VersaBank

TSX:VBNK Stock Report

Market Cap: CA$882.5m

VersaBank Management

Management criteria checks 2/4

VersaBank's CEO is Susan McGovern, appointed in May 2025, has a tenure of 1.08 years. total yearly compensation is CA$180.15K, comprised of 16.7% salary and 83.3% bonuses, including company stock and options. directly owns 0.12% of the company’s shares, worth CA$1.07M. The average tenure of the management team and the board of directors is 1.4 years and 6.7 years respectively.

Key information

Susan McGovern

Chief executive officer

CA$180.1k

Total compensation

CEO salary percentage16.65%
CEO tenure1.1yrs
CEO ownership0.1%
Management average tenure1.4yrs
Board average tenure6.7yrs

Recent management updates

Recent updates

Narrative Update • Jun 03

VBNK: Stablecoin Custody Momentum Will Offset Pressure On Lending Margins

Analysts have lifted their CA$ price target on VersaBank from CA$23 to CA$26, citing Q1 revenue that topped estimates on healthy loan growth, a miss on net interest margins, and early traction from the bank's new stablecoin custody offering as key factors in the reassessment. What's in the News VersaBank has started a pilot of its new Real-Time Structured Receivable Program with FinanceIt Canada Inc., aiming to test functionality and operations on a limited scale before a broader rollout to partners in Canada and the US.
Narrative Update • May 09

VBNK: Weaker Lending Margins Will Limit Benefits Of New Custody Initiative

Analysts have raised their CA$13 price target on VersaBank to CA$14, citing Q1 revenue that exceeded estimates on healthy loan growth and early traction in the new stablecoin custody offering, even though net interest margins came in below expectations. Analyst Commentary Bullish Takeaways Bullish analysts see the price target increase to CA$14 as recognition that stronger than expected Q1 revenue supports a higher valuation, even with some mixed operating metrics.
Narrative Update • Apr 23

VBNK: Loan Expansion And Stablecoin Custody Will Shape Balanced Return Outlook

Analysts have raised their CA$13 price target on VersaBank to CA$14 after Q1 revenue topped estimates, citing healthy loan growth and early traction from the bank's stablecoin custody initiative, even though net interest margins came in below expectations. Analyst Commentary Analysts are updating their views on VersaBank after the latest Q1 release, focusing on how the bank balances loan growth, margins and new fee-based opportunities like stablecoin custody.
Narrative Update • Apr 06

VBNK: Stablecoin Custody Fees Will Drive Future Earnings Upside

Analysts have raised their VersaBank price target to CA$14 from CA$13, citing Q1 revenue that exceeded estimates on healthy loan growth and early traction in the bank's new stablecoin custody offering. Analyst Commentary Bullish Takeaways Bullish analysts point to Q1 revenue topping estimates as evidence that VersaBank is executing on loan growth in a way that supports the higher CA$14 price target.
Narrative Update • Mar 23

VBNK: Stablecoin Custody Traction Will Drive Future Earnings Upside

Analysts have lifted their VersaBank price target to CA$14 from CA$13, citing Q1 revenue that topped estimates on healthy loan growth, a smaller net interest margin, and early traction from the bank's new stablecoin custody offering. Analyst Commentary Bullish Takeaways Bullish analysts view the higher CA$14 price target as a reflection of Q1 revenue that topped estimates, which they see as supportive of the current valuation framework.
Narrative Update • Mar 06

VBNK: Stablecoin Custody Progress Will Support Future Earnings Power

Analysts have lifted their fair value estimate for VersaBank to CA$23.00 from CA$19.00, citing Street research that points to healthy loan growth, resilient revenue performance and early traction in the bank's stablecoin custody initiative as key supports for the higher price target. Analyst Commentary Bullish Takeaways Bullish analysts point to the higher fair value estimate as reflecting confidence that healthy loan growth can support VersaBank's earnings power over time, even with some pressure on net interest margins.
Analysis Article • Mar 08

VersaBank Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

As you might know, VersaBank ( TSE:VBNK ) last week released its latest first-quarter, and things did not turn out so...
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New Narrative • Feb 02

US Expansion And Digital Initiatives Set To Boost Future Prospects

The U.S. acquisition and Receivable Purchase Program are expected to drive loan growth, higher net margins, and improved earnings.
Analysis Article • Dec 12

VersaBank Just Missed EPS By 11%: Here's What Analysts Think Will Happen Next

Shareholders might have noticed that VersaBank ( TSE:VBNK ) filed its annual result this time last week. The early...

CEO Compensation Analysis

How has Susan McGovern's remuneration changed compared to VersaBank's earnings?
DateTotal CompensationSalaryCompany Earnings
Apr 30 2026n/an/a

CA$30m

Jan 31 2026n/an/a

CA$31m

Oct 31 2025CA$180kCA$30k

CA$28m

Jul 31 2025n/an/a

CA$29m

Apr 30 2025n/an/a

CA$31m

Jan 31 2025n/an/a

CA$34m

Oct 31 2024CA$124kn/a

CA$39m

Jul 31 2024n/an/a

CA$46m

Apr 30 2024n/an/a

CA$46m

Jan 31 2024n/an/a

CA$44m

Oct 31 2023n/an/a

CA$41m

Jul 31 2023n/an/a

CA$35m

Apr 30 2023n/an/a

CA$31m

Jan 31 2023n/an/a

CA$26m

Oct 31 2022CA$99kn/a

CA$22m

Jul 31 2022n/an/a

CA$21m

Apr 30 2022n/an/a

CA$21m

Jan 31 2022n/an/a

CA$21m

Oct 31 2021CA$89kn/a

CA$21m

Jul 31 2021n/an/a

CA$19m

Apr 30 2021n/an/a

CA$18m

Jan 31 2021n/an/a

CA$17m

Oct 31 2020CA$85kn/a

CA$17m

Jul 31 2020n/an/a

CA$18m

Apr 30 2020n/an/a

CA$18m

Jan 31 2020n/an/a

CA$18m

Oct 31 2019CA$64kn/a

CA$18m

Compensation vs Market: Susan's total compensation ($USD128.94K) is below average for companies of similar size in the Canadian market ($USD1.37M).

Compensation vs Earnings: Susan's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.

CEO

Susan McGovern

1.1yrs
Tenure
CA$180,149
Compensation

Ms. Susan Teresa McGovern, B.Sc. has been an Independent Director of VersaBank since May 6, 2011 and also serves as its Vice Chair and also serves as its Interim Chief Executive Officer since May 2025. Ms....

Leadership Team

NamePositionTenureCompensationOwnership
Susan McGovern
Interim CEO & Vice Chair1.1yrsCA$180.15k0.12%
CA$ 1.1m
David Taylor
Group President & Director33.4yrsCA$3.45m4.22%
CA$ 37.2m
John Asma
Executive Vice Presidentless than a yearCA$894.17kno data
R. Clarke
Chief Operating Officer of VersaBank USA1.8yrsCA$876.33k0.056%
CA$ 493.4k
Michael Dixon
Senior Vice President1.4yrsCA$874.41k0.057%
CA$ 499.7k
Telemaco Matrundola
President of VersaBank USA & CEO of VersaBank USA1.8yrsCA$944.51k0.19%
CA$ 1.6m
Nicolas Ospina
Global Chief Financial Officerless than a yearno datano data
Wooi Koay
Chief Information Officer5.8yrsno data0.033%
CA$ 292.8k
Brent Hodge
Senior VPno datano data0.081%
CA$ 711.3k
Elizabeth Kuranoff
Chief Compliance Officer1.4yrsno data0.010%
CA$ 91.3k
Jonathan Francis Taylor
Global Chief Human Resources Officerno dataCA$674.08k0.069%
CA$ 607.9k
Nikola Kristo
Senior Vice President1.4yrsCA$862.02k0.031%
CA$ 274.1k
1.4yrs
Average Tenure
66yo
Average Age

Experienced Management: VBNK's management team is not considered experienced ( 1.4 years average tenure), which suggests a new team.

Board Members

NamePositionTenureCompensationOwnership
Susan McGovern
Interim CEO & Vice Chair15.1yrsCA$180.15k0.12%
CA$ 1.1m
David Taylor
Group President & Director33.4yrsCA$3.45m4.22%
CA$ 37.2m
Robbert-Jan Brabander
Independent Director16.6yrsCA$150.41k0.20%
CA$ 1.8m
Francis J. Newbould
Independent Chairman1.2yrsCA$105.58k0.095%
CA$ 841.4k
David Bratton
Independent Director32.8yrsCA$83.97k0.10%
CA$ 885.3k
Richard H. Jankura
Independent Director4.1yrsCA$101.59k0.026%
CA$ 227.5k
Gabrielle Bochynek
Independent Director7.2yrsCA$81.37k0.046%
CA$ 405.9k
Arthur Linton
Independent Director6.2yrsCA$74.37k0.023%
CA$ 205.6k
Peter Irwin
Independent Director5.4yrsCA$117.97k0.079%
CA$ 698.9k
Scott Verity
Directorless than a yearno data0.0034%
CA$ 30.2k
6.7yrs
Average Tenure

Experienced Board: VBNK's board of directors are considered experienced (6.7 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/12 21:31
End of Day Share Price 2026/06/12 00:00
Earnings2026/04/30
Annual Earnings2025/10/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Industry and Sector Metrics

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Analyst Sources

VersaBank is covered by 4 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Timothy SwitzerKeefe, Bruyette, & Woods
Joseph YanchunisRaymond James & Associates
Craig IrwinRoth Capital Partners