LONDON, ON, March 3, 2026 /CNW/ - VersaBank (or the "Bank") (TSX:VBNK) (NASDAQ:VBNK), a North American leader in business-to-business digital banking, as well as technology solutions for cybersecurity, today reported its results for the first quarter ended January 31, 2026. All figures are in Canadian dollars unless otherwise stated.
CONSOLIDATED FINANCIAL SUMMARY
(unaudited)
As at or for the three months ended
January 31
October 31
January 31
(thousands of Canadian dollars except per share amounts)
2026
2025
Change
2025
Change
Financial results
Total revenue
$ 36,514
$ 35,092
4 %
$ 27,827
31 %
Cost of funds*
3.14 %
3.15 %
(0 %)
3.84 %
(18 %)
Net interest margin*
2.25 %
2.29 %
(2 %)
2.08 %
8 %
Net interest margin on credit assets*
2.64 %
2.65 %
(0 %)
2.36 %
12 %
Return on average common equity*
8.16 %
3.89 %
110 %
7.02 %
16 %
Adjusted return on average common equity*
8.95 %
7.81 %
15 %
7.02 %
27 %
Net income
11,069
5,204
113 %
8,143
36 %
Adjusted net income*
12,162
10,549
15 %
8,143
49 %
Net income per common share basic and diluted
0.35
0.16
119 %
0.28
25 %
Adjusted net income per common share basic and diluted*
0.38
0.33
15 %
0.28
36 %
Balance sheet and capital ratios**
Total assets
$ 6,146,010
$ 5,808,475
6 %
$ 4,971,732
24 %
Book value per common share*
16.93
16.67
2 %
16.03
6 %
Common Equity Tier 1 (CET1) capital ratio
12.82 %
12.92 %
(1 %)
14.61 %
(12 %)
Total capital ratio
15.47 %
15.72 %
(2 %)
17.91 %
(14 %)
Leverage ratio
8.17 %
8.47 %
(4 %)
9.67 %
(16 %)
* See definitions under 'Non-GAAP and Other Financial Measures' in the Q1 2026 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 months ended
January 31, 2026
Digital Banking
Digital Banking
Digital Meteor
DRTC
Eliminations/
Consolidated
Canada
USA
Adjustments
Net interest income
$ 27,107
$ 6,774
$ -
$ -
$ -
$ 33,881
Non-interest income
476
-
528
1,975
(346)
2,633
Total revenue
27,583
6,774
528
1,975
(346)
36,514
Provision for (recovery of) credit losses
681
19
-
-
-
700
26,902
6,755
528
1,975
(346)
35,814
Non-interest expenses:
Salaries and benefits
6,663
1,733
206
1,781
-
10,383
General and administrative
7,378
799
30
506
(346)
8,367
Premises and equipment
925
275
48
548
-
1,796
14,966
2,807
284
2,835
(346)
20,546
Income (loss) before income taxes
11,936
3,948
244
(860)
-
15,268
Income tax provision
3,222
1,142
65
(230)
-
4,199
Net income (loss)
$ 8,714
$ 2,806
$ 179
$ (630)
$ -
$ 11,069
Total assets
$ 5,134,288
$ 1,009,961
$ 10,535
$ 16,139
$ (24,913)
$ 6,146,010
Total liabilities
$ 4,850,594
$ 754,775
$ 517
$ 28,263
$ (31,215)
$ 5,602,934
for the three months ended
October 31, 2025
Digital Banking
Digital Banking
Digital Meteor
DRTC
Eliminations/
Consolidated
Canada
USA
Adjustments
Net interest income
$ 27,399
$ 5,234
$ -
$ -
$ -
$ 32,633
Non-interest income
250
(15)
673
1,898
(347)
2,459
Total ...
