LONDON, ON, Nov. 7, 2024 /PRNewswire/ - VersaBank ("VersaBank" or the "Bank") (TSX: VBNK) (NASDAQ: VBNK) today announced management will participate in the KBW Fintech Conference to be held November 13-14, 2024 in New York City.  As part of the conference, David Taylor, President and CEO will participate in a panel discussing The Future of Fintech-Bank Partnerships on Wednesday, November 13, 2024 at 1:25 p.m. ET.  This event will be available only to those attending in person.  VersaBank management will be ...

LONDON, ON, Oct. 24, 2024 /PRNewswire/ - VersaBank ("VersaBank" or the "Bank") (TSX: VBNK) (NASDAQ: VBNK) today announced management will participate in the ThinkEquity Conference to be held October 30, 2024 in New York City.  David Taylor, President and CEO, will present at 4:30 p.m. ET. A live webcast of the presentation will be made available on the Bank's website at https://www.versabank.com/investor-relations/events-presentations/. About VersaBankVersaBank is a North American bank (federally chartered ...

Roth MKM analyst Craig Irwin initiated coverage on VersaBank VBNK with a price target of $18. Following the August 2024 acquisition of Stearns Bank Holdings, VersaBank is now federally chartered in both the U.S. and Canada. According to the analyst, management plans to implement VersaBank's proven, risk-mitigated point-of-sale lending model in the U.S. to enhance leverage and deliver long-term value in this larger, more profitable market. Irwin says VersaBank's technology infrastructure enables it to digita ...

LONDON, ON, Sept. 25, 2024 /PRNewswire/ - VersaBank (TSX: VBNK) ("VersaBank" or the "Bank") today announced its intention to redeem all outstanding Non-cumulative 5-Year Rate Reset Preferred Shares, Series 1 (Non-Viability Contingent Capital (NVCC)) ("Series 1 Preferred Shares") of the Bank on October 31, 2024 at a price equal to $10.00 per share together with all declared and unpaid dividends to the Redemption Date. The redemption has been approved by the Office of the Superintendent of Financial Instituti ...

Financial Data and Key Metrics Changes - Total assets reached a record high of $4.5 billion, reflecting a 13% year-over-year growth and a 3% sequential increase [9] - Consolidated net income for Q3 decreased by 3% year-over-year and 18% sequentially to $9.7 million, or $0.36 per share [11] - Net interest margin on loans was 2.41%, down 10% year-over-year and 4% sequentially [13] - Consolidated revenue increased by 1% year-over-year to $27 million but decreased by 5% sequentially [9][10] Business Line Data and Key Metrics Changes - The loan portfolio grew to $4.05 billion, driven by a 16% year-over-year increase in the receivable purchase program (RPP) [11] - The real estate portfolio contracted by 9% year-over-year and 10% sequentially to $745 million as the company transitions to CMHC insured loans [12] - The RPP portfolio represented 80% of the total loan portfolio at the end of Q3, up from 78% at the end of Q2 [11] Market Data and Key Metrics Changes - The Canadian deposit rates are lagging behind the Bank of Canada rates, impacting the cost of funds [29][30] - The U.S. market shows a favorable reception for the RPP, with expectations of better economics due to lower bank cost of funds compared to Canada [26] Company Strategy and Development Direction - The company has successfully closed its U.S. acquisition, marking a transformational event in its growth trajectory [4][5] - The strategy includes launching the RPP in the U.S. with minimal capital expenditures and low execution risk [6][20] - The focus is on expanding the RPP in both the U.S. and Canada, with expectations of strong, sustainable growth in the loan portfolio [21] Management's Comments on Operating Environment and Future Outlook - Management noted that the current operating environment includes challenges from acquisition-related costs but remains optimistic about future growth [22] - The company anticipates continued growth in the RPP and real estate portfolios, leveraging its experience in the sector [21] - Management expects to benefit from the expansion of insolvency professional deposits as bankruptcies in Canada trend upward [22] Other Important Information - The company maintained higher cash balances in preparation for the U.S. acquisition, which temporarily depressed the net interest margin [6] - The provision for credit losses remained at zero for Q3, indicating effective risk management [8][14] Q&A Session All Questions and Answers Question: How are conversations going with new partners in the U.S.? - The reception in the U.S. has been tremendous, with several partners waiting for operational capability [25] Question: Can you discuss the funding growth strategy in the U.S.? - The company can immediately start raising deposits in the U.S. and has signed agreements with brokerage firms for deposit access [27] Question: Could you quantify the one-time costs in the quarter? - Approximately $700,000 in one-time costs were associated with the U.S. acquisition, including consulting fees and additional payroll expenses [28]

Q3 2024 Conference Call September 5, 2024 NASDAQ: VBNK | TSX: VBNK Toll-free: 1-888-510-2154 (Canada/US) Local: 437-900-0527 Advisory For those wishing to ask questions during the Q&A, please access today's call through the telephone dial-in: Advisory The Bank occasionally makes forward-looking statements about its objectives, operations and targeted financial results. These statements may be written or verbal and may be included in such things as press releases, corporate presentations, annual reports and ...

Exhibit 99.1 Interim Consolidated Financial Statements July 31, 2024 (Unaudited) 1 VERSABANK Consolidated Balance Sheets (Unaudited) | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------|-------|--------------------|-------|-----------------------|-------|------------------| | (thousands of Canadian dollars) \nAs at | | July 31 \n2024 | | October 31 \n2023 | | July 31 \n2023 | | | | | | | | | | Assets | | | | | | | | | | | | | | | | Cash | $ | 247, ...

Shares of VersaBank (VBNK) touched a 52-week high of $14.22 on Tuesday before closing the session a tad lower at $13.40. The surge was driven by the optimism surrounding the news of its acquisition of Stearns Bank Holdingford N.A. ("SBH"). On Aug. 30, 2024, VersaBank completed the acquisition of SBH, a $62 million asset-sized bank, from Stearns Financial Services, Inc. ("Stearns Financial"). This completion of the acquisition marks the official launch of VersaBank's Receivable Purchase Program (RPP) in the ...

LONDON, ON, Sept. 3, 2024 /PRNewswire/ - VersaBank ("VersaBank" or the "Bank") (TSX: VBNK) (NASDAQ: VBNK), a North American leader in business-to-business digital banking, as well as technology solutions for cybersecurity, today announced that, on August 30, 2024, it closed its previously announced acquisition of Stearns Bank Holdingford N.A. ("SBH"). SBH is a national bank chartered under the laws of the United States and regulated by the national Office of the Comptroller of the Currency (OCC) (the "Acqui ...

Bank to Report Third Quarter Fiscal 2024 Results Thursday, September 5, 2024 at 7:00 a.m. ET LONDON, ON, Aug. 21, 2024 /PRNewswire/ - VersaBank ("VersaBank" or the "Bank") (TSX: VBNK) (NASDAQ: VBNK) will report its third quarter 2024 financial results and host a conference call to discuss those results on Thursday, September 5, 2024. The conference call/webcast is scheduled for 9:00 a.m. ET and is expected to last approximately 60 minutes. The conference call/webcast will include a presentation by David Tay ...