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



 
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 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
 
Chief Financial Officer








 
2

 





INDEX TO EXHIBITS



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



 
3

 
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  
                                         
Percentage of adjustable rate loans to  the total portfolio
    75.45 %     77.48 %     95.83 %                
                                         
Non-performing assets to total assets ratio
    7.86 %     7.56 %     1.16 %                
                                         
Delinquent loans:
                                       
    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                  
                                         
BORROWINGS:
                                       
Federal Home Loan Bank advances
  $ 2,285,000     $ 2,165,000     $ 1,371,000                  
Reverse repurchase agreements
  $ 70,000     $ 370,000     $ 570,000                  
                                         
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 )
                                         
* Revised.
                                       
 
4


 
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%
                     
 
 5

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