Varo Bank, N.A.
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Data as of · sourced from FFIEC call reports. How we update
Varo Bank, N.A. is an FDIC-insured commercial bank headquartered in Draper, UT, established in 2020 (FDIC certificate 59190), and it is supervised by the OCC. At Q2 2026 it reported total assets of $337.8M, up 19.8% from Q2 2025, the 37th largest of 44 banks headquartered in Utah. It reports no CET1 ratio; its Tier 1 leverage ratio was 18.46% at Q2 2026, above the 9% community bank leverage ratio requirement for being considered well capitalized.
- Charter
- Commercial bank
- Regulator
- OCC
- Deposit insurance
- FDIC
- FDIC certificate
- 59190
- Headquarters
- Draper, UT
- Established
- 2020
- Total assets, Q2 2026
- $337.8M
- Assets vs Q2 2025
- +19.8%
- Tier 1 leverage ratio, Q2 2026
- 18.46%
- Domestic offices
- 1 FDIC institution directory, current count
- Routing number
- 124303201
- Latest call report
- Q2 2026, FFIEC 051 · Varo Bank, N.A. call report
- Holding company
- VARO MONEY, INC.
- Asset rank in state
- 37th of 44 in Utah
Varo Bank, N.A. spends more to run itself than most banks of its size. The Draper, Utah bank had $338 million in assets at June 30, 2026, up 19.8% from a year earlier. It spends about 132 cents to bring in each dollar of revenue, about double the median of 61 cents for the 2,660 banks with $100 million to $1 billion in assets. On the other hand, it keeps 6.35 cents of net interest income on every dollar of earning assets, higher than about 9 in 10 banks its size (median 3.95 cents).
It lost $23 million in the quarter. Over the same year, loans grew 15.6% and deposits grew 30.2%. One more trend to watch: the credit card book ($37 million) is worsening: 1.00% of it is past due or on nonaccrual, up from 0.49% a year earlier.
As of June 30, 2026, Varo Bank, N.A. reported a return on assets of -27.26%, a nonperforming-loan ratio of 0.42% and a Texas ratio of 0.62%. The figures come from its call report filed with the FFIEC.
Varo Bank, N.A. ranks as the 37th largest of the 44 banks based in Utah, by total assets at Q2 2026. From Q1 2026 to Q2 2026, its total assets fell 9.7% to $337.8M, loans fell 3.6% and deposits fell 4.7%. Its loan book on June 30, 2026 was led by other revolving consumer credit, at 61.0% of total loans, followed by credit card loans at 38.4%. The FDIC Summary of Deposits lists a single office for it, in Draper, UT. On its Q2 2026 call report, Varo Bank, N.A. meets the community bank leverage ratio test for well capitalized.
Headquarters Profile
- Address
- 11781 S Lone Peak Pkwy, Draper, UT 84020
- County
- Salt Lake
- Metro Area
- Salt Lake City-Murray, UT
- Charter
- Commercial bank, national (federal) charter, Fed member, OCC-supervised
- Primary Regulator
- OCC
- FDIC Region
- San Francisco (Region 14)
- Federal Reserve member
- Yes
- Federal Reserve district
- District 12, San Francisco
- Fiduciary (trust) powers
- —
- Call Report form
- FFIEC 051
- Established
- August 1, 2020
- Domestic offices
- 1 FDIC institution directory, current count
- Employees (FTE)
- 270
- Domestic deposits
- $209.8M
- Allowance for credit losses
- $9.7M
- Net charge-offs (YTD)
- $14.5M
- Average total assets
- $343.8M
- Average total loans
- $101.1M
- Average interest-bearing deposits
- $91.3M
- Tax status
- C corporation
- Ownership
- Stock
- Community bank
- Yes
- FDIC-insured since
- August 1, 2020
- FDIC Cert
- 59190
- Fed RSSD
- 5518023
- SEC CIK
- 1673977 → filed by VARO MONEY, INC.
- Website
- www.varomoney.com →
- Parent Holding Company
- VARO MONEY, INC. (RSSD 5463637)
Profitability
Q2 annualizedBalance Sheet
Income Statement
Operating & Funding
Ratios tagged annualized use the Q2 income alone. The UBPR and FDIC annualize the year to date instead. FDIC BankFind divides by the average of quarter-end total assets, the UBPR by RC-K average assets. The YTD margin is the UBPR's tax-equivalent figure over its own average earning assets; FDIC BankFind's margin is not tax-equivalent. As a community bank leverage ratio filer, Varo Bank, N.A. reports no risk-based capital ratios; its Tier 1 leverage ratio applies. How we compute these figures
Quarterly trends
From Q3 2023 to Q2 2026, Varo Bank, N.A.'s total assets ranged from $275.5M (Q3 2025) to $532.9M (Q1 2024), and it posted no profit in any of the 12 quarters. The line under each chart compares Q2 2026 with Q2 2025. How these charts are built
$337.8M total assets against $281.9M; $268.9M total liabilities against $212.4M.
$87.4M net loans and leases against $78.0M; $209.8M total deposits against $161.2M.
$29.8M securities against $44.0M; $179.3M cash and balances due against $110.6M.
$5.0M total interest income against $4.4M; $790K total interest expense against $603K.
$4.2M net interest income against $3.8M.
$36.9M total noninterest income against $34.1M; $57.1M total noninterest expense against $53.1M.
$7.5M provision for credit losses against $5.1M.
-$23.4M net income against -$20.3M.
-27.26% return on assets against -26.64%; 6.35% net interest margin against 6.73%.
18.46% tier 1 leverage ratio against 20.60%.
Inside the full Varo Bank, N.A. terminal
21 quarters of trends · 8 tabs · peer percentiles · watchlist alerts
Unlock this bank, freeVaro Bank, N.A. rankings
Its closest position to the top of a national ranking is 2,292 of 4,196, for total assets; its furthest is 3,595 of 3,606, for efficiency ratio.
Quarterly trend: last 8 quarters
From Q3 2024 to Q2 2026, its return on assets ran from -37.35% (Q3 2025) to -17.70% (Q3 2024) and its net interest margin ran from 2.96% (Q3 2024) to 8.14% (Q3 2025).
| Quarter | Leverage | ROA | NPL | Texas | NIM |
|---|---|---|---|---|---|
| Q2 2026 | 18.46% | -27.26% | 0.42% | 0.62% | 6.35% |
| Q1 2026 | 23.62% | -25.45% | 0.53% | 0.61% | 6.10% |
| Q4 2025 | 32.32% | -29.96% | 0.76% | 0.83% | 8.08% |
| Q3 2025 | 16.67% | -37.35% | 0.80% | 1.57% | 8.14% |
| Q2 2025 | 20.60% | -26.64% | 0.50% | 0.71% | 6.73% |
| Q1 2025 | 23.08% | -28.22% | 0.58% | 0.64% | 4.85% |
| Q4 2024 | 14.50% | -18.84% | 0.31% | 0.47% | 4.19% |
| Q3 2024 | 18.66% | -17.70% | 0.00% | 0.00% | 2.96% |
Swipe the table sideways to see every column.
Branch Network
View the branch → Branch count from the FDIC Summary of Deposits, June 30, 2026. The domestic office count above is the FDIC's current figure, so the two can differ.
| Branch | Location | ZIP | Deposits |
|---|---|---|---|
| Varo Bank, N.A. (main office) | Draper , UT | 84020 | $209.8M |
Regulatory record
Facts as filed or published, not a rating.
- Enforcement actions
- None against the institution on file; 1 against individuals associated with it
- Period: Most recent action June 18, 2024. Source: FDIC, Federal Reserve and OCC enforcement releases.
- Deposit market share
- <0.1% of deposits in UT, rank 46 of 63 institutions
- Period: June 30, 2026. Source: FDIC Summary of Deposits.
- Not on file
- Mortgage lending (HMDA), SBA 7(a) lending, Consumer complaints, CFPB enforcement, CRA examination rating. No record from these sources, which is not the same as a clean record. Sources
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Frequently asked about Varo Bank, N.A.
What are Varo Bank, N.A.'s total assets?
As of the Q2 2026 filing, Varo Bank, N.A. reported total assets of $337.8 million in its FFIEC call report.
Where is Varo Bank, N.A. headquartered?
It is headquartered in Draper, UT, United States.
When was Varo Bank, N.A. founded?
It was established in 2020, per the FDIC institution directory.
Is Varo Bank, N.A. FDIC-insured?
Yes. It is an FDIC-insured commercial bank (FDIC Certificate #59190). Deposits are insured up to $250,000 per depositor, per insured bank, for each account ownership category, per FDIC rules.
Who regulates Varo Bank, N.A.?
Varo Bank, N.A.'s primary federal regulator is the OCC.
How many branches does Varo Bank, N.A. operate?
It operates 1 domestic office, per the FDIC institution directory. That count includes administrative and limited-service offices as well as full-service branches.
What is Varo Bank, N.A.'s Texas Ratio?
Its Texas Ratio is 0.62% in its Q2 2026 call report, within the healthy range (at or below 50%, the level at which problem assets reach half of the capital cushion). The Texas Ratio measures non-performing assets against the bank's capital and reserves.
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