Logo

VBNK

VersaBank

VBNK

VersaBank • NASDAQ
$12.10 ▲ 0.75% (+0.09)
Market Cap $389.23 M
52w High $18.16
52w Low $8.51
Dividend Yield 0.07%
P/E 18.06
Volume 8.13K
Outstanding Shares 32.17M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $75.791M ▲ $21.649M ▲ $6.582M ▼ 8.684% ▼ $0.2 ▼ $9.48M ▼
Q2-2025 $73.083M ▼ $17.516M ▲ $8.529M ▲ 11.67% ▲ $0.26 ▼ $12.462M ▲
Q1-2025 $75.349M ▼ $15.699M ▼ $8.143M ▲ 10.807% ▲ $0.28 ▲ $11.848M ▲
Q4-2024 $75.622M ▲ $19.365M ▲ $5.516M ▼ 7.294% ▼ $0.2 ▼ $8.918M ▼
Q3-2024 $73.698M $13.534M $9.705M 13.169% $0.35 $14.049M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $621.401M ▲ $5.477B ▲ $4.949B ▲ $528.142M ▼
Q2-2025 $445.946M ▼ $5.047B ▲ $4.519B ▲ $528.306M ▲
Q1-2025 $546.192M ▲ $4.972B ▲ $4.45B ▲ $521.295M ▲
Q4-2024 $226.207M ▼ $4.838B ▲ $4.439B ▲ $399.203M ▼
Q3-2024 $248.936M $4.516B $4.107B $408.985M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $6.582M ▼ $183.574M ▲ $-57.563M ▼ $-6.425M ▼ $120.126M ▲ $183.631M ▲
Q2-2025 $8.529M ▲ $-99.439M ▼ $57.604M ▼ $-1.28M ▼ $-46.507M ▼ $-98.708M ▼
Q1-2025 $8.143M ▲ $-89.062M ▼ $135.285M ▲ $113.883M ▲ $161.439M ▲ $-90.514M ▼
Q4-2024 $5.516M ▼ $153.283M ▲ $-153.032M ▼ $-15.1M ▼ $-22.729M ▼ $153.386M ▲
Q3-2024 $9.705M $86.911M $-51.947M $-1.081M $49.175M $84.583M

Five-Year Company Overview

Income Statement

Income Statement VersaBank’s income statement shows a bank that has grown meaningfully over the last few years and then leveled off more recently. Revenue has risen steadily since listing, though it appears to have flattened between the latest two years, suggesting the easy early growth phase may be behind them for now. Profitability is solid for a small, growing bank: net income has roughly doubled since the early years as a public company, even if earnings per share dipped slightly most recently, likely reflecting higher operating costs or investment in growth. Overall, this looks like a bank with a proven ability to generate profit, but now facing the normal challenge of sustaining growth while continuing to invest in its platform and expansion, especially into the U.S.

Balance Sheet

Balance Sheet The balance sheet has expanded steadily, with total assets growing each year, which is consistent with a bank that is successfully adding loans and business relationships. Shareholders’ equity has also increased, indicating that profits are largely being retained and that the capital base is strengthening over time. Debt appears modest relative to total assets, implying a conservative funding structure for a bank. Cash levels have moved around but are currently healthier than in the middle years, giving management more flexibility to pursue growth and absorb shocks. Overall, the balance sheet looks like that of a prudently managed, growing niche bank rather than a highly leveraged, aggressive lender.

Cash Flow

Cash Flow Cash flow has improved significantly. The bank moved from negative operating cash flows in its early public years to clearly positive and rising operating cash generation more recently. Free cash flow broadly matches operating cash flow, because capital spending has been relatively light, which fits a digital, branchless model that does not require heavy physical investment. This pattern suggests the business is now self-funding its growth rather than relying on external capital, which is a healthy progression. The main watchpoint is whether cash flows remain this strong as the bank ramps up its U.S. expansion and digital-asset initiatives, which may require more investment over time.

Competitive Edge

Competitive Edge VersaBank occupies a differentiated niche as a fully digital, branchless, business‑to‑business bank. Its main lending franchise, the Receivable Purchase Program, is built around partnerships with finance companies rather than direct consumer lending, with risk-sharing structures that have historically produced very low credit losses. This model, combined with deposit gathering through brokers instead of retail branches, keeps its cost base lean and can support attractive returns. Proprietary technology and tight risk controls add to its edge. On the risk side, the bank is more specialized and reliant on key programs and partners than a traditional diversified bank, and it is pushing into the much larger and more competitive U.S. market, where execution, competition, and regulatory differences could test its advantages.

Innovation and R&D

Innovation and R&D Innovation is central to VersaBank’s story. It has built its own digital banking platform and is now layering on internally developed artificial intelligence to monitor its lending portfolios in real time, aiming to keep credit risk very tightly controlled. Beyond core banking, it is developing tokenized deposit products and secure digital-asset infrastructure, and it owns a cybersecurity subsidiary, all of which position it at the intersection of banking and technology. These initiatives could open up entirely new revenue streams if adoption and regulation evolve favorably, but they also introduce uncertainty: technology development can be costly, digital-asset rules are still shifting, and there is no guarantee that these offerings will scale as hoped. Even so, the bank’s willingness to invest in new capabilities distinguishes it from many regional peers.

Summary

VersaBank presents as a technology‑driven regional bank that has successfully grown its balance sheet and profits from a small base, and is now transitioning from an early growth phase into a more complex stage of scaling and diversification. Its financials show steady asset growth, solid profitability, improving cash generation, and a conservative balance sheet. Strategically, it stands out for its branchless, partner‑based lending model, proprietary technology, and emphasis on risk control, which together create a clear competitive identity. At the same time, concentration in specialized programs, the move into the U.S. market, and ambitious digital‑asset and AI initiatives introduce new forms of execution, regulatory, and technology risk. Overall, VersaBank looks like a focused, innovative bank with a growing but still evolving business model that will likely be judged over the next few years by how well it scales its U.S. operations and commercializes its digital products while preserving its risk discipline.

NEWS

November 26, 2025 · 2:02 PM UTC

/C O R R E C T I O N -- VersaBank/

Read more

November 26, 2025 · 12:55 PM UTC

VersaBank donates $50,0000 to The Salvation Army's Harvest Hope campaign, helping to combat food insecurity across Canada

Read more

November 20, 2025 · 7:00 AM UTC

VERSABANK LAUNCHES ENHANCED CMHC LENDING PROGRAM: EXPECTED TO GENERATE A MINIMUM OF $2 MILLION IN INCREMENTAL REVENUE IN FISCAL 2026 WITH DE MINIMIS ADDITIONAL OPERATING EXPENSES

Read more

November 7, 2025 · 7:00 AM UTC

VERSABANK TO PARTICIPATE IN THE KBW FINTECH PAYMENTS CONFERENCE IN NEW YORK CITY ON NOVEMBER 11-13, 2025

Read more

November 3, 2025 · 7:00 AM UTC

VERSABANK ANNOUNCES LARGEST US RPP PARTNER TO DATE; SURPASSES US RPP TARGET WITH US$310 MILLION FUNDED IN FISCAL 2025

Read more