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Sector:  Financials Industry:  Banks
 
See Regulatory Filings on SEDAR
Company Contact
Address: 140 Fullarton St Suite 2002
LONDON ON N6A 5P2
Tel: 1-800-2441509
Website: https://www.versabank.com
IR: See website
Key People
Thomas A. Hockin
Independent Chairman of the Board
Scott Andrew Mizzen
Vice President - Real Estate Finance
David R. Taylor
President, Chief Executive Officer, Director
Maurizio Bevilacqua
Vice Chairman of the Board
R. Shawn Clarke
Chief Financial Officer, Chief Operating Officer
Nick Kristo
Senior Vice President - Credit, Chief Risk Officer
Jonathan F.P. Taylor
Senior Vice President - Deposit Services & Human Resources
Maurice A Danis
Senior Vice President - Structured & Corporate Finance
Ross P Duggan
Senior Vice President - Lending
Stephanie Anne Francis
Vice-President - Finance and Accounting
   
Business Overview
VersaBank, formerly Pacific & Western Bank of Canada (the Bank,) is a Canada-based chartered bank, which operates using an electronic branchless model. It sources deposits, consumer loans, commercial loans and leases electronically. The Bank also makes residential development and commercial mortgages as its sources through a network of brokers and direct contact with its lending staff. It operates through Banking segment. The Bank provides financing in the form of commercial and consumer loans, and lease receivables sourced through the Bank's bulk purchase program. It also finances real estate developers in Southwestern Ontario and provides consumer lending through its private label credit card program. Its loan portfolio includes residential multi-family mortgages, commercial and consumer loans and leases, commercial mortgages, government financings and credit card receivables. Its commercial and consumer loans, and leases consist of commercial loans to investment grade corporations.
Financial Overview
For the fiscal year ended 31 October 2019, VersaBank interest income increased 9% to C$88.3M. Net interest income after loan loss provision increased 6% to C$54.2M. Net income applicable to common stockholders increased 13% to C$18M. Net interest income after loan loss provision reflects Net Interest Margin, Total - % increase of 3% to 3%, Interest Income - Loans increase of 8% to C$84.9M, Cash and securities increase of 43% to C$3.4M.
Employees: 92 as of Oct 31, 2019
Reporting Currency: Canadian Dollars
Enterprise value: $89.61M as of Oct 31, 2019
Annual revenue (TTM): $88.31M as of Oct 31, 2019
EBITDA (TTM): $29.30M as of Oct 31, 2019
Net annual income (TTM): $18.00M as of Oct 31, 2019
Free cash flow (TTM): $15.86M as of Oct 31, 2019
Net Debt Last Fiscal Year: N/A
Shares outstanding: 21,123,559 as of Oct 31, 2019
TTM: Trailing Twelve Months
EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization