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Section 1: 8-K (8-K)

Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934


Date of Report (Date of earliest event reported): January 26, 2017

GREAT WESTERN BANCORP, INC.
(Exact Name of Registrant as Specified in Its Charter)

Delaware
(State or Other Jurisdiction of Incorporation)

001-36688
 
47-1308512
(Commission File Number)
 
(IRS Employer Identification No.)
 
 
 
225 South Main Avenue
 
 
Sioux Falls, South Dakota
 
57104
(Address of Principal Executive Offices)
 
 (Zip Code)


(605) 334-2548
(Registrant’s Telephone Number, Including Area Code)

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))














Item 2.02.
Results of Operations and Financial Condition.

On January 26, 2017, Great Western Bancorp, Inc. ("Great Western" and, together with its consolidated subsidiaries, the “Company”) announced its earnings for the first fiscal quarter ended December 31, 2016. A copy of Great Western's press release containing this information is attached as Exhibit 99.1 to this report on Form 8-K and is incorporated herein by reference.

Item 7.01.
Regulation FD Disclosure.

A copy of the slide presentation relating to the Company’s earnings results for use on the conference call being held for investors and analysts is being furnished as Exhibit 99.2 to this report on Form 8-K and is incorporated herein by reference.

The Company is also furnishing via this report on Form 8-K a copy of its Quarterly Investor Relations Presentation which includes financial data as of and for the three months ended December 31, 2016. The Company intends to use this presentation for any investor meetings or related interactions through the first quarter of fiscal year 2017. A copy of the presentation will also be available in the Investor Relations section of the Company’s website, www.greatwesternbank.com. A copy of the presentation is furnished as Exhibit 99.3 to this Form 8-K and is incorporated herein by reference.
Item 9.01.
Financial Statements and Exhibits.

(d)
Exhibits.

Exhibit No.
Description
 
 
99.1
Press release of Great Western dated January 26, 2017, containing financial information for the quarter ended December 31, 2016.
 
 
99.2
Slide presentation for conference call for investors and analysts on January 26, 2017.
 
 
99.3
Quarterly Investor Relations Presentation for the first quarter of fiscal year 2017.

All information provided in this report on Form 8-K, including Exhibits 99.1, 99.2 and 99.3, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liabilities under that Section, and shall not be deemed to be incorporated by reference into any filing of Great Western under the Securities Act of 1933, as amended, or the Exchange Act except as expressly set forth by specific reference in such a filing.






Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
GREAT WESTERN BANCORP, INC.
 
 
Date: January 26, 2017
By:          /s/ Peter Chapman
 
Name:          Peter Chapman    
 
Title:          Chief Financial Officer and Executive Vice President











INDEX TO EXHIBITS


Exhibit No.
Description
 
 
99.1
Press release of the registrant dated January 26, 2017, containing financial information for the quarter ended December 31, 2016.
 
 
99.2
Slide presentation for conference call for investors and analysts on January 26, 2017.
 
 
99.3
Quarterly Investor Relations Presentation for the first quarter of fiscal year 2017.




(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit


37708845_greatwesternbancorpa12.jpg

Great Western Bancorp, Inc. Announces Fiscal Year 2017 First Quarter Financial Results
Highlights for the First Quarter of Fiscal Year 2017
First quarter net income increased 21.1% to $36.9 million, or $0.63 per diluted share, compared to $30.5 million, or $0.55 per diluted share, for the same quarter in fiscal year 2016
The efficiency ratio1 of 45.1% was comparable to the same quarter in fiscal year 2016 and an improvement from 48.5% in the September 2016 quarter
Net interest margin and adjusted net interest margin1 each decreased slightly compared to the September 2016 quarter primarily driven by a higher average balance of interest bearing bank deposits
Loan and deposit balances each grew in line with expectations compared to September 30, 2016
Key asset quality metrics, including classified loans, nonaccrual loans and OREO, remained relatively stable compared to September 30, 2016

Sioux Falls, SD - January 26, 2017 - Great Western Bancorp, Inc. (NYSE: GWB) today reported net income of $36.9 million, or $0.63 per diluted share, for the first quarter of fiscal year 2017, compared to net income of $30.5 million, or $0.55 per diluted share, for the same quarter of fiscal year 2016. Between the two periods, income before income taxes increased by $6.5 million, or 13.9%, as total revenue (non-FTE)1 and noninterest expenses grew by 19.0% and 18.8%, respectively, partially offset by higher provision for loan and lease losses. The effective tax rate of 30.3% for the quarter was driven lower primarily by the favorable resolution of an income tax payable with the Company's former parent.
"We are pleased with the way we have started fiscal year 2017," said Ken Karels, President and Chief Executive Officer. "We have reason to be optimistic about potential favorable developments to our operating environment, but first and foremost we remain committed to managing what we can control, namely credit risk and delivering an outstanding efficiency ratio."
Net Interest Income and Net Interest Margin2 
Net interest income was $100.8 million for the first quarter of fiscal year 2017, an increase of $13.0 million, or 14.8%, compared to the same quarter in fiscal year 2016. The increase was primarily attributable to higher loan interest income driven by 18.4% growth in average loans outstanding between periods, including both organic growth and inorganic growth related to the 2016 acquisition of HF Financial Corp., partially offset by an 8 basis point decrease in the yield on loans.
Net interest margin was 3.89%, 3.92% and 3.98%, respectively, for the quarters ended December 31, 2016, September 30, 2016 and December 31, 2015. Adjusted net interest margin1, which adjusts for the realized gain (loss) on interest rate swaps, was 3.71%, 3.73% and 3.73%, respectively, for the same periods. Net interest margin and adjusted net interest margin1 were 9 basis points lower and 2 basis points lower, respectively, compared to the same quarter of fiscal year 2016. The decrease in net interest margin between the two periods was primarily driven by an 8 basis point decrease in the yield on total loans and a 3 basis point increase in the cost of deposits. A $1.2 million reduction in the current cost of interest rate swaps offset the decrease in yield on total loans, accounting for the smaller decrease in adjusted net interest margin1. On a sequential quarter basis, the impact to earning asset mix of a 45.0% increase in average interest bearing bank deposits was the primary driver of a 3 basis point reduction in net interest margin and a 2 basis point reduction in adjusted net interest margin1.
Balance Sheet
Total loans increased $96.5 million compared to September 30, 2016. Loan growth was impacted by a $63.5 million reduction to the fair value of the $1.08 billion segment of the loan portfolio carried at fair value resulting from changes in interest rates. Aside from this change, which was offset by the changes in the fair value of the related derivatives hedging the interest rate risk in this portfolio and which had no impact to net income, customer loan balances increased $159.9 million, or 1.8%. The majority of the loan growth during the quarter occurred within the commercial real estate ("CRE") segment of the loan portfolio.

1 This is a non-GAAP measure management believes is helpful to understanding trends in the business that may not be fully apparent based only on the most comparable GAAP measure. Further information on this measure and a reconciliation to the most comparable GAAP measure is provided at the end of this release.
2 All references to net interest income and net interest margin are presented on a fully-tax equivalent basis unless otherwise noted.

1



Total deposits grew by $101.5 million, or 1.2%, during the quarter. Deposit growth was driven by $74.4 million of noninterest-bearing deposit growth and $27.1 million of interest-bearing deposit growth, which is net of continued outflows of time deposits.
Compared to the prior quarter-end, cash and cash equivalents decreased by $254.4 million, which was primarily utilized to fund a $160.0 million reduction in FHLB and other borrowings and a net increase of $54.2 million in investment securities.
Provision for Loan and Lease Losses and Asset Quality
Provision for loan and lease losses was $7.0 million for the quarter ended December 31, 2016, compared to $3.9 million in the same quarter of fiscal year 2016. Net charge-offs for the quarter were $4.9 million, or 0.22% of average total loans on an annualized basis. For the comparable period in fiscal year 2016, net charge-offs were negligible. The ratio of allowance for loan and lease losses ("ALLL") to total loans was 0.76% at December 31, 2016, an increase from 0.74% at September 30, 2016, due primarily to higher historical loss rates used in the ALLL estimate. The balance of the ALLL increased from $64.6 million to $66.8 million over the same period.
Included within total loans are approximately $1.08 billion of loans for which management has elected the fair value option. These loans are excluded from the ALLL process, but management has estimated that approximately $7.9 million of the fair value adjustment for these loans relates to credit risk, translating to an additional 0.09% of total loans. Finally, total purchase discount remaining on all acquired loans equates to 0.42% of total loans.
Key asset quality metrics have remained relatively stable compared to September 30, 2016. At December 31, 2016, loans graded "Watch" were $334.7 million, an increase of $7.1 million, or 2.2%, compared to September 30, 2016, and an increase of $36.1 million, or 12.1%, compared to December 31, 2015. Loans graded "Substandard" were $249.5 million, an increase of $7.9 million, or 3.3%, compared to September 30, 2016, and an increase of $19.6 million, or 8.5%, compared to December 31, 2015.
Nonaccrual loans were $124.2 million as of December 31, 2016, with $3.9 million of the balance covered by FDIC loss-sharing arrangements. Total nonaccrual loans decreased by $2.2 million during the quarter and increased by $69.8 million compared to same quarter in fiscal year 2016. The year-over-year increase was primarily driven by the deterioration of a small number of lending relationships during the June 2016 quarter. Total OREO balances were $8.1 million as of December 31, 2016, a decrease of $2.2 million, or 21.3%, compared to prior quarter and a decrease of $7.4 million, or 47.8%, compared to December 31, 2015.
The Company remains focused on proactively managing credit risk, especially in the Agriculture segment of the portfolio in light of commodity prices and recent lower overall profitability in the industry.  In the grain sub-segment, annual renewals have been completed on many customers who have shown signs of financial stress. Management believes that accelerating maturity dates and the annual renewal process will support sound underwriting decisions for 2017 operating lines of credit, including discontinuing relationships with less successful borrowers. Some negative risk rating migration is expected, but substantial credit losses in excess of current ALLL levels are not expected. Meanwhile, beef and milk prices have each rallied since early-October lows, leading to improving near-term profitability outlooks for many producers in those industries.
Total credit-related charges increased compared to the previous quarter and the same quarter in fiscal year 2016. A summary of total credit-related charges incurred during the current, prior and comparable quarters is presented below:
GREAT WESTERN BANCORP, INC.
 
 
 
 
 
 
Summary of Credit-Related Charges (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the three months ended:
Item
Included within F/S Line Item(s):
 
December 31, 2016
 
September 30, 2016
 
December 31, 2015
 
 
 
(dollars in thousands)
Provision for loan and lease losses
Provision for loan and lease losses
 
$
7,049

 
$
5,063

 
$
3,889

Net OREO charges
Net loss (recovery) on repossessed property and other related expenses
 
658

 
784

 
(110
)
(Recovery) reversal of interest income on nonaccrual loans
Interest income on loans
 
(74
)
 
113

 
(140
)
Loan fair value adjustment related to credit
Net increase (decrease) in fair value of loans at fair value
 
539

 
(678
)
 
(189
)
Total
 
 
$
8,172

 
$
5,282

 
$
3,450


2



Noninterest Income
Noninterest income was $13.9 million for the first quarter ended December 31, 2016, an increase of $5.3 million, or 60.9%, compared to the first quarter of fiscal year 2016. The increase was primarily driven by a $1.6 million, or 15.5%, increase in service charges and other fees and a $1.4 million increase in mortgage banking income. Wealth management income also increased by $0.6 million, or 39.8%. Management estimates that the impact of recording higher debit card interchange income (i.e., "Durbin Amendment") was $2.4 million for the quarter. The higher allowable interchange rates are effective through June 30, 2017. This amount is included within service charges and other fees and was partially offset by a $0.7 million reduction in net overdraft and non-sufficient funds income.
Also included within noninterest income are the changes in fair value of certain loans for which the Company has elected the fair value option and the net gain (loss), realized and unrealized, of the related derivatives used to manage the interest rate risk on these loans. On a net basis, these two components of noninterest income accounted for an increase of $0.5 million compared to the same quarter of fiscal year 2016, comprised of a $1.2 million reduction in the current cost of interest rate swaps driven by changes in the interest rate environment and a $0.7 million unfavorable change to the loan fair value adjustment related to credit.
Noninterest Expense
Total noninterest expense was $52.5 million for the first fiscal quarter ended December 31, 2016, an increase of $8.3 million, or 18.8%, compared to the same quarter in fiscal year 2016. The increase was primarily driven by an increase in salaries and employee benefits of $6.3 million and an increase in the net loss on repossessed property and other related expenses (i.e., OREO) of $0.8 million. The increase in salaries and employee benefits was primarily driven by a 13% increase in full-time equivalent employees mostly related to the acquisition completed in 2016, higher incentive compensation due in large part to increases in wealth management and mortgage revenue and higher health insurance costs. The Company also incurred $0.7 million of trailing one-time acquisition costs which management excludes from adjusted net income1.
The efficiency ratio1 was 45.1% for the quarter, equal to the same quarter of fiscal year 2016 and down from 48.5% in the September 2016 quarter. The sequential decrease was primarily driven by an 8.4% decrease in noninterest expenses between the two periods, which included reductions in professional fees and acquisition expenses.
Provision for Income Taxes
The provision for income taxes for the first fiscal quarter ended December 31, 2016 was $16.1 million, reflecting an effective tax rate of 30.3% of income before income taxes. This compares to an effective tax rate of 34.5% for the first quarter of fiscal year 2016. The lower effective tax rate for the quarter was primarily driven by the favorable resolution of a $1.6 million income tax payable with the Company's former parent company.
Capital
Tier 1 and total capital ratios were 11.2% and 12.3%, respectively, as of December 31, 2016, compared to 11.1% and 12.2%, respectively, as of September 30, 2016. The common equity tier 1 capital ratio was 10.4% as of December 31, 2016 and 10.2% as of September 30, 2016. The tier 1 leverage ratio was 9.7% as of December 31, 2016 and 9.5% as of September 30, 2016. All regulatory capital ratios remain above regulatory minimums to be considered "well capitalized."
On January 26, 2017, the Company’s board of directors declared a dividend of $0.17 per common share payable on February 21, 2017 to stockholders of record as of close of business on February 10, 2017. The aggregate dividend payment will be approximately $10.0 million.
Business Outlook
"We were once again pleased with our overall result for the quarter and believe we are doing the right things to position GWB for continued growth and profitability," added Karels. "While many of our grain producing customers had better than expected growing seasons and financial outcomes in 2016, we know there continues to be strain across the agriculture sector and expect that we will see volatility across our agriculture loan portfolio for the next year or two as borrowers work through the effects of lower commodity prices. We remain committed to agriculture lending and will also focus on growing other parts of our portfolio to ensure we remain balanced and within our risk appetite."

3



Conference Call
Great Western Bancorp, Inc. will host a conference call to discuss its financial results for the first quarter of fiscal year 2017 on Thursday, January 26, 2017 at 7:30 AM (CT). The call can be accessed by dialing (855) 238-8837 approximately 10 minutes prior to the start time. Please ask to be joined into the Great Western Bancorp, Inc. (GWB) call. International callers should dial (412) 542-4114. The call will also be broadcast live over the Internet and can be accessed in the Investor Relations section of Great Western’s website at www.greatwesternbank.com. A replay will be available beginning one hour following the conference call and ending on February 9, 2017. To access the replay, dial (877) 344-7529 (U.S.) and use conference ID 10098510. International callers should dial (412) 317-0088 and enter the same conference ID number.
Annual Stockholder Meeting
The Company's Board of Directors has set the Great Western Bancorp, Inc. Annual Stockholder Meeting for Monday, February 27, 2017. The meeting will commence at 9:00 AM Mountain Standard Time at the Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch, 7500 East Doubletree Ranch Road, Scottsdale, Arizona. The record date for determination of stockholders entitled to notice of, and to vote at, the Annual Stockholder Meeting is January 6, 2017.
About Great Western Bancorp, Inc.
Great Western Bancorp, Inc. is the holding company for Great Western Bank, a full-service regional bank focused on relationship-based business and agribusiness banking. Great Western Bank offers small and mid-sized businesses a focused suite of financial products and a range of deposit and loan products to retail customers through several channels, including the branch network, online banking system, mobile banking applications and customer care centers. The bank services its customers through more than 170 branches in nine states: Arizona, Colorado, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota. To learn more about Great Western Bank visit www.greatwesternbank.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements about Great Western Bancorp, Inc.’s expectations, beliefs, plans, strategies, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipates,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. In particular, the statements included in this press release concerning Great Western Bancorp, Inc.’s expected performance and strategy, the outlook for its agricultural lending segment and the interest rate environment are not historical facts and are forward-looking. Accordingly, the forward-looking statements in this press release are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties, including those related to the integration of the recently-completed acquisition of HF Financial Corp., that could cause actual results to differ materially from those expressed. All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations, and, therefore, you are cautioned not to place undue reliance on such statements. Any forward-looking statements are qualified in their entirety by reference to the factors discussed in the sections titled “Item 1A. Risk Factors” and "Cautionary Note Regarding Forward-Looking Statements" in Great Western Bancorp, Inc.’s Annual Report on Form 10-K for the fiscal year ended September 30, 2016, and all risk factors associated with the recently completed acquisition of HF Financial Corp. Further, any forward-looking statement speaks only as of the date on which it is made, and Great Western Bancorp, Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.


4



GREAT WESTERN BANCORP, INC.
 
 
 
 
 
 
 
 
 
 
Consolidated Financial Data (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At or for the three months ended:
 
 
December 31, 2016
 
September 30, 2016
 
June 30, 2016
 
March 31, 2016
 
December 31, 2015
 
 
(dollars in thousands, except share and per share amounts)
Operating Data:
 
 
 
 
 
 
 
 
 
 
Interest and dividend income (FTE)
 
$
110,548

 
$
109,730

 
$
102,094

 
$
96,098

 
$
95,310

Interest expense
 
9,764

 
9,491

 
8,537

 
7,969

 
7,527

Noninterest income
 
13,907

 
15,798

 
9,097

 
8,999

 
8,644

Noninterest expense
 
52,537

 
57,342

 
61,222

 
44,855

 
44,220

Provision for loan and lease losses
 
7,049

 
5,063

 
5,372

 
2,631

 
3,889

Net income
 
36,903

 
33,758

 
26,360

 
30,674

 
30,461

Adjusted net income 1
 
$
37,343

 
$
35,458

 
$
33,911

 
$
31,152

 
$
30,461

Common shares outstanding
 
58,755,989

 
58,693,304

 
58,693,499

 
55,245,177

 
55,244,569

Weighted average diluted common shares outstanding
 
58,991,905

 
58,938,367

 
57,176,705

 
55,408,876

 
55,393,452

Earnings per common share - diluted
 
$
0.63

 
$
0.57

 
$
0.46

 
$
0.55

 
$
0.55

Adjusted earnings per common share - diluted 1
 
$
0.63

 
$
0.60

 
$
0.59

 
$
0.56

 
$
0.55

 
 
 
 
 
 
 
 
 
 
 
Performance Ratios:
 
 
 
 
 
 
 
 
 
 
Net interest margin (FTE) 2
 
3.89
%
 
3.92
%
 
3.95
%
 
3.99
%
 
3.98
%
Adjusted net interest margin (FTE) 1 2
 
3.71
%
 
3.73
%
 
3.74
%
 
3.75
%
 
3.73
%
Return on average total assets 2
 
1.28
%
 
1.19
%
 
1.00
%
 
1.24
%
 
1.23
%
Return on average common equity 2
 
8.8
%
 
8.2
%
 
6.8
%
 
8.3
%
 
8.3
%
Return on average tangible common equity 1 2
 
16.3
%
 
15.3
%
 
12.9
%
 
16.0
%
 
16.2
%
Efficiency ratio 1
 
45.1
%
 
48.5
%
 
58.8
%
 
45.5
%
 
45.1
%
 
 
 
 
 
 
 
 
 
 
 
Capital:
 
 
 
 
 
 
 
 
 
 
Tier 1 capital ratio
 
11.2
%
 
11.1
%
 
10.9
%
 
11.1
%
 
10.9
%
Total capital ratio
 
12.3
%
 
12.2
%
 
12.0
%
 
12.4
%
 
12.2
%
Tier 1 leverage ratio
 
9.7
%
 
9.5
%
 
10.0
%
 
9.5
%
 
9.4
%
Common equity tier 1 ratio
 
10.4
%
 
10.2
%
 
10.0
%
 
10.4
%
 
10.2
%
Tangible common equity / tangible assets 1
 
8.7
%
 
8.5
%
 
8.3
%
 
8.7
%
 
8.3
%
Book value per share - GAAP
 
$
28.57

 
$
28.34

 
$
27.95

 
$
27.32

 
$
26.71

Tangible book value per share 1
 
$
15.81

 
$
15.55

 
$
15.15

 
$
14.58

 
$
13.96

 
 
 
 
 
 
 
 
 
 
 
Asset Quality:
 
 
 
 
 
 
 
 
 
 
Nonaccrual loans
 
$
124,178

 
$
126,395

 
$
108,207

 
$
54,988

 
$
54,351

OREO
 
$
8,093

 
$
10,282

 
$
11,701

 
$
12,204

 
$
15,503

Nonaccrual loans / total loans
 
1.41
%
 
1.46
%
 
1.26
%
 
0.73
%
 
0.72
%
Net charge-offs (recoveries)
 
$
4,924

 
$
4,654

 
$
3,046

 
$
1,852

 
$
(39
)
Net charge-offs (recoveries) / average total loans 2
 
0.22
%
 
0.21
%
 
0.15
%
 
0.10
%
 
%
Allowance for loan and lease losses / total loans
 
0.76
%
 
0.74
%
 
0.75
%
 
0.82
%
 
0.81
%
Watch-rated loans
 
$
334,673

 
$
327,608

 
$
395,893

 
$
333,597

 
$
298,620

 
 
 
 
 
 
 
 
 
 
 
1 This is a non-GAAP financial measure management believes is helpful to interpreting our financial results. See the tables at the end of this document for the calculation of the measure and reconciliation to the most comparable GAAP measure.
2 Annualized for all partial-year periods.


5



GREAT WESTERN BANCORP, INC.
 
 
 
 
 
 
 
 
 
 
Consolidated Income Statement (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At or for the three months ended:
 
 
December 31, 2016
 
September 30, 2016
 
June 30, 2016
 
March 31, 2016
 
December 31, 2015
 
 
(dollars in thousands)
Interest and dividend income
 
 
 
 
 
 
 
 
 
 
Loans
 
$
101,683

 
$
101,307

 
$
93,749

 
$
88,192

 
$
87,197

Taxable securities
 
5,878

 
5,649

 
5,826

 
5,787

 
5,987

Nontaxable securities
 
199

 
145

 
61

 
12

 
12

Dividends on securities
 
300

 
369

 
396

 
222

 
213

Federal funds sold and other
 
346

 
248

 
157

 
94

 
75

Total interest and dividend income
 
108,406

 
107,718

 
100,189

 
94,307

 
93,484

Interest expense
 
 
 
 
 
 
 
 
 
 
Deposits
 
7,290

 
6,968

 
6,451

 
6,029

 
5,665

Securities sold under agreements to repurchase
 
115

 
125

 
124

 
132

 
139

FHLB advances and other borrowings
 
1,271

 
1,323

 
986

 
929

 
916

Subordinated debentures and subordinated notes payable
 
1,088

 
1,075

 
976

 
879

 
807

Total interest expense
 
9,764

 
9,491

 
8,537

 
7,969

 
7,527

Net interest income
 
98,642

 
98,227

 
91,652

 
86,338

 
85,957

Provision for loan and lease losses
 
7,049

 
5,063

 
5,372

 
2,631

 
3,889

Net interest income after provision for loan and lease losses
 
91,593

 
93,164

 
86,280

 
83,707

 
82,068

Noninterest income
 
 
 
 
 
 
 
 
 
 
Service charges and other fees
 
12,086

 
13,111

 
12,316

 
10,316

 
10,467

Wealth management fees
 
2,254

 
2,196

 
1,807

 
1,668

 
1,612

Mortgage banking income, net
 
2,662

 
3,119

 
1,669

 
1,204

 
1,270

Net gain (loss) on sale of securities
 

 
356

 
134

 
24

 
(354
)
Net increase (decrease) in fair value of loans at fair value
 
(64,001
)
 
(8,939
)
 
14,198

 
35,955

 
(14,901
)
Net realized and unrealized gain (loss) on derivatives
 
58,976

 
4,721

 
(21,925
)
 
(40,893
)
 
9,439

Other
 
1,930

 
1,234

 
898

 
725

 
1,111

Total noninterest income
 
13,907

 
15,798

 
9,097

 
8,999

 
8,644

Noninterest expense
 
 
 
 
 
 
 
 
 
 
Salaries and employee benefits
 
31,634

 
30,638

 
28,352

 
24,769

 
25,296

Data processing
 
5,677

 
5,896

 
5,625

 
4,950

 
5,246

Occupancy expenses
 
4,024

 
4,323

 
4,002

 
3,843

 
3,591

Professional fees
 
2,835

 
4,485

 
3,327

 
2,652

 
3,108

Communication expenses
 
1,040

 
1,072

 
788

 
928

 
934

Advertising
 
975

 
1,252

 
1,047

 
1,048

 
920

Equipment expenses
 
798

 
1,001

 
959

 
931

 
904

Net loss (gain) on repossessed property and other related expenses
 
658

 
784

 
379

 
210

 
(110
)
Amortization of core deposits and other intangibles
 
839

 
1,024

 
822

 
708

 
709

Acquisition expenses
 
710

 
2,742

 
12,179

 
771

 

Other
 
3,347

 
4,125

 
3,742

 
4,045

 
3,622

Total noninterest expense
 
52,537

 
57,342

 
61,222

 
44,855

 
44,220

Income before income taxes
 
52,963

 
51,620

 
34,155

 
47,851

 
46,492

Provision for income taxes
 
16,060

 
17,862

 
7,795

 
17,177

 
16,031

Net income
 
$
36,903

 
$
33,758

 
$
26,360

 
$
30,674

 
$
30,461


6



GREAT WESTERN BANCORP, INC.
 
 
 
 
 
 
 
 
 
Summarized Consolidated Balance Sheet (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
As of
 
December 31, 2016
 
September 30, 2016
 
June 30, 2016
 
March 31, 2016
 
December 31, 2015
 
(dollars in thousands)
Assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
270,168

 
$
524,611

 
$
475,785

 
$
174,401

 
$
212,710

Securities
1,371,558

 
1,317,386

 
1,361,164

 
1,328,685

 
1,317,605

Total loans
8,779,107

 
8,682,644

 
8,606,974

 
7,557,788

 
7,530,660

Allowance for loan and lease losses
(66,767
)
 
(64,642
)
 
(64,243
)
 
(61,917
)
 
(61,128
)
Loans, net
8,712,340

 
8,618,002

 
8,542,731

 
7,495,871

 
7,469,532

Goodwill and other intangible assets
749,916

 
750,755

 
751,217

 
703,508

 
704,217

Other assets
318,635

 
320,426

 
322,325

 
239,830

 
253,151

Total assets
$
11,422,617

 
$
11,531,180

 
$
11,453,222

 
$
9,942,295

 
$
9,957,215

 
 
 
 
 
 
 
 
 
 
Liabilities and stockholders' equity
 
 
 
 
 
 
 
 
 
Noninterest-bearing deposits
$
1,954,881

 
$
1,880,512

 
$
1,802,169

 
$
1,503,981

 
$
1,506,868

Interest-bearing deposits
6,751,366

 
6,724,278

 
6,678,040

 
6,208,748

 
6,155,750

Total deposits
8,706,247

 
8,604,790

 
8,480,209

 
7,712,729

 
7,662,618

Securities sold under agreements to repurchase
142,741

 
141,688

 
159,016

 
146,273

 
187,871

FHLB advances and other borrowings
711,029

 
871,037

 
913,377

 
370,000

 
451,000

Other liabilities
183,962

 
250,274

 
260,109

 
204,091

 
180,210

Total liabilities
9,743,979

 
9,867,789

 
9,812,711

 
8,433,093

 
8,481,699

Stockholders' equity
1,678,638

 
1,663,391

 
1,640,511

 
1,509,202

 
1,475,516

Total liabilities and stockholders' equity
$
11,422,617

 
$
11,531,180

 
$
11,453,222

 
$
9,942,295

 
$
9,957,215


GREAT WESTERN BANCORP, INC.
 
 
 
 
 
 
 
Loan Portfolio Summary (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of
 
Fiscal year-to-date:
 
December 31, 2016
 
September 30, 2016
 
Change
($)
 
Change
(%)
 
(dollars in thousands)
Commercial non-real estate
$
1,643,986

 
$
1,673,166

 
$
(29,180
)
 
(1.7
)%
Agriculture
2,206,263

 
2,168,937

 
37,326

 
1.7
 %
Construction and development
423,864

 
469,968

 
(46,104
)
 
(9.8
)%
Owner-occupied CRE
1,197,253

 
1,167,265

 
29,988

 
2.6
 %
Non-owner-occupied CRE
1,775,107

 
1,678,007

 
97,100

 
5.8
 %
Multifamily residential real estate
455,880

 
438,867

 
17,013

 
3.9
 %
Commercial real estate
3,852,104

 
3,754,107

 
97,997

 
2.6
 %
Residential real estate
1,008,325

 
1,020,958

 
(12,633
)
 
(1.2
)%
Consumer
71,795

 
76,273

 
(4,478
)
 
(5.9
)%
Other 1
47,569

 
42,477

 
5,092

 
12.0
 %
Total unpaid principal balance
8,830,042

 
8,735,918

 
94,124

 
1.1
 %
Less: Unamortized discount on acquired loans and unearned net deferred fees and costs and loans in process
(50,935
)
 
(53,274
)
 
2,339

 
4.4
 %
Total loans
$
8,779,107

 
$
8,682,644

 
$
96,463

 
1.1
 %
 
 
 
 
 
 
 
 
1 Other loans primarily include consumer and commercial credit cards, customer deposit account overdrafts, and lease receivables.


7



GREAT WESTERN BANCORP, INC.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Interest Margin (FTE) (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the three months ended:
 
December 31, 2016
 
September 30, 2016
 
December 31, 2015
 
Average Balance
 
Interest (FTE)
 
Yield / Cost 1
 
Average Balance
 
Interest (FTE)
 
Yield / Cost 1
 
Average Balance
 
Interest (FTE)
 
Yield / Cost 1
 
(dollars in thousands)
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest bearing bank deposits
$
266,704

 
$
346

 
0.51
%
 
$
183,985

 
$
248

 
0.54
%
 
$
101,034

 
$
75

 
0.30
%
Investment securities
1,377,459

 
6,377

 
1.84
%
 
1,379,971

 
6,163

 
1.78
%
 
1,366,356

 
6,212

 
1.81
%
Non ASC 310-30 loans, net 2
8,515,947

 
101,481

 
4.73
%
 
8,477,214

 
101,070

 
4.74
%
 
7,193,143

 
87,393

 
4.83
%
ASC 310-30 loans, net
126,174

 
2,344

 
7.37
%
 
132,573

 
2,249

 
6.75
%
 
104,116

 
1,630

 
6.23
%
Loans, net
8,642,121

 
103,825

 
4.77
%
 
8,609,787

 
103,319

 
4.77
%
 
7,297,259

 
89,023

 
4.85
%
Total interest-earning assets
10,286,284

 
110,548

 
4.26
%
 
10,173,743

 
109,730

 
4.29
%
 
8,764,649

 
95,310

 
4.33
%
Noninterest-earning assets
1,152,013

 
 
 
 
 
1,152,995

 
 
 
 
 
1,048,032

 
 
 
 
Total assets
$
11,438,297

 
$
110,548

 
3.83
%
 
$
11,326,738

 
$
109,730

 
3.85
%
 
$
9,812,681

 
$
95,310

 
3.86
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and Stockholders' Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest-bearing deposits
$
1,792,060

 
 
 
 
 
$
1,710,901

 
 
 
 
 
$
1,390,952

 
 
 
 
NOW, money market and savings deposits
5,548,112

 
$
5,129

 
0.37
%
 
5,405,798

 
$
4,709

 
0.35
%
 
4,757,432

 
$
3,372

 
0.28
%
Time deposits
1,348,119

 
2,161

 
0.64
%
 
1,402,427

 
2,259

 
0.64
%
 
1,351,110

 
2,293

 
0.68
%
Total deposits
8,688,291

 
7,290

 
0.33
%
 
8,519,126

 
6,968

 
0.33
%
 
7,499,494

 
5,665

 
0.30
%
Securities sold under agreements to repurchase
136,405

 
115

 
0.33
%
 
152,412

 
125

 
0.33
%
 
177,063

 
139

 
0.31
%
FHLB advances and other borrowings
716,953

 
1,271

 
0.70
%
 
749,122

 
1,323

 
0.70
%
 
481,762

 
916

 
0.76
%
Subordinated debentures and subordinated notes payable
110,962

 
1,088

 
3.89
%
 
111,840

 
1,075

 
3.82
%
 
90,739

 
807

 
3.54
%
Total borrowings
964,320

 
2,474

 
1.02
%
 
1,013,374

 
2,523

 
0.99
%
 
749,564

 
1,862

 
0.99
%
Total interest-bearing liabilities
9,652,611

 
$
9,764

 
0.40
%
 
9,532,500

 
$
9,491

 
0.39
%
 
8,249,058

 
$
7,527

 
0.36
%
Noninterest-bearing liabilities
119,443

 
 
 
 
 
147,083

 
 
 
 
 
99,173

 
 
 
 
Stockholders' equity
1,666,243

 
 
 
 
 
1,647,155

 
 
 
 
 
1,464,450

 
 
 
 
Total liabilities and stockholders' equity
$
11,438,297

 
 
 
 
 
$
11,326,738

 
 
 
 
 
$
9,812,681

 
 
 
 
Net interest spread
 
 
 
 
3.43
%
 
 
 
 
 
3.46
%
 
 
 
 
 
3.50
%
Net interest income and net interest margin (FTE)
 
 
$
100,784

 
3.89
%
 
 
 
$
100,239

 
3.92
%
 
 
 
$
87,783

 
3.98
%
Less: Tax equivalent adjustment
 
 
2,142

 
 
 
 
 
2,012

 
 
 
 
 
1,826

 
 
Net interest income and net interest margin - ties to Statements of Comprehensive Income
 
 
$
98,642

 
3.80
%
 
 
 
$
98,227

 
3.84
%
 
 
 
$
85,957

 
3.90
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Annualized for all partial-year periods.
2 Interest income includes $1.4 million and negligible for the first quarter of fiscal year 2017 and 2016, respectively, resulting from accretion of purchase accounting discount associated with acquired loans.
Non-GAAP Measures and Reconciliation
We rely on certain non-GAAP measures in making financial and operational decisions about our business. We believe that each of the non-GAAP measures presented is helpful in highlighting trends in our business, financial condition and results of operations which might not otherwise be apparent when relying solely on our financial results calculated in accordance with U.S. generally accepted accounting principles, or GAAP.
In particular, we evaluate our profitability and performance based on our adjusted net income, adjusted earnings per common share, tangible net income and return on average tangible common equity, each of which excludes the effects of amortization expense relating to intangible assets and related tax effects from the acquisition of us by National Australia Bank Limited and our

8



acquisitions of other institutions. We believe these measures help highlight trends associated with our financial condition and results of operations by providing net income and return information based on our cash payments and receipts during the applicable period.
We also evaluate our profitability and performance based on our adjusted net interest income, adjusted net interest margin, adjusted interest income on non ASC 310-30 loans and adjusted yield on non ASC 310-30 loans. We adjust each of these four measures to include the current realized gain (loss) of derivatives we use to manage interest rate risk on certain of our loans, which we believe economically offsets the interest income earned on the loans. Similarly, we evaluate our operational efficiency based on our efficiency ratio, which excludes the effect of amortization of core deposit and other intangibles (a non-cash expense item) and includes the tax benefit associated with our tax-advantaged loans.
We evaluate our financial condition based on the ratio of our tangible common equity to our tangible assets and the ratio of our tangible common equity to common shares outstanding. Our calculation of this ratio excludes the effect of our goodwill and other intangible assets. We believe this measure is helpful in highlighting the common equity component of our capital and because of its focus by federal bank regulators when reviewing the health and strength of financial institutions in recent years and when considering regulatory approvals for certain actions, including capital actions. We also believe the ratio of our tangible common equity to common shares outstanding is helpful in understanding our stockholders’ relative ownership position as we undertake various actions to issue and retire common shares outstanding.
Reconciliations for each of these non-GAAP financial measures to the closest GAAP financial measures are included in the tables below. Each of the non-GAAP measures presented should be considered in context with our GAAP financial results included in this release.
GREAT WESTERN BANCORP, INC.
 
 
 
 
 
 
 
 
 
 
Reconciliation of Non-GAAP Measures (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At or for the three months ended:
 
 
December 31, 2016
 
September 30, 2016
 
June 30, 2016
 
March 31, 2016
 
December 31, 2015
 
 
(dollars in thousands except share and per share amounts)
Adjusted net income and adjusted earnings per common share:
 
 
 
 
 
 
 
 
 
 
Net income - GAAP
 
$
36,903

 
$
33,758

 
$
26,360

 
$
30,674

 
$
30,461

Add: Acquisition expenses
 
710

 
2,742

 
12,179

 
771

 

Add: Tax effect at 38%
 
(270
)
 
(1,042
)
 
(4,628
)
 
(293
)
 

Adjusted net income
 
$
37,343

 
$
35,458

 
$
33,911

 
$
31,152

 
$
30,461

 
 
 
 
 
 
 
 
 
 
 
Weighted average diluted common shares outstanding
 
58,991,905

 
58,938,367

 
57,176,705

 
55,408,876

 
55,393,452

Earnings per common share - diluted
 
$
0.63

 
$
0.57

 
$
0.46

 
$
0.55

 
$
0.55

Adjusted earnings per common share - diluted
 
$
0.63

 
$
0.60

 
$
0.59

 
$
0.56

 
$
0.55

 
 
 
 
 
 
 
 
 
 
 
Tangible net income and return on average tangible common equity:
 
 
 
 
 
 
 
 
 
 
Net income - GAAP
 
$
36,903

 
$
33,758

 
$
26,360

 
$
30,674

 
$
30,461

Add: Amortization of intangible assets
 
839

 
1,024

 
822

 
708

 
709

Add: Tax on amortization of intangible assets
 
(163
)
 
(220
)
 
(220
)
 
(220
)
 
(220
)
Tangible net income
 
$
37,579

 
$
34,562

 
$
26,962

 
$
31,162

 
$
30,950

 
 
 
 
 
 
 
 
 
 
 
Average common equity
 
$
1,666,243

 
$
1,647,155

 
$
1,567,372

 
$
1,488,398

 
$
1,464,450

Less: Average goodwill and other intangible assets
 
750,290

 
750,756

 
727,707

 
703,866

 
704,576

Average tangible common equity
 
$
915,953

 
$
896,399

 
$
839,665

 
$
784,532

 
$
759,874

Return on average common equity *
 
8.8
%
 
8.2
%
 
6.8
%
 
8.3
%
 
8.3
%
Return on average tangible common equity **
 
16.3
%
 
15.3
%
 
12.9
%
 
16.0
%
 
16.2
%
 
 
 
 
 
 
 
 
 
 
 
* Calculated as net income - GAAP divided by average common equity. Annualized for partial-year periods.
** Calculated as tangible net income divided by average tangible common equity. Annualized for partial-year periods.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

9



GREAT WESTERN BANCORP, INC.
 
 
 
 
 
 
 
 
 
 
Reconciliation of Non-GAAP Measures (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At or for the three months ended:
 
 
December 31, 2016
 
September 30, 2016
 
June 30, 2016
 
March 31, 2016
 
December 31, 2015
 
 
(dollars in thousands except share and per share amounts)
Adjusted net interest income and adjusted net interest margin (fully-tax equivalent basis):
 
 
 
 
 
 
 
 
 
 
Net interest income - GAAP
 
$
98,642

 
$
98,227

 
$
91,652

 
$
86,338

 
$
85,957

Add: Tax equivalent adjustment
 
2,142

 
2,012

 
1,905

 
1,791

 
1,826

Net interest income (FTE)
 
100,784

 
100,239

 
93,557

 
88,129

 
87,783

Add: Current realized derivative gain (loss)
 
(4,486
)
 
(4,895
)
 
(5,005
)
 
(5,175
)
 
(5,652
)
Adjusted net interest income (FTE)
 
$
96,298

 
$
95,344

 
$
88,552

 
$
82,954

 
$
82,131

 
 
 
 
 
 
 
 
 
 
 
Average interest-earning assets
 
$
10,286,284

 
$
10,173,743

 
$
9,528,576

 
$
8,892,465

 
$
8,764,649

Net interest margin (FTE) *
 
3.89
%
 
3.92
%
 
3.95
%
 
3.99
%
 
3.98
%
Adjusted net interest margin (FTE) **
 
3.71
%
 
3.73
%
 
3.74
%
 
3.75
%
 
3.73
%
 
 
 
 
 
 
 
 
 
 
 
* Calculated as net interest income (FTE) divided by average interest earning assets. Annualized for partial-year periods.
** Calculated as adjusted net interest income (FTE) divided by average interest earning assets. Annualized for partial-year periods.
 
 
 
 
 
 
 
 
 
 
 
Adjusted interest income and adjusted yield (fully-tax equivalent basis), on non ASC 310-30 loans:
 
 
 
 
 
 
 
 
 
 
Interest income - GAAP
 
$
99,339

 
$
99,058

 
$
91,829

 
$
86,534

 
$
85,567

Add: Tax equivalent adjustment
 
2,142

 
2,012

 
1,905

 
1,791

 
1,826

Interest income (FTE)
 
101,481

 
101,070

 
93,734

 
88,325

 
87,393

Add: Current realized derivative gain (loss)
 
(4,486
)
 
(4,895
)
 
(5,005
)
 
(5,175
)
 
(5,652
)
Adjusted interest income (FTE)
 
$
96,995

 
$
96,175

 
$
88,729

 
$
83,150

 
$
81,741

 
 
 
 
 
 
 
 
 
 
 
Average non ASC 310-30 loans
 
$
8,515,947

 
$
8,477,214

 
$
7,903,860

 
$
7,371,600

 
$
7,193,143

Yield (FTE) *
 
4.73
%
 
4.74
%
 
4.77
%
 
4.82
%
 
4.83
%
Adjusted yield (FTE) **
 
4.52
%
 
4.51
%
 
4.52
%
 
4.54
%
 
4.52
%
 
 
 
 
 
 
 
 
 
 
 
* Calculated as interest income (FTE) divided by average loans. Annualized for partial-year periods.
** Calculated as adjusted interest income (FTE) divided by average loans. Annualized for partial-year periods.
 
 
 
 
 
 
 
 
 
 
 
Efficiency ratio:
 
 
 
 
 
 
 
 
 
 
Total revenue - GAAP
 
$
112,549

 
$
114,025

 
$
100,749

 
$
95,339

 
$
94,601

Add: Tax equivalent adjustment
 
2,142

 
2,012

 
1,905

 
1,791

 
1,826

Total revenue (FTE)
 
$
114,691

 
$
116,037

 
$
102,654

 
$
97,130

 
$
96,427

 
 
 
 
 
 
 
 
 
 
 
Noninterest expense
 
$
52,537

 
$
57,342

 
$
61,222

 
$
44,855

 
$
44,220

Less: Amortization of intangible assets
 
839

 
1,024

 
822

 
708

 
709

Tangible noninterest expense
 
$
51,698

 
$
56,318

 
$
60,400

 
$
44,147

 
$
43,511

Efficiency ratio *
 
45.1
%
 
48.5
%
 
58.8
%
 
45.5
%
 
45.1
%
 
 
 
 
 
 
 
 
 
 
 
* Calculated as the ratio of tangible noninterest expense to total revenue (FTE).
 
 
 
 
 
 
 
 
 
 
 

10



GREAT WESTERN BANCORP, INC.
 
 
 
 
 
 
 
 
 
 
Reconciliation of Non-GAAP Measures (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At or for the three months ended:
 
 
December 31, 2016
 
September 30, 2016
 
June 30, 2016
 
March 31, 2016
 
December 31, 2015
 
 
(dollars in thousands except share and per share amounts)
Tangible common equity and tangible common equity to tangible assets:
 
 
 
 
 
 
 
 
 
 
Total stockholders' equity
 
$
1,678,638

 
$
1,663,391

 
$
1,640,511

 
$
1,509,202

 
$
1,475,516

Less: Goodwill and other intangible assets
 
749,916

 
750,755

 
751,217

 
703,508

 
704,217

Tangible common equity
 
$
928,722

 
$
912,636

 
$
889,294

 
$
805,694

 
$
771,299

 
 
 
 
 
 
 
 
 
 
 
Total assets
 
$
11,422,617

 
$
11,531,180

 
$
11,453,222

 
$
9,942,295

 
$
9,957,215

Less: Goodwill and other intangible assets
 
749,916

 
750,755

 
751,217

 
703,508

 
704,217

Tangible assets
 
$
10,672,701

 
$
10,780,425

 
$
10,702,005

 
$
9,238,787

 
$
9,252,998

Tangible common equity to tangible assets
 
8.7
%
 
8.5
%
 
8.3
%
 
8.7
%
 
8.3
%
 
 
 
 
 
 
 
 
 
 
 
Tangible book value per share:
 
 
 
 
 
 
 
 
 
 
Total stockholders' equity
 
$
1,678,638

 
$
1,663,391

 
$
1,640,511

 
$
1,509,202

 
$
1,475,516

Less: Goodwill and other intangible assets
 
749,916

 
750,755

 
751,217

 
703,508

 
704,217

Tangible common equity
 
$
928,722

 
$
912,636

 
$
889,294

 
$
805,694

 
$
771,299

 
 
 
 
 
 
 
 
 
 
 
Common shares outstanding
 
58,755,989

 
58,693,304

 
58,693,499

 
55,245,177