VersaBank
For the period ended Oct 31, 2024. Filed Dec 9, 2024.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2024 · Filed Dec 9, 2024
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Contents
EX-99.3 · Subordinated Notes Payable
Subordinated Notes Payable
| (thousands of Canadian dollars) | ||
|---|---|---|
| October 31 | October 31 | |
| 2024 | 2023 | |
| Issued April 2021, unsecured, non-viability contingent capital compliant, subordinated notes payable, principal amount of US $75.0 million,fixed effective interest rate of 5.38%, maturing May 2031. The fixed rate applies only until May 1, 2026, at which point the obligation switches to floating rate and the notes are redeemable by the Bank, subject to regulatory approval. | $102,503 | $101,931 |
| Issued March 2019, unsecured, non-viability contingent capital compliant, subordinated notes payable, principal amount of $5.0 million, fixed effective interest rate of 10.41%, maturing March 2029. | - | 4,919 |
| $102,503 | $106,850 | |
Subordinated notes payable, net of issue costs, were $102.5 million as at October 31, 2024, compared with $106.9 million a year ago. The year-over-year trend was a function primarily attributable to the change in the USD/CAD foreign exchange spot rate related to the US $75.0 million subordinated note, offset by the Bank redeeming its $5.0 million, unsecured, non-viability contingent capital compliant, subordinate note payable on April 30, 2024, using the Bank’s general funds.
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