VersaBank
For the period ended Jul 31, 2026. Filed Sep 3, 2026.
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Jul 31, 2026 · Filed Sep 3, 2026
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EX-99.2 · Subordinated Notes Payable
Subordinated Notes Payable
| (thousands of Canadian dollars) | |||
|---|---|---|---|
| July 31 | April 30 | July 31 | |
| 2026 | 2026 | 2025 | |
| Issued April 2021, unsecured, non-viability contingent capital compliant, subordinated notes payable, principal amount of US $75.0 million, maturing May 2031. The notes bore interest at a fixed contractual rate of 5.00% until April 30, 2026, after which the coupon rate reset to 5.92%, based on a CORRA-derived reference rate plus 3.61%, payable quarterly in arrears. The effective interest rate was 5.38% during the fixed-rate period and 6.31% during the three-month floating-rate period ending July 31, 2026. | $103,793 | $100,688 | $102,148 |
| $103,793 | $100,688 | $102,148 | |
Subordinated notes payable, net of issue costs, were $103.8 million as at July 31, 2026, compared with $102.1 million a year ago and $100.7 million last quarter. The year-over-year and quarter-over-quarter variances were a function primarily attributable to the change in the USD/CAD foreign exchange spot rate related to the US $75.0 million subordinated note.
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