FirstFed Reports Improved Loan Performance

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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