Jan. 25, 2019

Sioux Falls-based Great Western Bancorp Inc. reported an 8 percent increase in earnings for the first quarter of its fiscal year.

Net income was $45.8 million, or 79 cents per share, compared with $42.3 million, or 72 cents per share, one year ago.

“We have seen good loan growth to start our fiscal year, combined with an improvement in asset quality metrics, a stable margin and strong expense control,” said Ken Karels, chairman and CEO.

“Also with the stock repurchases made during the quarter, we have shown our commitment to proactively manage capital in the most effective manner to enhance shareholder returns while maintaining strong levels of capital. We continue to look at M&A opportunities; however, pricing remains elevated in our view.”

Total loans increased 3.7 percent for the quarter to $9.77 billion. Deposits grew 3.9 percent to $10.11 billion.

“We are very pleased with our strong start to our fiscal year,” Karels said. “During 2019, we expect good loan and deposit growth but at a lower growth rate and for our net interest margin to stabilize. We will continue to focus on asset quality, expense management and our objectives of increasing our franchise and shareholder value.”