Shares of FirstFed Financial Corp. surged more than 75 percent in afternoon trading Wednesday on news of an unexpected decrease in delinquent loans.

The Santa Monica-based parent of First Federal Bank of California reported that its delinquent non-accrual single-family mortgages a class of non-performing mortgages fell to $491.7 million in June from $506.8 million the previous month.

The monthly financial report sent the company's stock soaring to $11.99. The 75 percent jump marked the biggest single-day increase in FirsFed's stock since 1983. Still, shares are down almost 80 percent from their 52-week high of $58.74.

Shares settled back down and were trading at $10.96 in late afternoon trading on the New York Stock Exchange.

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