Exhibit 99.1 Interim Consolidated Financial Statements April 30, 2025 (Unaudited) 1 VERSABANK Consolidated Balance Sheets (Unaudited) (thousands of Canadian dollars) | | | April 30 | | October 31 | | April 30 | | --- | --- | --- | --- | --- | --- | --- | | As at | | 2025 | | 2024 | | 2024 | | Assets | | | | | | | | Cash | $ | 340,186 | $ | 225,254 | $ | 198,808 | | Securities (note 4) | | 104,807 | | 299,300 | | 103,769 | | Credit assets, net of allowance for credit losses (note 5) | | 4,523,812 | | 4,236,1 ...

Core Viewpoint - VersaBank reported strong financial results for Q2 2025, with record total revenue and significant growth in credit assets, driven by its Receivable Purchase Program and digital banking operations [2][12][19]. Financial Performance - Total revenue for Q2 2025 reached CAD 30.1 million, a 6% increase year-over-year and an 8% increase sequentially [12][18]. - Net income for Q2 2025 was CAD 8.5 million, compared to CAD 8.1 million in Q1 2025 and CAD 11.8 million in Q2 2024 [12][18]. - Earnings per share for Q2 2025 were CAD 0.26, down from CAD 0.28 in Q1 2025 and CAD 0.45 in Q2 2024 [12][18]. Asset Growth - Total assets increased by 15% year-over-year and 2% sequentially to a record CAD 5.0 billion, primarily due to growth in credit portfolios [12][20]. - Total credit assets reached CAD 4.52 billion, marking a 13% year-over-year increase and a 4% sequential increase [11][12]. Digital Banking Operations - Digital Banking operations generated total revenue of CAD 28.1 million, a 6% increase year-over-year and a 9% increase sequentially [15]. - The net interest margin on credit assets for Digital Banking operations increased to 2.59%, reflecting a 3% year-over-year increase and a 10% sequential increase [15][12]. Strategic Initiatives - The company is pursuing a structural realignment to align with a standard US bank framework, which is expected to enhance shareholder value and reduce costs [9][12]. - The Receivable Purchase Program in the US is on track to reach at least USD 290 million by fiscal year-end [8][19]. Market Position - VersaBank operates a branchless, digital business-to-business model, leveraging technology to address underserved segments in the banking industry [22]. - The bank's cybersecurity subsidiary, DRT Cyber Inc., positions it as a leader in addressing the growing volume of cyber threats [22].

Group 1 - VersaBank will report its second quarter fiscal 2025 financial results on June 4, 2025, at 7:00 a.m. ET, followed by a conference call at 9:00 a.m. ET [1] - The conference call will feature presentations by David Taylor, President & CEO, and John Asma, CFO, with a question and answer session to follow [1] - The financial results will be released via news release at approximately 7:00 a.m. ET on the same day [1] Group 2 - For those wishing to join the conference call, registration can be done in advance for an automated call back, or participants can dial in directly [2] - A live webcast of the presentation will be available on the Bank's website and through a specific link [3] - An archived version of the webcast will be accessible for 90 days post-event, and a replay of the teleconference will be available until July 4, 2025 [4] Group 3 - VersaBank operates as a federally chartered bank in both Canada and the US, utilizing a branchless, digital business-to-business model [5] - The Bank has launched a Receivable Purchase Program funding solution aimed at underserved markets in the US, building on its success in Canada [5] - VersaBank also owns DRT Cyber Inc., a leader in cybersecurity services, and has proprietary technology for digital assets, including Digital Deposit Receipts [5]

Core Viewpoint - VersaBank has received approval for a Normal Course Issuer Bid (NCIB) to repurchase up to 2,000,000 common shares, representing approximately 8.99% of its public float, amidst a challenging environment for the North American banking industry [1][2][3] Group 1: Financial Performance - In fiscal 2025 year to date, VersaBank has achieved significant year-over-year growth in profitability, leading to improvements in efficiency ratio and return on common equity [2] - The bank's performance is noted to be strong despite broader industry challenges, particularly in the United States, which have negatively impacted overall valuations [2] Group 2: Share Repurchase Program - The NCIB allows VersaBank to purchase common shares starting April 30, 2025, and ending April 29, 2026, or earlier if purchases are completed [3] - Daily purchases under the NCIB will be limited to 25% of the average daily trading volume (ADTV), which is 9,440 common shares, with a total of 20,321,293 shares traded during the preceding six-month period [2][3] Group 3: Business Model and Strategy - VersaBank operates a branchless, digital, business-to-business model that leverages proprietary technology to serve underserved segments of the banking industry [4] - The bank has launched a Receivable Purchase Program targeting the U.S. market, which has been successful in Canada for nearly 15 years [4] - VersaBank also owns DRT Cyber Inc., a leader in cybersecurity services, and Digital Meteor Inc., which focuses on next-generation digital assets for the banking sector [4]

Group 1 - VersaBank held its 2025 Annual Meeting of Shareholders on April 24, 2025, in London, Ontario, where all director nominees were elected [1] - The voting results showed high approval rates for the directors, with the Honourable Frank Newbould receiving 98.97% in favor and David R. Taylor receiving 99.08% [1] - Shareholders approved the appointment of Ernst & Young LLP as auditors of the Bank [1] Group 2 - VersaBank operates as a federally chartered bank in both Canada and the US, utilizing a branchless, digital, business-to-business model [3] - The bank focuses on underserved segments of the banking industry, leveraging proprietary technology to enhance efficiency and return on common equity [3] - In August 2024, VersaBank launched a Receivable Purchase Program targeting the US market, which has been successful in Canada for nearly 15 years [3] - VersaBank owns DRT Cyber Inc., a leader in cybersecurity services, addressing the increasing volume of cyber threats [4] - The bank also has a subsidiary, Digital Meteor Inc., which develops next-generation digital assets and Digital Deposit Receipts (DDRs) [4]

Group 1 - VersaBank will hold its annual meeting of shareholders on April 24, 2025, at the VersaBank Innovation Centre of Excellence in London, Ontario, and it will be livestreamed from the Nasdaq MarketSite in New York City [1] - David Taylor, Founder, President, and CEO of VersaBank, along with Tel Matrundola, President of VersaBank USA, will ring the Nasdaq Closing Bell on April 25, 2025, at 4:00 p.m. ET, with a livestream available [2] Group 2 - VersaBank operates as a federally chartered bank in both Canada and the US, utilizing a branchless, digital, business-to-business model that leverages proprietary technology to serve underserved segments of the banking industry [3] - The bank launched its Receivable Purchase Program funding solution in August 2024, targeting the underserved multi-trillion-dollar US market, building on its success in Canada [3] - VersaBank owns DRT Cyber Inc., a leader in cybersecurity services, and its subsidiary Digital Meteor Inc. holds proprietary technology for next-generation digital assets, including Digital Deposit Receipts (DDRs) [3] Group 3 - VersaBank's common shares are traded on the Toronto Stock Exchange and NASDAQ under the symbol VBNK [4]

Group 1: US Receivable Purchase Program (RPP) - VersaBank has entered into an agreement with its second US RPP partner, aiming to leverage its innovative RPP to fund loan and lease originations [1] - The US RPP portfolio has surpassed US$70 million (approximately CAD$100 million) in assets within 75 days of adding the first partner, with a target of US$290 million in fiscal 2025 [2][3] - The company expects to add more RPP partners, driven by favorable market conditions as alternative funding costs rise [3] Group 2: Financial Performance and Net Interest Margin - VersaBank's net interest margin (NIM) has expanded significantly in the first two months of the second quarter of fiscal 2025, influenced by factors such as the normalization of the yield curve and the replacement of higher interest rate term deposits [4] - The addition of higher margin US RPP assets is also contributing positively to the NIM [4] Group 3: CMHC-Insured Loans - The bank is on track to reach its target of $1 billion in commitments for Canada Mortgage and Housing Corporation (CMHC)-insured loans by the end of fiscal 2025, with commitments exceeding $730 million as of April 15, 2025 [6] - CMHC-insured loans are zero risk-weighted, requiring no risk-weighted capital, thus generating an attractive spread that contributes favorably to the credit asset net interest margin [6] Group 4: Expansion of Deposit Broker Network - VersaBank has expanded its deposit broker network by adding BMO Nesbitt Burns Inc., which is expected to further enhance the bank's NIM in fiscal 2025 [5] Group 5: Overview of VersaBank - VersaBank operates a branchless, digital, business-to-business model, utilizing proprietary technology to address underserved segments of the banking industry [9] - The bank launched its Receivable Purchase Program in the US market, which has been successful in Canada for nearly 15 years [9]

Core Insights - VersaBank will participate in the 37th Annual ROTH Conference from March 16-18, 2025, in Dana Point, California, with management available for one-on-one meetings with institutional investors [1] Company Overview - VersaBank is a North American bank with a unique branchless, digital, business-to-business model that leverages proprietary technology to serve underserved segments of the banking industry in a risk-mitigated manner [2] - The bank primarily obtains deposits and funding electronically through financial intermediary partners, which enhances operational efficiency and return on common equity [2] - In August 2024, VersaBank launched its Receivable Purchase Program funding solution aimed at point-of-sale finance companies, targeting the underserved multi-trillion-dollar US market [2] - VersaBank owns DRT Cyber Inc., a leader in cybersecurity services in North America, addressing the increasing cyber threats faced by financial institutions and government entities [2] - Through its subsidiary Digital Meteor Inc., VersaBank holds proprietary technology for the next generation of digital assets, including Digital Deposit Receipts (DDRs) [2]

Financial Performance - Total assets increased to $4.97 billion, a 15% year-over-year increase from $4.31 billion[9, 11] - Credit assets reached $4.35 billion[9, 11, 16] - Cash and securities significantly increased by 109% year-over-year, reaching $0.55 billion compared to $0.26 billion[11] - Net income was $8.1 million, a 36% decrease year-over-year[9, 14] - Earnings per share (EPS) was $0.28, a 42% decrease year-over-year[9, 14] - Total revenue was $27.8 million, a 4% decrease year-over-year[9, 14] Digital Banking Operations - Canadian Digital Banking Efficiency Ratio is 47%[9] - Digital Banking Canada revenue decreased by 11% year-over-year to $23.81 million[15] - Digital Banking USA revenue was $2.04 million[15] - Net Interest Margin (NIM) on credit assets was 2.36%[9, 19] Receivable Purchase Program (RPP) - Receivable Purchase Program portfolio comprised $928 million of the $4.35 billion total credit asset portfolio[17] - Multi-Family Residential Loans & Other comprised $3.4 billion of the $4.35 billion total credit asset portfolio[17] Capital and Ratios - CET1 Ratio was 14.61%, an increase of 322 bps year-over-year[11] - Leverage Ratio was 9.67%, an increase of 123 bps year-over-year[11] - Book value per common share increased by 11% year-over-year to $16.03[11]

Financial Data and Key Metrics Changes - Total assets at the end of Q1 2025 grew 15% year-over-year and 3% sequentially to just under $5 billion [18] - Total consolidated revenue was $27.8 million, compared to $28.9 million last year, reflecting a small year-over-year decrease driven by lower net interest margin and non-interest income [20] - Consolidated non-interest expense increased to $15.7 million from $12 million in Q1 last year, attributed to operating costs associated with U.S. operations [21] - Book value per share increased to a record $16.03 [18] - CET-1 ratio increased to 14.61% and leverage ratio was 9.67%, both above internal targets [18] Business Line Data and Key Metrics Changes - Revenue for Canadian banking operations was $23.8 million, up slightly from Q4 last year, with net income of $8.8 million [22] - U.S. banking operations generated revenue of $2 million, with income of $103,000 [22] - Cybersecurity component within DRTC generated revenue of $2 million, up from $1.9 million in Q1 last year, but net loss was $757,000 due to higher operating expenses [23] Market Data and Key Metrics Changes - The credit asset portfolio grew to a record $4.35 billion, with the receivable purchase program increasing 10% year-over-year and 3% sequentially to $3.4 billion [24] - The multifamily residential loans and other portfolio grew 5% year-over-year to $928 million [25] - Digital banking operations net interest margin on credit assets was 2.36%, down 10% year-over-year but up 1% sequentially [27] Company Strategy and Development Direction - The company aims for low double-digit growth in Canadian assets, with potential upside from increased consumer spending in a lower interest rate environment [30] - The company is targeting $1 billion in commitments for CMHC-insured multifamily residential loans by the end of fiscal 2025 [31] - The company is actively pursuing opportunities in digital deposit receipts (DDRs), which are expected to disrupt conventional banking deposit frameworks [36][37] Management's Comments on Operating Environment and Future Outlook - Management expects to see a more meaningful contribution from the CMHC-insured multifamily residential loan business and anticipates favorable trends supporting net interest margin [32] - The company is optimistic about the U.S. RPP business, with a robust pipeline of potential partners [34] - Management noted that the uncertainty in markets could make their RPP solution more attractive as alternative funding sources become more expensive [34] Other Important Information - The company completed a successful capital raise of $86 million to support U.S. RPP opportunities [8] - The company has transferred intellectual property related to DDRs to a wholly owned subsidiary for exclusive focus on DDR assets [37] Q&A Session Summary Question: How should we think about the digital deposit receipts in the near term? - Management plans to pilot the project in the U.S. and expects to start raising deposits towards the middle to end of the year [44][46] Question: Should we consider the current non-interest expenses as the run rate moving forward? - Management indicated that current expenses may increase slightly due to exchange rate impacts and higher costs associated with U.S. operations [49] Question: How quickly can the U.S. RPT volume ramp up? - Management believes that the initial target of $290 million in U.S. RPT volume is easily attainable with several partners lined up [53] Question: Can you provide an update on the trajectory of the U.S. point-of-sale business? - Management stated that the process involves paperwork and that partners are keen to start, with momentum expected to build [58] Question: What is the impact of the flattening yield curve on margins? - Management expects margins to widen back up to historical levels as higher-priced deposits mature [70][72] Question: Can you provide details on the provision taken in the quarter? - Management explained that provisions are based on forward-looking models and are higher due to an unstable credit environment, but still remain low compared to industry averages [74]