CEO lauds the "highest quarterly net income in our history"
VersaBank reported record results across its core operations in the second quarter of 2021.
Total revenue increased 10% year-over-year and 4% sequentially for a record $16 million. Over the same period, net income increased 12% year-over-year and 9% sequentially to a record $5.7 million.
Read more: VersaBank originations push loan portfolio to record high
VersaBank president and chief executive officer David Taylor lauded the second-quarter result as “the highest quarterly net income in our history.”
“It is especially encouraging that, even amid a period of strong loan growth year-to-date, our strong performance was dampened by our still higher-than-typical cash balances, as well as the pandemic-related restrictions, which impacted loan origination in both our point-of-sale and commercial real estate lending businesses,” said Taylor. “Importantly, our results were once again reflective of the earnings power and significant growth potential of our digital banking strategy – addressing unmet needs in banking through innovative solutions based on our proprietary software platform through a highly efficient, partner-based model.”
Taylor added that “with the additional capital raised through our subordinated note offering in April, opportunities to continue to lower our cost of funds, our point-of-sale and commercial lending businesses poised to benefit from the relaxation of pandemic-related restrictions and the launch of our instant mortgage offering on the horizon, our strong performance in the first half of fiscal 2021 positions VersaBank for an even better second half, and a return to our track record of strong year-over-year growth in annual profitability.”
