– Acquisition Will Enable VersaBank to Broadly Launch its Unique and Highly Successful Receivable Purchase Program (RPP) Financing Solution in the United States – Stearns Holdingford is an independent OCC-chartered national bank with US$79 million in assets located in Holdingford, Minnesota that is wholly owned by Stearns Financial Services, Inc. ("Stearns Financial"). Stearns Financial, a multi-bank holding company owning two additional and separate national bank charters, Stearns Bank Upsala National Asso ...

LONDON, ON, June 17, 2024 /PRNewswire/ - VersaBank (TSX: VBNK) (NASDAQ: VBNK), a North American leader in business-to-business digital banking, as well as technology solutions for cybersecurity, today announced it has appointed Glenn Campbell as Advisor to its Board of Directors. Mr. Campbell will be available to advise VersaBank's Board on a number of matters to ensure the Bank is well positioned for its proposed entry into the United States. Mr. Campbell has more than 30 years of experience with the Canad ...

VersaBank is a Canadian Schedule I chartered (federally licensed) bank with a difference. VersaBank became the world's first fully digital financial institution when it adopted its highly efficient business-to-business model in 1993 using its proprietary state-of-the-art financial technology to profitably address underserved segments of the Canadian banking market in the pursuit of superior net interest margins while mitigating risk. VersaBank obtains all of its deposits and provides the majority of its loa ...

Start Time: 09:00 January 1, 0000 9:35 AM ET VersaBank (NASDAQ:VBNK) Q2 2024 Earnings Conference Call June 05, 2024, 09:00 AM ET Company Participants David Taylor - President and CEO John Asma - CFO Conference Call Participants David Feaster - Raymond James Mike Rizvanovic - KBW Research Operator Good morning, ladies and gentlemen, and welcome to VersaBank's Second Quarter Fiscal 2024 Financial Results Conference Call. This morning, VersaBank issued a news release reporting its financial results for the sec ...

VersaBank (VBNK) came out with quarterly earnings of $0.33 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.28 per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this company would post earnings of $0.31 per share when it actually produced earnings of $0.36, delivering a surprise of 16.13%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. VersaBank, which belongs to the Za ...

Financial Performance - Net income for the six months ended April 30, 2024, was CAD 24,527 thousand, an increase of 24.5% compared to CAD 19,680 thousand for the same period in 2023[4] - Net income for the three months ended April 30, 2024, was CAD 11,828,000, compared to CAD 10,263,000 for the same period in 2023, reflecting a year-over-year increase of 15.3%[76] - Interest income for the three months ended April 30, 2024, was CAD 71,243 thousand, up 32.9% from CAD 53,595 thousand in the same period last year[4] - Total revenue for the three months ended April 30, 2024, was CAD 28,501 thousand, a 6.8% increase from CAD 26,685 thousand in the prior year[4] - Net interest income for the six months ended April 30, 2024, was CAD 52,810, representing an increase of 8.0% compared to CAD 48,883 for the same period in 2023[77] - Non-interest income for the three months ended April 30, 2024, was CAD 2,259, a 5.9% increase from CAD 2,076 in the prior year[76] Asset and Liability Growth - Total assets increased to CAD 4,388,320 thousand as of April 30, 2024, up from CAD 4,201,610 thousand as of October 31, 2023, representing a growth of 4.5%[2] - Total liabilities as of April 30, 2024, were CAD 3,988,217, compared to CAD 3,372,874 in the same period of 2023[77] - Deposits rose to CAD 3,693,495 thousand, reflecting a 4.5% increase from CAD 3,533,366 thousand as of October 31, 2023[2] - Loan commitments increased to CAD 438,177,000 as of April 30, 2024, from CAD 405,426,000 as of October 31, 2023, representing an increase of 8.9%[53] Shareholder Equity and Earnings - Shareholders' equity increased to CAD 400,103 thousand as of April 30, 2024, up from CAD 356,519 thousand a year earlier, representing a growth of 12.2%[5] - Basic and diluted income per common share increased to CAD 0.45 for the three months ended April 30, 2024, compared to CAD 0.38 in the same period last year, marking a growth of 18.4%[4] - The Bank's retained earnings increased to CAD 168,776,000 as of April 30, 2024, from CAD 146,043,000 as of October 31, 2023, indicating strong internal capital generation[63] Credit Risk and Allowance - The allowance for expected credit losses (ECL) as of April 30, 2024, was CAD 2,402 thousand, a decrease of 4.4% from CAD 2,513 thousand as of October 31, 2023[20] - The provision for credit losses for the three months ended April 30, 2024, was CAD 16, a significant decrease from CAD 237 in the same period of 2023[76] - The total ECL allowance at the end of the period for April 30, 2024, is CAD 2,402,000, compared to CAD 2,526,000 for the same period in 2023, reflecting a decrease of approximately 4.9%[26][28] - The provision for credit losses for commercial real estate mortgages was CAD (280,000), reflecting a net remeasurement of loss allowance of CAD (217,000) for the six months ended April 30, 2024[30] Economic Outlook - The Bank anticipates modest growth in the Canadian economy by late 2024, with inflation approaching target levels by Q3 2024[23] - Key macroeconomic indicators influencing the Bank's credit risk modeling include real GDP, national unemployment rate, and long-term interest rates[22] Operational Segments - The Digital Banking segment focuses on a branchless business-to-business model, utilizing proprietary financial technology to serve underserved markets in Canada and the US[71] - The DRTC segment is dedicated to cybersecurity services, leveraging internally developed IT security software to address the growing volume of cyber threats faced by financial institutions and corporations[72] Capital Management - The Bank's Tier 1 capital ratio is reported at 12.06% as of April 30, 2024, compared to 11.78% as of October 31, 2023, demonstrating improved capital strength[63] - The leverage ratio as of April 30, 2024, is 8.55%, an increase from 8.30% as of October 31, 2023, well above the Basel III minimum requirement of 3.0%[65] - The Bank's regulatory capital management policies are regularly reviewed and approved by the Board of Directors, ensuring compliance with OSFI requirements and Basel III standards[58]

LONDON, ON, June 5, 2024 /PRNewswire/ - VersaBank (the "Bank") (TSX: VBNK) (NASDAQ: VBNK) today announced that cash dividends in the amount of CAD $0.025 per Common Share of the Bank and CAD $0.1693 per Series 1 Preferred Share of the Bank, have been declared for the quarter ending July 31, 2024, payable as of July 31, 2024, to shareholders of record at the close of business on July 5, 2024. The dividends to which this notice relates are eligible dividends for tax purposes. About VersaBank VersaBank is a Ca ...

LONDON, ON, June 3, 2024 /PRNewswire/ - VersaBank ("VersaBank" or the "Bank") (TSX: VBNK) (NASDAQ: VBNK) today announced management will participate in the MicroCap Rodeo Conference to be held Thursday, June 6, 2024 in New York City. David Taylor, President and CEO, will present at 3:00 p.m. ET. A live webcast of the presentation will be available on the Bank's website at https://www.versabank.com/investor-relations/events-presentations/. Versabank will participate in one-on-one meetings on Thursday, June 6 ...

Bank to Report Second Quarter Fiscal 2024 Results Wednesday, June 5, 2024 at 7:00 a.m. ET LONDON, ON, May 22, 2024 /PRNewswire/ - VersaBank ("VersaBank" or the "Bank") (TSX: VBNK) (NASDAQ: VBNK) will report its second quarter 2024 financial results and host a conference call to discuss those results on Wednesday, June 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 Taylor, Pr ...

VersaBank (NASDAQ:VBNK) Q1 2024 Results Conference Call March 6, 2024 9:00 AM ET Company Participants David Taylor - President and Chief Executive Officer John Asma - Chief Financial Officer Conference Call Participants David Feaster - Raymond James Mike Rizvanovic - KBW Stephen Ranzini - University Bank Operator Good morning, ladies and gentlemen. Welcome to VersaBank's First Quarter Fiscal 2024 Financial Results Conference Call. This morning, VersaBank issued news release, reporting its financial results ...