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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
_________________________________________


FORM 10-Q


x   QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2004

o  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission File No. 0-20862

VINEYARD NATIONAL BANCORP
(Exact Name of Registrant as Specified in its Charter)

California
(State or other jurisdiction of
incorporation or organization)
  
33-0309110
(IRS employer
identification number)
     
9590 Foothill Boulevard
Rancho Cucamonga, California
(Address of principal executive offices)
  
91730
(Zip Code)
 

Registrant's telephone number, including area code: (909) 581-1668

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

APPLICABLE TO CORPORATE ISSUER

Indicate the number of shares outstanding of the issuer's common stock on the latest practicable date: 8,732,041 shares of common stock as of November 10, 2004.

 
   1
 

VINEYARD NATIONAL BANCORP AND SUBSIDIARY
FORM 10-Q INDEX
FOR THE PERIODS ENDED SEPTEMBER 30, 2004 AND 2003,
AND DECEMBER 31, 2003

PART I - FINANCIAL INFORMATION

ITEM 1.
  
     
 
4
     
 
5
     
 
6
     
 
7
     
 
8
     
 
14
     
ITEM 2.
15
     
ITEM 3.
30
     
ITEM 4.
32
     
 
PART II - OTHER INFORMATION
  
     
ITEM 1.
33
     
ITEM 2.
33
     
ITEM 3.
33
     
ITEM 4.
33
     
ITEM 5.
33
     
ITEM 6.
34
     
 
35
     
Exhibits
    
 

 
   2

FORWARD-LOOKING STATEMENTS

Except for historical information contained herein, the matters discussed in this Form 10-Q contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent estimates, projections and statements of beliefs of Vineyard National Bancorp (the “Company”) concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as “believe,” “anticipate,” “expect,” ; “estimate,” “project,” “intend,” “will,” “may,” or words or phases of similar meaning. The Company cautions that the forward-looking statements are based largely on the expectations of the Company and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company’s control. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained herein. For a discussion of some of the risks and uncertainties that might cause such a difference, see Item 3. Quantitative and Qualitative Disclosures about Market Risk. Investors should not place undue reliance on forward-looking statements as a prediction of actual results. The Company will not update the forward-looking statements to reflect actual results or changes in the factors affecting the forwarding-looking statements .

 
   3
 

PART I
ITEM I.  FINANCIAL STATEMENTS

VINEYARD NATIONAL BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
AT SEPTEMBER 30, 2004 AND DECEMBER 31, 2003
 
(Dollars in Thousands)
  
September 30,
  
December 31,
  
   
2004
  
2003
  
   
(unaudited)
  
(audited)
  
ASSETS
              
Cash and due from banks
  
$
24,531
  
$
18,842
  
Federal funds sold
    
2,000
   
39,400
 
Total Cash and Cash Equivalent
    
26,531
   
58,242
 
               
Investment securities, available-for-sale
    
216,446
   
202,068
 
Loans, net of unearned income
    
1,020,490
   
597,007
 
Less: Allowance for possible loan losses
    
(12,130
)
  
(7,537
)
Net Loans
    
1,008,360
   
589,470
 
Bank premises and equipment, net
    
11,475
   
9,435
 
Accrued interest
    
5,052
   
3,107
 
Federal Home Loan Bank (“FHLB”) and other stock, at cost
    
12,572
   
9,195
 
Deferred income tax asset
    
7,005
   
8,471
 
Other assets
    
11,194
   
7,812
 
TOTAL ASSETS
  
$
1,298,635
  
$
887,800
  
               
LIABILITIES AND STOCKHOLDERS' EQUITY
              
Liabilities
              
Deposits
              
Non-interest bearing
  
$
120,500
  
$
94,162
  
Interest-bearing
    
810,661
   
509,164
 
Total Deposits
   
931,161
   
603,326
 
               
FHLB advances and other borrowings
    
222,425
   
182,000
 
Subordinated debentures
    
5,000
   
5,000
 
Junior subordinated debentures
    
60,829
   
38,147
 
Guarantee of ESOP debt
    
6,997
   
-
 
Accrued interest and other liabilities
    
6,072
   
7,152
 
TOTAL LIABILITIES
   
1,232,484
   
835,625
 
               
COMMITMENTS AND CONTINGENCIES (Note #3)
              
               
Stockholders' Equity
              
Contributed capital
              
Perpetual preferred stock - authorized 10,000,000 shares
              
Series A - no par value, issued 50 shares; outstanding 0 and 50
              
shares in 2004 and 2003, respectively
    
-
   
2,450
 
Series B - no par value, issued 1,150,000 shares; outstanding
              
0 and 1,150,000 shares in 2004 and 2003, respectively
    
-
   
26,549
 
Common stock - no par value, authorized 15,000,000 shares;
              
issued and outstanding 8,874,466 and 6,291,430 shares
              
in 2004 and 2003, respectively
   
55,234
   
9,739
 
Additional paid-in capital
    
3,307
   
3,307
 
Unallocated ESOP shares
    
(6,997
)
  
-
 
Stock dividends to be distributed
    
-
   
4,981
 
Retained earnings
    
16,811
   
8,237
 
Accumulated other comprehensive loss
    
(2,204
)
  
(3,088
)
TOTAL STOCKHOLDERS' EQUITY
    
66,151
   
52,175
 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
  
$
1,298,635
  
$
887,800
  
               
See accompanying notes to financial statements.
              

 
   4

VINEYARD NATIONAL BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
FOR THE NINE AND THREE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003

(Dollars in Thousands, except per share amounts)
Nine Months Ended September 30,
  
Three Months Ended September 30,
  
 
2004
  
2003
  
2004
  
2003
  
 
(unaudited)
  
(unaudited)
  
(unaudited)
  
(unaudited)
  
Interest Income
                        
Interest and fees on loans
$
47,169
  
$
20,645
  
$
17,931
  
$
8,587
  
Interest on investment securities
  
6,333
   
5,469
   
2,380
   
2,384
 
Interest on federal funds sold
 
49
   
90
   
2
   
22
 
TOTAL INTEREST INCOME
  
53,551
   
26,204
   
20,313
   
10,993
 
                         
Interest Expense
                        
Interest on savings deposits
  
77
   
52
   
33
   
19