08:23 AM EST, 12/09/2024 (MT Newswires) -- VersaBank ( VBNK ) on Monday said fourth-quarter net income fell 56% as it absorbed costs related to its acquisition of Stearns Bank Holdingford.

Net income fell to $5.5 million, or $0.20 per share, from $12.5 million, or $0.47 per share. Net income excluding Stearns Bank acquisition costs, was $10 million, and $0.38, per share.

Total revenue declined 6% to $27.3 million from $29.2 million. The decrease was mainly due to lower non-interest income from the Bank's cybersecurity operations, DRT Cyber.

VersaBank ( VBNK ) will pay a dividend of $0.025 per share on Jan. 31.