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AMERICA FIRST FINANCIAL FUND 1987-A ANNOUNCES EARNINGS

 AMERICA FIRST FINANCIAL FUND 1987-A ANNOUNCES EARNINGS
 OMAHA, Neb., April 22 /PRNewswire/ -- America First Financial Fund


1987-A (NASDAQ: AFFFZ) is pleased to report earnings of $5.0 million for the quarter ended March 31, 1992, compared to $5.3 million for the like quarter in 1991. This slight decrease in earnings is principally due to a lower net interest margin which reflects a combination of branch acquisition costs (including goodwill) and accelerated mortgage loan prepayments. The Partnership's net income is generated from its wholly-owned financial institution EurekaBank. Located in Foster City, Calif., EurekaBank has 37 branches in the greater San Francisco Bay Area, with $2.0 billion of total assets.
 Earnings for the first quarter of 1992 represent an annualized return on investment of approximately 17 percent on the initial capital of $120 million. Investors earned $.7519 per BUC for the quarter ended March 31, 1992. The Partnership paid total distributions of $.375 in the first quarter which represents an annualized rate of $1.50 per unit, with additional earnings being retained at EurekaBank. As a result of retained earnings, the book value per unit at March 31, 1992, was $23.40 compared to a book value of $23.03 per unit at Dec. 31, 1991. Book value of the units has increased each quarter from a book value of $17.25 at the time Financial Fund 1987-A acquired EurekaBank in May 1988. Based on EurekaBank's strong earnings track record, the Partnership's board of directors voted on March 6, 1992, to increase the annual distribution rate to $1.60 per BUC and to make distributions on a quarterly basis.
 EurekaBank's loan portfolio continued to perform exceptionally. At March 31, 1992, loans which were delinquent 30 days or more were .57 percent of loans outstanding compared to .73 percent at Dec. 31, 1991. The ratio of non-performing loans to total assets was .16 percent at March 31, 1992. Management continues to maintain very substantial reserves. Loan loss reserves at March 31, 1992, approximated 245 percent of non-performing loans.
 EurekaBank continues to make progress implementing its branch acquisition strategy. In addition to acquiring and consolidating a branch into its Los Gatos office, EurekaBank entered into a branch swap transaction involving approximately $130 million of deposits. Upon the closing of this transaction, EurekaBank will have increased its deposits by approximately $250 million from acquisitions over the past year while achieving a net reduction of one branch. As a result, EurekaBank's average branch size will have increased by 20 percent from the amount at March 31, 1991.
 America First is pleased with the continued success of EurekaBank and America First Financial Fund 1987-A.
 -0- 4/22/92
 /CONTACT: Maurice E. Cox, Jr. of America First, 402-444-1630/
 (AFFFZ) CO: America First Financial Fund 1987-A; EurekaBank ST: Nebraska IN: FIN SU: ERN


BB -- DV014 -- 1240 04/22/92 11:59 EDT
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Publication:PR Newswire
Date:Apr 22, 1992
Words:475
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/C O R R E C T I O N -- America First Financial Corp./(Correction Notice)

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