07:40 AM EDT, 09/05/2024 (MT Newswires) -- VersaBank ( VBNK ) on Thursday said third quarter net income dipped as revenue rose slightly.

Net income fell 3% to $9.7 million, or $0.36 per share, from $10 million, or $0.38 per share, last year.

Revenue rose 1% to $27 million.

VersaBank ( VBNK ), which acquired U.S.-based Stearns Bank Holdingford (SBH) on August 30, said it maintained higher than typical cash balances to fund the capital requirements of its U.S. subsidiary following the acquisition. That impacted its net interest margin. Non-interest expense was also higher due to acquisition-related costs, some of which were specific to the third quarter.

"The highlight of the third quarter was the Bank's receipt of the US and Canadian regulatory approvals for our acquisition of a national, OCC-chartered U.S. bank, which we completed last week," said CEO David Taylor. "We are now embarking on a transformational opportunity for VersaBank ( VBNK ), broadly launching our Receivable Purchase Program financing solution, which has been proven out in Canada over the last nearly 15 years, to the underserved, multi-trillion-dollar point-of-sale market in the United States."