olivLaw · US equity research
VersaBank VBNK
Commercial Banks, NEC · SIC 6029 · Vertical: Commercial Banks, NEC (SIC 6029)
VersaBank is a Canadian bank that operates as a foreign private issuer in the US, with shares listed on Nasdaq, and reports under IFRS through its Form 40-F filed in December 2025. The company is of interest now as it files its annual reports as an emerging growth issuer, with internal control over financial reporting declared effective at 31 October 2025.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, VersaBank (VBNK) stock was 22.95 USD (+4.15% on the day), with beta 0.95, 52-week range 11.26–23.72 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 55.9
- strong (55–70)
- Bollinger (20, 2)
- 21.56 – 23.38
- in the upper half of the band · %B 0.76 · band width 8.1%
- SMA 50 / 200
- 22.13 / 18.86
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.06 / 0.13
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +2.6% | −1.1% | +3.7 pp | — |
| 3 months | +18.5% | −0.5% | +19.0 pp | — |
| 6 months | +24.5% | +4.4% | +20.1 pp | — |
| Year to date | +53.2% | +12.3% | +40.9 pp | — |
| 1 year | +97.2% | +13.5% | +83.6 pp | +16.8% |
| 3 years | +199.6% | +76.4% | +123.2 pp | +123.9% |
| 5 years | +84.2% | +63.7% | +20.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 54.2 m | 65.4 m | 82.4 m | 108.6 m | 111.6 m | 124.6 m |
| Revenue YoY | unavailable | +20.6% | +26.1% | +31.9% | +2.8% | +11.7% |
| Net income | 19.4 m | 22.4 m | 22.7 m | 42.2 m | 39.7 m | 28.5 m |
| Net income YoY | unavailable | +15.3% | +1.2% | +86.1% | −5.7% | −28.4% |
| Diluted EPS | 0.82 | 0.96 | 0.79 | 1.57 | 1.49 | 0.90 |
| Diluted EPS YoY | unavailable | +17.1% | −17.7% | +98.7% | −5.1% | −39.6% |
| net % | 35.8% | 34.2% | 27.5% | 38.8% | 35.6% | 22.8% |
| Free cash flow | 139.4 m | -108.3 m | -33.2 m | 94.4 m | 254.1 m | 43.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Oct 2025
- Cash
- 581.7 m CAD
- Financial debt
- unavailable CAD
- Net debt
- unavailable CAD
- Equity
- 532.7 m CAD
- Total assets
- 5.8 bn CAD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 6.1%
- ROA
- 0.5%
- FCF margin
- 34.9%
Financial statements (source on every figure)
Revenue and net income (CAD)
Income statement · CAD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Pre-tax income | 26.8 m | 30.8 m | 32.5 m | 57.6 m | 54.8 m | 41.5 m | SEC (XBRL)· 10 Dec 2025verified |
| Net income | 19.4 m | 22.4 m | 22.7 m | 42.2 m | 39.7 m | 28.5 m | SEC (XBRL)· 10 Dec 2025verified |
| Diluted EPS | 0.82 | 0.96 | 0.79 | 1.57 | 1.49 | 0.90 | SEC (XBRL)· 10 Dec 2025verified |
| Dividend per share | — | 0.14 | 0.14 | 0.14 | 0.14 | — | SEC (XBRL)· 09 Dec 2024derived |
Balance sheet · CAD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 257.6 m | 271.5 m | 88.6 m | 132.2 m | 225.3 m | 581.7 m | SEC (XBRL)· 10 Dec 2025verified |
| Total assets | 1.9 bn | 2.4 bn | 3.3 bn | 4.2 bn | 4.8 bn | 5.8 bn | SEC (XBRL)· 10 Dec 2025verified |
| Total liabilities | 1.7 bn | 2.1 bn | 2.9 bn | 3.8 bn | 4.4 bn | 5.3 bn | SEC (XBRL)· 10 Dec 2025verified |
| Equity | 255.3 m | 332.1 m | 350.7 m | 377.2 m | 399.2 m | 532.7 m | SEC (XBRL)· 10 Dec 2025verified |
| Shares outstanding at year end | — | 27.4 m | 27.2 m | 26.0 m | 26.0 m | — | SEC (XBRL)· 09 Dec 2024verified |
Cash flow · CAD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Dividends paid | 4.3 m | 3.8 m | 3.7 m | 3.6 m | 3.6 m | 3.2 m | SEC (XBRL)· 10 Dec 2025verified |
Computed indicators
Growth
Profitability
Returns
Market and valuation
Banking
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 36.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
36% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 36.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 6.1% | 0 (vs peers) | 44% |
| ROA · Quality | 0.5% | 10 (on a fixed band) | 17% |
| Cost-to-income · Quality | unavailable | unavailable | — |
| Net interest margin · Quality | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | 4.4% | 37 (on a fixed band) | 22% |
| Revenue CAGR 3Y · Growth | 14.8% | 100 (on a fixed band) | 17% |
| NPL ratio · Balance sheet | unavailable | unavailable | — |
| Cost of risk · Balance sheet | unavailable | unavailable | — |
| Loan-to-deposit · Balance sheet | unavailable | unavailable | — |
| P/B · Valuation | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| Dividend yield · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth64/100 · 2/2 factors with a value
- Quality3/100 · 2/4 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation· partialunavailable · 0/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
VersaBank (VBNK). Latest full fiscal year: 2025; data up to 2025-10-31.
Figures computed from the financial statements: YoY growth 11.7%; net margin 22.8%; ROE 6.1%.
The estimated value range is 11.71–15.76 CAD per share (median of 4 methods, agreement: low); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 36.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 14.8%
What contradicts it
- ROE: 6.1%
- ROA: 0.5%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Cost-to-income, Net interest margin, NPL ratio, Cost of risk, Loan-to-deposit, P/B, P/E (TTM), Dividend yield.
Versus the vertical median
Commercial Banks, NEC (SIC 6029) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BCHBank of Chile | 3,989.2 bn | 3.2 | 25,665.4% | 1,571,522.8% | −10.7% | +5% / +74% |
| HDBHdfc Bank Limited | 186.2 bn | 23.4 | 9.1% | 30.8% | +15.2% | −34% / −19% |
| KBKB Financial Group Inc. | 41.2 bn | 13.4 | 8.3% | 0.0% | +17.8% | +35% / +185% |
| NTBThe Bank of N.T. Butterfield & Son Limited | 2.2 bn | 10.1 | 21.4% | 38.2% | +4.6% | +19% / +100% |
| BLXForeign Trade Bank Of Latin America, Inc. | 1.9 bn | 9.2 | 16.2% | 67.8% | +14.1% | +14% / +110% |
| PGCPeapack Gladstone Financial Corp | 839.4 m | 16.4 | 7.7% | 16.4% | +24.1% | +75% / +91% |
| AVALGrupo Aval Acciones Y Valores S.A. | 30 | 0.1 | — | — | −2.4% | +3% / +93% |
| BAPCredicorp Ltd | — | — | 16.5% | 20.0% | +7.0% | +40% / +186% |
| BMOBank Of Montreal | — | — | 10.1% | 24.0% | +10.6% | +41% / +116% |
| MUFGMitsubishi UFJ Financial Group, Inc. | — | — | 9.1% | 14.6% | +9.5% | +39% / +156% |
| SANBanco Santander, S.A. | — | — | 12.8% | — | +0.0% | +12% / +194% |
| INGIng Groep NV | — | — | 15.6% | 32.4% | +21.8% | +27% / +133% |
| CMCanadian Imperial Bank Of Commerce | — | — | 13.7% | 28.9% | +13.8% | +39% / +190% |
| RYRoyal Bank Of Canada | — | — | 15.3% | 30.6% | +16.1% | +36% / +132% |
| BCSBarclays PLC | — | — | 9.6% | 64.6% | +3.7% | +4% / +228% |
| INTRINTER & Co, INC. | — | — | 11.1% | 14.2% | +34.7% | −56% / −25% |
| VBNKVersaBank | — | — | 6.1% | 22.8% | +11.7% | +97% / +200% |
| TDToronto Dominion Bank | — | — | 16.9% | 30.3% | +18.4% | +53% / +110% |
| LYGLloyds Banking Group plc | — | — | 10.0% | 24.0% | +7.9% | +3% / +141% |
| SUPVGrupo Supervielle S.A. | — | — | 13.6% | 12.2% | −13.9% | −48% / +73% |
| NWGNatWest Group plc | — | — | 14.2% | 19.3% | +3.1% | −1% / +209% |
1- and 3-year price returns: for VBNK from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 10 Dec 2025; since then the company filed 6-K (27 Oct 2026), 6-K (15 Oct 2026), 6-K (01 Oct 2026), 6-K (22 Sept 2026), 6-K (17 Sept 2026).
In brief
VersaBank is a Canadian bank that operates as a foreign private issuer in the US, with shares listed on Nasdaq, and reports under IFRS through its Form 40-F filed in December 2025 1. The company is of interest now as it files its annual reports as an emerging growth issuer, with internal control over financial reporting declared effective at 31 October 2025 1.
SWOT
Strengths
- The bank benefits from a multijurisdictional reporting system that simplifies filing with the SEC 1. Management declared internal control over financial reporting effective at the end of fiscal 2025 1.
- The audit committee has independent members designated as financial experts, which supports oversight of reporting 1. The code of conduct is published and applies to all directors and employees 1.
- The financial statements are audited and prepared under IFRS, which facilitates international comparison 1.
Weaknesses
- The bank does not follow some Nasdaq rules on board and committee independence, which may reduce comparability with other US-listed companies 1.
- Reporting under Canadian rules differs from US reporting, which may complicate interpretation for US investors 1.
- The source document gives no details on market share or on positioning against competitors, which limits competitive assessment 1.
Opportunities
- Emerging growth company status could allow a period of reporting without the full internal control requirements 1.
- The Nasdaq listing offers access to US investors and deeper capital markets if the bank chooses to expand 1.
- A governance framework adapted to Toronto Stock Exchange rules could simplify internal processes 1.
Risks
- Loss of emerging growth company statusmedium
If the bank exceeds the legal thresholds, it would have to comply with full internal control requirements, which could raise administrative costs 1.
- Governance differences from Nasdaqmedium
Applying Toronto Stock Exchange rules instead of Nasdaq rules could reduce comparability with other US-listed companies 1.
- Economic sanctions compliancemedium
International activity could expose the bank to sanctions risk if its compliance programme does not keep pace with changes 1.
- Forward-looking statementslow
Actual results could differ from those anticipated because of the risks described in the Annual Information Form 1.
- Dependence on current leadershiplow
The audit committee depends on a few key members, and their departure could affect oversight of reporting 1.
Investment thesis
What would need to be true (bull case)
What would break the thesis
- Applying different governance rules could reduce comparability with other companies listed in the US 1.
- Emerging growth company status is temporary, and a change in it could raise the reporting burden 1.
- The source document gives no market share data, which makes the competitive position hard to assess 1.
What to watch
- Changes in emerging growth company status and internal control requirementsnext 10-K
- Possible changes to the governance rules the bank applies2027
- Updates to the economic sanctions compliance programme2027
- Financial results for the following fiscal year ending 31 Octobernext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 10 Dec 2025; since then the company filed 6-K (27 Oct 2026), 6-K (15 Oct 2026), 6-K (01 Oct 2026), 6-K (22 Sept 2026), 6-K (17 Sept 2026).
The business
VersaBank is a bank in Canada, and its annual document for the year ended 31 October 2025 is filed as a Form 40-F under Canadian disclosure requirements 1. The bank prepares its consolidated financial statements under IFRS and includes them with the Annual Information Form and management's discussion 1. The company is a foreign private issuer under SEC rules and is classified as an emerging growth company 1.
The bank's common shares are listed on the Nasdaq Global Select Market, and it largely follows home-country practices on corporate governance 1. The board includes an audit committee of three independent members designated as financial experts, and the code of conduct is published on the bank's website 1.
The document also contains a section on economic sanctions compliance, in which the bank states it complied with relevant legislation throughout fiscal 2025 1. The bank has appointed an agent for service in the US through a previously filed Form F-X 1.
Segments
Consolidated financial reporting
The bank's consolidated financial statements for the years ended 31 October 2025 and 2024 are included as an exhibit to the annual report and audited by a registered public accounting firm 1. They form the main basis for assessing the bank's performance across its business lines 1.
Market context
The bank operates in Canada and is listed on Nasdaq, which places it in the North American market for small and mid-sized commercial banks 1. The source document provides no figures on market share or market size, so the analysis is limited to the listing and regulatory context 1.
Its Nasdaq listing and foreign private issuer status, subject to SEC rules and the Toronto Stock Exchange, shape how the bank manages reporting and governance requirements 1. This dual oversight could raise compliance costs for an issuer of its size 1.
Trends
- Reporting requirements for foreign issuersmixed
The bank benefits from the multijurisdictional disclosure system in the US, which allows it to file reports under Canadian rules 1. This facility reduces duplication of documents but keeps filing obligations constant 1.
- Emerging growth company statustailwind
The bank qualifies as an emerging growth company, which exempts it from certain internal control reporting requirements 1. Over time the exemption could end if the bank exceeds the legal thresholds 1.
- Governance under Toronto Stock Exchange rulesheadwind
The bank follows Toronto Stock Exchange rules instead of Nasdaq rules for several governance matters, such as nominating and compensation committees 1. If regulations change, the bank could need to adjust its governance structure 1.
- Economic sanctions complianceheadwind
The bank states it monitors economic sanctions requirements in the jurisdictions where it operates, and that its compliance programme is robust 1. A more complex sanctions environment could increase the compliance burden 1.
Competitive position
The source document does not explicitly name the bank's competitors, so its competitive position cannot be assessed directly from the filing 1. As a Canadian bank listed on Nasdaq, VersaBank is mainly compared with other small commercial banks listed on North American exchanges.
A comparison with competitors would require data from other sources, since the bank's Form 40-F focuses on reporting and governance 1. Regulatory differences between Canada and the US may influence both costs and access to funding for the bank 1.
- Canadian commercial banks listed on Nasdaq or NYSE
The source does not name specific competitors, so this category is only a general reference for comparison.
- Small commercial banks in the US
General competition for deposits and lending to smaller businesses in the American market.
- Canadian banks listed on the Toronto Stock Exchange
Competitors in the same jurisdiction but without dual listing, which changes their reporting regime.
- Other non-bank financial institutions
Indirect competition for funding and savings products, not identified in the source.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- VersaBank (VBNK) Q3 2026 Earnings Call TranscriptYahoo Finance — News · 09 Sept 2026 · EN
- VersaBank (VBNK) Surpasses $7 Billion in Total Assets, Targets More US GrowthYahoo Finance — News · 09 Sept 2026 · EN
- Arauca Capital’s Investment Thesis for Versabank (VBNK)Yahoo Finance — News · 09 Sept 2026 · EN
The latest news item in our archive is from 09 Sept 2026; the newest SEC filing is from 27 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)27 Oct 2026
- Current report (foreign issuer)15 Oct 2026
- Current report (foreign issuer)01 Oct 2026
- Current report (foreign issuer)22 Sept 2026
- Current report (foreign issuer)17 Sept 2026
- Current report (foreign issuer)17 Sept 2026
- Current report (foreign issuer)04 Sept 2026
- Current report (foreign issuer)03 Sept 2026
- Current report (foreign issuer)01 Sept 2026
- Current report (foreign issuer)26 Aug 2026
Sources
- [1] Form 40-F, fiscal year ended 2025-10-31 · SEC / VersaBank · 10 Dec 2025
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.