Company Quick10K Filing
Great Western Bancorp
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 57 $1,951
10-Q 2020-02-05 Quarter: 2019-12-31
10-K 2019-11-27 Annual: 2019-09-30
10-Q 2019-08-06 Quarter: 2019-06-30
10-Q 2019-05-07 Quarter: 2019-03-31
10-Q 2019-02-05 Quarter: 2018-12-31
10-K 2018-11-27 Annual: 2018-09-30
10-Q 2018-08-07 Quarter: 2018-08-07
10-Q 2018-05-08 Quarter: 2018-03-31
10-Q 2018-02-07 Quarter: 2017-12-31
10-K 2017-11-28 Annual: 2017-09-30
10-Q 2017-08-09 Quarter: 2017-06-30
10-Q 2017-05-09 Quarter: 2017-03-31
10-Q 2017-02-09 Quarter: 2016-12-31
10-K 2016-11-29 Annual: 2016-09-30
10-Q 2016-08-11 Quarter: 2016-06-30
10-Q 2016-05-12 Quarter: 2016-03-31
10-Q 2016-02-11 Quarter: 2015-12-31
10-K 2015-12-11 Annual: 2015-09-30
10-Q 2015-08-14 Quarter: 2015-06-30
10-Q 2015-05-14 Quarter: 2015-03-31
10-Q 2015-02-12 Quarter: 2014-12-31
10-K 2014-12-12 Annual: 2014-09-30
8-K 2020-02-06 Officers, Other Events, Exhibits
8-K 2020-02-04 Officers, Shareholder Vote, Other Events
8-K 2020-01-28 Other Events
8-K 2020-01-28 Earnings, Regulation FD, Exhibits
8-K 2019-12-11 Other Events
8-K 2019-11-26 Officers, Exhibits
8-K 2019-10-31 Officers, Exhibits
8-K 2019-10-30 Other Events
8-K 2019-10-24 Other Events
8-K 2019-10-24 Earnings, Regulation FD, Exhibits
8-K 2019-10-01 Other Events
8-K 2019-09-15 Officers, Exhibits
8-K 2019-09-03 Other Events
8-K 2019-08-09 Officers, Exhibits
8-K 2019-07-25 Other Events
8-K 2019-07-25 Earnings, Regulation FD, Exhibits
8-K 2019-07-17 Earnings, Exhibits
8-K 2019-04-25 Earnings, Regulation FD, Exhibits
8-K 2019-04-25 Other Events
8-K 2019-02-21 Shareholder Vote, Other Events
8-K 2019-01-24 Other Events
8-K 2019-01-24 Earnings, Regulation FD, Exhibits
8-K 2018-11-14 Other Events
8-K 2018-10-29 Enter Agreement, Exhibits
8-K 2018-10-25 Other Events
8-K 2018-10-25 Earnings, Regulation FD, Exhibits
8-K 2018-09-14 Other Events
8-K 2018-08-30 Officers, Exhibits
8-K 2018-08-23 Other Events
8-K 2018-07-26 Earnings, Regulation FD, Exhibits
8-K 2018-07-26 Other Events
8-K 2018-07-25 Officers, Exhibits
8-K 2018-05-01
8-K 2018-04-26 Earnings, Regulation FD, Exhibits
8-K 2018-04-26 Other Events
8-K 2018-03-15 Officers
8-K 2018-02-28 Officers, Exhibits
8-K 2018-02-26 Officers, Exhibits
8-K 2018-02-22 Shareholder Vote, Other Events
8-K 2018-02-20 Regulation FD, Exhibits
8-K 2018-01-25 Other Events
8-K 2018-01-25 Earnings, Regulation FD, Exhibits
8-K 2018-01-23 Other Events, Exhibits
GWB 2019-12-31
Part I. Financial Information
Item 1. Financial Statements (Unaudited)
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 gwb-20191231x10qxex311.htm
EX-31.2 gwb-20191231x10qxex312.htm
EX-32.1 gwb-20191231x10qxex321.htm
EX-32.2 gwb-20191231x10qxex322.htm

Great Western Bancorp Earnings 2019-12-31

GWB 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
RNST 2,072 12,893 10,773 0 0 168 310 1,891 6.1 1%
WSBC 2,062 12,495 10,421 0 0 162 277 1,867 6.7 1%
PPBI 2,015 11,784 9,799 0 0 77 217 1,640 7.5 1%
GWB 1,951 12,955 11,074 41 0 159 334 1,835 0% 5.5 1%
HTH 1,901 14,266 12,214 0 0 166 374 1,407 3.8 1%
BANF 1,863 7,642 6,686 0 0 132 231 158 0.7 2%
ABCB 1,846 11,889 10,352 0 0 164 332 1,507 4.5 1%
BANR 1,832 11,847 10,326 0 0 148 260 1,586 6.1 1%
SFBS 1,830 8,740 7,961 0 0 141 275 944 3.4 2%
FRME 1,798 10,738 9,236 0 0 163 295 1,670 5.7 2%

gwb-20191231
2020Q1FALSEDecember 31, 20190001613665--09-30Related 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 December 31, 2019
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 1/31/20, the number of shares of the registrant’s Common Stock outstanding was 56,199,713.




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


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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;
"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;
"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;
"RPA" refers to a risk participation agreement;
"Sarbanes-Oxley Act" refers to the Sarbanes-Oxley Act of 2002;
"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;
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;
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;
4-


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)
December 31, 2019September 30, 2019
Assets
Cash and due from banks$178,868  $201,487  
Interest-bearing bank deposits68,553  41,987  
Cash and cash equivalents247,421  243,474  
Securities available for sale1,904,291  1,783,208  
Loans, net of unearned discounts and deferred fees, including $30,744 and $31,891 of loans covered by a FDIC loss share agreement at December 31, 2019 and September 30, 2019, respectively; $772,249 and $812,991 of loans at fair value under the fair value option at December 31, 2019 and September 30, 2019, respectively; and $5,534 and $7,351 of loans held for sale at December 31, 2019 and September 30, 2019, respectively
9,626,224  9,706,763  
Allowance for loan and lease losses(72,781) (70,774) 
Net loans9,553,443  9,635,989  
Premises and equipment, including $2,749 and $2,757 of property held for sale at December 31, 2019 and September 30, 2019, respectively
120,815  120,645  
Accrued interest receivable54,977  58,699  
Other repossessed property, including $0 of property covered by a FDIC loss share agreement at both December 31, 2019 and September 30, 2019
39,490  36,764  
Goodwill740,562  739,023  
Cash surrender value of life insurance policies31,020  30,796  
Net deferred tax assets15,922  7,286  
Other assets143,724  132,417  
Total assets$12,851,665  $12,788,301  
Liabilities and stockholders’ equity
Noninterest-bearing$2,029,872  $1,956,025  
Interest-bearing8,058,656  8,344,314  
Total deposits10,088,528  10,300,339  
Securities sold under agreements to repurchase66,289  68,992  
FHLB advances and other borrowings575,000  340,000  
Subordinated debentures and subordinated notes payable108,688  108,636  
Accrued expenses and other liabilities92,491  70,085  
Total liabilities10,930,996  10,888,052  
Stockholders’ equity
Common stock, $0.01 par value, authorized 500,000,000 shares; 56,382,915 shares issued and outstanding at December 31, 2019 and 56,283,659 shares issued and outstanding at September 30, 2019
563  563  
Additional paid-in capital1,229,077  1,228,714  
Retained earnings683,682  657,475  
Accumulated other comprehensive income7,347  13,497  
Total stockholders' equity1,920,669  1,900,249  
Total liabilities and stockholders' equity$12,851,665  $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 December 31,
20192018
Interest income
Loans$119,431  $122,331  
Investment securities11,498  9,189  
Federal funds sold and other608  541  
Total interest income131,537  132,061  
Interest expense
Deposits21,940  23,794  
FHLB advances and other borrowings3,113  2,003  
Subordinated debentures and subordinated notes payable1,311  1,370  
Total interest expense26,364  27,167  
Net interest income105,173  104,894  
Provision for loan and lease losses8,103  5,215  
Net interest income after provision for loan and lease losses97,070  99,679  
Noninterest income
Service charges and other fees11,409  11,689  
Wealth management fees2,964  2,241  
Mortgage banking income, net1,612  1,320  
Net loss on sale of securities  (513) 
Net (decrease) increase in fair value of loans at fair value(14,933) 19,216  
Net realized and unrealized gain (loss) on derivatives13,516  (18,317) 
Other1,165  1,084  
Total noninterest income15,733  16,720  
Noninterest expense
Salaries and employee benefits35,905  34,770  
Data processing and communication5,773  5,278  
Occupancy and equipment5,093  5,126  
Professional fees3,764  3,288  
Advertising865  938  
Net loss on repossessed property and other related expenses342  3,063  
Other5,188  4,643  
Total noninterest expense56,930  57,106  
Income before income taxes55,873  59,293  
Provision for income taxes12,599  13,507  
Net income$43,274  $45,786  
Basic earnings per common share
Weighted average common shares outstanding56,377,631  57,974,858  
Basic earnings per share$0.77  $0.79  
Diluted earnings per common share
Weighted average diluted common shares outstanding56,457,967  58,039,292  
Diluted earnings per share$0.77  $0.79  
Dividends per share
Dividends paid$16,885  $14,536  
Dividends per share$0.30  $0.25  
See accompanying notes.
7-


GREAT WESTERN BANCORP, INC.
Consolidated Statements of Comprehensive Income (Unaudited)
(Dollars in Thousands)
Three Months Ended December 31,
20192018
Net income$43,274  $45,786  
Other comprehensive (loss) income, net of tax
Securities available for sale:
Net unrealized holding (loss) gain arising during the period(8,160) 18,669  
Reclassification adjustment for net loss realized in net income  513  
Income tax benefit (expense)2,010  (4,729) 
Net change in unrealized (loss) gain on securities available for sale(6,150) 14,453  
Comprehensive income$37,124  $60,239  
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 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$45,786  —  —  45,786  —  45,786  
Other comprehensive income, net of tax14,453  —  —  —  14,453  14,453  
Total comprehensive income$60,239  
Stock-based compensation, net of tax—  413  —  —  413  
Repurchase common stock(21) (74,638) —  —  (74,659) 
Cash dividends:
Common stock, $0.25 per share
—  —  (14,536) —  (14,536) 
Balance, December 31, 2018$568  $1,244,232  $584,264  $(17,056) $1,812,008  
Balance, October 1, 2019$563  $1,228,714  $657,475  $13,497  $1,900,249  
Net income$43,274  —  —  43,274  —  43,274  
Other comprehensive (loss), net of tax(6,150) —  —  —  (6,150) (6,150) 
Total comprehensive income$37,124  
Cumulative effect adjustment related to ASU adoption ¹—  —  (182) —  (182) 
Stock-based compensation, net of tax—  363  —  —  363  
Cash dividends:
Common stock, $0.30 per share
—  —  (16,885) —  (16,885) 
Balance, December 31, 2019$563  $1,229,077  $683,682  $7,347  $1,920,669  
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.
See accompanying notes.

9-


GREAT WESTERN BANCORP, INC.
Consolidated Statements of Cash Flows (Unaudited)
(Dollars in Thousands)
Three Months Ended December 31,
20192018
Operating activities
Net income$43,274  $45,786  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization3,947  2,301  
Amortization of FDIC indemnification asset251  493  
Net loss on sale of securities and other assets  2,806  
Gain on redemption of subordinated debentures    
Net gain on sale of loans(1,814) (1,545) 
Provision for loan and lease losses8,103  5,215  
Provision for loan servicing rights loss1  1  
Stock-based compensation363  413  
Originations of residential real estate loans held for sale(105,185) (53,012) 
Proceeds from sales of residential real estate loans held for sale108,816  55,446  
Net deferred income taxes(6,626) (35) 
Changes in:
Accrued interest receivable3,722  (1,181) 
Other assets(71) 29,331  
Accrued interest payable and other liabilities23,674  (5,675) 
Net cash provided by operating activities78,455  80,344  
Investing activities
Purchase of securities available for sale(247,934) (266,964) 
Proceeds from sales of securities available for sale  97,212  
Proceeds from maturities of securities available for sale117,333  40,821  
Net decrease (increase) in loans65,253  (356,927) 
(Payment) recovery of covered losses from FDIC indemnification claims(4) 34  
Purchase of premises and equipment(2,033) (2,321) 
Proceeds from sale of premises and equipment  300  
Proceeds from sale of repossessed property4,569  809  
Purchase of FHLB stock(29,687) (20,564) 
Proceeds from redemption of FHLB stock20,342  15,211  
Net cash paid in business acquisition(4,711)   
Net cash used in investing activities(76,872) (492,389) 
Financing activities
Net (decrease) increase in deposits(211,780) 379,789  
Net decrease in securities sold under agreements to repurchase and other short-term borrowings(2,703) (34,258) 
Proceeds from FHLB advances and other long-term borrowings250,000  215,000  
Repayments on FHLB advances and other long-term borrowings(15,000) (80,000) 
Common stock repurchased  (74,659) 
Taxes paid related to net share settlement of equity awards(1,268) (1,227) 
Dividends paid(16,885) (14,536) 
Net cash provided by financing activities2,364  390,109  
Net increase (decrease) in cash and cash equivalents3,947  (21,936) 
Cash and cash equivalents, beginning of period243,474  298,696  
Cash and cash equivalents, end of period$247,421  $276,760  
Supplemental disclosure of cash flow information
Cash payments for interest$26,959  $23,614  
Cash payments for income taxes$232  $1,133  
Supplemental disclosure of noncash investing and financing activities
Loans transferred to repossessed properties$(7,295) $(1,981) 
See accompanying notes.

10-


GREAT WESTERN BANCORP, INC.
Notes to Consolidated Financial Statements (Unaudited)
1. Nature of Operations and Summary of Significant Policies
Nature of Operations
The Company is a bank holding company organized under the laws of Delaware and is listed on the NYSE under the symbol "GWB". The primary business of the Company is ownership of its wholly-owned subsidiary, Great Western Bank. The Bank is a full-service regional bank focused on relationship-based business and agri-business banking in Arizona, Colorado, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota. The Company and the Bank are subject to the regulation of certain federal and/or state agencies and undergo periodic examinations by those regulatory authorities. Substantially all of the Company’s income is generated from banking operations.
Basis of Presentation
The accompanying unaudited consolidated interim financial statements have been prepared in accordance with U.S. GAAP and reflect all adjustments that are, in the opinion of management, necessary for the fair presentation of the financial position and results of operations for the periods presented. All such adjustments are of a normal recurring nature.
Certain previously reported amounts have been reclassified to conform to the current presentation.
The unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended September 30, 2019, which includes a description of significant accounting policies. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the year or any other period.
The accompanying unaudited consolidated financial statements include the accounts and results of operations of the Company and its subsidiaries after elimination of all significant intercompany accounts and transactions. The preparation of unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported on the consolidated financial statements and accompanying notes. Actual results could differ from these estimates.
Changes in Significant Accounting Policies
Pursuant to the Company's adoption of ASU 2016-02 and subsequent related ASUs as of October 1, 2019, the Company updated its accounting policy related to leases. See Note 11 for new disclosures and policy information related to the Company's leases. There were no other significant changes to the Company's accounting policies from those disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2019 that could have a material effect on the Company's consolidated financial statements.
Subsequent Events
The Company has evaluated all events or transactions that occurred through the date the Company issued these financial statements. Other than those described below, there were no material events or transactions that would require recognition in the consolidated financial statements or disclosure in the notes to the consolidated financial statements.
On January 28, 2020, the Board of Directors of the Company declared a dividend of $0.30 per common share payable on February 26, 2020 to stockholders of record as of close of business on February 12, 2020.
2. New Accounting Standards
Accounting Standards Adopted in Fiscal Year 2020
In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which amended the hedge accounting recognition and presentation requirements in ASC 815 to improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities to better align the entity’s financial reporting for hedging relationships with those risk management activities and to reduce the complexity of and simplify the application of hedge accounting. ASU 2017-12 was effective for the Company on October 1, 2019. For the periods presented, the Company did not designate any derivative financial instruments as formal hedging relationships, and therefore, did not utilize hedge accounting. As such, ASU 2017-12 did not impact the Company's consolidated financial statements.
11-


GREAT WESTERN BANCORP, INC.
Notes to Consolidated Financial Statements (Unaudited)
In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires that lessees recognize the assets and liabilities arising from leases on the balance sheet and disclose key information about leasing arrangements. Lessees are required to recognize an obligation for future lease payments measured on a discounted basis and a related right-of-use asset. ASU 2016-02 does not significantly change lease accounting requirements applicable to lessors; however, certain changes were made to align, where necessary, lessor accounting with the lessee accounting model and ASC Topic 606, Revenue from Contracts with Customers. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases, and ASU 2018-11, Leases (Topic 842), Targeted Improvements, which made technical corrections and improvements to the previous ASU issued, including a modified retrospective transition method that allows entities to apply the standard as of the adoption date. In December 2018, the FASB issued ASU 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors, which allowed lessors to exclude sales tax from consideration of the contract through a policy election and clarified treatment of certain lessor costs and variable payments for contracts with lease and nonlease components. The Company adopted this guidance beginning October 1, 2019 using the modified retrospective transition method and all practical expedients available other than the use of hindsight with respect to determining the lease term and assessing impairment of its right-of-use assets. As of the date of adoption, the Company's right-of-use assets and lease liabilities recorded in other assets and accrued expenses and other liabilities on the consolidated balance sheets were $19.9 million and $20.9 million, respectively, arising from operating leases in which the Company is the lessee. The Company also recognized a cumulative effect adjustment of $0.2 million as a result of remeasuring a pre-existing lease impairment as of the date of adoption. These ASUs did not have a material impact on the timing of expense or income recognition in the Company's consolidated statements of income.
Accounting Standards Not Yet Adopted in Fiscal Year 2020
In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes in the Disclosure Requirements for Fair Value Measurement, which eliminates, adds and modifies certain disclosure requirements for fair value measurements. Among the changes, entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. Entities are also allowed to elect to early adopt the eliminated or modified disclosure requirements and delay adoption of the new disclosure requirements until after their effective date. As ASU 2018-13 only revises disclosure requirements, the Company does not believe this ASU will have a material impact on the consolidated financial statements.
In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which addresses timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. ASU 2016-13 requires institutions to measure all expected credit losses related to financial assets measured at amortized costs with an expected loss model based on historical experience, current conditions and reasonable and supportable forecasts relevant to affect the collectability of the financial assets, which is referred to as the current expected credit loss model. ASU 2016-13 requires enhanced disclosures, including qualitative and quantitative requirements, to help understand significant estimates and judgments used in estimating credit losses, as well as provide additional information about the amounts recorded in the financial statements. From November 2018 through November 2019, the FASB issued ASUs which made technical corrections and improvements to the previous ASU issued (ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments, Credit Losses, ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments; and ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments - Credit Losses ). The ASUs require the use of the modified retrospective approach for adoption. These ASUs will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted after December 15, 2018. The Company continues to make progress on the implementation plan and will be prepared to adopt as required in FQ1 2021. The Company is currently evaluating the potential impact on the consolidated financial statements; however, since the magnitude of the anticipated change in the allowance for credit losses will be impacted by economic conditions and trends in the Company’s portfolio at the time of adoption, the quantitative impact cannot yet be reasonably estimated.
In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which aims to simplify the accounting for income taxes by removing certain exceptions to the general principles and also simplification of areas such as franchise taxes, step-up in tax basis goodwill, separate entity financial statements and interim recognition of enactment of tax laws or rate changes. The ASU will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the potential impact of ASU 2019-12 on the consolidated financial statements.
12-


GREAT WESTERN BANCORP, INC.
Notes to Consolidated Financial Statements (Unaudited)
In January 2020, the FASB issued ASU 2020-01, Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323 and Topic 815, which clarifies that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the fair value measurement alternative. The ASU will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company does not expect adoption to have a material impact on the consolidated financial statements.
3. Securities Available for Sale
The amortized cost and approximate fair value of investments in securities, all of which are classified as available for sale according to management’s intent, are summarized as follows.
Amortized
Cost
Gross Unrealized GainsGross Unrealized LossesEstimated
Fair Value
(dollars in thousands) 
As of December 31, 2019
U.S. Treasury securities$69,422  $547  $(2) $69,967  
Mortgage-backed securities:
Government National Mortgage Association551,763  2,210  (3,164) 550,809  
Federal Home Loan Mortgage Corporation466,356  6,324  (949) 471,731  
Federal National Mortgage Association419,161  3,783  (636) 422,308  
Small Business Assistance Program324,667  1,999  (883) 325,783  
States and political subdivision securities62,152  553  (43) 62,662  
Other