EXHIBIT 12
STATEMENT RE: COMPUTATION OF EFFICIENCY RATIOS
AMERICA FIRST MORTGAGE INVESTMENTS, INC.
STATEMENTS OF INCOME
NEW COMPANY
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YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5
--------- --------- --------- --------- ---------
Management Fee............................................. 780 1,280 1,791 2,303 2,814
Incentive Fee.............................................. 617 1,526 2,167 2,804 3,437
Other...................................................... 730 803 883 971 1,088
--------- --------- --------- --------- ---------
$ 2,127 $ 3,609 $ 4,841 $ 6,078 $ 7,319
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Interest Income............................................ 39,806 83,942 118,369 152,821 187,257
Interest Expense........................................... 29,064 63,432 89,627 115,856 142,085
Hedging Cost............................................... 674 1,451 2,057 2,664 3,271
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29,738 64,883 91,684 118,520 145,356
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Net Income Interest........................................ $ 10,068 $ 19,059 $ 26,685 $ 34,301 $ 41,901
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Efficiency ratio........................................... 21.1263% 18.9359% 18.1413% 17.7196% 17.4674%
AMERICA FIRST MORTGAGE INVESTMENTS, INC.
STATEMENTS OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 1996 FOR THE YEAR ENDED DECEMBER 31, 1995
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PREP 1 PREP 2 PENSION COMBINED PREP 1 PREP 2 PENSION
------------ ------------ ---------- ------------ ------------ ------------ ----------
General and administrative
expenses....................... 895,961 313,422 172,499 $ 1,381,882 834,594 287,838 171,190
Mortgage and mortgage-backed
securities income.............. $ 3,011,347 $ 1,231,344 $ 660,229 $ 4,902,920 $ 3,398,068 $ 1,346,474 $ 723,177
Interest Income on participating
loans.......................... 240,432 240,432 251,157 -- -- 251,157
Interest Income on temporary cash
investments
and U.S. government
securities..................... 442,931 24,302 94,739 581,972 408,845 29,476 84,722
------------ ------------ ---------- ------------ ------------ ------------ ----------
Net Interest Income.............. $ 3,694,710 $ 1,255,646 $ 754,968 $ 5,705,324 $ 4,057,870 $ 1,375,950 $ 807,899
------------ ------------ ---------- ------------ ------------ ------------ ----------
Efficiency ratio................. 24.2209%
PRO FORMA
COMBINED
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General and administrative
expenses....................... $ 1,293,622
Mortgage and mortgage-backed
securities income.............. $ 5,487,719
Interest Income on participating
loans..........................
Interest Income on temporary cash
investments
and U.S. government
securities..................... 522,843
------------
Net Interest Income.............. $ 6,241,719
------------
Efficiency ratio................. 20.7254%
AMERICA FIRST MORTGAGE INVESTMENTS, INC.
STATEMENTS OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 1994
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PRO FORMA
PREP 1 PREP 2 PENSION COMBINED
------------ ------------ ---------- ------------
General and administrative expenses........................ 647,772 270,366 148,214 $ 1,066,352
Mortgage and mortgage-backed securities income............. $ 3,488,648 $ 1,043,641 $ 557,578 $ 5,089,863
Interest Income on participating loans..................... 264,904 -- -- 264,904
Interest Income on temporary cash investments and U.S.
government securities.................................... 374,521 88,326 78,415 521,262
------------ ------------ ---------- ------------
Net Interest Income........................................ $ 4,128,071 $ 1,111,967 $ 635,991 $ 5,876,029
------------ ------------ ---------- ------------
Efficiency ratio........................................... 18.1475%