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AMERICA FIRST FINANCIAL FUND 1987-A ANNOUNCES EARNINGS

 OMAHA, Neb., April 23 /PRNewswire/ -- America First Financial Fund 1987-A (NASDAQ: AFFFZ) is pleased to report earnings of $5.3 million for the quarter ended March 31, 1993, compared to $5.0 million for the like quarter in 1992. The increase in earnings is due principally to the growth in earning assets. The Partnership's net income is generated from its wholly owned financial institution, EurekaBank. Located in Foster City, Calif., EurekaBank has 36 branches in the greater San Francisco Bay Area, with $2.4 billion in total assets.
 Earnings for the first quarter of 1993 represent an annualized return on investment of approximately 18 percent on initial capital of $120 million. Investors earned 78 cents per BUC for the quarter ended March 31, 1993, compared to 75 cents in 1992. The Partnership paid total distributions of 40 cents in the first quarter which represents an annualized rate of $1.60 per unit, with additional earnings being retained at EurekaBank. The book value per unit at March 31, 1993, was $24.98 compared to a book value of $24.60 per unit at Dec. 31, 1992. The 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.
 EurekaBank has continued the growth of its retail deposit franchise during 1993. On April 16, EurekaBank acquired five branches with total deposits of $176 million. Three of the subject branches were consolidated into existing EurekaBank branches. Two branches represent new geographic markets. As a result of the acquisition, EurekaBank's average deposits per branch have increased to $52 million, a 21 percent increase from early 1991 when the acquisition program was initiated.
 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 1.00 percent as of March 31, 1993, compared to .95 percent as of Dec. 31, 1992, and is well below industry averages. Non-performing assets (loans which were 90 days or more delinquent and real estate acquired through foreclosure) as a percentage of total assets were .55 percent at March 31, 1993, compared to .47 percent reported at the end of 1992. EurekaBank's non-performing asset ratio is well below the 3.61 percent average recently reported by 10 major savings institutions headquartered in the western United States. The strong credit performance of EurekaBank's loan portfolio is attributed to the emphasis on one-to-four unit residential lending and a result of marketing programs that target borrowers with substantial equity in their homes.
 Management of America First is pleased with the continued success of EurekaBank and America First Financial Fund 1987-A.
 -0- 4/23/93
 /CONTACT: Maurice Cox, Jr. of America First, 402-444-1630/
 (AFFFZ)


CO: America First Financial Fund 1987-A; EurekaBank ST: Nebraska, California IN: FIN SU: ERN

BB -- DV003 -- 0011 04/23/93 11:36 EDT
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Date:Apr 23, 1993
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