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VersaBank (T:VBNK)

Business Focus: Banks (NEC)

Sector:  Financials Industry:  Banks
See Regulatory Filings on SEDAR
Company Contact
Address: 140 Fullarton St Suite 2002
Tel: N/A
IR: See website
Key People
David R. Taylor
President, Chief Executive Officer, Director
R. Shawn Clarke
Chief Financial Officer
Jonathan F.P. Taylor
Chief Human Resource Officer
Michael Richard Dixon
Senior Vice President - Point-of-Sale Financing
Nick Kristo
Chief Credit Officer
Business Overview
VersaBank is a Canada-based chartered bank. The Bank provides commercial lending and banking services to markets in Canada and the United States, as well as cybersecurity services through the operations of its wholly owned subsidiary DRT Cyber Inc. It operates through two segments: Digital Banking and DRTC (cybersecurity services). Digital Banking segment obtains its deposits and provides its loans and leases electronically via deposit and lending solutions for financial intermediaries. DRTC (cybersecurity services and banking and financial technology development) segment offers develops solutions to address the volume of cyber threats challenging financial institutions, multi-national corporations and government entities. Its loan portfolio includes point-of-sale loans and leases, commercial real estate mortgages, commercial real estate loans and public sector and other financing. It also offers tax-free savings accounts, guaranteed investment certificates, and mortgage tax accounts.
Financial Overview
For the three months ended 31 January 2023, VersaBank interest income increased 100% to C$49.6M. Net interest income after loan loss provision increased 41% to C$23.9M. Net income applicable to common stockholders increased 72% to C$9.2M. Net interest income after loan loss provision reflects Interest Income - Loans increase of 91% to C$46.9M, Cash and securities increase from C$206K to C$2.7M.
Employees: 110 as of Oct 31, 2022
Reporting Currency: Canadian Dollars
Enterprise value: $406.36M as of Jan 31, 2023
Annual revenue (TTM): $151.66M as of Jan 31, 2023
EBITDA (TTM): $45.66M as of Jan 31, 2023
Net annual income (TTM): $25.52M as of Jan 31, 2023
Free cash flow (TTM): $202.13M as of Jan 31, 2023
Net Debt Last Fiscal Year: $38.46M as of Jan 31, 2023
Shares outstanding: 26,003,986 as of Apr 28, 2023
TTM: Trailing Twelve Months
EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization