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Section 1: 10-Q (10-Q)

gwb-20200630
2020Q3FALSE0001613665--09-30us-gaap:AccountingStandardsUpdate201602MemberRelated to the Company's adoption of ASU 2016-02 and subsequent related ASUs on October 1, 2019. 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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 June 30, 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 7/24/20, the number of shares of the registrant’s Common Stock outstanding was 55,014,047.




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:
the severity, magnitude and duration of the COVID-19 pandemic and the direct and indirect impact of such pandemic, as well as responses to the pandemic by the government, business and consumers, on our operations and personnel, commercial activity and demand across our business and our customers' business;
the disruption of global, national, state and local economies associated with the COVID-19 pandemic, which could affect our liquidity and capital positions, impair the ability of our borrowers to repay outstanding loans, impair collateral values and further increase our allowance for credit losses;
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 pandemic;
our ability to anticipate interest rate changes and manage interest rate risk;
uncertainty about the discontinued use of the London Inter Bank Offered Rate and transition to an alternative rate;
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 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;
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the impact of, and changes in applicable laws, regulations and accounting standards, policies and interpretations, including the impact of the Tax Reform Act;
increases in our FDIC insurance premiums, or the collection of special assessments by the FDIC;
legal, compliance and reputational risks, including litigation and regulatory risks;
our ability to use technology to provide products and services that will satisfy customer demands and create efficiencies in operations and to manage risks associated therewith;
our ability to attract and retain senior management experienced in the banking and financial services industries;
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;
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.
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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)
June 30, 2020September 30, 2019
Assets
Cash and due from banks$168,545  $201,487  
Interest-bearing bank deposits143,040  41,987  
Cash and cash equivalents311,585  243,474  
Securities available for sale1,972,626  1,783,208  
Loans, net of unearned discounts and deferred fees, including $0 and $31,891 of loans covered by a FDIC loss share agreement at June 30, 2020 and September 30, 2019, respectively; $735,363 and $812,991 of loans at fair value under the fair value option at June 30, 2020 and September 30, 2019, respectively; and $12,840 and $7,351 of loans held for sale at June 30, 2020 and September 30, 2019, respectively
10,313,999  9,706,763  
Allowance for loan and lease losses(148,158) (70,774) 
Net loans10,165,841  9,635,989  
Premises and equipment, including $705 and $2,757 of property held for sale at June 30, 2020 and September 30, 2019, respectively
119,834  120,645  
Accrued interest receivable57,955  58,699  
Other repossessed property, including $0 of property covered by a FDIC loss share agreement at both June 30, 2020 and September 30, 2019
19,231  36,764  
Goodwill  739,023  
Cash surrender value of life insurance policies31,443  30,796  
Net deferred tax assets53,586  7,286  
Other assets202,227  132,417  
Total assets$12,934,328  $12,788,301  
Liabilities and stockholders’ equity
Noninterest-bearing$2,592,376  $1,956,025  
Interest-bearing8,558,238  8,344,314  
Total deposits11,150,614  10,300,339  
Securities sold under agreements to repurchase70,362  68,992  
FHLB advances and other borrowings355,000  340,000  
Subordinated debentures and subordinated notes payable108,792  108,636  
Accrued expenses and other liabilities88,916  70,085  
Total liabilities11,773,684  10,888,052  
Stockholders’ equity
Common stock, $0.01 par value, authorized 500,000,000 shares; 55,014,047 shares issued and outstanding at June 30, 2020 and 56,283,659 shares issued and outstanding at September 30, 2019
550  563  
Additional paid-in capital1,183,242  1,228,714  
Retained earnings(68,305) 657,475  
Accumulated other comprehensive income45,157  13,497  
Total stockholders' equity1,160,644  1,900,249  
Total liabilities and stockholders' equity$12,934,328  $12,788,301  
See accompanying notes.
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GREAT WESTERN BANCORP, INC.
Consolidated Statements of Income (Unaudited)
(Dollars in Thousands, Except Share and Per Share Data)
Three Months Ended June 30,Nine months ended June 30,
2020201920202019
Interest income
Loans$109,227  $126,392  $342,014  $372,156  
Investment securities10,532  11,430  33,359  30,575  
Federal funds sold and other112  377  1,278  1,416  
Total interest income119,871  138,199  376,651  404,147  
Interest expense
Deposits10,011  28,615  50,818  79,507  
FHLB advances and other borrowings2,539  2,538  8,807  6,464  
Subordinated debentures and subordinated notes payable1,070  1,417  3,619  4,177  
Total interest expense13,620  32,570  63,244  90,148  
Net interest income106,251  105,629  313,407  313,999  
Provision for loan and lease losses21,641  26,077  101,539  38,965  
Net interest income after provision for loan and lease losses84,610  79,552  211,868  275,034  
Noninterest income
Service charges and other fees7,731  10,321  28,328  32,219  
Wealth management fees2,773  2,234  8,859  6,592  
Mortgage banking income, net2,422  1,055  5,179  3,366  
Net gain (loss) on sale of securities  322    (191) 
Net (decrease) increase in fair value of loans at fair value(22,118) 16,429  (1,510) 49,662  
Net realized and unrealized loss on derivatives(3,681) (20,904) (40,379) (50,252) 
Other1,190  1,309  3,490  4,313  
Total noninterest (loss) income(11,683) 10,766  3,967  45,709  
Noninterest expense
Salaries and employee benefits39,042  33,899  112,259  103,206  
Data processing and communication5,817  6,234  17,713  17,475  
Occupancy and equipment5,251  4,934  15,941  15,599  
Professional fees7,382  3,923  16,409  11,181  
Advertising750  1,145  2,573  3,299  
Net loss on repossessed property and other related expenses2,475  595  8,508  4,062  
Goodwill and intangible assets impairment    742,352    
Other6,332  5,270  16,677  14,864  
Total noninterest expense67,049  56,000  932,432  169,686  
Income (loss) before income taxes5,878  34,318  (716,597) 151,057  
Provision for (benefit from) income taxes478  7,535  (24,653) 33,977  
Net income (loss)$5,400  $26,783  $(691,944) $117,080  
Basic earnings per common share
Weighted average common shares outstanding55,082,621  56,995,007  55,788,751  57,321,561  
Basic earnings per share$0.10  $0.47  $(12.40) $2.04  
Diluted earnings per common share
Weighted average diluted common shares outstanding55,145,619  57,110,103  55,788,751  57,408,023  
Diluted earnings per share$0.10  $0.47  $(12.40) $2.04  
Dividends per share
Dividends paid$8,252  $17,081  $41,906  $45,852  
Dividends per share$0.15  $0.30  $0.75  $0.80  
See accompanying notes.
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GREAT WESTERN BANCORP, INC.
Consolidated Statements of Comprehensive Income (Unaudited)
(Dollars in Thousands)
Three Months Ended June 30,Nine months ended June 30,
2020201920202019
Net income (loss)$5,400  $26,783  $(691,944) $117,080  
Other comprehensive income, net of tax
Securities available for sale:
Net unrealized holding gain arising during the period11,838  23,690  42,019  53,882  
Reclassification adjustment for net (gain) loss realized in net income  (322)   191  
Income tax expense(2,919) (5,761) (10,359) (13,329) 
Net change in unrealized gain on securities available for sale8,919  17,607  31,660  40,744  
Comprehensive income (loss)$14,319  $44,390  $(660,284) $157,824  
See accompanying notes.
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GREAT WESTERN BANCORP, INC.
Consolidated Statements of Stockholders' Equity (Unaudited)
(Dollars in Thousands, Except Share and Per Share Data)
Comprehensive IncomeCommon Stock Par ValueAdditional
Paid-in Capital
Retained
Earnings
Accumulated Other Comprehensive (Loss) IncomeTotal
Balance, April 1, 2019$569  $1,245,657  $614,540  $(8,372) $1,852,394  
Net income$26,783  —  —  26,783  —  26,783  
Other comprehensive income, net of tax17,607  —  —  —  17,607  17,607  
Total comprehensive income$44,390  
Stock-based compensation, net of tax  1,425  —  —  1,425  
Cash dividends:
Common stock, $0.30 per share
—  —  (17,081) —  (17,081) 
Balance, June 30, 2019$569  $1,247,082  $624,242  $9,235  $1,881,128  
Balance, April 1, 2020$550  $1,190,381  $(73,705) $36,238  $1,153,464  
Net income$5,400  —  —  5,400  —  5,400  
Other comprehensive income, net of tax8,919  —  —  —  8,919  8,919  
Total comprehensive income$14,319  
Stock-based compensation, net of tax—  1,113  —  —  1,113  
Cash dividends:
Common stock, $0.15 per share
—  (8,252) —  —  (8,252) 
Balance, June 30, 2020$550  $1,183,242  $(68,305) $45,157  $1,160,644  
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$117,080  —  —  117,080  —  117,080  
Other comprehensive income, net of tax40,744  —  —  —  40,744  40,744  
Total comprehensive income$157,824  
Stock-based compensation, net of tax1  3,263  —  —  3,264  
Repurchase common stock(21) (74,638) —  —  (74,659) 
Cash dividends:
Common stock, $0.80 per share
—  —  (45,852) —  (45,852) 
Balance, June 30, 2019$569  $1,247,082  $624,242  $9,235  $1,881,128  
Balance, October 1, 2019$563  $1,228,714  $657,475  $13,497  $1,900,249  
Net (loss)$(691,944) —  —  (691,944) —  (691,944) 
Other comprehensive income, net of tax31,660  —  —  —  31,660  31,660  
Total comprehensive (loss)$(660,284) 
Cumulative effect adjustment related to ASU adoption ¹—  —  (182) —  (182) 
Stock-based compensation, net of tax1  2,749  —  —  2,750  
Repurchase of common stock(14) (39,969) —  —  (39,983) 
Cash dividends:
Common stock, $0.75 per share
—  (8,252) (33,654) —  (41,906) 
Balance, June 30, 2020$550  $1,183,242  $(68,305) $45,157  $1,160,644  
¹ Related 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 information.

9-


GREAT WESTERN BANCORP, INC.
Consolidated Statements of Cash Flows (Unaudited)
(Dollars in Thousands)
Nine Months Ended June 30,
20202019
Operating activities
Net (loss) income$(691,944) $117,080  
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization13,152  8,415  
Amortization of FDIC indemnification asset1,012  1,154  
Net loss on sale of securities and other assets6,649  2,727  
Net gain on sale of loans(5,840) (3,971) 
Provision for loan and lease losses101,539  38,965  
Goodwill and intangible assets impairment742,352    
Provision for (reversal of) loan servicing rights loss6  (1) 
Stock-based compensation2,750  3,264  
Originations of residential real estate loans held for sale(231,420) (171,233) 
Proceeds from sales of residential real estate loans held for sale231,771  174,420  
Net deferred income taxes(56,659) 21  
Changes in:
Accrued interest receivable744