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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Firstfed Financial Corp | NYSE:FED | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
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)
|
(d)
|
Exhibits: |
Exhibit 99.1 - Press Release dated October 31, 2008, regarding results for the third quarter 2008. |
Dated:
October 31, 2008
|
By:
/s/ Douglas J.
Goddard
|
Douglas J. Goddard
|
|
Chief Financial Officer
|
September
30,
2008
|
December
31,
2007
|
|||||||
ASSETS
|
||||||||
Cash
and cash equivalents
|
$ | 62,661 | $ | 53,974 | ||||
Investment
securities, available-for-sale
(at
fair value)
|
329,042 | 316,788 | ||||||
Mortgage-backed
securities, available-for-sale (at fair value)
|
41,510 | 46,435 | ||||||
Loans
receivable, net of allowances for loan losses of $264,092 and
$128,058
|
6,395,706 | 6,518,214 | ||||||
Accrued
interest and dividends receivable
|
32,260 | 45,492 | ||||||
Real estate owned, net (REO) | 132,957 | 21,090 | ||||||
Office
properties and equipment, net
|
21,140 | 17,785 | ||||||
Investment
in Federal Home Loan Bank (FHLB) stock, at cost
|
130,496 | 104,387 | ||||||
Other
assets
|
209,524 | 98,816 | ||||||
$ | 7,355,296 | $ | 7,222,981 | |||||
LIABILITIES
|
||||||||
Deposits
|
$ | 4,328,850 | $ | 4,156,692 | ||||
FHLB
advances
|
2,313,000 | 2,084,000 | ||||||
Securities
sold under agreements to repurchase
|
— | 120,000 | ||||||
Senior
debentures
|
150,000 | 150,000 | ||||||
Accrued
expenses and other liabilities
|
64,250 | 57,790 | ||||||
6,856,100 | 6,568,482 | |||||||
COMMITMENTS
AND CONTINGENCIES
|
||||||||
STOCKHOLDERS'
EQUITY
|
||||||||
Common
stock, par value $.01 per share; authorized 100,000,000
shares;
|
||||||||
issued 24,002,093 and 23,970,227 shares; outstanding 13,684,553 and 13,640,997 shares | 240 | 240 | ||||||
Additional
paid-in capital
|
57,176 | 55,232 | ||||||
Retained
earnings
|
708,532 | 865,411 | ||||||
Unreleased
shares to employee stock ownership plan
|
(31 | ) | (339 | ) | ||||
Treasury
stock, at cost, 10,317,540 and 10,329,230 shares
|
(266,040 | ) | (266,040 | ) | ||||
Accumulated
other comprehensive loss,
net
of taxes
|
(681 | ) | (5 | ) | ||||
499,196 | 654,499 | |||||||
$ | 7,355,296 | $ | 7,222,981 |
Three
months ended
September
30,
|
Nine months ended September 30,
|
||||||||||||||
2008
|
2007
|
2008
|
2007
|
||||||||||||
Interest and dividend income:
|
|||||||||||||||
Interest on loans
|
$ | 93,141 | $ | 134,090 | $ | 297,807 | $ | 445,923 | |||||||
Interest on mortgage-backed securities
|
427 | 636 | 1,543 | 2,026 | |||||||||||
Interest and dividends on investments
|
6,356 | 5,687 | 17,754 | 17,617 | |||||||||||
Total interest income
|
99,924 | 140,413 | 317,104 | 465,566 | |||||||||||
Interest expense:
|
|||||||||||||||
Interest on deposits
|
32,280 | 50,606 | 105,738 | 165,724 | |||||||||||
Interest on borrowings
|
21,864 | 27,628 | 71,541 | 92,753 | |||||||||||
Total interest expense
|
54,144 | 78,234 | 177,279 | 258,477 | |||||||||||
Net interest income
|
45,780 | 62,179 | 139,825 | 207,089 | |||||||||||
Provision for loan losses
|
110,300 | 4,500 | 350,800 | 11,400 | |||||||||||
Net interest (loss) income after provision for loan
losses
|
(64,520 | ) | 57,679 | (210,975 | ) | 195,689 | |||||||||
Other income:
|
|||||||||||||||
Loan servicing and other fees
|
149 | 550 | 3,407 | 2,364 | |||||||||||
Banking service fees
|
1,848 | 1,663 | 5,306 | 5,035 | |||||||||||
Gain on sale of loans
|
— | 308 | 20 | 4,746 | |||||||||||
Net gain (loss) on real estate owned
|
4,170 | (1,625 | ) | 7,357 | (1,814 | ) | |||||||||
Other operating income
|
2,374 | 610 | 5,098 | 1,369 | |||||||||||
Total other income
|
8,541 | 1,506 | 21,188 | 11,700 | |||||||||||
Non-interest expense:
|
|||||||||||||||
Salaries and employee benefits
|
11,105 | 12,366 | 35,456 | 37,119 | |||||||||||
Occupancy
|
3,029 | 3,295 | 10,932 | 9,095 | |||||||||||
Advertising
|
284 | 194 | 619 | 636 | |||||||||||
Amortization of core deposit intangible
|
127 | 127 | 380 | 752 | |||||||||||
Federal deposit insurance
|
1,074 | 743 | 2,970 | 2,295 | |||||||||||
Data processing
|
559 | 535 | 1,667 | 1,738 | |||||||||||
OTS assessment
|
439 | 501 | 1,347 | 1,654 | |||||||||||
Legal
|
421 | (1,352 | ) | 1,604 | (359 | ) | |||||||||
Real estate owned operations
|
4,353 | 452 | 8,742 | 1,007 | |||||||||||
Other operating expense
|
1,776 | 2,253 | 6,642 | 6,964 | |||||||||||
Total non-interest expense
|
23,167 | 19,114 | 70,359 | 60,901 | |||||||||||
(Loss) income before income taxes
|
(79,146 | ) | 40,071 | (260,146 | ) | 146,488 | |||||||||
Income taxes (benefit) expenses
|
(27,560 | ) | 17,070 | (103,267 | ) | 62,032 | |||||||||
Net (loss) income
|
$ | (51,586 | ) | $ | 23,001 | $ | (156,879 | ) | $ | 84,456 | |||||
Net (loss) income
|
$ | (51,586 | ) | $ | 23,001 | $ | (156,879 | ) | $ | 84,456 | |||||
Other comprehensive (loss) income, net of
taxes(benefits)
|
(756 | ) | 761 | (676 | ) | 50 | |||||||||
Comprehensive (loss) income
|
$ | (52,342 | ) | $ | 23,762 | $ | (157,555 | ) | $ | 84,506 | |||||
(Loss) earnings per share:
|
|||||||||||||||
Basic
|
$ | (3.77 | ) | $ | 1.58 | $ | (11.48 | ) | $ | 5.32 | |||||
Diluted
|
$ | (3.77 | ) | $ | 1.57 | $ | (11.48 | ) | $ | 5.25 | |||||
Weighted average shares outstanding:
|
|||||||||||||||
Basic
|
13 ,668,576 | 14,536,615 | 13,663,059 | 15,865,884 | |||||||||||
Diluted
|
13,668,576 | 14,693,226 | 13,663,059 | 16,075,136 |
Quarter
ended September 30,
|
||||||||
2008
|
2007
|
|||||||
(Dollars
in thousands, except per share data)
|
||||||||
End
of period:
|
||||||||
Total
assets
|
$ | 7,355,296 | $ | 7,368,096 | ||||
Cash
and securities
|
$ | 391,703 | $ | 441,908 | ||||
Mortgage-backed
securities
|
$ | 41,510 | $ | 47,293 | ||||
Loans,
net
|
$ | 6,395,706 | $ | 6,632,610 | ||||
Core
deposit intangible asset
|
$ | 84 | $ | 591 | ||||
Deposits-retail
and commercial
|
$ | 3,080,602 | $ | 3,293,005 | ||||
Deposits-wholesale
|
$ | 1,248,248 | $ | 1,173,514 | ||||
Borrowings
|
$ | 2,463,000 | $ | 2,171,000 | ||||
Stockholders'
equity
|
$ | 499,196 | $ | 642,832 | ||||
Book
value per share
|
$ | 36.48 | $ | 47.14 | ||||
Tangible
book value per share
|
$ | 36.47 | $ | 47.10 | ||||
Stock
price (period-end)
|
$ | 7.84 | $ | 49.55 | ||||
Total
loan servicing portfolio
|
$ | 6,948,390 | $ | 6,870,204 | ||||
Loans
serviced for others
|
$ | 55,205 | $ | 66,904 | ||||
%
of adjustable mortgages
|
73.51 | % | 94.45 | % | ||||
Other
data:
|
||||||||
Employees
(full-time equivalent)
|
606 | 606 | ||||||
Branches
|
38 | 33 | ||||||
Asset
quality:
|
||||||||
Real
estate owned (foreclosed)
|
$ | 132,957 | $ | 18,728 | ||||
Non-accrual
loans
|
446,186 | 84,218 | ||||||
Non-performing
assets
|
$ | 579,143 | $ | 102,946 | ||||
Non-performing
assets to total assets
|
7.87 | % | 1.40 | % | ||||
Single
family loans delinquent less than 90 days
|
$ | 212,096 | $ | 71,654 | ||||
General
valuation allowance (GVA)
|
$ | 221,360 | $ | 116,224 | ||||
Allowance
for impaired loans
|
42,732 | — | ||||||
Allowance
for loan losses
|
$ | 264,092 | $ | 116,224 | ||||
Allowance
for loan losses as a percentage of
gross
loans receivable
|
3.96 | % | 1.73 | % | ||||
Loans
sold with recourse
|
$ | 37,720 | $ | 45,457 | ||||
Modified
loans (not impaired)
|
$ | 16,157 | $ | 1,090 | ||||
Impaired
loans, net
|
$ | 530,809 | $ | 16,385 | ||||
Capital
ratios:
|
||||||||
Tangible
capital ratio
|
8.38 | % | 10.61 | % | ||||
Core
capital ratio
|
8.38 | 10.61 | ||||||
Risk-based
capital ratio
|
15.87 | 21.44 | ||||||
Net
worth to assets ratio
|
6.79 | 8.72 |
Three
months ended
September
30,
|
Nine
months ended
September
30,
|
||||||||||||||
2008
|
2007
|
2008
|
2007
|
||||||||||||
(Dollars
in thousands)
|
|||||||||||||||
Selected
ratios:
|
|||||||||||||||
Expense ratios:
|
|||||||||||||||
Efficiency ratio
|
42.65 |
%
|
30.01 |
%
|
43.70 |
%
|
27.84 | % | |||||||
Expense to average assets ratio
|
1.28 | 1.02 | 1.30 | 0.99 | |||||||||||
Return on average assets
|
(2.84 | ) | 1.22 | (2.90 | ) | 1.37 | |||||||||
Return on average equity
|
(39.30 | ) | 13.46 | (36.51 | ) | 16.07 | |||||||||
Yields
earned and rates paid:
|
|||||||||||||||
Average
yield on loans
|
5.85 |
%
|
7.93 |
%
|
6.21 |
%
|
7.97 | % | |||||||
Average
yield on investment portfolio
|
4.92 | 5.55 | 5.03 | 5.49 | |||||||||||
Average yield on all interest-earning assets
|
5.78 | 7.78 | 6.13 | 7.82 | |||||||||||
Average
rate paid on deposits
|
3.12 | 4.37 | 3.45 | 4.41 | |||||||||||
Average
rate paid on borrowings
|
3.43 | 5.43 | 3.89 | 5.37 | |||||||||||
Average rate paid on interest-bearing liabilities
|
3.24 | 4.70 | 3.61 | 4.71 | |||||||||||
Interest rate spread
|
2.54 | 3.08 | 2.52 | 3.11 | |||||||||||
Effective net spread
|
2.65 | 3.44 | 2.70 | 3.48 | |||||||||||
Average
balances:
|
|||||||||||||||
Average loans
|
$ | 6,367,111 | $ | 6,764,534 | $ | 6,390,301 | $ | 7,459,006 | |||||||
Average
investments
|
551,527 | 455,903 | 511,412 | 477,189 | |||||||||||
Average
interest-earning assets
|
6,918,638 | 7,220,437 | 6,901,713 | 7,936,195 | |||||||||||
Average
deposits
|
4,135,349 | 4,627,267 | 4,084,812 | 5,010,165 | |||||||||||
Average
borrowings
|
2,553,089 | 2,035,882 | 2,454,768 | 2,303,286 | |||||||||||
Average
interest-bearing liabilities
|
6,688,438 | 6,663,149 | 6,539,580 | 7,313,451 | |||||||||||
Excess
of interest-earning assets over
|
|||||||||||||||
interest-bearing liabilities
|
$ | 230,200 | $ | 557,288 | $ | 362,133 | $ | 622,744 | |||||||
Loan
originations and purchases
|
$ | 479,281 | $ | 262,945 | $ | 1,256,236 | $ | 702,830 | |||||||
1 Year Firstfed Chart |
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