VersaBank Reports Continued Strong Results for First Quarter 2022
"The first quarter of fiscal 2022 saw continued momentum in our core Digital Banking operations, highlighted by another record loan portfolio at quarter end of $2.22 billion and strong year-over-year growth in revenue, net income and earnings per share," said David Taylor, President and Chief Executive Officer.
- "The first quarter of fiscal 2022 saw continued momentum in our core Digital Banking operations, highlighted by another record loan portfolio at quarter end of $2.22 billion and strong year-over-year growth in revenue, net income and earnings per share," said David Taylor, President and Chief Executive Officer.
- VersaBank's cost of funds for the first quarter of 2022 was 1.29%, down 2 bps sequentially and 13 bps year-over-year.
- For the first quarter of 2022, cybersecurity net income of $148,000 was down 14% year-over-year and down 70% sequentially.
- The quarter-over-quarter trend was a function primarily of strong performance in the comparative quarter attributable to engagements that were deferred in early 2021, due to COVID 19, being realized in the comparative quarter and lower seasonal activity in the current quarter.