Great Western earnings up in second quarter

April 26, 2018

Sioux Falls-based Great Western Bancorp Inc. reported an increase in net income for its second quarter and continued demand for loans.

Net income was $40.5 million, or 69 cents per share, compared to $29.2 million, or 49 cents per share, in the previous year. When adjusted to exclude deferred tax revaluation triggered by the Tax Cuts and Jobs Act of 2017, net income — also $40.5 million — was down a bit compared to the adjusted $42.8 million, or 72 cents per share, from a year ago.

“The second quarter of fiscal year 2018 was another solid quarter for Great Western,” said Ken Karels, chairman, president and CEO. “We continued to see good demand from our loan portfolio, mitigated the rising cost of deposits through increasing loan yields pricing, continued to manage expenses well and increased our dividend due to the peer-leading return on capital from our business.”

Total loans increased by $172.9 million, or 1.9 percent, to $9.34 billion, while total deposits grew by $362.8 million, or 4 percent, to $9.39 billion.

“We remain very satisfied with the performance of our business and confident on performance for the remainder of the fiscal year,” Karels said. “We see good loan pipelines and loan demand post the tax stimulus. We expect to see increased pressure on deposit pricing but will continue to mitigate this through increased asset pricing. We remain confident that we will see loan growth in the mid to high single-digit range for the fiscal year.”

Want to stay in the know?

Get our free business news delivered to your inbox.



Great Western earnings up in second quarter

Sioux Falls-based Great Western Bancorp Inc. reported an increase in net income for its second quarter and continued demand for loans.

News Tip

Have a business news item to share with us?

Scroll to top