Note 17 - Fair Value of Financial Instruments

3 Months Ended

Jan. 31, 2025

Statement Line Items [Line Items]

Disclosure of fair value of financial instruments [text block]

17. Fair value of financial instruments:

Fair values are based on management’s best estimates of market conditions and valuation policies at a certain point in time. The estimates are subjective and involve particular assumptions and judgement and, as such, may not be reflective of future fair values. The Bank’s credit assets and deposits lack an available market as they are not typically exchanged and, therefore, the book value of these instruments is not necessarily representative of amounts realizable upon immediate settlement. See note 21 of the October 31, 2024 audited Consolidated Financial Statements for more information on fair values.

(thousands of Canadian dollars)
	January 31, 2025										October 31, 2024
	Carrying Value		Fair value Level 1		Fair Value Level 2		Fair Value Level 3		Total Fair Value		Carrying Value		Fair value Level 1		Fair Value Level 2		Fair Value Level 3		Total Fair Value
Assets
Cash
Amortized cost	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
FVOCI		-		-		-		-		-		-		-		-		-		-
FVTPL		386,693		386,693		-		-		386,693		225,254		225,254		-		-		225,254
Securities
Amortized cost		-		-		-		-		-		-		-		-		-		-
FVOCI		158,546		158,546		-		-		158,546		299,300		299,300		-		-		299,300
FVTPL		-		-		-		-		-		-		-		-		-		-
Credit assets
Amortized cost		4,346,748		-		-		4,303,720		4,303,720		4,236,116		-		-		4,190,523		4,190,523
FVOCI		-		-		-		-		-		-		-		-		-		-
FVTPL		-		-		-		-		-		-		-		-		-		-
Derivative instruments
Amortized cost		-		-		-		-		-		-		-		-		-		-
FVOCI		-		-		-		-		-		-		-		-		-		-
FVTPL		1		-		1		-		1		20		-		20		-		20
Other financial assets
Amortized cost		-		-		-		-		-		-		-		-		-		-
FVOCI		953		-		-		953		953		953		-		-		953		953
FVTPL		-		-		-		-		-		-		-		-		-		-
Liabilities
Deposits
Amortized cost	$	4,133,438	$	-	$	-	$	4,181,976	$	4,181,976	$	4,144,673	$	-	$	-	$	4,182,338	$	4,182,338
FVOCI		-		-		-		-		-		-		-		-		-		-
FVTPL		-		-		-		-		-		-		-		-		-		-
Subordinated notes payable
Amortized cost		106,824		-		103,199		-		103,199		102,503		-		99,152		-		99,152
FVOCI		-		-		-		-		-		-		-		-		-		-
FVTPL		-		-		-		-		-		-		-		-		-		-
Derivative instruments
Amortized cost		-		-		-		-		-		-		-		-		-		-
FVOCI		-		-		-		-		-		-		-		-		-		-
FVTPL		881		-		881		-		881		-		-		-		-		-
Other financial liabilities
Amortized cost		204,825		-		-		204,825		204,825		191,071		-		-		191,071		191,071
FVOCI		-		-		-		-		-		-		-		-		-		-
FVTPL		-		-		-		-		-		-		-		-		-		-

VERSABANK

Notes to Interim Consolidated Financial Statements

(Unaudited)

Three month periods ended January 31, 2025 and 2024