VBNKVersaBank
Industry Banks Updated 28 Sep 2026 Price 23 Oct 2026
If management hits its targets, one share in 12 months
C$32.69 → C$33.73
What the podcasts say
1 bullish · 0 bearish · 1 speaker · 1 showWhat investors said about this company on the podcasts we transcribe, newest first. Bullish means the speaker expects the stock to do well, bearish means they expect it to do badly.
- Bullish
Promises vs. what happened
16 claims · 8 decksEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
| Promise | Made in | What happened | |
|---|---|---|---|
| US$290M of US fundings in FY25 | Q2 '25 | US$310M | Held |
| First US partner ramps through FY25 | Q1 '25 | ~US$20M a month by Q3 '25 | Held |
| More US partners from a large pipeline | Q1 '25 | five more by Q4 '25; then the count stopped | Held |
| Margin keeps expanding through FY25 | Q2 '25 | 2.59% to 2.55% to 2.65% | Late |
| Its own securitization platform | Q3 '25 | no platform; product played down | Late |
| CMHC fees add C$2M+ in FY26 | Q4 '25 | never reported | Dropped |
| Cyber unit sold for cash | Q3 '25 | off the slides; deadline now Aug '27 | Dropped |
| Tokenized deposits market-ready | Q1 '26 | no launch, customer or licence | Open |
| US$1B+ of US fundings in FY26 | Q4 '25 | >US$720M by Q3; restated as C$1B | Open |
| US efficiency ratio in the low 20s | Q2 '26 | the ratio is never shown | Open |
| Real-time funding rolled out | Q2 '26 | first live partner Sep '26 | Open |
| US holding company pays off in 2026 | Q3 '25 | voted through; ~C$25M of cost so far | Open |
| US$3B+ of US fundings in FY27 | Q3 '26 | open; set before FY26's target was met | Open |
| Margin stable in FY26 | Q4 '25 | 2.44% in Q3 '26, down 11bp | Missed |
| FY26 expenses flat on FY25 | Q4 '25 | 93% of FY25 after nine months | Missed |
| Tokenized deposits federally insured | Q3 '25 | became "expected", pending regulators | Missed |
What they’re pitching
the headline page, deck by deckThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'24Q1
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26Q3
'26
LeverageOff page one Q3 '26
US fundingOff page one Q3 '25
MarginOff page one Q3 '26
TokensOff page one Q2 '25
ReorgOff page one Q3 '25
CreditFirst seen Q4 '24
Real-timeFirst seen Q2 '26
on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.
Operating leverage of the digital banking model
“Realizing significant operating leverage inherent in Digital Banking model”
Deck Q4 2024 Conference Call · p. 6 ·
Operating leverage of the digital banking model
“Realizing significant operating leverage inherent in Digital Banking model”
Deck Q1 2025 Conference Call · p. 7 ·
Operating leverage of the digital banking model
“Realizing significant operating leverage inherent in Digital Banking model”
Deck Q2 2025 Conference Call · p. 6 ·
Operating leverage of the digital banking model
“Canadian Digital Banking Operations Continue to Demonstrate Potential of US Digital Banking Operations as US Credit Assets Ramp Up and Achieve Scale”
Deck Q3 2025 Conference Call · p. 5 ·
Operating leverage of the digital banking model
“Strong finish to F2025: Momentum in Digital Banking business with increasing benefit of operating leverage”
Deck Q4 2025 Conference Call · p. 5 ·
Operating leverage of the digital banking model
“Strong start to F2026: Momentum in Digital Banking business with increasing benefit of operating leverage”
Deck Q1 2026 Conference Call · p. 5 ·
Operating leverage of the digital banking model
“Continued strong performance in F2026: Momentum in digital banking business with increasing benefit of operating leverage”
Deck Q2 2026 Conference Call · p. 5 ·
Operating leverage of the digital banking model
“Implementation of AI Across the Organization 16F2027 Will See the True Power of the Operating Leverage in Our Model 1616”
Deck Q3 2026 Conference Call · p. 16 ·
US receivable purchase program ramp (RPP, renamed SRP)
“Officially launched”
Deck Q4 2024 Conference Call · p. 16 ·
US receivable purchase program ramp (RPP, renamed SRP)
“Signed our first RPP partner in the United States following”
Deck Q1 2025 Conference Call · p. 5 ·
US receivable purchase program ramp (RPP, renamed SRP)
“Momentum in US RPP”
Deck Q2 2025 Conference Call · p. 5 ·
US receivable purchase program ramp (RPP, renamed SRP)
“US RPP Steadily Ramping Up”
Deck Q3 2025 Conference Call · p. 14 ·
US receivable purchase program ramp (RPP, renamed SRP)
“Increasing Momentum in Receivable Purchase Program”
Deck Q4 2025 Conference Call · p. 6 ·
US receivable purchase program ramp (RPP, renamed SRP)
“Acceleration of Structured Receivable”
Deck Q1 2026 Conference Call · p. 6 ·
US receivable purchase program ramp (RPP, renamed SRP)
“Continued Momentum in U.S.”
Deck Q2 2026 Conference Call · p. 6 ·
US receivable purchase program ramp (RPP, renamed SRP)
“Total additional US SRP fundings to date in F2026: >US$720 M”
Deck Q3 2026 Conference Call · p. 6 ·
Net interest margin
“Digital Banking Operations: Income Statement • NIM decreases due primarily due to an atypically inverted yield curve adversely affecting POS asset margins, which was exacerbated by the strong growth in the POS portfolio, elevated rates on term deposits experienced periodically over the course of the year 1.”
Deck Q4 2024 Conference Call · p. 12 ·
Net interest margin
“Strong sequential expansion in net interest margin • Announced proposed Structural Realignment to realize additional shareholder value”
Deck Q2 2025 Conference Call · p. 5 ·
Net interest margin
“Net interest margin grew year-over-year”
Deck Q3 2025 Conference Call · p. 5 ·
Net interest margin
“NIM on Credit Assets grew 31 bps year-over-year”
Deck Q4 2025 Conference Call · p. 5 ·
Net interest margin
“NIM on credit assets expanded 26 bps YoY”
Deck Q1 2026 Conference Call · p. 5 ·
Net interest margin
“NIM on credit assets expanded 12 bps YoY”
Deck Q2 2026 Conference Call · p. 5 ·
Net interest margin
“YoY and 27 bps sequentially. The decreases in NIM reflect:”
Deck Q3 2026 Conference Call · p. 13 ·
Digital deposit receipts / tokenized deposits
“Digital Deposit Receipts for a renewed opportunity”
Deck Q1 2025 Conference Call · p. 5 ·
Digital deposit receipts / tokenized deposits
“Transcending Stablecoins 16”
Deck Q2 2025 Conference Call · p. 16 ·
Digital deposit receipts / tokenized deposits
“A Superior, Bank-Issued Alternative to Stablecoins 1515”
Deck Q3 2025 Conference Call · p. 15 ·
Digital deposit receipts / tokenized deposits
“Represent significant potential source of ultra -low-cost deposits to fund growth, as well as opportunity to license technology”
Deck Q4 2025 Conference Call · p. 17 ·
Digital deposit receipts / tokenized deposits
“Pursuing Two Parallel Opportunities”
Deck Q1 2026 Conference Call · p. 16 ·
Digital deposit receipts / tokenized deposits
“Pursuing Two Parallel Opportunities”
Deck Q2 2026 Conference Call · p. 17 ·
Digital deposit receipts / tokenized deposits
“Pursuing Two Parallel Opportunities”
Deck Q3 2026 Conference Call · p. 17 ·
Reorganization under a US holding company
“Strong sequential expansion in net interest margin • Announced proposed Structural Realignment to realize additional shareholder value”
Deck Q2 2025 Conference Call · p. 5 ·
Reorganization under a US holding company
“Planned Realignment of Corporate Structure Moving Forward as Planned”
Deck Q3 2025 Conference Call · p. 14 ·
Reorganization under a US holding company
“Proposed reorganization to US bank framework moving forward”
Deck Q4 2025 Conference Call · p. 16 ·
Reorganization under a US holding company
“Proposed reorganization to US bank framework moving forward”
Deck Q1 2026 Conference Call · p. 15 ·
Reorganization under a US holding company
“Reorganization: Significant Milestone Achieved with S-4 Filing”
Deck Q2 2026 Conference Call · p. 16 ·
Reorganization under a US holding company
“Shareholders Meeting to Approve Proposed Reorganization”
Deck Q3 2026 Conference Call · p. 18 ·
Credit losses
“Top Tier Asset Quality & Prudent Approach to Risk Mitigation 0.08% 0.12% 0.06%”
Deck Q4 2024 Conference Call · p. 13 ·
Credit losses
“Top Tier Asset Quality & Prudent Approach to Risk Mitigation 0.08% 0.12% 0.06%”
Deck Q1 2025 Conference Call · p. 14 ·
Credit losses
“Top Tier Asset Quality & Prudent Approach to Risk Mitigation 0.08% 0.12% 0.06%”
Deck Q2 2025 Conference Call · p. 13 ·
Credit losses
“Continued de minimis Credit Losses 0.08% 0.12% 0.06%”
Deck Q4 2025 Conference Call · p. 14 ·
Credit losses
“Continued de minimis Credit Losses 0.08% 0.12% 0.06%”
Deck Q1 2026 Conference Call · p. 13 ·
Credit losses
“Continued De Minimis Credit Losses 0.08% 0.12% 0.06%”
Deck Q2 2026 Conference Call · p. 14 ·
Credit losses
“Continued De Minimis Credit Losses 0.08% 0.12% 0.06%”
Deck Q3 2026 Conference Call · p. 14 ·
Real-time SRP and AI
“Real-Time Funding Capability”
Deck Q2 2026 Conference Call · p. 7 ·
Real-time SRP and AI
“Breakthrough Innovation in POS Financing”
Deck Q3 2026 Conference Call · p. 7 ·
What they keep talking about · 9
The themes that show up deck after deck, and the ones that disappear.
- Leverage
- The subtitle of every highlights slide, "realizing" operating leverage until Q3 '25 and its "increasing benefit" after; by Q3 '26 the full payoff is moved to FY2027.
- US funding
- From "officially launched" in Q4 '24 to its own slide from Q4 '25. The programme was renamed from RPP to SRP in Q1 '26, and the decks stopped counting partners at the same time.
- Margin
- A highlights bullet from Q2 '25 to Q2 '26 while it rose; gone from the Q3 '26 highlights, the quarter it fell 27bp.
- Tokens
- "Market ready" since Q1 '25 and renamed twice (DDR, RBDT, RBTD). Federally insured in Q3 '25, "expected eligibility" a deck later; no launch date in any deck.
- Reorg
- Announced in Q2 '25, an S-4 by Q2 '26, a vote set for September in Q3 '26 — and its cost excluded from core earnings in every deck from Q3 '25.
- Credit
- The same 0.08% / 0.12% / 0.06% loss chart in seven of eight decks, retitled from "Top Tier Asset Quality" to "de minimis" losses.
- Real-time
- A pilot with one partner in Q2 '26; by Q3 '26 sold as the alternative to securitization and the engine of the FY2027 target.
- New
- Q3 '26: the at-least-US$3bn FY2027 target, set while FY2026's US$1bn was still short by about US$280M.
- Quiet
- The Digital Banking expense line left the margin table in Q2 '26; the Canadian efficiency ratio was shown once (Q1 '25); the partner count stopped in Q1 '26; the CMHC fee and the DRT Cyber sale left the outlook slides without comment.
Every quarterly report we’ve saved · 8
The press releases and shareholder letters behind this page.
- Q3 FY2026 release · 6-K 26 Aug 2026
- Q2 FY2026 release · 6-K 26 May 2026
- Q1 FY2026 release · 6-K 24 Feb 2026
- Q4 FY2025 release · 6-K 3 Dec 2025
- Q3 FY2025 release · 6-K 21 Aug 2025
- Q2 FY2025 release · 6-K 22 May 2025
- Q1 FY2025 release · 6-K 19 Feb 2025
- Q4 FY2024 release · 6-K 2 Dec 2024
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
8 calls · Q4 24 – Q3 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 | Q3 26 |
|---|---|---|---|---|---|---|---|---|
| Demand & customers | 14% | · | · | 5% | 10% | 18% | 17% | 7% |
| Growth & sales | 29% | · | 22% | 11% | 10% | 24% | 17% | 18% |
| Pricing & margins | 14% | · | 6% | 11% | 10% | 12% | 10% | 7% |
| Guidance & outlook | 14% | 33% | 11% | 5% | 10% | 18% | 17% | 21% |
| Capacity & supply | 7% | 17% | · | · | · | 6% | 3% | · |
| Capital & financing | 21% | 17% | 11% | 21% | 10% | 12% | 13% | 18% |
| Competition | · | · | · | · | · | 12% | · | · |
| Products & technology | 21% | 17% | 6% | 5% | · | 29% | 3% | · |
| Macro & regulation | · | · | · | 5% | 10% | 6% | 13% | · |
| Other | 43% | 50% | 56% | 58% | 50% | 18% | 50% | 61% |
| Questions | 14 | 6 | 18 | 19 | 10 | 17 | 30 | 28 |
| How much the CEO talked | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Who’s in charge, who’s selling
read from the filings · 5 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 1 · live
The reorganization makes the founder chief executive and chairman, and drops the independent chair
Taylor gave up the CEO title on 2025-06-05 to the Vice-Chair, McGovern, on a C$6,000 monthly stipend; no filing says why, and she has never spoken on a call. Versa Bancorp makes him President, CEO and Chairman, on an eight-member board without Newbould, the independent chair, or five other independent directors. Two newcomers are VersaBank USA directors and the new audit chair spent 25 years at Raymond James, the CFO's former firm and a 2024 underwriter.
Tier 2 · live
The president owes the bank C$5.1m and holds a share that becomes 10% of the unit it must sell
C$1.5m of unsecured loans to Taylor at 2.62-3.81%, C$3.6m of mortgages to a related party at 2.51-4.94%, and a DRT Cyber convertible share that turns into 10% of it on a change of control, while the Fed requires DRT Cyber sold by 2027-08-30 and Taylor is its chief executive. The reorganization circular says there were no related-party transactions in 2024-2025.
Tier 2 · stable
C$3.4m in a year net income fell 28%, no say-on-pay vote, and 24 months' pay on any sale
Salary up 35% to C$1.05m and total pay up to C$3,405,154 as the return on equity fell from 10.16% to 6.11%. He approves every other executive's pay; a sale or merger pays him C$5.2m at once, plus a C$1m retirement allowance. The reorganization circular's own table puts the same year at US$2.23m and does not reconcile.
Tier 2 · worsening
Growth ahead of capital, and "non-core" costs two years running
CET1 13.56% to 11.47% in a year, a US$3bn FY2027 target answered on capital with a hoped-for risk weight, 350 million authorised shares in the new charter, and C$21.2m of reorganization costs excluded from core earnings against an "expected $8 million".
Tier 3 · live
Cumulative voting goes, the board fills its own vacancies, and the pay chair has served 33 years
The Delaware charter ends cumulative voting, lets the board fill vacancies and set its size, and needs 66 2/3% of all shares to amend; Bratton, 85, has chaired HR since 1993 and chairs the new pay committee.
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| McGovern (Vice-Chair; Interim CEO)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | 647K withheld | 215K withheld | 1.93% |
| Bratton (chairs HR)A board seat. | 291K withheld | 130K withheld | 1.17% |
| Newbould (Chair)A board seat. | 104K withheld | 161K withheld | 1.45% |
| Taylor (President)A board seat. | 93K withheld | 46K withheld | 0.41% |
| Ernst & YoungThe auditor. Keeping the outside accounting firm that checks the company's books. This almost always passes; a sizeable no means shareholders doubt the audit or think the firm has been in place too long. | 142K withheld | 21K withheld | 0.17% |
| CEO and president may differ (by-law)Changing the company's rulebook. An amendment to the charter, articles or by-laws, the documents that set out shareholders' rights and how the board is run. | — | 24K against | 0.22% |
| Reorganization (special meeting, Sep '26)A corporate reorganisation. A change to the company's legal structure, such as a new holding company above it or a merger of its own entities. Shareholders' rights can change with it, so the details matter. | — | 66K against | 0.30% |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| No Form 4s: Section 16 exempt | Sold | Note |
|---|---|---|
| Any insider | not on EDGAR | an MJDS filer's insiders report to SEDI, which was not read |
| Taylor, President | bought 36,000 | for FY25 under the CEO share plan, cost reimbursed by the bank |
| Directors and officers | 5.30% | 1.73M shares held by 17 people at Apr '26 |