VersaBank (TSX:VBNK) Long-Term Capital Lease Obligation

: C$3.8 Mil (As of Oct. 2023)

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VersaBank's Long-Term Capital Lease Obligation for the quarter that ended in Oct. 2023 was C$3.8 Mil.

VersaBank's quarterly Long-Term Capital Lease Obligation declined from Apr. 2023 (C$4.1 Mil) to Jul. 2023 (C$3.9 Mil) and declined from Jul. 2023 (C$3.9 Mil) to Oct. 2023 (C$3.8 Mil).

VersaBank's annual Long-Term Capital Lease Obligation declined from Oct. 2021 (C$5.1 Mil) to Oct. 2022 (C$4.5 Mil) and declined from Oct. 2022 (C$4.5 Mil) to Oct. 2023 (C$3.8 Mil).

VersaBank Long-Term Capital Lease Obligation Historical Data

The historical data trend for VersaBank's Long-Term Capital Lease Obligation can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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VersaBank Annual Data

Trend

Oct14

Oct15

Oct16

Oct17

Oct18

Oct19

Oct20

Oct21

Oct22

Oct23

Long-Term Capital Lease Obligation

3.08

5.11

4.47

3.77

VersaBank Quarterly Data
	Jan19	Apr19	Jul19	Oct19	Jan20	Apr20	Jul20	Oct20	Jan21	Apr21	Jul21	Oct21	Jan22	Apr22	Jul22	Oct22	Jan23	Apr23	Jul23	Oct23
Long-Term Capital Lease Obligation																4.47	4.30	4.12	3.94	3.77

VersaBank (TSX:VBNK) Long-Term Capital Lease Obligation Explanation

Long-Term Capital Lease Obligation are the amount due for long-term asset lease agreements that are nearly equivalent to asset purchases. Capital lease obligations are installment payments that constitute a payment of principal plus interest for the capital lease. The Short-Term Capital Lease Obligation is the portion of a Long-Term Capital Lease Obligation that is due over the next year.

Under US Generally Accepted Accounting Principles (GAAP), a capital lease is essentially equivalent to a purchase by the lessee if it meets the following criteria:

1. Ownership of the asset is transferred to the lessee at the end of the lease term;
2. The lease contains a bargain purchase option to buy the equipment at less than fair market value;
3. The lease term equals or exceeds 75% of the asset's estimated useful life;
4. The present value of the lease payments equals or exceeds 90% of the total original cost of the equipment.

VersaBank Long-Term Capital Lease Obligation Related Terms

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VersaBank (TSX:VBNK) Business Description

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VBNK:USA VBNK.PR.A.PFD:Canada

Address

140 Fullarton Street, Suite 2002, London, ON, CAN, N6A 5P2

Website

https://www.versabank.com

VersaBank is a Canadian Schedule I chartered bank with a difference. VersaBank became the world's first digital financial institution when it adopted its highly efficient business-to-business model using its proprietary state-of-the-art financial technology to profitably address underserved segments of the Canadian banking market in the pursuit of superior net interest margins, while mitigating risk. VersaBank obtains all of its deposits and provides the majority of its loans and leases electronically, with innovative deposit and lending solutions for financial intermediaries that allow them to excel in their core businesses. In addition, leveraging its internally developed IT security software and capabilities, VersaBank established a wholly-owned, subsidiary.