Versabank Stock Price, News & Analysis

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.

VersaBank reported its Q2 2022 results, marking a 17% increase in revenue to $18.6 million year-over-year, driven by 34% growth in loans. However, net income fell 14% to $4.9 million due to higher costs from growth initiatives, resulting in an EPS decrease of 32%. The bank achieved a record loan portfolio, particularly in Canadian Point-of-Sale financing, which grew 51% year-over-year. Despite these gains, net interest margins declined, reflecting a strategic shift towards lower-margin products. The bank's total assets grew 11% to $2.69 billion.

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 July 31, 2022. These dividends are payable on July 31, 2022, to shareholders recorded by July 8, 2022. Moreover, these dividends qualify as eligible dividends for tax purposes.

VersaBank operates as a digital financial institution, focusing on underserved banking segments with innovative financial technology solutions.

VersaBank (TSX: VBNK) will announce its second quarter 2022 financial results on June 1, 2022. The results are expected to be released at 7:00 a.m. (EDT), followed by a conference call at 9:00 a.m. (EDT), lasting about 60 minutes. During the call, CEO David Taylor and other executives will present the financial results and take questions from participants. The presentation materials will be available on the Bank's website and SEDAR. A replay of the call will be available until July 1, 2022.

VersaBank (TSX: VBNK, NASDAQ: VBNK) has appointed Richard Jankura as a new board member and Chair of the Risk Oversight Committee, filling the vacancy left by the retirement of Richard Carter. Jankura brings over 40 years of experience in finance and accounting across various industries, including key roles in banking and as CFO at The Jones Healthcare Group. His experience is expected to bolster VersaBank's focus on long-term growth in digital banking and cybersecurity solutions.

VersaBank (TSX: VBNK, NASDAQ: VBNK) held its 2022 Annual Meeting of Shareholders on April 20, 2022, in Toronto, Ontario. All director nominees from the Management Information Circular dated March 3, 2022, were elected. Notable voting results include Robbert-Jan Brabander receiving 93.96% in favor, while R.W. (Dick) Carter garnered only 56.96%. Shareholders also approved the re-appointment of KPMG LLP as auditors. Detailed voting results will be filed on SEDAR and EDGAR.