Financial Performance - Total consolidated revenue reached a record CAD 36.5 million, up 31% year-over-year and 4% sequentially [1] - Adjusted net income was CAD 12.2 million, up 49% year-over-year and 15% sequentially [9] - Reported net income was CAD 11.1 million, or CAD 0.35 per share [9] Asset Growth - Total assets rose 24% year-over-year and 6% sequentially to over CAD 6.1 billion [2] - Credit asset portfolio grew to a record CAD 5.33 billion, with the Structured Receivable Program (SRP) increasing 29% year-over-year [10] Credit and Revenue Highlights - Credit assets and credit-asset revenue set new records, up 23% and 31% year-over-year, respectively [1] - The U.S. Structured Receivable Program grew 29% year-over-year to CAD 4.4 billion, representing 83% of total credit assets [7][10] Cost Management - Consolidated non-interest expense was CAD 20.5 million, including reorganization costs, compared to CAD 15.7 million in the year-ago quarter [8] - Reorganization costs in Q1 were CAD 1.5 million before tax, with an expectation of an additional CAD 4.0–4.5 million in Q2 [6][16] Management Changes - Nico Ospina was introduced as the new Global Chief Financial Officer, joining from Raymond James' U.S. Investment Banking Group [4] Strategic Initiatives - The bank is executing a corporate realignment to a "standard U.S. bank framework" and plans to divest its cybersecurity unit by summer [3][17] - The bank's digital asset strategy includes pilot programs for "Real Bank Tokenized Deposits" and the announcement of its first stablecoin custody customer, Stablecorp [18] Segment Performance - Canadian banking revenue was CAD 27.6 million, up 16% year-over-year, while U.S. banking revenue was CAD 6.8 million, up 30% sequentially [9]

VersaBank (NasdaqGS:VBNK) Q1 2026 Earnings call March 04, 2026 09:00 AM ET Company ParticipantsAndrew Scutt - Equity Research AssociateDavid Taylor - PresidentEli Rodney - Founding PartnerLiam Coohil - Senior Equity Research AssociateNico Ospina - Global CFOTim Switzer - VP and Equity ResearchOperatorMorning, ladies and gentlemen. Welcome to VersaBank's first quarter fiscal 2026 financial results conference call. This morning, VersaBank issued a news release reporting its financial results for the first qua ...

VersaBank (NasdaqGS:VBNK) Q1 2026 Earnings call March 04, 2026 09:00 AM ET Company ParticipantsAndrew Scutt - Equity Research AssociateDavid Taylor - PresidentEli Rodney - Founding PartnerLiam Coohil - Senior Equity Research AssociateNico Ospina - Global CFOTim Switzer - VP and Equity ResearchOperatorMorning, ladies and gentlemen. Welcome to VersaBank's first quarter fiscal 2026 financial results conference call. This morning, VersaBank issued a news release reporting its financial results for the first qua ...

VersaBank (NasdaqGS:VBNK) Q1 2026 Earnings call March 04, 2026 09:00 AM ET Speaker1Morning, ladies and gentlemen. Welcome to VersaBank's first quarter fiscal 2026 financial results conference call. This morning, VersaBank issued a news release reporting its financial results for the first quarter ended January 31st, 2026. That news release, along with the bank's financial statements, MD&A and supplemental financial information, are available on the bank's website in the Investor Relations section, as well a ...