Versabank Stock Price, News & Analysis

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.

VersaBank (TSX: VBNK, NASDAQ: VBNK) will announce its fourth quarter and annual 2022 financial results on December 7, 2022. The results will be released at 7:00 a.m. EST, followed by a conference call at 9:00 a.m. EST, featuring insights from President & CEO David Taylor and other executives. This event aims to provide shareholders and analysts with vital updates on the bank's financial performance. The presentation materials will be accessible on their website and via SEDAR and EDGAR.

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.