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VersaBank Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary10 Dec, 2025
Executive summary
Achieved record total assets of $5.8 billion, up 20% year-over-year and 6% sequentially, driven by strong growth in Digital Banking credit assets and the Receivable Purchase Program (RPP) in both the US and Canada.
Consolidated Q4 revenue reached a record $35.1 million, up 29% year-over-year and 11% sequentially.
Adjusted net income for Q4 was $10.5 million (up 91% year-over-year), with adjusted EPS of $0.33; reported net income was $5.2 million, impacted by one-time reorganization costs and higher tax provisions.
U.S. operations turned profitable, with RPP ramping up rapidly and surpassing first-year funding targets.
Completed a significant corporate reorganization to align with a US bank framework, incurring $9.9 million in one-time costs for the year.
Financial highlights
Total assets reached $5.81 billion, up 20% year-over-year; credit asset portfolio up 20% to $5.07 billion.
Book value per share hit a record $16.67, up 9% year-over-year.
Net interest margin on credit assets was 2.65% in Q4, up 31 bps year-over-year.
Adjusted net income up 91% year-over-year; adjusted EPS up 65% year-over-year.
Provision for credit losses remained low at 0.11% of average credit assets for Q4.
Outlook and guidance
Targeting $1 billion in U.S. RPP funding for fiscal 2026, with a 60/40 split between conventional and securitized RPP.
Net interest margin expected to remain stable in 2026, with upside potential from asset mix and yield curve normalization.
Enhanced CMHC-insured lending program expected to add at least $2 million in revenue in 2026.
Additional one-time realignment costs of about $1.5 million anticipated in early 2026.
Expects to capitalize on growth opportunities with minimal expansion of non-interest expenses, aided by cybersecurity business divestiture.
Strategic benefits of US domestication?
US RPP operating leverage impact on profit?
RBDTs: How will they drive low-cost funding?
What is the expected capital impact from DRT Cyber divestiture?
CMHC new revenue stream: how is it generated
RBDT commercialization: deposit and licensing plan
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Frequently asked questions
VersaBank, a schedule I chartered bank since 1994 and a member of Canada Deposit Insurance Corporation, provides various banking products and services in Canada. It operates through Personal Banking, Business Banking, and Capital Markets segments. The company offers everyday banking options, including high interest checking accounts; term deposits; and secured personal loans.
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