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AMERICA FIRST FINANCIAL FUND 1987-A ANNOUNCES EARNINGS

 OMAHA, Neb., Jan. 27 /PRNewswire/ -- America First Financial Fund 1987-A (NASDAQ: AFFFZ) is pleased to report earnings of $5.5 million for the quarter ended Dec. 31, 1992, which is comparable to the results reported for the like quarter of 1991. This brings earnings for 1992 to $21.1 million, compared to $21.2 million reported for 1991. The Fund's net income is generated from its investment in EurekaBank. EurekaBank, located in Foster City, Calif., is a $2.35 billion financial institution with 34 branches in the greater San Francisco Bay Area.
 In concert with its long-term strategy, EurekaBank continued the development of its retail franchise during 1992. EurekaBank's average deposits per branch increased 8 percent during 1992 as a result of a successful acquisition and consolidation program. EurekaBank also furthered the expansion of its mortgage business. Residential loan originations totaled $439 million, a 71 percent increase over 1991. In addition, EurekaBank increased the sales of annuity and mutual fund products through its fully-owned subsidiary, Eureka Financial Services Inc., by 110 percent during the year.
 The credit performance of EurekaBank's loan portfolio continues to be very strong. The ratio of loans which were delinquent 30 days or more as a percentage of total loans was .95 percent as of Dec. 31, 1992, compared to .73 percent the year earlier. Non-performing assets (loans which were 90 days or more delinquent and real estate acquired through foreclosure) as a percentage of total assets were .47 percent at Dec. 31, 1992, compared to .31 percent reported at the end of 1991. The increase in delinquent loans reflects the current economic conditions in California. EurekaBank's non-performing assets ratio was well below the 3.45 percent average recently reported by 11 major savings institutions headquartered in the western United States. The strong credit performance of EurekaBank's loan portfolio is attributed to an emphasis on one- to four-unit residential lending and the result of marketing programs that target borrowers with substantial equity in their homes.
 The $120 million public offering of America First Financial Fund 1987-A was completed in 1987 with 11,018 investors. Earnings for 1992 represent an annualized return on investment of approximately 16 percent to investors, based upon the initial capital contributions of $20 per beneficial unit certificate (BUC). Investors earned 82 cents per BUC for the quarter ended Dec. 31, 1992, and a total of $3.15 per BUC for the year. These results are comparable to the 82 cents and $3.20 amounts reported in the fourth quarter and the year ended Dec. 31, 1991, respectively.
 The Fund currently pays distributions at an annualized rate of $1.60 per BUC, with additional earnings retained at EurekaBank. Due to the continued earnings performance of EurekaBank, the book value per unit at Dec. 31, 1992, increased to $24.60 from $23.03 at Dec. 31, 1991. The book value has increased 43 percent, after the effect of dividends, since EurekaBank was acquired in 1988.
 Management of America First is pleased with the continued success of EurekaBank and America First Financial Fund 1987-A.
 -0- 1/27/93
 /CONTACT: Maurice 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

BB -- DV009 -- 9772 01/27/93 14:58 EST
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Publication:PR Newswire
Date:Jan 27, 1993
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/C O R R E C T I O N -- America First Financial Corp./(Correction Notice)

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