EX-99.1

EX-99.1 9 d95715dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

GREAT WESTERN BANCORP, INC.

Consolidated Financial Data (Unaudited)

(Dollars in thousands except per share amounts)


	At or for the nine months ended						At or for the three months ended
	June 30, 2015			June 30, 2014			June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014
Operating Data:
Interest and dividend income (FTE)	$	275,458		$	264,874		$	93,582		$	89,794		$	92,082		$	92,265		$	89,078
Interest expense		22,588			24,337			7,340			7,579			7,669			7,715			7,778
Noninterest income		24,841			31,280			10,005			6,936			7,900			8,501			10,314
Noninterest expense		141,959			151,904			46,430			48,438			47,091			48,318			54,278
Provision for loan losses		17,408			(2,065	)		4,410			9,679			3,319			2,749			1,500
Net income		75,253			77,077			28,832			19,724			26,697			27,875			22,502
Earnings per common share²	$	1.30		$	1.33		$	0.50		$	0.34		$	0.46		$	0.48		$	0.39

Performance Ratios:
Net interest margin (FTE)³		3.92	%		3.99	%		3.95	%		3.89	%		3.91	%		4.10	%		4.03	%
Adjusted net interest margin (FTE)^{1 3}		3.67	%		3.77	%		3.70	%		3.64	%		3.67	%		3.86	%		3.80	%
Return on average total assets³		1.04	%		1.12	%		1.18	%		0.83	%		1.10	%		1.19	%		0.98	%
Return on average common equity³		6.91	%		7.30	%		7.83	%		5.49	%		7.39	%		7.68	%		6.24	%
Return on average tangible common equity^{1 3}		14.5	%		17.1	%		15.8	%		11.8	%		15.8	%		16.3	%		14.2	%
Efficiency ratio¹		48.8	%		50.9	%		46.4	%		51.7	%		48.5	%		49.0	%		54.8	%

Capital:
Tier 1 capital ratio		11.5	%		12.1	%		11.5	%		11.6	%		11.8	%		11.8	%		12.1	%
Total capital ratio		12.5	%		13.1	%		12.5	%		12.6	%		12.9	%		12.9	%		13.1	%
Tier 1 leverage ratio		9.4	%		9.3	%		9.4	%		9.3	%		9.1	%		9.1	%		9.3	%
Common equity tier 1 ratio		10.8	%		*			10.8	%		10.8	%		*			*			*
Tangible common equity / tangible assets¹		8.6	%		8.3	%		8.6	%		8.4	%		8.3	%		8.2	%		8.3	%

Asset Quality:
Nonperforming loans	$	68,117		$	80,838		$	68,117		$	74,332		$	68,454		$	78,905		$	80,838
OREO	$	21,969		$	54,190		$	21,969		$	43,565		$	43,442		$	49,580		$	54,190
Nonperforming loans / total loans		0.94	%		1.21	%		0.94	%		1.05	%		0.98	%		1.16	%		1.21	%
Net charge-offs (recoveries)	$	8,996		$	6,761		$	906		$	9,073		$	(983	)	$	2,269		$	1,615
Net charge-offs (recoveries) / average total loans³		0.17	%		0.14	%		0.05	%		0.52	%		(0.06	)%		0.13	%		0.10	%
Allowance for loan losses / total loans		0.77	%		0.70	%		0.77	%		0.74	%		0.74	%		0.70	%		0.70	%
Watch-rated loans	$	322,257		$	266,416		$	322,257		$	384,448		$	275,473		$	287,723		$	266,416

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	Share dilution calculated for the quarter and fiscal year-to-date periods was minimal and, as such, diluted EPS equals EPS for all periods presented.

³	Annualized for all partial-year periods.

*	Not applicable for period presented.

GREAT WESTERN BANCORP, INC.

Consolidated Income Statement (Unaudited)

(Dollars in thousands)


	For the nine months ended						For the three months ended
	June 30, 2015			June 30, 2014			June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014
Interest and dividend income
Loans	$	251,978		$	240,133		$	85,240		$	82,394		$	84,344		$	84,477		$	80,797
Taxable securities		17,050			20,190			5,984			5,379			5,687			6,173			6,598
Nontaxable securities		36			61			10			13			13			19			33
Dividends on securities		997			751			489			258			250			217			351
Federal funds sold and other		599			400			155			160			284			55			99

Total interest and dividend income		270,660			261,535			91,878			88,204			90,578			90,941			87,878
Interest expense
Deposits		17,775			19,629			5,776			5,984			6,015			6,135			6,319
Securities sold under agreements to repurchase		430			442			134			150			146			158			153
FHLB advances and other borrowings		2,706			2,591			867			893			946			861			751
Related party notes payable		692			690			233			227			232			231			230
Subordinated debentures and other		985			985			330			325			330			330			325

Total interest expense		22,588			24,337			7,340			7,579			7,669			7,715			7,778

Net interest income		248,072			237,198			84,538			80,625			82,909			83,226			80,100
Provision for loan losses		17,408			(2,065	)		4,410			9,679			3,319			2,749			1,500

Net interest income after provision for loan losses		230,664			239,263			80,128			70,946			79,590			80,477			78,600

Noninterest income
Service charges and other fees		28,896			29,728			9,627			8,871			10,398			10,476			9,695
Net gain on sale of loans		5,027			3,885			1,903			1,580			1,544			1,654			1,322
Casualty insurance commissions		882			877			333			233			316			196			320
Investment center income		1,969			1,757			742			654			573			660			578
Net gain on sale of securities		51			6			—			—			51			84			—
Trust department income		2,903			2,847			897			938			1,068			891			942
Net increase (decrease) in fair value of loans at fair value		7,914			13,506			(24,394	)		15,208			17,100			(1,602	)		13,886
Net realized and unrealized gain (loss) on derivatives		(27,357	)		(25,396	)		18,946			(21,698	)		(24,605	)		(4,781	)		(17,797	)
Other		4,556			4,070			1,951			1,150			1,455			923			1,368

Total noninterest income		24,841			31,280			10,005			6,936			7,900			8,501			10,314
Noninterest expense
Salaries and employee benefits		75,373			71,176			26,612			24,673			24,088			23,929			24,126
Occupancy expenses, net		11,169			13,613			3,161			3,984			4,024			3,913			4,894
Data processing		14,193			14,105			4,657			4,708			4,828			5,443			4,354
Equipment expenses		2,956			3,099			1,075			925			956			1,251			1,077
Advertising		2,870			3,385			1,196			946			728			1,361			1,213
Communication expenses		3,429			3,402			1,031			1,225			1,173			1,108			1,046
Professional fees		10,464			9,623			3,289			3,603			3,572			2,610			3,620
Net (gain) loss from sale of repossessed property and other assets		(1,836	)		(2,413	)		(1,452	)		(16	)		(368	)		(38	)		(1,564	)
Amortization of core deposits and other intangibles		6,402			13,448			1,776			2,313			2,313			2,767			4,069
Other		16,939			22,466			5,085			6,077			5,777			5,974			11,443

Total noninterest expense		141,959			151,904			46,430			48,438			47,091			48,318			54,278

Income before income taxes		113,546			118,639			43,703			29,444			40,399			40,660			34,636
Provision for income taxes		38,293			41,562			14,871			9,720			13,702			12,785			12,134

Net income	$	75,253		$	77,077		$	28,832		$	19,724		$	26,697		$	27,875		$	22,502

GREAT WESTERN BANCORP, INC.

Summarized Consolidated Balance Sheet (Unaudited)

(Dollars in thousands)


	As of
	June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014
Assets
Cash and due from banks	$	187,171		$	358,440		$	428,186		$	256,639		$	235,077
Securities		1,410,475			1,402,508			1,263,983			1,341,242			1,395,768
Total loans		7,245,239			7,072,465			6,986,765			6,787,467			6,678,501
Allowance for loan losses		(55,930	)		(52,426	)		(51,820	)		(47,518	)		(47,038	)

Loans, net		7,189,309			7,020,039			6,934,945			6,739,949			6,631,463
Goodwill and other intangible assets		705,634			707,410			709,723			712,036			714,803
Other assets		271,570			293,248			304,424			321,563			315,172

Total assets	$	9,764,159		$	9,781,645		$	9,641,261		$	9,371,429		$	9,292,283

Liabilities and stockholders’ equity
Noninterest-bearing deposits	$	1,360,722		$	1,374,589		$	1,381,887		$	1,303,015		$	1,294,131
Interest-bearing deposits		5,996,966			6,113,109			5,857,319			5,749,165			5,772,981

Total deposits		7,357,688			7,487,698			7,239,206			7,052,180			7,067,112
Securities sold under agreements to repurchase		161,559			163,343			190,585			161,687			185,620
FHLB advances and other borrowings		590,520			475,019			575,085			575,094			435,097
Other liabilities		166,541			186,033			185,015			161,378			173,490

Total liabilities		8,276,308			8,312,093			8,189,891			7,950,339			7,861,319
Stockholders’ equity		1,487,851			1,469,552			1,451,370			1,421,090			1,430,964

Total liabilities and stockholders’ equity	$	9,764,159		$	9,781,645		$	9,641,261		$	9,371,429		$	9,292,283

GREAT WESTERN BANCORP, INC.

Loan Portfolio Summary (Unaudited)

(Dollars in thousands)


	As of												Fiscal year-to-date:
	June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			Change ($)			Change (%)
Commercial non-real estate	$	1,701,024		$	1,657,856		$	1,551,607		$	1,571,640		$	129,384			8.2	%
Agriculture		1,813,330			1,748,366			1,788,028			1,681,209			132,121			7.9	%
Construction and development		290,525			310,011			285,366			314,000			(23,475	)		(7.5	)%
Owner-occupied CRE		1,128,536			1,110,074			1,146,670			1,151,868			(23,332	)		(2.0	)%
Non-owner-occupied CRE		1,046,392			1,011,274			1,033,481			922,395			123,997			13.4	%
Multifamily residential real estate		255,540			241,896			180,204			152,931			102,609			67.1	%

Commercial real estate		2,720,993			2,673,255			2,645,721			2,541,194			179,799			7.1	%
Residential real estate		922,481			905,114			910,406			901,605			20,876			2.3	%
Consumer		75,311			80,036			85,822			90,086			(14,775	)		(16.4	)%
Other¹		38,901			35,433			35,311			34,243			4,658			13.6	%

Total unpaid principal balance		7,272,040			7,100,060			7,016,895			6,819,977			452,063			6.6	%
Less: Unamortized discount on acquired loans and unearned net deferred fees and costs and loans in process		(26,801	)		(27,595	)		(30,130	)		(32,510	)		5,709			(17.6	)%

Total loans	$	7,245,239		$	7,072,465		$	6,986,765		$	6,787,467		$	457,772			6.7	%

¹	Other loans primarily include consumer and commercial credit cards and customer deposit account overdrafts.

GREAT WESTERN BANCORP, INC.

Net Interest Margin (FTE) (Unaudited)

(Dollars in thousands)


	For the three months ended
	June 30, 2015							March 31, 2015							June 30, 2014
	Average Balance		Interest (FTE)¹		Yield / Cost²			Average Balance		Interest (FTE)¹		Yield / Cost²			Average Balance		Interest (FTE)¹		Yield / Cost²
Assets
Cash and due from banks	$	198,517	$	155		0.31	%	$	265,929	$	160		0.24	%	$	119,970	$	99		0.33	%
Investment securities		1,439,690		6,483		1.81	%		1,334,460		5,650		1.72	%		1,428,407		6,982		1.96	%
Loans, other than loans acquired with deteriorated credit quality, net		6,995,340		84,798		4.86	%		6,828,510		81,907		4.86	%		6,362,850		80,445		5.07	%
Loans acquired with deteriorated credit quality, net		122,697		2,146		7.02	%		131,578		2,077		6.40	%		186,825		1,552		3.33	%

Loans, net		7,118,037		86,944		4.90	%		6,960,088		83,984		4.89	%		6,549,675		81,997		5.02	%

Total interest-earning assets		8,756,244		93,582		4.29	%		8,560,477		89,794		4.25	%		8,098,052		89,078		4.41	%
Noninterest-earning assets		1,065,347							1,093,229							1,143,845

Total assets	$	9,821,591	$	93,582		3.82	%	$	9,653,706	$	89,794		3.77	%	$	9,241,897	$	89,078		3.87	%

Liabilities and Stockholders’ Equity
Noninterest-bearing deposits	$	1,312,859						$	1,282,530						$	1,227,420
NOW, MMDA and savings deposits		4,665,101	$	3,272		0.28	%		4,447,606	$	3,266		0.30	%		4,048,428	$	2,376		0.24	%
CDs		1,499,667		2,504		0.67	%		1,567,763		2,718		0.70	%		1,860,094		3,943		0.85	%

Total deposits		7,477,627		5,776		0.31	%		7,297,899		5,984		0.33	%		7,135,942		6,319		0.36	%
Securities sold under agreements to repurchase		158,758		134		0.34	%		182,386		150		0.33	%		192,579		153		0.32	%
FHLB advances and other borrowings		523,839		867		0.66	%		528,571		893		0.69	%		311,528		751		0.97	%
Related party notes payable		41,295		233		2.26	%		41,295		227		2.23	%		41,295		230		2.23	%
Subordinated debentures and other		56,083		330		2.36	%		56,083		325		2.35	%		56,083		325		2.32	%

Total borrowings		779,975		1,564		0.80	%		808,335		1,595		0.80	%		601,485		1,459		0.97	%

Total interest-bearing liabilities		8,257,602	$	7,340		0.36	%		8,106,234	$	7,579		0.38	%		7,737,427	$	7,778		0.40	%
Noninterest-bearing liabilities		87,433							89,341							58,657
Stockholders’ equity		1,476,556							1,458,131							1,445,813

Total liabilities and stockholders’ equity	$	9,821,591						$	9,653,706						$	9,241,897

Net interest spread						3.46	%						3.39	%						3.47	%
Net interest income and net interest margin (FTE)¹			$	86,242		3.95	%			$	82,215		3.89	%			$	81,300		4.03	%

Less: Tax equivalent adjustment				1,704							1,590							1,200

Net interest income and net interest margin—ties to Statements of Comprehensive Income			$	84,538		3.87	%			$	80,625		3.82	%			$	80,100		3.97	%

¹	These are non-GAAP financial measures management believes are helpful to interpreting our financial results. See the tables at the end of this document for the calculation of the measures and reconciliation to the most comparable GAAP measure.

²	Annualized for all partial-year periods.

GREAT WESTERN BANCORP, INC.

Net Interest Margin (FTE) (Unaudited)

(Dollars in thousands)


	For the nine months ended
	June 30, 2015							June 30, 2014
	Average Balance		Interest (FTE)¹		Yield / Cost²			Average Balance		Interest (FTE)¹		Yield / Cost²
Assets
Cash and due from banks	$	302,449	$	599		0.26	%	$	197,450	$	400		0.27	%
Investment securities		1,370,129		18,083		1.76	%		1,427,707		21,002		1.97	%
Loans, other than loans acquired with deteriorated credit quality, net		6,816,785		249,581		4.90	%		6,239,191		239,146		5.12	%
Loans acquired with deteriorated credit quality, net		135,106		7,195		7.12	%		203,196		4,326		2.85	%

Loans, net		6,951,891		256,776		4.94	%		6,442,387		243,472		5.05	%

Total interest-earning assets		8,624,469		275,458		4.27	%		8,067,544		264,874		4.39	%
Noninterest-earning assets		1,089,322							1,155,291

Total assets	$	9,713,791	$	275,458		3.79	%	$	9,222,835	$	264,874		3.84	%

Liabilities and Stockholders’ Equity
Noninterest-bearing deposits	$	1,362,551						$	1,232,354
NOW, MMDA and savings deposits		4,420,859	$	9,190		0.28	%		3,943,543	$	6,942		0.24	%
CDs		1,583,765		8,585		0.72	%		1,952,901		12,687		0.87	%

Total deposits		7,367,175		17,775		0.32	%		7,128,798		19,629		0.37	%
Securities sold under agreements to repurchase		169,660		430		0.34	%		196,371		442		0.30	%
FHLB advances and other borrowings		539,632		2,706		0.67	%		312,011		2,591		1.11	%
Related party notes payable		41,295		692		2.24	%		41,295		690		2.23	%
Subordinated debentures and other		56,083		985		2.35	%		56,083		985		2.35	%

Total borrowings		806,670		4,813		0.80	%		605,760		4,708		1.04	%

Total interest-bearing liabilities		8,173,845	$	22,588		0.37	%		7,734,558	$	24,337		0.42	%
Noninterest-bearing liabilities		83,772							77,140
Stockholders’ equity		1,456,174							1,411,137

Total liabilities and stockholders’ equity	$	9,713,791						$	9,222,835

Net interest spread						3.42	%						3.42	%
Net interest income and net interest margin (FTE)¹			$	252,870		3.92	%			$	240,537		3.99	%

Less: Tax equivalent adjustment				4,798							3,339

Net interest income and net interest margin—ties to Statements of Comprehensive Income			$	248,072		3.85	%			$	237,198		3.93	%

¹	These are non-GAAP financial measures management believes are helpful to interpreting our financial results. See the tables at the end of this document for the calculation of the measures and reconciliation to the most comparable GAAP measure.

²	Annualized for all partial-year periods.

Non-GAAP Measures and Reconciliation

We rely on certain non-GAAP measures in making financial and operational decisions about our business. We believe that each of the non-GAAP 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. generally accepted accounting principles, or GAAP.

In particular, we evaluate our profitability and performance based on our cash net income and return on average tangible common equity, each of which excludes the effects of amortization expense relating to intangible assets and related tax effects from the acquisition of us by National Australia Bank Limited 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 based on our cash payments and receipts during the applicable period.

We also evaluate our profitability and performance based on our adjusted net interest income, adjusted net interest margin, adjusted interest income on loans other than loans acquired with deteriorated credit quality and adjusted yield on loans other than loans acquired with deteriorated credit quality. 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. 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.

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 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)

(Dollars in thousands)


	At or for the nine months ended						At or for the three months ended
	June 30, 2015			June 30, 2014			June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014
Cash net income and return on average tangible common equity:
Net income	$	75,253		$	77,077		$	28,832		$	19,724		$	26,697		$	27,875		$	22,502
Add: Amortization of intangible assets		6,402			13,448			1,776			2,313			2,313			2,767			4,069
Add: Tax on amortization of intangible assets		(660	)		(2,433	)		(220	)		(220	)		(220	)		(811	)		(811	)

Cash net income	$	80,995		$	88,092		$	30,388		$	21,817		$	28,790		$	29,831		$	25,760

Average common equity	$	1,456,174		$	1,411,137		$	1,476,556		$	1,458,131		$	1,433,837		$	1,439,117		$	1,445,813
Less: Average goodwill and other intangible assets		708,799			721,630			706,526			708,782			711,088			713,462			717,104

Average tangible common equity	$	747,375		$	689,507		$	770,030		$	749,349		$	722,749		$	725,655		$	728,709

Return on average common equity *		6.91	%		7.30	%		7.83	%		5.49	%		7.39	%		7.68	%		6.24	%
Return on average tangible common equity *		14.5	%		17.1	%		15.8	%		11.8	%		15.8	%		16.3	%		14.2	%
* Calculated as net income divided by average common equity and cash net income divided by average tangible common equity, respectively. Annualized for partial-year periods.

Adjusted net interest income and adjusted net interest margin (fully-tax equivalent basis):
Net interest income	$	248,072		$	237,198		$	84,538		$	80,625		$	82,909		$	83,226		$	80,100
Add: Tax equivalent adjustment		4,798			3,339			1,704			1,590			1,504			1,324			1,200

Net interest income (FTE)		252,870			240,537			86,242			82,215			84,413			84,550			81,300

GREAT WESTERN BANCORP, INC.

Reconciliation of Non-GAAP Measures (Unaudited)

(Dollars in thousands)


	At or for the nine months ended						At or for the three months ended
	June 30, 2015			June 30, 2014			June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014
Add: Current realized derivative gain (loss)		(16,005	)		(13,277	)		(5,416	)		(5,307	)		(5,282	)		(4,978	)		(4,600	)

Adjusted net interest income (FTE)	$	236,865		$	227,260		$	80,826		$	76,908		$	79,131		$	79,572		$	76,700

Average interest earning assets	$	8,624,469		$	8,067,544		$	8,756,244		$	8,560,477		$	8,556,688		$	8,181,194		$	8,098,052
Net interest margin (FTE) *		3.92	%		3.99	%		3.95	%		3.89	%		3.91	%		4.10	%		4.03	%
Adjusted net interest margin (FTE) **		3.67	%		3.77	%		3.70	%		3.64	%		3.67	%		3.86	%		3.80	%
* 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.

Adjusted interest income and adjusted yield (fully-tax equivalent basis), on loans other than loans acquired with deteriorated credit quality:
Interest income	$	244,783		$	235,807		$	83,094		$	80,317		$	81,372		$	82,968		$	79,245
Add: Tax equivalent adjustment		4,798			3,339			1,704			1,590			1,504			1,324			1,200

Interest income (FTE)		249,581			239,146			84,798			81,907			82,876			84,292			80,445
Add: Current realized derivative gain (loss)		(16,005	)		(13,277	)		(5,416	)		(5,307	)		(5,282	)		(4,978	)		(4,600	)

Adjusted interest income (FTE)	$	233,576		$	225,869		$	79,382		$	76,600		$	77,594		$	79,314		$	75,845

Average loans other than loans acquired with deteriorated credit quality	$	6,816,785		$	6,239,191		$	6,995,340		$	6,828,510		$	6,626,507		$	6,527,721		$	6,362,850
Yield (FTE) *		4.90	%		5.12	%		4.86	%		4.86	%		4.96	%		5.12	%		5.07	%
Adjusted yield (FTE) **		4.58	%		4.84	%		4.55	%		4.55	%		4.65	%		4.82	%		4.78	%
* 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	$	272,913		$	268,477		$	94,543		$	87,561		$	90,809		$	91,727		$	90,414
Add: Tax equivalent adjustment		4,798			3,339			1,704			1,590			1,504			1,324			1,200

Total revenue (FTE)	$	277,711		$	271,816		$	96,247		$	89,151		$	92,313		$	93,051		$	91,614

Noninterest expense	$	141,959		$	151,904		$	46,430		$	48,438		$	47,091		$	48,318		$	54,278
Less: Amortization of intangible assets		6,402			13,448			1,776			2,313			2,313			2,767			4,069

Tangible noninterest expense	$	135,557		$	138,456		$	44,654		$	46,125		$	44,778		$	45,551		$	50,209

Efficiency ratio *		48.8	%		50.9	%		46.4	%		51.7	%		48.5	%		49.0	%		54.8	%

* 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	$	1,487,851		$	1,430,964		$	1,487,851		$	1,469,552		$	1,451,370		$	1,421,090		$	1,430,964

GREAT WESTERN BANCORP, INC.

Reconciliation of Non-GAAP Measures (Unaudited)

(Dollars in thousands)


	At or for the nine months ended						At or for the three months ended
	June 30, 2015			June 30, 2014			June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014
Less: Goodwill and other intangible assets		705,634			714,803			705,634			707,410			709,723			712,036			714,803

Tangible common equity	$	782,217		$	716,161		$	782,217		$	762,142		$	741,647		$	709,054		$	716,161

Total assets	$	9,764,159		$	9,292,283		$	9,764,159		$	9,781,645		$	9,641,261		$	9,371,429		$	9,292,283
Less: Goodwill and other intangible assets		705,634			714,803			705,634			707,410			709,723			712,036			714,803

Tangible assets	$	9,058,525		$	8,577,480		$	9,058,525		$	9,074,235		$	8,931,538		$	8,659,393		$	8,577,480

Tangible common equity to tangible assets		8.6	%		8.3	%		8.6	%		8.4	%		8.3	%		8.2	%		8.3	%