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AMERICA FIRST FINANCIAL FUND 1987-A ANNOUNCES EARNINGS

 AMERICA FIRST FINANCIAL FUND 1987-A ANNOUNCES EARNINGS
 OMAHA, Neb., Oct. 21 /PRNewswire/ -- American First Financial Fund


1987-A (NASDAQ: AFFFZ) is pleased to report earnings of $5.5 million for the quarter ended Sept. 30, 1992, compared to $5.2 million for the like quarter in 1991. The Partnership's net income is generated from its wholly owned financial institution, EurekaBank. Located in Foster City, Calif., EurekaBank has 34 branches in the greater San Francisco Bay Area, with $2.3 billion of total assets.
 Earnings for the third quarter of 1992 represent an annualized return on investment of approximately 18 percent on the initial capital of $120 million. Investors earned 82 cents per BUC for the quarter ended Sept. 30, 1992, and $2.33 for the first three quarters of 1992. This compares with 78 cents and $2.39, respectively, for the like periods of 1991. The book value per unit at Sept. 30, 1992, was $24.18, 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.
 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 effective June 30, 1992. Distributions of 40 cents per unit will be made on Nov. 2, 1992, to holders of record as of Sept. 30, 1992.
 EurekaBank's loan portfolio continues to perform well. At Sept. 30, 1992, loans delinquent 30 days or more were .76 percent of loans outstanding, which is consistent with the level at Dec. 31, 1991. The rate of non-performing assets to total assets was .30 percent at Sept. 30, 1992, compared to 3.25 percent for the major California thrifts (as of June 30, 1992). Loan loss reserves at Sept. 30, 1992, approximated 172 percent of non-performing loans.
 EurekaBank continues to make progress implementing its branch acquisition strategy. EurekaBank closed a branch swap transaction which will result in a net growth in deposits of $63 million and a reduction in branch locations of two. This transaction increases EurekaBank's market share in its targeted markets and reduces operating expenses. EurekaBank's average deposits per branch have increased 19 percent since January 1991.
 Management of the Fund is pleased with the continued success of EurekaBank and America First Financial Fund 1987-A.
 -0- 10/21/92
 /CONTACT: Maurice Cox, Jr. of America First, 402-444-1630/
 (AFFFZ) CO: America First Financial Fund-1987; EurekaBank ST: Nebraska, California IN: FIN SU: ERN


BB -- DV013 -- 2936 10/21/92 13:28 EDT
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Publication:PR Newswire
Date:Oct 21, 1992
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