2018 ANNUAL & SPECIAL Meeting of Shareholders
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1 2018 ANNUAL & SPECIAL Meeting of Shareholders
2 Canada s Fintech Warehouse 2
3 Officers Title Officers Title David Taylor President & Chief Executive Officer Jean-Paul Beker Vice President, Real Estate Lending Shawn Clarke Chief Financial Officer Steve Creery Vice President, Credit Nick Kristo Chief Risk Officer & SVP, Credit Wooi Koay Vice President, Information Technology Jonathan Taylor Michael Dixon Ross Duggan Executive Head & SVP, Deposit Services & HR Executive Head & SVP, e-commerce Executive Head & SVP, Commercial Lending Aly Lalani Andy Min Scott Mizzen David Thoms Vice President, Treasurer Vice President, Finance & Corporate Accounting Vice President, Real Estate Lending Vice President, Structured & Corporate Finance Cameron Mitchell Vice President, General Counsel & Corporate Secretary Joanne Johnston Chief Internal Auditor Officers 3
4 Board of Directors Honourable Thomas A. Hockin David Taylor Robbert-Jan Brabander David Bratton Title Chairman President & CEO Director Director R.W. (Dick) Carter Arnold Hillier Colin Litton Susan McGovern Director Director Director Director Paul Oliver Director Honourable Maurizio Bevilacqua Director Avery Pennarun Director Board of Directors 4
5 Auditors 5
6 State of the Art Financial Technology aimed at lucrative niche markets 6
7 Appointment of Auditors 7
8 State of the Art Financial Technology aimed at lucrative niche markets 8
9 Director Nominees Title Honourable Thomas A. Hockin David Taylor Chairman President & CEO Robbert-Jan Brabander Director David Bratton Director R.W. (Dick) Carter Director Arnold Hillier Director Colin Litton Director Susan McGovern Director Paul Oliver Director Avery Pennarun Director Director Nominees 9
10 State of the Art Financial Technology aimed at lucrative niche markets 10
11 The Bank occasionally makes forward-looking statements about its objectives, operations and targeted financial results. These statements may be written or verbal and may be included in such things as press releases, corporate presentations, Annual Reports and other disclosure documents and communications. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other forward-looking statements will not be achieved. A number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to, the strength of the Canadian economy in general and the strength of local economies within Canada in which we conduct operations; the effect of changes in interest rates; the effects of competition in the markets in which we operate; capital market fluctuations; and the impact of changes in laws and regulations. When relying on forward-looking statements to make decisions, investors and others should carefully consider these factors and other uncertainties or potential events. The Bank makes no undertaking to update any forward-looking statement that is made from time to time by the Bank. Advisory 11
12 State of the Art Financial Technology aimed at lucrative niche markets 12
13 David Taylor, President & CEO Introduction & Performance Review: We aspire to be our clients preferred provider of innovative financial solutions. F2017 Business Line Performance Bank Financial Performance Strategic Review: The Way Ahead Key Growth Drivers Management Presentation 13
14 We aspire to be the preferred provider of innovative financial solutions to our clients. Vision To deliver a competitive and sustainable rate of return to shareholders by delivering ideally suited financial products, services and innovative solutions to our clients in certain niche markets not well served by the large banks Mission 14
15 Leverage existing financial product distribution channels in order to minimize investment in physical infrastructure and human resources. Design, develop and maintain state-of-the-art, banking software in order to maximize transaction capacity, velocity and operational efficiency and delivery new products Strategic Priorities 15
16 $1.7B $1.4B $.87 $1.4B $208M $19.5M $0.87 DEPOSITS ASSETS DEPOSITS SHAREHOLDERS EQUITY NET EARNINGS CASH NET INCOME EARNINGS PER 2017 SHARE 2017 Results 16
17 National Insolvency Professional Network National Deposit Broker Network of 115 Financial Institutions Deposits 17
18 Insolvency Professional Offices Commercial Deposit Balances $MM 140 $ $ $ $250 $ $150 $100 $50 $ April 2012 January 2018 VersaBank launches Web based chequing accounts 86 Trustee Offices and over $329M on Deposit Low Cost Commercial Deposits 18
19 2.90% 2.70% 2.50% 2.30% 2.10% 1.90% 1.70% 1.50% Jan-12 Apr-12 Jul-12 Oct-12 Cost of funds Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Cost of Funds Trend 19
20 Commercial Banking E-Commerce Lending 20
21 COMMERCIAL BANKING REAL ESTATE Lending 21
22 E-COMMERCE - RECEIVABLES PURCHASE PROGRAM Lending 22
23 E-COMMERCE A variety of consumer and small business loan and lease receivables purchased electronically from partners operating throughout Canada Lending Receivable Purchase Program 23
24 $M 900 Our Receivable Purchase Program continues to grow as we establish new relationships and increase purchases from our 20 existing partners Q1 Loan & Lease Receivable Purchases 24
25 NIM for Q1 F % up from 2.54% in Q1 F17 Liquid Assets $135 8% 7% Other Assets $122 Liquid Assets $85 5% 4% Other Assets $61 39% 42% 46% 49% E-Commerce $823 Commercial Banking $693 E-Commerce $839 Commercial Banking $721 Jan 31, 2017 Jan 31, 2018 Balance Sheet Mix 25
26 Net Interest Income (NII) Net Interest Margin (NIM) Compound Annual Growth Rate (CAGR) NIM- 5yr CAGR 15 % $M % % 1.74% % % % % 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% Big 5 Bank Average NIM approx. 1.76% Q1 0.00% Key Performance Trends 26
27 PCL % of Avg loan 0.25% VersaBank Provision for Credit losses (PCL) Trend 0.20% Major Canadian banks average PCL 0.23 % 0.15% 0.10% 0.05% 0.00% 0.12% 0.08% 0.04% 0.06% (0.01%) 0.020% Q1-0.05% Credit Quality 27
28 Core Cash Earnings* Trend $30M $25M CCE - 5 yr CAGR 46 % $20M $15M $10M $5M $M $24M $18M $13M $9M $5M $4M * Core Cash Earnings* = pre-tax earnings adjusted for non-core operating income/expenses * Annualized 2018 Core Cash Earnings 28
29 COMMON EQUITY TIER % 11.20% 11.20% 11.10% 11.00% 10.80% 10.68% 10.60% 9.40% 8.60% Comparative Capital Ratios 29
30 10.34% 5.30% 4.60% 4.30% 4.00% 4.00% 4.00% 3.90% 3.50% 3.30% Conservative Leverage 30
31 RBC 2.1 TD Bank National Bank Bank of Montreal Bank of Nova Scotia CIBC P/B 1.5 Canadian Western Laurentian Bank Versabank % 11.0% 12.0% 13.0% 14.0% 15.0% 16.0% 17.0% 18.0% 19.0% 20.0% CCROCE Q1 F18 - Annualized CAD Banks CCROCE vs. P/BV Source: RBCCM CAD Financials Weekly 31
32 Common Shares: VB:TSX $7.00 Issued Shares: 21,123,559 Based on Recent Share Price of $7.00, Market Capitalization was $147,864,913. YTD Average trading volume/day 58,900 shares. Analyst coverage : GMP Securities Stephen Boland, CFA sboland@gmpsecurities.com IA Securities Dylan Steuart, CFA desteuart@iagto.ca Preferred Shares: VB.PR.A:TSX $10.05 (yield 7.0%) Non-cumulative 5-year rate preferred shares, series 1. Issued Shares 1,461,460 Based on recent share price of $10.05 Market Capitalization was $14,687,673. Reset date Oct 31, 2019 Reset rate 543 Basis Points Preferred Shares: VB.PR.B:TSX $10.10 (yield 7.0%) Non-cumulative 6-year rate reset preferred shares, series 3. Issued Shares 1,681,320 Based on recent share price of $10.10 Market Capitalization was $16,981,332. Reset date April 30, 2021 Reset rate 569 Basis Points Financial Overview 32
33 Introducing VersaVault. The world s first BlockChain safety deposit box. The impenetrable security and absolute privacy of blockchain encryption managed by a chartered bank in one of the world s most trusted financial markets. 33
34 VersaVault digital box vs Traditional physical box VersaVault Traditional physical box Quickly & easily expandable Difficult to expand, large capex Global market Local market Can only be opened by customer Can be opened by drill if required with their own personal key Vulnerable to 3rd party demands 34
35 Leverage digital technology to serve niche markets; Common share dividend paid in Q1 F18; High net interest margin, low loan losses; Highly scalable model; High growth potential; Core Cash Earnings 4yr CAGR of 46% (Oct 31 st -2017); Exciting new initiatives; VersaVault, the world s first blockchain safety deposit box; Summary 35
36 Canada s Fintech Warehouse 36
VERSABANK REPORTS FOURTH QUARTER 2018 RESULTS WITH A 53% INCREASE IN CORE CASH EARNINGS FROM A YEAR AGO (1)(2)
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