Versabank Stock Price, News & Analysis

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.

VersaBank (TSX: VB, NASDAQ: VBNK) will announce its Annual 2021 financial results on December 1, 2021, at 7:00 a.m. (EST). An earnings conference call will follow at 9:00 a.m. (EST), featuring insights from David Taylor, President & CEO. The event is set to last about 60 minutes and includes a Q&A session. Interested participants can access the call through an audio line or a live webcast, with the latter being archived for 90 days. VersaBank is recognized as the world’s first fully digital financial institution, focusing on underserved market segments.

VersaBank (TSX: VB; NASDAQ: VBNK) will present virtually at the Investor Summit Q4 Conference on November 17, 2021, at 9:30 a.m. ET. CEO David Taylor will discuss the Bank’s efficient digital operations, which have achieved a 23% compound annual growth rate in net income over the past six years. The Bank’s new lending channel aims to penetrate the $200 billion Canadian home financing market. Additionally, the presentation will highlight DRT Cyber’s innovative security solutions and recent acquisition of Digital Boundary Group, enhancing its cybersecurity capabilities.

VersaBank (TSX: VB, NASDAQ: VBNK) announced the cancellation of 7,477 unexchanged common shares, representing 0.0272% of its outstanding shares, effective October 7, 2021. These shares were from predecessor classes not deposited during the amalgamation with PWC Capital Inc. on January 31, 2017. VersaBank's current outstanding share capital is 27,441,082 common shares and 1,461,460 series 1 preferred shares. The bank continues to leverage technology to address underserved market segments and has expanded into cybersecurity through its subsidiary, DRT Cyber Inc.

VersaBank announced the full exercise of an over-allotment option in its public offering, resulting in the sale of an additional 825,000 common shares at US $10.00 per share. This increase brings the total number of shares sold to 6,325,000, generating gross proceeds of US $63,250,000. The offering was managed by a syndicate led by Raymond James & Associates and Keefe, Bruyette & Woods. The funds are expected to support VersaBank's future growth and innovation within the digital banking and cybersecurity sectors.

VersaBank has successfully closed its public offering of 5,500,000 common shares at $10.00 per share, generating gross proceeds of $55 million. The offering, managed by Raymond James & Associates and Keefe, Bruyette & Woods, aims to bolster the bank's Common Equity Tier 1 capital and will be used for general banking purposes. An option for underwriters to purchase an additional 825,000 shares exists for market stabilization for 30 days post-offering. This issuance may impact shareholder value due to potential dilution.