Firstfed Financial Corp - Current report filing (8-K)
22 Septembre 2008 - 12:01PM
Edgar (US Regulatory)
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): September 18, 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 August 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 August 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:
September 18, 2008
|
By:
/s/
|
Douglas J.
Goddard
|
|
Douglas
J. Goddard
|
INDEX TO
EXHIBITS
Exhibit
|
|
Page
|
|
|
|
99.1
|
Monthly Financial
Data as of and for the period ended August 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
August
31,
2008
|
|
|
As
of, for
the
month
ended
July
31,
2008
|
|
|
As
of, for
the
month
ended
August
31,
2007
|
|
|
As
of, for
the
8 months ended
August
31,
2008
|
|
|
As
of, for
the
8 months ended
August
31,
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and investment securities
|
|
$
|
421,435
|
|
|
$
|
562,497
|
|
|
$
|
389,780
|
|
|
|
|
|
|
|
Total
mortgage-backed securities
|
|
$
|
42,006
|
|
|
$
|
42,502
|
|
|
$
|
48,698
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
7,360,888
|
|
|
$
|
7,429,429
|
|
|
$
|
7,317,996
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOANS:
|
|
$
|
6,650,680
|
|
|
$
|
6,579,861
|
|
|
$
|
6,754,881
|
*
|
|
|
|
|
|
|
Gross
loans receivable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
funded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Single-family
loans
|
|
$
|
113,954
|
|
|
$
|
120,908
|
|
|
$
|
42,343
|
|
|
$
|
672,511
|
|
|
$
|
440,469
|
|
Multi-family
loans
|
|
|
43,691
|
|
|
|
50,435
|
|
|
|
38,750
|
|
|
|
397,573
|
|
|
|
121,248
|
|
Commercial
& industrial real estate loans
|
|
|
-
|
|
|
|
1,078
|
|
|
|
1,000
|
|
|
|
12,375
|
|
|
|
13,455
|
|
Other
loans
|
|
|
5,152
|
|
|
|
724
|
|
|
|
1,306
|
|
|
|
30,438
|
|
|
|
13,194
|
|
Total
loans funded
|
|
$
|
162,797
|
|
|
$
|
173,145
|
|
|
$
|
83,399
|
|
|
$
|
1,112,897
|
|
|
$
|
588,366
|
|
Loans
originated for third parties
|
|
|
2,983
|
|
|
|
-
|
|
|
|
3,681
|
|
|
|
6,844
|
|
|
|
95,543
|
|
Total
loans originated
|
|
$
|
165,780
|
|
|
$
|
173,145
|
|
|
$
|
87,080
|
|
|
$
|
1,119,741
|
|
|
$
|
683,909
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
of ARMs originated
|
|
|
8
|
%
|
|
|
10
|
%
|
|
|
59
|
%
|
|
|
9
|
%
|
|
|
50
|
%
|
Loan
repayments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Single-family
loans
|
|
$
|
26,313
|
|
|
$
|
45,592
|
|
|
$
|
131,529
|
|
|
$
|
434,617
|
|
|
$
|
1,581,480
|
|
Multi-family
& commercial real estate loans
|
|
|
18,909
|
|
|
|
12,941
|
|
|
|
55,473
|
|
|
|
275,023
|
|
|
|
362,589
|
|
Other
loans
|
|
|
1,707
|
|
|
|
806
|
|
|
|
3,797
|
|
|
|
16,385
|
|
|
|
36,655
|
|
|
|
$
|
46,929
|
|
|
$
|
59,339
|
|
|
$
|
190,799
|
|
|
$
|
726,025
|
|
|
$
|
1,980,724
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
sold
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
17,766
|
|
|
$
|
1,380
|
|
|
$
|
410,811
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Percentage
of adjustable rate loans to
the
total portfolio
|
|
|
75.45
|
%
|
|
|
77.48
|
%
|
|
|
95.83
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Non-performing
assets to total assets ratio
|
|
|
7.86
|
%
|
|
|
7.56
|
%
|
|
|
1.16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Delinquent
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Non-accrual loans
|
|
$
|
452,277
|
|
|
$
|
437,176
|
|
|
$
|
67,822
|
|
|
|
|
|
|
|
|
|
Single-family
loans 30 to 59 days delinquent
|
|
$
|
133,252
|
|
|
$
|
123,357
|
|
|
$
|
41,117
|
|
|
|
|
|
|
|
|
|
Single-family
loans 60 to 89 days delinquent
|
|
$
|
92,096
|
|
|
$
|
101,427
|
|
|
$
|
11,051
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
BORROWINGS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
Home Loan Bank advances
|
|
$
|
2,285,000
|
|
|
$
|
2,165,000
|
|
|
$
|
1,371,000
|
|
|
|
|
|
|
|
|
|
Reverse
repurchase agreements
|
|
$
|
70,000
|
|
|
$
|
370,000
|
|
|
$
|
570,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
DEPOSITS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
deposits
|
|
$
|
2,915,307
|
|
|
$
|
2,912,729
|
|
|
$
|
3,112,060
|
|
|
|
|
|
|
|
|
|
Wholesale
deposits
|
|
|
1,354,599
|
|
|
|
1,247,390
|
|
|
|
1,388,937
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,269,906
|
|
|
$
|
4,160,119
|
|
|
$
|
4,500,997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
increase (decrease) in deposits
|
|
$
|
109,787
|
|
|
$
|
298,938
|
|
|
$
|
(179,538
|
)
|
|
$
|
100,958
|
|
|
$
|
(1,401,121
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
*
Revised.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
INTEREST RATES (CONSOLIDATED):
|
|
|
|
As
of, for
the
month
ended
August
31,
2008
|
|
As
of, for
the
month
ended
July
31,
2008
|
|
As
of, for
the
month
ended
August
31,
2007
|
|
As
of, for
the
8 months
ended
August
31,
2008
|
|
As
of, for
the
8 months
ended
August
31,
2007
|
Yield
on loans
|
|
5.71%
|
|
5.81%
|
|
7.95%
|
|
6.38%
|
|
7.98%
|
Yield
on investments
|
|
4.55%
|
|
5.19%
|
|
5.47%
|
|
5.03%
|
|
5.45%
|
Yield
on earning assets
|
|
5.61%
|
|
5.76%
|
|
7.80%
|
|
6.28%
|
|
7.83%
|
Cost
of deposits
|
|
3.16%
|
|
3.03%
|
|
4.33%
|
|
3.49%
|
|
4.44%
|
Cost
of borrowings
|
|
3.38%
|
|
3.39%
|
|
5.36%
|
|
3.93%
|
|
5.38%
|
Cost
of money
|
|
3.24%
|
|
3.17%
|
|
4.65%
|
|
3.65%
|
|
4.73%
|
Earnings
spread
|
|
2.37%
|
|
2.59%
|
|
3.15%
|
|
2.63%
|
|
3.10%
|
Effective
net spread
|
|
2.45%
|
|
2.70%
|
|
3.56%
|
|
2.79%
|
|
3.47%
|
|
|
|
|
|
|
|
|
|
|
|
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