Versabank Stock Price, News & Analysis

VersaBank (TSX: VBNK) reported strong year-over-year growth for Q1 2022, achieving a record loan portfolio of $2.22 billion, up 24% from the previous year and 5% sequentially. Revenue increased 18% year-over-year to $18.3 million, while net income rose 5% to $5.6 million, though EPS decreased to $0.19 due to dilution from a prior share offering. The bank's cost of funds decreased to 1.29%, and the net interest margin slightly improved to 2.77%. The launch of the VCAD Digital Deposit Receipt is underway, despite delays. Cybersecurity revenue rose 36% year-over-year.

VersaBank (TSX: VBNK, NASDAQ: VBNK) has declared cash dividends of CAD $0.025 per Common Share and CAD $0.1693 per Series 1 Preferred Share for the quarter ending April 30, 2022. These dividends will be payable on April 30, 2022 to shareholders of record by the close of business on April 8, 2022. The declared dividends are eligible for tax purposes, emphasizing the Bank's commitment to returning value to its shareholders.

VersaBank (TSX: VBNK, NASDAQ: VBNK) has appointed Garry W. G. Clement as Chief Anti-Money Laundering Officer. With over 40 years of experience in financial crime prevention, including significant roles with the Royal Canadian Mounted Police, Clement is expected to enhance the bank's security measures. This appointment aligns with the upcoming launch of the bank's Digital Deposit Receipts, aimed at facilitating secure digital transactions. Former CAMLO Barbara Hale has retired after 25 years, making way for this leadership change.

VersaBank (TSX: VBNK; NASDAQ: VBNK), a leader in digital banking, announced that David Taylor, its President and CEO, will speak at a panel on March 1, 2022, at 3:25 pm ET. The discussion will focus on How Technology Can Advance Fundamental Banking. A webcast of the event will be available on VersaBank's investor relations website, with a replay accessible after the event. VersaBank is known for its digital financial services and its commitment to cybersecurity through its subsidiary, DRT Cyber Inc.

VersaBank (TSX: VBNK, NASDAQ: VBNK) will announce its first quarter 2022 financial results on March 2, 2022, at 7:00 a.m. (EST). The earnings conference call starts at 9:00 a.m. (EST) and will last approximately 60 minutes. President & CEO David Taylor and other executives will present the financial results, followed by a Q&A session. Interested parties can access the call by phone or via a webcast, with archived materials available for 90 days. VersaBank operates as a fully digital bank, focusing on underserved market segments.

VersaBank, a leader in digital banking and cybersecurity technology, announced a change in its Toronto Stock Exchange ticker symbol from VB to VBNK, effective January 25, 2022. This change aligns its TSX symbol with its Nasdaq symbol, which remains unchanged. Additionally, the Bank's non-cumulative 5-year Rate Reset Preferred Shares will now trade under the symbol VBNK.PR.A. This move aims to enhance brand consistency across exchanges and does not impact trading or the Bank's operational strategy.

VersaBank (NASDAQ: VBNK) reported significant financial growth for Q4 and the entire year 2021, highlighting a 33% increase in total revenue to $18.2 million and a 21% increase to $65.4 million year-over-year. Net income rose 25% to $5.9 million in Q4 and 15% to $22.4 million for the year, with earnings per share up by 17% to $0.96. The cost of funds decreased by 13% to 1.31%, while total loans surged 27% year-over-year to a record $2.1 billion. The bank is also advancing its Digital Deposit Receipt initiative, aiming for further growth in 2022.

VersaBank (NASDAQ: VBNK) announced cash dividends of CAD $0.025 per Common Share and CAD $0.1693 per Series 1 Preferred Share for the quarter ending January 31, 2022. These dividends are payable on January 31, 2022, to shareholders on record as of January 7, 2022. The declared dividends are eligible for tax purposes.

Incorporating a fully digital banking model, VersaBank aims to profitably address underserved market segments, enhancing shareholder value through sustainable business practices.

VersaBank (NASDAQ: VBNK) announces an expansion of its closed ecosystem testing for Digital Deposit Receipts (DDRs), now including US dollar-denominated DDRs (VUSD) alongside previously tested Canadian dollar-denominated DDRs (VCAD). The testing incorporates Algorand and Ethereum blockchains and is being conducted in partnership with Stablecorp. The DDR model aims to offer a regulatory-compliant alternative to existing stablecoins, enhancing security and transparency. A SOC 2 audit is in progress, with plans for a commercial launch in early 2022.