VERSABANK SECOND QUARTER RESULTS CONTINUE TO DEMONSTRATE STRENGTH OF BUSINESS MODEL AS US RPP PORTFOLIO EXPERIENCES STRONG GROWTH
1. VBNK reported record revenue of $30.1 million, an 8% increase sequentially. 2. Net income decreased to $8.5 million, impacted by restructuring costs. 3. Digital Banking credit assets grew 13% year-over-year to $4.52 billion. 4. Company plans to align structure with US banking standards for shareholder value. 5. Positive trends in net interest margins expected to continue amid growth.