Welcome to our dedicated page for Versabank news (Ticker: VBNK), a resource for investors and traders seeking the latest updates and insights on Versabank stock.
VersaBank (VBNK) news covers a North American Schedule I Canadian bank that emphasizes digital, business-to-business banking, receivable purchase funding and financial technology. As a federally chartered institution in both Canada and the U.S., the bank regularly issues updates on its Digital Banking Canada and Digital Banking USA segments, highlighting trends in credit assets, revenue and net interest margin across its cloud-based, branchless model.
Investors following VersaBank’s news can expect announcements on its Receivable Purchase Program (RPP) for point-of-sale finance companies, including new U.S. partners, funding volumes and the balance between core and securitized RPP offerings. The bank also reports on developments in its CMHC-insured multi-unit residential lending, such as the Enhanced CMHC Lending Program that uses Canadian Mortgage Bond Program allocation capacity to invest in CMHC-insured term mortgages originated by partner mortgage originators.
News items also highlight VersaBank’s cybersecurity and digital asset technology activities through DRT Cyber Inc. and Digital Meteor Inc., including initiatives related to Real Bank Deposit Tokens and tokenized deposits, as well as the implementation of internally developed artificial intelligence capabilities within its core banking technology. Additional coverage includes dividend declarations on common and preferred shares, participation in industry conferences, community contributions such as donations to The Salvation Army’s Harvest Hope campaign, and corporate updates related to its proposed realignment to a standard U.S. bank framework.
For readers monitoring VBNK, this news stream provides context on how VersaBank’s digital banking, RPP growth, CMHC lending programs and cybersecurity services evolve over time within the broader North American financial landscape.
VersaBank (TSX: VBNK, NASDAQ: VBNK) announced the successful completion of its SOC2 Type I audit for its VersaVault® technology, a key component in launching its Digital Deposit Receipts (DDRs). This audit validates the bank's operational controls for security, confidentiality, and privacy, enhancing customer confidence in its DDRs, which are backed by actual fiat deposits. The first DDR, VCAD, is set for commercial launch based on Canadian dollar deposits. VersaBank also emphasizes its role as a SOC2 compliant custodian for digital assets, positioning itself favorably in a competitive market.
VersaBank (TSX: VBNK, NASDAQ: VBNK) will hold its annual shareholder meeting on April 20, 2022, at the TMX Market Centre, located at 120 Adelaide Street West, Toronto, at 10:30 a.m.. The meeting will be live-streamed for electronic attendance. Shareholders must submit proxy voting instructions to Computershare Investor Services by April 18, 2022, to cast their votes. A correction was issued regarding the meeting's location address, ensuring accurate information for all participants. For more details, shareholders can refer to the Management Proxy Circular.
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.