Welcome to our dedicated page for VersaBank Common Shares news (Ticker: VBNK), a resource for investors and traders seeking the latest updates and insights on VersaBank Common Shares stock.
VersaBank (TSX: VBNK, NASDAQ: VBNK) is a pioneering financial institution headquartered in London, Ontario. Recognized as the world's first fully digital bank, VersaBank employs a highly efficient business-to-business model that leverages state-of-the-art financial technology. This unique approach enables the bank to source deposits, consumer loans, commercial loans, and leases electronically, targeting underserved segments of the Canadian banking market.
Founded as a provincially licensed trust company in 1979 and granted a Schedule I license under the Bank Act (Canada) in 2002, VersaBank has consistently innovated to maintain robust profitability while mitigating risk. The bank focuses on providing innovative deposit and lending solutions for financial intermediaries, which in turn, allows those entities to excel in their core businesses.
VersaBank's operations are not confined to traditional banking methods. The bank also makes residential development and commercial mortgages through a well-established network of brokers and direct interactions with its lending staff. Their advanced IT security software, developed internally, led to the creation of DRT Cyber Inc., a wholly-owned subsidiary based in Washington, DC, focusing on large-market opportunities in cybersecurity.
In recent news, VersaBank reported strong performance for the third quarter of fiscal 2023, with net income reaching $10 million and significant growth in its loan portfolio. The year-over-year increase in net income was 75%, driven by the expansion of their innovative Point-of-Sale Financing portfolio. The bank's risk mitigation strategies and operating leverage have resulted in unmatched efficiency and return on common equity within the North American banking industry.
VersaBank's total regulatory capital at the end of this period stood at $460 million, reflecting consistent growth. Their net interest margin, although temporarily compressed due to higher rates on term deposits, remains robust, contributing to an all-time high net interest income of $24.9 million for the quarter.
The bank is also in the process of acquiring a US national OCC-chartered bank, a move expected to significantly bolster their Receivable Purchase Program in the United States. This acquisition is anticipated to drive total assets to transformative levels, further enhancing profitability and operational efficiency.
The VersaBank stock is traded on the Toronto Stock Exchange and Nasdaq under the symbol VBNK, and its Series 1 Preferred Shares under the symbol VBNK.PR.A. VersaBank continues to push the boundaries of digital banking, aiming for superior net interest margins and prudent risk management.
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.
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.
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