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Section 1: 10-Q (10-Q)

gwb-20200331
2020Q2FALSEMarch 31, 20200001613665--09-30Related to the Company's adoption of ASU 2016-02 and subsequent related ASUs on October 1, 2019. See Note 2, "New Accounting Pronouncements," for additional 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from x to x
Commission File Number 001-36688
Great Western Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Delaware47-1308512
(State or other jurisdiction of
incorporation or organization)
(IRS Employer
Identification Number)
225 South Main Avenue57104
Sioux Falls,South Dakota
(Address of principal executive offices)(Zip Code)
(605334-2548
Registrant’s telephone number, including area code
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per share
GWBNew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes   No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes    No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer," “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filer
Smaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No  
As of 4/27/20, the number of shares of the registrant’s Common Stock outstanding was 55,013,928.




GREAT WESTERN BANCORP, INC.
QUARTERLY REPORT ON FORM 10-Q
TABLE OF CONTENTS


2-


EXPLANATORY NOTE
Except as otherwise stated or the context otherwise requires, references in this Quarterly Report on Form 10-Q to:
"we," "our," "us" and "Company" refers to Great Western Bancorp, Inc., a Delaware corporation, and its consolidated subsidiaries;
"Bank" refers to Great Western Bank, a South Dakota banking corporation;
"NAB" refers to National Australia Bank Limited, an Australian public company that was our ultimate parent company prior to our initial public offering in October 2014 and, until July 31, 2015, was our principal stockholder;
our "states" refers to the nine states (Arizona, Colorado, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota) in which we currently conduct our business;
our "footprint" refers to the geographic markets within our states in which we currently conduct our business;
"ALLL" refers to allowance for loan and lease losses;
"ASC" refers to Accounting Standards Codification;
"ASC 310-30 loans" or "purchased credit impaired loans" refers to certain loans that had deteriorated credit quality at acquisition;
"ASU" refers to Accounting Standards Update;
"Capital Rules" or "Basel III" refers to the Basel Committee’s December 2010 final capital framework for strengthening international capital standards;
"CARES Act" refers to The Coronavirus Aid, Relief, and Economic Security Act;
"CECL" refers to the current expected credit loss model in ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments;
"COVID-19" or "COVID-19 pandemic" refers to the Coronavirus Disease 2019;
"CRE" refers to commercial real estate;
"Exchange Act" refers to the Securities Exchange Act of 1934;
"FASB" refers to the Financial Accounting Standards Board;
"FDIC" refers to the Federal Deposit Insurance Corporation;
"FHLB" refers to the Federal Home Loan Bank;
"FRB" or "Federal Reserve" refers to the Board of Governors of the Federal Reserve System;
"FTE" refers to fully-tax equivalent;
"GAAP" or "U.S. GAAP" refers to U.S. generally accepted accounting principles;
"HELOC" refers to home equity lines of credit;
"HF Financial" refers to HF Financial Corporation;
"IRS" refers to the Internal Revenue Service;
"LIBOR" refers to London Interbank Offered Rate, and is a benchmark interest rate index for various adjustable rate products;
"NYSE" refers to the New York Stock Exchange;
"PPP" refers to Small Business Administration Paycheck Protection Program;
"RPA" refers to a risk participation agreement;
"Sarbanes-Oxley Act" refers to the Sarbanes-Oxley Act of 2002;
"SBA" refers to Small Business Administration;
"SEC" refers to the Securities and Exchange Commission;
"Securities Act" refers to the Securities Act of 1933;
"Tax Reform Act" refers to the Tax Cuts and Jobs Act of 2017; and
"TDR" refer to a troubled debt restructuring.
3-


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. 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. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.
A number of important factors could cause our actual results to differ materially from those indicated in these forward-looking statements, including those factors identified in "Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" or "Part II, Item 1A. Risk Factors" of this Report or the following:
current and future economic and market conditions in the United States generally or in our states in particular, including the rate of growth and employment levels;
the impact on our business, operations, financial condition, liquidity, results of operations, prospects and trading prices of our shares arising out of the COVID-19 outbreak;
our ability to anticipate interest rate changes and manage interest rate risk;
our ability to achieve loan and deposit growth;
the relative strength or weakness of the commercial, agricultural and real estate markets where our borrowers are located, including without limitation related asset and market prices;
declines in asset prices and the market prices for agricultural products or changes in governmental support programs for the agricultural sector;
our ability to effectively execute our strategic plan and manage our growth;
our ability to successfully manage our credit risk and the sufficiency of our allowance for loan and lease loss;
our ability to develop and effectively use the quantitative models we rely upon in our business;
possible changes in trade, monetary and fiscal policies of, and other activities undertaken by, governments, agencies, central banks and similar organizations, including the potential negative effects of imposed and proposed tariffs and retaliatory tariffs on products that our customers may import or export, including among others, agricultural products;
our ability to effectively compete with other financial services companies and the effects of competition in the financial services industry on our business;
operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cyber-security, technological changes, vendor problems, business interruption and fraud risks;
fluctuations in the values of our assets and liabilities and off-balance sheet exposures;
unanticipated changes in our liquidity position, including but not limited to changes in our access to sources of liquidity and capital to address our liquidity needs;
possible impairment of our goodwill and other intangible assets, or any adjustment of the valuation of our deferred tax assets;
the effects of geopolitical instability, including war, terrorist attacks, and man-made and natural disasters, social instability and changes in governmental policies;
the effects of adverse weather conditions, particularly on our agricultural borrowers;
the impact of, and changes in applicable laws, regulations and accounting standards, policies and interpretations, including the impact of the Tax Reform Act;
legal, compliance and reputational risks, including litigation and regulatory risks;
our inability to receive dividends from our Bank and to service debt, pay dividends to our common stockholders and satisfy obligations as they become due;
4-


expected cost savings in connection with the consolidation of recent acquisitions may not be fully realized or realized within the expected time frames, and deposit attrition, customer loss and revenue loss following completed acquisitions may be greater than expected;
our ability to meet our obligations as a public company, including our obligations under Section 404 of the Sarbanes-Oxley Act to maintain an effective system of internal control over financial reporting; and
other risks and uncertainties inherent to our business, including those discussed under the heading "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended September 30, 2019.
The foregoing factors should not be considered an exhaustive list and should be read together with the other cautionary statements included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2019. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to update or review any forward-looking statement to reflect events or circumstances occurring after the date on which the statement is made or to reflect the occurrence of unanticipated events.
5-


PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
GREAT WESTERN BANCORP, INC.
Consolidated Balance Sheets
(Dollars in Thousands, Except Share and Per Share Data)
(Unaudited)
March 31, 2020September 30, 2019
Assets
Cash and due from banks$171,219  $201,487  
Interest-bearing bank deposits176,267  41,987  
Cash and cash equivalents347,486  243,474  
Securities available for sale1,990,027  1,783,208  
Loans, net of unearned discounts and deferred fees, including $29,691 and $31,891 of loans covered by a FDIC loss share agreement at March 31, 2020 and September 30, 2019, respectively; $792,117 and $812,991 of loans at fair value under the fair value option at March 31, 2020 and September 30, 2019, respectively; and $4,342 and $7,351 of loans held for sale at March 31, 2020 and September 30, 2019, respectively
9,693,295  9,706,763  
Allowance for loan and lease losses(135,950) (70,774) 
Net loans9,557,345  9,635,989  
Premises and equipment, including $706 and $2,757 of property held for sale at March 31, 2020 and September 30, 2019, respectively
120,653  120,645  
Accrued interest receivable49,358  58,699  
Other repossessed property, including $0 of property covered by a FDIC loss share agreement at both March 31, 2020 and September 30, 2019
27,289  36,764  
Goodwill  739,023  
Cash surrender value of life insurance policies31,231  30,796  
Net deferred tax assets48,084  7,286  
Other assets216,335  132,417  
Total assets$12,387,808  $12,788,301  
Liabilities and stockholders’ equity
Noninterest-bearing$1,973,629  $1,956,025  
Interest-bearing8,205,486  8,344,314  
Total deposits10,179,115  10,300,339  
Securities sold under agreements to repurchase64,809  68,992  
FHLB advances and other borrowings800,000  340,000  
Subordinated debentures and subordinated notes payable108,740  108,636  
Accrued expenses and other liabilities81,680  70,085  
Total liabilities11,234,344  10,888,052  
Stockholders’ equity
Common stock, $0.01 par value, authorized 500,000,000 shares; 55,013,928 shares issued and outstanding at March 31, 2020 and 56,283,659 shares issued and outstanding at September 30, 2019
550  563  
Additional paid-in capital1,190,381  1,228,714  
Retained earnings(73,705) 657,475  
Accumulated other comprehensive income36,238  13,497  
Total stockholders' equity1,153,464  1,900,249  
Total liabilities and stockholders' equity$12,387,808  $12,788,301  
See accompanying notes.
6-


GREAT WESTERN BANCORP, INC.
Consolidated Statements of Income (Unaudited)
(Dollars in Thousands, Except Share and Per Share Data)
Three Months Ended March 31,Six months ended March 31,
2020201920202019
Interest income
Loans$113,356  $123,432  $232,787  $245,763  
Investment securities11,329  9,957  22,827  19,145  
Federal funds sold and other558  497  1,166  1,039  
Total interest income125,243  133,886  256,780  265,947  
Interest expense
Deposits18,867  27,098  40,807  50,892  
FHLB advances and other borrowings3,155  1,923  6,268  3,926  
Subordinated debentures and subordinated notes payable1,238  1,390  2,549  2,760  
Total interest expense23,260  30,411  49,624  57,578  
Net interest income101,983  103,475  207,156  208,369  
Provision for loan and lease losses71,795  7,673  79,898  12,888  
Net interest income after provision for loan and lease losses30,188  95,802  127,258  195,481  
Noninterest income
Service charges and other fees9,188  10,209  20,597  21,897  
Wealth management fees3,122  2,117  6,086  4,358  
Mortgage banking income, net1,145  991  2,757  2,311  
Net loss on sale of securities      (513) 
Net increase in fair value of loans at fair value35,541  14,018  20,608  33,234  
Net realized and unrealized loss on derivatives(50,214) (11,032) (36,698) (29,348) 
Other1,135  1,920  2,300  3,004  
Total noninterest (loss) income(83) 18,223  15,650  34,943  
Noninterest expense
Salaries and employee benefits37,312  34,537  73,217  69,307  
Data processing and communication6,123  5,964  11,896  11,242  
Occupancy and equipment5,597  5,539  10,690  10,665  
Professional fees5,263  3,970  9,027  7,258  
Advertising958  1,216  1,823  2,154  
Net loss on repossessed property and other related expenses5,691  404  6,033  3,467  
Goodwill and intangible assets impairment742,352    742,352    
Other5,157  4,950  10,345  9,593  
Total noninterest expense808,453  56,580  865,383  113,686  
(Loss) income before income taxes(778,348) 57,445  (722,475) 116,738  
(Benefit from) provision for income taxes(37,730) 12,934  (25,131) 26,441  
Net (loss) income$(740,618) $44,511  $(697,344) $90,297  
Basic earnings per common share
Weighted average common shares outstanding55,906,002  56,994,817  56,141,816  57,484,838  
Basic earnings per share$(13.25) $0.78  $(12.42) $1.57  
Diluted earnings per common share
Weighted average diluted common shares outstanding55,906,002  57,074,674  56,141,816  57,556,984  
Diluted earnings per share$(13.25) $0.78  $(12.42) $1.57  
Dividends per share
Dividends paid$16,769  $14,235  $33,654  $28,771  
Dividends per share$0.30  $0.25  $0.60  $0.50  
See accompanying notes.
7-


GREAT WESTERN BANCORP, INC.
Consolidated Statements of Comprehensive Income (Unaudited)
(Dollars in Thousands)
Three Months Ended March 31,Six months ended March 31,
2020201920202019
Net (loss) income$(740,618) $44,511  $(697,344) $90,297  
Other comprehensive income, net of tax
Securities available for sale:
Net unrealized holding gain arising during the period38,341  11,523  30,181  30,192  
Reclassification adjustment for net loss realized in net income      513  
Income tax expense(9,450) (2,839) (7,440) (7,568) 
Net change in unrealized gain on securities available for sale28,891  8,684  22,741  23,137  
Comprehensive (loss) income$(711,727) $53,195  $(674,603) $113,434  
See accompanying notes.
8-


GREAT WESTERN BANCORP, INC.
Consolidated Statements of Stockholders' Equity (Unaudited)
(Dollars in Thousands, Except Share and Per Share Data)
Comprehensive Income (Loss)Common Stock Par ValueAdditional
Paid-in Capital
Retained
Earnings
Accumulated Other Comprehensive (Loss) IncomeTotal
Balance, January 1, 2019$568  $1,244,232  $584,264  $(17,056) $1,812,008  
Net income$44,511  —  —  44,511  —  44,511  
Other comprehensive income, net of tax8,684  —  —  —  8,684  8,684  
Total comprehensive income$53,195  
Stock-based compensation, net of tax1  1,425  —  —  1,426  
Cash dividends:
Common stock, $0.25 per share
—  —  (14,235) —  (14,235) 
Balance, March 31, 2019$569  $1,245,657  $614,540  $(8,372) $1,852,394  
Balance, January 1, 2020$563  $1,229,077  $683,682  $7,347  $1,920,669  
Net (loss)$(740,618) —  —  (740,618) —  (740,618) 
Other comprehensive income, net of tax28,891  —  —  —  28,891  28,891  
Total comprehensive (loss)$(711,727) 
Stock-based compensation, net of tax1  1,273  —  —  1,274  
Repurchase common stock(14) (39,969) —  —  (39,983) 
Cash dividends:
Common stock, $0.30 per share
—  —  (16,769) —  (16,769) 
Balance, March 31, 2020$550  $1,190,381  $(73,705) $36,238  $1,153,464  
See accompanying notes.
Comprehensive Income (Loss)Common Stock Par ValueAdditional
Paid-in Capital
Retained
Earnings
Accumulated Other Comprehensive (Loss) IncomeTotal
Balance, October 1, 2018$589  $1,318,457  $553,014  $(31,509) $1,840,551  
Net income$90,297  —  —  90,297  —  90,297  
Other comprehensive income, net of tax23,137  —  —  —  23,137  23,137  
Total comprehensive income$113,434  
Stock-based compensation, net of tax1  1,838  —  —  1,839  
Repurchase common stock(21) (74,638) —  —  (74,659) 
Cash dividends:
Common stock, $0.50 per share
—  —  (28,771) —  (28,771) 
Balance, March 31, 2019$569  $1,245,657  $614,540  $(8,372) $1,852,394  
Balance, October 1, 2019$563  $1,228,714  $657,475  $13,497  $1,900,249  
Net (loss)$(697,344) —  —  (697,344) —  (697,344) 
Other comprehensive income, net of tax22,741  —  —  —  22,741  22,741  
Total comprehensive (loss)$(674,603) 
Cumulative effect adjustment related to ASU adoption ¹—  —  (182) —  (182) 
Stock-based compensation, net of tax1  1,636  —  —  1,637  
Repurchase of common stock(14) (39,969) —  —  (39,983) 
Cash dividends:
Common stock, $0.60 per share
—  —  (