{"id":821848,"date":"2025-03-05T07:07:04","date_gmt":"2025-03-05T12:07:04","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/versabank-first-quarter-2025-results-continue-to-demonstrate-strength-of-business-model-as-bank-ramps-up-proven-rpp-solution-in-us-market\/"},"modified":"2025-03-05T07:07:04","modified_gmt":"2025-03-05T12:07:04","slug":"versabank-first-quarter-2025-results-continue-to-demonstrate-strength-of-business-model-as-bank-ramps-up-proven-rpp-solution-in-us-market","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/versabank-first-quarter-2025-results-continue-to-demonstrate-strength-of-business-model-as-bank-ramps-up-proven-rpp-solution-in-us-market\/","title":{"rendered":"VERSABANK FIRST QUARTER 2025 RESULTS CONTINUE TO DEMONSTRATE STRENGTH OF BUSINESS MODEL AS BANK RAMPS UP PROVEN RPP SOLUTION IN US MARKET"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n All amounts are unaudited and in Canadian dollars and are based on financial statements prepared in compliance with International Accounting Standard 34 Interim Financial Reporting, unless otherwise noted. Our first quarter 2025 (“Q1 2025”) unaudited Interim Consolidated Financial Statements for the period ended January 31, 2025<\/span> and Management’s Discussion and Analysis (“MD&A”), are available online at\u00a0www.versabank.com\/investor-relations<\/a>, SEDAR at www.sedarplus.ca<\/a> and EDGAR at www.sec.gov\/edgar<\/a>. Supplementary Financial Information will also be available on our website at www.versabank.com\/investor-relations<\/a>.<\/i>\n <\/p>\n

\n
\n LONDON, ON<\/span>
\n <\/span>, March 5, 2025<\/span><\/span> \/PRNewswire\/ – 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, 2025<\/span>. All figures are in Canadian dollars unless otherwise stated.<\/p>\n

\n

\n
\n \"VersaBank
\n <\/a>\n <\/p>\n<\/p><\/div>\n

\n CONSOLIDATED AND SEGMENTED FINANCIAL SUMMARY<\/b>\n <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n (unaudited)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n As at or for the three months ended<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n January 31<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n October 31<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n January 31<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n (thousands of Canadian dollars except per share amounts)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Change<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Change<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n Financial results<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Total revenue<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 27,827<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 27,285<\/span>\n <\/p>\n<\/td>\n

\n

\n 2\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 28,851<\/span>\n <\/p>\n<\/td>\n

\n

\n (4\u00a0%)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Cost of funds*<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3.84\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 4.11\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n (7\u00a0%)<\/span>\n <\/p>\n<\/td>\n

\n

\n 3.99\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n (4\u00a0%)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Net interest margin*<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.08\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 2.12\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n (2\u00a0%)<\/span>\n <\/p>\n<\/td>\n

\n

\n 2.48\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n (16\u00a0%)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Net interest margin on credit assets*<\/span>\n <\/p>\n<\/td>\n

\n

\n 2.36\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 2.34\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 1\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 2.63\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n (10\u00a0%)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Return on average common equity*<\/span>\n <\/p>\n<\/td>\n

\n

\n 7.02\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 5.28\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 33\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 13.41\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n (48\u00a0%)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n Net income\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 8,143<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 5,516<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 48\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 12,699<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (36\u00a0%)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Net income per common share basic and diluted<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.28<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.20<\/span>\n <\/p>\n<\/td>\n

\n

\n 40\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.48<\/span>\n <\/p>\n<\/td>\n

\n

\n (42\u00a0%)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n Balance sheet and capital ratios**<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Total assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $\u00a0\u00a0 4,971,732<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0 4,838,484<\/span>\n <\/p>\n<\/td>\n

\n

\n 3\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0 4,309,635<\/span>\n <\/p>\n<\/td>\n

\n

\n 15\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Book value per common share*<\/span>\n <\/p>\n<\/td>\n

\n

\n 16.03<\/span>\n <\/p>\n<\/td>\n

\n

\n 15.35<\/span>\n <\/p>\n<\/td>\n

\n

\n 4\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 14.46<\/span>\n <\/p>\n<\/td>\n

\n

\n 11\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Common Equity Tier 1 (CET1) capital ratio<\/span>\n <\/p>\n<\/td>\n

\n

\n 14.61\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 11.24\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 30\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 11.39\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 28\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Total capital ratio\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 17.91\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 14.48\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 24\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 15.19\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 18\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Leverage ratio<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9.67\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 7.38\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 31\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 8.44\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 15\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n * See definitions under ‘Non-GAAP and Other Financial Measures’ in the Q1 2025 Management’s Discussion and Analysis.<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n ** Capital management and leverage measures are in accordance with OSFI’s Capital Adequacy Requirements and Basel III Accord.<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n (thousands of Canadian dollars)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n for the three months ended<\/span>\n <\/p>\n<\/td>\n

\n

\n January 31, 2025<\/span>\n <\/p>\n<\/td>\n

\n

\n October 31, 2024<\/span>\n <\/p>\n<\/td>\n

\n

\n January 31, 2024<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n Digital Banking<\/span>\n <\/p>\n<\/td>\n

\n

\n Digital Banking<\/span>\n <\/p>\n<\/td>\n

\n

\n Digital Meteor<\/span>\n <\/p>\n<\/td>\n

\n

\n DRTC<\/span>\n <\/p>\n<\/td>\n

\n

\n Eliminations\/<\/span>\n <\/p>\n<\/td>\n

\n

\n Consolidated<\/span>\n <\/p>\n<\/td>\n

\n

\n Digital Banking<\/span>\n <\/p>\n<\/td>\n

\n

\n Digital Banking<\/span>\n <\/p>\n<\/td>\n

\n

\n Digital Meteor<\/span>\n <\/p>\n<\/td>\n

\n

\n DRTC<\/span>\n <\/p>\n<\/td>\n

\n

\n Eliminations\/<\/span>\n <\/p>\n<\/td>\n

\n

\n Consolidated<\/span>\n <\/p>\n<\/td>\n

\n

\n Digital Banking<\/span>\n <\/p>\n<\/td>\n

\n

\n Digital Meteor<\/span>\n <\/p>\n<\/td>\n

\n

\n DRTC<\/span>\n <\/p>\n<\/td>\n

\n

\n Eliminations\/<\/span>\n <\/p>\n<\/td>\n

\n

\n Consolidated<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n Canada<\/span>\n <\/p>\n<\/td>\n

\n

\n USA<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n Adjustments<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Canada<\/span>\n <\/p>\n<\/td>\n

\n

\n USA<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n Adjustments<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Canada<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n Adjustments<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Net interest income<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 23,685<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 2,039<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 25,724<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 23,509<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,392<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 24,901<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a026,568<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 26,568<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Non-interest income<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 125<\/span>\n <\/p>\n<\/td>\n

\n

\n 1<\/span>\n <\/p>\n<\/td>\n

\n

\n 342<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,989<\/span>\n <\/p>\n<\/td>\n

\n

\n (354)<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,103<\/span>\n <\/p>\n<\/td>\n

\n

\n 141<\/span>\n <\/p>\n<\/td>\n

\n

\n 1<\/span>\n <\/p>\n<\/td>\n

\n

\n 389<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,194<\/span>\n <\/p>\n<\/td>\n

\n

\n (341)<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,384<\/span>\n <\/p>\n<\/td>\n

\n

\n 120<\/span>\n <\/p>\n<\/td>\n

\n

\n 580<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,920<\/span>\n <\/p>\n<\/td>\n

\n

\n (337)<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,283<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total revenue<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 23,810<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,040<\/span>\n <\/p>\n<\/td>\n

\n

\n 342<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,989<\/span>\n <\/p>\n<\/td>\n

\n

\n (354)<\/span>\n <\/p>\n<\/td>\n

\n

\n 27,827<\/span>\n <\/p>\n<\/td>\n

\n

\n 23,650<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,393<\/span>\n <\/p>\n<\/td>\n

\n

\n 389<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,194<\/span>\n <\/p>\n<\/td>\n

\n

\n (341)<\/span>\n <\/p>\n<\/td>\n

\n

\n 27,285<\/span>\n <\/p>\n<\/td>\n

\n

\n 26,688<\/span>\n <\/p>\n<\/td>\n

\n

\n 580<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,920<\/span>\n <\/p>\n<\/td>\n

\n

\n (337)<\/span>\n <\/p>\n<\/td>\n

\n

\n 28,851<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Provision for (recovery of) credit losses<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,033<\/span>\n <\/p>\n<\/td>\n

\n

\n (9)<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,024<\/span>\n <\/p>\n<\/td>\n

\n

\n (22)<\/span>\n <\/p>\n<\/td>\n

\n

\n (134)<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n (156)<\/span>\n <\/p>\n<\/td>\n

\n

\n (127)<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n (127)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 22,777<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,049<\/span>\n <\/p>\n<\/td>\n

\n

\n 342<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,989<\/span>\n <\/p>\n<\/td>\n

\n

\n (354)<\/span>\n <\/p>\n<\/td>\n

\n

\n 26,803<\/span>\n <\/p>\n<\/td>\n

\n

\n 23,672<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,527<\/span>\n <\/p>\n<\/td>\n

\n

\n 389<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,194<\/span>\n <\/p>\n<\/td>\n

\n

\n (341)<\/span>\n <\/p>\n<\/td>\n

\n

\n 27,441<\/span>\n <\/p>\n<\/td>\n

\n

\n 26,815<\/span>\n <\/p>\n<\/td>\n

\n

\n 580<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,920<\/span>\n <\/p>\n<\/td>\n

\n

\n (337)<\/span>\n <\/p>\n<\/td>\n

\n

\n 28,978<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Non-interest expenses:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Salaries and benefits<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,289<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,164<\/span>\n <\/p>\n<\/td>\n

\n

\n 217<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,944<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n 8,614<\/span>\n <\/p>\n<\/td>\n

\n

\n 9,483<\/span>\n <\/p>\n<\/td>\n

\n

\n 437<\/span>\n <\/p>\n<\/td>\n

\n

\n 183<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,227<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n 11,330<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,371<\/span>\n <\/p>\n<\/td>\n

\n

\n 144<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,023<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n 6,538<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n General and administrative<\/span>\n <\/p>\n<\/td>\n

\n

\n 4,716<\/span>\n <\/p>\n<\/td>\n

\n

\n 597<\/span>\n <\/p>\n<\/td>\n

\n

\n 44<\/span>\n <\/p>\n<\/td>\n

\n

\n 486<\/span>\n <\/p>\n<\/td>\n

\n

\n (354)<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,489<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,874<\/span>\n <\/p>\n<\/td>\n

\n

\n 365<\/span>\n <\/p>\n<\/td>\n

\n

\n 37<\/span>\n <\/p>\n<\/td>\n

\n

\n 511<\/span>\n <\/p>\n<\/td>\n

\n

\n (341)<\/span>\n <\/p>\n<\/td>\n

\n

\n 6,446<\/span>\n <\/p>\n<\/td>\n

\n

\n 4,276<\/span>\n <\/p>\n<\/td>\n

\n

\n 50<\/span>\n <\/p>\n<\/td>\n

\n

\n 344<\/span>\n <\/p>\n<\/td>\n

\n

\n (337)<\/span>\n <\/p>\n<\/td>\n

\n

\n 4,333<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n Premises and equipment<\/span>\n <\/p>\n<\/td>\n

\n

\n 903<\/span>\n <\/p>\n<\/td>\n

\n

\n 109<\/span>\n <\/p>\n<\/td>\n

\n

\n 48<\/span>\n <\/p>\n<\/td>\n

\n

\n 536<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,596<\/span>\n <\/p>\n<\/td>\n

\n

\n 855<\/span>\n <\/p>\n<\/td>\n

\n

\n 105<\/span>\n <\/p>\n<\/td>\n

\n

\n 48<\/span>\n <\/p>\n<\/td>\n

\n

\n 581<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,589<\/span>\n <\/p>\n<\/td>\n

\n

\n 768<\/span>\n <\/p>\n<\/td>\n

\n

\n 43<\/span>\n <\/p>\n<\/td>\n

\n

\n 342<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,153<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 10,908<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,870<\/span>\n <\/p>\n<\/td>\n

\n

\n 309<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,966<\/span>\n <\/p>\n<\/td>\n

\n

\n (354)<\/span>\n <\/p>\n<\/td>\n

\n

\n 15,699<\/span>\n <\/p>\n<\/td>\n

\n

\n 16,212<\/span>\n <\/p>\n<\/td>\n

\n

\n 907<\/span>\n <\/p>\n<\/td>\n

\n

\n 268<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,319<\/span>\n <\/p>\n<\/td>\n

\n

\n (341)<\/span>\n <\/p>\n<\/td>\n

\n

\n 19,365<\/span>\n <\/p>\n<\/td>\n

\n

\n 10,415<\/span>\n <\/p>\n<\/td>\n

\n

\n 237<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,709<\/span>\n <\/p>\n<\/td>\n

\n

\n (337)<\/span>\n <\/p>\n<\/td>\n

\n

\n 12,024<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Income (loss) before income taxes<\/span>\n <\/p>\n<\/td>\n

\n

\n 11,869<\/span>\n <\/p>\n<\/td>\n

\n

\n 179<\/span>\n <\/p>\n<\/td>\n

\n

\n 33<\/span>\n <\/p>\n<\/td>\n

\n

\n (977)<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n 11,104<\/span>\n <\/p>\n<\/td>\n

\n

\n 7,460<\/span>\n <\/p>\n<\/td>\n

\n

\n 620<\/span>\n <\/p>\n<\/td>\n

\n

\n 121<\/span>\n <\/p>\n<\/td>\n

\n

\n (125)<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n 8,076<\/span>\n <\/p>\n<\/td>\n

\n

\n 16,400<\/span>\n <\/p>\n<\/td>\n

\n

\n 343<\/span>\n <\/p>\n<\/td>\n

\n

\n 211<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n 16,954<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Income tax provision<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,105<\/span>\n <\/p>\n<\/td>\n

\n

\n 76<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n (220)<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,961<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,429<\/span>\n <\/p>\n<\/td>\n

\n

\n 155<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n (220)<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,560<\/span>\n <\/p>\n<\/td>\n

\n

\n 4,136<\/span>\n <\/p>\n<\/td>\n

\n

\n 5<\/span>\n <\/p>\n<\/td>\n

\n

\n 114<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n 4,255<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net income (loss)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 8,764<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0103<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 33<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (757)<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,143<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,031<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 465<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 121<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 95<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,516<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a012,264<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 338<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 97<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 12,699<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Total assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $\u00a0 \u00a0 \u00a0 \u00a0 \u00a04,707,062<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0 \u00a0 \u00a0 \u00a0 256,627<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 11,236<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0 25,340<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (28,533)<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0 4,971,732<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,602,360<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 226,319<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,434<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0 25,804<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 (19,433)<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0 4,838,484<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0 \u00a0 \u00a0 4,299,625<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,821<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0 24,476<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 (17,287)<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0 4,309,635<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Total liabilities<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $\u00a0 \u00a0 \u00a0 \u00a0 \u00a04,350,601<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0 \u00a0 \u00a0 \u00a0 \u00a0115,351<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,922<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0 21,548<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (45,985)<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0 4,450,437<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,343,878<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 90,716<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,245<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0 29,020<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 (25,578)<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0 4,439,281<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0 \u00a0 \u00a0 3,914,863<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 719<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0 27,906<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 (22,887)<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0 3,920,601<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n MANAGEMENT COMMENTARY<\/b>\n <\/p>\n

“The first quarter of fiscal 2025 was highlighted by the first post-acquisition partnership for our US Receivable Purchase Program, immediately followed by multiple fundings,”\u00a0said David Taylor<\/span>, President and Chief Executive Officer, VersaBank.\u00a0 “Importantly, the program is functioning as expected by both our team and our partner and we expect our funding with this partner to steadily expand throughout the year.\u00a0 We are working with multiple parties in our robust pipeline to add them as new partners.\u00a0 Supported by our successful capital raise in December, we have the balance sheet capacity to support this growth and capitalize on the even greater operating leverage and lower cost deposits in the US than in Canada<\/span> to rapidly drive incremental profitability and return on common equity.\u00a0We do not expect the implementation of tariffs by the U.S. or Canadian administrations to have an impact on the ramp up of our RPP in the U.S.”<\/p>\n

“Our Canadian Digital Banking Operations continue to demonstrate the inherent strength of our cloud-based, business-to-business banking model, reinforcing the significant potential for our RPP business in the U.S. to drive efficiency, outsized earnings growth and return on common equity for years to come.\u00a0 We saw continued growth in our Canadian Credit Asset portfolio, both year-over-year and sequentially, driven by continued expansion of our RPP Portfolio, as well as early success in capitalizing on the zero-risk weighted, CMHC-insured multi-family residential loan opportunity. Notably, we saw a sequential improvement in net interest margin on credit assets, a trend that we expect to continue throughout 2025.”<\/p>\n

Mr. Taylor added, “In addition to the strong year-over-year growth we expect from our Digital Banking Operations in fiscal 2025, with the now favourable US regulatory environment, we are actively pursuing the renewed opportunity for our revolutionary Digital Deposit Receipts (“DDRs”) \u2013 highly encrypted digital assets that combine the safety of traditional banking with the efficiency, cost savings, security, and flexibility of blockchain technology, providing superior security, stability, and regulatory compliance compared to conventional alternatives. \u00a0We have a tremendous head start, having successfully completed a pilot program on the Algorand, Ethereum<\/span> and Stellar blockchains.\u00a0 Our DDRs have the potential to be an ultra-low-cost source of deposit funding for VersaBank, as well as any bank that uses VersaBank’s DDR technology, backed by the military-grade security of our own VersaVault\u00ae technology.”<\/p>\n

\n HIGHLIGHTS FOR THE FIRST QUARTER OF FISCAL 2025<\/b>\n <\/p>\n

\n
\n Consolidated (Canadian and U.S. Digital Banking Operations, Digital Meteor and DRTC)<\/i>
\n <\/b>\n <\/p>\n