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AMERICA FIRST FINANCIAL FUND 1987-A ANNOUNCES EARNINGS

 AMERICA FIRST FINANCIAL FUND 1987-A ANNOUNCES EARNINGS
 OMAHA, Neb., Jan. 23 /PRNewswire/ -- America First Financial Fund 1987-A (NASDAQ: AFFFZ) reported today earnings of $5.5 million for the quarter ended Dec. 31, 1991, which is comparable to $5.7 million reported for the fourth quarter of 1990. This brings the total earnings for 1991 to $21.2 mllion, which represents a 5 percent increase over the results reported for 1990. The fund's net income is generated from its investment in EurekaBank. EurekaBank, located in Foster City, Calif., is a $2.1 billion financial institution with 37 branches in the greater San Francisco Bay Area.
 EurekaBank expanded its retail franchise significantly during 1991. EurekaBank's retail deposits increased approximately 16.4 percent as a result of successful marketing efforts and acquisitions. EurekaBank acquired seven branches with deposits totaling $185 million. Furthermore, earning assets increased $235 million as a result of the origination and purchase of mortgage loans on one to four unit residential properties.
 The credit performance of EurekaBank's loan portfolio remains very strong. The ratios of loans which were delinquent 30 days or more as a percent of total loans was .73 percent as of Dec. 31, 1991, down from .77 percent a year earlier. Non-performing assets (loans which were 90 days or more delinquent and real estate acquired through foreclosure) as a percent of total assets were .31 percent at Dec. 31, 1991, compared to .21 percent reported at the end of 1990. These ratios are substantially better than industry averages.
 The $120 million public offering of America First Financial Fund 1987-A was completed in 1987 with 11,018 investors. Earnings for 1991 represent an annualized return on investment of approximately 16 percent to investors, based on the initial capital contribution of $20 per beneficial unit certificate (BUC). Investors earned $.82 per BUC for the quarter ended Dec. 31, 1991, and a total of $3.20 per BUC for the year.
 The fund pays distributions at an annualized rate of $1.50 per BUC, with additional earnings retained at EurekaBank. As a result of retained earnings, the book value per BUC at Dec. 31, 1991, was $23.03 compared to a book value of $21.32 per BUC at Dec. 31, 1990, and a book value of $17.25 per BUC when EurekaBank was acquired in 1988.
 America First is pleased with the continued success of EurekaBank and America First Financial Fund 1987-A.
 -0- 1/23/92
 /CONTACT: Maurice E. Cox Jr. of America First Financial Fund 1987-A, 402-444-1630/
 (AFFFZ) CO: America First Financial Fund 1987-A ST: Nebraska IN: FIN SU: ERN


SS-AW -- DV003 -- 2735 01/23/92 11:06 EST
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Publication:PR Newswire
Date:Jan 23, 1992
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/C O R R E C T I O N -- America First Financial Corp./(Correction Notice)

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