– Quarter Highlighted by Continued Strong
Year-over-Year Growth as Bank Achieves Another Loan Portfolio
Record –
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 third quarter 2021 ("Q3 2021")
unaudited Interim Consolidated Financial Statements for the period
ended July 31, 2021 and Management's
Discussion and Analysis, are available online at
www.versabank.com/investor-relations and at www.sedar.com.
Supplementary Financial Information will also be available on our
website at www.versabank.com/investor-relations.
LONDON, ON, Sept. 1, 2021 /CNW/ - VersaBank ("VersaBank" or
the "Bank") (TSX: VB), a North American leader in
business-to-business digital banking, as well as technology
solutions for cybersecurity, today reported its results for the
third quarter of 2021 ended July 31,
2021.
Financial Summary
NOTE: VersaBank's financial performance for the
third quarter ended July 31, 2021
reflects the Bank's strengthening of its capital base through the
issuance on April 30, 2021 (the last
day of the preceding quarter) of non-viability contingent capital
compliant fixed to floating rate subordinated notes payable ("the
Notes") in the principal amount of USD $75.0
million. The Notes, which were issued to fund future growth
in the Bank's loan portfolio, added 16 bps (or a total of
$1.2 million to the Bank's interest
expense during the third quarter) and generated minimal interest
income as the vast majority of these funds were not deployed into
interest generating loans, thereby resulting in a temporarily lower
net interest margin. Adjusting for this amount the Bank's cost of
funds would have been 1.25%, down 3 bps sequentially, and net
interest margin would have been 2.94%, which is in line with recent
historical net interest margin results.
|
|
|
|
(unaudited)
|
As at or for the
three months ended
|
|
As at or for the
nine months ended
|
|
July
31
|
April
30
|
|
July
31
|
|
|
July
31
|
July
31
|
|
(thousands of Canadian
dollars except per share amounts)
|
2021
|
2021
|
Change
|
2020
|
Change
|
|
2021
|
2020
|
Change
|
Financial
results
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
15,729
|
$
|
15,970
|
(2%)
|
$
|
12,392
|
27%
|
|
$
|
47,121
|
$
|
40,459
|
16%
|
|
Cost of
funding
|
1.41%
|
1.28%
|
10%
|
1.59%
|
(11%)
|
|
1.36%
|
1.77%
|
(23%)
|
|
Net interest
margin
|
2.61%
|
2.96%
|
(12%)
|
2.53%
|
3%
|
|
2.78%
|
2.91%
|
(4%)
|
|
Core cash
earnings(1)(2)
|
7,433
|
7,940
|
(6%)
|
6,026
|
23%
|
|
22,651
|
20,207
|
12%
|
|
Core cash earnings per
common share(1)
|
0.35
|
0.38
|
(8%)
|
0.29
|
21%
|
|
1.07
|
0.96
|
11%
|
|
Net
income
|
5,436
|
5,744
|
(5%)
|
4,369
|
24%
|
|
16,470
|
14,659
|
12%
|
|
Net income per common
share basic and diluted
|
0.25
|
0.25
|
0%
|
0.18
|
39%
|
|
0.72
|
0.62
|
16%
|
Balance sheet and
capital ratios
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$
|
2,285,771
|
$
|
2,139,757
|
7%
|
$
|
1,930,256
|
18%
|
|
$
|
2,285,771
|
$
|
1,930,256
|
18%
|
|
Book value per common
share(1)
|
11.29
|
11.06
|
2%
|
10.52
|
7%
|
|
11.29
|
10.52
|
7%
|
|
Common Equity Tier 1
(CET1) capital ratio
|
11.94%
|
12.52%
|
(5%)
|
14.11%
|
(15%)
|
|
11.94%
|
14.11%
|
(15%)
|
|
Total capital
ratio
|
17.93%
|
18.89%
|
(5%)
|
16.51%
|
9%
|
|
17.93%
|
16.51%
|
9%
|
|
Leverage
ratio
|
9.99%
|
10.46%
|
(4%)
|
11.99%
|
(17%)
|
|
9.99%
|
11.99%
|
(17%)
|
|
|
|
|
|
|
|
|
|
|
|
(1) Certain highlights
include non-GAAP measures. See definitions under 'Basis of
Presentation' in the Q3 2021 Management's Discussion and
Analysis.
|
(2) Core Cash Earnings
is calculated as pre-tax earnings less non-core operating income
and expenses.
|
Highlights for the Third Quarter of 2021
- Continuing positive year-over-year trends across substantially
all key financial metrics, as well as sequentially after adjusting
for the April 30, 2021 issuance of
the Notes in the principal amount of USD $75.0 million. The Notes added 16 bps to the
Bank's cost of funds over the course of the three months ended
July 31, 2021, and adjusting for this
amount the Bank's cost of funds would have been 1.25%, down 3 bps
compared to the last quarter;
-
- Total revenue increased 27% year-over-year and decreased 2%
sequentially, to $15.7 million;
- Net income increased 24% year-over-year and decreased 5%
sequentially to $5.4 million;
- Cost of funds decreased 18 bps, or 11%, year-over-year and
increased 13 bps, or 10%, sequentially to 1.41%;
- Net interest margin increased 8 bps, or 3%, year-over-year and
decreased 35 bps, or 12%, sequentially, to 2.61%. Adjusting for the
impact of the Notes, net interest margin also increases to 2.94%,
which is in line with recent historical net interest margin
results;
- Recorded a Provision for Credit Losses ("PCLs") of $96,000 compared to a recovery of PCLs of
$44,000 for the third quarter of 2020
and a recovery of PCLs of $312,000
for the second quarter of 2021. PCLs as a percentage of average
loans was 0.02%, compared with a 12-quarter average of 0.00%, which
remains amongst the lowest of the publicly traded Canadian Schedule
I Banks;
- Loans increased 26% year-over-year and 7% sequentially to a
record $1.95 billion, as a function
of strong growth in the Bank's Commercial Real Estate ("CRE") and
Point-of-Sale ("POS") Loan and Lease Receivable portfolios.
- Entered into a reseller and development agreement with EzoTech
Inc., developers of the world's first Artificial Intelligence
(AI)-powered Autonomous cybersecurity penetration testing platform,
under which DRT Cyber will expand its offerings to existing and
future customers throughout the U.S., Canada and Europe with an AI-powered, automated,
on-demand penetration testing platform, as well as leverage
EzoTech's advanced AI Cyber Security technology and capabilities to
develop and launch what it expects will be the world's first AI-
powered, automated and continuous cyber security posture reporting
platform for organizations of all types and sizes.
Highlights Subsequent to the End of Third Quarter of
2021
- Relaunched Indigenous and Remote Community Lending business and
announced the appointments of Roland
Bailey as Executive Director, Indigenous Infrastructure
Program and Robert-Falcon Ouellette
as Executive Director, Indigenous Housing Initiatives, to lead the
infrastructure and home financing channels, respectively;
- Initiated closed ecosystem testing of VCAD, the Bank's
highly-encrypted Digital Deposit Receipt (DDR) offering, with each
VCAD unit representing a one-dollar
deposit with the Bank. Testing is being conducted in partnership
with VersaBank's partner for VCAD, Stablecorp, with transactions
initially occurring on the public and live Stellar blockchain, and
plans to execute similar transactions on the Algorand blockchain in
the near future; and,
- DRT Cyber, Inc. ("DRT Cyber") has entered into a Reseller
agreement (the "Agreement"), with UK-based Syrenis, under which DRT
Cyber will sell Syrenis' subscription-based, flagship product,
Cassie, a world leading Consent and Preference Management solution
for organizations globally. DRT Cyber will add Cassie to its suite
of innovative solutions for data protection, cyber security and
compliance.
Management Commentary
"The third quarter of 2021 continued the recent momentum in the
performance of our digital banking operations, highlighted once
again by strong year-over-year growth across all of our key
performance metrics as we achieved yet another record for our loan
portfolio at just under $2 billion –
a milestone we have since surpassed," said David Taylor, President and Chief Executive
Officer, VersaBank. "We are especially proud to have achieved this
performance amidst the short-term dampening effect of our decision
to raise capital at the end of the preceding quarter to
support what we believe are significant opportunities to drive
the continued growth of our loan portfolio. As that capital
is deployed into interest generating loans over the next few
quarters, we expect net interest margin to return to historical
levels and drive continued growth in profitability based on our
larger loan portfolio."
"Subsequent to the end of the quarter, we achieved a major
milestone in our new funding initiative with the initiation of
closed ecosystem testing of our VCAD Digital Deposit Receipts, a
natural extension of our digital banking model, and yet another
example of VersaBank leading the way in the evolution of
banking. As a highly secure digital deposit based on the
Bank's proprietary VersaVault technology, and represented
one-for-one by actual Canadian dollar deposits, when commercially
launched we expect VCAD to be in high demand based on its ability
to be used as a digital currency, with the backing by an investment
grade-rated, Schedule I bank."
"As our core digital banking operations continue to grow in both
scale and profitability, we continue to steadily advance to provide
a comprehensive cyber security offering, leveraging Digital
Boundary Group's position as a leading North American penetration
tester. With the addition of two reseller agreements for what
we believe are best-in-class products on the heels of our launch of
our proprietary Raven, the first and only fully automated and
integrated solution that provides comprehensive compliance with
major global anti-SPAM legislation, DRT Cyber is continuing to
build momentum for long-term future growth, providing meaningful
potential for additional upside beyond the strength of our
banking operations."
Update on Management of COVID-19 Impact
As a digital bank with a business-to-business, partner-based
model, VersaBank believes that it is well insulated from many
of the negative influences of COVID-19 and our staff continues to
work remotely leveraging our fully functional Work-From-Home
solution which was a natural and seamless evolution of the Bank's
branchless, technology-driven model. Notwithstanding the above,
management is working to finalize the Bank's return-to-work
strategy, which is anticipated to begin to roll out, in stages in
the Fall.
We continue to have no loans on our balance sheet that are
subject to payment deferrals, no impaired loans and no loans in
arrears, however; at the same time, we continue to operate at a
heightened level of awareness to ensure that our origination and
underwriting practices remain highly disciplined and focused. The
Bank continues to maintain liquidity levels that are somewhat
higher than normal, or more specifically higher than pre-COVID-19
levels; however, management expects that liquidity will normalize
somewhat prior to the end of fiscal 2021.
The velocity of the distribution of the vaccines as well as the
rate of spread of the virus, including the new variants remain, in
our view, the key drivers of the recovery of the Canadian economy
in the short to medium term. Despite the business and operational
challenges imposed by the pandemic, the Bank continues to focus on
enhancing Core Cash Earnings performance by concentrating on niche
markets that support more attractive pricing for its products and
by leveraging its diverse deposit gathering network.
Financial Review
Net Income – Net income for the quarter was
$5.4 million, or $0.25 per common share (basic and diluted),
compared to $5.7 million, or
$0.25 per common share (basic and
diluted) last quarter and $4.4
million, or $0.18 per common
share (basic and diluted), for the same period a year ago. The
quarter-over-quarter trend was a function primarily of higher cost
of funds attributable to higher interest expense attributable to
the Notes, lower yields earned on elevated cash balances and higher
provisions for credit losses offset partially by higher interest
income earned on lending assets and higher non-interest income
contribution from DBG. The year-over-year trend was a function
primarily of higher revenue offset partially by higher provisions
for credit losses. Year-to-date net income and EPS were
$16.5 million and $0.72 respectively, compared to $14.7 million and $0.62 for the same period a year ago. The
year-over-year trend was a function primarily of higher revenues
and a recovery of credit loss provisions in the current period,
offset partially by higher non-interest expense.
Net Interest Margin – Net interest
margin (or spread) for the quarter was 2.61% compared to 2.96% last
quarter and 2.53% for the same period a year ago. The
quarter-over-quarter trend was a function primarily of higher
interest expense attributable to the Notes, (adjusting for the
interest expense on the Notes for the three months ended
July 31, 2021, the Bank's net
interest margin increases to 2.94% for the same period) and lower
yields earned on higher cash balances. The year-over-year
trend was a function primarily of lower cost of funds attributable
primarily to growth in operating accounts that the Bank makes
available to Canadian insolvency professionals, offset partially by
lower yields earned on elevated cash balances and higher interest
expense attributable to the Notes.
Net Interest Income – Net interest income for the
quarter was $14.5 million compared to
$15.1 million last quarter and
$12.4 million for the same period a
year ago. The quarter-over-quarter trend was a function
primarily of higher interest expense attributable to the Notes
and lower yields earned on higher cash balances, offset
partially by higher interest income earned on the Bank's CRE and
POS loan and lease receivable portfolios attributable primarily to
lending asset growth and lower interest expense on commercial
deposits attributable to growth in operating accounts that the Bank
makes available to Canadian insolvency professionals. The
year-over-year trend was a function of higher interest income
earned on the Bank's CRE and POS loan and lease receivable
portfolios attributable primarily to lending asset growth, the
redeployment of cash into higher yielding assets and lower interest
expense on commercial deposits attributable to growth in operating
accounts that the Bank makes available to Canadian insolvency
professionals offset partially by higher interest expense
attributable to the Notes in the current quarter and higher fees
recognized in the comparative quarter resulting from the
negotiated, early repurchase of a portfolio of loan and lease
receivables by one of the Bank's POS origination partners.
Year-to-date net interest income was $44.0
million compared to $40.4
million for the same period a year ago.
Non-Interest Expenses – Non-interest expenses for
the quarter were $8.2 million
compared to $8.3 million last quarter
and $6.4 million for the same period
a year ago. The year-over-year trend was a function primarily of
the consolidation of the operating expenses of DBG, increased
salary and benefits expense, and investments in the Bank's
corporate development initiatives. Year-to-date non-interest
expenses were $24.6 million compared
to $20.0 million for the same period
a year ago.
Provision for/Recovery of Credit Losses – The Bank
recognized a provision for credit losses for the current
quarter in the amount of $96,000
compared to a recovery of credit loss provisions in the amount of
$312,000 last quarter and a
recovery of credit loss provisions in the amount of $44,000 for the same period a year ago. The
quarter-over-quarter trend was a function primarily of higher
lending asset balances and the impact of a recovery of a prior
period write-off in the amount of $116,000 last quarter, offset partially by
changes in the forward-looking information used by the Bank in its
credit risk models in the current quarter. The year-over-year trend
was a function primarily of higher lending asset balances offset
partially by changes in the forward-looking information used by the
Bank in its credit risk models.
Capital – At July 31,
2021, VersaBank's Total regulatory capital was $340 million compared to $333 million last quarter and $251 million a year ago. The
quarter-over-quarter trend was a function primarily of retained
earnings growth. The year-over-year trend was a function primarily
of retained earnings growth and the issuance of the Notes on
April 30, 2021, offset partially by
the redemption of the Bank's outstanding Non-cumulative Series 3
Preferred Shares on April 30, 2021
and the regulatory adjustment attributable to the goodwill and
intangible assets acquired from DBG on November 30, 2021. At July
31, 2021, VersaBank's CET1 capital ratio was 11.94%,
compared 12.52% last quarter and 14.11% a year ago. The
quarter-over-quarter and year-over-year trends were a function of
retained earnings growth, tax provision recoveries related to the
Bank's deferred tax asset, and changes to the Bank's risk-weighted
asset balances and composition in the respective periods. The
year-over-year trend also reflects the issuance of the Notes
and the redemption of the Bank's outstanding Non-cumulative Series
3 Preferred Shares, the regulatory adjustment attributable to the
goodwill and intangible assets acquired from DBG and the inclusion
of eligible expected credit loss allowance amounts related to the
transitional arrangements pertaining to the capital treatment of
expected loss provisioning as set out by the Office of the
Superintendent of Financial Institution (OSFI).
Credit Quality -- Gross impaired loans at
July 31, 2021 were $nil, compared to
$6.7 million a year ago. The prior
year's balance was comprised of a single loan which was repaid in
full in the fourth quarter of 2020. The Bank's allowance for
expected credit losses, or ECL at July 31,
2021 was $1.7 million compared
to $1.6 million last quarter and
$2.4 million a year ago. The
quarter-over-quarter and year-over-year ECL trends were a function
primarily of the factors set out in the Provision for/Recovery
of Credit Losses section above.
VersaBank's Provision for Credit Losses (PCL) ratio continues to
be one of the lowest in the industry, reflecting the very low risk
profile of the Bank's lending portfolio, enabling it to generate
superior net interest margins by offering high-value deposit and
lending solutions that address unmet needs in the banking industry
through a highly efficient partner model.
FINANCIAL HIGHLIGHTS
|
(unaudited)
|
for the three months
ended
|
|
for the nine months
ended
|
|
July
31
|
July
31
|
|
July
31
|
July
31
|
($CDN thousands except
per share amounts)
|
2021
|
2020
|
|
2021
|
2020
|
Results of
operations
|
|
|
|
|
|
|
Interest
income
|
$
|
22,400
|
$
|
20,172
|
|
$
|
65,564
|
$
|
65,026
|
|
Net interest
income
|
14,542
|
12,384
|
|
44,011
|
40,417
|
|
Non-interest
income
|
1,187
|
8
|
|
3,110
|
42
|
|
Total
revenue
|
15,729
|
12,392
|
|
47,121
|
40,459
|
|
Provision for (recovery
of) credit losses
|
96
|
(44)
|
|
(159)
|
238
|
|
Non-interest
expenses
|
8,200
|
6,410
|
|
24,629
|
20,014
|
|
Core cash
earnings*
|
7,433
|
6,026
|
|
22,651
|
20,207
|
|
Core cash earnings per
common share*
|
$
|
0.35
|
$
|
0.29
|
|
$
|
1.07
|
$
|
0.96
|
|
Net
income
|
5,436
|
4,369
|
|
16,470
|
14,659
|
|
Income per common
share:
|
|
|
|
|
|
|
Basic
|
$
|
0.25
|
$
|
0.18
|
|
$
|
0.72
|
$
|
0.62
|
|
Diluted
|
$
|
0.25
|
$
|
0.18
|
|
$
|
0.72
|
$
|
0.62
|
|
Dividends paid on
preferred shares
|
$
|
247
|
$
|
542
|
|
$
|
1,331
|
$
|
1,626
|
|
Dividends paid on
common shares
|
$
|
528
|
$
|
528
|
|
$
|
1,584
|
$
|
1,584
|
|
Yield*
|
4.02%
|
4.12%
|
|
4.14%
|
4.68%
|
|
Cost of
funds*
|
1.41%
|
1.59%
|
|
1.36%
|
1.77%
|
|
Net interest
margin*
|
2.61%
|
2.53%
|
|
2.78%
|
2.91%
|
|
Return on average
common equity*
|
8.72%
|
6.90%
|
|
8.72%
|
8.04%
|
|
Core cash return on
average common equity*
|
12.08%
|
9.89%
|
|
12.28%
|
11.46%
|
|
Book value per common
share*
|
$
|
11.29
|
$
|
10.52
|
|
$
|
11.29
|
$
|
10.52
|
|
Efficiency
ratio*
|
52.13%
|
51.73%
|
|
52.27%
|
49.47%
|
|
Return on average total
assets*
|
0.93%
|
0.78%
|
|
0.96%
|
0.94%
|
|
Gross impaired loans to
total loans*
|
0.00%
|
0.43%
|
|
0.00%
|
0.43%
|
|
Provision (recovery)
for credit losses as a % of average loans*
|
0.02%
|
(0.01%)
|
|
(0.01%)
|
0.02%
|
|
as at
|
Balance Sheet
Summary
|
|
|
|
|
|
|
Cash and
securities
|
$
|
297,005
|
$
|
353,794
|
|
$
|
297,005
|
$
|
353,794
|
|
Loans, net of allowance
for credit losses
|
1,952,154
|
1,547,761
|
|
1,952,154
|
1,547,761
|
|
Average
loans*
|
1,890,965
|
1,571,365
|
|
1,803,532
|
1,571,025
|
|
Total assets
|
2,285,771
|
1,930,256
|
|
2,285,771
|
1,930,256
|
|
Average
assets*
|
2,212,764
|
1,948,313
|
|
2,114,828
|
1,857,819
|
|
Deposits
|
1,817,746
|
1,565,334
|
|
1,817,746
|
1,565,334
|
|
Subordinated notes
payable
|
95,683
|
4,887
|
|
95,683
|
4,887
|
|
Shareholders'
equity
|
252,032
|
251,612
|
|
252,032
|
251,612
|
Capital
ratios*
|
|
|
|
|
|
|
Risk-weighted
assets
|
$
|
1,897,695
|
$
|
1,518,918
|
|
$
|
1,897,695
|
$
|
1,518,918
|
|
Common Equity Tier 1
capital
|
226,516
|
214,272
|
|
226,516
|
214,272
|
|
Total regulatory
capital
|
340,270
|
250,739
|
|
340,270
|
250,739
|
|
Common Equity Tier 1
(CET1) ratio
|
11.94%
|
14.11%
|
|
11.94%
|
14.11%
|
|
Tier 1 capital
ratio
|
12.66%
|
16.04%
|
|
12.66%
|
16.04%
|
|
Total capital
ratio
|
17.93%
|
16.51%
|
|
17.93%
|
16.51%
|
|
Leverage
ratio
|
9.99%
|
11.99%
|
|
9.99%
|
11.99%
|
* This is a non-GAAP
measure. See definition under 'Basis of Presentation' in the
Q3 2021 Management's
|
Discussion and
Analysis.
|
Forward-Looking Statements
The statements in this press release that relate to the future
are forward-looking statements. By their very nature,
forward-looking statements involve inherent risks and
uncertainties, both general and specific, many of which are out of
our control. Risks exist that predictions, forecasts, projections,
and other forward-looking statements will not be achieved. Readers
are cautioned not to place undue reliance on these forward-looking
statements as several important factors could cause actual results
to differ materially from the plans, objectives, expectations,
estimates and intentions expressed in such forward-looking
statements. These factors include, but are not limited to, the
strength of the Canadian economy in general and the strength of the
local economies within Canada in
which we conduct operations; the effects of changes in monetary and
fiscal policy, including changes in interest rate policies of the
Bank of Canada; changing global
commodity prices; the effects of competition in the markets in
which we operate; inflation; capital market fluctuations; the
timely development and introduction of new products in receptive
markets; the impact of changes in the laws and regulations
pertaining to financial services; changes in tax laws;
technological changes; unexpected judicial or regulatory
proceedings; unexpected changes in consumer spending and savings
habits; the impact of the COVID-19 pandemic and our anticipation of
and success in managing the risks implicated by the foregoing. For
a detailed discussion of certain key factors that may affect our
future results, please see our annual MD&A for the year ended
October 31, 2020.
The foregoing list of important factors is not exhaustive. When
relying on forward-looking statements to make decisions, investors
and others should carefully consider the foregoing factors and
other uncertainties and potential events. The forward-looking
information contained in this document and the related management's
discussion and analysis is presented to assist our shareholders and
others in understanding our financial position and may not be
appropriate for any other purposes. Except as required by
securities law, we do not undertake to update any forward-looking
statement that is contained in this document and the related
management's discussion and analysis or made from time to time by
the Bank or on its behalf.
Conference Call:
VersaBank will be hosting a conference call and webcast today,
Wednesday, September 1, 2021, at
9:00 a.m. (EDT) to discuss its third
quarter results, featuring a presentation by David Taylor, President & CEO, and other
VersaBank executives, followed by a question and answer period.
Dial-in
Details
|
|
|
|
Toll-free dial-in
number:
|
1 (888) 664-6392
(Canada/US)
|
Local dial-in
number:
|
(416)
764-8659
|
Participant
passcode:
|
38726093
|
Please call between 8:45 a.m. and 8:55
a.m. (EDT).
Webcast Access: For those preferring to listen to the
conference call via the Internet, a webcast of Mr. Taylor's
presentation will be available via the internet, accessible here
https://bit.ly/2Ula5Oe or from the Bank's web site.
Instant
Replay
|
|
|
|
Toll-free dial-in
number:
|
1 (888) 390-0541
(Canada/US)
|
Local dial-in
number:
|
(416)
764-8677
|
Passcode:
|
726093
|
Expiry Date:
|
October 1st, 2021, at
11:59 p.m. (EDT)
|
The archived webcast presentation will also be available via the
Internet for 90 days following the live event at
https://bit.ly/2Ula5Oe and on the Bank's web site.
About VersaBank
VersaBank is a Canadian Schedule I chartered bank with a
difference. VersaBank became the world's first fully digital
financial institution when it adopted its highly efficient
business-to-business model using its proprietary state-of-the-art
financial technology to profitably address underserved segments of
the Canadian banking market in the pursuit of superior net interest
margins while mitigating risk. VersaBank obtains all of its
deposits and the majority of its loans and leases electronically,
with innovative deposit and lending solutions for financial
intermediaries that allow them to excel in their core businesses.
In addition, leveraging its internally developed IT security
software and capabilities, VersaBank established wholly owned,
Washington, DC-based subsidiary,
DRT Cyber Inc. to pursue significant large-market opportunities in
cyber security and develop innovative solutions to address the
rapidly growing volume of cyber threats challenging financial
institutions, multi-national corporations and government entities
on a daily basis.
VersaBank's Common Shares trade on the Toronto Stock Exchange
under the symbol VB and its Series 1 Preferred Shares Preferred
Shares trade under the symbols VB.PR.A.
Visit our website at: www.versabank.com
Follow VersaBank on Facebook, Instagram, LinkedIn and
Twitter
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SOURCE VersaBank