VersaBank's board declared a quarterly dividend of 2 Canadian cents per common share, an increase from the previous issuance of 1.50 Canadian cents per share.

It will be paid July 31 to shareholders of record as of July 5.

VersaBank reported fiscal second-quarter net income of C$4.9 million, or 21 cents per share, an increase from C$4.3 million, or 18 cents per share, in the year-ago period. On a non-GAAP basis, the company's core cash earnings also recorded a year-over-year increase to C$6.7 million, or 32 cents per share, from C$5.9 million, or 28 cents per share.