mrop033109edgar.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): April 29, 2009

FirstFed Financial Corp.

(Exact name of registrant as specified in its charter)

Delaware	1-9566	95-4087449
(State of Delaware)	(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 8

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 and preliminary quarterly loan portfolio analysis as of and for the period ended March 31, 2009 attached as Exhibits 99.1 and 99.2, respectively, which are 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, 2009 (Unconsolidated)

99.2

Preliminary Quarterly Loan Portfolio Analysis as of and for the period ended March 31, 2009

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 29, 2009	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 March 31, 2009	4-5
99.2	Preliminary Quarterly Loan Portfolio Analysis as of and for the period ended March 31, 2009	6-8

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 March 31, 2009			As of, for the month ended February 28, 2009			As of, for the month ended March 31, 2008			As of, for the 3 months ended March 31, 2009			As of, for the 3 months ended March 31, 2008

Cash and investment securities	$	339,680		$	550,389		$	395,119
Total mortgage-backed securities	$	39,379		$	39,984		$	45,178
Total assets	$	6,839,076		$	7,250,786		$	7,081,466

LOANS:
Gross loans receivable	$	6,444,622		$	6,545,807		$	6,531,119

Loans funded:
Single family loans	$	675		$	9,523		$	83,188		$	28,564		$	127,257
Multi family loans		-			15,710			39,170			68,248			145,138
Commercial & industrial real estate loans		-			-			1,640			-			7,723
Other loans		195			4,072			1,871			4,668			5,192
Total loans funded		870			29,305			125,869			101,480			285,310
Loans originated for third parties		984			-			-			984			3,354
Total loans originated	$	1,854		$	29,305		$	125,869		$	102,464		$	288,664

Percentage of ARMs originated		61	%		97	%		9	%		82	%		15	%
Loan repayments:
Single family loans	$	12,787		$	14,885		$	55,581		$	30,415		$	199,534
Multi family & commercial real estate loans		11,970			15,170			50,532			36,581			110,603
Other loans		9,265			868			1,224			12,404			9,950
	$	34,022		$	30,923		$	107,337		$	79,400		$	320,087

Loans sold	$	-		$	-		$	700		$	-		$	1,060

Percentage of adjustable rate loans to the total portfolio		70.74	%		71.06	%		86.46	%

Non-performing assets to total assets ratio		8.39	%		7.54	%		6.20	%

Delinquent loans:
Non-accrual single family loans	$	471,335		$	446,576		$	393,586
Single family loans 30-59 days delinquent	$	143,744		$	146,063		$	165,490
Single family loans 60-89 days delinquent	$	88,049		$	115,974		$	107,766

BORROWINGS:
Federal Home Loan Bank advances	$	1,595,000		$	1,940,000		$	1,875,000
Reverse repurchase agreements	$	-		$	-		$	370,000

DEPOSITS:
Retail deposits	$	3,327,588		$	3,248,397		$	3,205,744
Wholesale deposits		1,502,454			1,612,595			855,703
	$	4,830,042		$	4,860,992		$	4,061,447

Net increase (decrease) in deposits	$	(30,950	)	$	(18,943	)	$	(89,981	)	$	(86,670	)	$	(107,501	)

AVERAGE INTEREST RATES (CONSOLIDATED):

	As of, for the month ended March 31, 2009	As of, for the month ended February 28, 2009	As of, for the month ended March 31, 2008	As of, for the 3 months ended March 31, 2009	As of, for the 3 months ended March 31, 2008
Yield on loans	5.38%	5.49%	6.69%	5.52%	6.96%
Yield on investments	2.34%	2.54%	5.05%	2.32%	5.09%
Yield on earning assets	5.07%	5.21%	6.57%	5.18%	6.82%
Cost of deposits	2.82%	2.87%	3.63%	2.86%	3.87%
Cost of borrowings	3.08%	2.80%	4.19%	2.84%	4.56%
Cost of money	2.90%	2.85%	3.84%	2.85%	4.12%
Earnings spread	2.17%	2.36%	2.73%	2.33%	2.70%
Effective net spread	2.15%	2.32%	3.01%	2.30%	2.91%

EXHIBIT 99.2

PRELIMINARY QUARTERLY LOAN PORTFOLIO ANALYSIS
Unaudited, Unconsolidated
(Dollars in thousands)

Summary of Loan Portfolio Balances
	March 31, 2009					December 31, 2008					March 31, 2008
First trust deeds residential loans:
One to four units	$	4,215,571				$	4,378,731				$	4,511,357
Five or more units		1,975,655					1,936,286					1,749,468
Residential loans		6,191,226					6,315,017					6,260,825

Other real estate loans		147,010					154,994					163,970
Non-Real estate loans		106,386					114,392					106,324
Total loans receivable	$	6,444,622				$	6,584,403				$	6,531,119



Single family loan portfolio by year of origination

Year of Origination	March 31, 2009					December 31, 2008					March 31, 2008
2003 and prior	$	292,397		6.9	%	$	301,288		6.8	%	$	374,451	8.3	%
2004		544,122		12.9	%		567,660		13.0	%		678,709	15.0	%
2005		1,297,572		30.8	%		1,390,979		31.8	%		1,947,025	43.1	%
2006		825,049		19.6	%		876,255		20.0	%		1,026,595	22.8	%
2007		332,958		7.9	%		341,023		7.8	%		364,182	8.1	%
2008		894,944		21.2	%		901,526		20.6	%		120,395	2.7	%
2009		28,529		0.7	%		-		0.0	%		-	0.0	%
Total single family portfolio	$	4,215,571		100.0	%	$	4,378,731		100.0	%	$	4,511,357	100.0	%



Single family loan portfolio by original LTV ratio

Original LTV Ratio	March 31, 2009					December 31, 2008					March 31, 2008
<65%	$	938,730		22.2	%	$	949,119		21.6	%	$	780,105	17.3	%
65 - 70%		533,547		12.7	%		535,765		12.2	%		494,561	11.0	%
70 - 75%		587,872		13.9	%		606,856		13.9	%		593,323	13.1	%
75 - 80%		1,942,552		46.1	%		2,047,508		46.8	%		2,272,613	50.4	%
80 - 85%		42,231		1.0	%		46,797		1.1	%		69,162	1.5	%
85 - 90%		133,128		3.2	%		153,273		3.5	%		247,644	5.5	%
>90%		37,511		0.9	%		39,413		0.9	%		53,949	1.2	%
Total single family portfolio	$	4,215,571		100.0	%	$	4,378,731		100.0	%	$	4,511,357	100.0	%



Single family loan portfolio by estimated current LTV ratio
Estimated Current LTV -Price Adjusted (1)	Loan Balance		% of Portfolio			Average Estimated Current LTV Ratio
<70%	$	885,548		21.0	%		51.5	%
>70% <=80%		533,007		12.6	%		75.4	%
>80% <=90%		606,707		14.4	%		84.9	%
>90% <=100%		533,512		12.7	%		95.4	%
>100% <=110%		506,850		12.0	%		104.8	%
>110%		983,062		23.3	%		126.0	%
Partially Charged Off (2)		156,061		3.7	%		100.0	%
Not in MSAs		10,824		0.3	%		N/A
Total single family portfolio	$	4,215,571		100.0	%		90.3	%

(1) The current estimated loan to value ratio is based on OFHEO December 2008 data. The OFHEO housing price index provides a broad measure
of the housing price movements by Metropolitan Statistical Area (MSA). In evaluating the potential for loan losses within the bank’s portfolio, the Bank
considers both the fact that OFHEO data cannot reflect price movements for the most recent three months, and that individual areas within an MSA will
perform worse than the average for the larger area. The Bank therefore also looks at sales data that is available by zip code, as well as the Bank’s experience
with marketing foreclosed properties in estimating the loan loss reserve that is required.
(2) 548 severely delinquent loans were charged off by $109.9 million to their estimated collateral value, while 4 previously
charged off loans became current during the quarter.

Single family loan portfolio by borrower documentation type

Borrower documentation type (3)	March 31, 2009					December 31, 2008					March 31, 2008
Verified Income/Verified Assets	$	1,794,891		42.6	%	$	1,808,445		41.3	%	$	1,214,599	26.9	%
Stated Income/Verified Assets		1,022,258		24.2	%		1,087,151		24.8	%		1,383,098	30.7	%
Stated Income/Stated Assets		1,041,623		24.7	%		1,100,672		25.2	%		1,420,761	31.5	%
No Income/No Assets		356,799		8.5	%		382,463		8.7	%		492,899	10.9	%
Total single family portfolio	$	4,215,571		100.0	%	$	4,378,731		100.0	%	$	4,511,357	100.0	%

(3) Low documentation categories include $674.4 million of loans that have been fully documented during the modification process.



Single family loan portfolio by geographic distribution

Region	March 31, 2009					December 31, 2008					March 31, 2008
Los Angeles County	$	1,212,260		28.7	%	$	1,233,889		28.2	%	$	1,132,580	25.1	%
San Francisco Bay Area		737,736		17.5	%		768,262		17.5	%		751,595	16.7	%
Central California Coast		577,019		13.7	%		598,268		13.7	%		568,613	12.6	%
San Diego Area		420,583		10.0	%		441,631		10.1	%		536,423	11.9	%
Orange County		467,888		11.1	%		479,464		10.9	%		429,423	9.5	%
San Bernardino / Riverside Counties		277,432		6.6	%		296,624		6.8	%		357,999	7.9	%
San Joaquin Valley		176,414		4.2	%		194,741		4.4	%		283,412	6.3	%
Sacramento Valley		181,808		4.3	%		197,861		4.6	%		259,249	5.7	%
Other		164,431		3.9	%		167,991		3.8	%		192,063	4.3	%
Total single family portfolio	$	4,215,571		100.0	%	$	4,378,731		100.0	%	$	4,511,357	100.0	%



Delinquent and nonaccrual loans by year of origination

Year of Origination	30-89 Days Delinquent (4)					Non-accrual (5)					Total
2003 and prior	$	5,705		2.5	%		20,031		4.2	%		25,736	3.7	%
2004		48,455		20.9	%		61,365		13.0	%		109,820	15.6	%
2005		96,532		41.7	%		217,344		46.1	%		313,876	44.6	%
2006		64,044		27.6	%		150,137		31.9	%		214,181	30.5	%
2007		14,206		6.1	%		22,458		4.8	%		36,664	5.2	%
2008		2,851		1.2	%		-		0.0	%		2,851	0.4	%
Total single family defaults	$	231,793		100.0	%		471,335		100.0	%		703,128	100.0	%

(4) This category includes 4 loans that were non-accrual in the previous quarter with partial charge-offs of $585 thousand.
(5) This category includes 540 severely delinquent loans, which were charged off by $108.8 million to their estimated collateral value.



Delinquent and nonaccrual loans by geographic distribution

Region	Delinquent Balance		% of Total Delinquent			Delinquent % of regional portfolio
Los Angeles County	$	124,750		17.7	%		10.3	%
San Francisco Bay Area		119,332		17.0	%		16.2	%
Central California Coast		101,001		14.4	%		17.5	%
San Diego Area		83,751		11.9	%		19.9	%
Orange County		63,978		9.1	%		13.7	%
San Bernardino/Riverside		73,281		10.4	%		26.4	%
San Joaquin Valley		48,459		6.9	%		27.5	%
Sacramento Valley		52,796		7.5	%		29.0	%
Other		35,780		5.1	%		21.8	%
Total single family defaults	$	703,128		100.0	%		16.7	%



Delinquent and nonaccrual loans by borrower documentation type
Borrower documentation type	Delinquent Balance		% of Total Delinquent			Delinquent % of documentation type
Verified Income/Verified Assets	$	117,645		16.7	%		6.6	%
Stated Income/Verified Assets		224,894		32.0	%		22.0	%
Stated Income/Stated Assets		278,286		39.6	%		26.7	%
No Income/No Assets		82,303		11.7	%		23.1	%
Total single family defaults	$	703,128		100.0	%		16.7	%

Delinquent and nonaccrual loans by estimated current loan to value ratio

Estimated Current LTV -Price Adjusted (6)	Loan Balance			% of Total Delinquent			Average Estimated Current LTV Ratio
<70%	$	26,876			3.8	%		52.7	%
>70% <=80%		43,538			6.2	%		75.4	%
>80% <=90%		48,516			6.9	%		85.4	%
>90% <=100%		80,395			11.4	%		95.9	%
>100% <=110%		107,302			15.3	%		104.8	%
>110%		237,190			33.7	%		127.4	%
Partially Charged Off (7)		157,791			22.5	%		100.0	%
Not in MSAs		1,520			0.2	%		N/A
Total single family defaults	$	703,128			100.0	%		106.7	%

(6) The current estimated loan to value ratio is based on OFHEO December 2008 data.
(7) 544 loans were charged off by $109.4 million to their estimated collateral value.



Forecast of single family loan portfolio payment recast
Recast quarter (8)	Recast Balance			Number of Loans

2nd quarter 2009	$	36,147			81
3rd quarter 2009		96,133			238
4th quarter 2009		169,033			369
Total 2009		301,313			688

2010		634,023			1,380
2011		432,415			854
Thereafter		253,437			354
Grand total	$	1,621,188			3,276

(8) Period in which currently performing borrowers are estimated to reach their maximum negative amortization, and be required to make a fully amortizing payment,
assuming all borrowers make the minimum payment, and no loans are prepaid prior to their reset date. Does not include loans that have already reached their
payment recast or loans that by their terms do not allow for negative amortization.



Real estate owned activity
Real Estate Owned	Balance			Number of Properties
Beginning balance (as of 12/31/2008)	$	117,664			478
Acquired REOs		130,439			284
Charged-offs and writedowns		(71,271	)
Sold REOs		(78,751	)		(347	)
Ending REO Balance (as of 3/31/2009)	$	98,081			415
Properties in Escrow	$	34,967			172

Loss Mitigation Activity (9)
Loan modifications 2009 year-to-date	Loan Balance		Number of Loans
Loan terms modified to:
Monthly Adjustable Interest Only 5-years	$	229,686		473
Fixed Interest Only 5-years		168,329		359
Monthly Adjustable Amortizing 5-years		121,931		272
Fixed Amortizing 5-years		133,661		265
6-month Adjustable Interest Only 5-years		67,530		154
6-month Adjustable Amortizing		10,832		25
Other		5,018		9
Grand total (10)	$	736,987		1,557

(9) Of these 1,557 modified loans, 1,511 loans with a net balance of $718.5 million were considered to be troubled debt restructuring, based on the Bank's
underwriting of the borrower and the property at the date of the modifcation. Based on the yield reduction of these modified loans the bank maintains
an impaired valuation allowance of $53.2 million.
(10) This disclosure does not include 174 severely delinquent modified loans that were moved to non-accrual status with an estimated collateral value of $55.8 million.