40,451 --------------- --------------- --------------- --------------- --------------- Total Loans Originated: $ 67,199 $ 47,857 $ 182,497 $ 518,501 $ 1,364,678 =============== =============== =============== =============== =============== Percentage of ARMs originated: 51% 50% 93% 49% 98% Loan repayments: Single family loans $ 213,359 $ 220,220 $ 190,864 $ 1,283,980 $ 1,103,520 Multi-family and commercial real estate loans 70,616 41,574 27,336 271,233 179,892 Other 1,786 4,183 2,447 23,353 26,040 --------------- --------------- --------------- --------------- --------------- $ 285,761 $ 265,977 $ 220,647 $ 1,578,566 $ 1,309,452 =============== ================ =============== =============== =============== Loans sold $ 5,214 $ 69,049 $ 78,129 $ 341,293 $ 185,263 Percentage of portfolio in adjustable rate loans 96.84% 97.04% 96.68% 96.84% 96.68% Non-performing assets to total assets ratio 0.85% 0.65% 0.07% 0.85% 0.07% BORROWINGS: Federal Home Loan Bank advances $ 945,000 $ 1,120,000 $ 2,909,000 $ 945,000 $ 2,909,000 Reverse repurchase agreements $ 900,900 $ 900,000 $ 1,000,000 $ 900,900 $ 1,000,000 DEPOSITS: Retail deposits $ 3,067,847 $ 3,004,350 $ 2,692,499 $ 3,067,847 $ 2,692,499 Wholesale deposits 1,825,921 1,893,882 2,841,630 1,825,921 2,841,630 --------------- ---------------- --------------- --------------- --------------- $ 4,893,768 $ 4,898,232 $ 5,534,129 $ 4,893,768 $ 5,534,129 =============== ================ =============== =============== =============== Net increase (decrease) $ (4,464) $ 24,190 $ 189,701 $ (1,008,350) $ 1,149,075
4 AVERAGE INTEREST RATES (CONSOLIDATED): Yield on loans 8.00% 8.03% 7.39% 7.99% 6.87% Yield on investments 5.32% 5.38% 5.17% 5.46% 4.94% Yield on earning assets 7.85% 7.89% 7.26% 7.84% 6.75% Cost of deposits 4.37% 4.38% 4.02% 4.46% 3.65% Cost of Borrowings 5.37% 5.39% 5.07% 5.39% 4.60% Cost of money 4.67% 4.71% 4.48% 4.76% 4.12% Earnings spread 3.18% 3.18% 2.78% 3.08% 2.63% Effective net spread 3.55% 3.54% 3.05% 3.49% 2.88%
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