Exhibit 99.2
AMERICA FIRST FINANCIAL FUND 1987-A LIMITED PARTNERSHIP
AND SUBSIDIARY
PRO FORMA FINANCIAL INFORMATION
(unaudited)
On January 2, 1998 the Partnership disposed of its investment
in America First Eureka Holdings, Inc. for $80 million cash and
8,076,923 shares of Bay View Capital Corporation stock
resulting in a gain to the Partnership of approximately $192.5
million. Simultaneously, the Partnership distributed $80.6
million cash and the 8,076,923 shares of Bay View stock to the
General Partner and Beneficial Unit Certificate (BUC) Holders.
BUC Holders received $68.3 million cash and 6,839,539 shares of
Bay View stock and the General Partner received $12.3 million
cash and 1,237,384 shares of Bay View stock.
The pro forma balance sheet of the Partnership has been
prepared as if the disposition of America First Eureka
Holdings, Inc. and the resulting distribution of sale proceeds
occurred on September 30, 1997. The pro forma statements of
operations of the Partnership for the year ended December 31,
1996 and for the nine months ended September 30, 1997, assume
that the disposition and resulting distribution occurred on
January 1, 1996. Subsequent to the disposition and resulting
distribution, $2.1 million of cash remains in the Partnership.
Any cash remaining after the payment of liquidation expenses
will be distributed to the BUC Holders and General Partner upon
termination of the Partnership.
These pro forma financial statements do not purport to
represent what the Partnership's financial position or results
of operations would actually have been if the disposition in
fact had occurred on such dates or at the beginning of such
periods or the Partnership's financial position or results of
operation for any future date or period.
AMERICA FIRST FINANCIAL FUND 1987-A LIMITED PARTNERSHIP
AND SUBSIDIARY
PRO FORMA BALANCE SHEET
September 30, 1997
(dollars in thousands)
(unaudited)
Pro Forma Pro
Historical Adjustments Forma
----------------------------------
Assets
Cash and amounts due from
depository institutions 39,249 (37,149) 2,100
Federal funds sold 24,900 (24,900) 0
Securities purchased under
agreements to resell 38,415 (38,415) 0
Mortgage-backed securities, net
Held to maturity 506,779 (506,779) 0
Available-for-sale 41,285 (41,285) 0
Loans receivable, net 1,524,335 (1,524,335) 0
Loans held for sale 1,551 (1,551) 0
Accrued interest receivable 12,834 (12,834) 0
Premises and equipment, net 8,394 (8,394) 0
Federal Home Loan Bank stock,
at cost 20,236 (20,236) 0
Real estate held for sale or
investment, net 1,328 (1,328) 0
Real estate owned, net 1,958 (1,958) 0
Deferred tax assets, net 22,053 (22,053) 0
Other assets 7,200 (4,755) 2,445
----------------------------------
Total Assets 2,250,517 (2,245,972) 4,545
==================================
Liabilities and Partners' Capital
Customer deposits 1,965,961 (1,965,961) 0
Other borrowings 68,481 (68,481) 0
Distributions payable 2,437 2,437
Other liabilities and accrued
expenses 16,217 (16,102) 115
----------------------------------
Total Liabilities 2,053,096 (2,050,544) 2,552
----------------------------------
Pro Forma Pro
Historical Adjustments Forma
----------------------------------
Redeemable Preferred Stock 9,153 (9,153) 0
Partners' Capital
General Partner 11,520 (11,022) 498
Beneficial Unit Certificate (BUC)
Holders
6,010,589 BUCs authorized,
issued and outstanding 176,748 (175,253) 1,495
----------------------------------
Total Partners' Capital 188,268 (186,275) 1,993
----------------------------------
----------------------------------
Total Liabilities and Partners
Capital 2,250,517 (2,245,972) 4,545
==================================
BUC Holders capital per BUC 29.41 (29.16) 0.25
==================================
AMERICA FIRST FINANCIAL FUND 1987-A LIMITED PARTNERSHIP
AND SUBSIDIARY
PRO FORMA STATEMENTS OF OPERATIONS
For the Nine Months Ended September 30, 1997
(dollars in thousands except per BUC amounts)
(unaudited)
Pro Forma Pro
Historical Adjustments Forma
----------------------------------
Interest Income
Interest and fees on loans 83,408 (83,408) 0
Interest on mortgage-backed
securities 32,117 (32,117) 0
Interest and dividends on
investment 2,298 (2,181) 117
----------------------------------
Total interest income 117,823 (117,706) 117
----------------------------------
Interest expense
Interest on deposits 66,375 (66,375) 0
Interest on borrowings 3,928 (3,928) 0
Preferred Stock accretion 1,405 (1,405) 0
----------------------------------
Total interest expense 71,708 (71,708) 0
----------------------------------
Net interest income before provision
for loan losses 46,115 (45,998) 117
Provision for loan losses 752 (752) 0
----------------------------------
Net interest income after provision
for loan losses 45,363 (45,246) 117
----------------------------------
Non-interest income
Deposit related fees 1,399 (1,399) 0
Loan related fees 906 (906) 0
Gain on disposition of loans, net 234 (234) 0
Other income 5,090 (5,090) 0
----------------------------------
Total non-interest income 7,629 (7,629) 0
----------------------------------
Pro Forma Pro
Historical Adjustments Forma
----------------------------------
Non-interest expense
Compensation and benefits 18,371 (18,208) 163
Occupancy and equipment 5,934 (5,934) 0
FDIC premiums and special
assessments 1,151 (1,151) 0
Professional services 1,455 (1,448) 7
Advertising and promotion 883 (883) 0
Provision for loss (recovery) on
interest rate exchange
agreements 17 (17) 0
Other expense 6,427 (6,267) 160
----------------------------------
Total non-interest expense 34,238 (33,908) 330
----------------------------------
Income (loss) before income taxes 18,754 (18,967) (213)
Provision for income taxes (960) 960 0
Income tax benefit 0 0 0
----------------------------------
Net income (loss) 17,794 (18,007) (213)
==================================
Net income (loss) per BUC 2.56 (2.59) (0.03)
==================================
Number of BUCs outstanding 6,010,589 6,010,589 6,010,589
===================================
AMERICA FIRST FINANCIAL FUND 1987-A LIMITED PARTNERSHIP
AND SUBSIDIARY
PRO FORMA STATEMENTS OF OPERATIONS
For the Year Ended December 31, 1996
(dollars in thousands except per BUC amounts)
(unaudited)
Pro Forma Pro
Historical Adjustments Forma
----------------------------------
Interest Income
Interest and fees on loans 107,157 (107,1570 0
Interest on mortgage-backed
securities 50,161 (50,161) 0
Interest and dividends on
investment 4,680 (4,565) 115
----------------------------------
Total interest income 161,998 (161,883) 115
----------------------------------
Interest expense
Interest on deposits 81,982 (81,982) 0
Interest on borrowings 19,689 (19,689) 0
Preferred Stock accretion 0 0 0
----------------------------------
Total interest expense 101,671 (101,671) 0
----------------------------------
Net interest income before provision
for loan losses 60,327 (60,212) 115
Provision for loan losses 965 (965) 0
----------------------------------
Net interest income after provision
for loan losses 59,362 (59,247) 115
----------------------------------
Non-interest income
Deposit related fees 1,900 (1,900) 0
Loan related fees 1,379 (1,379) 0
Gain on disposition of loans, net 307 (307) 0
Other income 4,814 (4,814) 0
----------------------------------
Total non-interest income 8,400 (8,400) 0
----------------------------------
Pro Forma Pro
Historical Adjustments Forma
----------------------------------
Non-interest expense
Compensation and benefits 21,767 (21,550) 217
Occupancy and equipment 8,349 (8,349) 0
FDIC premiums and special
assessments 15,089 (15,089) 0
Professional services 1,385 (1,380) 5
Advertising and promotion 1,107 (1,107) 0
Provision for loss (recovery) on
interest rate exchange
agreements (332) 332 0
Other expense 9,855 (9,656) 199
----------------------------------
Total non-interest expense 57,220 (56,799) 421
----------------------------------
Income (loss) before income taxes 10,542 (10,848) (306)
Provision for income taxes 0 0 0
Income tax benefit 20,870 (20,870) 0
----------------------------------
Net income (loss) 31,412 (31,718) (306)
==================================
Net income (loss) per BUC 4.48 (4.52) (0.04)
==================================
Number of BUCs outstanding 6,010,589 6,010,589 6,010,589
===================================