VersaBank Shares Down on 4Q Profit, Revenue Misses

Dow Jones

Dec 09, 2024

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)

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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. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Adriano Marchese at adriano.marchese@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  December 09, 2024 09:55 ET (14:55 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>VersaBank Shares Down on 4Q Profit, Revenue Misses</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nVersaBank Shares Down on 4Q Profit, Revenue Misses\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2024-12-09 22:55</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  By Adriano Marchese \n</p>\n<pre>\n \n</pre>\n<p>\n  <a href=\"https://laohu8.com/S/VBNK\">VersaBank</a> shares were lower after revenue and profit fell lower than expected in the fourth fiscal quarter. \n</p>\n<p>\n  Shares traded 6.7% lower at 23.68 Canadian dollars ($16.72). Shares are still up about 63% year-to-date. \n</p>\n<p>\n  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. \n</p>\n<p>\n  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. \n</p>\n<p>\n  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. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Adriano Marchese at adriano.marchese@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  December 09, 2024 09:55 ET (14:55 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"VBNK","symbol_name":"VersaBank","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2490754927","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2490754927","pubTimestamp":1733756100,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"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 . 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. 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Shares are still up about 63% year-to-date. \n\n\n  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. \n\n\n  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. \n\n\n  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. \n\n\n \n\n\n  Write to Adriano Marchese at adriano.marchese@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  December 09, 2024 09:55 ET (14:55 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}