Versabank Stock Price, News & Analysis

VersaBank will present at the Investor Summit Conference on November 15, 2022, at 10:00 a.m. ET. David Taylor, the Bank's CEO, will lead the virtual presentation, which will also be available for replay on the VersaBank website. As Canada’s first fully digital bank, VersaBank focuses on innovative financial technology and cyber security solutions. The bank trades under the stock symbols VBNK on both the Toronto Stock Exchange and NASDAQ, offering unique services to underserved markets.

VersaBank (TSX: VBNK) announced on Nov. 14, 2022, the initiation of an internal pilot program for its new Digital Deposit Receipts (DDRs) called "CADV" in Canada. This program will validate security protocols of the DDR model, initially involving only senior executives and board members. The DDRs represent actual cash deposits and will utilize blockchain technology for transfers. The pilot has been approved by the board and is deemed non-material to banking operations. VersaBank continues to innovate in the digital banking space, focusing on security and regulatory alignment.

VersaBank (TSX: VBNK; NASDAQ: VBNK) announced an expansion of its Normal Course Issuer Bid (NCIB) on September 21, 2022, allowing share purchases on both the Toronto Stock Exchange and the Nasdaq. This amendment aims to enhance the Bank's capacity to utilize excess capital for significant growth opportunities. The NCIB will maintain its existing terms and conditions while enhancing the Bank's strategic position in the market.

VersaBank (TSX: VBNK, NASDAQ: VBNK) reported a record loan portfolio, fueled by a 75% year-over-year growth in its Canadian Point-of-Sale Financing business. For Q3 2022, revenue rose 35% year-over-year to CAD 21.2 million, while net income increased 5% to CAD 5.7 million. Net interest income reached CAD 20.1 million, driven by higher lending asset balances. However, net income per share decreased by 20% year-over-year due to a higher share count following an IPO. The Bank also advanced its U.S. expansion strategy, announcing an acquisition of Stearns Bank Holdingford, expected to close in 2022.

VersaBank (TSX: 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 October 31, 2022. These dividends are payable to shareholders of record as of the close of business on October 7, 2022. The dividends are classified as eligible dividends for tax purposes, reflecting the bank's commitment to return income to its shareholders.

VersaBank will announce its third quarter 2022 financial results on August 31, 2022. The results will be available around 7:00 a.m. EDT, followed by an earnings conference call at 9:00 a.m. EDT, lasting approximately 60 minutes. The call will feature presentations from David Taylor, President & CEO, along with other executives. The presentation material will be accessible on the Bank's website and through various financial reporting platforms. A replay of the call will be available until September 30, 2022.

VersaBank (TSX: VBNK, NASDAQ: VBNK) has received approval from the Toronto Stock Exchange for a Normal Course Issuer Bid (NCIB) to repurchase up to 1,700,000 common shares, approximately 9.54% of its public float. The CEO, David Taylor, stated the shares are undervalued at less than 0.8 times book value, presenting a favorable buying opportunity. The NCIB is set to commence on August 17, 2022, and will end on August 16, 2023. Daily purchases will be limited to 25% of the average daily trading volume.

VersaBank, a leading digital banking institution, announced that David Taylor, its CEO, will present at the Sidoti & Company Virtual Investor Conference on June 16, 2022, at 10:45 a.m. ET. The presentation will focus on the bank's innovative solutions in cybersecurity and unique business model targeting underserved markets. A webcast will be available on their website, with replays accessible afterwards. VersaBank trades on both the TSX and NASDAQ under the symbol VBNK.

VersaBank (TSX: VBNK, NASDAQ: VBNK) has signed a definitive agreement to acquire Stearns Bank Holdingford, N.A. for approximately US$13.5 million (CA$17.4 million). This acquisition aims to enhance VersaBank's U.S. operations, adding about US$60 million in total assets. The deal is expected to be accretive to earnings within the first year and positions VersaBank USA with a capital ratio exceeding 10%. Closing is anticipated by October 31, 2022, pending regulatory approvals.