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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): October 25, 2018

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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).                         Emerging growth company        o

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.                                                 o






Item 2.02.
Results of Operations and Financial Condition.

On October 25, 2018, Great Western Bancorp, Inc. ("Great Western" and, together with its consolidated subsidiaries, the “Company”) announced its earnings for the fourth fiscal quarter ended September 30, 2018. 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 and twelve months ended September 30, 2018. The Company intends to use this presentation for any investor meetings or related interactions through the first quarter of fiscal year 2019. 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
 
 
Press release of Great Western dated October 25, 2018, containing financial information for the quarter ended September 30, 2018.
 
 
Slide presentation for conference call for investors and analysts on October 25, 2018.
 
 
Quarterly Investor Relations Presentation for the fourth quarter of fiscal year 2018.

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: October 25, 2018
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 October 25, 2018, containing financial information for the quarter ended September 30, 2018.
 
 
99.2
Slide presentation for conference call for investors and analysts on October 25, 2018.
 
 
99.3
Quarterly Investor Relations Presentation for the fourth quarter of fiscal year 2018.




(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit
Exhibit 99.1

395473582_greatwesternbancorpa25.jpg
Great Western Bancorp, Inc. Announces Fiscal Year 2018 Fourth Quarter Financial Results; Strong Net Income Growth and Tangible Book Value Per Share1 in Fiscal Year 2018
Highlights for the Fourth Quarter of Fiscal Year 2018 (all quarterly comparisons in this document refer to the third quarter of fiscal year 2018, except as noted)
Net income was $42.3 million, or $0.72 per diluted share, compared to $45.9 million, or $0.78 per diluted share
Net interest margin and adjusted net interest margin1, 2 were 3.79% and 3.77%, decreases of 18 and 17 basis points, respectively
The efficiency ratio1 was 48.1% for the quarter
Noninterest expenses were well controlled during the quarter
Total loans and total deposits grew $36.1 million, or 0.4%, and $148.2 million, or 1.5%, respectively
Highlights for Fiscal Year 2018 (all fiscal year comparisons refer to fiscal year 2017, except as noted)
Net income was $157.9 million, or $2.67 per diluted share, compared to $144.8 million, or $2.45 per diluted share, while adjusted net income1 was $171.5 million, or $2.90 per diluted share, compared to $145.2 million, or $2.46 per diluted share
Net interest margin and adjusted net interest margin1, 2 were 3.89% and 3.84%, a decrease of 1 basis points and an increase of 8 basis points, respectively
The efficiency ratio1 was 47.1% for the fiscal year
Book value per share was $31.24, an increase of $1.41 per share, or 4.7%, and tangible book value per share1 was $18.57, an increase of $1.46 per share, or 8.5%
Total loans increased $447.4 million, or 5.0%, to $9.42 billion, while total deposits grew $755.9 million, or 8.4%, to $9.73 billion
Total credit related charges were down compared to the prior year
Sioux Falls, SD - October 25, 2018 - Great Western Bancorp, Inc. (NYSE: GWB) today reported net income of $42.3 million, or $0.72 per diluted share, for the fourth quarter of fiscal year 2018, compared to net income of $45.9 million, or $0.78 per diluted share. Net income for fiscal year 2018 was $157.9 million, or $2.67 per diluted share, compared to $144.8 million, or $2.45 per diluted share. Adjusted net income1 for fiscal year 2018, which excludes a nonrecurring charge to provision for income taxes, was $171.5 million, or $2.90 per diluted share, compared to $145.2 million, or $2.46 per diluted share.
"Even though the fourth quarter did have softer loan growth and some nonrecurring items impacting net interest margin, I am pleased with our results for fiscal year 2018," said Ken Karels, Chief Executive Officer and Chairperson of the Board. "We were able to deliver significant year-over-year growth including a 9.1% increase in net income, a 9.0% increase in diluted earnings per share and an 8.5% increase in tangible book value while maintaining a strong efficiency ratio."
Net Interest Income and Net Interest Margin2 
Net interest income was $103.7 million for the quarter, a decrease of $2.7 million, or 2.6%. Higher loan interest income, driven by 0.8% growth in average loans outstanding and partially offset by a 7 basis point decrease in the yield on loans, was offset by higher interest expense associated with a 12 basis point increase in the cost of deposits.
Net interest margin was 3.79% and 3.97%, respectively, for the quarters ended September 30, 2018 and June 30, 2018. Adjusted net interest margin1, which adjusts for the realized gain (loss) on interest rate swaps, was 3.77% and 3.94%, respectively, for the same periods. During the current quarter, net interest margin and adjusted net interest margin1 were impacted by a reduction in interest on acquired loans of $2.0 million and a charge off of interest of $1.0 million. Excluding these two items, net interest margin and adjusted net interest margin1 were 3.90% and 3.88%, respectively, or decreases of 7 and 6 basis points, respectively, from the prior quarter. The lower margins were primarily driven by the yield on loans, which excluding the two items above, increased 5 basis points to 5.15%, which was more than offset by the cost of deposits, which increased 12 basis points to 0.82%.
Total loans outstanding were $9.42 billion as of September 30, 2018, increases of $36.1 million, or 0.4%, for the quarter and $447.4 million, or 5.0%, for the fiscal year. The majority of the growth for the fiscal year occurred in the commercial real estate ("CRE") category of the portfolio, which grew by $504.5 million, mainly across the construction and development, non-owner and owner occupied segments, partially offset by a reduction of $95.3 million in the residential real estate category of the 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

Exhibit 99.1

Total deposits grew to $9.73 billion as of September 30, 2018, increases of $148.2 million, or 1.5%, for the quarter and $755.9 million, or 8.4%, for the fiscal year. Noninterest-bearing deposits were $1.84 billion, a 0.7% decrease for the fiscal year and interest-bearing deposits were $7.89 billion, a 10.8% increase for the fiscal year. FHLB and other borrowings decreased by $368.2 million, or 57.2%, for the fiscal year as a result of deposit funding being more cost effective.
Provision for Loan and Lease Losses and Asset Quality
Provision for loan and lease losses was $5.0 million for the quarter, an increase of $1.5 million. Net charge-offs for the quarter were $5.2 million, or 0.22% of average total loans on an annualized basis, with the majority of net charge-offs concentrated in the agriculture and CRE segments of the loan portfolio. The ratio of allowance for loan and lease losses ("ALLL") to total loans remained stable at 0.69% as of September 30, 2018.
Included within total loans are approximately $865.4 million 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 $7.4 million of the fair value adjustment for these loans relates to credit risk, or 0.08% of total loans. Finally, total purchase discount remaining on all acquired loans equates to 0.19% of total loans.
At September 30, 2018, loans graded "Watch" increased $67.3 million, or 24.4%, for the quarter while loans graded "Substandard" decreased $15.4 million, or 5.7%, for the quarter. The increase in "Watch" graded loans was primarily driven by a small number of agriculture relationships. The decrease in "Substandard" graded loans was primarily driven the transfer of one large CRE relationship to other repossessed property during the quarter. Nonaccrual loans were $143.2 million as of September 30, 2018, representing an increase of $15.9 million for the quarter. Total other repossessed property balances were $23.1 million as of September 30, 2018, an increase of $12.9 million, or 125.8%, due to the addition of one large property during the quarter.
Total credit-related charges increased compared to the previous comparable quarter and decreased compared to fiscal year 2017. A summary of total credit-related charges incurred during the current and prior comparable quarter and current and prior twelve-month period is presented below:
GREAT WESTERN BANCORP, INC.
 
 
 
 
 
 
 
Summary of Credit-Related Charges (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the twelve months ended:
 
For the three months ended:
Item
Included within F/S Line Item(s):
September 30, 2018
 
September 30, 2017
 
September 30, 2018
 
September 30, 2017
 
 
(dollars in thousands)
Provision for loan and lease losses
Provision for loan and lease losses
$
17,986

 
$
21,539

 
$
5,015

 
$
4,685

Net other repossessed property charges
Net loss on repossessed property and other related expenses
4,369

 
1,749

 
2,850

 
541

Reversal of interest income on nonaccrual loans
Interest income on loans
1,901

 
930

 
774

 
697

Loan fair value adjustment related to credit
Net increase (decrease) in fair value of loans at fair value
194

 
936

 
(3
)
 
940

Total
 
$
24,450

 
$
25,154

 
$
8,636

 
$
6,863

Noninterest Income
Noninterest income was $19.3 million, an increase of $0.3 million, or 1.7%, for the quarter. Included within noninterest income is the net effect of the change in fair value loans for which the Company has elected the fair value option and the net gain (loss), realized and unrealized, of the related derivatives which generated a $(0.3) million unfavorable change over the prior quarter. Service charges and other fees increased by $0.5 million primarily due to an increase in net overdraft and non-sufficient funds income.
Noninterest Expense
Total noninterest expense was $59.6 million, an increase of $1.7 million, or 2.9%, for the quarter. This increase was mainly driven by a $2.5 million increase in net loss on repossessed property, partially offset by a $1.4 million decrease in salaries and employee benefits. Net loss on repossessed property was higher during the quarter due to expenses related to the settlement of a single other repossessed property. Salaries and employee benefits decreased due to the prior quarter having more health insurance claims.
The efficiency ratio1 was 48.1% for the quarter, an increase from 45.8%, due to higher expenses incurred during the quarter related to other repossessed property, a large reversal of interest income on nonaccrual loans and an increase in the cost of deposits.
Provision for Income Taxes
The provision for income taxes for the quarter ended September 30, 2018 was $14.4 million, reflecting an effective tax rate of 25.4%, compared to an effective tax rate of 26.3% for the prior quarter.

2

Exhibit 99.1

Capital
Tier 1 and total capital ratios were 12.0% and 13.0%, respectively, as of September 30, 2018, compared to 11.8% and 12.8%, respectively, as of June 30, 2018. The common equity tier 1 capital ratio and tier 1 leverage ratio were 11.3% and 10.7% as of September 30, 2018 compared to 11.0% and 10.6%, respectively, as of June 30, 2018. All regulatory capital ratios remain above regulatory minimums to be considered "well capitalized."
On October 25, 2018, the Company’s Board of Directors declared a dividend of $0.25 per common share payable on November 21, 2018 to stockholders of record as of close of business on November 9, 2018. The aggregate dividend payment will be approximately $14.7 million.
Business Outlook
"We are glad to report another strong year of financial results to our stockholders, especially the growth in diluted earnings per share and tangible book value accretion," added Karels. "While we have seen some pressure on our funding costs, we feel that this is manageable as we move into our fiscal 2019. We are positive about the talent we have recruited and the new locations opening in fiscal 2019. Also I would like to thank our employees for their contribution to a strong 2018."
Conference Call
Great Western Bancorp, Inc. will host a conference call to discuss its financial results for the fourth quarter of fiscal year 2018 on Thursday, October 25, 2018 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 November 8, 2018. To access the replay, dial (877) 344-7529 (U.S.) and use conference ID 10124515. 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 Thursday, February 21, 2019. The meeting will commence at 9:00 a.m. 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 December 28, 2018.
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,” “views,” “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 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, 2017, and in the Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2018. 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.

3

Exhibit 99.1

GREAT WESTERN BANCORP, INC.
 
 
 
 
 
 
 
 
Consolidated Financial Data (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At or for the twelve months ended:
 
At or for the three months ended:
 
September 30, 2018
September 30, 2017
 
September 30, 2018
June 30, 2018
March 31, 2018
December 31, 2017
September 30, 2017
 
(dollars in thousands, except share and per share amounts)
Operating Data:
 
 
 
 
 
 
 
 
Interest income (FTE)
$
488,434

$
443,114

 
$
126,921

$
126,146

$
118,849

$
116,519

$
115,185

Interest expense
74,000

45,320

 
23,244

19,745

16,680

14,332

13,391

Noninterest income
73,609

63,214

 
19,255

18,939

18,742

16,674

14,740

Noninterest expense
231,425

216,643

 
59,550

57,863

59,144

54,868

55,332

Provision for loan and lease losses
17,986

21,539

 
5,015

3,515

4,900

4,557

4,685

Net income
157,916

144,786

 
42,281

45,874

40,532

29,230

37,662

Adjusted net income ¹
$
171,502

$
145,226

 
$
42,281

$
45,874

$
40,532

$
42,816

$
37,662

Common shares outstanding
58,917,147
58,834,066
 
58,917,147
58,911,563

58,896,189

58,896,189

58,834,066

Weighted average diluted common shares outstanding
59,131,650
59,029,382
 
59,122,699
59,170,058

59,146,117

59,087,729

58,914,144

Earnings per common share - diluted
$
2.67

$
2.45

 
$
0.72

$
0.78

$
0.69

$
0.49

$
0.64

Adjusted earnings per common share - diluted ¹
$
2.90

$
2.46

 
$
0.72

$
0.78

$
0.69

$
0.72

$
0.64

Performance Ratios:
 
 
 
 
 
 
 
 
Net interest margin (FTE) ¹ ²
3.89
%
3.90
%
 
3.79
%
3.97
%
3.92
%
3.89
%
3.93
%
Adjusted net interest margin (FTE) ¹ ²
3.84
%
3.76
%
 
3.77
%
3.94
%
3.86
%
3.80
%
3.82
%
Return on average total assets ²
1.34
%
1.27
%
 
1.40
%
1.55
%
1.40
%
1.00
%
1.30
%
Return on average common equity ²
8.8
%
8.5
%
 
9.2
%
10.2
%
9.3
%
6.6
%
8.6
%
Return on average tangible common equity ¹ ²
15.3
%
15.4
%
 
15.7
%
17.7
%
16.2
%
11.6
%
15.2
%
Efficiency ratio ¹
47.1
%
46.5
%
 
48.1
%
45.8
%
48.6
%
45.8
%
47.1
%
Capital:
 
 
 
 
 
 
 
 
Tier 1 capital ratio
12.0
%
11.4
%
 
12.0
%
11.8
%
11.5
%
11.3
%
11.4
%
Total capital ratio
13.0
%
12.5
%
 
13.0
%
12.8
%
12.5
%
12.3
%
12.5
%
Tier 1 leverage ratio
10.7
%
10.3
%
 
10.7
%
10.6
%
10.4
%
10.3
%
10.3
%
Common equity tier 1 ratio
11.3
%
10.7
%
 
11.3
%
11.0
%
10.7
%
10.5
%
10.7
%
Tangible common equity / tangible assets ¹
9.6
%
9.2
%
 
9.6
%
9.5
%
9.3
%
9.2
%
9.2
%
Book value per share - GAAP
$
31.24

$
29.83

 
$
31.24

$
30.84

$
30.37

$
30.02

$
29.83

Tangible book value per share ¹
$
18.57

$
17.11

 
$
18.57

$
18.16

$
17.68

$
17.32

$
17.11

Asset Quality:
 
 
 
 
 
 
 
 
Nonaccrual loans
$
143,206

$
138,312

 
$
143,206

$
127,315

$
131,274

$
147,325

$
138,312

Other repossessed property
$
23,074

$
8,985

 
$
23,074

$
10,221

$
16,726

$
10,486

$
8,985

Nonaccrual loans / total loans
1.52
%
1.54
%
 
1.52
%
1.36
%
1.41
%
1.61
%
1.54
%
Net charge-offs (recoveries)
$
16,949

$
22,678

 
$
5,163

$
3,966

$
3,784

$
4,037

$
5,394

Net charge-offs (recoveries) / average total loans ²
0.18
%
0.26
%
 
0.22
%
0.17
%
0.17
%
0.18
%
0.24
%
Allowance for loan and lease losses / total loans
0.69
%
0.71
%
 
0.69
%
0.69
%
0.70
%
0.70
%
0.71
%
Watch-rated loans
$
343,288

$
311,611

 
$
343,288

$
276,001

$
294,873

$
287,468

$
311,611

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.

4

Exhibit 99.1

GREAT WESTERN BANCORP, INC.
 
 
 
 
 
 
 
 
Consolidated Income Statement (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At or for the twelve months ended:
 
At or for the three months ended:
 
September 30, 2018
September 30, 2017
 
September 30, 2018
June 30, 2018
March 31, 2018
December 31, 2017
September 30, 2017
 
(dollars in thousands)
Interest income
 
 
 
 
 
 
 
 
Loans
$
451,290

$
407,282

 
$
117,095

$
116,522

$
109,993

$
107,680

$
106,277

Investment securities
29,171

26,311

 
7,645

7,471

7,013

7,043

6,592

Federal funds sold and other
1,376

922

 
494

424

227

231

194

Total interest income
481,837

434,515

 
125,234

124,417

117,233

114,954

113,063

Interest expense
 
 
 
 
 
 
 
 
Deposits
60,112

35,035

 
19,996

16,460

12,658

10,998

10,439

FHLB advances and other borrowings
8,848

5,821

 
1,907

1,963

2,815

2,164

1,787

Subordinated debentures and subordinated notes payable
5,040

4,464

 
1,341

1,322

1,207

1,170

1,165

Total interest expense
74,000

45,320

 
23,244

19,745

16,680

14,332

13,391

Net interest income
407,837

389,195

 
101,990

104,672

100,553

100,622

99,672

Provision for loan and lease losses
17,986

21,539

 
5,015

3,515

4,900

4,557

4,685

Net interest income after provision for loan and lease losses
389,851

367,656

 
96,975

101,157

95,653

96,065

94,987

Noninterest income
 
 
 
 
 
 
 
 
Service charges and other fees
51,077

55,725

 
13,198

12,655

12,047

13,178

13,742

Wealth management fees
9,219

9,118

 
2,458

2,242

2,335

2,185

2,002

Mortgage banking income, net
5,842

7,928

 
1,664

1,352

1,166

1,660

1,798

Net gain (loss) on sale of securities
6

75

 

15

(8
)
(1
)
32

Net (decrease) increase in fair value of loans at fair value
(37,955
)
(65,231
)
 
(7,083
)
(7,370
)
(14,838
)
(8,665
)
(2,073
)
Net realized and unrealized gain (loss) on derivatives
37,144

49,900

 
7,543

8,093

14,282

7,227

(1,581
)
Other
8,276

5,699

 
1,475

1,952

3,758

1,090

820

Total noninterest income
73,609

63,214

 
19,255

18,939

18,742

16,674

14,740

Noninterest expense
 
 
 
 
 
 
 
 
Salaries and employee benefits
135,352

128,135

 
33,691

35,122

33,672

32,868

31,263

Data processing and communication
29,805

28,288

 
6,554

7,177

9,190

6,884

7,324

Occupancy and equipment
20,330

19,817

 
5,219

4,974

5,290

4,848

5,006

Professional fees
17,891

15,038

 
5,326

4,297

4,027

4,240

4,503

Advertising
4,507

3,983

 
1,066

1,260

1,121

1,059

954

Net loss on repossessed property and other related expenses
4,369

1,749

 
2,850

305

1,000

214

541

Amortization of core deposits and other intangibles
1,662

2,358

 
394

416

426

426

430

Acquisition expenses

710

 





Other
17,509

16,565

 
4,450

4,312

4,418

4,329

5,311

Total noninterest expense
231,425

216,643

 
59,550

57,863

59,144

54,868

55,332

Income before income taxes
232,035

214,227

 
56,680

62,233

55,251

57,871

54,395

Provision for income taxes
74,119

69,441

 
14,399

16,359

14,719

28,641

16,733

Net income
$
157,916

$
144,786

 
$
42,281

$
45,874

$
40,532

$
29,230

$
37,662


5

Exhibit 99.1

GREAT WESTERN BANCORP, INC.
 
 
 
 
 
 
 
 
 
Summarized Consolidated Balance Sheet (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
As of
 
September 30, 2018
 
June 30, 2018
 
March 31, 2018
 
December 31, 2017
 
September 30, 2017
 
(dollars in thousands)
Assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
298,696

 
$
294,614

 
$
371,749

 
$
297,596

 
$
360,396

Investment securities
1,385,650

 
1,372,711

 
1,307,598

 
1,366,641

 
1,367,960

Total loans
9,415,924

 
9,379,819

 
9,338,306

 
9,165,373

 
8,968,553

Allowance for loan and lease losses
(64,540
)
 
(64,688
)
 
(65,139
)
 
(64,023
)
 
(63,503
)
Loans, net
9,351,384

 
9,315,131

 
9,273,167

 
9,101,350

 
8,905,050

Goodwill
739,023

 
739,023

 
739,023

 
739,023

 
739,023

Other assets
342,055

 
287,569

 
300,780

 
301,971

 
317,582

Total assets
$
12,116,808

 
$
12,009,048

 
$
11,992,317

 
$
11,806,581

 
$
11,690,011

Liabilities and stockholders' equity
 
 
 
 
 
 
 
 
 
Noninterest-bearing deposits
$
1,842,704

 
$
1,793,293

 
$
1,854,734

 
$
1,932,080

 
$
1,856,126

Interest-bearing deposits
7,890,795

 
7,792,025

 
7,532,233

 
7,092,105

 
7,121,487

Total deposits
9,733,499

 
9,585,318

 
9,386,967

 
9,024,185

 
8,977,613

Securities sold under agreements to repurchase
90,907

 
105,478

 
103,291

 
116,884

 
132,636

FHLB advances and other borrowings
275,000

 
335,000

 
551,003

 
721,009

 
643,214

Other liabilities
176,851

 
166,511

 
162,358

 
176,630

 
181,548

Total liabilities
10,276,257

 
10,192,307

 
10,203,619

 
10,038,708

 
9,935,011

Stockholders' equity
1,840,551

 
1,816,741

 
1,788,698

 
1,767,873

 
1,755,000

Total liabilities and stockholders' equity
$
12,116,808

 
$
12,009,048

 
$
11,992,317

 
$
11,806,581

 
$
11,690,011

GREAT WESTERN BANCORP, INC.
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Portfolio Summary (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of
 
Fiscal year-to-date:
 
September 30, 2018
 
June 30, 2018
 
March 31, 2018
 
December 31, 2017
 
September 30, 2017
 
Change
($)
 
Change
(%)
 
(dollars in thousands)
Construction and development
$
637,693

 
$
733,612

 
$
721,340

 
$
622,985

 
$
538,736

 
$
98,957

 
18.4
 %
Owner-occupied CRE
1,334,480

 
1,360,969

 
1,341,034

 
1,317,585

 
1,219,523

 
114,957

 
9.4
 %
Non-owner-occupied CRE
2,347,237

 
2,123,002

 
2,077,424

 
2,035,987

 
2,025,326

 
321,911

 
15.9
 %
Multifamily residential real estate
309,920

 
311,863

 
327,980

 
319,139

 
341,220

 
(31,300
)
 
(9.2
)%
Commercial real estate
4,629,330

 
4,529,446

 
4,467,778

 
4,295,696

 
4,124,805

 
504,525

 
12.2
 %
Agriculture
2,182,688

 
2,176,318

 
2,177,020

 
2,177,383

 
2,122,138

 
60,550

 
2.9
 %
Commercial non-real estate
1,699,987

 
1,750,827

 
1,767,587

 
1,695,731

 
1,718,914

 
(18,927
)
 
(1.1
)%
Residential real estate
837,569

 
857,848

 
866,982

 
924,439

 
932,892

 
(95,323
)
 
(10.2
)%
Consumer
49,689

 
51,417

 
55,190

 
62,872

 
66,559

 
(16,870
)
 
(25.3
)%
Other ¹
46,487

 
44,187

 
41,816

 
45,805

 
43,207

 
3,280

 
7.6
 %
Total unpaid principal balance
9,445,750

 
9,410,043

 
9,376,373

 
9,201,926

 
9,008,515

 
437,235

 
4.9
 %
Less: Unamortized discount on acquired loans and unearned net deferred fees and costs and loans in process
(29,826
)
 
(30,224
)
 
(38,067
)
 
(36,553
)
 
(39,962
)
 
10,136

 
(25.4
)%
Total loans
$
9,415,924

 
$
9,379,819

 
$
9,338,306

 
$
9,165,373

 
$
8,968,553

 
$
447,371

 
5.0
 %
1 Other loans primarily include consumer and commercial credit cards, customer deposit account overdrafts, and lease receivables.

6

Exhibit 99.1

GREAT WESTERN BANCORP, INC.
 
 
 
 
 
 
 
 
 
 
Net Interest Margin (FTE) (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
September 30, 2018
 
June 30, 2018
 
September 30, 2017
 
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
$
84,659

$
494

2.32
%
 
$
90,868

$
424

1.87
%
 
$
55,834

$
194

1.38
%
Investment securities
1,399,389

7,645

2.17
%
 
1,357,808

7,471

2.21
%
 
1,403,240

6,592

1.86
%
Non ASC 310-30 loans, net ²
9,299,318

116,971

4.99
%
 
9,220,931

114,489

4.98
%
 
8,728,514

105,120

4.78
%
ASC 310-30 loans, net
73,802

1,811

9.74
%
 
78,471

3,762

19.23
%
 
95,813

3,279

13.58
%
Loans, net
9,373,120

118,782

5.03
%
 
9,299,402

118,251

5.10
%
 
8,824,327

108,399

4.87
%
Total interest-earning assets
10,857,168

126,921

4.64
%
 
10,748,078

126,146

4.71
%
 
10,283,401

115,185

4.44
%
Noninterest-earning assets
1,158,351

 
 
 
1,152,724

 
 
 
1,166,931

 
 
Total assets
$
12,015,519

$
126,921

4.19
%
 
$
11,900,802

$
126,146

4.25
%
 
$
11,450,332

$
115,185

3.99
%
Liabilities and Stockholders' Equity
 
 
 
 
 
 
 
 
 
 
 
Noninterest-bearing deposits
$
1,813,547

 
 
 
$
1,793,784

 
 
 
$
1,793,321

 
 
Interest-bearing deposits
6,042,096

$
13,606

0.89
%
 
6,101,679

$
11,705

0.77
%
 
5,817,665

$
7,909

0.54
%
Time deposits
1,774,277

6,390

1.43
%
 
1,578,253

4,755

1.21
%
 
1,280,226

2,530

0.78
%
Total deposits
9,629,920

19,996

0.82
%
 
9,473,716

16,460

0.70
%
 
8,891,212

10,439

0.47
%
Securities sold under agreements to repurchase
101,519

82

0.32
%
 
99,897

80

0.32
%
 
116,004

85

0.29
%
FHLB advances and other borrowings
280,823

1,825

2.58
%
 
357,102

1,883

2.11
%
 
509,959

1,702

1.32
%
Subordinated debentures and subordinated notes payable
108,440

1,341

4.91
%
 
108,398

1,322

4.89
%
 
108,275

1,165

4.27
%
Total borrowings
490,782

3,248

2.63
%
 
565,397

3,285

2.33
%
 
734,238

2,952

1.60
%
Total interest-bearing liabilities
10,120,702

$
23,244

0.91
%
 
10,039,113

$
19,745

0.79
%
 
9,625,450

$
13,391

0.55
%
Noninterest-bearing liabilities
69,505

 
 
 
65,623

 
 
 
84,453

 
 
Stockholders' equity
1,825,312

 
 
 
1,796,066

 
 
 
1,740,429

 
 
Total liabilities and stockholders' equity
$
12,015,519

 
 
 
$
11,900,802

 
 
 
$
11,450,332

 
 
Net interest spread
 
 
3.28
%
 
 
 
3.46
%
 
 
 
3.44
%
Net interest income and net interest margin (FTE)
 
$
103,677

3.79
%
 
 
$
106,401

3.97
%
 
 
$
101,794

3.93
%
Less: Tax equivalent adjustment
 
1,687

 
 
 
1,729

 
 
 
2,122

 
Net interest income and net interest margin - ties to Statements of Comprehensive Income
 
$
101,990

3.73
%
 
 
$
104,672

3.91
%
 
 
$
99,672

3.85
%
1 Annualized for all partial-year periods.
2 Interest income includes $0.6 million and $0.8 million for the fourth quarter of fiscal year 2018 and 2017, respectively, resulting from accretion of purchase accounting discount associated with acquired loans.

7

Exhibit 99.1

GREAT WESTERN BANCORP, INC.
 
 
 
 
 
 
Net Interest Margin (FTE) (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
Twelve Months Ended
 
September 30, 2018
 
September 30, 2017
 
Average Balance
Interest (FTE) ¹
Yield / Cost ²
 
Average Balance
Interest (FTE) ¹
Yield / Cost ²
 
(dollars in thousands)
Assets
 
 
 
 
 
 
 
Interest-bearing bank deposits
$
75,101

$
1,376

1.83
%
 
$
123,616

$
922

0.75
%
Investment securities
1,384,632

29,171

2.11
%
 
1,390,453

26,311

1.89
%
Non ASC 310-30 loans, net ³
9,106,519

446,386

4.90
%
 
8,581,615

405,080

4.72
%
ASC 310-30 loans, net
81,105

11,501

14.18
%
 
114,057

10,801

9.47
%
Loans, net
9,187,624

457,887

4.98
%
 
8,695,672

415,881

4.78
%
Total interest-earning assets
10,647,357

488,434

4.59
%
 
10,209,741

443,114

4.34
%
Noninterest-earning assets
1,160,802

 
 
 
1,154,861

 
 
Total assets
$
11,808,159

$
488,434

4.14
%
 
$
11,364,602

$
443,114

3.90
%
Liabilities and Stockholders' Equity
 
 
 
 
 
 
 
Noninterest-bearing deposits
$
1,809,470

 
 
 
$
1,806,491

 
 
Interest-bearing deposits
5,990,182

$
43,092

0.72
%
 
5,709,863

$
25,969

0.45
%
Time deposits
1,483,760

17,020

1.15
%
 
1,300,987

9,066

0.70
%
Total deposits
9,283,412

60,112

0.65
%
 
8,817,341

35,035

0.40
%
Securities sold under agreements to repurchase
108,599

340

0.31
%
 
122,188

384

0.31
%
FHLB advances and other borrowings
452,572

8,508

1.88
%
 
525,491

5,437

1.03
%
Subordinated debentures and subordinated notes payable
108,378

5,040

4.65
%
 
108,917

4,464

4.10
%
Total borrowings
669,549

13,888

2.07
%
 
756,596

10,285

1.36
%
Total interest-bearing liabilities
9,952,961

$
74,000

0.74
%
 
9,573,937

$
45,320

0.47
%
Noninterest-bearing liabilities
67,045

 
 
 
88,440

 
 
Stockholders' equity
1,788,153

 
 
 
1,702,225

 
 
Total liabilities and stockholders' equity
$
11,808,159

 
 
 
$
11,364,602

 
 
Net interest spread
 
 
3.40
%
 
 
 
3.43
%
Net interest income and net interest margin (FTE) ¹
 
$
414,434

3.89
%
 
 
$
397,794

3.90
%
Less: Tax equivalent adjustment
 
6,597

 
 
 
8,599

 
Net interest income and net interest margin - ties to Statements of Comprehensive Income
 
$
407,837

3.83
%
 
 
$
389,195

3.81
%
1 Annualized for all partial-year periods.
2 Interest income includes $2.7 million and $4.1 million for the twelve months ended 2018 and 2017, respectively, resulting from accretion of purchase accounting discount associated with acquired loans.

8

Exhibit 99.1

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. GAAP. We disclose net interest income and related ratios and analysis on a taxable-equivalent basis, which may also be considered non-GAAP financial measures. We believe this presentation to be the preferred industry measurement of net interest income as it provides a relevant comparison of net interest income arising from taxable and tax-exempt sources. In addition, certain performance measures, including the efficiency ratio and net interest margin utilize net interest income on a taxable-equivalent basis.
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. Our adjusted net income and adjusted earnings per common share exclude the after-tax effect of items with a significant impact to net income that we do not believe to be recurring in nature, (e.g., one-time acquisition expenses as well as the effect of revaluation of deferred taxes). Our tangible net income and return on average tangible common equity exclude the effects of amortization expense relating to intangible assets and related tax effects from the acquisition of us by National Australia Bank Limited ("NAB") and our 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 excluding significant nonrecurring items (for adjusted net income and adjusted earnings per share) and based on our cash payments and receipts during the applicable period (for tangible net income and return on average tangible common equity).
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 twelve months ended:
 
At or for the three months ended:
 
September 30, 2018
September 30, 2017
 
September 30, 2018
June 30, 2018
March 31, 2018
December 31, 2017
September 30, 2017
 
(dollars in thousands except share and per share amounts)
Adjusted net income and adjusted earnings per common share:
 
 
 
 
 
 
 
 
Net income - GAAP
$
157,916

$
144,786

 
$
42,281

$
45,874

$
40,532

$
29,230

$
37,662

Add: Acquisition expenses, net of tax

440

 





Add: Deferred taxes revaluation
13,586


 



13,586


Adjusted net income
$
171,502

$
145,226

 
$
42,281

$
45,874

$
40,532

$
42,816

$
37,662

 
 
 
 
 
 
 
 
 
Weighted average diluted common shares outstanding
59,131,650

59,029,382

 
59,122,699

59,170,058

59,146,117

59,087,729

58,914,144

Earnings per common share - diluted
$
2.67

$
2.45

 
$
0.72

$
0.78

$
0.69

$
0.49

$
0.64

Adjusted earnings per common share - diluted
$
2.90

$
2.46

 
$
0.72

$
0.78

$
0.69

$
0.72

$
0.64

 
 
 
 
 
 
 
 
 

9

Exhibit 99.1

GREAT WESTERN BANCORP, INC.
 
 
 
 
 
 
 
 
Reconciliation of Non-GAAP Measures (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At or for the twelve months ended:
 
At or for the three months ended:
 
September 30, 2018
September 30, 2017
 
September 30, 2018
June 30, 2018
March 31, 2018
December 31, 2017
September 30, 2017
 
(dollars in thousands except share and per share amounts)
Tangible net income and return on average tangible common equity:
 
 
 
 
 
 
 
 
Net income - GAAP
$
157,916

$
144,786

 
$
42,281

$
45,874

$
40,532

$
29,230

$
37,662

Add: Amortization of intangible assets, net of tax
1,460

2,044

 
343

366

376

376

380

Tangible net income
$
159,376

$
146,830

 
$
42,624

$
46,240

$
40,908

$
29,606

$
38,042

 
 
 
 
 
 
 
 
 
Average common equity
$
1,788,153

$
1,702,225

 
$
1,825,312

$
1,796,066

$
1,770,117

$
1,761,127

$
1,740,429

Less: Average goodwill and other intangible assets
747,513

749,393

 
746,900

747,294

747,716

748,144

748,571

Average tangible common equity
$
1,040,640

$
952,832

 
$
1,078,412

$
1,048,772

$
1,022,401

$
1,012,983

$
991,858

 
 
 
 
 
 
 
 
 
Return on average common equity *
8.8
%
8.5
%
 
9.2
%
10.2
%
9.3
%
6.6
%
8.6
%
Return on average tangible common equity **
15.3
%
15.4
%
 
15.7
%
17.7
%
16.2
%
11.6
%
15.2
%
* 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.
 
 
 
 
 
 
 
 
 
Adjusted net interest income and adjusted net interest margin (fully-tax equivalent basis):
 
 
 
 
 
 
 
 
Net interest income - GAAP
$
407,837

$
389,195

 
$
101,990

$
104,672

$
100,553

$
100,622

$
99,672

Add: Tax equivalent adjustment
6,597

8,599

 
1,687

1,729

1,616

1,565

2,122

Net interest income (FTE)
414,434

397,794

 
103,677

106,401

102,169

102,187

101,794

Add: Current realized derivative gain (loss)
(5,365
)
(14,395
)
 
(419
)
(830
)
(1,640
)
(2,476
)
(2,714
)
Adjusted net interest income (FTE)
$
409,069

$
383,399

 
$
103,258

$
105,571

$
100,529

$
99,711

$
99,080

 
 
 
 
 
 
 
 
 
Average interest-earning assets
$
10,647,357

$
10,209,741

 
$
10,857,168

$
10,748,078

$
10,571,300

$
10,412,882

$
10,283,401

Net interest margin (FTE) *
3.89
%
3.90
%
 
3.79
%
3.97
%
3.92
%
3.89
%
3.93
%
Adjusted net interest margin (FTE) **
3.84
%
3.76
%
 
3.77
%
3.94
%
3.86
%
3.80
%
3.82
%
* 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
$
439,789

$
396,481

 
$
115,284

$
112,760

$
106,811

$
104,935

$
102,998

Add: Tax equivalent adjustment
6,597

8,599

 
1,687

1,729

1,616

1,565

2,122

Interest income (FTE)
446,386

405,080

 
116,971

114,489

108,427

106,500

105,120

Add: Current realized derivative gain (loss)
(5,365
)
(14,395
)
 
(419
)
(830
)
(1,640
)
(2,476
)
(2,714
)
Adjusted interest income (FTE)
$
441,021

$
390,685

 
$
116,552

$
113,659

$
106,787

$
104,024

$
102,406

 
 
 
 
 
 
 
 
 
Average non ASC 310-30 loans
$9,106,519
$8,581,615
 
$
9,299,318

$
9,220,931

$
9,064,899

$
8,840,929

$
8,728,514

Yield (FTE) *
4.90
%
4.72
%
 
4.99
%
4.98
%
4.85
%
4.78
%
4.78
%
Adjusted yield (FTE) **
4.84
%
4.55
%
 
4.97
%
4.94
%
4.78
%
4.67
%
4.65
%
* 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
$
481,446

$
452,409

 
$
121,245

$
123,611

$
119,295

$
117,296

$
114,412

Add: Tax equivalent adjustment
6,597

8,599

 
1,687

1,729

1,616

1,565

2,122

Total revenue (FTE)
$
488,043

$
461,008

 
$
122,932

$
125,340

$
120,911

$
118,861

$
116,534

 
 
 
 
 
 
 
 
 
Noninterest expense
$
231,425

$
216,643

 
$
59,550

$
57,863

$
59,144

$
54,868

$
55,332

Less: Amortization of intangible assets
1,662

2,358

 
394

416

426

426

430

Tangible noninterest expense
$
229,763

$
214,285

 
$
59,156

$
57,447

$
58,718

$
54,442

$
54,902

 
 
 
 
 
 
 
 
 
Efficiency ratio *
47.1
%
46.5
%
 
48.1
%
45.8
%
48.6
%
45.8
%
47.1
%
* Calculated as the ratio of tangible noninterest expense to total revenue (FTE).
 
 
 
 
 
 
 
 
 

10

Exhibit 99.1

GREAT WESTERN BANCORP, INC.
 
 
 
 
 
 
 
 
Reconciliation of Non-GAAP Measures (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At or for the twelve months ended:
 
At or for the three months ended:
 
September 30, 2018
September 30, 2017
 
September 30, 2018
June 30, 2018
March 31, 2018
December 31, 2017
September 30, 2017
 
(dollars in thousands except share and per share amounts)
Tangible common equity and tangible common equity to tangible assets:
 
 
 
 
 
 
 
 
Total stockholders' equity
$
1,840,551

$
1,755,000

 
$
1,840,551

$
1,816,741

$
1,788,698

$
1,767,873

$
1,755,000

Less: Goodwill and other intangible assets
746,735

748,397

 
746,735

747,129

747,545

747,971

748,397

Tangible common equity
$
1,093,816

$
1,006,603

 
$
1,093,816

$
1,069,612

$
1,041,153

$
1,019,902

$
1,006,603

 
 
 
 
 
 
 
 
 
Total assets
$
12,116,808

$
11,690,011

 
$
12,116,808

$