VersaBank (VBNK) 10-Year Financial Performance & Capital Metrics

VBNK • • Banking & Credit

Financial ServicesRegional BanksDigital & Specialized BankingDigital Banking Platforms

AboutVersaBank, a schedule I chartered bank, provides various banking products and services in Canada. The company offers deposit products, such as guaranteed investment certificates, registered retirement savings plans, daily interest savings accounts, and tax-free savings accounts, as well as deposit insurance products. It also provides lending services, including point of sale financing that involves purchasing loan and lease receivables from finance companies operating in various industries; and commercial banking services comprising commercial real estate, public sector/infrastructure financing, condominium financing, and residential mortgages. The company was formerly known as Pacific & Western Bank of Canada and changed its name to VersaBank in May 2016. VersaBank was incorporated in 1979 and is headquartered in London, Canada.Show more

Net Interest Income $103M +2.6%
Total Revenue $112M -53.1%
Net Income $40M -5.7%
Return on Equity 10.24% -11.6%
Net Interest Margin 2.12% -10.9%
Efficiency Ratio 51.16% +141.6%
ROA 0.88% -22.1%
Equity / Assets 8.25% -8.1%
Book Value per Share 15.37 +7.1%
Tangible BV/Share 14.44 +2.9%
Debt/Equity 0.27 -7.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Efficient operations: 51.2% efficiency ratio
✓Momentum leader: RS Rating 82 (top 18%)
✓Trading near 52-week high
✓Trading at only 1.0x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.27%

5Y4.79%

3Y5.64%

TTM-

Profit (Net Income) CAGR

10Y21.49%

5Y14.5%

3Y21.1%

TTM-38.41%

EPS CAGR

10Y17.78%

5Y11.88%

3Y15.78%

TTM-46.59%

ROCE

10Y Avg5.72%

5Y Avg8.25%

3Y Avg7.82%

Latest8.1%

Peer Comparison

Digital Banking Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GWREGuidewire Software, Inc.	14.12B	166.09	205.05	22.64%	7.23%	6%	2.09%	0.49
DAVEDave Inc.	2.34B	192.06	45.84	33.96%	29.87%	50.37%	5.33%	0.41
INTUIntuit Inc.	154.33B	554.58	40.57	15.63%	21.19%	21.31%	3.94%	0.34
CCBCoastal Financial Corporation	1.72B	113.69	34.98	30.92%	7.84%	10.04%	14.54%	0.12
SPNSSapiens International Corporation N.V.	2.43B	43.45	33.68	5.4%	11.4%	12.2%	2.97%	0.13
SSNCSS&C Technologies Holdings, Inc.	21B	86.05	28.68	6.89%	13.86%	12.2%	6.32%	1.09
TBBKThe Bancorp, Inc.	3.09B	70.39	16.41	16.11%	30.63%	29.28%	7.2%	0.16
CWANClearwater Analytics Holdings, Inc.	6.98B	24.19	14.40	22.72%	61.25%	19.6%	0.99%	0.07

Profit & Loss

	Oct 2015	Oct 2016	Oct 2017	Oct 2018	Oct 2019	Oct 2020	Oct 2021	Oct 2022	Oct 2023	Oct 2024
Net Interest Income+	33.97M	38.4M	43.98M	51.5M	53.9M	54.13M	60.16M	76.67M	100.05M	102.66M
NII Growth %	0.22%	0.13%	0.15%	0.17%	0.05%	0%	0.11%	0.27%	0.31%	0.03%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	64.46M	69.66M	71.77M	80.91M	88.31M	86.09M	89.49M	126.82M	229.33M	285.42M
Interest Expense	30.48M	31.26M	27.78M	29.41M	34.41M	31.97M	29.33M	50.15M	129.28M	182.76M
Loan Loss Provision	1.54M	871K	-125K	334K	-298K	-344K	-438K	451K	609K	-182.76M
Non-Interest Income+	1.39M	1.27M	-141K	186K	22K	60K	5.2M	5.73M	8.58M	-173.79M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	65.85M	70.94M	71.62M	81.1M	88.33M	86.15M	94.69M	132.54M	237.92M	111.63M
Revenue Growth %	0.08%	0.08%	0.01%	0.13%	0.09%	-0.02%	0.1%	0.4%	0.8%	-0.53%
Non-Interest Expense	24.78M	27.05M	29.23M	26.34M	26.4M	27.78M	35.01M	49.39M	50.38M	57.11M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	9.04M	11.76M	14.73M	25.01M	27.82M	26.75M	30.79M	32.55M	57.65M	54.79M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.46%	0.3%	0.25%	0.7%	0.11%	-0.04%	0.15%	0.06%	0.77%	-0.05%
Pretax Income+	9.04M	11.76M	14.73M	25.01M	27.82M	26.75M	30.79M	32.55M	57.65M	54.79M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	821K	3.29M	-4.74M	6.94M	7.63M	7.35M	8.41M	9.89M	15.48M	15.04M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	8.22M	8.47M	19.47M	18.07M	20.2M	19.41M	22.38M	22.66M	42.16M	39.75M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.45%	0.03%	1.3%	-0.07%	0.12%	-0.04%	0.15%	0.01%	0.86%	-0.06%
Net Income (Continuing)	8.22M	8.47M	19.47M	18.07M	20.2M	19.41M	22.38M	22.66M	42.16M	39.75M
EPS (Diluted)+	0.33	0.32	0.83	0.86	0.85	0.82	0.96	0.79	1.57	1.49
EPS Growth %	0.14%	-0.03%	1.59%	0.04%	-0.01%	-0.04%	0.17%	-0.18%	0.99%	-0.05%
EPS (Basic)	0.33	0.32	0.83	0.86	0.85	0.82	0.96	0.79	1.53	1.49
Diluted Shares Outstanding	19.44M	19.86M	20.86M	21.12M	21.12M	21.12M	21.75M	27.43M	26.27M	25.96M

Balance Sheet

	Oct 2015	Oct 2016	Oct 2017	Oct 2018	Oct 2019	Oct 2020	Oct 2021	Oct 2022	Oct 2023	Oct 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	127.08M	93.96M	159.91M	129.78M	139.15M	257.64M	271.52M	88.58M	132.24M	225.25M
Short Term Investments	0	0	0	0	0	0	953K	953K	953K	953K
Total Investments+	22.43M	1.57B	262K	1.63B	1.6B	1.66B	2.1B	3.12B	4B	4.51B
Investments Growth %	-0.54%	68.9%	-1%	6236.2%	-0.02%	0.04%	0.27%	0.49%	0.28%	0.13%
Long-Term Investments	22.43M	1.57B	262K	1.63B	1.6B	1.66B	2.1B	3.12B	4B	4.51B
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	0	0	0	0	0	0	5.75M	5.75M	5.75M	12.3M
Intangible Assets	0	0	0	0	0	0	3.64M	3.19M	2.79M	12.05M
PP&E (Net)	4.35M	4.33M	8.02M	8.39M	7.91M	10.45M	11.89M	10.99M	9.96M	26.62M
Other Assets	-26.78M	14.72M	-8.28M	6.08M	17.07M	0	-953K	16.39M	22.13M	14.4M
Total Current Assets	133.73M	110.83M	166.22M	142.12M	151.15M	271.29M	296.01M	108.01M	157.73M	258.7M
Total Non-Current Assets	26.78M	1.59B	8.28M	1.67B	1.63B	1.67B	2.12B	3.16B	4.04B	4.58B
Total Assets+	1.63B	1.7B	1.73B	1.81B	1.79B	1.94B	2.42B	3.27B	4.2B	4.84B
Asset Growth %	0.12%	0.05%	0.01%	0.05%	-0.01%	0.09%	0.24%	0.35%	0.29%	0.15%
Return on Assets (ROA)	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Accounts Payable	61M	82.56M	88.78M	96.16M	97M	96.06M	110.76M	7.66M	9.68M	0
Total Debt+	57.48M	57.65M	43.04M	43.15M	38.25M	16.72M	100.39M	109.42M	110.62M	108.58M
Net Debt	-69.59M	-36.31M	-116.87M	-86.63M	-100.9M	-240.93M	-171.14M	20.84M	-21.62M	-116.67M
Long-Term Debt	57.48M	57.65M	43.04M	43.15M	38.25M	13.63M	95.27M	104.95M	106.85M	102.5M
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Other Liabilities	-57.48M	8.65M	-43.04M	8.82M	10.08M	8.24M	17.73M	139.91M	170.05M	185.89M
Total Current Liabilities	64.58M	1.45B	92.52M	1.53B	1.5B	1.66B	1.96B	2.67B	3.54B	4.14B
Total Non-Current Liabilities	64.58M	66.31M	92.52M	51.97M	48.33M	24.96M	119.01M	250.12M	281.4M	294.61M
Total Liabilities	1.45B	1.52B	1.52B	1.59B	1.55B	1.69B	2.08B	2.92B	3.82B	4.44B
Total Equity+	174.62M	185.88M	208.54M	223.57M	240.16M	255.29M	332.11M	350.68M	377.16M	399.2M
Equity Growth %	0.14%	0.06%	0.12%	0.07%	0.07%	0.06%	0.3%	0.06%	0.08%	0.06%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.05%	0.05%	0.1%	0.08%	0.09%	0.08%	0.08%	0.07%	0.12%	0.1%
Book Value per Share	8.98	9.36	10.00	10.58	11.37	12.09	15.27	12.79	14.35	15.37
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	142.22M	147.22M	152.61M	152.61M	152.61M	152.61M	227.67M	225.98M	214.82M	215.61M
Additional Paid-in Capital	145K	145K	145K	145K	145K	145K	145K	1.61M	2.51M	2.48M
Retained Earnings	2.9M	9.17M	26.44M	41.47M	58.07M	73.19M	90.64M	109.33M	146.04M	181.24M
Accumulated OCI	13K	6K	4K	0	0	0	-4K	99K	131K	-130K
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	29.34M	29.34M	29.34M	29.34M	29.34M	29.34M	13.65M	13.65M	13.65M	0

Cash Flow

	Oct 2015	Oct 2016	Oct 2017	Oct 2018	Oct 2019	Oct 2020	Oct 2021	Oct 2022	Oct 2023	Oct 2024
Cash from Operations+	-57.44M	-46.47M	77.88M	-14.9M	19.78M	139.59M	-108.31M	-32.65M	94.72M	272.7M
Operating CF Growth %	-0.98%	0.19%	2.68%	-1.19%	2.33%	6.06%	-1.78%	0.7%	3.9%	1.88%
Net Income	8.22M	8.47M	19.47M	18.07M	20.2M	19.41M	22.38M	22.66M	42.16M	39.75M
Depreciation & Amortization	393K	776K	553K	623K	721K	1.15M	1.73M	1.94M	1.78M	2.63M
Deferred Taxes	821K	3.29M	-4.74M	6.94M	7.63M	7.35M	8.41M	9.89M	15.48M	15.04M
Other Non-Cash Items	959K	-683K	-2.76M	-1.59M	-2.73M	-2.02M	-6.54M	6.52M	21.95M	-14.93M
Working Capital Changes	-67.85M	-58.32M	65.35M	-38.95M	-6.04M	113.71M	-134.29M	-75.13M	12.44M	229.86M
Cash from Investing+	25.92M	12.02M	7.07M	-10.76M	-242K	9.76M	-8.44M	-141.61M	-28.14M	-157.58M
Purchase of Investments	0	-9.58M	0	-10.02M	0	0	-953K	-141.03M	-27.78M	0
Sale/Maturity of Investments	1000K	1000K	1000K	255K	0	1000K	0	0	0	0
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	-283K	0	0	0	-7.47M	0	0	-12.12M
Other Investing	0	0	0	0	0	0	0	0	0	-126.89M
Cash from Financing+	13.45M	1.34M	-19M	-4.47M	-10.17M	-30.85M	131.4M	-6.3M	-17.31M	-23.33M
Dividends Paid	-1.82M	-2.2M	-2.2M	-3.04M	-3.68M	-4.28M	-3.85M	-3.73M	-3.6M	-3.59M
Share Repurchases	0	0	0	0	0	0	0	-1.93M	-13.29M	0
Stock Issued	15.28M	5M	0	0	0	0	73.23M	0	280K	607K
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	0	0	-1000K	0	-1000K	-1000K	1000K	-642K	-700K	-1000K
Other Financing	0	-1.46M	-1.99M	-1.43M	-1.37M	-1.69M	0	0	0	0
Net Change in Cash+	-18.06M	-33.11M	65.94M	-30.13M	9.36M	118.5M	13.88M	-182.94M	43.66M	93.01M
Exchange Rate Effect	0	0	0	0	0	0	-779K	-1000K	-1000K	1000K
Cash at Beginning	145.14M	127.08M	93.96M	159.91M	129.78M	139.15M	257.64M	271.52M	88.58M	132.24M
Cash at End	127.08M	93.96M	159.91M	129.78M	139.15M	257.64M	271.52M	88.58M	132.24M	225.25M
Interest Paid	0	0	0	0	0	0	0	0	0	0
Income Taxes Paid	0	0	0	0	0	0	0	0	0	0
Free Cash Flow+	-57.44M	-46.72M	75.64M	-15.9M	19.54M	139.35M	-108.32M	-33.23M	94.36M	254.13M
FCF Growth %	-0.98%	0.19%	2.62%	-1.21%	2.23%	6.13%	-1.78%	0.69%	3.84%	1.69%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	5.02%	4.7%	9.87%	8.37%	8.71%	7.83%	7.62%	6.64%	11.59%	10.24%
Return on Assets (ROA)	0.54%	0.51%	1.14%	1.02%	1.12%	1.04%	1.03%	0.8%	1.13%	0.88%
Net Interest Margin	2.09%	2.25%	2.55%	2.85%	3.02%	2.78%	2.49%	2.35%	2.38%	2.12%
Efficiency Ratio	37.64%	38.13%	40.82%	32.48%	29.88%	32.24%	36.97%	37.27%	21.18%	51.16%
Equity / Assets	10.74%	10.91%	12.09%	12.36%	13.45%	13.13%	13.75%	10.74%	8.98%	8.25%
Book Value / Share	8.98	9.36	10	10.58	11.37	12.09	15.27	12.79	14.35	15.37
NII Growth	21.88%	13.04%	14.53%	17.09%	4.66%	0.42%	11.14%	27.44%	30.5%	2.6%
Dividend Payout	22.17%	25.99%	11.3%	16.84%	18.21%	22.06%	17.18%	16.46%	8.54%	9.03%

Frequently Asked Questions

Valuation & Price

VersaBank (VBNK) has a price-to-earnings (P/E) ratio of 10.6x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

VersaBank (VBNK) saw revenue decline by 53.1% over the past year.

Yes, VersaBank (VBNK) is profitable, generating $28.8M in net income for fiscal year 2024 (35.6% net margin).

Dividend & Returns

Yes, VersaBank (VBNK) pays a dividend with a yield of 0.87%. This makes it attractive for income-focused investors.

VersaBank (VBNK) has a return on equity (ROE) of 10.2%. This is reasonable for most industries.

Industry Metrics

VersaBank (VBNK) has a net interest margin (NIM) of 2.1%. NIM has been under pressure due to interest rate environment.

VersaBank (VBNK) has an efficiency ratio of 51.2%. This is excellent, indicating strong cost control.

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