Just found this - always good to see. GLTA
Morning Report: Versabank insider buying soars along with share price
January 5, 2024
Today we revisit VersaBank (VBNK), last featured here on August 15th. The stock rallied sharply after VersaBank reported fiscal Q4 (ended October 31st) results on December 13th and it is up 35.1% since our last report, setting a 52-week high of $15.32 on Thursday.
Q4 revenue was $29.2 million, up from $24.3 million in Q4 2022. Net income came in at $0.47 per share, more than double $0.23 in the comparable period. Loans increased 29% year-over-year to a record $3.85 billion, driven primarily by growth in VersaBank's point-of-sale (POS) financing portfolio (up 30% year-over-year). Net interest margin fell to 2.54% from 2.81% in Q4 2022, but provision for credit losses as a percentage of average loans remained negligible at minus 0.02%.
Going forward, VersaBank expects to surpass $5 billion in total assets in 2024 ($4.2 billion at 2023 end). VersaBank also expects a decision from US regulators on its proposed acquisition of a US bank during the first calendar quarter of 2024. If approval is granted, VersaBank expects the acquisition to provide the potential for significant additional growth.
Meanwhile, insiders have continued to buy despite the stock's recent rally. They have been net acquirers of more than $1 million worth of shares through a combination of public market purchases and options exercises since our last report.