Exhibit 99.1
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Great Western Bancorp, Inc. Announces Earnings for the Quarter Ending on September 30, 2021
Highlights for the Quarter Ending on September 30, 2021 (all quarterly comparisons in this document refer to the quarter ending on June 30, 2021, except as noted)
Net income of $51.9 million, or $0.93 per diluted share, down from $58.7 million, or $1.06 per diluted share
Net interest income1 of $95.1 million, down from $99.1 million, with net interest margin1 of 3.10%, down from 3.23%
Total loans of $8.19 billion, down $292.7 million, including a reduction of $152.9 million in Paycheck Protection Program ("PPP") loans
Total deposits of $11.31 billion, down $227.3 million
Allowance for credit losses ("ACL") of $246.0 million, down from $270.3 million, and a ratio of ACL to total loans of 3.01%, down from 3.19%
Nonaccrual loans of $197.9 million, down $12.2 million, or 5.8%, and other repossessed property of $4.5 million, down $7.0 million, or 61.0%
Net charge-offs of $4.1 million, or 0.20% of average total loans (annualized), down from $5.2 million and 0.24%, respectively
Total capital ratio of 16.3%, up from 16.0%; tier 1 capital ratio of 15.1%, up from 14.5%; common equity tier 1 capital ratio of 14.3%, up from 13.7%
Return on average common equity of 17.5%
The Company's Board of Directors declared a quarterly dividend of $0.05 per share
Sioux Falls, SD - October 26, 2021 - Great Western Bancorp, Inc. (NYSE: GWB) ("GWBI" or the "Company") today reported net income of $51.9 million, or $0.93 per diluted share, for the quarter ending on September 30, 2021, compared to net income of $58.7 million, or $1.06 per diluted share, for the previous quarter.
"The progress this quarter caps off what has been a productive fiscal year for our company," said Mark Borrecco, President and Chief Executive Officer. "Asset quality improved significantly, with nonaccrual loans down 5.8% from the prior quarter and down 39.1% from a year ago. In addition, OREO was $4.5 million this quarter, down 77.6% from $20.0 million the prior fiscal year, and special mention loans of $351.5 million are down 31.4% from their peak earlier this year. Our hotel loan concentration finished the fiscal year at $619.1 million, down 41.3% from $1.05 billion (all excluding PPP) at the beginning of fiscal year 2021.
I am proud of our team's performance this year. This improvement along with our announced partnership with First Interstate will accelerate our ability to improve delivery of products and services to our customers and support future growth."
Pending Merger of First Interstate Bancorp and Great Western Bancorp
On September 16, 2021, First Interstate BancSystem, Inc. (NASDAQ: FIBK) (“FIBK”), parent company of First Interstate Bank, and GWBI, parent company of Great Western Bank, announced they have entered into a definitive agreement under which the companies will combine in an all‐stock transaction. Under the terms of the agreement, which was unanimously approved by both companies’ Boards of Directors, GWBI will merge into FIBK and the combined holding company and bank will operate under the First Interstate name and brand with the company’s headquarters remaining in Billings, Montana. Pending regulatory and shareholder approvals and the satisfaction of the closing conditions set forth in the agreement, the transaction is expected to close during the first calendar quarter of 2022.
Net Interest Income and Net Interest Margin1
Net interest income was $95.1 million for the quarter, down $4.0 million, while net interest margin was 3.10%, a 13 basis point decrease from 3.23%. Adjusted net interest income2, which includes derivative interest expense recognized in noninterest income, was $92.0 million, down $3.9 million, and adjusted net interest margin2 was 3.00%, a 13 basis point decrease from 3.13%. Interest income was lower by $4.7 million as loan interest decreased by $5.3 million while securities and other interest income increased by $0.6 million. Loan interest reflects a $0.9 million decrease in PPP interest and fees, a $1.0 million decrease in recoveries of interest on nonaccrual loans, and a $3.4 million net decrease from lower volumes and lower yields, all partially offset with a $0.6 million increase in securities and other interest driven largely by increased volumes. The decrease in net interest income was partially offset by a $0.2 million decrease in time deposit interest combined with a net $0.6 million decrease in interest on other interest bearing deposits. The decrease in time deposit interest resulted from a decrease in volumes and a 4 basis point decrease in yield to 0.37%, while the decrease in interest on other interest bearing deposits was driven primarily by a 2 basis point decrease in yield of interest
1 All references to net interest income and net interest margin are presented on a fully-tax equivalent basis unless otherwise noted.
2 This is a non-GAAP financial measure management believes is helpful to understanding trends in our 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.
1-

The following information was filed by Great Western Bancorp, Inc. (GWB) on Tuesday, October 26, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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