VersaBank

VersaBank reported record results for Q3 fiscal 2026, with total assets reaching a new high of just under $6.9 billion, up 26% year-over-year, and surpassing $7 billion subsequent to quarter end. Total consolidated revenue hit a record $38.8 million, up 23% year-over-year, while reported net income rose 53% to $10.1 million, and adjusted net income increased 27% to $12.3 million. The bank's credit asset portfolio grew to a record just shy of $6.2 billion, driven by its structured receivable program (SRP), which increased 40% year-over-year to $5.2 billion. US banking revenue surged 199% year-over-year to $9.3 million, with net income up 803% to $3.9 million, while Canadian banking revenue grew 4% to $27.6 million. Management set a fiscal 2027 target of at least USD 3 billion in additional US SRP fundings, representing 60% growth in the credit asset portfolio, and highlighted the launch of an AI-enabled real-time SRP that allows partners to finance loans individually within hours. The bank also noted a negative provision for credit losses of 0.02% of credit assets, reflecting a recovery, and book value per share increased to a record $17.45.