VersaBank releases transcript of fiscal 2026 third-quarter results conference call
VBNK•Margin outlook and fiscal 2027 target
Management expects NIM to trend back near 2.3% as liquidity normalizes; it cited a Q3 NIM drag of roughly 10-15 basis points.
Management raised a fiscal 2027 target of at least USD 3 billion in additional U.S. SRP fundings; about half is tied to existing partners.
Third-quarter results and asset growth
VersaBank posted the transcript of its third-quarter fiscal 2026 results call attended by Founder and President David Taylor, CFO Nicolas Ospina, and SVP Lawrence Chamberlain.
Management flagged record Q3 revenue of CAD 38.8 million, net income of CAD 10.1 million, and adjusted net income of CAD 12.3 million.
Total assets ended Q3 just under CAD 6.9 billion; management said assets surpassed CAD 7.2 billion subsequent to quarter-end.
SRP funding momentum and product rollout
U.S. SRP momentum drove CAD 220 million of Q3 fundings; management cited CAD 720 million year-to-date fundings and CAD 127 million post-quarter.
Management launched an AI-enabled real-time SRP; Financeit implemented it in Canada, and ECN Capital implemented it in the U.S.
Reorganization and cybersecurity divestiture timing
Reorganization vote is set for a special meeting; management targets completion by end-October 2026 and expects about CAD 4 million in Q4 reorganization costs.
The Fed extended the deadline to divest the cybersecurity business to Aug. 30, 2027; management cited about CAD 10 million of related costs.
