Versabank Stock Price, News & Analysis

VersaBank (TSX: VBNK) (NASDAQ: VBNK) has announced it will release its fourth quarter and fiscal 2024 year-end financial results on Monday, December 9, 2024, at 7:00 a.m. ET. The company will host a conference call and webcast at 9:00 a.m. ET, featuring a presentation by President & CEO David Taylor and CFO John Asma, followed by a Q&A session. The event is expected to last approximately 60 minutes. Multiple access options are available, including automated callback registration, direct dial-in, and webcast viewing. The presentation materials will be available on the Bank's website, and replay options will be accessible until January 9, 2025.

VersaBank's subsidiary DRT Cyber Inc.'s Penetration Testing division, Digital Boundary Group (DBG), has achieved SOC2 Type 1 Certification. This certification validates DBG's compliance with SOC Trust Services Criteria for Security, enhancing customer confidence in their cybersecurity services, particularly for regulated industries. The certification process, developed by AICPA and audited by Ernst & Young, evaluates how organizations manage customer data according to Trust Services Principles including Security, Availability, Processing Integrity, Confidentiality, and Privacy.

VersaBank (TSX: VBNK; NASDAQ: VBNK) has announced its participation in the 13th Annual ROTH Technology Conference taking place in New York City from November 19-20, 2024. The bank's management team will engage in one-on-one meetings throughout the conference. The event is exclusively for ROTH's institutional clients and requires an invitation. Interested parties can contact their ROTH sales representative or email registration@roth.com to express interest and confirm participation.

VersaBank (TSX: VBNK) (NASDAQ: VBNK) has announced its participation in the KBW Fintech Conference scheduled for November 13-14, 2024, in New York City. David Taylor, President and CEO, will be featured on a panel discussing The Future of Fintech-Bank Partnerships on November 13 at 1:25 p.m. ET. The panel discussion will be exclusively available for in-person attendees. The bank's management team will also conduct one-on-one meetings throughout the conference, with interested parties directed to contact their KBW representative for scheduling.

VersaBank (TSX: VBNK) (NASDAQ: VBNK) has announced its participation in the upcoming ThinkEquity Conference in New York City on October 30, 2024. David Taylor, President and CEO, will deliver a presentation at 4:30 p.m. ET. Interested parties can access a live webcast of the presentation through VersaBank's investor relations website section for events and presentations.

VersaBank has been named a CIO Awards Canada winner by IDC Canada and CIO for its Capital Adequacy Requirement (CAR) project. The bank moved core CAR logic into a serverless function in the cloud, resulting in ultra-fast computing without impacting its Asset Management System (AMS).

VersaBank's CIO, Wooi Koay, received the award at a gala dinner in Toronto on September 25, 2024. The bank's CEO, David Taylor, emphasized the importance of technological innovation in their cloud-based, branchless, business-to-business model. He highlighted the bank's success in Canada and its recent expansion into the United States.

The CIO Awards Canada recognizes Canadian IT organizations for projects driving digital business growth through technology innovation. IDC Canada's Managing Director, Lars Goransson, congratulated this year's winners for their inspiring projects and demonstration of Canada's highly skilled and innovative workforce.

VersaBank (TSX: VBNK) has announced its intention to redeem all outstanding Non-cumulative 5-Year Rate Reset Preferred Shares, Series 1 (NVCC) on October 31, 2024. The redemption price will be $10.00 per share, including all declared and unpaid dividends. This decision, approved by the Office of the Superintendent of Financial Institutions, is part of the Bank's ongoing management of its regulatory capital.

The Bank's Board of Directors has declared a final quarterly dividend of $0.1693 per Series 1 Preferred Share, payable on October 31, 2024, to shareholders of record on October 4, 2024. After the redemption date, Series 1 Preferred Shares will cease to be entitled to dividends, and shareholders will only be entitled to receive the redemption amount.

VersaBank (TSX: VBNK) (NASDAQ: VBNK) has announced its quarterly dividend declaration for the period ending October 31, 2024. The bank will pay CAD $0.025 per Common Share and CAD $0.1693 per Series 1 Preferred Share. These dividends are payable on October 31, 2024, to shareholders of record as of the close of business on October 4, 2024. VersaBank has confirmed that these dividends qualify as eligible dividends for tax purposes, which may have implications for shareholders' tax planning strategies.

VersaBank reported its Q3 2024 results, highlighting the completion of its acquisition of Stearns Bank Holdingford N.A., now renamed VersaBank USA. The bank's total assets increased 13% year-over-year to a record $4.5 billion, driven primarily by growth in its Point of Sale Receivable Purchase Program portfolio. However, net income decreased 3% year-over-year to $9.7 million, impacted by factors related to the US acquisition preparation. Key financial highlights include:

- Total revenue increased 1% year-over-year to $27.0 million
- Loans increased 11% year-over-year to $4.05 billion
- Earnings per share decreased 5% year-over-year to $0.36
- Return on common equity decreased to 9.63% from 11.15% year-over-year

The bank maintains a strong capital position with a CET1 ratio of 11.75% and is poised for growth in the US market through its newly acquired national bank charter.