By Adriano Marchese
VersaBank shares were lower after revenue and profit fell lower than expected in the fourth fiscal quarter.
Shares traded 6.7% lower at 23.68 Canadian dollars ($16.72). Shares are still up about 63% year-to-date.
The Canadian bank generated C$27.3 million in revenue, a decline of 6%, missing analyst expectations of a rise to C$29.4 million, according to FactSet.
VersaBank also logged exceptional costs in the quarter, including a one-time cost of C$3.3 million associated with its U.S. acquisition of Stearns Bank Holdingford, as well as a one-time expense of a deferred tax asset of C$1.6 million.
This weighed on profit. Net income fell to C$5.5 million, or C$0.20 a share in the three months ended Oct. 31, down from C$12.5 million, or C$0.47 a share, a year ago.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
December 09, 2024 09:55 ET (14:55 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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