SAN FRANCISCO -- First-fed Financial Corp. said it will take a $55 million loan-loss provision in the second quarter, reflecting earthquake-related losses and its heavy exposure in the local apartment market.

About $23.1 million of First-fed's second-quarter addition to reserves is due directly to last January's Los Angeles-area temblor, which heavily damaged Santa Monica, where the thrift company is based.

The addition to reserves is expected to produce an unspecified net loss for the quarter, a Firstfed spokesman said. Despite the loss, the company said, its thrift, First Federal Bank of California, will exceed all regulatory capital requirements.

Firstfed is a major lender to apartment owners in the Los Angeles area. The bank's loan portfolio in the earthquake-affected area amounts to about $664.6 million.

Although the multifamily market is stabilizing after sharp price drops, the thrift continues to take losses in its $1.73 billion portfolio. In the first five months of 1994, it recorded chargeoffs of $38 million, including $10.9 million directly related to the earthquake.

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