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All amounts are unaudited and in Canadian dollars and are based on financial statements prepared in compliance with International Accounting Standard 34 Interim Financial Reporting, unless otherwise noted. Our first quarter 2026 (“Q1 2026”) unaudited Interim Consolidated Financial Statements for the period ended January 31, 2026 and Management’s Discussion and Analysis (“MD&A”), are available online at www.versabank.com/investor-relations, SEDAR at www.sedarplus.ca and EDGAR at www.sec.gov/edgar. Supplementary Financial Information will also be available on our website at www.versabank.com/investor-relations. |
LONDON, ON, March 3, 2026 /CNW/ – VersaBank (or the “Bank”) (TSX:VBNK) (NASDAQ:VBNK), a North American leader in business-to-business digital banking, as well as technology solutions for cybersecurity, today reported its results for the first quarter ended January 31, 2026. All figures are in Canadian dollars unless otherwise stated.
CONSOLIDATED FINANCIAL SUMMARY
|
(unaudited) |
As at or for the three months ended |
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|
January 31 |
October 31 |
January 31 |
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|
(thousands of Canadian dollars except per share amounts) |
2026 |
2025 |
Change |
2025 |
Change |
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|
Financial results |
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|
Total revenue |
$ 36,514 |
$ 35,092 |
4 % |
$ 27,827 |
31 % |
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|
Cost of funds* |
3.14 % |
3.15 % |
(0 %) |
3.84 % |
(18 %) |
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|
Net interest margin* |
2.25 % |
2.29 % |
(2 %) |
2.08 % |
8 % |
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|
Net interest margin on credit assets* |
2.64 % |
2.65 % |
(0 %) |
2.36 % |
12 % |
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|
Return on average common equity* |
8.16 % |
3.89 % |
110 % |
7.02 % |
16 % |
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|
Adjusted return on average common equity* |
8.95 % |
7.81 % |
15 % |
7.02 % |
27 % |
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|
Net income |
11,069 |
5,204 |
113 % |
8,143 |
36 % |
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|
Adjusted net income* |
12,162 |
10,549 |
15 % |
8,143 |
49 % |
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|
Net income per common share basic and diluted |
0.35 |
0.16 |
119 % |
0.28 |
25 % |
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|
Adjusted net income per common share basic and diluted* |
0.38 |
0.33 |
15 % |
0.28 |
36 % |
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|
Balance sheet and capital ratios** |
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|
Total assets |
$ 6,146,010 |
$ 5,808,475 |
6 % |
$ 4,971,732 |
24 % |
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|
Book value per common share* |
16.93 |
16.67 |
2 % |
16.03 |
6 % |
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|
Common Equity Tier 1 (CET1) capital ratio |
12.82 % |
12.92 % |
(1 %) |
14.61 % |
(12 %) |
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|
Total capital ratio |
15.47 % |
15.72 % |
(2 %) |
17.91 % |
(14 %) |
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|
Leverage ratio |
8.17 % |
8.47 % |
(4 %) |
9.67 % |
(16 %) |
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|
* See definitions under ‘Non-GAAP and Other Financial Measures’ in the Q1 2026 Management’s Discussion and Analysis. |
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|
** Capital management and leverage measures are in accordance with OSFI’s Capital Adequacy Requirements and Basel III Accord. |
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SEGMENTED FINANCIAL SUMMARY – QUARTERLY
|
(thousands of Canadian dollars) |
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|
for the three months ended |
January 31, 2026 |
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|
Digital Banking |
Digital Banking |
Digital Meteor |
DRTC |
Eliminations/ |
Consolidated |
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|
Canada |
USA |
Adjustments |
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|
Net interest income |
$ 27,107 |
$ 6,774 |
$ – |
$ – |
$ – |
$ 33,881 |
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|
Non-interest income |
476 |
– |
528 |
1,975 |
(346) |
2,633 |
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|
Total revenue |
27,583 |
6,774 |
528 |
1,975 |
(346) |
36,514 |
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|
Provision for (recovery of) credit losses |
681 |
19 |
– |
– |
– |
700 |
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|
26,902 |
6,755 |
528 |
1,975 |
(346) |
35,814 |
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|
Non-interest expenses: |
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|
Salaries and benefits |
6,663 |
1,733 |
206 |
1,781 |
– |
10,383 |
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|
General and administrative |
7,378 |
799 |
30 |
506 |
(346) |
8,367 |
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|
Premises and equipment |
925 |
275 |
48 |
548 |
– |
1,796 |
|||
|
14,966 |
2,807 |
284 |
2,835 |
(346) |
20,546 |
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|
Income (loss) before income taxes |
11,936 |
3,948 |
244 |
(860) |
– |
15,268 |
|||
|
Income tax provision |
3,222 |
1,142 |
65 |
(230) |
– |
4,199 |
|||
|
Net income (loss) |
$ 8,714 |
$ 2,806 |
$ 179 |
$ (630) |
$ – |
$ 11,069 |
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|
Total assets |
$ 5,134,288 |
$ 1,009,961 |
$ 10,535 |
$ 16,139 |
$ (24,913) |
$ 6,146,010 |
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|
Total liabilities |
$ 4,850,594 |
$ 754,775 |
$ 517 |
$ 28,263 |
$ (31,215) |
$ 5,602,934 |
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|
for the three months ended |
October 31, 2025 |
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|
Digital Banking |
Digital Banking |
Digital Meteor |
DRTC |
Eliminations/ |
Consolidated |
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|
Canada |
USA |
Adjustments |
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|
Net interest income |
$ 27,399 |
$ 5,234 |
$ – |
$ – |
$ – |
$ 32,633 |
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|
Non-interest income |
250 |
(15) |
673 |
1,898 |
(347) |
2,459 |
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|
Total … |
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