VersaBank Q2 2022 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Gregory William MacDonald - LodeRock Research Inc. - Analyst : I have 2 questions. The first is kind of a macro one. We just came through earnings season for the big 6 banks as well, big bank CEOs who are normally conservative seem to be a little more optimistic on the economic outlook than the market is. I wonder, David, if you could speak to that overall as an issue, i.e., are you seeing things differently than what some of the economists are? And then secondly, in context of course, your main area of growth focus in terms of point-of-sale and multiunit residential real estate loans?

Question: Gregory William MacDonald - LodeRock Research Inc. - Analyst : Yes. And there are longer cycles involved in that -- in that area as well. The second question, specifically on point of sale -- really good growth sequentially up 12% to your point. Can you talk -- and you talked a little bit about the trends within -- in terms of consumer spending, can you talk specifically to the decision to be more aggressive in pricing in the Q2? I think you defined it in the press release as going after certain high-growth opportunities.

Question: Gregory William MacDonald - LodeRock Research Inc. - Analyst : I see, so that was a strategic decision made based on funding partner relationships and things like that. Is that the way I should read it?