VersaBank published the transcript of its First Quarter Fiscal 2026 Financial Results Conference Call, held March 4, 2026. The call featured Founder and President David Taylor and Global Chief Financial Officer Nico Ospina, with analysts participating including Tim Switzer (KBW), Liam Coohill (Raymond James), Andrew Scutt (ROTH Capital Partners) and Eli Rodney (Bullpen Research). Management highlighted a strong start to fiscal 2026, with record credit assets and revenue, driven by acceleration in the U.S. Structured Receivable Program (SRP). Taylor said Q1 included “significantly lower costs associated with our plan to realign our corporate structure to that of a standard U.S. bank framework,” totaling $1.5 million before tax, and noted the Receivable Purchase Program has been renamed the Structured Receivable Program “in label only.” Ospina reported total assets rose to “over $6.1 billion,” while consolidated revenue reached “a record of $36.5 million.” Reported net income was $11.1 million (EPS $0.35), and adjusted net income excluding reorganization costs was $12.2 million (EPS $0.38). The credit asset portfolio grew to a record $5.33 billion, including SRP of $4.4 billion, which now represents 83% of total credit assets. In Q&A, Taylor reiterated momentum in the U.S. SRP and the bank’s funding target: “We are well on track to achieve our target of adding at least US$1 billion in fundings in fiscal 2026,” while also suggesting potential upside. He also guided to higher reorganization costs in Q2, expecting “an additional cost of $4 million to $4.5 million,” and said the bank is progressing on divesting its cybersecurity business, aiming to complete it “by the end of the summer, hopefully earlier.” On digital assets, Taylor discussed two paths built on VersaVault technology: Real Bank Tokenized Deposits and stablecoin custody. He said Stablecorp’s QCAD launch is “imminent,” and described early monetization as primarily deposit spread: “We might be earning around 50 basis points net interest margin on the deposits.” The full transcript can be accessed through the link below.

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