VersaBank (T:VB)
Business Focus: Banks
| 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 | |
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