Items Tagged with 'FirstFed Financial Corp.'

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  • Loan Loss Provisions Drive FirstFed's $244.8 Million Q4 Loss

    FirstFed Financial Corp. [stock FED][/stock], the Los Angeles-based parent company of First Federal Bank of California, on Monday reported a fourth-quarter net loss of $244.8 million -- or $17.91 per share -- compared with the $51.6 million net loss reported for the third quarter. FirstFed attributed the loss to a $220 million loan loss provision and a $112.3 million valuation allowance recorded against the company’s deferred tax assets. Total allowances for loan losses as a percentage of gross loans were 4.97 percent at the end of the quarter.
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  • 3Q Reserves Drive FirstFed's $51.6 Million Loss

    Ongoing charge-offs and modifications of single-family loans drove much of FirstFed Financial Corp.'s [stock FED][/stock] net loss of $51.6 million, or $3.77 per share, in the third quarter, up from a $35.5 million loss reported in the second quarter. The Los Angeles-based bank on Friday released preliminary third-quarter results, in which it disclosed $110.3 million in loan loss provision, up from the $90.2 million set aside in the previous quarter.
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  • At First Fed, Pushing the Pain Below

    A recent 8-K filed with the Securities and Exchange Commission by Los Angeles, Calif.-based FirstFed Financial Corp. [stock FED][/stock] provides a unique look at just how the option ARM crisis is likely to play out for many of the banks that tended to lend in the space during the recent housing boom.
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  • Option ARM Specialist First Fed: Severe Delinquencies Jump 115 Percent During Q1

    California-based option ARM specialist FirstFed Financial Corp. [stock FED][/stock] said Friday that a huge increase to loan loss allowances will lead the lender into the red when it reports first quarter earnings next Wednesday. The bank said its total provision for loan losses for Q1 will likely be between $140 million and $160 million, resulting in an after-tax operating loss of between $65 million and $75 million, or $4.75 to $5.50 per share. FirstFed reported earnings of 8.4 million, or $.61 per share, for the fourth quarter of 2007.
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  • Option ARM Specialist FirstFed: Delinquencies Up 231 Percent in One Quarter

    FirstFed Financial Corp., parent to First Federal Bank of California, said Friday that mortgage losses likely led to a 64 percent drop in quarterly earnings at the Santa Monica, Calif.-based holding company. On a preliminary basis, fourth-quarter net income was reported at $8.4 million, or $.61 per share, compared to $33.4 million, or $1.97 per share, in the year-ago period.
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