Vineyard National Bancorp of Corona, Calif., said Wednesday that it lost $62.5 million in the second quarter, after recording a $20.3 million provision for its deferred tax asset and a $40.5 million provision for losses on residential construction loans.
Though analysts polled by Thomson Reuters had estimated on average that Vineyard would lose 61 cents a share, the $6.46-per-share loss was expected after its June 30 call report became available Friday on the Federal Deposit Insurance Corp.'s Web site.
Additionally, the $2.4 billion-asset company said late Tuesday that its auditor was tallying votes from its annual meeting, in which shareholders were asked to elect seven directors from the management's slate or a dissident slate proposed by former chief executive Norman Morales.
On Monday, Mr. Morales, who resigned in January, said he had withdrawn himself from the dissident slate after failing to obtain approval from regulators to be reinstated as director, president, and CEO.
