Versabank Stock Price, News & Analysis

VersaBank (TSX: VBNK, NASDAQ: VBNK) announced the results of its 2023 Annual and Special Meeting of Shareholders held on April 19, 2023, in Toronto. All director nominees listed in the Management Information Circular dated February 24, 2023, were successfully elected, with voting percentages exceeding 97% for each nominee. Robbert-Jan Brabander received 98.34% of votes in favor, while the lowest was Gabrielle Bochynek with 97.02%. Shareholders also approved Ernst & Young LLP as the Bank's auditors. The detailed voting results will be filed on SEDAR and EDGAR. VersaBank, a digital financial institution founded in 1993, continues to innovate in providing banking solutions and cybersecurity improvements through its subsidiary DRT Cyber Inc.

VersaBank, a pioneer in digital banking and cybersecurity, is set to present at the Investor Summit Conference on March 29, 2023 at 10:30 a.m. ET. CEO David Taylor will lead the virtual presentation, which will be accessible via webcast on VersaBank's investor relations page. Following the event, a replay will be available. VersaBank operates as a Canadian federally regulated bank focusing on efficient digital solutions for financial intermediaries and has a subsidiary, DRT Cyber Inc., dedicated to tackling cyber threats in the financial sector.

VersaBank (NASDAQ: VBNK) will hold its annual and special meeting of shareholders on April 19, 2023, at 10:30 a.m. in Toronto, which will also be live-streamed. Shareholders attending electronically can submit their proxy voting instructions until April 17, 2023. VersaBank operates as a digital financial institution, leveraging proprietary technology to serve underserved Canadian banking segments, while also focusing on cybersecurity through its Washington, DC-based subsidiary, DRT Cyber Inc. The bank's shares are traded on both the TSX and Nasdaq under the symbol VBNK.

VersaBank (TSX: VBNK) has declared cash dividends for the quarter ending April 30, 2023. Shareholders will receive CAD $0.025 per Common Share and CAD $0.1693 per Series 1 Preferred Share, payable on April 30, 2023. The record date for this dividend is April 6, 2023. These dividends are eligible for tax purposes. VersaBank operates as a fully digital financial institution, focusing on underserved segments of the Canadian banking market, utilizing innovative technology to optimize profits while minimizing risks.

VersaBank reported strong financial results for Q1 2023, with total revenue reaching $25.9 million, a 42% increase year-over-year. Net income surged to $9.4 million, a 69% rise from the previous year, driven by substantial loan portfolio growth, particularly in Point-of-Sale financing. The bank's efficiency ratio improved significantly to 42%, reflecting lower non-interest expenses following strategic investments. Additionally, VersaBank anticipates a favorable decision from U.S. regulators regarding its proposed acquisition of Stearns Bank. The bank's net interest margin stood at 2.83%, with loans increasing by 46% year-over-year, indicating robust operational leverage and favorable market conditions.

VersaBank will announce its first quarter fiscal 2023 financial results on March 8, 2023, at 7:00 a.m. ET. The bank is set to host a conference call/webcast at 9:00 a.m. ET, lasting approximately 60 minutes. The presentation will be led by David Taylor, President & CEO, and Shawn Clarke, CFO, followed by a Q&A session. Financial results will be made available in a news release prior to the call. A live webcast will be accessible on the bank's website, with archived material available for 90 days. VersaBank, noted for its digital banking model, listed on Nasdaq and TSX under the symbol VBNK.

On December 8, 2022, 340268 Ontario Limited announced the transfer of 8,135,892 common shares of VersaBank to GBH Inc. at a price of $10.07 per share, totaling $81,928,432. This transfer represents approximately 29.88% of VersaBank's total outstanding shares. Following the transaction, GBH will hold 29.88% of the shares, raising its total ownership with Patrick George to 35.95%. The transaction is subject to regulatory approvals and is part of a reorganization strategy for 340's holdings in VersaBank.

VersaBank (VBNK) reported record financial results for the fourth quarter and fiscal year 2022, with total revenue reaching $24.3 million, a 33% year-over-year increase. The bank achieved net income of $6.4 million, up 9% year-over-year, despite a 4% decrease in earnings per share to $0.23. Key drivers included a 42% growth in loans to $2.99 billion, primarily from Point-of-Sale financing. However, net interest margin on loans fell 8%, reflective of a funding mix shift and rising rates. The bank anticipates continued growth and profitability in 2023, supported by strategic investments and an upcoming acquisition in the U.S.

VersaBank (TSX: VBNK; NASDAQ: VBNK) declared cash dividends of CAD $0.025 per Common Share and CAD $0.1693 per Series 1 Preferred Share for the quarter ending January 31, 2023. The dividends, payable on January 31, 2023, are for shareholders of record on January 6, 2023. All dividends are eligible for tax purposes. As a fully digital financial institution, VersaBank addresses underserved banking segments, aiming for superior net interest margins while mitigating risks.