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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): July 25, 2019

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 July 25, 2019, Great Western Bancorp, Inc. ("Great Western" and, together with its consolidated subsidiaries, the “Company”) announced its earnings for the third fiscal quarter ended June 30, 2019. 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 nine months ended June 30, 2019. The Company intends to use this presentation for any investor meetings or related interactions through the fourth 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
 
 
99.1
Press release of Great Western dated July 25, 2019, containing financial information for the quarter ended June 30, 2019.
 
 
99.2
Slide presentation for conference call for investors and analysts on July 25, 2019.
 
 
99.3
Quarterly Investor Relations Presentation for the third quarter of fiscal year 2019.

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: July 25, 2019
By:          /s/ Peter Chapman
 
Name:          Peter Chapman    
 
Title:          Chief Financial Officer and Executive Vice President











INDEX TO EXHIBITS


Exhibit No.
Description
 
 
Press release of the registrant dated July 25, 2019, containing financial information for the quarter ended June 30, 2019.
 
 
Slide presentation for conference call for investors and analysts on July 25, 2019.
 
 
Quarterly Investor Relations Presentation for the third quarter of fiscal year 2019.




(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit
Exhibit 99.1

398881674_greatwesternbancorpa31.jpg
Great Western Bancorp, Inc. Announces Earnings of $26.8 million for Third Quarter Fiscal Year 2019 and Dividends of $0.30 Per Share
Highlights for the Third Quarter of Fiscal Year 2019 (all quarterly comparisons in this document refer to the second quarter of fiscal year 2019, except as noted)
Net income was $26.8 million, or $0.47 per diluted share, compared to $44.5 million, or $0.78 per diluted share, for the prior quarter and $45.9 million, or $0.78 per diluted share, for the third quarter of fiscal year 2018
Net interest margin and adjusted net interest margin1, 2 were 3.70% and 3.71%, respectively, a decrease of 5 basis points each
Expense control remained strong with the efficiency ratio1 at 47.2% for the quarter and 46.3% for fiscal year-to-date
Total loans grew to $9.89 billion, an increase of $116.1 million, or 1.2%, with fiscal year-to-date growth of $471.0 million, or 5.0%
Total deposits were $10.24 billion, a decrease of $232.4 million, or 2.2%, for the quarter due to a reduction in brokered deposits and seasonal outflows consistent with prior years. Fiscal year-to-date growth remained solid at $502.4 million, or 5.2%, with cost of deposit increases beginning to level off
Profitability remains strong with return on tangible common equity1 of 14.5% for the fiscal year-to-date
Key asset quality metrics have deteriorated during the quarter, however this was mainly due to the dairy loan portfolio; the asset quality for the remainder of the portfolio remains stable
The Company's Board of Directors declared a quarterly dividend of $0.30 per share
Sioux Falls, SD - July 25, 2019 - Great Western Bancorp, Inc. (NYSE: GWB) today reported net income of $26.8 million, or $0.47 per diluted share, for the third quarter of fiscal year 2019, compared to net income of $44.5 million, or $0.78 per diluted share, for the second quarter of fiscal year 2019 and $45.9 million, or $0.78 per diluted share, for the third quarter of fiscal year 2018.
"We are pleased with the loan growth, expense control and how we have managed our net interest margin during the quarter," said Ken Karels, Chief Executive Officer and Chairperson of the Board. "The recent deterioration in our asset quality metrics has been disappointing, but this is limited mainly to the dairy loan portfolio, and a couple of instances of customer fraud. We believe the overall asset quality within the remainder of the portfolio remains stable."
Net Interest Income and Net Interest Margin2 
Net interest income was $107.1 million for the quarter, an increase of $2.1 million, or 2.0%. The increase was primarily attributable to higher loan interest income driven by increases in average loans and investments outstanding between the periods, partially offset by the cost of deposits. The cost of deposits modestly increased 3 basis points during the quarter, compared to an increase of 13 basis points in the previous quarter.
Net interest margin was 3.70% and 3.75%, respectively, for the quarters ended June 30, 2019 and March 31, 2019. Adjusted net interest margin1, which adjusts for the realized gain (loss) on interest rate swaps, was 3.71% and 3.76%, respectively, for the same periods. The lower margins were primarily driven by the cost of deposits, which had a moderate increase of 3 basis points to 1.11%, partially offset by the yield on loans, which increased 2 basis points to 5.25%, and the yield on the investment portfolio, which increased 2 basis points to 2.54%.
Total loans outstanding were $9.89 billion as of June 30, 2019, an increase of $116.1 million, or 1.2%, during the quarter, and growth of $471.0 million, or 5.0%, for fiscal year-to-date. During the quarter the commercial real estate ("CRE") segment of the portfolio grew by $150.0 million, or 3.0%, mainly in the non-owner-occupied category, commercial non-real estate grew by $26.4 million, or 1.5%, and the agriculture segment was reduced by $72.5 million, or 3.4%.
Total deposits were $10.24 billion as of June 30, 2019, a decrease of $232.4 million, or 2.2%, for the quarter with growth of $502.4 million, or 5.2%, for fiscal year-to-date. During the quarter, deposit decreases were driven by a reduction in brokered deposits and seasonal outflows consistent with prior years. Interest-bearing deposits were $8.30 billion, a 4.0% decrease for the quarter, and noninterest-bearing deposits were $1.94 billion, a 6.2% increase for the quarter. FHLB and other borrowings increased by $330.0 million, or 120.0%, for the quarter due to more favorable FHLB short term rates.

1 This is a non-GAAP financial measure management believes is helpful to understanding trends in the business that may not be fully apparent based only on the most comparable GAAP financial measure. Further information on this financial measure and a reconciliation to the most comparable GAAP financial 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

Provision for Loan and Lease Losses and Asset Quality
Provision for loan and lease losses was $26.1 million for the quarter, an increase of $18.4 million. Net charge-offs for the quarter were $17.5 million, or 0.72% of average total loans on an annualized basis, with the majority of net charge-offs concentrated in the agriculture and commercial non-real estate segments of the loan portfolio. Charge-offs in the current quarter included $10.0 million which related to the cattle industry which were based upon new and/or updated information received during the quarter, of which $4.0 million was to a cattle feed operator in which the Company believed involved borrower fraud, and $3.0 million related to loans in the grain industry. These relationships had been classified as substandard for a number of previous quarters. This quarter's charge-offs also included approximately $4.0 million to a retailer which the Company believed involved borrower fraud and the remaining $1.0 million related to another commercial exposure. The ratio of allowance for loan and lease losses ("ALLL") to total loans increased to 0.77% as of June 30, 2019 from 0.70% as of the prior quarter.
Included within total loans are approximately $816.9 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 $8.7 million of the fair value adjustment for these loans relates to credit risk, or 0.09% of total loans. Finally, total purchase discount remaining on all acquired loans equates to 0.16% of total loans.
Nonaccrual loans were $118.1 million as of June 30, 2019, representing a decrease of $3.6 million for the quarter. Loans graded "Watch" decreased $80.2 million, or 26.6%, to $220.9 million for the quarter, while loans graded "Substandard" increased $217.1 million, or 83.8%, to $476.0 million for the quarter. The increase in substandard balances was primarily a result of new and/or updated information resulting in downgrades within the dairy loan portfolio. For the relationships moved to substandard, the Company believes it remains well collateralized on these lending relationships. Total other repossessed property balances were $36.4 million as of June 30, 2019, an increase of $3.9 million, or 12.2%.
Total credit-related charges increased compared to the first nine months of fiscal year 2018, the previous quarter and the comparable quarter. A summary of total credit-related charges incurred during the current and comparable nine month periods and current, previous and comparable quarters is presented below:
GREAT WESTERN BANCORP, INC.
 
 
 
 
 
 
Summary of Credit-Related Charges (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the nine months ended:
 
For the three months ended:
Item
Included within F/S Line Item(s):
June 30, 2019
June 30, 2018
 
June 30, 2019
March 31, 2019
June 30, 2018
 
 
(dollars in thousands)
Provision for loan and lease losses
Provision for loan and lease losses
$
38,965

$
12,972

 
$
26,077

$
7,673

$
3,515

Net other repossessed property charges
Net loss on repossessed property and other related expenses
4,062

1,519

 
595

404

305

Reversal of interest income on nonaccrual loans
Interest income on loans
469

1,126

 
173

337

216

Loan fair value adjustment related to credit
Net increase (decrease) in fair value of loans at fair value
5,579

197

 
4,817

(422
)
(123
)
Total
 
$
49,075

$
15,814

 
$
31,662

$
7,992

$
3,913

Noninterest Income
Noninterest income was $10.8 million, a decrease of $7.5 million, or 40.9%, for the quarter. Included within noninterest income is the net change in fair value of loans for which the Company has elected the fair value option and the net realized and unrealized gain (loss) of the related derivatives which generated a $7.5 million unfavorable change over the prior quarter. The decrease in this line item was due to $5.2 million in credit charges on loans held at fair value and a $1.3 million increase in the counterparty credit valuation adjustment on the derivative portfolio.
Noninterest Expense
Total noninterest expense was $56.0 million, a decrease of $0.6 million, or 1.0%, for the quarter. Substantially all of the decrease was driven by a $0.6 million decrease in salaries and employee benefits due to a decrease in health insurance expense during the quarter.
The efficiency ratio1 was 47.2% for the quarter, an increase from 45.6%, mainly due to a decrease in noninterest income discussed above.
Provision for Income Taxes
The provision for income taxes for the quarter ended June 30, 2019 was $7.5 million, reflecting an effective tax rate of 22.0%, compared to an effective tax rate of 22.5% in the prior quarter.

2

Exhibit 99.1

Capital
Tier 1 and total capital ratios were 11.3% and 12.4%, respectively, as of June 30, 2019, compared to 11.4% and 12.4%. The common equity tier 1 capital ratio and tier 1 leverage ratio were 10.6% and 10.0%, respectively, as of June 30, 2019 compared to 10.7% and 10.2%. All regulatory capital ratios remain above regulatory minimums to be considered "well capitalized."
On July 25, 2019, the Company’s Board of Directors declared a dividend of $0.30 per common share payable on August 23, 2019 to stockholders of record as of close of business on August 9, 2019. The aggregate dividend payment will be approximately $17.1 million.
Business Outlook
"We are pleased that we remain solidly profitable and have made good progress on managing the cost of our deposits during the quarter," added Karels. "Loan growth was good and well diversified across the footprint and we continue to manage our expense base well. We are disappointed with the level of charge-offs, provisioning and movements into substandard loans during the quarter but we expect to work these asset quality metrics to levels that are more acceptable over the coming quarters."
Conference Call
Great Western Bancorp, Inc. will host a conference call to discuss its financial results for the third quarter of fiscal year 2019 on Thursday, July 25, 2019 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 August 8, 2019. To access the replay, dial (877) 344-7529 (U.S.) and use conference ID 10132862. International callers should dial (412) 317-0088 and enter the same conference ID number.
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 most recently ended fiscal year, and in other periodic filings with the Securities and Exchange Commission. 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 nine months ended:
 
At or for the three months ended:
 
June 30, 2019
June 30, 2018
 
June 30, 2019
March 31, 2019
December 31, 2018
September 30, 2018
June 30, 2018
 
(dollars in thousands, except share and per share amounts)
Operating Data:
 
 
 
 
 
 
 
 
Interest income (FTE)
$
408,503

$
361,514

 
$
139,623

$
135,328

$
133,551

$
126,921

$
126,146

Interest expense
90,148

50,756

 
32,570

30,411

27,167

23,244

19,745

Noninterest income
45,709

54,355

 
10,766

18,223

16,720

19,255

18,939

Noninterest expense
169,686

171,875

 
56,000

56,580

57,106

59,550

57,863

Provision for loan and lease losses
38,965

12,972

 
26,077

7,673

5,215

5,015

3,515

Net income
117,080

115,636

 
26,783

44,511

45,786

42,281

45,874

Adjusted net income ¹
$
117,080

$
129,222

 
$
26,783

$
44,511

$
45,786

$
42,281

$
45,874

Common shares outstanding
56,939,032
58,911,563
 
56,939,032
56,938,435

56,938,435

58,917,147

58,911,563

Weighted average diluted common shares outstanding
57,408,023
59,134,635
 
57,110,103
57,074,674

58,039,292

59,122,699

59,170,058

Earnings per common share - diluted
$
2.04

$
1.96

 
$
0.47

$
0.78

$
0.79

$
0.72

$
0.78

Adjusted earnings per common share - diluted ¹
$
2.04

$
2.19

 
$
0.47

$
0.78

$
0.79

$
0.72

$
0.78

Performance Ratios:
 
 
 
 
 
 
 
 
Net interest margin (FTE) ¹ ²
3.75
%
3.93
%
 
3.70
%
3.75
%
3.81
%
3.79
%
3.97
%
Adjusted net interest margin (FTE) ¹ ²
3.76
%
3.87
%
 
3.71
%
3.76
%
3.81
%
3.77
%
3.94
%
Return on average total assets ²
1.25
%
1.32
%
 
0.84
%
1.44
%
1.48
%
1.40
%
1.55
%
Return on average common equity ²
8.5
%
8.7
%
 
5.8
%
9.9
%
10.0
%
9.2
%
10.2
%
Return on average tangible common equity ¹ ²
14.5
%
15.2
%
 
9.7
%
16.9
%
17.1
%
15.7
%
17.7
%
Efficiency ratio ¹
46.3
%
46.7
%
 
47.2
%
45.6
%
46.1
%
48.1
%
45.8
%
Capital:
 
 
 
 
 
 
 
 
Tier 1 capital ratio
11.3
%
11.8
%
 
11.3
%
11.4
%
11.1
%
12.0
%
11.8
%
Total capital ratio
12.4
%
12.8
%
 
12.4
%
12.4
%
12.1
%
13.0
%
12.8
%
Tier 1 leverage ratio
10.0
%
10.6
%
 
10.0
%
10.2
%
10.1
%
10.7
%
10.6
%
Common equity tier 1 ratio
10.6
%
11.0
%
 
10.6
%
10.7
%
10.4
%
11.3
%
11.0
%
Tangible common equity / tangible assets ¹
9.3
%
9.5
%
 
9.3
%
9.2
%
9.0
%
9.6
%
9.5
%
Book value per share - GAAP
$
33.04

$
30.84

 
$
33.04

$
32.53

$
31.82

$
31.24

$
30.84

Tangible book value per share ¹
$
19.94

$
18.16

 
$
19.94

$
19.43

$
18.72

$
18.57

$
18.16

Asset Quality:
 
 
 
 
 
 
 
 
Nonaccrual loans
$
118,060

$
127,315

 
$
118,060

$
121,616

$
138,944

$
143,206

$
127,315

Other repossessed property
$
36,393

$
10,221

 
$
36,393

$
32,450

$
22,224

$
23,074

$
10,221

Nonaccrual loans / total loans
1.19
%
1.36
%
 
1.19
%
1.24
%
1.42
%
1.52
%
1.36
%
Net charge-offs (recoveries)
$
26,959

$
11,787

 
$
17,534

$
5,863

$
3,562

$
5,163

$
3,966

Net charge-offs (recoveries) / average total loans ²
0.37
%
0.17
%
 
0.72
%
0.25
%
0.15
%
0.22
%
0.17
%
Allowance for loan and lease losses / total loans
0.77
%
0.69
%
 
0.77
%
0.70
%
0.68
%
0.69
%
0.69
%
Watch-rated loans
$
220,883

$
276,001

 
$
220,883

$
301,099

$
321,593

$
343,288

$
276,001

Substandard loans
$
475,999

$
268,017

 
$
475,999

$
258,946

$
252,521

$
252,660

$
268,017

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 nine months ended:
 
At or for the three months ended:
 
June 30, 2019
June 30, 2018
 
June 30, 2019
March 31, 2019
December 31, 2018
September 30, 2018
June 30, 2018
 
(dollars in thousands)
Interest income
 
 
 
 
 
 
 
 
Loans
$
372,156

$
334,196

 
$
126,392

$
123,432

$
122,331

$
117,095

$
116,522

Investment securities
30,575

21,526

 
11,430

9,957

9,189

7,645

7,471

Federal funds sold and other
1,416

882

 
377

497

541

494

424

Total interest income
404,147

356,604

 
138,199

133,886

132,061

125,234

124,417

Interest expense
 
 
 
 
 
 
 
 
Deposits
79,507

40,116

 
28,615

27,098

23,794

19,996

16,460

FHLB advances and other borrowings
6,464

6,941

 
2,538

1,923

2,003

1,907

1,963

Subordinated debentures and subordinated notes payable
4,177

3,699

 
1,417

1,390

1,370

1,341

1,322

Total interest expense
90,148

50,756

 
32,570

30,411

27,167

23,244

19,745

Net interest income
313,999

305,848

 
105,629

103,475

104,894

101,990

104,672

Provision for loan and lease losses
38,965

12,972

 
26,077

7,673

5,215

5,015

3,515

Net interest income after provision for loan and lease losses
275,034

292,876

 
79,552

95,802

99,679

96,975

101,157

Noninterest income
 
 
 
 
 
 
 
 
Service charges and other fees
32,219

37,879

 
10,321

10,209

11,689

13,198

12,655

Wealth management fees
6,592

6,761

 
2,234

2,117

2,241

2,458

2,242

Mortgage banking income, net
3,366

4,178

 
1,055

991

1,320

1,664

1,352

Net (loss) gain on sale of securities
(191
)
6

 
322


(513
)

15

Net increase (decrease) in fair value of loans at fair value
49,662

(30,872
)
 
16,429

14,018

19,216

(14,534
)
(7,370
)
Net realized and unrealized (loss) gain on derivatives
(50,252
)
29,602

 
(20,904
)
(11,032
)
(18,317
)
14,994

8,093

Other
4,313

6,801

 
1,309

1,920

1,084

1,475

1,952

Total noninterest income
45,709

54,355

 
10,766

18,223

16,720

19,255

18,939

Noninterest expense
 
 
 
 
 
 
 
 
Salaries and employee benefits
103,206

101,661

 
33,899

34,537

34,770

33,691

35,122

Data processing and communication
17,475

23,251

 
6,234

5,964

5,278

6,554

7,177

Occupancy and equipment
15,599

15,112

 
4,934

5,539

5,126

5,219

4,974

Professional fees
11,181

12,564

 
3,923

3,970

3,288

5,326

4,297

Advertising
3,299

3,441

 
1,145

1,216

938

1,066

1,260

Net loss on repossessed property and other related expenses
4,062

1,519

 
595

404

3,063

2,850

305

Other
14,864

14,327

 
5,270

4,950

4,643

4,844

4,728

Total noninterest expense
169,686

171,875

 
56,000

56,580

57,106

59,550

57,863

Income before income taxes
151,057

175,356

 
34,318

57,445

59,293

56,680

62,233

Provision for income taxes
33,977

59,720

 
7,535

12,934

13,507

14,399

16,359

Net income
$
117,080

$
115,636

 
$
26,783

$
44,511

$
45,786

$
42,281

$
45,874


5

Exhibit 99.1

GREAT WESTERN BANCORP, INC.
 
 
 
 
 
 
 
 
 
Summarized Consolidated Balance Sheet (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
As of
 
June 30, 2019
 
March 31, 2019
 
December 31, 2018
 
September 30, 2018
 
June 30, 2018
 
(dollars in thousands)
Assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
225,356

 
$
282,638

 
$
276,760

 
$
298,696

 
$
294,614

Investment securities
1,799,430

 
1,763,305

 
1,531,916

 
1,385,650

 
1,372,711

Total loans
9,886,971

 
9,770,911

 
9,767,476

 
9,415,924

 
9,379,819

Allowance for loan and lease losses
(76,546
)
 
(68,003
)
 
(66,193
)
 
(64,540
)
 
(64,688
)
Loans, net
9,810,425

 
9,702,908

 
9,701,283

 
9,351,384

 
9,315,131

Goodwill
739,023

 
739,023

 
739,023

 
739,023

 
739,023

Other assets
380,662

 
342,288

 
324,659

 
342,055

 
287,569

Total assets
$
12,954,896

 
$
12,830,162

 
$
12,573,641

 
$
12,116,808

 
$
12,009,048

Liabilities and stockholders' equity
 
 
 
 
 
 
 
 
 
Noninterest-bearing deposits
$
1,936,986

 
$
1,824,507

 
$
1,879,883

 
$
1,842,704

 
$
1,793,293

Interest-bearing deposits
8,298,958

 
8,643,876

 
8,233,364

 
7,890,795

 
7,792,025

Total deposits
10,235,944

 
10,468,383

 
10,113,247

 
9,733,499

 
9,585,318

Securities sold under agreements to repurchase
56,925

 
62,537

 
56,649

 
90,907

 
105,478

FHLB advances and other borrowings
605,000

 
275,000

 
410,000

 
275,000

 
335,000

Other liabilities
175,899

 
171,848

 
181,737

 
176,851

 
166,511

Total liabilities
11,073,768

 
10,977,768

 
10,761,633

 
10,276,257

 
10,192,307

Stockholders' equity
1,881,128

 
1,852,394

 
1,812,008

 
1,840,551

 
1,816,741

Total liabilities and stockholders' equity
$
12,954,896

 
$
12,830,162

 
$
12,573,641

 
$
12,116,808

 
$
12,009,048

GREAT WESTERN BANCORP, INC.
 
 
 
 
 
 
 
 
 
 
 
Loan Portfolio Summary (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of
 
Fiscal year-to-date:
 
June 30, 2019
 
March 31, 2019
 
December 31, 2018
 
September 30, 2018
 
Change
($)
 
Change
(%)
 
(dollars in thousands)
Construction and development
$
626,671

 
$
607,757

 
$
579,941

 
$
637,693

 
$
(11,022
)
 
(1.7
)%
Owner-occupied CRE
1,375,235

 
1,366,844

 
1,359,979

 
1,334,480

 
40,755

 
3.1
 %
Non-owner-occupied CRE
2,784,030

 
2,681,686

 
2,577,158

 
2,347,237

 
436,793

 
18.6
 %
Multifamily residential real estate
413,806

 
393,505

 
393,223

 
309,920

 
103,886

 
33.5
 %
Commercial real estate
5,199,742

 
5,049,792

 
4,910,301

 
4,629,330

 
570,412

 
12.3
 %
Agriculture
2,049,395

 
2,121,872

 
2,234,735

 
2,182,688

 
(133,293
)
 
(6.1
)%
Commercial non-real estate
1,747,501

 
1,721,095

 
1,713,760

 
1,699,987

 
47,514

 
2.8
 %
Residential real estate
816,751

 
815,212

 
845,262

 
837,569

 
(20,818
)
 
(2.5
)%
Consumer
53,277

 
44,504

 
47,704

 
49,689

 
3,588

 
7.2
 %
Other ¹
48,406

 
46,163

 
44,130

 
46,487

 
1,919

 
4.1
 %
Total unpaid principal balance
9,915,072

 
9,798,638

 
9,795,892

 
9,445,750

 
469,322

 
5.0
 %
Less: Unamortized discount on acquired loans and unearned net deferred fees and costs and loans in process
(28,101
)
 
(27,727
)
 
(28,416
)
 
(29,826
)
 
1,725

 
(5.8
)%
Total loans
$
9,886,971

 
$
9,770,911

 
$
9,767,476

 
$
9,415,924

 
$
471,047

 
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
 
June 30, 2019
 
March 31, 2019
 
June 30, 2018
 
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
$
51,640

$
377

2.93
%
 
$
63,546

$
497

3.17
%
 
$
90,868

$
424

1.87
%
Investment securities
1,807,747

11,430

2.54
%
 
1,603,038

9,957

2.52
%
 
1,357,808

7,471

2.21
%
Non-ASC 310-30 loans, net ²
9,699,433

125,522

5.19
%
 
9,615,096

122,970

5.19
%
 
9,220,931

114,489

4.98
%
ASC 310-30 loans, net
58,701

2,294

15.67
%
 
63,879

1,904

12.09
%
 
78,471

3,762

19.23
%
Loans, net
9,758,134

127,816

5.25
%
 
9,678,975

124,874

5.23
%
 
9,299,402

118,251

5.10
%
Total interest-earning assets
11,617,521

139,623

4.82
%
 
11,345,559

135,328

4.84
%
 
10,748,078

126,146

4.71
%
Noninterest-earning assets
1,213,087

 
 
 
1,186,286

 
 
 
1,152,724

 
 
Total assets
$
12,830,608

$
139,623

4.36
%
 
$
12,531,845

$
135,328

4.38
%
 
$
11,900,802

$
126,146

4.25
%
Liabilities and Stockholders' Equity
 
 
 
 
 
 
 
 
 
 
 
Noninterest-bearing deposits
$
1,875,649

 
 
 
$
1,800,307

 
 
 
$
1,793,784

 
 
Interest-bearing deposits
6,391,396

$
18,493

1.16
%
 
6,363,730

$
17,865

1.14
%
 
6,101,679

$
11,705

0.77
%
Time deposits
2,091,603

10,122

1.94
%
 
2,039,208

9,233

1.84
%
 
1,578,253

4,755

1.21
%
Total deposits
10,358,648

28,615

1.11
%
 
10,203,245

27,098

1.08
%
 
9,473,716

16,460

0.70
%
Securities sold under agreements to repurchase
60,551

41

0.27
%
 
63,237

43

0.28
%
 
99,897

80

0.32
%
FHLB advances and other borrowings
361,736

2,497

2.77
%
 
264,347

1,880

2.88
%
 
357,102

1,883

2.11
%
Subordinated debentures and subordinated notes payable
108,584

1,417

5.23
%
 
108,522

1,390

5.19
%
 
108,398

1,322

4.89
%
Total borrowings
530,871

3,955

2.99
%
 
436,106

3,313

3.08
%
 
565,397

3,285

2.33
%
Total interest-bearing liabilities
10,889,519

$
32,570

1.20
%
 
10,639,351

$
30,411

1.16
%
 
10,039,113

$
19,745

0.79
%
Noninterest-bearing liabilities
76,957

 
 
 
69,554

 
 
 
65,623

 
 
Stockholders' equity
1,864,132

 
 
 
1,822,940

 
 
 
1,796,066

 
 
Total liabilities and stockholders' equity
$
12,830,608

 
 
 
$
12,531,845

 
 
 
$
11,900,802

 
 
Net interest spread
 
 
3.16
%
 
 
 
3.22
%
 
 
 
3.46
%
Net interest income and net interest margin (FTE)
 
$
107,053

3.70
%
 
 
$
104,917

3.75
%
 
 
$
106,401

3.97
%
Less: Tax equivalent adjustment
 
1,424

 
 
 
1,442

 
 
 
1,729

 
Net interest income and net interest margin - ties to Statements of Comprehensive Income
 
$
105,629

3.65
%
 
 
$
103,475

3.70
%
 
 
$
104,672

3.91
%
1 Annualized for all partial-year periods.
2 Interest income includes $0.3 million and $0.9 million for the third quarter of fiscal years 2019 and 2018, 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)
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended
 
June 30, 2019
 
June 30, 2018
 
Average Balance
Interest (FTE)
Yield / Cost ¹
 
Average Balance
Interest (FTE)
Yield / Cost ¹
 
(dollars in thousands)
Assets
 
 
 
 
 
 
 
Interest-bearing bank deposits
$
68,989

$
1,416

2.74
%
 
$
71,915

$
882

1.64
%
Investment securities
1,634,023

30,575

2.50
%
 
1,379,713

21,526

2.09
%
Non-ASC 310-30 loans, net ²
9,583,477

370,343

5.17
%
 
9,042,253

329,416

4.87
%
ASC 310-30 loans, net
63,471

6,169

12.99
%
 
83,539

9,690

15.51
%
Loans, net
9,646,948

376,512

5.22
%
 
9,125,792

339,106

4.97
%
Total interest-earning assets
11,349,960

408,503

4.81
%
 
10,577,420

361,514

4.57
%
Noninterest-earning assets
1,195,398

 
 
 
1,161,618

 
 
Total assets
$
12,545,358

$
408,503

4.35
%
 
$
11,739,038

$
361,514

4.12
%
Liabilities and Stockholders' Equity
 
 
 
 
 
 
 
Noninterest-bearing deposits
$
1,846,467

 
 
 
$
1,808,110

 
 
Interest-bearing deposits
6,301,910

$
52,094

1.11
%
 
5,972,877

$
29,486

0.66
%
Time deposits
2,022,702

27,413

1.81
%
 
1,386,921

10,630

1.02
%
Total deposits
10,171,079

79,507

1.05
%
 
9,167,908

40,116

0.59
%
Securities sold under agreements to repurchase
67,879

140

0.28
%
 
110,959

259

0.31
%
FHLB advances and other borrowings
289,526

6,324

2.92
%
 
509,822

6,682

1.75
%
Subordinated debentures and subordinated notes payable
108,530

4,177

5.15
%
 
108,357

3,699

4.56
%
Total borrowings
465,935

10,641

3.05
%
 
729,138

10,640

1.95
%
Total interest-bearing liabilities
10,637,014

$
90,148

1.13
%
 
9,897,046

$
50,756

0.69
%
Noninterest-bearing liabilities
73,636

 
 
 
66,225

 
 
Stockholders' equity
1,834,708

 
 
 
1,775,767

 
 
Total liabilities and stockholders' equity
$
12,545,358

 
 
 
$
11,739,038

 
 
Net interest spread
 
 
3.22
%
 
 
 
3.43
%
Net interest income and net interest margin (FTE) ¹
 
$
318,355

3.75
%
 
 
$
310,758

3.93
%
Less: Tax equivalent adjustment
 
4,356

 
 
 
4,910

 
Net interest income and net interest margin - ties to Statements of Comprehensive Income
 
$
313,999

3.70
%
 
 
$
305,848

3.87
%
1 Annualized for all partial-year periods.
2 Interest income includes $1.0 million and $2.1 million for the first nine months of fiscal years 2019 and 2018, respectively, resulting from accretion of purchase accounting discount associated with acquired loans.

Non-GAAP Financial Measures and Reconciliation
We rely on certain non-GAAP financial measures in making financial and operational decisions about our business. We believe that each of the non-GAAP financial 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 common share) and based on our cash payments and receipts during the applicable period (for tangible net income and return on average tangible common equity).

8

Exhibit 99.1

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 financial 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 nine months ended:
 
At or for the three months ended:
 
June 30, 2019
June 30, 2018
 
June 30, 2019
March 31, 2019
December 31, 2018
September 30, 2018
June 30, 2018
 
(dollars in thousands except share and per share amounts)
Adjusted net income and adjusted earnings per common share:
 
 
 
 
 
 
 
 
Net income - GAAP
$
117,080

$
115,636

 
$
26,783

$
44,511

$
45,786

$
42,281

$
45,874

Add: Deferred taxes revaluation due to Tax Reform Act

13,586

 





Adjusted net income
$
117,080

$
129,222

 
$
26,783

$
44,511

$
45,786

$
42,281

$
45,874

 
 
 
 
 
 
 
 
 
Weighted average diluted common shares outstanding
57,408,023

59,134,635

 
57,110,103

57,074,674

58,039,292

59,122,699

59,170,058

Earnings per common share - diluted
$
2.04

$
1.96

 
$
0.47

$
0.78

$
0.79

$
0.72

$
0.78

Adjusted earnings per common share - diluted
$
2.04

$
2.19

 
$
0.47

$
0.78

$
0.79

$
0.72

$
0.78

 
 
 
 
 
 
 
 
 
Tangible net income and return on average tangible common equity:
 
 
 
 
 
 
 
 
Net income - GAAP
$
117,080

$
115,636

 
$
26,783

$
44,511

$
45,786

$
42,281

$
45,874

Add: Amortization of intangible assets, net of tax
1,022

1,117

 
335

343

344

343

366

Tangible net income
$
118,102

$
116,753

 
$
27,118

$
44,854

$
46,130

$
42,624

$
46,240

 
 
 
 
 
 
 
 
 
Average common equity
$
1,834,708

$
1,775,767

 
$
1,864,132

$
1,822,940

$
1,817,052

$
1,825,312

$
1,796,066

Less: Average goodwill and other intangible assets
746,110

747,718

 
745,718

746,107

746,503

746,900

747,294

Average tangible common equity
$
1,088,598

$
1,028,049

 
$
1,118,414

$
1,076,833

$
1,070,549

$
1,078,412

$
1,048,772

 
 
 
 
 
 
 
 
 
Return on average common equity *
8.5
%
8.7
%
 
5.8
%
9.9
%
10.0
%
9.2
%
10.2
%
Return on average tangible common equity **
14.5
%
15.2
%
 
9.7
%
16.9
%
17.1
%
15.7
%
17.7
%
* 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
$
313,999

$
305,848

 
$
105,629

$
103,475

$
104,894

$
101,990

$
104,672

Add: Tax equivalent adjustment
4,356

4,910

 
1,424

1,442

1,490

1,687

1,729

Net interest income (FTE)
318,355

310,758

 
107,053

104,917

106,384

103,677

106,401

Add: Current realized derivative gain (loss)
746

(4,946
)
 
321

405

21

(419
)
(830
)
Adjusted net interest income (FTE)
$
319,101

$
305,812

 
$
107,374

$
105,322

$
106,405

$
103,258

$
105,571

 
 
 
 
 
 
 
 
 
Average interest-earning assets
$
11,349,960

$
10,577,420

 
$
11,617,521

$
11,345,559

$
11,086,800

$
10,857,168

$
10,748,078

Net interest margin (FTE) *
3.75
%
3.93
%
 
3.70
%
3.75
%
3.81
%
3.79
%
3.97
%
Adjusted net interest margin (FTE) **
3.76
%
3.87
%
 
3.71
%
3.76
%
3.81
%
3.77
%
3.94
%
* 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.
 
 
 
 
 
 
 
 
 

9

Exhibit 99.1

GREAT WESTERN BANCORP, INC.
 
 
 
 
 
 
 
 
Reconciliation of Non-GAAP Measures (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At or for the nine months ended:
 
At or for the three months ended:
 
June 30, 2019
June 30, 2018
 
June 30, 2019
March 31, 2019
December 31, 2018
September 30, 2018
June 30, 2018
 
(dollars in thousands except share and per share amounts)
Adjusted interest income and adjusted yield (fully-tax equivalent basis), on non-ASC 310-30 loans:
 
 
 
 
 
 
 
 
Interest income - GAAP
$
365,987

$
324,506

 
$
124,098

$
121,528

$
120,361

$
115,284

$
112,760

Add: Tax equivalent adjustment
4,356

4,910

 
1,424

1,442

1,490

1,687

1,729

Interest income (FTE)
370,343

329,416

 
125,522

122,970

121,851

116,971

114,489

Add: Current realized derivative gain (loss)
746

(4,946
)
 
321

405

21

(419
)
(830
)
Adjusted interest income (FTE)
$
371,089

$
324,470

 
$
125,843

$
123,375

$
121,872

$
116,552

$
113,659

 
 
 
 
 
 
 
 
 
Average non-ASC 310-30 loans
$9,583,477
$9,042,253
 
$
9,699,433

$
9,615,096

$
9,435,901

$
9,299,318

$
9,220,931

Yield (FTE) *
5.17
%
4.87
%
 
5.19
%
5.19
%
5.12
%
4.99
%
4.98
%
Adjusted yield (FTE) **
5.18
%
4.80
%
 
5.20
%
5.20
%
5.12
%
4.97
%
4.94
%
* 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
$
359,708

$
360,203

 
$
116,395

$
121,698

$
121,614

$
121,245

$
123,611

Add: Tax equivalent adjustment
4,356

4,910

 
1,424

1,442

1,490

1,687

1,729

Total revenue (FTE)
$
364,064

$
365,113

 
$
117,819

$
123,140

$
123,104

$
122,932

$
125,340

 
 
 
 
 
 
 
 
 
Noninterest expense
$
169,686

$
171,875

 
$
56,000

$
56,580

$
57,106

$
59,550

$
57,863

Less: Amortization of intangible assets
1,173

1,268

 
385

394

394

394

416

Tangible noninterest expense
$
168,513

$
170,607

 
$
55,615

$
56,186

$
56,712

$
59,156

$
57,447

 
 
 
 
 
 
 
 
 
Efficiency ratio *
46.3
%
46.7
%
 
47.2
%
45.6
%
46.1
%
48.1
%
45.8
%
* Calculated as the ratio of tangible noninterest expense to total revenue (FTE).
 
 
 
 
 
 
 
 
 
Tangible common equity and tangible common equity to tangible assets:
 
 
 
 
 
 
 
 
Total stockholders' equity
$
1,881,128

$
1,816,741

 
$
1,881,128

$
1,852,394

$
1,812,008

$
1,840,551

$
1,816,741

Less: Goodwill and other intangible assets
745,563

747,129

 
745,563

745,947

746,341

746,735

747,129

Tangible common equity
$
1,135,565

$
1,069,612

 
$
1,135,565

$
1,106,447

$
1,065,667

$
1,093,816

$
1,069,612

 
 
 
 
 
 
 
 
 
Total assets
$
12,954,896

$
12,009,048

 
$
12,954,896

$
12,830,162

$
12,573,641

$
12,116,808

$
12,009,048

Less: Goodwill and other intangible assets
745,563

747,129

 
745,563

745,947

746,341

746,735

747,129

Tangible assets
$
12,209,333

$
11,261,919

 
$
12,209,333

$
12,084,215

$
11,827,300

$
11,370,073

$
11,261,919

 
 
 
 
 
 
 
 
 
Tangible common equity to tangible assets
9.3
%
9.5
%
 
9.3
%
9.2
%
9.0
%
9.6
%
9.5
%
 
 
 
 
 
 
 
 
 
Tangible book value per share:
 
 
 
 
 
 
 
 
Total stockholders' equity
$
1,881,128

$
1,816,741

 
$
1,881,128

$
1,852,394

$
1,812,008

$
1,840,551

$
1,816,741

Less: Goodwill and other intangible assets
745,563

747,129

 
745,563

745,947

746,341

746,735

747,129

Tangible common equity
$
1,135,565

$
1,069,612

 
$