VersaBank Q2 Revenue Up 27%, Adjusted Income Rises 45% and Announces CAD 0.025 Dividend
VBNK•VersaBank declared a cash dividend of CAD 0.025 per share for the quarter ending July 31, payable July 31 to holders of record July 10, 2026. In Q2 ended April 30, revenue rose 27% year-over-year to C$38.3 million and adjusted net income jumped 45% to C$12.4 million, while the bank filed a Form S-4 for a U.S. reorganization.
1. Dividend Declaration
VersaBank declared a cash dividend of CAD 0.025 per common share for the quarter ending July 31, 2026, payable July 31 to shareholders of record on July 10, 2026. The dividend is designated as an eligible dividend for tax purposes.
2. Second Quarter Financial Performance
For the quarter ended April 30, 2026, total revenue rose 27% year-over-year to C$38.3 million, driven by strong U.S. Structured Receivable Program growth, while adjusted (core) net income increased 45% to C$12.4 million. Net income of C$7.5 million declined 32% after C$6.7 million in non-core expenses related to the planned corporate reorganization.
3. Form S-4 Filing and Reorganization Plan
The bank filed a Form S-4 registration statement with the U.S. Securities and Exchange Commission to establish a new Delaware holding company, Versa Bancorp, overseeing both Canadian and U.S. banking operations. The reorganization awaits shareholder approval and regulatory consent from Canadian and U.S. authorities before completion.
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