Exhibit 99.1

Great Western Bancorp, Inc. Announces Fiscal Year 2016 Third Quarter Financial Results

Highlights for the Third Quarter of Fiscal Year 2016

• Third quarter net income was $26.4 million, or $0.46 per diluted share, while adjusted net income¹ excluding the effect of one-time acquisition expenses related to the HF Financial Corp. ("HF") acquisition was $33.9 million, or $0.59 per diluted share

• The HF acquisition closed on May 16, 2016, adding assets with an acquired value of $1.12 billion and 23 branch locations in three states including an expanded presence in eastern North Dakota and Minnesota

• Tangible book value per share¹ was $15.15 at June 30, 2016 compared to $14.58 at March 31, 2016

• Financial metrics related to the HF acquisition are tracking favorably compared to announced targets with a significant portion of expected cost synergies already achieved

• Net interest margin and adjusted net interest margin¹ were 3.95% and 3.74%, respectively

• Fiscal year-to-date net charge-offs as a percentage of average loans were 8 basis points versus 17 basis points for the same period in fiscal year 2015

• Total loans grew $1.05 billion, or 13.9%, during the quarter, which included $863.7 million of loans at fair value acquired in the HF acquisition. Excluding the acquired loans, loans have increased $418.1 million, or 5.7%, compared to September 30, 2015

Sioux Falls, SD - July 28, 2016 - Great Western Bancorp, Inc. (NYSE: GWB) today reported net income of $26.4 million, or $0.46 per diluted share, for the quarter ended June 30, 2016, compared to net income of $28.8 million, or $0.50 per diluted share, for the same quarter of fiscal year 2015. Adjusted net income¹ excluding $12.2 million of one-time acquisition expenses related to the HF acquisition, was $33.9 million, or $0.59 per diluted share. Fiscal year-to-date net income was $87.5 million, or $1.56 per diluted share, and adjusted net income¹ was $95.5 million, or $1.71 per diluted share, compared to $75.3 million, or $1.30 per diluted share, for the same period in fiscal year 2015.

"We finalized the acquisition of HF Financial Corp. during the quarter and are very pleased with the way the systems conversion and integration of HF's employees and customers have gone. We are excited to grow relationships with these customers and have HF Financial Corp. employees part of the GWB team," said Ken Karels, President and Chief Executive Officer. "We delivered good growth in the organic loan portfolio and are excited about the trajectory of the business."

Net Interest Income and Net Interest Margin² 

Net interest income was $93.6 million for the third quarter of fiscal year 2016, an increase of $7.3 million, or 8.5%, compared to the same quarter in fiscal year 2015. The increase was primarily attributable to an 8.8% increase in average interest earning assets between the two periods, which included both organic growth and inorganic growth related to the HF acquisition. The mix of interest earning assets also changed, with average loans, which typically have higher yields than other interest earning assets, comprising 84% of average interest earning assets compared to 81% in the comparable period.

Net interest margin was 3.95%, 3.99% and 3.95%, respectively, for the quarters ended June 30, 2016, March 31, 2016 and June 30, 2015. Adjusted net interest margin¹, which adjusts for the realized gain (loss) on interest rate swaps, was 3.74%, 3.75% and 3.70%, respectively, for the same periods. Net interest margin remained stable and adjusted net interest margin¹ was 4 basis points higher compared to the same quarter of fiscal year 2015, resulting from a period-over-period increase in LIBOR rates which reduced the net cost of pay fixed, receive floating interest rate swaps the Company utilizes related to certain fixed rate loans. The total yield on loans was 11 basis points lower in the current quarter compared to the same quarter of fiscal year 2015, while total cost of deposits and borrowings were 1 basis point and 18 basis points higher, respectively. On a sequential quarter basis, the yield on total loans decreased 6 basis points to 4.79% while the cost of deposits remained stable at 0.32%, the yield on investment securities increased by 4 basis points and cost of borrowings decreased 7 basis points to 0.98%.

¹ This is a non-GAAP measure management believes is helpful to understanding trends in the business that may not be fully apparent based only on the most comparable GAAP measure. Further information on this measure and a reconciliation to the most comparable GAAP measure is provided at the end of this release.

² All references to net interest income and net interest margin are presented on a fully-tax equivalent basis unless otherwise noted.

1

Exhibit 99.1

Loan growth during the quarter ended June 30, 2016 was $1.05 billion, or 13.9%, which included $863.7 million of loans at fair value acquired in the HF acquisition. Excluding the acquired loans, fiscal year-to-date growth was $418.1 million, or 5.7%. The net organic growth during the quarter of $185.4 million was primarily driven by $97.0 million of growth in commercial non-real estate ("C&I") loans and $87.2 million of growth in commercial real estate ("CRE") loans. Loans acquired in the HF acquisition were headlined by $491.8 million of CRE loans and $189.8 million of agriculture loans.

Total deposits grew by $767.5 million during the quarter, which included $863.1 million of deposits acquired in the HF acquisition. The net organic deposit runoff during the quarter was driven by a small number of larger commercial brokered depositors exiting the bank and seasonal consumer withdrawals, partially offset by growth in other commercial and public funds deposits. Excluding the deposits acquired, the fiscal year-to-date growth was $230.0 million, or 3.1%, compared to September 30, 2015. Compared to the prior quarter, FHLB and other borrowings increased by $543.4 million to meet strong loan demand and seasonal deposit outflows, also resulting in a $301.4 million increase in cash and due from banks over the same period.

Provision for Loan and Lease Losses and Asset Quality

Provision for loan and lease losses was $5.4 million for the quarter ended June 30, 2016, compared to $4.4 million in the same quarter of fiscal year 2015. Net charge-offs for the quarter were $3.0 million, or 0.15% of average total loans on an annualized basis. For the comparable period in fiscal year 2015, net charge-offs were $0.9 million, or 0.05% of average total loans on an annualized basis. The ratio of ALLL to total loans was 0.75% at June 30, 2016, a reduction from 0.82% at March 31, 2016, driven by the addition of loans acquired during the quarter with no carryover of the related ALLL. The balance of the ALLL increased from $61.9 million to $64.2 million over the same period.

Included within total loans are approximately $1.16 billion of loans for which management has elected the fair value option. These loans are excluded from the ALLL process, but management has estimated that approximately $8.1 million of the fair value adjustment for these loans relates to credit risk, translating to an additional 0.09% of total loans. Additionally, the Company assigned a net purchase discount of $28.5 million to the loans acquired in the HF acquisition during the quarter, which was consistent with due diligence expectations and equates to approximately 3.2% of the gross acquired loans. Total purchase discount remaining on all acquired loans equates to 0.50% of total loans.

At June 30, 2016, loans graded "Watch" were $395.9 million, an increase of $62.3 million, or 18.7%, compared to March 31, 2016, and loans graded "Substandard" were $237.6 million, an increase of $15.4 million, or 7.0%, over the same period. Loans acquired in the HF acquisition contributed $99.4 million of the increase in "Watch" loans and $18.6 million of the increase in "Substandard" loans, meaning the net change excluding HF loans was a reduction to both "Watch" and "Substandard" loans. The levels of acquired loans in these categories is consistent with expectations derived from due diligence and was considered in the purchase price paid for HF and in the valuation of the acquired loans.

Nonaccrual loans were $108.2 million as of June 30, 2016, with $4.2 million of the balance covered by FDIC loss-sharing arrangements. Total nonaccrual loans increased by $53.2 million during the quarter and increased by $40.1 million compared to same quarter in fiscal year 2015. The increase in nonaccrual loans was primarily driven by the deterioration of a small number of lending relationships, which have been closely monitored and managed for a number of quarters, and had already been classified as "Substandard" loans. Total OREO balances were $11.7 million as of June 30, 2016, a decrease of $0.5 million, or 4.1%, compared to prior quarter and a decrease of $10.3 million, or 46.9%, compared to June 30, 2015.

Total credit-related charges increased compared to the previous quarter and the same quarter in fiscal year 2015. A summary of total credit-related charges incurred during the current, prior and comparable quarters is presented below:

GREAT WESTERN BANCORP, INC.
Summary of Credit-Related Charges (Unaudited)
(Dollars in thousands)		For the three months ended:
Item	Included within F/S Line Item(s):	June 30, 2016		March 31, 2016			June 30, 2015
Provision for loan and lease losses	Provision for loan and lease losses	$	5,372	$	2,631		$	4,410
Net OREO charges	Net loss on repossessed property and other related expenses	379		210			1,067
(Recovery) reversal of interest income on nonaccrual loans	Interest income on loans	1,505		(45		)	(100		)
Loan fair value adjustment related to credit	Net increase (decrease) in fair value of loans at fair value	2,722		(237		)	31
Total		$	9,978	$	2,559		$	5,408

2

Exhibit 99.1

Noninterest Income

Noninterest income was $9.1 million for the third quarter ended June 30, 2016, a decrease of $0.9 million, or 9.1%, compared to the third quarter of fiscal year 2015. Included within noninterest income are the changes in fair value of certain loans for which the Company has elected the fair value option and the net gain (loss), realized and unrealized, of the related derivatives used to manage the interest rate risk on these loans. On a net basis, these two components of noninterest income accounted for a decrease of $2.3 million, including $2.7 million of changes in loan fair value related to credit, while noninterest income from product and service fees increased by $1.4 million.

Included within the increase in income from product and service fees, service charges and other fees increased by $2.7 million compared to the same period in the prior fiscal year. Shortly after the end of calendar year 2015, the Company received regulatory approval to revert to higher interchange rates as a result of maintaining consolidated total assets under $10.0 billion as of December 31, 2015. The Company had previously been subject to capped interchange rates as a result of consolidating its total assets with other U.S. assets held by its former foreign parent company. Management estimates that the impact of this change was approximately $2.4 million in the current quarter with the higher rates effective through June 30, 2017. The increase in service charges and other fees was partially offset by a $1.1 million decrease in other noninterest income, which was higher in the comparable period because the Company recognized its portion of recoveries received on assets covered by FDIC loss-sharing arrangements, which did not repeat in the current quarter.

Noninterest Expense

Total noninterest expense was $61.2 million for the quarter ended June 30, 2016, an increase of $14.8 million, or 31.9%, compared to the same quarter in fiscal year 2015. The increase was primarily driven by $12.2 million of acquisition costs related to the HF acquisition and a $1.7 millionincrease in salaries and employee benefits due in part to incremental employees joining the Company from the HF acquisition.

The efficiency ratio¹ was 58.8% for the quarter, compared to 46.4% for the same quarter of fiscal year 2015 and 50.0% through the first nine months of fiscal year 2016. The elevated efficiency ratio for the quarter was due almost entirely to one-time acquisition expenses.

Provision for Income Taxes

The provision for income taxes for the third fiscal quarter ended June 30, 2016 was $7.8 million, reflecting an effective tax rate of 22.8% of income before income taxes. This compares to an effective tax rate of 34.0% for the third quarter of fiscal year 2015. Included within tax expense for the June quarter is a non-recurring benefit of $3.7 million relating to a correction of an immaterial error of a deferred tax item from an acquisition in 2008. This item is expected to have an immaterial impact on net income for the full 2016 fiscal year.

Capital and Goodwill

Tier 1 and total capital ratios were 10.9% and 12.0%, respectively, as of June 30, 2016, compared to 11.1% and 12.4%, respectively, as of March 31, 2016. The common equity tier 1 capital ratio was 10.0% as of June 30, 2016 and 10.4% as of March 31, 2016. The tier 1 leverage ratio was 10.0% as of June 30, 2016 and 9.5% as of March 31, 2016. All regulatory capital ratios remain above regulatory minimums to be considered "well capitalized."

As a result of the HF acquisition, additional goodwill of $40.7 million was recognized in the third fiscal quarter ended June 30, 2016.

On July 28, 2016, the Company’s board of directors declared a dividend of $0.14 per common share payable on August 24, 2016 to stockholders of record as of close of business on August 12, 2016. The aggregate dividend payment will be approximately $8.2 million.

Business Outlook

"As uncertainty about the interest rate outlook and the broader economy grows, we are committed to continue doing the things that have made us successful," added Karels. "We intend to manage our cost structure, generate positive operating leverage while investing in the future, underwrite prudently and be proactive about managing credit exposures that do arise over time and I believe these actions will allow us to succeed no matter the economic backdrop. I continue to be very excited about the future of the expanded GWB resulting from the HF acquisition and new market opportunities in Minnesota and North Dakota."

3

Exhibit 99.1

Conference Call

Great Western Bancorp, Inc. will host a conference call to discuss its financial results for the third quarter of fiscal year 2016 on Thursday, July 28, 2016 at 7:30 AM (CT). The call can be accessed by dialing (855) 238-8837 approximately 10 minutes prior to the start time. Please ask to be joined into the Great Western Bancorp, Inc. (GWB) call. International callers should dial (412) 542-4114. The call will also be broadcast live over the Internet and can be accessed in the Investor Relations section of Great Western’s website at www.greatwesternbank.com. A replay will be available beginning one hour following the conference call and ending on August 11, 2016. To access the replay, dial (877) 344-7529 (U.S.) and use conference ID 10088389. International callers should dial (412) 317-0088 and enter the same conference ID number.

About Great Western Bancorp, Inc.

Great Western Bancorp, Inc. is the holding company for Great Western Bank, a full-service regional bank focused on relationship-based business and agribusiness banking. Great Western Bank offers small and mid-sized businesses a focused suite of financial products and a range of deposit and loan products to retail customers through several channels, including the branch network, online banking system, mobile banking applications and customer care centers. The bank services its customers through 178 branches in nine states: South Dakota, Iowa, Nebraska, North Dakota, Minnesota, Colorado, Arizona, Kansas and Missouri. To learn more about Great Western Bank visit www.greatwesternbank.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements about Great Western Bancorp, Inc.’s expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. 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,” “intends” and similar words or phrases. In particular, the statements included in this press release concerning Great Western Bancorp, Inc.’s expected performance and strategy, and the interest rate environment, beyond fiscal year 2016 are not historical facts and are forward-looking. Accordingly, the forward-looking statements in this press release are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties, including those related to the integration of the recently-completed merger with HF Financial Corp., that could cause actual results to differ materially from those expressed. All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations, and, therefore, you are cautioned not to place undue reliance on such statements. Any forward-looking statements are qualified in their entirety by reference to the factors discussed in the sections titled “Item 1A. Risk Factors” and "Cautionary Note Regarding Forward-Looking Statements" in Great Western Bancorp, Inc.’s Annual Report on Form 10-K for the fiscal year ended September 30, 2015, and other periodic filings with the SEC, including its Quarterly Reports on Form 10-Q for the periods ended December 31, 2015 and March 31, 2016, and all risk factors associated with the recently completed acquisition of HF Financial Corp. Further, any forward-looking statement speaks only as of the date on which it is made, and Great Western Bancorp, Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.

4

Exhibit 99.1

GREAT WESTERN BANCORP, INC.
Consolidated Financial Data (Unaudited)
(Dollars in thousands except share and per share amounts)
	At or for the nine months ended:						At or for the three months ended:
	June 30, 2016			June 30, 2015			June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015			June 30, 2015
Operating Data:
Interest and dividend income (FTE)	$	293,502		$	275,458		$	102,094		$	96,098		$	95,310		$	94,499		$	93,582
Interest expense	24,033			22,588			8,537			7,969			7,527			7,296			7,340
Noninterest income	26,739			24,841			9,097			8,999			8,644			9,049			10,005
Noninterest expense	150,297			141,959			61,222			44,855			44,220			44,835			46,430
Provision for loan and lease losses	11,892			17,408			5,372			2,631			3,889			1,633			4,410
Net income	87,495			75,253			26,360			30,674			30,461			33,812			28,832
Adjusted net income 1	$	95,524		$	75,253		$	33,911		$	31,152		$	30,461		$	33,812		$	28,832
Common shares outstanding	58,693,499			57,886,114			58,693,499			55,245,177			55,244,569			55,219,596			57,886,114
Weighted average diluted common shares outstanding	55,993,011			57,929,188			57,176,705			55,408,876			55,393,452			56,215,947			57,959,202
Earnings per common share - diluted	$	1.56		$	1.30		$	0.46		$	0.55		$	0.55		$	0.60		$	0.50
Adjusted earnings per common share - diluted 1	$	1.71		$	1.30		$	0.59		$	0.56		$	0.55		$	0.60		$	0.50
Performance Ratios:
Net interest margin (FTE)2	3.97		%	3.92		%	3.95		%	3.99		%	3.98		%	3.98		%	3.95		%
Adjusted net interest margin (FTE)1 2	3.74		%	3.67		%	3.74		%	3.75		%	3.73		%	3.72		%	3.70		%
Return on average total assets2	1.16		%	1.04		%	1.00		%	1.24		%	1.23		%	1.38		%	1.18		%
Return on average common equity2	7.8		%	6.9		%	6.8		%	8.3		%	8.3		%	9.2		%	7.8		%
Return on average tangible common equity1 2	15.0		%	14.5		%	12.9		%	16.0		%	16.2		%	18.1		%	15.8		%
Efficiency ratio1	50.0		%	48.8		%	58.8		%	45.5		%	45.1		%	45.8		%	46.4		%
Capital:
Tier 1 capital ratio	10.9		%	11.5		%	10.9		%	11.1		%	10.9		%	10.9		%	11.5		%
Total capital ratio	12.0		%	12.5		%	12.0		%	12.4		%	12.2		%	12.1		%	12.5		%
Tier 1 leverage ratio	10.0		%	9.4		%	10.0		%	9.5		%	9.4		%	9.1		%	9.4		%
Common equity tier 1 ratio	10.0		%	10.8		%	10.0		%	10.4		%	10.2		%	10.1		%	10.8		%
Tangible common equity / tangible assets1	8.3		%	8.6		%	8.3		%	8.7		%	8.3		%	8.3		%	8.6		%
Tangible book value per share1	$	15.15		$	13.51		$	15.15		$	14.58		$	13.96		$	13.66		$	13.51
Asset Quality:
Nonaccrual loans	$	108,207		$	68,117		$	108,207		$	54,988		$	54,351		$	68,289		$	68,117
OREO	$	11,701		$	21,969		$	11,701		$	12,204		$	15,503		$	15,892		$	21,969
Nonaccrual loans / total loans	1.26		%	0.94		%	1.26		%	0.73		%	0.72		%	0.93		%	0.94		%
Net charge-offs (recoveries)	$	4,849		$	8,996		$	3,046		$	1,852		$	(39	)	$	363		$	906
Net charge-offs (recoveries) / average total loans2	0.08		%	0.17		%	0.15		%	0.10		%	—		%	0.02		%	0.05		%
Allowance for loan and lease losses / total loans	0.75		%	0.77		%	0.75		%	0.82		%	0.81		%	0.78		%	0.77		%
Watch-rated loans	$	395,893		$	322,256		$	395,893		$	333,597		$	298,620		$	310,379		$	322,256
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 Annualized for all partial-year periods.

5

Exhibit 99.1

GREAT WESTERN BANCORP, INC.
Consolidated Income Statement (Unaudited)
(Dollars in thousands)
	At or for the nine months ended:						At or for the three months ended:
	June 30, 2016			June 30, 2015			June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015			June 30, 2015
Interest and dividend income
Loans	$	269,137		$	251,978		$	93,749		$	88,192		$	87,197		$	86,480		$	85,240
Taxable securities	17,600			17,050			5,826			5,787			5,987			5,923			5,984
Nontaxable securities	85			36			61			12			12			15			10
Dividends on securities	832			997			396			222			213			250			489
Federal funds sold and other	326			599			157			94			75			53			155
Total interest and dividend income	287,980			270,660			100,189			94,307			93,484			92,721			91,878
Interest expense
Deposits	18,145			17,775			6,451			6,029			5,665			5,587			5,776
Securities sold under agreements to repurchase	395			430			124			132			139			133			134
FHLB advances and other borrowings	2,831			2,706			986			929			916			925			867
Related party notes payable	—			692			—			—			—			79			233
Subordinated debentures and subordinated notes payable	2,662			985			976			879			807			572			330
Total interest expense	24,033			22,588			8,537			7,969			7,527			7,296			7,340
Net interest income	263,947			248,072			91,652			86,338			85,957			85,425			84,538
Provision for loan and lease losses	11,892			17,408			5,372			2,631			3,889			1,633			4,410
Net interest income after provision for loan and lease losses	252,055			230,664			86,280			83,707			82,068			83,792			80,128
Noninterest income
Service charges and other fees	33,098			28,896			12,316			10,316			10,467			10,238			9,627
Wealth management fees	5,087			5,754			1,807			1,668			1,612			1,658			1,972
Mortgage banking income, net	4,143			5,027			1,669			1,204			1,270			1,667			1,903
Net gain (loss) on sale of securities	(196		)	51			134			24			(354		)	259			—
Net increase (decrease) in fair value of loans at fair value	35,253			7,914			14,198			35,955			(14,901		)	28,828			(24,394		)
Net realized and unrealized gain (loss) on derivatives	(53,379		)	(27,357		)	(21,925		)	(40,893		)	9,439			(34,731		)	18,946
Other	2,733			4,556			898			725			1,111			1,130			1,951
Total noninterest income	26,739			24,841			9,097			8,999			8,644			9,049			10,005
Noninterest expense
Salaries and employee benefits	78,417			75,373			28,352			24,769			25,296			25,273			26,612
Data processing	15,822			14,193			5,625			4,950			5,246			5,338			4,657
Occupancy expenses	11,436			11,169			4,002			3,843			3,591			3,640			3,161
Professional fees	9,087			10,464			3,327			2,652			3,108			3,560			3,289
Communication expenses	2,650			3,429			788			928			934			1,026			1,031
Advertising	3,015			2,870			1,047			1,048			920			1,070			1,196
Equipment expenses	2,794			2,956			959			931			904			949			1,075
Net loss (gain) on repossessed property and other related expenses	479			5,547			379			210			(110		)	(165		)	1,067
Amortization of core deposits and other intangibles	2,239			6,402			822			708			709			708			1,776
Acquisition expenses	12,950			—			12,179			771			—			—			—
Other	11,408			9,556			3,742			4,045			3,622			3,436			2,566
Total noninterest expense	150,297			141,959			61,222			44,855			44,220			44,835			46,430
Income before income taxes	128,497			113,546			34,155			47,851			46,492			48,006			43,703
Provision for income taxes	41,002			38,293			7,795			17,177			16,031			14,194			14,871
Net income	$	87,495		$	75,253		$	26,360		$	30,674		$	30,461		$	33,812		$	28,832

6

Exhibit 99.1

GREAT WESTERN BANCORP, INC.
Summarized Consolidated Balance Sheet (Unaudited)
(Dollars in thousands)
	As of
	June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015			June 30, 2015
Assets
Cash and due from banks	$	475,785		$	174,401		$	212,710		$	237,770		$	187,171
Securities	1,361,164			1,328,685			1,317,605			1,327,327			1,410,475
Total loans	8,606,974			7,557,788			7,530,660			7,325,198			7,245,239
Allowance for loan and lease losses	(64,243		)	(61,917		)	(61,128		)	(57,200		)	(55,930		)
Loans, net	8,542,731			7,495,871			7,469,532			7,267,998			7,189,309
Goodwill and other intangible assets	751,217			703,508			704,217			704,926			705,634
Other assets	322,325			239,830			253,151			260,633			271,570
Total assets	$	11,453,222		$	9,942,295		$	9,957,215		$	9,798,654		$	9,764,159
Liabilities and stockholders' equity
Noninterest-bearing deposits	$	1,802,169		$	1,503,981		$	1,506,868		$	1,368,453		$	1,360,722
Interest-bearing deposits	6,678,040			6,208,748			6,155,750			6,018,612			5,996,966
Total deposits	8,480,209			7,712,729			7,662,618			7,387,065			7,357,688
Securities sold under agreements to repurchase	159,016			146,273			187,871			185,271			161,559
FHLB advances and other borrowings	913,377			370,000			451,000			581,000			590,520
Other liabilities	260,109			204,091			180,210			185,972			166,541
Total liabilities	9,812,711			8,433,093			8,481,699			8,339,308			8,276,308
Stockholders' equity	1,640,511			1,509,202			1,475,516			1,459,346			1,487,851
Total liabilities and stockholders' equity	$	11,453,222		$	9,942,295		$	9,957,215		$	9,798,654		$	9,764,159

GREAT WESTERN BANCORP, INC.
Loan Portfolio Summary (Unaudited)
(Dollars in thousands)
	As of												Fiscal year-to-date:
	June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015			Change ($)			Change (%)
Commercial non-real estate	$	1,746,257		$	1,588,356		$	1,586,501		$	1,610,828		$	135,429		8.4	%
Agriculture	2,101,601			1,900,013			1,969,269			1,861,465			240,136			12.9	%
Construction and development	487,220			368,408			336,679			256,697			230,523			89.8	%
Owner-occupied CRE	1,207,665			1,107,055			1,081,617			1,122,041			85,624			7.6	%
Non-owner-occupied CRE	1,554,127			1,350,444			1,286,063			1,227,354			326,773			26.6	%
Multifamily residential real estate	408,012			252,121			257,681			239,656			168,356			70.2	%
Commercial real estate	3,657,024			3,078,028			2,962,040			2,845,748			811,276			28.5	%
Residential real estate	1,032,355			909,590			927,138			921,827			110,528			12.0	%
Consumer	79,814			64,465			69,787			73,049			6,765			9.3	%
Other 1	45,444			39,510			40,719			38,371			7,073			18.4	%
Total unpaid principal balance	8,662,495			7,579,962			7,555,454			7,351,288			1,311,207			17.8	%
Less: Unamortized discount on acquired loans and unearned net deferred fees and costs and loans in process	(55,521		)	(22,174		)	(24,794		)	(26,090		)	(29,431		)	112.8	%
Total loans	$	8,606,974		$	7,557,788		$	7,530,660		$	7,325,198		$	1,281,776		17.5	%
1 Other loans primarily include consumer and commercial credit cards, customer deposit account overdrafts, and lease receivables.

7

Exhibit 99.1

GREAT WESTERN BANCORP, INC.
Net Interest Margin (FTE) (Unaudited)
(Dollars in thousands)
	For the three months ended:
	June 30, 2016						March 31, 2016						June 30, 2015
	Average Balance		Interest (FTE) 1		Yield / Cost 2		Average Balance		Interest (FTE) 1		Yield / Cost 2		Average Balance		Interest (FTE) 1		Yield / Cost 2
Assets
Cash and due from banks	$	130,521	$	157	0.48	%	$	75,063	$	94	0.50	%	$	198,517	$	155	0.31	%
Investment securities	1,373,451		6,283		1.84	%	1,347,922		6,021		1.80	%	1,439,690		6,483		1.81	%
Non ASC 310-30 loans, net 3	7,903,860		93,733		4.77	%	7,371,600		88,325		4.82	%	6,995,340		84,798		4.86	%
ASC 310-30 loans, net	120,744		1,921		6.40	%	97,880		1,658		6.81	%	122,697		2,146		7.02	%
Loans, net	8,024,604		95,654		4.79	%	7,469,480		89,983		4.85	%	7,118,037		86,944		4.90	%
Total interest-earning assets	9,528,576		102,094		4.31	%	8,892,465		96,098		4.35	%	8,756,244		93,582		4.29	%
Noninterest-earning assets	1,085,961						1,031,022						1,065,347
Total assets	$	10,614,537	$	102,094	3.87	%	$	9,923,487	$	96,098	3.89	%	$	9,821,591	$	93,582	3.82	%
Liabilities and Stockholders' Equity
Noninterest-bearing deposits	$	1,497,567					$	1,373,728					$	1,312,859
NOW, MMDA and savings deposits	5,236,443		$	4,270	0.33	%	4,925,930		$	3,856	0.31	%	4,665,101		$	3,272	0.28	%
CDs	1,340,460		2,182		0.65	%	1,288,775		2,173		0.68	%	1,499,667		2,504		0.67	%
Total deposits	8,074,470		6,452		0.32	%	7,588,433		6,029		0.32	%	7,477,627		5,776		0.31	%
Securities sold under agreements to repurchase	152,615		124		0.33	%	161,188		132		0.33	%	158,758		134		0.34	%
FHLB advances and other borrowings	600,477		986		0.66	%	489,773		929		0.76	%	523,839		867		0.66	%
Related party notes payable	—		—		—	%	—		—		—	%	41,295		233		2.26	%
Subordinated debentures and subordinated notes payable	101,419		975		3.87	%	90,758		879		3.90	%	56,083		330		2.36	%
Total borrowings	854,511		2,085		0.98	%	741,719		1,940		1.05	%	779,975		1,564		0.80	%
Total interest-bearing liabilities	8,928,981		$	8,537	0.38	%	8,330,152		$	7,969	0.38	%	8,257,602		$	7,340	0.36	%
Noninterest-bearing liabilities	118,184						104,937						87,433
Stockholders' equity	1,567,372						1,488,398						1,476,556
Total liabilities and stockholders' equity	$	10,614,537					$	9,923,487					$	9,821,591
Net interest spread					3.48	%					3.51	%					3.46	%
Net interest income and net interest margin (FTE) 1			$	93,557	3.95	%			$	88,129	3.99	%			$	86,242	3.95	%
Less: Tax equivalent adjustment			1,905						1,791						1,704
Net interest income and net interest margin - ties to Statements of Comprehensive Income			$	91,652	3.87	%			$	86,338	3.90	%			$	84,538	3.87	%
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.
3 Interest income includes $1.8 million and $0.1 million for the third quarter of fiscal year 2016 and 2015, respectively, resulting from accretion of purchase accounting discount associated with acquired loans.

8

Exhibit 99.1

GREAT WESTERN BANCORP, INC.
Net Interest Margin (FTE) (Unaudited)
(Dollars in thousands)
	For the nine months ended:
	June 30, 2016						June 30, 2015
	Average Balance		Interest (FTE) 1		Yield / Cost 2		Average Balance		Interest (FTE) 1		Yield / Cost 2
Assets
Cash and due from banks	$	102,206	$	326	0.43	%	$	302,449	$	599	0.26	%
Investment securities	1,362,576		18,517		1.82	%	1,370,129		18,083		1.76	%
Non ASC 310-30 loans, net 3	7,489,534		269,452		4.81	%	6,816,785		249,581		4.90	%
ASC 310-30 loans, net	107,580		5,207		6.47	%	135,106		7,195		7.12	%
Loans, net	7,597,114		274,659		4.83	%	6,951,891		256,776		4.94	%
Total interest-earning assets	9,061,896		293,502		4.33	%	8,624,469		275,458		4.27	%
Noninterest-earning assets	1,055,005						1,089,322
Total assets	$	10,116,901	$	293,502	3.88	%	$	9,713,791	$	275,458	3.79	%
Liabilities and Stockholders' Equity
Noninterest-bearing deposits	$	1,420,749					$	1,362,551
NOW, MMDA and savings deposits	4,973,268		$	11,498	0.31	%	4,420,859		$	9,190	0.28	%
CDs	1,326,782		6,648		0.67	%	1,583,765		8,585		0.72	%
Total deposits	7,720,799		18,146		0.31	%	7,367,175		17,775		0.32	%
Securities sold under agreements to repurchase	163,622		395		0.32	%	169,660		430		0.34	%
FHLB advances and other borrowings	524,004		2,831		0.72	%	539,632		2,706		0.67	%
Related party notes payable	—		—		—	%	41,295		692		2.24	%
Subordinated debentures and subordinated notes payable	94,304		2,661		3.77	%	56,083		985		2.35	%
Total borrowings	781,930		5,887		1.01	%	806,670		4,813		0.80	%
Total interest-bearing liabilities	8,502,729		$	24,033	0.38	%	8,173,845		$	22,588	0.37	%
Noninterest-bearing liabilities	107,432						83,772
Stockholders' equity	1,506,740						1,456,174
Total liabilities and stockholders' equity	$	10,116,901					$	9,713,791
Net interest spread					3.50	%					3.42	%
Net interest income and net interest margin (FTE) 1			$	269,469	3.97	%			$	252,870	3.92	%
Less: Tax equivalent adjustment			5,522						4,798
Net interest income and net interest margin - ties to Statements of Comprehensive Income			$	263,947	3.89	%			$	248,072	3.85	%
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.
3 Interest income includes $2.0 million and $0.2 million for the nine months ended 2016 and 2015, respectively, resulting from accretion of purchase accounting discount associated with acquired loans.

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.

9

Exhibit 99.1

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 non ASC 310-30 loans and adjusted yield on non ASC 310-30 loans. 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 except share and per share amounts)
	At or for the nine months ended:						At or for the three months ended:
	June 30, 2016			June 30, 2015			June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015			June 30, 2015
Adjusted net income and adjusted earnings per common share:
Net income	$	87,495		$	75,253		$	26,360		$	30,674		$	30,461		$	33,812		$	28,832
Add: acquisition expenses	12,950			—			12,179			771			—			—			—
Add: tax effect at 38%	(4,921		)	—			(4,628		)	(293		)	—			—			—
Adjusted net income	$	95,524		$	75,253		$	33,911		$	31,152		$	30,461		$	33,812		$	28,832
Weighted average diluted common shares outstanding	55,993,011			57,929,188			57,176,705			55,408,876			55,393,452			56,215,947			57,959,202
Earnings per common share - diluted	$	1.56		$	1.30		$	0.46		$	0.55		$	0.55		$	0.60		$	0.50
Adjusted earnings per common share - diluted	$	1.71		$	1.30		$	0.59		$	0.56		$	0.55		$	0.60		$	0.50
Cash net income and return on average tangible common equity:
Net income	$	87,495		$	75,253		$	26,360		$	30,674		$	30,461		$	33,812		$	28,832
Add: Amortization of intangible assets	2,239			6,402			822			708			709			708			1,776
Add: Tax on amortization of intangible assets	(660		)	(660		)	(220		)	(220		)	(220		)	(220		)	(220		)
Cash net income	$	89,074		$	80,995		$	26,962		$	31,162		$	30,950		$	34,300		$	30,388
Average common equity	$	1,506,740		$	1,456,174		$	1,567,372		$	1,488,398		$	1,464,450		$	1,456,372		$	1,476,556
Less: Average goodwill and other intangible assets	712,049			708,799			727,707			703,866			704,576			705,284			706,526
Average tangible common equity	$	794,691		$	747,375		$	839,665		$	784,532		$	759,874		$	751,088		$	770,030
Return on average common equity *	7.8		%	6.9		%	6.8		%	8.3		%	8.3		%	9.2		%	7.8		%
Return on average tangible common equity *	15.0		%	14.5		%	12.9		%	16.0		%	16.2		%	18.1		%	15.8		%
* 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.

10

Exhibit 99.1

GREAT WESTERN BANCORP, INC.
Reconciliation of Non-GAAP Measures (Unaudited)
(Dollars in thousands except share and per share amounts)
	At or for the nine months ended:						At or for the three months ended:
	June 30, 2016			June 30, 2015			June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015			June 30, 2015
Adjusted net interest income and adjusted net interest margin (fully-tax equivalent basis):
Net interest income	$	263,947		$	248,072		$	91,652		$	86,338		$	85,957		$	85,425		$	84,538
Add: Tax equivalent adjustment	5,522			4,798			1,905			1,791			1,826			1,778			1,704
Net interest income (FTE)	269,469			252,870			93,557			88,129			87,783			87,203			86,242
Add: Current realized derivative gain (loss)	(15,832		)	(16,005		)	(5,005		)	(5,175		)	(5,652		)	(5,637		)	(5,416		)
Adjusted net interest income (FTE)	$	253,637		$	236,865		$	88,552		$	82,954		$	82,131		$	81,566		$	80,826
Average interest earning assets	$	9,061,896		$	8,624,469		$	9,528,576		$	8,892,465		$	8,764,649		$	8,693,471		$	8,756,244
Net interest margin (FTE) *	3.97		%	3.92		%	3.95		%	3.99		%	3.98		%	3.98		%	3.95		%
Adjusted net interest margin (FTE) **	3.74		%	3.67		%	3.74		%	3.75		%	3.73		%	3.72		%	3.70		%
* 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 non ASC 310-30 loans:
Interest income	$	263,930		$	244,783		$	91,829		$	86,534		$	85,567		$	84,835		$	83,094
Add: Tax equivalent adjustment	5,522			4,798			1,905			1,791			1,826			1,778			1,704
Interest income (FTE)	269,452			249,581			93,734			88,325			87,393			86,613			84,798
Add: Current realized derivative gain (loss)	(15,832		)	(16,005		)	(5,005		)	(5,175		)	(5,652		)	(5,637		)	(5,416		)
Adjusted interest income (FTE)	$	253,620		$	233,576		$	88,729		$	83,150		$	81,741		$	80,976		$	79,382
Average non ASC 310-30 loans	$	7,489,534		$	6,816,785		$	7,903,860		$	7,371,600		$	7,193,143		$	7,108,598		$	6,995,340
Yield (FTE) *	4.81		%	4.90		%	4.77		%	4.82		%	4.83		%	4.83		%	4.86		%
Adjusted yield (FTE) **	4.52		%	4.58		%	4.52		%	4.54		%	4.52		%	4.52		%	4.55		%
* 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	$	290,686		$	272,913		$	100,749		$	95,339		$	94,601		$	94,474		$	94,543
Add: Tax equivalent adjustment	5,522			4,798			1,905			1,791			1,826			1,778			1,704
Total revenue (FTE)	$	296,208		$	277,711		$	102,654		$	97,130		$	96,427		$	96,252		$	96,247
Noninterest expense	$	150,297		$	141,959		$	61,222		$	44,855		$	44,220		$	44,835		$	46,430
Less: Amortization of intangible assets	2,239			6,402			822			708			709			708			1,776
Tangible noninterest expense	$	148,058		$	135,557		$	60,400		$	44,147		$	43,511		$	44,127		$	44,654
Efficiency ratio *	50.0		%	48.8		%	58.8		%	45.5		%	45.1		%	45.8		%	46.4		%
* Calculated as the ratio of tangible noninterest expense to total revenue (FTE).

11

Exhibit 99.1

GREAT WESTERN BANCORP, INC.
Reconciliation of Non-GAAP Measures (Unaudited)
(Dollars in thousands except share and per share amounts)
	At or for the nine months ended:						At or for the three months ended:
	June 30, 2016			June 30, 2015			June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015			June 30, 2015
Tangible common equity and tangible common equity to tangible assets:
Total stockholders' equity	$	1,640,511		$	1,487,851		$	1,640,511		$	1,509,202		$	1,475,516		$	1,459,346		$	1,487,851
Less: Goodwill and other intangible assets	751,217			705,634			751,217			703,508			704,217			704,926			705,634
Tangible common equity	$	889,294		$	782,217		$	889,294		$	805,694		$	771,299		$	754,420		$	782,217
Total assets	$	11,453,222		$	9,764,159		$	11,453,222		$	9,942,295		$	9,957,215		$	9,798,654		$	9,764,159
Less: Goodwill and other intangible assets	751,217			705,634			751,217			703,508			704,217			704,926			705,634
Tangible assets	$	10,702,005		$	9,058,525		$	10,702,005		$	9,238,787		$	9,252,998		$	9,093,728		$	9,058,525
Tangible common equity to tangible assets	8.3		%	8.6		%	8.3		%	8.7		%	8.3		%	8.3		%	8.6		%
Tangible book value per share:
Total stockholders' equity	$	1,640,511		$	1,487,851		$	1,640,511		$	1,509,202		$	1,475,516		$	1,459,346		$	1,487,851
Less: Goodwill and other intangible assets	751,217			705,634			751,217			703,508			704,217			704,926			705,634
Tangible common equity	$	889,294		$	782,217		$	889,294		$	805,694		$	771,299		$	754,420		$	782,217
Common shares outstanding	58,693,499			57,886,114			58,693,499			55,245,177			55,244,569			55,219,596			57,886,114
Tangible book value per share	$	15.15		$	13.51		$	15.15		$	14.58		$	13.96		$	13.66		$	13.51

GREAT WESTERN BANCORP, INC.

Media Contact:

Ann Nachtigal, 605-988-9217

ann.nachtigal@greatwesternbank.com

Investor Relations Contact:

David Hinderaker, 605-988-9253

david.hinderaker@greatwesternbank.com

12