VersaBank's 2025 annual audited Consolidated Financial Statements and Management's Discussion and Analysis ("MD&A") will be available today online at www.versabank.com/investor-relations, SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov/edgar.shtml. Supplementary Financial Information will also be available on our website at www.versabank.com/investor-relations. All amounts are in Canadian dollars unless otherwise noted. All interim financial information within this earnings release is unaudited and based on interim Consolidated Financial Statements prepared in compliance with International Accounting Standard 34 Interim Financial Reporting, unless otherwise noted. All annual financial information herein was derived from VersaBank's 2025 annual audited Consolidated Financial Statements and MD&A.
LONDON, ON, Dec. 10, 2025 /CNW/ - VersaBank (or the "Bank") (TSX: VBNK) $(VBNK)$, a North American leader in business-to-business digital banking, as well as technology solutions for cybersecurity, today reported its results for the fourth quarter and fiscal year ended October 31, 2025. All figures are in Canadian dollars unless otherwise stated.
CONSOLIDATED FINANCIAL SUMMARY
(unaudited) As at or for the three months ended As at or for the year ended
October 31 July 31 October 31 October 31 October 31
(thousands of 2025 2025 Change 2024 Change 2025 2024 Change
Canadian dollars
except per share
amounts)
Financial results
Total revenue $ 35,092 $ 31,583 11 % $ 27,285 29 % $ 124,641 $ 111,633 12 %
Cost of funds* 3.15 % 3.33 % (5 %) 4.11 % (23 %) 3.37 % 4.04 % (17 %)
Net interest
margin* 2.29 % 2.25 % 2 % 2.12 % 8 % 2.18 % 2.27 % (4 %)
Net interest
margin on credit
assets* 2.65 % 2.55 % 4 % 2.34 % 13 % 2.52 % 2.52 % 0 %
Return on average
common equity* 3.89 % 4.94 % (21 %) 5.28 % (26 %) 6.11 % 10.16 % (40 %)
Adjusted return
on average
common equity* 7.81 % 7.24 % 8 % 5.28 % 48 % 7.85 % 10.16 % (23 %)
Net income 5,204 6,582 (21 %) 5,516 (6 %) 28,458 39,748 (28 %)
Adjusted net
income* 10,549 9,670 9 % 5,516 91 % 36,891 39,748 (7 %)
Income per common
share basic and
diluted 0.16 0.20 (20 %) 0.20 (20 %) 0.90 1.49 (40 %)
Adjusted income
per common share
basic and
diluted* 0.33 0.30 10 % 0.20 65 % 1.17 1.49 (21 %)
Balance sheet and
capital ratios**
Total assets $ 5,808,475 $ 5,477,489 6 % $ 4,838,484 20 % $ 5,808,475 $ 4,838,484 20 %
Book value per
common share* 16.67 16.42 2 % 15.35 9 % 16.67 15.35 9 %
Common Equity
Tier 1 (CET1)
capital ratio 12.92 % 13.56 % (5 %) 11.24 % 15 % 12.92 % 11.24 % 15 %
Total capital
ratio 15.72 % 16.50 % (5 %) 14.48 % 9 % 15.72 % 14.48 % 9 %
Leverage ratio 8.47 % 8.90 % (5 %) 7.38 % 15 % 8.47 % 7.38 % 15 %
* See definition under 'Non-GAAP and Other Financial
Measures' in the 2025 Annual Management's Discussion
and Analysis.
** Capital management and leverage measures are in
accordance with OSFI's Capital Adequacy Requirements
and Basel III Accord.
SEGMENTED FINANCIAL SUMMARY -- QUARTERLY
(thousands of
Canadian dollars)
for the three October 31, 2025
months ended
Digital Digital Digital DRTC Eliminations/ Consolidated
Banking Banking Meteor
Canada USA Adjustments
Net interest
income $ 27,399 $ 5,234 $ - $ - $ - $ 32,633
Non-interest
income 250 (15) 673 1,898 (347) 2,459
Total revenue 27,649 5,219 673 1,898 (347) 35,092
Provision for
(recovery of)
credit losses 1,365 (46) - - - 1,319
26,284 5,265 673 1,898 (347) 33,773
Non-interest
expenses:
Salaries and
benefits 7,446 1,213 130 1,327 - 10,116
General and
administrative 10,941 924 140 143 (347) 11,801
Premises and
equipment 929 323 276 426 - 1,954
19,316 2,460 546 1,896 (347) 23,871
Income (loss)
before income
taxes 6,968 2,805 127 2 - 9,902
Income tax
provision 3,840 806 33 19 - 4,698
Net income (loss) $ 3,128 $ 1,999 $ 94 $ (17) $ - $ 5,204
Total assets $ 5,050,922 $ 759,733 $ 10,207 $ 24,538 $ (36,925) $ 5,808,475
Total
liabilities $ 4,777,508 $ 498,822 $ 8,006 $ 28,319 $ (36,853) $ 5,275,802
for the three July 31, 2025
months ended
Digital Digital Digital DRTC Eliminations/ Consolidated
Banking Banking Meteor
Canada USA Adjustments
Net interest
income $ 26,656 $ 3,123 $ - $ - $ - $ 29,779
Non-interest
income (37) (7) 622 1,569 (343) 1,804
Total revenue 26,619 3,116 622 1,569 (343) 31,583
Provision for
(recovery of)
credit losses 1,201 (20) - - - 1,181
25,418 3,136 622 1,569 (343) 30,402
Non-interest
expenses:
Salaries and
benefits 7,214 1,174 214 1,497 - 10,099
General and
administrative 8,636 1,163 47 214 (343) 9,717
Premises and
equipment 898 186 373 376 - 1,833
16,748 2,523 634 2,087 (343) 21,649
Income (loss)
before income
taxes 8,670 613 (12) (518) - 8,753
Income tax
provision 2,150 176 (35) (120) - 2,171
Net income (loss) $ 6,520 $ 437 $ 23 $ (398) $ - $ 6,582
Total assets $ 5,124,771 $ 348,389 $ 11,543 $ 25,015 $ (32,229) $ 5,477,489
Total
liabilities $ 4,790,738 $ 155,228 $ 9,491 $ 19,410 $ (25,520) $ 4,949,347
for the three October 31, 2024
months ended
Digital Digital Digital DRTC Eliminations/ Consolidated
Banking Banking Meteor
Canada USA Adjustments
Net interest
income $ 23,509 $ 1,392 $ - $ - $ - $ 24,901
Non-interest
income 141 1 285 2,298 (341) 2,384
Total revenue 23,650 1,393 285 2,298 (341) 27,285
Provision for
(recovery of)
credit losses (22) (134) - - - (156)
23,672 1,527 285 2,298 (341) 27,441
Non-interest
expenses:
Salaries and
benefits 9,483 437 134 1,276 - 11,330
General and
administrative 5,874 365 35 513 (341) 6,446
Premises and
equipment 855 105 27 602 - 1,589
16,212 907 196 2,391 (341) 19,365
Income (loss)
before income
taxes 7,460 620 89 (93) - 8,076
Income tax
provision 2,429 155 (9) (15) - 2,560
Net income (loss) $ 5,031 $ 465 $ 98 $ (78) $ - $ 5,516
Total assets $ 4,602,360 $ 226,319 $ 3,434 $ 23,564 $ (17,193) $ 4,838,484
Total
liabilities $ 4,343,878 $ 90,716 $ 1,371 $ 28,894 $ (25,578) $ 4,439,281
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