All amounts are unaudited and in Canadian dollars and are based on financial statements prepared in compliance with International Accounting Standard 34 Interim Financial Reporting, unless otherwise noted. Our second quarter 2024 ("Q2 2024") unaudited Interim Consolidated Financial Statements for the period ended April 30, 2024 and Management's Discussion and Analysis ("MD&A"), are available online at www.versabank.com/investor-relations, SEDAR at www.sedarplus.ca and EDGAR at www.sec.gov/edgar. Supplementary Financial Information will also be available on our website at www.versabank.com/investor-relations. LONDON, ON, June 5, 2024 /CNW/ - VersaBank ("VersaBank" or the "Bank") (TSX:VBNK) (NASDAQ:VBNK), a North American leader in business-to-business digital banking, as well as technology solutions for cybersecurity, today reported its results for the second quarter of fiscal 2024 ended April 30, 2024. All figures are in Canadian dollars unless otherwise stated. Consolidated and Segmented Financial Summary (unaudited) As at or for the three months ended As at or for the six months ended April 30 January 31 April 30 April 30 April 30 (thousands of Canadian dollars, except per share amounts) 2024 2024 Change 2023 Change 2024 2023 Change Financial results Total revenue $       28,501 $       28,851 (1 %) $       26,685 7 % $       57,352 $       52,603 9 % Cost of funds* 4.21 % 3.99 % 6 % 3.27 % 29 % 4.11 % 3.13 % 31 % Net interest margin* 2.45 % 2.48 % (1 %) 2.78 % (12 %) 2.47 % 2.82 % (12 %) Net interest margin on loans* 2.52 % 2.63 % (4 %) 2.99 % (16 %) 2.61 % 3.02 % (14 %) Return on average common equity* 12.36 % 13.41 % (8 %) 12.07 % 2 % 12.89 % 11.38 % 13 % Net income  11,828 12,699 (7 %) 10,263 15 % 24,527 19,680 25 % Net income per common share basic and diluted 0.45 0.48 (6 %) 0.38 18 % 0.93 0.72 29 % Balance sheet and capital ratios Total assets $   4,388,320 $   4,309,635 2 % $   3,729,393 18 % $   4,388,320 $   3,729,393 18 % Book value per common share* 14.88 14.46 3 % 13.19 13 % 14.88 13.19 13 % Common Equity Tier 1 (CET1) capital ratio 11.63 % 11.39 % 2 % 11.21 % 4 % 11.63 % 11.21 % 4 % Total capital ratio  15.33 % 15.19 % 1 % 15.37 % 0 % 15.33 % 15.37 % 0 % Leverage ratio 8.55 % 8.44 % 1 % 8.83 % (3 %) 8.55 % 8.83 % (3 %) * See definitions under 'Non-GAAP and Other Financial Measures' in the Q2 2024 Management's Discussion and Analysis.   (thousands of Canadian dollars) for the three months ended April 30, 2024 January 31, 2024 April 30, 2023 Digital DRTC Eliminations/ Consolidated Digital DRTC Eliminations/ Consolidated Digital DRTC Eliminations/ Consolidated Banking Adjustments Banking Adjustments Banking Adjustments Net interest income $       26,242 $             - $                - $       26,242 $      26,568 $             - $                - $       26,568 $      24,609 $             - $                - $       24,609 Non-interest income 262 2,336 (339) 2,259 120 2,500 (337) 2,283 122 2,146 (192) 2,076 Total revenue 26,504 2,336 (339) 28,501 26,688 2,500 (337) 28,851 24,731 2,146 (192) 26,685 Provision for (recovery of) credit losses 16 - - 16 (127) - - (127) 237 - - 237 26,488 2,336 (339) 28,485