Varo Bank, Income and Expense
| 2023-12-31 (YTD Data) | Rank | |
| Total interest income | $19,010,000 | 1,956 |
| Total interest expense | $6,531,000 | 1,726 |
| Net interest income | $12,479,000 | 2,058 |
| Provision for loan and lease losses | $11,928,000 | 195 |
| Total noninterest income | $109,934,000 | 139 |
| Gross Fiduciary activities income | $0 | 981 |
| Service charges on deposit accounts | $28,246,000 | 73 |
| Trading account gains and fees | NA | NA |
| Additional Noninterest Income | $81,688,000 | 128 |
| Total noninterest expense | $215,772,000 | 173 |
| Salaries and employee benefits | $95,501,000 | 195 |
| Premises and equipment expense | $2,315,000 | 1,072 |
| Additional noninterest expense | $81,688,000 | 128 |
| Pre-tax net operating income | $-105,287,000 | 4,607 |
| Securities gains (losses) | $0 | 988 |
| Applicable income taxes | $0 | 3,369 |
| Income before extraordinary items | $-105,287,000 | 4,587 |
| Extraordinary gains, net | $0 | 54 |
| Net income | $-105,287,000 | 4,587 |
| Minority interest net income | $0 | 88 |
| Net income of bank and minority interests. | $-105,287,000 | 4,587 |
| Net charge-offs | $11,129,000 | 152 |
| Cash dividends | $0 | 3,459 |
| Sale, conversion, retirement of capital stock, net | $12,730,000 | 44 |
| Net operating income | $-105,287,000 | 4,589 |
| 2023-09-30 (YTD Data) | Rank | |
| Total interest income | $14,567,000 | 1,895 |
| Total interest expense | $5,036,000 | 1,572 |
| Net interest income | $9,531,000 | 2,052 |
| Provision for loan and lease losses | $9,304,000 | 185 |
| Total noninterest income | $79,957,000 | 145 |
| Gross Fiduciary activities income | $0 | 950 |
| Service charges on deposit accounts | $19,529,000 | 78 |
| Trading account gains and fees | NA | NA |
| Additional Noninterest Income | $60,428,000 | 134 |
| Total noninterest expense | $163,043,000 | 169 |
| Salaries and employee benefits | $74,700,000 | 193 |
| Premises and equipment expense | $1,742,000 | 1,067 |
| Additional noninterest expense | $60,428,000 | 134 |
| Pre-tax net operating income | $-82,859,000 | 4,599 |
| Securities gains (losses) | $0 | 849 |
| Applicable income taxes | $0 | 3,407 |
| Income before extraordinary items | $-82,859,000 | 4,616 |
| Extraordinary gains, net | $0 | 52 |
| Net income | $-82,859,000 | 4,617 |
| Minority interest net income | $0 | 81 |
| Net income of bank and minority interests. | $-82,859,000 | 4,617 |
| Net charge-offs | $8,181,000 | 150 |
| Cash dividends | $0 | 3,078 |
| Sale, conversion, retirement of capital stock, net | $10,147,000 | 41 |
| Net operating income | $-82,859,000 | 4,619 |
| 2023-06-30 (YTD Data) | Rank | |
| Total interest income | $9,502,000 | 1,909 |
| Total interest expense | $3,370,000 | 1,455 |
| Net interest income | $6,132,000 | 2,116 |
| Provision for loan and lease losses | $6,468,000 | 180 |
| Total noninterest income | $53,925,000 | 142 |
| Gross Fiduciary activities income | $0 | 931 |
| Service charges on deposit accounts | $12,623,000 | 79 |
| Trading account gains and fees | NA | NA |
| Additional Noninterest Income | $41,302,000 | 124 |
| Total noninterest expense | $110,049,000 | 165 |
| Salaries and employee benefits | $52,511,000 | 185 |
| Premises and equipment expense | $1,199,000 | 1,029 |
| Additional noninterest expense | $41,302,000 | 124 |
| Pre-tax net operating income | $-56,460,000 | 4,626 |
| Securities gains (losses) | $0 | 938 |
| Applicable income taxes | $0 | 3,436 |
| Income before extraordinary items | $-56,460,000 | 4,647 |
| Extraordinary gains, net | $0 | 51 |
| Net income | $-56,460,000 | 4,646 |
| Minority interest net income | $0 | 81 |
| Net income of bank and minority interests. | $-56,460,000 | 4,646 |
| Net charge-offs | $5,214,000 | 131 |
| Cash dividends | $0 | 2,952 |
| Sale, conversion, retirement of capital stock, net | $7,117,000 | 32 |
| Net operating income | $-56,460,000 | 4,647 |
| 2023-03-31 (YTD Data) | Rank | |
| Total interest income | $4,128,000 | 2,064 |
| Total interest expense | $1,582,000 | 1,377 |
| Net interest income | $2,546,000 | 2,409 |
| Provision for loan and lease losses | $2,449,000 | 208 |
| Total noninterest income | $26,991,000 | 137 |
| Gross Fiduciary activities income | $0 | 913 |
| Service charges on deposit accounts | $5,869,000 | 88 |
| Trading account gains and fees | NA | NA |
| Additional Noninterest Income | $21,122,000 | 124 |
| Total noninterest expense | $55,971,000 | 162 |
| Salaries and employee benefits | $25,312,000 | 194 |
| Premises and equipment expense | $602,000 | 1,055 |
| Additional noninterest expense | $21,122,000 | 124 |
| Pre-tax net operating income | $-28,883,000 | 4,686 |
| Securities gains (losses) | $0 | 950 |
| Applicable income taxes | $0 | 3,388 |
| Income before extraordinary items | $-28,883,000 | 4,670 |
| Extraordinary gains, net | $0 | 4 |
| Net income | $-28,883,000 | 4,670 |
| Minority interest net income | $0 | 48 |
| Net income of bank and minority interests. | $-28,883,000 | 4,670 |
| Net charge-offs | $2,060,000 | 143 |
| Cash dividends | $0 | 2,337 |
| Sale, conversion, retirement of capital stock, net | $2,370,000 | 48 |
| Net operating income | $-28,883,000 | 4,671 |
| 2022-12-31 (YTD Data) | Rank | |
| Total interest income | $7,887,000 | 2,880 |
| Total interest expense | $3,377,000 | 1,074 |
| Net interest income | $4,510,000 | 3,478 |
| Provision for loan and lease losses | $9,628,000 | 177 |
| Total noninterest income | $93,272,000 | 164 |
| Gross Fiduciary activities income | $0 | 1,005 |
| Service charges on deposit accounts | $18,439,000 | 111 |
| Trading account gains and fees | NA | NA |
| Additional Noninterest Income | $74,833,000 | 132 |
| Total noninterest expense | $324,700,000 | 134 |
| Salaries and employee benefits | $120,448,000 | 156 |
| Premises and equipment expense | $2,304,000 | 1,074 |
| Additional noninterest expense | $74,833,000 | 132 |
| Pre-tax net operating income | $-236,546,000 | 4,724 |
| Securities gains (losses) | $0 | 691 |
| Applicable income taxes | $0 | 3,596 |
| Income before extraordinary items | $-236,546,000 | 4,706 |
| Extraordinary gains, net | $0 | 5 |
| Net income | $-236,546,000 | 4,706 |
| Minority interest net income | $0 | 63 |
| Net income of bank and minority interests. | $-236,546,000 | 4,706 |
| Net charge-offs | $9,056,000 | 98 |
| Cash dividends | $0 | 3,475 |
| Sale, conversion, retirement of capital stock, net | $19,923,000 | 51 |
| Net operating income | $-236,546,000 | 4,707 |
| 2022-09-30 (YTD Data) | Rank | |
| Total interest income | $4,214,000 | 3,278 |
| Total interest expense | $2,103,000 | 974 |
| Net interest income | $2,111,000 | 3,954 |
| Provision for loan and lease losses | $7,246,000 | 164 |
| Total noninterest income | $69,111,000 | 173 |
| Gross Fiduciary activities income | $0 | 968 |
| Service charges on deposit accounts | $13,602,000 | 115 |
| Trading account gains and fees | NA | NA |
| Additional Noninterest Income | $55,509,000 | 142 |
| Total noninterest expense | $267,988,000 | 124 |
| Salaries and employee benefits | $96,105,000 | 147 |
| Premises and equipment expense | $1,703,000 | 1,083 |
| Additional noninterest expense | $55,509,000 | 142 |
| Pre-tax net operating income | $-204,012,000 | 4,765 |
| Securities gains (losses) | $0 | 740 |
| Applicable income taxes | $0 | 3,603 |
| Income before extraordinary items | $-204,012,000 | 4,748 |
| Extraordinary gains, net | $0 | 4 |
| Net income | $-204,012,000 | 4,748 |
| Minority interest net income | $0 | 57 |
| Net income of bank and minority interests. | $-204,012,000 | 4,748 |
| Net charge-offs | $6,216,000 | 98 |
| Cash dividends | $0 | 3,099 |
| Sale, conversion, retirement of capital stock, net | $19,249,000 | 42 |
| Net operating income | $-204,012,000 | 4,748 |
| 2022-06-30 (YTD Data) | Rank | |
| Total interest income | $1,732,000 | 3,865 |
| Total interest expense | $1,177,000 | 986 |
| Net interest income | $555,000 | 4,551 |
| Provision for loan and lease losses | $4,697,000 | 149 |
| Total noninterest income | $45,285,000 | 172 |
| Gross Fiduciary activities income | $0 | 925 |
| Service charges on deposit accounts | $8,730,000 | 117 |
| Trading account gains and fees | NA | NA |
| Additional Noninterest Income | $36,555,000 | 145 |
| Total noninterest expense | $202,664,000 | 112 |
| Salaries and employee benefits | $66,357,000 | 140 |
| Premises and equipment expense | $1,096,000 | 1,101 |
| Additional noninterest expense | $135,211,000 | 73 |
| Pre-tax net operating income | $-161,521,000 | 4,780 |
| Securities gains (losses) | $0 | 687 |
| Applicable income taxes | $0 | 3,564 |
| Income before extraordinary items | $-161,521,000 | 4,771 |
| Extraordinary gains, net | $0 | 4 |
| Net income | $-161,521,000 | 4,771 |
| Minority interest net income | $0 | 60 |
| Net income of bank and minority interests. | $-161,521,000 | 4,771 |
| Net charge-offs | $4,187,000 | 108 |
| Cash dividends | $0 | 2,961 |
| Sale, conversion, retirement of capital stock, net | $15,611,000 | 41 |
| Net operating income | $-161,521,000 | 4,771 |
| 2022-03-31 (YTD Data) | Rank | |
| Total interest income | $546,000 | 4,260 |
| Total interest expense | $444,000 | 1,219 |
| Net interest income | $102,000 | 4,749 |
| Provision for loan and lease losses | $1,944,000 | 128 |
| Total noninterest income | $21,944,000 | 178 |
| Gross Fiduciary activities income | $0 | 892 |
| Service charges on deposit accounts | $4,186,000 | 119 |
| Trading account gains and fees | NA | NA |
| Additional Noninterest Income | $17,758,000 | 151 |
| Total noninterest expense | $104,529,000 | 107 |
| Salaries and employee benefits | $31,788,000 | 145 |
| Premises and equipment expense | $540,000 | 1,116 |
| Additional noninterest expense | $72,201,000 | 68 |
| Pre-tax net operating income | $-84,427,000 | 4,804 |
| Securities gains (losses) | $0 | 623 |
| Applicable income taxes | $0 | 3,450 |
| Income before extraordinary items | $-84,427,000 | 4,796 |
| Extraordinary gains, net | $0 | 4 |
| Net income | $-84,427,000 | 4,796 |
| Minority interest net income | $0 | 50 |
| Net income of bank and minority interests. | $-84,427,000 | 4,796 |
| Net charge-offs | $2,109,000 | 113 |
| Cash dividends | $0 | 2,284 |
| Sale, conversion, retirement of capital stock, net | $5,885,000 | 27 |
| Net operating income | $-84,427,000 | 4,796 |
| 2021-12-31 (YTD Data) | Rank | |
| Total interest income | $983,000 | 4,665 |
| Total interest expense | $1,399,000 | 1,762 |
| Net interest income | $-416,000 | 4,838 |
| Provision for loan and lease losses | $12,718,000 | 45 |
| Total noninterest income | $74,829,000 | 213 |
| Gross Fiduciary activities income | $0 | 994 |
| Service charges on deposit accounts | $14,907,000 | 127 |
| Trading account gains and fees | NA | NA |
| Additional Noninterest Income | $59,922,000 | 197 |
| Total noninterest expense | $327,156,000 | 132 |
| Salaries and employee benefits | $94,277,000 | 191 |
| Premises and equipment expense | $2,107,000 | 1,157 |
| Additional noninterest expense | $230,772,000 | 77 |
| Pre-tax net operating income | $-265,461,000 | 4,847 |
| Securities gains (losses) | $-29,000 | 4,487 |
| Applicable income taxes | $0 | 3,710 |
| Income before extraordinary items | $-265,490,000 | 4,838 |
| Extraordinary gains, net | $0 | 10 |
| Net income | $-265,490,000 | 4,838 |
| Minority interest net income | $0 | 74 |
| Net income of bank and minority interests. | $-265,490,000 | 4,838 |
| Net charge-offs | $12,839,000 | 99 |
| Cash dividends | $0 | 3,608 |
| Sale, conversion, retirement of capital stock, net | $12,728,000 | 59 |
| Net operating income | $-265,461,000 | 4,838 |
| 2021-09-30 (YTD Data) | Rank | |
| Total interest income | $518,000 | 4,820 |
| Total interest expense | $1,025,000 | 1,865 |
| Net interest income | $-507,000 | 4,913 |
| Provision for loan and lease losses | $10,550,000 | 39 |
| Total noninterest income | $56,291,000 | 216 |
| Gross Fiduciary activities income | $0 | 957 |
| Service charges on deposit accounts | $11,233,000 | 125 |
| Trading account gains and fees | NA | NA |
| Additional Noninterest Income | $45,058,000 | 198 |
| Total noninterest expense | $222,587,000 | 135 |
| Salaries and employee benefits | $65,686,000 | 207 |
| Premises and equipment expense | $1,599,000 | 1,161 |
| Additional noninterest expense | $155,302,000 | 78 |
| Pre-tax net operating income | $-177,353,000 | 4,921 |
| Securities gains (losses) | $-29,000 | 4,679 |
| Applicable income taxes | $0 | 3,719 |
| Income before extraordinary items | $-177,382,000 | 4,912 |
| Extraordinary gains, net | $0 | 8 |
| Net income | $-177,382,000 | 4,912 |
| Minority interest net income | $0 | 69 |
| Net income of bank and minority interests. | $-177,382,000 | 4,912 |
| Net charge-offs | $9,941,000 | 103 |
| Cash dividends | $0 | 3,251 |
| Sale, conversion, retirement of capital stock, net | $8,193,000 | 67 |
| Net operating income | $-177,353,000 | 4,912 |
| 2021-06-30 (YTD Data) | Rank | |
| Total interest income | $318,000 | 4,869 |
| Total interest expense | $760,000 | 1,787 |
| Net interest income | $-442,000 | 4,950 |
| Provision for loan and lease losses | $7,269,000 | 39 |
| Total noninterest income | $38,303,000 | 215 |
| Gross Fiduciary activities income | $0 | 951 |
| Service charges on deposit accounts | $7,434,000 | 123 |
| Trading account gains and fees | NA | NA |
| Additional Noninterest Income | $30,869,000 | 195 |
| Total noninterest expense | $134,530,000 | 144 |
| Salaries and employee benefits | $41,445,000 | 219 |
| Premises and equipment expense | $1,087,000 | 1,125 |
| Additional noninterest expense | $91,998,000 | 85 |
| Pre-tax net operating income | $-103,938,000 | 4,958 |
| Securities gains (losses) | $0 | 1,818 |
| Applicable income taxes | $0 | 3,702 |
| Income before extraordinary items | $-103,938,000 | 4,949 |
| Extraordinary gains, net | $0 | 6 |
| Net income | $-103,938,000 | 4,949 |
| Minority interest net income | $0 | 67 |
| Net income of bank and minority interests. | $-103,938,000 | 4,949 |
| Net charge-offs | $6,031,000 | 112 |
| Cash dividends | $0 | 3,104 |
| Sale, conversion, retirement of capital stock, net | $5,436,000 | 49 |
| Net operating income | $-103,938,000 | 4,949 |
| 2021-03-31 (YTD Data) | Rank | |
| Total interest income | $173,000 | 4,882 |
| Total interest expense | $479,000 | 1,570 |
| Net interest income | $-306,000 | 4,978 |
| Provision for loan and lease losses | $2,639,000 | 68 |
| Total noninterest income | $16,998,000 | 237 |
| Gross Fiduciary activities income | $0 | 922 |
| Service charges on deposit accounts | $3,416,000 | 128 |
| Trading account gains and fees | NA | NA |
| Additional Noninterest Income | $13,582,000 | 218 |
| Total noninterest expense | $59,859,000 | 156 |
| Salaries and employee benefits | $18,989,000 | 241 |
| Premises and equipment expense | $572,000 | 1,086 |
| Additional noninterest expense | $40,298,000 | 99 |
| Pre-tax net operating income | $-45,806,000 | 4,986 |
| Securities gains (losses) | $0 | 1,392 |
| Applicable income taxes | $0 | 3,613 |
| Income before extraordinary items | $-45,806,000 | 4,977 |
| Extraordinary gains, net | $0 | 3 |
| Net income | $-45,806,000 | 4,977 |
| Minority interest net income | $0 | 55 |
| Net income of bank and minority interests. | $-45,806,000 | 4,977 |
| Net charge-offs | $2,125,000 | 139 |
| Cash dividends | $0 | 2,452 |
| Sale, conversion, retirement of capital stock, net | $1,825,000 | 63 |
| Net operating income | $-45,806,000 | 4,977 |
| 2020-12-31 (YTD Data) | Rank | |
| Total interest income | $270,000 | 4,981 |
| Total interest expense | $739,000 | 3,368 |
| Net interest income | $-469,000 | 5,001 |
| Provision for loan and lease losses | $3,367,000 | 734 |
| Total noninterest income | $19,688,000 | 506 |
| Gross Fiduciary activities income | $0 | 1,030 |
| Service charges on deposit accounts | $4,262,000 | 278 |
| Trading account gains and fees | NA | NA |
| Additional Noninterest Income | $15,426,000 | 482 |
| Total noninterest expense | $81,094,000 | 344 |
| Salaries and employee benefits | $27,427,000 | 516 |
| Premises and equipment expense | $1,156,000 | 1,843 |
| Additional noninterest expense | $52,511,000 | 202 |
| Pre-tax net operating income | $-65,242,000 | 4,995 |
| Securities gains (losses) | $0 | 2,675 |
| Applicable income taxes | $0 | 3,697 |
| Income before extraordinary items | $-65,242,000 | 4,988 |
| Extraordinary gains, net | $0 | 4 |
| Net income | $-65,242,000 | 4,988 |
| Minority interest net income | $0 | 72 |
| Net income of bank and minority interests. | $-65,242,000 | 4,988 |
| Net charge-offs | $1,591,000 | 483 |
| Cash dividends | $0 | 3,782 |
| Sale, conversion, retirement of capital stock, net | $147,082,000 | 8 |
| Net operating income | $-65,242,000 | 4,987 |
| 2020-09-30 (YTD Data) | Rank | |
| Total interest income | $72,000 | 5,026 |
| Total interest expense | $0 | 5,023 |
| Net interest income | $72,000 | 5,024 |
| Provision for loan and lease losses | $-40,000 | 4,978 |
| Total noninterest income | $8,185,000 | 726 |
| Gross Fiduciary activities income | $0 | 981 |
| Service charges on deposit accounts | $1,827,000 | 449 |
| Trading account gains and fees | NA | NA |
| Additional Noninterest Income | $6,358,000 | 694 |
| Total noninterest expense | $31,780,000 | 580 |
| Salaries and employee benefits | $9,707,000 | 1,002 |
| Premises and equipment expense | $464,000 | 2,709 |
| Additional noninterest expense | $21,609,000 | 308 |
| Pre-tax net operating income | $-23,483,000 | 5,021 |
| Securities gains (losses) | $0 | 2,494 |
| Applicable income taxes | $0 | 3,696 |
| Income before extraordinary items | $-23,483,000 | 5,015 |
| Extraordinary gains, net | $0 | 4 |
| Net income | $-23,483,000 | 5,015 |
| Minority interest net income | $0 | 65 |
| Net income of bank and minority interests. | $-23,483,000 | 5,015 |
| Net charge-offs | $0 | 3,243 |
| Cash dividends | $0 | 3,384 |
| Sale, conversion, retirement of capital stock, net | $146,055,000 | 6 |
| Net operating income | $-23,483,000 | 5,013 |
* The data above is accumulated from the beginning of the year to the date posted. The data for Dec. 31 is the number for the entire year.