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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
Delaware)
|
(Commission File
No.)
|
(IRS Employer
Identification No.)
|
12555
W. Jefferson Boulevard, Los Angeles, California
|
90066
|
(Address of principal
executive offices)
|
(Zip
Code)
|
ITEM 9.01. | Financial Statements and Exhibits. |
(d)
|
Exhibits |
|
99.1
|
Monthly
Financial Data as of and for the period ended December 31, 2008
(Unconsolidated)
|
|
99.2
|
Preliminary
Quarterly Loan Portfolio Analysis as of and for the period ended December
31, 2008
|
Dated: February 2, 2009 | By: /s/ | Douglas J. Goddard |
|
Douglas
J. Goddard
|
|
Chief
Financial Officer
|
Exhibit |
Page
|
99.1
|
Monthly Financial Data as of and for the period ended December 31, 2008 |
4-5
|
99.2
|
Preliminary Quarterly Loan Portfolio Analysis as of and for the period ended December 31, 2008 |
6-8
|
First
Federal Bank of California
MONTHLY
REPORT OF OPERATIONS
Unaudited,
Unconsolidated Financial Highlights
(Dollars
in thousands)
|
||||||||||||||||||||
As
of, for
the
month
ended
December
31,
2008
|
As
of, for
the
month
ended
November
30,
2008
|
As
of, for
the
month
ended
December
31,
2007
|
As
of, for
the
12 months ended
December
31,
2008
|
As
of, for
the
12 months ended
December
31,
2007
|
||||||||||||||||
Cash
and investment securities
|
$ | 714,517 | $ | 868,440 | $ | 370,762 | ||||||||||||||
Total
mortgage-backed securities
|
$ | 40,504 | $ | 40,599 | $ | 46,435 | ||||||||||||||
Total
assets
|
$ | 7,452,203 | $ | 7,822,681 | $ | 7,222,981 | ||||||||||||||
LOANS:
|
||||||||||||||||||||
Gross
loans receivable
|
$ | 6,584,404 | $ | 6,665,896 | $ | 6,639,189 | ||||||||||||||
Loans
funded:
|
||||||||||||||||||||
Single
family loans
|
$ | 24,298 | $ | 50,191 | $ | 35,814 | $ | 921,943 | $ | 652,932 | ||||||||||
Multi
family loans
|
49,629 | 44,858 | 74,539 | 552,527 | 366,236 | |||||||||||||||
Commercial
& industrial real estate loans
|
840 | - | 9,935 | 19,290 | 28,460 | |||||||||||||||
Other
loans
|
784 | 193 | 477 | 34,993 | 26,146 | |||||||||||||||
Total
loans funded
|
$ | 75,551 | $ | 95,242 | $ | 120,765 | $ | 1,528,753 | $ | 1,073,774 | ||||||||||
Loans
originated for third parties
|
- | - | - | 10,343 | 110,073 | |||||||||||||||
Total
loans originated
|
$ | 75,551 | $ | 95,242 | $ | 120,765 | $ | 1,539,096 | $ | 1,183,847 | ||||||||||
Percentage
of ARMs originated
|
71 | % | 33 | % | 37 | % | 14 | % | 50 | % | ||||||||||
Loan
repayments:
|
||||||||||||||||||||
Single
family loans
|
$ | 8,790 | $ | 18,368 | $ | 132,424 | $ | 505,356 | $ | 1,967,298 | ||||||||||
Multi
family & commercial real estate loans
|
8,713 | 12,246 | 25,796 | 353,364 | 536,439 | |||||||||||||||
Other
loans
|
4,688 | 6,809 | 3,527 | 31,999 | 46,453 | |||||||||||||||
$ | 22,191 | $ | 37,423 | $ | 161,747 | $ | 890,719 | $ | 2,550,190 | |||||||||||
Loans
sold
|
$ | - | $ | - | $ | - | $ | 1,380 | $ | 417,191 | ||||||||||
Percentage
of adjustable rate loans to
the
total portfolio
|
71.27 | % | 71.58 | % | 90.17 | % | ||||||||||||||
Non-performing
assets to total assets ratio
|
7.00 | % | 7.54 | % | 2.79 | % | ||||||||||||||
Delinquent
loans:
|
||||||||||||||||||||
Non-accrual
loans
|
$ | 403,777 | $ | 465,660 | $ | 179,679 | ||||||||||||||
Single
family loans 30-59 days delinquent
|
$ | 133,681 | $ | 120,259 | $ | 217,625 | ||||||||||||||
Single
family loans 60-89 days delinquent
|
$ | 74,503 | $ | 91,819 | $ | 19,151 | ||||||||||||||
BORROWINGS:
|
||||||||||||||||||||
Federal
Home Loan Bank advances
|
$ | 2,060,000 | $ | 2,300,000 | $ | 2,084,000 | ||||||||||||||
Reverse
repurchase agreements
|
$ | - | $ | - | $ | 120,000 | ||||||||||||||
Federal
Reserve Bank borrowings
|
$ | 25,000 | $ | 25,000 | $ | - | ||||||||||||||
DEPOSITS:
|
||||||||||||||||||||
Retail
deposits
|
$ | 3,118,755 | $ | 3,063,629 | $ | 3,107,490 | ||||||||||||||
Wholesale
deposits
|
1,797,957 | 1,747,307 | 1,061,458 | |||||||||||||||||
$ | 4,916,712 | $ | 4,810,936 | $ | 4,168,948 | |||||||||||||||
Net
increase (decrease) in deposits
|
$ | 105,776 | $ | 293,934 | $ | (91,467 | ) | $ | 747,764 | $ | (1,733,170 | ) | ||||||||
AVERAGE
INTEREST RATES (CONSOLIDATED):
|
||||||||||
As
of, for
the
month
ended
December
31,
2008
|
As
of, for
the
month
ended
November
30,
2008
|
As
of, for
the
month
ended
December
31,
2007
|
As
of, for
the
12 months
ended
December
31,
2008
|
As
of, for
the
12 months
ended
December
31,
2007
|
||||||
Yield
on loans
|
5.45%
|
5.67%
|
7.52%
|
6.06%
|
7.89%
|
|||||
Yield
on investments
|
3.12%
|
3.10%
|
5.42%
|
4.45%
|
5.42%
|
|||||
Yield
on earning assets
|
5.18%
|
5.37%
|
7.38%
|
5.93%
|
7.74%
|
|||||
Cost
of deposits
|
3.18%
|
3.22%
|
4.17%
|
3.39%
|
4.38%
|
|||||
Cost
of borrowings
|
2.92%
|
3.11%
|
4.93%
|
3.70%
|
5.32%
|
|||||
Cost
of money
|
3.09%
|
3.18%
|
4.44%
|
3.50%
|
4.68%
|
|||||
Earnings
spread
|
2.09%
|
2.19%
|
2.94%
|
2.43%
|
3.06%
|
|||||
Effective
net spread
|
2.12%
|
2.24%
|
3.27%
|
2.58%
|
3.42%
|
|||||
EXHIBIT
99.2
|
||||||||||||||||||||||||||
PRELIMINARY
QUARTERLY LOAN PORTFOLIO ANALYSIS
|
||||||||||||||||||||||||||
Unaudited,
Unconsolidated
|
||||||||||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||||
Summary
of Loan Portfolio Balances
|
||||||||||||||||||||||||||
December
31, 2008
|
|
September
30, 2008
|
|
December
31, 2007
|
|
|
||||||||||||||||||||
First
trust deeds residential loans:
|
||||||||||||||||||||||||||
One to four units
|
$ | 4,378,731 | $ | 4,521,889 | $ | 4,652,876 | ||||||||||||||||||||
Five or more units
|
1,936,286 | 1,857,634 | 1,709,815 | |||||||||||||||||||||||
Residential loans
|
6,315,017 | 6,379,523 | 6,362,691 | |||||||||||||||||||||||
Other real estate loans
|
154,995 | 156,134 | 165,453 | |||||||||||||||||||||||
Non-real estate loans
|
114,392 | 126,074 | 111,045 | |||||||||||||||||||||||
Total
loans receivable
|
$ | 6,584,404 | $ | 6,661,731 | $ | 6,639,189 | ||||||||||||||||||||
Single
family loan portfolio by year of origination
|
||||||||||||||||||||||||||
Year
of Origination
|
December
31, 2008
|
September
30, 2008
|
December
31, 2007
|
|
||||||||||||||||||||||
2003 and prior
|
$ | 301,288 | 6.8 | % | $ | 317,558 | 7.0 | % | $ | 395,506 | 8.5 | % | ||||||||||||||
2004
|
567,660 | 13.0 | % | 603,461 | 13.3 | % | 725,904 | 15.6 | % | |||||||||||||||||
2005
|
1,390,979 | 31.8 | % | 1,554,599 | 34.4 | % | 2,106,973 | 45.3 | % | |||||||||||||||||
2006
|
876,255 | 20.0 | % | 929,907 | 20.6 | % | 1,066,660 | 22.9 | % | |||||||||||||||||
2007
|
341,023 | 7.8 | % | 355,388 | 7.9 | % | 357,833 | 7.7 | % | |||||||||||||||||
2008
|
901,526 | 20.6 | % | 760,976 | 16.8 | % | - | 0.0 | % | |||||||||||||||||
Total
single family portfolio
|
$ | 4,378,731 | 100.0 | % | $ | 4,521,889 | 100.0 | % | $ | 4,652,876 | 100.0 | % | ||||||||||||||
Single
family loan portfolio by original LTV ratio
|
||||||||||||||||||||||||||
Original
LTV Ratio
|
December
31, 2008
|
September
30, 2008
|
December
31, 2007
|
|
||||||||||||||||||||||
<65%
|
$ | 949,119 | 21.6 | % | $ | 922,295 | 20.4 | % | $ | 817,580 | 17.6 | % | ||||||||||||||
65 - 70% | 535,765 | 12.2 | % | 539,725 | 11.9 | % | 505,320 | 10.9 | % | |||||||||||||||||
70 - 75% | 606,856 | 13.9 | % | 617,812 | 13.7 | % | 593,386 | 12.8 | % | |||||||||||||||||
75 - 80% | 2,047,508 | 46.8 | % | 2,161,945 | 47.8 | % | 2,348,772 | 50.5 | % | |||||||||||||||||
80 - 85% | 46,797 | 1.1 | % | 53,881 | 1.2 | % | 73,564 | 1.6 | % | |||||||||||||||||
85 - 90% | 153,273 | 3.5 | % | 182,318 | 4.0 | % | 262,719 | 5.6 | % | |||||||||||||||||
>90%
|
39,413 | 0.9 | % | 43,913 | 1.0 | % | 51,535 | 1.0 | % | |||||||||||||||||
Total
single family portfolio
|
$ | 4,378,731 | 100.0 | % | $ | 4,521,889 | 100.0 | % | $ | 4,652,876 | 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%
|
$ | 941,870 | 21.5 | % | 52.3 | % | ||||||||||||||||||||
>70% <=80%
|
643,426 | 14.7 | % | 76.0 | % | |||||||||||||||||||||
>80% <=90%
|
554,334 | 12.7 | % | 85.0 | % | |||||||||||||||||||||
>90% <=100%
|
629,528 | 14.4 | % | 95.0 | % | |||||||||||||||||||||
>100% <=110%
|
590,125 | 13.5 | % | 105.1 | % | |||||||||||||||||||||
>110%
|
796,763 | 18.2 | % | 124.3 | % | |||||||||||||||||||||
Partially Charged Off (2)
|
137,556 | 3.1 | % | 100.0 | % | |||||||||||||||||||||
Not in MSAs
|
85,129 | 1.9 | % | N/A | ||||||||||||||||||||||
Total
single family portfolio
|
$ | 4,378,731 | 100.0 | % | 88.5 | % | ||||||||||||||||||||
(1)
The current estimated loan to value ratio is based on OFHEO September 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)
431 severely delinquent loans with a net balance of $137.6 million were
partially charged off to their estimated collateral value.
|
Single
family loan portfolio by borrower documentation type
|
||||||||||||||||||||||||
Borrower
documentation type
|
December
31, 2008
|
September
30, 2008
|
December
31, 2007
|
|||||||||||||||||||||
Verified
Income/Verified Assets
|
$ | 1,808,445 | 41.3 | % | $ | 1,717,687 | 38.0 | % | $ | 1,135,358 | 24.4 | % | ||||||||||||
Stated
Income/Verified Assets
|
1,087,151 | 24.8 | % | 1,179,708 | 26.1 | % | 1,468,686 | 31.6 | % | |||||||||||||||
Stated
Income/Stated Assets
|
1,100,672 | 25.2 | % | 1,205,543 | 26.7 | % | 1,506,627 | 32.4 | % | |||||||||||||||
No
Income/No Assets
|
382,463 | 8.7 | % | 418,951 | 9.2 | % | 542,205 | 11.6 | % | |||||||||||||||
Total
single family portfolio
|
$ | 4,378,731 | 100.0 | % | $ | 4,521,889 | 100.0 | % | $ | 4,652,876 | 100.0 | % | ||||||||||||
Single
family loan portfolio by geographic distribution
|
||||||||||||||||||||||||
Region
|
December
31, 2008
|
September
30, 2008
|
December
31, 2007
|
|||||||||||||||||||||
Los
Angeles County
|
$ | 1,233,889 | 28.2 | % | $ | 1,224,568 | 27.1 | % | $ | 1,148,942 | 24.7 | % | ||||||||||||
San
Francisco Bay Area
|
768,262 | 17.5 | % | 785,080 | 17.4 | % | 775,303 | 16.7 | % | |||||||||||||||
Central
California Coast
|
598,268 | 13.7 | % | 612,533 | 13.5 | % | 592,547 | 12.7 | % | |||||||||||||||
San
Diego Area
|
441,631 | 10.1 | % | 471,140 | 10.4 | % | 558,452 | 12.0 | % | |||||||||||||||
Orange
County
|
479,464 | 10.9 | % | 478,161 | 10.6 | % | 428,667 | 9.2 | % | |||||||||||||||
San
Bernardino/Riverside Counties
|
296,624 | 6.8 | % | 321,616 | 7.1 | % | 374,303 | 8.0 | % | |||||||||||||||
San
Joaquin Valley
|
194,741 | 4.4 | % | 227,129 | 5.0 | % | 298,788 | 6.4 | % | |||||||||||||||
Sacramento
Valley
|
197,861 | 4.6 | % | 222,163 | 4.9 | % | 275,313 | 5.9 | % | |||||||||||||||
Other
|
167,991 | 3.8 | % | 179,499 | 4.0 | % | 200,561 | 4.4 | % | |||||||||||||||
Total
single family portfolio
|
$ | 4,378,731 | 100.0 | % | $ | 4,521,889 | 100.0 | % | $ | 4,652,876 | 100.0 | % | ||||||||||||
Delinquent
and nonaccrual loans by year of origination
|
||||||||||||||||||||||||
Year
of Origination
|
30-89
Days Delinquent
|
Non-accrual
(3)
|
Total
|
|||||||||||||||||||||
2003
and prior
|
$ | 6,531 | 3.1 | % | $ | 16,531 | 4.0 | % | $ | 23,062 | 3.7 | % | ||||||||||||
2004
|
34,968 | 16.8 | % | 50,692 | 12.6 | % | 85,660 | 14.0 | % | |||||||||||||||
2005
|
90,114 | 43.3 | % | 212,648 | 52.7 | % | 302,762 | 49.5 | % | |||||||||||||||
2006
|
61,954 | 29.8 | % | 112,298 | 27.8 | % | 174,252 | 28.5 | % | |||||||||||||||
2007
|
10,773 | 5.2 | % | 11,608 | 2.9 | % | 22,381 | 3.7 | % | |||||||||||||||
2008
|
3,844 | 1.8 | % | - | 0.0 | % | 3,844 | 0.6 | % | |||||||||||||||
Total
single family defaults
|
$ | 208,184 | 100.0 | % | $ | 403,777 | 100.0 | % | $ | 611,961 | 100.0 | % | ||||||||||||
(3)
431 severely delinquent loans with a net balance of $137.6 million were
partially charged off 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
|
$ | 94,167 | 15.4 | % | 7.6 | % | ||||||||||||||||||
San Francisco Bay Area
|
113,313 | 18.5 | % | 14.7 | % | |||||||||||||||||||
Central California Coast
|
84,179 | 13.8 | % | 14.1 | % | |||||||||||||||||||
San Diego Area
|
73,569 | 12.0 | % | 16.7 | % | |||||||||||||||||||
Orange County
|
55,468 | 9.1 | % | 11.6 | % | |||||||||||||||||||
San Bernardino/Riverside
|
68,128 | 11.1 | % | 23.0 | % | |||||||||||||||||||
San Joaquin Valley
|
50,262 | 8.2 | % | 25.8 | % | |||||||||||||||||||
Sacramento Valley
|
42,303 | 6.9 | % | 21.4 | % | |||||||||||||||||||
Other
|
30,572 | 5.0 | % | 18.2 | % | |||||||||||||||||||
Total
single family defaults
|
$ | 611,961 | 100.0 | % | 14.0 | % | ||||||||||||||||||
Delinquent
and nonaccrual loans by borrower documentation type
|
||||||||||||||||||||||||
Borrower
documentation type
|
Delinquent
Balance
|
% of Total Delinquent |
|
Delinquent
% of documentation type
|
|
|||||||||||||||||||
Verified
Income/Verified Assets
|
$ | 96,923 | 15.9 | % | 5.4 | % | ||||||||||||||||||
Stated
Income/Verified Assets
|
206,940 | 33.8 | % | 19.0 | % | |||||||||||||||||||
Stated
Income/Stated Assets
|
234,010 | 38.2 | % | 21.3 | % | |||||||||||||||||||
No
Income/No Assets
|
74,088 | 12.1 | % | 19.4 | % | |||||||||||||||||||
Total
single family defaults
|
$ | 611,961 | 100.0 | % | 14.0 | % | ||||||||||||||||||
Delinquent
and nonaccrual loans by estimated current loan to value
ratio
|
||||||||||||
Estimated
Current LTV -Price Adjusted
(4)
|
Loan
Balance
|
% of
Total Delinquent
|
|
Average
Estimated Current LTV Ratio
|
|
|||||||
<70%
|
$ | 28,984 | 4.7 | % | 54.4 | % | ||||||
>70%
<=80%
|
46,539 | 7.6 | % | 75.3 | % | |||||||
>80%
<=90%
|
45,941 | 7.5 | % | 86.2 | % | |||||||
>90%
<=100%
|
75,008 | 12.3 | % | 95.5 | % | |||||||
>100%
<=110%
|
98,721 | 16.1 | % | 105.0 | % | |||||||
>110%
<=120%
|
175,411 | 28.7 | % | 126.6 | % | |||||||
Partially
Charged Off (5)
|
137,556 | 22.5 | % | 100.0 | % | |||||||
Not
in MSAs
|
3,801 | 0.6 | % | N/A | ||||||||
Total
single family defaults
|
$ | 611,961 | 100.0 | % | 102.8 | % | ||||||
(4)
The current estimated loan to value ratio is based on OFHEO September 2008
data.
|
||||||||||||
(5)
431 severely delinquent loans with a net balance of $137.6 million were
partially charged off to their estimated collateral
value.
|
||||||||||||
Forecast
of single family loan portfolio payment recast
|
||||||||||||
Recast
quarter
(6)
|
Recast
Balance
|
Number
of Loans
|
|
|||||||||
1st
quarter 2009
|
$ | 43,657 | 95 | |||||||||
2nd
quarter 2009
|
67,746 | 163 | ||||||||||
3rd
quarter 2009
|
110,837 | 267 | ||||||||||
4th
quarter 2009
|
173,783 | 388 | ||||||||||
Total
2009
|
396,023 | 913 | ||||||||||
2010
|
694,260 | 1,508 | ||||||||||
2011
|
545,381 | 1,091 | ||||||||||
Thereafter
|
285,697 | 417 | ||||||||||
Grand
total
|
$ | 1,921,361 | 3,929 | |||||||||
(6)
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 9/30/2008)
|
$ | 132,957 | 501 | |||||||||
Acquired
REOs
|
168,517 | 361 | ||||||||||
Charged-offs
and writedowns
|
(90,581 | ) | - | |||||||||
Sold
REOs
|
(93,229 | ) | (384 | ) | ||||||||
Ending
REO Balance (as of 12/31/2008)
|
$ | 117,664 | 478 | |||||||||
Properties
in Escrow
|
$ | 49,485 | 226 | |||||||||
Loss
Mitigation Activity
|
||||||||||||
Loan
modifications 2008 year-to-date
(7)
|
Loan
Balance
|
Number
of Loans
|
|
|||||||||
Loan
terms modified to:
|
||||||||||||
Five
Year Fixed Interest Only
|
$ | 256,272 | 528 | |||||||||
Five
Year Fixed Amortizing
|
173,586 | 366 | ||||||||||
Five
Year Adjustable Interest Only
|
132,899 | 293 | ||||||||||
Adjustable
Rate Amortizing
|
40,788 | 96 | ||||||||||
Modified
Negam Cap
|
24,910 | 41 | ||||||||||
Stepped
Rate Interest Only 5 Years
|
4,129 | 7 | ||||||||||
Other
|
4,472 | 8 | ||||||||||
Grand
total (8)
|
$ | 637,056 | 1,339 | |||||||||
(7) Of
these 1,339 modified loans, 1,298 loans with a net balance of $619.0
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 modification with discount calculation totaled $46,667. | ||||||||||||
(8) This
disclosure does not include 112 severely delinquent modified loans with a
net balance of $37.3 million that were partially charged off
to
|
||||||||||||
their
estimated collateral value and moved to non-accrual loan
status.
|
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