VersaBank(US:VBNK)2023-12-13 14:16Financial Performance Highlights - Total revenue increased by 32% YoY[54] - EPS increased by 99% YoY[14] - Net income increased by 86% YoY[31] - Digital Banking loan portfolio reached a record of $3.85 billion[11,34] - Average Return on Common Equity (ROCE) for Digital Banking was 11.75%[10,17] Q4 2023 Performance - Total revenue increased by 20% YoY and 9% sequentially[26] - Net income increased by 94% YoY and 25% sequentially[26] - EPS increased by 104% YoY and 24% sequentially[26] - Digital Banking efficiency ratio (ex DRTC) was 45%[11] and 43%[17] Digital Banking Operations - Digital Banking loan portfolio grew 29% YoY to $3.85 billion[24] - Point-of-Sale (POS) loans and leases grew 30% YoY[24] - Digital Banking efficiency ratio improved to 13.58%[24] Cost of Funds and Net Interest Margin - Cost of funds increased by 141 bps YoY to 3.86%[27,42] - Net interest margin on loans decreased by 34 bps YoY[11] - Net interest margin decreased by 27 bps YoY[26] DRTC (Cybersecurity Services) Performance - DRTC revenue increased by 21% YoY[46] - DRTC gross profit increased by 38% YoY[17,46] Balance Sheet - Total assets increased by 29% YoY to $4.20 billion[53] - Loan portfolio increased by 29% YoY to $3.85 billion[24,53] - Book value per common share increased by 13% YoY to $14.00[53] Acquisition of US Bank - Acquisition of OCC-Chartered, National US Bank with an estimated purchase price of US$13.5 million (CA$18 million)[35] - Expected to add approximately US$60 million in total assets[51]