mrop073108edgar.htm

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): August 19, 2008

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.)

12555 W. Jefferson Boulevard, Los Angeles, California	90066
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code: (310) 302-5600

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

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 July 31, 2008 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 July 31, 2008 (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: August 19, 2008	By: /s/	Douglas J. Goddard
		Douglas J. Goddard

Chief Financial Officer

INDEX TO EXHIBITS

Exhibit		Page

99.1	Monthly Financial Data as of and for the period ended July 31, 2008	4-5

EXHIBIT 99.1

First Federal Bank of California MONTHLY REPORT OF OPERATIONS Unaudited, Unconsolidated Financial Highlights (Dollars in thousands)

	As of, for the month ended July 31, 2008			As of, for the month ended June 30, 2008			As of, for the month ended July 31, 2007			As of, for the 7 months ended July 31, 2008			As of, for the 7 months ended July 31, 2007

Cash and investment securities	$	562,497		$	390,455		$	371,976
Total mortgage-backed securities	$	42,502		$	43,233		$	49,783
Total assets	$	7,429,429		$	7,178,136		$	7,416,987

LOANS:
Gross loans receivable	$	6,579,861		$	6,559,610		$	* 6,886,064

Loans funded:
Single-family loans	$	120,908		$	70,165		$	46,721		$	558,557		$	398,126
Multi-family loans		50,435			53,620			18,006			353,882			82,498
Commercial & industrial real estate loans		1,078			2,750			-			12,375			12,455
Other loans		724			7,048			355			25,286			11,888
Total loans funded	$	173,145		$	133,583		$	65,082		$	950,100		$	504,967
Loans originated for third parties		-			-			13,246			3,861			91,862
Total loans originated	$	173,145		$	133,583		$	78,328		$	953,961		$	596,829

Percentage of ARMs originated		10	%		10	%		44	%		10	%		49	%
Loan repayments:
Single-family loans	$	45,592		$	49,434		$	165,971		$	408,304		$	1,449,951
Multi-family & commercial real estate loans		12,941			31,845			35,883			256,114			307,116
Other loans		806			1,724			9,505			14,678			32,858
	$	59,339		$	83,003		$	211,359		$	679,096		$	1,789,925

Loans sold	$	-		$	-		$	51,752		$	1,060		$	393,045

Percentage of adjustable rate loans to the total portfolio		77.48	%		79.73	%		96.57	%

Non-performing assets to total assets ratio		7.56	%		8.20	%		1.01	%

Delinquent loans:
Non-accrual single-family loans	$	437,176		$	491,693		$	60,007
Single-family loans 30 to 59 days delinquent	$	123,357		$	126,286		$	42,179
Single-family loans 60 to 89 days delinquent	$	101,427		$	81,410		$	11,230

BORROWINGS:
Federal Home Loan Bank advances	$	2,165,000		$	2,199,000		$	945,000
Reverse repurchase agreements	$	370,000		$	370,000		$	873,000

DEPOSITS:
Retail deposits	$	2,912,729		$	3,169,443		$	3,073,050
Wholesale deposits		1,247,390			691,738			1,607,485
	$	4,160,119		$	3,861,181		$	4,680,535

Net increase (decrease) in deposits	$	298,938		$	(48,136	)	$	(213,233	)	$	(8,829	)	$	(1,221,583	)

* Revised.

AVERAGE INTEREST RATES (CONSOLIDATED):
	As of, for the month ended July 31, 2008	As of, for the month ended June 30, 2008	As of, for the month ended July 31, 2007	As of, for the 7 months ended July 31, 2008	As of, for the 7 months ended July 31, 2007
Yield on loans	5.81%	5.82%	7.96%	6.38%	7.99%
Yield on investments	5.19%	5.23%	5.39%	5.11%	5.45%
Yield on earning assets	5.76%	5.77%	7.80%	6.29%	7.84%
Cost of deposits	3.03%	3.23%	4.36%	3.54%	4.45%
Cost of borrowings	3.39%	3.55%	5.41%	4.01%	5.39%
Cost of money	3.17%	3.36%	4.66%	3.72%	4.74%
Earnings spread	2.59%	2.41%	3.14%	2.57%	3.10%
Effective net spread	2.70%	2.58%	3.37%	2.75%	3.46%