Vineyard National Bancorp (NASDAQ:VNBC)
Industry: Financial
Vineyard National Bancorp, incorporated in 1988, serves as a holding company for Vineyard Bank (the Bank) and for other banking or banking-related subsidiaries that it may establish or acquire. As a wholly owned subsidiary, the Bank is a community bank that operates nine banking centers, which are located in each of the communities of Rancho Cucamonga, Chino, Diamond Bar, La Verne, Crestline, Lake Arrowhead, Irwindale, Manhattan Beach and Corona, all of which are located in Los Angeles, Riverside and San Bernardino counties in California. The Bank is involved in attracting deposits from individuals and businesses, and using those deposits, together with borrowed funds to originate commercial business and commercial real estate loans, primarily to small businesses, churches and private schools, single-family construction loans (both tract and coastal loans), Small Business Administration (SBA) loans, income property loans and various types of consumer loans. Lending Activities At December 31, 2004, the Company's loan balance, net of unearned income and deferred fees, increased 72.0% due to growth in real estate construction and real estate mortgage loans. Its business development efforts were focused on the expansion of its real estate construction lending. The Bank concentrates its commercial and real estate lending in its market area where economic condition trends are monitored. The high-end, single-family construction loans are concentrated in the coastal communities of Los Angeles and Orange counties in California, where loan commitments are in the $1 million to $5 million range. In 2004, gross commitments generated for this loan product were $439.5 million. The Bank also originates single-family tract construction loans. These loans are made on houses that sell in the range of $0.2 million to $0.4 million. In 2003, the Bank established an income property lending division to service the growing markets for commercial real estate and apartments in Southern California. The Bank also provides one- to four-family residential real estate financing for shorter duration than traditional mortgage loans. This category includes equity lines of credit, first trust deeds and junior lien loans. As of December 31, 2004, 69% of such loans will mature within one year, 10% will mature from within one to five years, and 21% will mature over five years. SBA loans are generally made pursuant to a federal government program designed to assist small businesses in obtaining financing. The Bank also originates consumer loans, which are loans to individuals consisting primarily of personal loans, automobile loans and individual lines of credit. As of December 31, 2004, the Company had total consolidated net loans of $1 billion. Of the Company's total loan portfolio, $428.9 million or 41.7% consisted of residential real estate construction loans, which exclude commercial real estate construction loans; $216.6 million or 21.0% consisted of commercial real estate loans; $189.9 million, or 18.4% consisted of multi-family residential real estate loans, and $36.1 million or 3.5% consisted of commercial business loans. Investment Activities The Company's investment portfolio at December 31, 2004 increased $21.4 million or 10.6%. All securities are classified as available-for-sale and are carried at fair market value. The Company holds no securities that should be classified as trading securities and has determined that since its securities may be sold prior to maturity because of interest rate changes, liquidity needs, or to better match the repricing characteristics of funding sources, its entire portfolio is classified as available-for-sale. No securities are classified as held-to-maturity. As of December 31, 2004, total securities based on amortized costs were $228,120,000, with available-for-sale: United States agency securities, $11,033,000; mortgage-backed securities, $215,045,000, and mutual funds, $2,042,000. The total fair value of the investment portfolio for the same period was $223,480,000, with available-for-sale: Un
As Of: 10/07 00:00 ET
*Quotes delayed by 20min.
BuyIns.Net Alerts for Symbol VNBC
- No BuyIns.Net Alerts Available for VNBC
Graphs for VNBC
3 Month Graph
6 Month Graph
1 Year Graph
