8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT Pursuant

to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 27, 2017

GREAT WESTERN BANCORP, INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

001-36688	47-1308512
(Commission File Number)	(IRS Employer Identification No.)
225 South Main Avenue
Sioux Falls, South Dakota	57104
(Address of Principal Executive Offices)	(Zip Code)

(605) 334-2548

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On April 27, 2017, Great Western Bancorp, Inc. ("Great Western" and, together with its consolidated subsidiaries, the “Company”) announced its earnings for the second fiscal quarter ended March 31, 2017. A copy of Great Western's press release containing this information is attached as Exhibit 99.1 to this report on Form 8-K and is incorporated herein by reference.

Item 7.01. Regulation FD Disclosure.

A copy of the slide presentation relating to the Company’s earnings results for use on the conference call being held for investors and analysts is being furnished as Exhibit 99.2 to this report on Form 8-K and is incorporated herein by reference.

The Company is also furnishing via this report on Form 8-K a copy of its Quarterly Investor Relations Presentation which includes financial data as of and for the three and six months ended March 31, 2017. The Company intends to use this presentation for any investor meetings or related interactions through the second quarter of fiscal year 2017. A copy of the presentation will also be available in the Investor Relations section of the Company’s website, www.greatwesternbank.com. A copy of the presentation is furnished as Exhibit 99.3 to this Form 8-K and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press release of Great Western dated April 27, 2017, containing financial information for the quarter ended March 31, 2017.
99.2	Slide presentation for conference call for investors and analysts on April 27, 2017.
99.3	Quarterly Investor Relations Presentation for the second quarter of fiscal year 2017.

All information provided in this report on Form 8-K, including Exhibits 99.1, 99.2 and 99.3, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liabilities under that Section, and shall not be deemed to be incorporated by reference into any filing of Great Western under the Securities Act of 1933, as amended, or the Exchange Act except as expressly set forth by specific reference in such a filing.

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	GREAT WESTERN BANCORP,INC.
Date: April 27, 2017	By:          /s/ Peter Chapman
	Name:          Peter Chapman
	Title:          Chief Financial Officer and Executive Vice President

INDEX TO EXHIBITS

Exhibit No.	Description
99.1	Press release of the registrant dated April 27, 2017, containing financial information for the quarter ended March 31, 2017.
99.2	Slide presentation for conference call for investors and analysts on April 27, 2017.
99.3	Quarterly Investor Relations Presentation for the second quarter of fiscal year 2017.

EX-99.1

Exhibit 99.1

Great Western Bancorp, Inc. Announces Fiscal Year 2017 Second Quarter Financial Results; Raises Dividend

Highlights for the Second Quarter of Fiscal Year 2017

• Second quarter net income was $35.2 million, or $0.60 per diluted share, a 14.6% increase in net income compared to $30.7 million, or $0.55 per diluted share, for the same quarter of fiscal year 2016

• Net interest margin and adjusted net interest margin¹ were 3.98% and 3.83%, respectively, increases of 9 and 12 basis points, respectively, compared to the quarter ended December 31, 2016

• The Company's Board of Directors declared a quarterly dividend of $0.20 per share, an increase of 18% compared to the most recent quarterly dividend

• Key asset quality metrics of classified loans, nonaccrual loans and other real estate owned ("OREO") generally remained stable over the quarter, reinforcing management's view that stress in the agriculture loan portfolio is expected to remain manageable

• Total loans decreased $81.7 million compared to the quarter ended December 31, 2016, primarily as a result of reductions in agriculture loan balances, while deposit growth was $385.7 million, or 4.4%

• Costs remained well managed with an efficiency ratio¹ of 47.0%

Sioux Falls, SD - April 27, 2017 - Great Western Bancorp, Inc. (NYSE: GWB) today reported net income of $35.2 million, or $0.60 per diluted share, for the second quarter of fiscal year 2017, compared to net income of $30.7 million, or $0.55 per diluted share, for the same quarter of fiscal year 2016. Fiscal year-to-date net income of $72.1 million represents an increase of 17.9% compared to the same period in fiscal year 2016.

"We are proud to deliver another robust quarter of net income and are happy to announce an increase to our quarterly dividend which reflects our strong capital generation," said Ken Karels, Chairman, President and Chief Executive Officer. "We have made significant progress managing through the annual renewal process with many of our farm and ranch customers and continue to feel comfortable with that portion of our business."

Net Interest Income and Net Interest Margin² 

Net interest income was $99.6 million for the second quarter of fiscal year 2017, an increase of $11.5 million, or 13.0%, compared to the same quarter in fiscal year 2016. The increase was primarily attributable to higher loan interest income driven by 15.8% growth in average loans outstanding between periods, including both organic growth and inorganic growth related to the 2016 acquisition of HF Financial Corp. Higher loan interest income was partially offset by a $2.5 million increase in interest expense related to deposits and FHLB borrowings.

Net interest margin was 3.98%, 3.89% and 3.99%, respectively, for the quarters ended March 31, 2017, December 31, 2016 and March 31, 2016. Adjusted net interest margin¹, which adjusts for the realized gain (loss) on interest rate swaps, was 3.83%, 3.71% and 3.75%, respectively, for the same periods. Net interest margin and adjusted net interest margin¹ increased by 9 basis points and 12 basis points, respectively, compared to the quarter ended December 31, 2016. The yield on interest-earning assets increased by 14 basis points over the quarter, while the cost of interest-bearing liabilities only increased by 5 basis points over the same period. Recent benchmark interest rate increases and a change in asset mix each contributed to the increased yield on interest-earning assets as loan yields increased by 7 basis points, primarily as a result of increasing rates on variable and adjustable rate loans, and lower yielding interest-bearing bank deposits comprised a much smaller portion of total interest-earning assets. Meanwhile, the total cost of deposits only increased by 3 basis points over the same period. A $0.6 million reduction in the cost of interest rate swaps compared to the prior quarter is the driver of the more pronounced increase in adjusted net interest margin¹ compared to net interest margin.

Balance Sheet

Total loans outstanding were $81.7 million lower compared to December 31, 2016. Commercial and industrial ("C&I") loans grew by $46.2 million, more than offset by a $92.0 million net reduction in agricultural loans.

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

Total deposits grew $385.7 million, or 4.4%, during the quarter, bringing fiscal year-to-date growth to $487.1 million, or 5.7%. Deposit growth during the quarter included $71.7 million of noninterest-bearing deposit growth and $313.9 million of interest-bearing deposit growth. The net deposit inflows during the quarter were predominantly utilized to fund a significant reduction in FHLB advances and other borrowings outstanding.

Provision for Loan and Lease Losses and Asset Quality

Provision for loan and lease losses was $4.0 million for the quarter ended March 31, 2017, compared to $2.6 million for the same quarter of fiscal year 2016. Provision for loan losses related to originated loans was $5.1 million, partially offset by a $1.1 million recoupment of provision for loan losses related to acquired loans resulting from the regular quarterly revaluation of those loans. Net charge-offs for the quarter were $8.1 million, or 0.38% of average total loans on an annualized basis. For the comparable period in fiscal year 2016, net charge-offs were $1.9 million, or 0.10%. The higher level of net charge-offs recognized during the quarter were concentrated in the agriculture, C&I and commercial real estate segments of the loan portfolio. The majority of the increase was driven by charge-offs related to loans that had been identified as potential problem loans prior to December 31, 2016 and for which a specific allowance for loan and lease loss had previously been recorded.

The ratio of allowance for loan and lease losses ("ALLL") to total loans was 0.72% at March 31, 2017, a reduction from 0.74% at September 30, 2016 and a reduction from 0.82% at March 31, 2016. The higher level of net charge-offs recognized during the quarter was the primary driver of the reduction in the ratio ALLL to total loans.

Included within total loans are approximately $1.06 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 $7.7 million of the fair value adjustment for these loans relates to credit risk, translating to an additional 0.09% of total loans. Finally, total purchase discount remaining on all acquired loans equates to 0.40% of total loans.

Key asset quality metrics of classified loans, nonaccrual loans and OREO have remained relatively stable compared to September 30, 2016 and December 31, 2016. At March 31, 2017, loans graded "Watch" were $324.5 million, a decrease of $10.2 million, or 3.1%, compared to December 31, 2016, and a decrease of $9.1 million, or 2.7%, compared to March 31, 2016. Loans graded "Substandard" were $263.7 million, an increase of $14.2 million, or 5.7%, compared to December 31, 2016, and an increase of $41.6 million, or 18.7%, compared to March 31, 2016.

Nonaccrual loans were $127.7 million as of March 31, 2017, with $3.9 million of the balance covered by FDIC loss-sharing agreements. Total nonaccrual loans increased by $3.5 million during the quarter and increased by $72.7 million compared to same quarter in fiscal year 2016. The year-over-year increase was primarily driven by the deterioration of originated loans, which predominantly occurred in the quarter ended June 30, 2016. Total OREO balances were $7.0 million as of March 31, 2017, a decrease of $1.1 million, or 13.6%, compared to prior quarter and a decrease of $5.2 million, or 42.7%, compared to March 31, 2016.

Total credit-related charges decreased compared to the previous quarter and increased compared to the same quarter in fiscal year 2016. A summary of total credit-related charges incurred during the current, prior and comparable quarters and current and prior six-month periods is presented below:

GREAT WESTERN BANCORP, INC.
Summary of Credit-Related Charges (Unaudited)
		At or for the six months ended:						For the three months ended:
Item	Included within F/S Line Item(s):	March 31, 2017			March 31, 2016			March 31, 2017			December 31, 2016			March 31, 2016
		(dollars in thousands)
Provision for loan and lease losses	Provision for loan and lease losses	$	11,058		$	6,520		$	4,009		$	7,049		$	2,631
Net OREO charges	Net loss on repossessed property and other related expenses	1,056			100			397			658			210
Recovery of interest income on nonaccrual loans	Interest income on loans	(99		)	(185		)	(25		)	(74		)	(45		)
Loan fair value adjustment related to credit	Net increase (decrease) in fair value of loans at fair value	289			(427		)	(251		)	539			(237		)
Total		$	12,304		$	6,008		$	4,130		$	8,172		$	2,559

Noninterest Income

Noninterest income was $13.8 million for the second quarter ended March 31, 2017, an increase of $4.8 million, or 53.7%, compared to the second quarter of fiscal year 2016. The increase was primarily driven by a $1.6 million, or 15.5%, increase in service charges

2

Exhibit 99.1

and other fees, which includes a $1.2 million increase in debit card interchange income and a modest increase in commercial deposit service charges. Management estimates that the impact of recording higher debit card interchange income (i.e., "Durbin Amendment") was $2.3 million for the quarter, compared to an estimate of $1.2 million for the same quarter of fiscal year 2016, which reflected only a partial quarter impact. The higher allowable interchange rates are effective through June 30, 2017. Wealth management income increased by $0.8 million and other income increased by $0.7 million.

Also 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 an increase of $1.3 million compared to the same quarter of fiscal year 2016, which was almost entirely driven by a $1.3 million reduction in the current cost of interest rate swaps driven by changes in the interest rate environment.

Noninterest Expense

Total noninterest expense was $53.9 million for the second fiscal quarter ended March 31, 2017, an increase of $9.0 million, or 20.1%, compared to the same quarter in fiscal year 2016. The increase was primarily driven by an increase in salaries and employee benefits of $7.6 million, which was driven by a 13% increase in full-time equivalent employees, mostly related to the acquisition of HF Financial Corp. completed in 2016, additional roles added to meet increased regulatory compliance expectations, and higher cost of employee benefits, which is primarily related to health insurance. Data processing costs increased by $1.0 million, driven by recent technology investments, and professional fees increased by $0.9 million, driven by consulting costs for compliance-related projects and investments in branch security.

The efficiency ratio¹ was 47.0% for the quarter, an increase from 45.5% for the same quarter of fiscal year 2016 and from 45.1% in the December 2016 quarter. The sequential increase was primarily driven by a 2.5% increase in noninterest expenses between the two periods, which included increases in salaries and employee benefits and professional fees.

Provision for Income Taxes

The provision for income taxes for the second fiscal quarter ended March 31, 2017 was $18.2 million, reflecting an effective tax rate of 34.1% of income before income taxes. This compares to an effective tax rate of 35.9% for the second quarter of fiscal year 2016.

Capital

Tier 1 and total capital ratios were 11.6% and 12.7%, respectively, as of March 31, 2017, compared to 11.2% and 12.3%, respectively, as of December 31, 2016. The common equity tier 1 capital ratio was 10.8% as of March 31, 2017 and 10.4% as of December 31, 2016. The tier 1 leverage ratio was 10.0% as of March 31, 2017 and 9.7% as of December 31, 2016. All regulatory capital ratios remain above regulatory minimums to be considered "well capitalized."

On April 27, 2017, the Company’s Board of Directors declared a dividend of $0.20 per common share payable on May 24, 2017 to stockholders of record as of close of business on May 12, 2017. This represents an 18% increase compared to the $0.17 dividend declared in January 2017, which the Board of Directors felt was appropriate based on strong capital generation and regulatory capital ratios. The aggregate dividend payment will be approximately $11.8 million.

Business Outlook

"We made some significant progress during the quarter managing through some of our more challenging agriculture loan relationships, which included recognizing charge-offs on a number of relationships with specific reserves that we had previously identified as problems," added Karels. "We also managed a number of weaker agriculture relationships out of the bank, which we believe is best for the long-term health of the Company but also led to lower loan growth for the quarter. We are starting to see more activity in our loan pipeline and remain confident we can deliver mid-single-digit loan growth for the full year, which will be supported by the great deposit growth we delivered this quarter."

Conference Call

Great Western Bancorp, Inc. will host a conference call to discuss its financial results for the second quarter of fiscal year 2017 on Thursday, April 27, 2017 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 May 11, 2017. To access the replay, dial (877) 344-7529 (U.S.) and use conference ID 10103450. International callers should dial (412) 317-0088 and enter the same conference ID number.

3

Exhibit 99.1

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 more than 170 branches in nine states: Arizona, Colorado, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota. 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, strategies, 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,” "views," “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, the outlook for its agricultural lending segment and the interest rate environment 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 acquisition of 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, 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)
	At or for the six months ended:						At or for the three months ended:
	March 31, 2017			March 31, 2016			March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016
	(dollars in thousands, except share and per share amounts)
Operating Data:
Interest and dividend income (FTE)	$	220,622		$	191,408		$	110,075		$	110,548		$	109,730		$	102,094		$	96,098
Interest expense	20,257			15,496			10,494			9,764			9,491			8,537			7,969
Noninterest income	27,741			17,642			13,834			13,907			15,798			9,097			8,999
Noninterest expense	106,389			89,075			53,852			52,537			57,342			61,222			44,855
Provision for loan and lease losses	11,058			6,520			4,009			7,049			5,063			5,372			2,631
Net income	72,065			61,135			35,162			36,903			33,758			26,360			30,674
Adjusted net income 1	$	72,505		$	61,613		$	35,162		$	37,343		$	35,458		$	33,911		$	31,152
Common shares outstanding	58,760,517			55,245,177			58,760.517			58,755,989			58,693,304			58,693,499			55,245,177
Weighted average diluted common shares outstanding	59,032,787			55,401,164			59,073,669			58,991,905			58,938,367			57,176,705			55,408,876
Earnings per common share - diluted	$	1.22		$	1.10		$	0.60		$	0.63		$	0.57		$	0.46		$	0.55
Adjusted earnings per common share - diluted 1	$	1.23		$	1.11		$	0.60		$	0.63		$	0.60		$	0.59		$	0.56
Performance Ratios:
Net interest margin (FTE) 2	3.93		%	3.99		%	3.98		%	3.89		%	3.92		%	3.95		%	3.99		%
Adjusted net interest margin (FTE) 1 2	3.77		%	3.74		%	3.83		%	3.71		%	3.73		%	3.74		%	3.75		%
Return on average total assets 2	1.27		%	1.24		%	1.26		%	1.28		%	1.19		%	1.00		%	1.24		%
Return on average common equity 2	8.6		%	8.3		%	8.5		%	8.8		%	8.2		%	6.8		%	8.3		%
Return on average tangible common equity 1 2	15.9		%	16.1		%	15.4		%	16.3		%	15.3		%	12.9		%	16.0		%
Efficiency ratio 1	46.0		%	45.3		%	47.0		%	45.1		%	48.5		%	58.8		%	45.5		%
Capital:
Tier 1 capital ratio	11.6		%	11.1		%	11.6		%	11.2		%	11.1		%	10.9		%	11.1		%
Total capital ratio	12.7		%	12.4		%	12.7		%	12.3		%	12.2		%	12.0		%	12.4		%
Tier 1 leverage ratio	10.0		%	9.5		%	10.0		%	9.7		%	9.5		%	10.0		%	9.5		%
Common equity tier 1 ratio	10.8		%	10.4		%	10.8		%	10.4		%	10.2		%	10.0		%	10.4		%
Tangible common equity / tangible assets 1	9.0		%	8.7		%	9.0		%	8.7		%	8.5		%	8.3		%	8.7		%
Book value per share - GAAP	$	29.05		$	27.32		$	29.05		$	28.57		$	28.34		$	27.95		$	27.32
Tangible book value per share 1	$	16.29		$	14.58		$	16.29		$	15.81		$	15.55		$	15.15		$	14.58
Asset Quality:
Nonaccrual loans	$	127,675		$	54,988		$	127,675		$	124,178		$	126,395		$	108,207		$	54,988
OREO	$	6,994		$	12,204		$	6,994		$	8,093		$	10,282		$	11,701		$	12,204
Nonaccrual loans / total loans	1.47		%	0.73		%	1.47		%	1.41		%	1.46		%	1.26		%	0.73		%
Net charge-offs (recoveries)	$	13,015		$	1,803		$	8,091		$	4,924		$	4,654		$	3,046		$	1,852
Net charge-offs (recoveries) / average total loans 2	0.30		%	0.05		%	0.38		%	0.22		%	0.21		%	0.15		%	0.10		%
Allowance for loan and lease losses / total loans	0.72		%	0.82		%	0.72		%	0.76		%	0.74		%	0.75		%	0.82		%
Watch-rated loans	$	324,457		$	333,597		$	324,457		$	334,673		$	327,608		$	395,893		$	333,597
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)
	At or for the six months ended:						At or for the three months ended:
	March 31, 2017			March 31, 2016			March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016
	(dollars in thousands)
Interest and dividend income
Loans	$	202,818		$	175,388		$	101,136		$	101,683		$	101,307		$	93,749		$	88,192
Taxable securities	11,933			11,774			6,055			5,878			5,649			5,826			5,787
Nontaxable securities	440			24			241			199			145			61			12
Dividends on securities	543			436			242			300			369			396			222
Federal funds sold and other	565			169			219			346			248			157			94
Total interest and dividend income	216,299			187,791			107,893			108,406			107,718			100,189			94,307
Interest expense
Deposits	15,118			11,694			7,829			7,290			6,968			6,451			6,029
Securities sold under agreements to repurchase	212			271			98			115			125			124			132
FHLB advances and other borrowings	2,741			1,845			1,469			1,271			1,323			986			929
Subordinated debentures and subordinated notes payable	2,186			1,686			1,098			1,088			1,075			976			879
Total interest expense	20,257			15,496			10,494			9,764			9,491			8,537			7,969
Net interest income	196,042			172,295			97,399			98,642			98,227			91,652			86,338
Provision for loan and lease losses	11,058			6,520			4,009			7,049			5,063			5,372			2,631
Net interest income after provision for loan and lease losses	184,984			165,775			93,390			91,593			93,164			86,280			83,707
Noninterest income
Service charges and other fees	24,005			20,782			11,919			12,086			13,111			12,316			10,316
Wealth management fees	4,683			3,280			2,429			2,254			2,196			1,807			1,668
Mortgage banking income, net	4,302			2,474			1,640			2,662			3,119			1,669			1,204
Net gain (loss) on sale of securities	44			(330		)	44			—			356			134			24
Net increase (decrease) in fair value of loans at fair value	(69,218		)	21,054			(5,216		)	(64,001		)	(8,939		)	14,198			35,955
Net realized and unrealized gain (loss) on derivatives	60,568			(31,454		)	1,592			58,976			4,721			(21,925		)	(40,893		)
Other	3,357			1,836			1,426			1,930			1,234			898			725
Total noninterest income	27,741			17,642			13,834			13,907			15,798			9,097			8,999
Noninterest expense
Salaries and employee benefits	64,004			50,065			32,370			31,634			30,638			28,352			24,769
Data processing	11,642			10,196			5,965			5,677			5,896			5,625			4,950
Occupancy expenses	8,380			7,434			4,355			4,024			4,323			4,002			3,843
Professional fees	6,394			5,760			3,559			2,835			4,485			3,327			2,652
Communication expenses	1,953			1,862			914			1,040			1,072			788			928
Advertising	1,970			1,968			995			975			1,252			1,047			1,048
Equipment expenses	1,566			1,835			768			798			1,001			959			931
Net loss on repossessed property and other related expenses	1,056			100			397			658			784			379			210
Amortization of core deposits and other intangibles	1,389			1,417			550			839			1,024			822			708
Acquisition expenses	710			771			—			710			2,742			12,179			771
Other	7,325			7,667			3,979			3,347			4,125			3,742			4,045
Total noninterest expense	106,389			89,075			53,852			52,537			57,342			61,222			44,855
Income before income taxes	106,336			94,342			53,372			52,963			51,620			34,155			47,851
Provision for income taxes	34,271			33,207			18,210			16,060			17,862			7,795			17,177
Net income	$	72,065		$	61,135		$	35,162		$	36,903		$	33,758		$	26,360		$	30,674

6

Exhibit 99.1

GREAT WESTERN BANCORP, INC.
Summarized Consolidated Balance Sheet (Unaudited)
	As of
	March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016
	(dollars in thousands)
Assets
Cash and cash equivalents	$	335,929		$	270,168		$	524,611		$	475,785		$	174,401
Securities	1,350,893			1,371,558			1,317,386			1,361,164			1,328,685
Total loans	8,697,426			8,779,107			8,682,644			8,606,974			7,557,788
Allowance for loan and lease losses	(62,685		)	(66,767		)	(64,642		)	(64,243		)	(61,917		)
Loans, net	8,634,741			8,712,340			8,618,002			8,542,731			7,495,871
Goodwill and other intangible assets	749,366			749,916			750,755			751,217			703,508
Other assets	285,912			318,635			320,426			322,325			239,830
Total assets	$	11,356,841		$	11,422,617		$	11,531,180		$	11,453,222		$	9,942,295
Liabilities and stockholders' equity
Noninterest-bearing deposits	$	2,026,627		$	1,954,881		$	1,880,512		$	1,802,169		$	1,503,981
Interest-bearing deposits	7,065,291			6,751,366			6,724,278			6,678,040			6,208,748
Total deposits	9,091,918			8,706,247			8,604,790			8,480,209			7,712,729
Securities sold under agreements to repurchase	124,472			142,741			141,688			159,016			146,273
FHLB advances and other borrowings	264,624			711,029			871,037			913,377			370,000
Other liabilities	168,966			183,962			250,274			260,109			204,091
Total liabilities	9,649,980			9,743,979			9,867,789			9,812,711			8,433,093
Stockholders' equity	1,706,861			1,678,638			1,663,391			1,640,511			1,509,202
Total liabilities and stockholders' equity	$	11,356,841		$	11,422,617		$	11,531,180		$	11,453,222		$	9,942,295

GREAT WESTERN BANCORP, INC.
Loan Portfolio Summary (Unaudited)
	As of									Fiscal year-to-date:
	March 31, 2017			December 31, 2016			September 30, 2016			Change ($)			Change (%)
	(dollars in thousands)
Commercial non-real estate	$	1,690,149		$	1,643,986		$	1,673,166		$	16,983		1.0	%
Agriculture	2,114,287			2,206,263			2,168,937			(54,650		)	(2.5	)%
Construction and development	450,419			423,864			469,968			(19,549		)	(4.2	)%
Owner-occupied CRE	1,191,348			1,197,253			1,167,265			24,083			2.1	%
Non-owner-occupied CRE	1,754,631			1,775,107			1,678,007			76,624			4.6	%
Multifamily residential real estate	454,437			455,880			438,867			15,570			3.5	%
Commercial real estate	3,850,835			3,852,104			3,754,107			96,728			2.6	%
Residential real estate	971,374			1,008,325			1,020,958			(49,584		)	(4.9	)%
Consumer	74,718			71,795			76,273			(1,555		)	(2.0	)%
Other 1	39,976			47,569			42,477			(2,501		)	(5.9	)%
Total unpaid principal balance	8,741,339			8,830,042			8,735,918			5,421			0.1	%
Less: Unamortized discount on acquired loans and unearned net deferred fees and costs and loans in process	(43,913		)	(50,935		)	(53,274		)	9,361			17.6	%
Total loans	$	8,697,426		$	8,779,107		$	8,682,644		$	14,782		0.2	%
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)
	For the three months ended:
	March 31, 2017						December 31, 2016						March 31, 2016
	Average Balance		Interest (FTE)		Yield / Cost 1		Average Balance		Interest (FTE)		Yield / Cost 1		Average Balance		Interest (FTE)		Yield / Cost 1
	(dollars in thousands)
Assets
Interest bearing bank deposits	$	109,737	$	219	0.81	%	$	266,704	$	346	0.51	%	$	75,063	$	94	0.50	%
Investment securities	1,382,743		6,538		1.92	%	1,377,459		6,377		1.84	%	1,347,922		6,021		1.80	%
Non ASC 310-30 loans, net 2	8,531,652		101,007		4.80	%	8,515,947		101,481		4.73	%	7,371,600		88,325		4.82	%
ASC 310-30 loans, net	120,743		2,311		7.76	%	126,174		2,344		7.37	%	97,880		1,658		6.81	%
Loans, net	8,652,395		103,318		4.84	%	8,642,121		103,825		4.77	%	7,469,480		89,983		4.85	%
Total interest-earning assets	10,144,875		110,075		4.40	%	10,286,284		110,548		4.26	%	8,892,465		96,098		4.35	%
Noninterest-earning assets	1,146,196						1,152,013						1,031,022
Total assets	$	11,291,071	$	110,075	3.95	%	$	11,438,297	$	110,548	3.83	%	$	9,923,487	$	96,098	3.89	%
Liabilities and Stockholders' Equity
Noninterest-bearing deposits	$	1,825,174					$	1,792,060					$	1,373,728
NOW, money market and savings deposits	5,623,676		$	5,759	0.42	%	5,548,112		$	5,129	0.37	%	4,925,930		$	3,856	0.31	%
Time deposits	1,286,203		2,070		0.65	%	1,348,119		2,161		0.64	%	1,288,775		2,173		0.68	%
Total deposits	8,735,053		7,829		0.36	%	8,688,291		7,290		0.33	%	7,588,433		6,029		0.32	%
Securities sold under agreements to repurchase	117,970		98		0.34	%	136,405		115		0.33	%	161,188		132		0.33	%
FHLB advances and other borrowings	571,338		1,469		1.04	%	716,953		1,271		0.70	%	489,773		929		0.76	%
Subordinated debentures and subordinated notes payable	108,196		1,098		4.12	%	110,962		1,088		3.89	%	90,758		879		3.90	%
Total borrowings	797,504		2,665		1.36	%	964,320		2,474		1.02	%	741,719		1,940		1.05	%
Total interest-bearing liabilities	9,532,557		$	10,494	0.45	%	9,652,611		$	9,764	0.40	%	8,330,152		$	7,969	0.38	%
Noninterest-bearing liabilities	71,744						119,443						104,937
Stockholders' equity	1,686,770						1,666,243						1,488,398
Total liabilities and stockholders' equity	$	11,291,071					$	11,438,297					$	9,923,487
Net interest spread					3.50	%					3.43	%					3.51	%
Net interest income and net interest margin (FTE)			$	99,581	3.98	%			$	100,784	3.89	%			$	88,129	3.99	%
Less: Tax equivalent adjustment			2,182						2,142						1,791
Net interest income and net interest margin - ties to Statements of Comprehensive Income			$	97,399	3.89	%			$	98,642	3.80	%			$	86,338	3.90	%
1 Annualized for all partial-year periods.
2 Interest income includes $1.0 million and $0.1 million for the second quarter of fiscal year 2017 and 2016, 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)
	For the six months ended:
	March 31, 2017						March 31, 2016
	Average Balance		Interest (FTE)		Yield / Cost 1		Average Balance		Interest (FTE)		Yield / Cost 1
	(dollars in thousands)
Assets
Interest bearing bank deposits	$	188,221	$	565	0.60	%	$	88,049	$	169	0.38	%
Investment securities	1,380,101		12,916		1.88	%	1,357,139		12,234		1.80	%
Non ASC 310-30 loans, net 2	8,523,800		202,488		4.76	%	7,282,371		175,718		4.83	%
ASC 310-30 loans, net	123,458		4,653		7.56	%	100,999		3,287		6.51	%
Loans, net	8,647,258		207,141		4.80	%	7,383,370		179,005		4.85	%
Total interest-earning assets	10,215,580		220,622		4.33	%	8,828,558		191,408		4.34	%
Noninterest-earning assets	1,149,109						1,039,527
Total assets	$	11,364,689	$	220,622	3.89	%	$	9,868,085	$	191,408	3.88	%
Liabilities and Stockholders' Equity
Noninterest-bearing deposits	$	1,808,617					$	1,382,340
NOW, money market and savings deposits	5,585,894		$	10,888	0.39	%	4,841,681		$	7,228	0.30	%
Time deposits	1,317,161		4,230		0.64	%	1,319,942		4,466		0.68	%
Total deposits	8,711,672		15,118		0.35	%	7,543,963		11,694		0.31	%
Securities sold under agreements to repurchase	127,188		212		0.33	%	169,126		271		0.32	%
FHLB advances and other borrowings	644,079		2,741		0.85	%	485,767		1,845		0.76	%
Subordinated debentures and subordinated notes payable	109,579		2,186		4.00	%	90,748		1,686		3.72	%
Total borrowings	880,846		5,139		1.17	%	745,641		3,802		1.02	%
Total interest-bearing liabilities	9,592,518		$	20,257	0.42	%	8,289,604		$	15,496	0.37	%
Noninterest-bearing liabilities	95,665						102,057
Stockholders' equity	1,676,506						1,476,424
Total liabilities and stockholders' equity	$	11,364,689					$	9,868,085
Net interest spread					3.47	%					3.51	%
Net interest income and net interest margin (FTE)			$	200,365	3.93	%			$	175,912	3.99	%
Less: Tax equivalent adjustment			4,323						3,617
Net interest income and net interest margin - ties to Statements of Comprehensive Income			$	196,042	3.85	%			$	172,295	3.90	%
1 Annualized for all partial-year periods.
2 Interest income includes $2.3 million and $0.2 million for the second quarter of fiscal year 2017 and 2016, 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.

In particular, we evaluate our profitability and performance based on our adjusted net income, adjusted earnings per common share, tangible net income and return on average tangible common equity,. Our adjusted net income and adjusted earnings per common share exclude the after-tax effect of items with a significant impact to net income that we do not believe to be recurring in nature, (e.g., one-time acquisition expenses). Our tangible net income and return on average tangible common equity exclude 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 excluding significant nonrecurring items (for adjusted net income and adjusted earnings per share) and based on our cash payments and receipts during the applicable period (for cash net income and return on average tangible common equity).

9

Exhibit 99.1

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 and the ratio of our tangible common equity to common shares outstanding. 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. We also believe the ratio of our tangible common equity to common shares outstanding is helpful in understanding our stockholders’ relative ownership position as we undertake various actions to issue and retire common shares outstanding.

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)
	At or for the six months ended:						At or for the three months ended:
	March 31, 2017			March 31, 2016			March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016
	(dollars in thousands except share and per share amounts)
Adjusted net income and adjusted earnings per common share:
Net income - GAAP	$	72,065		$	61,135		$	35,162		$	36,903		$	33,758		$	26,360		$	30,674
Add: Acquisition expenses	710			771			—			710			2,742			12,179			771
Add: Tax effect at 38%	(270		)	(293		)	—			(270		)	(1,042		)	(4,628		)	(293		)
Adjusted net income	$	72,505		$	61,613		$	35,162		$	37,343		$	35,458		$	33,911		$	31,152
Weighted average diluted common shares outstanding	59,032,787			55,401,164			59,073,669			58,991,905			58,938,367			57,176,705			55,408,876
Earnings per common share - diluted	$	1.22		$	1.10		$	0.60		$	0.63		$	0.57		$	0.46		$	0.55
Adjusted earnings per common share - diluted	$	1.23		$	1.11		$	0.60		$	0.63		$	0.60		$	0.59		$	0.56
Tangible net income and return on average tangible common equity:
Net income - GAAP	$	72,065		$	61,135		$	35,162		$	36,903		$	33,758		$	26,360		$	30,674
Add: Amortization of intangible assets	1,389			1,417			550			839			1,024			822			708
Add: Tax on amortization of intangible assets	(213		)	(440		)	(50		)	(163		)	(220		)	(220		)	(220		)
Tangible net income	$	73,241		$	62,112		$	35,662		$	37,579		$	34,562		$	26,962		$	31,162
Average common equity	$	1,676,506		$	1,476,424		$	1,686,770		$	1,666,243		$	1,647,155		$	1,567,372		$	1,488,398
Less: Average goodwill and other intangible assets	749,964			704,221			749,638			750,290			750,756			727,707			703,866
Average tangible common equity	$	926,542		$	772,203		$	937,132		$	915,953		$	896,399		$	839,665		$	784,532
Return on average common equity *	8.6		%	8.3		%	8.5		%	8.8		%	8.2		%	6.8		%	8.3		%
Return on average tangible common equity **	15.9		%	16.1		%	15.4		%	16.3		%	15.3		%	12.9		%	16.0		%
* Calculated as net income - GAAP divided by average common equity. Annualized for partial-year periods.
** Calculated as tangible net income divided by average tangible common equity. Annualized for partial-year periods.

10

Exhibit 99.1

GREAT WESTERN BANCORP, INC.
Reconciliation of Non-GAAP Measures (Unaudited)
	At or for the six months ended:						At or for the three months ended:
	March 31, 2017			March 31, 2016			March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016
	(dollars in thousands except share and per share amounts)
Adjusted net interest income and adjusted net interest margin (fully-tax equivalent basis):
Net interest income - GAAP	$	196,042		$	172,295		$	97,399		$	98,642		$	98,227		$	91,652		$	86,338
Add: Tax equivalent adjustment	4,323			3,617			2,182			2,142			2,012			1,905			1,791
Net interest income (FTE)	200,365			175,912			99,581			100,784			100,239			93,557			88,129
Add: Current realized derivative gain (loss)	(8,361		)	(10,827		)	(3,875		)	(4,486		)	(4,895		)	(5,005		)	(5,175		)
Adjusted net interest income (FTE)	$	192,004		$	165,085		$	95,706		$	96,298		$	95,344		$	88,552		$	82,954
Average interest-earning assets	$10,215,580			$8,828,558			$10,144,875			$10,286,284			$10,173,743			$9,528,576			$8,892,465
Net interest margin (FTE) *	3.93		%	3.99		%	3.98		%	3.89		%	3.92		%	3.95		%	3.99		%
Adjusted net interest margin (FTE) **	3.77		%	3.74		%	3.83		%	3.71		%	3.73		%	3.74		%	3.75		%
* 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 - GAAP	$	198,165		$	172,101		$	98,825		$	99,339		$	99,058		$	91,829		$	86,534
Add: Tax equivalent adjustment	4,323			3,617			2,182			2,142			2,012			1,905			1,791
Interest income (FTE)	202,488			175,718			101,007			101,481			101,070			93,734			88,325
Add: Current realized derivative gain (loss)	(8,361		)	(10,827		)	(3,875		)	(4,486		)	(4,895		)	(5,005		)	(5,175		)
Adjusted interest income (FTE)	$	194,127		$	164,891		$	97,132		$	96,995		$	96,175		$	88,729		$	83,150
Average non ASC 310-30 loans	$8,523,800			$7,282,371			$8,531,652			$8,515,947			$8,477,214			$7,903,860			$7,371,600
Yield (FTE) *	4.76		%	4.83		%	4.80		%	4.73		%	4.74		%	4.77		%	4.82		%
Adjusted yield (FTE) **	4.57		%	4.53		%	4.62		%	4.52		%	4.51		%	4.52		%	4.54		%
* 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 - GAAP	$	223,783		$	189,940		$	111,233		$	112,549		$	114,025		$	100,749		$	95,339
Add: Tax equivalent adjustment	4,323			3,617			2,182			2,142			2,012			1,905			1,791
Total revenue (FTE)	$	228,106		$	193,557		$	113,415		$	114,691		$	116,037		$	102,654		$	97,130
Noninterest expense	$	106,389		$	89,075		$	53,852		$	52,537		$	57,342		$	61,222		$	44,855
Less: Amortization of intangible assets	1,389			1,417			550			839			1,024			822			708
Tangible noninterest expense	$	105,000		$	87,658		$	53,302		$	51,698		$	56,318		$	60,400		$	44,147
Efficiency ratio *	46.0		%	45.3		%	47.0		%	45.1		%	48.5		%	58.8		%	45.5		%
* 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)
	At or for the six months ended:						At or for the three months ended:
	March 31, 2017			March 31, 2016			March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016
	(dollars in thousands except share and per share amounts)
Tangible common equity and tangible common equity to tangible assets:
Total stockholders' equity	$	1,706,861		$	1,509,202		$	1,706,861		$	1,678,638		$	1,663,391		$	1,640,511		$	1,509,202
Less: Goodwill and other intangible assets	749,366			703,508			749,366			749,916			750,755			751,217			703,508
Tangible common equity	$	957,495		$	805,694		$	957,495		$	928,722		$	912,636		$	889,294		$	805,694
Total assets	$	11,356,841		$	9,942,295		$	11,356,841		$	11,422,617		$	11,531,180		$	11,453,222		$	9,942,295
Less: Goodwill and other intangible assets	749,366			703,508			749,366			749,916			750,755			751,217			703,508
Tangible assets	$	10,607,475		$	9,238,787		$	10,607,475		$	10,672,701		$	10,780,425		$	10,702,005		$	9,238,787
Tangible common equity to tangible assets	9.0		%	8.7		%	9.0		%	8.7		%	8.5		%	8.3		%	8.7		%
Tangible book value per share:
Total stockholders' equity	$	1,706,861		$	1,509,202		$	1,706,861		$	1,678,638		$	1,663,391		$	1,640,511		$	1,509,202
Less: Goodwill and other intangible assets	749,366			703,508			749,366			749,916			750,755			751,217			703,508
Tangible common equity	$	957,495		$	805,694		$	957,495		$	928,722		$	912,636		$	889,294		$	805,694
Common shares outstanding	58,760,517			55,245,177			58,760,517			58,755,989			58,693,304			58,693,499			55,245,177
Book value per share - GAAP	$	29.05		$	27.32		$	29.05		$	28.57		$	28.34		$	27.95		$	27.32
Tangible book value per share	$	16.29		$	14.58		$	16.29		$	15.81		$	15.55		$	15.15		$	14.58

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

EX-99.2

Earnings Release | April 27, 2017

FY16 YTD FY17 YTD $61 $72$62 $73 45% 46% About GWB 2 Company Snapshot Stock Performance Strong Earnings Growth and Efficiency Market Presence Stock Performance 03/31/16 - 03/31/17: • Price Range: $26.43-$45.61 • Avg. Close: $36.04 • 12-month Price Increase: 55.52% (1) Source: American Banker's Association (2) Efficiency ratio and adjusted net income are non-GAAP measures. See appendix for reconciliations. • Full-service regional bank focused on relationship-based business and agribusiness banking • 174 banking branches across 9 states: Arizona, Colorado, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota • Headquartered in Sioux Falls, South Dakota • 5th largest farm lender bank in the U.S. as of 12/31/16 (1) FY13 FY14 FY15 FY16 $96 $105 $109 $121 $10 $131 51% 50% 48% 50% Net Income ($MM) Adj. Net Income ($MM) (2) Efficiency Ratio (2)

Executing on Strategy Focused Business Banking Franchise with Agribusiness Expertise Strong Profitability and Growth Driven by a Highly Efficient Operating Model Risk Management Driving Strong Credit Quality Strong Capital Generation and Attractive Dividend (1) This is a non-GAAP measure. See appendix for reconciliation. • Net interest margin expanded compared to the December 2016 quarter as a result of increasing asset yields and a more favorable asset mix • Significant progress managing stressed Ag loan relationships ◦ Net Ag loan outflows led to slower loan growth for the quarter but full-year target unchanged • Deposit balances increased by $385.7 million during the quarter • Fully diluted EPS of $0.60 for the quarter compared to $0.55 for 2QFY16, an increase of 9.1% • Attractive FYTD profitability metrics: 1.27% ROAA and 15.9% ROATCE(1) • Efficiency ratio(1) of 47.0% for the quarter compared to 45.5% for the same quarter of FY16 and 45.1% for the quarter ended December 31, 2016 • FYTD net charge-offs of 0.30% of average loans (annualized) elevated compared to the prior year primarily due to Agriculture net charge-offs • Loans graded "Substandard" increased by 9.1% to $263.7 million and loans graded "Watch" decreased by 1.0% to $324.5 million compared to September 30, 2016 while nonaccrual loans increased by 1.0% • All regulatory capital ratios remain above minimums to be considered “well capitalized” and each capital ratio increased compared to December 31, 2016 • Strong capital generation supports an increased quarterly dividend of $0.20 per share ◦ Dividend payable May 24, 2017 to stockholders of record as of the close of business on May 12, 2017 3

Revenue (1) Chart excludes changes related to loans and derivatives at fair value which netted $(3.6) million for the quarter. Dollars in thousands. (2) Adjusted NIM (FTE) is a non-GAAP measure. See appendix for reconciliations. 4 Revenue Highlights Net Interest Income ($MM) and NIM Noninterest Income (1) NIM Analysis (2)Net Interest Income (FTE) NIM (FTE) Adjusted NIM (FTE) 2QFY16 2QFY17 $88.1 $99.6 3.99% 3.98% 3.75% 3.83% • Net interest income (FTE) up 13.0% compared to 2QFY16 primarily driven by increased average loan balances • NIM (FTE) up 9 basis points and adjusted NIM (FTE) (2) up 12 basis points sequentially ◦ Expanding asset yields following the December Fed rate hike and more favorable asset mix ◦ Cost of deposits rising more slowly than asset yields • Noninterest income, excluding the change in fair value of fair value options loans and the net gain (loss) on related derivatives, increased 25% compared to 2QFY16, primarily due to increases in service charges and other fees and wealth management Service charges and other fees, $11,919 Wealth management, $2,429 Mortgage banking income, net, $1,641 Gain on security sales, $43 Other, $1,426 FY16 YTD FY17 YTD $175.9 $200.4 3.99% 3.93% 3.74% 3.77%

2QFY16 2QFY17 $44.1 $53.9 $44.9 45.5% 47.0% Earnings, Expenses & Provision 5 Highlights Provision for Loan Losses ($MM)Noninterest Expense ($MM) Net Income ($MM) (1) Efficiency ratio and adjusted net income are non-GAAP measures. See appendix for reconciliations. 2.5% increase in total noninterest expense sequentially • Net income increased 14.6% compared to 2QFY16 ◦ EPS of $0.60 per fully diluted share • Efficiency ratio(1) was 47.0%, up slightly from 45.5% 2QFY16 and 45.1% for 1QFY17 ◦ Remains very attractive and expenses are well managed • Provision for loan losses increased compared to the same periods in FY16 primarily driven by required specific reserves, many of which have subsequently charged off Noninterest expense Acquisition expense Efficiency Ratio (1) 2QFY16 2QFY17 $2.6 $4.0 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 $31 $31 $26 $34 $37 $37 $35 $8 $34 $35 1.24% 1.00% 1.19% 1.28% 1.26% Net Income Adjusted Net Income (1) ROAA FY16 YTD FY17 YTD $61 $72$62 $73 1.24% 1.27% FY16 YTD FY17 YTD $88.3 $105.7 $89.1 $106.4 45.3% 46.0% FY16 YTD FY17 YTD $6.5 $11.1

FY13 FY14 FY15 FY16 2QFY17 $6,948 $7,052 $7,387 $7,742 $9,092 $863 $8,605 0.48% 0.36% 0.32% 0.32% 0.36% Balance Sheet Overview 6 Balance Sheet Highlights Total Loans ($MM) Deposits ($MM) Capital (1) TCE / TA is a non-GAAP measure. See appendix for reconciliation. • Net Ag loan outflows, both seasonal and workout of stressed credits, tempered FYTD loan growth ◦ Strong C&I growth in the quarter • Deposits grew $385.7 million, or 4.4%, during the quarter ◦ Loan to deposit ratio down to 96%, with deposits available to fund loan growth in the second half of the year, though some seasonal outflows expected • All key regulatory capital ratios increased compared to December 31, 2016, supporting an increased dividend 5.7% FYTD growth FY13 FY14 FY15 FY16 2QFY17 $6,363 $6,787 $7,325 $7,819 $8,697 $864 $8,6830.2% FYTD growth Total Loans Loans Acquired Total Deposits Deposits Acquired Cost of Deposits FY13 FY14 FY15 FY16 2QFY17 12.4% 11.8% 10.9% 11.1% 11.6% 13.8% 12.9% 12.1% 12.2% 12.7% 8.2% 8.2% 8.3% 8.5% 9.0% Tier 1 Capital Total Capital TCE / TA (1)

Asset Quality 7 Highlights Net Charge-offs / Average Total Loans Strong Credit QualityWatch & Substandard Loans ($MM) “Watch” and “Substandard” loans remained stable as a percentage of total loans Watch Loans Substandard Loans % of Total Loans FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 YTD 0.65% 0.88% 0.54% 0.44% 0.14% 0.13% 0.12% 0.30% FY12 FY13 FY14 FY15 FY16 2QFY17 2.76% 2.03% 1.16% 0.93% 1.46% 1.47% 42.4% 43.3% 60.2% 83.8% 51.1% 49.1% NALs / Total Loans Reserves / NALs • Ratio of ALLL / total loans was 0.72% at March 31, 2017 compared to 0.74% at September 30, 2016 ◦ Reduction in ALLL coverage primarily results from higher net charge-offs on loans with specific reserves ◦ Comprehensive Credit-Related Coverage is 1.21%(1), inclusive of acquired loan marks and credit adjustment on loans at fair value • Nonaccrual loans increased by $3.5 million, loans graded “Watch” decreased $10.2 million and loans graded “Substandard” increased $14.2 million during the quarter ◦ These metrics remain relatively stable and support management's view that Ag credit is manageable (1) Comprehensive Credit-Related Coverage is a non-GAAP measure. FY13 FY14 FY15 FY16 2QFY17 $219 $288 $310 $328 $324 $139 $358 $126 $414 $184 $494 $242 $570 $264 $588 5.6% 6.1% 6.7% 6.6% 6.8%

Proven Business Strategy 8 Focused Business Banking Franchise with Agribusiness Expertise Risk Management Driving Strong Credit Quality Attract and Retain High-Quality Relationship Bankers Invest in Organic Growth While Optimizing Footprint Deepen Customer Relationships Strong Profitability and Growth Driven by a Highly Efficient Operating Model Strong Capital Generation and Attractive Dividend Explore Accretive Strategic Acquisition Opportunities

Forward-Looking Statements: This presentation 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, strategies, 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,” "views," “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, the outlook for its agricultural lending segment 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 recently-completed acquisition of 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, 2016, and other periodic filings with the SEC, including its Quarterly Reports on Form 10-Q for the periods ended March 31, 2016, June 30, 2016 and December 31, 2016. 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. Non-GAAP Financial Measures: This presentation contains non-GAAP measures which our management relies on in making financial and operational decisions about our business and which exclude certain items that we do not consider reflective of our business performance. We believe that the presentation of these measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations. These non-GAAP measures should be considered in context with our GAAP results. A reconciliation of these non-GAAP measures appears in our earnings release dated April 27, 2017 and in Appendix 1 to this presentation. Our earnings release and this presentation are available in the Investor Relations section of our website at www.greatwesternbank.com. Our earnings release and this presentation are also available as part of our Current Report on Form 8-K filed with the SEC on April 27, 2017. Explanatory Note: In this presentation, all financial information presented refers to the financial results of Great Western Bancorp, Inc. combined with those of its predecessor, Great Western Bancorporation, Inc. Disclosures 9

Appendix 1 Non-GAAP Measures

Non-GAAP Measures 11 At or for the six months ended: At or for the three months ended: March 31, 2017 March 31, 2016 March 31, 2017 December 31, 2016 September 30, 2016 June 30, 2016 March 31, 2016 Adjusted net income and adjusted earnings per common share: Net income - GAAP $ 72,065 $ 61,135 $ 35,162 $ 36,903 $ 33,758 $ 26,360 $ 30,674 Add: Acquisition expenses 710 771 — 710 2,742 12,179 771 Add: Tax effect at 38% (270) (293) — (270) (1,042) (4,628) (293) Adjusted net income $ 72,505 $ 61,613 $ 35,162 $ 37,343 $ 35,458 $ 33,911 $ 31,152 Weighted average diluted common shares outstanding 59,032,787 55,401,164 59,073,669 58,991,905 58,938,367 57,176,705 55,408,876 Earnings per common share - diluted $ 1.22 $ 1.10 $ 0.60 $ 0.63 $ 0.57 $ 0.46 $ 0.55 Adjusted earnings per common share - diluted $ 1.23 $ 1.11 $ 0.60 $ 0.63 $ 0.60 $ 0.59 $ 0.56 Tangible net income and return on average tangible common equity: Net income - GAAP $ 72,065 $ 61,135 $ 35,162 $ 36,903 $ 33,758 $ 26,360 $ 30,674 Add: Amortization of intangible assets 1,389 1,417 550 839 1,024 822 708 Add: Tax on amortization of intangible assets (213) (440) (50) (163) (220) (220) (220) Tangible net income $ 73,241 $ 62,112 $ 35,662 $ 37,579 $ 34,562 $ 26,962 $ 31,162 Average common equity $ 1,676,506 $ 1,476,424 $ 1,686,770 $ 1,666,243 $ 1,647,155 $ 1,567,372 $ 1,488,398 Less: Average goodwill and other intangible assets 749,964 704,221 749,638 750,290 750,756 727,707 703,866 Average tangible common equity $ 926,542 $ 772,203 $ 937,132 $ 915,953 $ 896,399 $ 839,665 $ 784,532 Return on average common equity * 8.6% 8.3% 8.5% 8.8% 8.2% 6.8% 8.3% Return on average tangible common equity ** 15.9% 16.1% 15.4% 16.3% 15.3% 12.9% 16.0% * Calculated as net income - GAAP divided by average common equity. Annualized for partial-year periods. ** Calculated as tangible net income divided by average tangible common equity. Annualized for partial-year periods.

Non-GAAP Measures 12 At or for the six months ended: At or for the three months ended: March 31, 2017 March 31, 2016 March 31, 2017 December 31, 2016 September 30, 2016 June 30, 2016 March 31, 2016 Adjusted net interest income and adjusted net interest margin (fully-tax equivalent basis): Net interest income - GAAP $ 196,042 $ 172,295 $ 97,399 $ 98,642 $ 98,227 $ 91,652 $ 86,338 Add: Tax equivalent adjustment 4,323 3,617 2,182 2,142 2,012 1,905 1,791 Net interest income (FTE) 200,365 175,912 99,581 100,784 100,239 93,557 88,129 Add: Current realized derivative gain (loss) (8,361) (10,827) (3,875) (4,486) (4,895) (5,005) (5,175) Adjusted net interest income (FTE) $ 192,004 $ 165,085 $ 95,706 $ 96,298 $ 95,344 $ 88,552 $ 82,954 Average interest-earning assets $ 10,215,580 $ 8,828,558 $ 10,144,875 $ 10,286,284 $ 10,173,743 $ 9,528,576 $ 8,892,465 Net interest margin (FTE) * 3.93% 3.99% 3.98% 3.89% 3.92% 3.95% 3.99% Adjusted net interest margin (FTE) ** 3.77% 3.74% 3.83% 3.71% 3.73% 3.74% 3.75% * 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 - GAAP $ 198,165 $ 172,101 $ 98,825 $ 99,339 $ 99,058 $ 91,829 $ 86,534 Add: Tax equivalent adjustment 4,323 3,617 2,182 2,142 2,012 1,905 1,791 Interest income (FTE) 202,488 175,718 101,007 101,481 101,070 93,734 88,325 Add: Current realized derivative gain (loss) (8,361) (10,827) (3,875) (4,486) (4,895) (5,005) (5,175) Adjusted interest income (FTE) $ 194,127 $ 164,891 $ 97,132 $ 96,995 $ 96,175 $ 88,729 $ 83,150 Average non ASC 310-30 loans $ 8,523,800 $ 7,282,371 $ 8,531,652 $ 8,515,947 $ 8,477,214 $ 7,903,860 $ 7,371,600 Yield (FTE) * 4.76% 4.83% 4.80% 4.73% 4.74% 4.77% 4.82% Adjusted yield (FTE) ** 4.57% 4.53% 4.62% 4.52% 4.51% 4.52% 4.54% * 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.

Non-GAAP Measures 13 At or for the six months ended: At or for the three months ended: March 31, 2017 March 31, 2016 March 31, 2017 December 31, 2016 September 30, 2016 June 30, 2016 March 31, 2016 Efficiency ratio: Total revenue - GAAP $ 223,783 $ 189,940 $ 111,233 $ 112,549 $ 114,025 $ 100,749 $ 95,339 Add: Tax equivalent adjustment 4,323 3,617 2,182 2,142 2,012 1,905 1,791 Total revenue (FTE) $ 228,106 $ 193,557 $ 113,415 $ 114,691 $ 116,037 $ 102,654 $ 97,130 Noninterest expense $ 106,389 $ 89,075 $ 53,852 $ 52,537 $ 57,342 $ 61,222 $ 44,855 Less: Amortization of intangible assets 1,389 1,417 550 839 1,024 822 708 Tangible noninterest expense $ 105,000 $ 87,658 $ 53,302 $ 51,698 $ 56,318 $ 60,400 $ 44,147 Efficiency ratio * 46.0% 45.3% 47.0% 45.1% 48.5% 58.8% 45.5% * 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 $ 1,706,861 $ 1,509,202 $ 1,706,861 $ 1,678,638 $ 1,663,391 $ 1,640,511 $ 1,509,202 Less: Goodwill and other intangible assets 749,366 703,508 749,366 749,916 750,755 751,217 703,508 Tangible common equity $ 957,495 $ 805,694 $ 957,495 $ 928,722 $ 912,636 $ 889,294 $ 805,694 Total assets $ 11,356,841 $ 9,942,295 $ 11,356,841 $ 11,422,617 $ 11,531,180 $ 11,453,222 $ 9,942,295 Less: Goodwill and other intangible assets 749,366 703,508 749,366 749,916 750,755 751,217 703,508 Tangible assets $ 10,607,475 $ 9,238,787 $ 10,607,475 $ 10,672,701 $ 10,780,425 $ 10,702,005 $ 9,238,787 Tangible common equity to tangible assets 9.0% 8.7% 9.0% 8.7% 8.5% 8.3% 8.7% Tangible book value per share: Total stockholders' equity $ 1,706,861 $ 1,509,202 $ 1,706,861 $ 1,678,638 $ 1,663,391 $ 1,640,511 $ 1,509,202 Less: Goodwill and other intangible assets 749,366 703,508 749,366 749,916 750,755 751,217 703,508 Tangible common equity $ 957,495 $ 805,694 $ 957,495 $ 928,722 $ 912,636 $ 889,294 $ 805,694 Common shares outstanding 58,760,517 55,245,177 58,760,517 58,755,989 58,693,304 58,693,499 55,245,177 Book value per share - GAAP $ 29.05 $ 27.32 $ 29.05 $ 28.57 $ 28.34 $ 27.95 $ 27.32 Tangible book value per share $ 16.29 $ 14.58 $ 16.29 $ 15.81 $ 15.55 $ 15.15 $ 14.58

Appendix 2 Accounting for Loans at FV and Related Derivatives

Loans at FV and Related Derivatives Overview Summary • For certain loans with an original term greater than 5 years with a fixed rate to the customer, Great Western Bank (“GWB”) has entered into equal and offsetting fixed-to-floating interest rate swaps with two US counterparties • Total size of the portfolio was $1.06 billion at March 31, 2017 • GWB has elected the Fair Value Option (ASC 825) on these loans and applies a similar treatment to the related derivatives: • Changes in the fair value of the loans and the derivatives and the current period realized cost (benefit) of the derivatives (i.e., the net pay fixed/receive floating settlement) are recorded in earnings through noninterest income • This differs significantly from most peers who have elected Hedge Accounting treatment • The historical election is irrevocable so the concept will be present for the foreseeable future in GWB’s financial statements even if different accounting elections are made on future originations • Management presents non-GAAP measures to provide more clarity on the underlying economics Income Statement Line Item: Net increase (decrease) in fair value of loans at fair value Net realized and unrealized gain (loss) on derivatives Net Relationship Notes Increase (decrease) in FV related to interest rates $ (5,467) $ 5,467 $ — (1) Increase (decrease) in FV related to credit $ 251 $ — $ 251 (2) Current period realized cost of derivatives $ — $ (3,875) $ (3,875) (3) Subtotal, loans at FV and related derivatives $ (5,216) $ 1,592 $ (3,624) (4) (1) Equal and offsetting each period. Changes in the FV of each financial asset and liability driven by current compared to contractual rates. (2) Management records an adjustment for credit risk in noninterest income based on loss history for similar loans, adjusted for an assessment of existing market conditions for each loan segment. The FV adjustment related to credit is not included in the ALLL but loans are included in the ALLL coverage ratio denominator. (3) Current period actual cost of fixed-to-float interest rate swaps. Within non-GAAP financial measures, management reclassifies this component to interest income, resulting in adjusted interest income, adjusted net interest income and adjusted NIM, reflecting the underlying economics of the transactions. All else equal, this drag on earnings will reduce as short-term LIBOR rates increase. (4) While US GAAP mandates the presentation of these items in noninterest income, management believes the residual net amount economically represents the net credit exposure of this segment of the portfolio - presented as a "credit-related charge" in the earnings release and elsewhere (see note (2)) - and the current period derivative cost which should be analyzed relative to gross interest income received from the loan customers (see note (3)) as presented in non-GAAP measures. 15

EX-99.3

Quarterly Investor Relations Presentation At and for the three and six months ended March 31, 2017

About GWB 2 Company Snapshot Exchange / Ticker • NYSE: GWB Market Cap • 58.8 million shares outstanding / $2.45 billion Ownership • 100% publicly traded Total Assets • $11.36 billion ROA / ROTCE • 1.26% / 15.4% Efficiency Ratio • 47.0% FTEs • Approximately 1,600 Locations • 174 branches in nine states Business & Ag Expertise • 88% of loans in business and ag segments; 5 th largest farm lender bank in the U.S.(1) (1) As of December 31, 2016. Source: American Banker's Association NOTE: All financial data is as of or for the three months ended March 31, 2016 unless otherwise noted. Market Cap calculated based on April 4, 2017 closing price of $41.75. Branch count as of March 31, 2017. See appendix for non-GAAP reconciliation of ROTCE and efficiency ratio.

Footprint 3 • 174 banking branches across nine Midwestern and Western states • Vibrant, diverse economies balanced across growing commercial hub cities and smaller rural communities • Opportunities for expansion into new markets within and adjacent to footprint Attractive Markets

Executing on Strategy (1) This is a non-GAAP measure. See appendix for reconciliation. 4 Focused Business Banking Franchise with Agribusiness Expertise Strong Profitability and Growth Driven by a Highly Efficient Operating Model Risk Management Driving Strong Credit Quality Strong Capital Generation and Attractive Dividend • Net interest margin expanded compared to the December 2016 quarter as a result of increasing asset yields and a more favorable asset mix • Significant progress managing stressed Ag loan relationships ◦ Net Ag loan outflows led to slower loan growth for the quarter but full-year target unchanged • Deposit balances increased by $385.7 million during the quarter • Fully diluted EPS of $0.60 for the quarter compared to $0.55 for 2QFY16, an increase of 9.1% • Attractive FYTD profitability metrics: 1.27% ROAA and 15.9% ROATCE(1) • Efficiency ratio(1) of 47.0% for the quarter compared to 45.5% for the same quarter of FY16 and 45.1% for the quarter ended December 31, 2016 • All regulatory capital ratios remain above minimums to be considered “well capitalized” and each capital ratio increased compared to December 31, 2016 • Strong capital generation supports an increased quarterly dividend of $0.20 per share ◦ Dividend payable May 24, 2017 to stockholders of record as of the close of business on May 12, 2017 • FYTD net charge-offs of 0.30% of average loans (annualized) elevated compared to the prior year primarily due to Agriculture net charge-offs • Loans graded "Substandard" increased by 9.1% to $263.7 million and loans graded "Watch" decreased by 1.0% to $324.5 million compared to September 30, 2016 while nonaccrual loans increased by 1.0%

Experienced Management Team Prior experience – Senior Human Resource Generalist for Citibank and Wells Fargo 38 40 34 26 23 17 33 28 8 15 10 8 16 13 27 3 Ken Karels Chairman, President and CEO Doug Bass Regional President Regional President for Iowa / Kansas / Missouri, Arizona / Colorado, L&D / Marketing, Operations, and People & Culture Prior positions with U.S. Bank and First American Bank Group Bryan Kindopp Regional President Regional President for Nebraska and South Dakota Prior role overseeing branch operations – northeastern South Dakota Pete Chapman Executive VP & CFO Responsible for financial / regulatory reporting, planning and strategy, project management, treasury and banking operations in Minnesota and North Dakota Prior U.S. experience with E&Y Steve Ulenberg Executive VP & CRO Responsible for risk framework across Great Western Prior leadership roles in commercial and wholesale banking, risk management, and cross-organizational strategy – National Australia Bank Executive Officers Former COO and Regional President – Great Western Former President and CEO – Marquette Bank Prior experience – VP & Regional Training Manager for Bank of the West and VP Learning and Development Officer for Community First Bankshares Inc Cheryl Olson Head of Marketing Industry experience (yrs) Great Western Bank experience (yrs) (1) Andy Pederson Head of People & Culture and L&D Donald Straka General Counsel Prior experience – attorney and executive in banking, securities and M&A Non-Executive Officers 5(1) For Messers. Chapman and Ulenberg, includes experience at National Australia Bank, Ltd. and subsidiaries; For Mr. Erkonen, includes experience at HF Financial Corp. Scott Erkonen Chief Information Officer Prior leadership role representing the United States internationally in the areas of IT Governance and Information Security -- ISO (International Organization for Standardization) 21 10

Acquisition History Note: Total assets are as of September 30 of each fiscal year unless otherwise noted. Acquired assets are the total of the fair value of total assets acquired and the net cash and cash equivalents received, at the time of acquisition of each indicated year. 6 Acquired Security Bank ($0.1 billion) Acquired Sunstate Bank and three branches from HF Financial Corp. ($0.2 billion total) Acquired North Central Bancshares Inc. ($0.4 billion total) Acquired HF Financial Corp. ($1.1 billion total) Acquired First Community Bank's Colorado franchise and a branch from Wachovia ($0.6 billion total) Acquired F&M Bank-Iowa and TierOne Bank ($3.0 billion total) Pre-Acquisition Assets Acquired Assets $12.0 $10.0 $8.0 $6.0 $4.0 $2.0 $0.0 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 2QFY17 $4.3 $8.2 $9.1 $9.4 $9.8 $11.4 $3.1 $3.4 $5.2 $8.3 $9.0 $11.5

Commercial non- real estate: 19.3% Ag real estate: 11.3% Ag operating: 12.9% Construction & development: 5.2% Owner-occupied CRE: 13.6% Non owner-occupied CRE: 20.1% Multifamily: 5.2% Residential real estate: 11.1% Consumer & Other: 1.3% Loan Portfolio Composition 7 Loan Portfolio ($MM) At September 30 of each fiscal year unless otherwise noted (UPB). Geographic Diversification Iowa / Kansas / Missouri 29.0% South Dakota 26.9% Nebraska 16.6% Arizona / Colorado 23.4% Minnesota / North Dakota 2.6% Other 1.5% NOTE: Other loans represent acquired workout loans and certain other loans managed by our staff FY11 FY12 FY13 FY14 FY15 FY16 2QFY17 $2,342 $2,364 $2,312 $2,541 $2,846 $3,754 $3,851 $1,092 $1,396 $1,587 $1,681 $1,861 $2,169 $2,114 $971 $1,354 $1,482 $1,571 $1,611 $1,676 $1,690 $777 $940 $906 $902 $922 $1,018 $971 $5,293 $6,197 $7,351 $8,736 Focused business and ag lending growth Commercial RE Agriculture C&I Residential RE Consumer & Other $6,820 $6,414 1.3% Portfolio Segmentation by Type $8,741

Additional Loan Information 8 Incremental Impact from Acquired Loans ($MM)Highlights (1) Comprehensive Credit-Related Coverage is a non-GAAP measure that Management believes is useful to demonstrate that the FV adjustments related to credit and remaining loan discounts consider credit risk and should be considered as part of total coverage. • Loan portfolio is managed to Board-approved concentration limits and regulatory guidelines • All categories are within limits including regulatory 300/100% of capital CRE limits • Income statement impact from acquired loans (including indemnification asset amortization) has not significantly inflated earnings and is not expected to in the future • Management remains very comfortable with credit coverage levels Includes ASC 310-20 accretion, ASC 310-30 accretion in excess of contractual interest and indem. asset amortization ASC 310-30 Non ASC 310-30 2012 2013 2014 2015 2016 FY17 YTD $(1.6) $(0.3) $(5.6) $0.5 $1.4 $1.2 $2.1 $(1.6) $0.2 $(3.3) $2.1 $1.5 GWB Legacy - Loans at Amortized Cost GWB Legacy - Loans at Fair Value HF Financial Corp. Acquired Loans Other Acquired Loans Total ALLL $ 59,251 $ — $ 840 $ 2,593 $ 62,684 Remaining Loan Discount $ — $ — $ 21,906 $ 12,906 $ 34,812 Fair Value Adjustment (Credit) $ — $ 7,671 $ — $ — $ 7,671 Total ALLL / Discount / FV Adj. $ 59,251 $ 7,671 $ 22,746 $ 15,499 $ 105,167 Total Loans $ 6,727,154 $ 1,056,155 $ 730,073 $ 184,044 $ 8,697,426 ALLL / Total Loans 0.88% —% 0.12% 1.41% 0.72% Discount / Total Loans —% —% 3.00% 7.01% 0.40% FV Adj. / Total Loans —% 0.73% —% —% 0.09% Total Coverage / Total Loans (1) 0.88% 0.73% 3.12% 8.42% 1.21% Comprehensive Credit-Related Coverage ($MM)

Focused CRE Lending 9 Highlights CRE Portfolio Composition by Type (UPB $MM) CRE Portfolio Exposure Sizes (UPB) CRE Net Charge-offs / Average Loans (1) ($MM) NOTE: All customer references are aggregated based on CIF and do not group CIFs with related ownership groups. Industry disclosures based on NAICS codes. (1) Net charge-offs / average loans represent charge-offs, net of recoveries, as a percent of average loans for each period. Average loans are calculated as the two point average of each period. Ratios annualized for partial-year periods. • Focus on commercial property investors, owner-occupied properties, multi-family property investors and a diverse range of commercial construction with limited exposure to land development and other speculative projects • Continued customer demand to finance CRE development, especially in larger markets within our footprint • Regulatory CRE levels of 227% (300% test) and 45% (100% test) • 10 largest CRE exposures represent 7.8% of total CRE and average $30 million $15M+: 15.6% $5M- $15M: 38.5% $1M - $5M: 32.7% $250K - $1M: 10.1% <$250K: 3.1% Construction and development, $450.4, 11.7% Owner-occupied CRE, $1,191.3, 30.9% Non-owner- occupied CRE, $1,754.6, 45.6% Multifamily, $454.4, 11.8% FY11 FY12 FY13 FY14 FY15 FY16 FY17 YTD 1.3% 0.9% 0.8% 0.1% —% 0.1% 0.2% $32.10 $21.59 $18.96 $1.73 $0.63 $2.91 $1.44

Diverse C&I Exposure 10 Highlights C&I Portfolio Composition by Industry (UPB) C&I Portfolio Exposure Sizes (UPB) C&I Net Charge-offs / Average Loans (1) ($MM) NOTE: All customer references are aggregated based on CIF and do not group CIFs with related ownership groups. Industry disclosures based on NAICS codes. (1) Net charge-offs / average loans represent charge-offs, net of recoveries, as a percent of average loans for each period. Average loans are calculated as the two point average of each period. Ratios annualized for partial-year periods. • Diverse range of industry exposure across C&I lending portfolio, including healthcare, tourism & hospitality, freight & transport and agribusiness-related services • 10 largest C&I exposures represent 20.7% of total C&I and average $35 million • Approximately 4,300 customers with an average exposure of $400,000 FY11 FY12 FY13 FY14 FY15 FY16 FY17 YTD 0.9% 0.5% 0.2% 0.3% 0.5% 0.1% 0.8% $8.33 $5.92 $2.43 $3.94 $7.75 $1.20 $3.47 $15M+: 26.9% $5M- $15M: 26.2% $1M - $5M: 24.9% $250K - $1M: 13.4% <$250K: 8.6% 7.8% 4.4% 4.0% 3.8% 3.3% 2.9% 3.2% 70.6% Med / Surg Hospitals Nursing Care Facilities Casino Hotels Trucking Retirement Communities Residential Warehouse Lending Farm & Garden Equip Wholesalers Other

Ag Loan Portfolio 11 Highlights Ag Portfolio Composition by Industry (UPB) Ag Net Charge-offs / Average Loans (1) ($MM)Ag Portfolio Exposure Sizes (UPB) NOTE: All customer references are aggregated based on CIF and do not group CIFs with related ownership groups. Industry disclosures based on NAICS codes. (1) Net charge-offs / average loans represent charge-offs, net of recoveries, as a percent of average loans for each period. Average loans are calculated as the two point average of each period. Ratios annualized for partial-year periods. • Portfolio balanced across subsegments • 10 largest Ag exposures represent 11.7% of total Ag and average $25 million • Approximately 3,400 customers with an average exposure size of $625,000 • Profitability remains strained for many agriculture borrowers leading to increased levels of Watch and Substandard loans, higher ALLL and higher NCOs FYTD ◦ Management remains comfortable with overall exposure and long-term prospects Grains, 33.9% Beef Cattle, 24.0% Dairy Farms, 21.2% Hogs, 6.9% Cotton, 1.5% Other Specialty, 12.5% Grains 34% Proteins 52% Other 14% $15M+: 15.6% $5M- $15M: 32.4% $1M - $5M: 30.0% $250K - $1M: 14.8% <$250K: 7.2% FY11 FY12 FY13 FY14 FY15 FY16 FY17 YTD 0.1% —% 0.3% 0.1% —% 0.2% 1.4% $0.87 $(0.11) $4.05 $2.37 $0.48 $3.74 $7.28 1.4%

Ag Lending 101 • Underwriting identical to comparable C&I and CRE loans where cash flow is the primary repayment source and loan and line amounts subject to loan value ("LTV") limits and "normalized" collateral values • Liquid markets typically exist for ag-related collateral which is the secondary repayment source (e.g., harvested grain or grain inventory, cattle, farm equipment and land sale/lease) in foreclosure scenarios • Many market and economic conditions can influence the profitability of individual borrowers; key to partner with seasoned producers that manage their own cost structure diligently Overview Grains • 34% of the Ag loan portfolio or approx. 8% of overall loan portfolio • Most borrowers in footprint in MW states (IA, SD, NE) ◦ Corn and soybeans primary crop production • Corn and soybean prices spiked beginning in late 2007 and remained high for 3-4 years ◦ Drove cost of production higher as land and other input costs were in high demand; ◦ Gross value of corn production per acre increased 138% from 2006 to 2011 (USDA) • Crop prices have reverted to more sustainable long-term levels but costs have not reset as quickly • Federally-subsidized crop insurance protects a portion of grain producers' projected revenue each year 12

Ag Lending 101 (cont'd) 13 Beef Cattle Dairy • 24.0% of the Ag loan portfolio or approx. 6% overall, primarily in SD • Beef cattle producers include: ◦ Cow-calf operators that breed cattle and raise calves to a certain weight (typically 500-600 lbs.; "Feeder Cattle") ◦ Feedlots who purchase feeder cattle and finish them for sale to processors (typically 1200+lbs.; "Live Cattle") ◦ GWB portfolio split roughly 75/25 as of 03/31/17 • Industry is very cyclical driven by supply and demand (e.g., prices paid by feedlots dictate how many calves are bred and which stock cattle are retained for breeding vs. slaughtered) • 21.2% of the Ag loan portfolio or approx. 5% overall, primarily in AZ • Very cyclical pricing over time; producers that manage costs, are vertically integrated and use risk management techniques are best suited to generate profitability over time • Arizona has a milk quota system that enhances milk price margins for units of production providing some stability for producers • Dairy (and beef cattle) producers benefit from low grain prices (primary production cost in food form for animals)

Ag Economy 14 Highlights • Industry balance sheets remain strong with debt/asset and debt/equity ratios below long-term averages and significantly below 1980s levels that precipitated, and resulted, from the period of high losses in the early 1980s • Ag sector net charge-offs have historically been low for the industry and for Great Western Bank Farm Balance Sheet Overview (1) Source: USDA Economic Research Service; 2016 is forecast data

FHLB & Other Borrowings - 1.04% WA Cost Securities sold under agreements to repurchase - 0.34% WA Cost Subordinated debentures and subordinated notes payable - 4.12% WA Cost Investments & Borrowings 15 • Recent reinvestments have continued to transform portfolio composition to something more similar to U.S. peers • Investment portfolio weighted average life of 3.7 years as of March 31, 2017 and yield of 1.92% for the quarter ended March 31, 2017, an increase of 8 basis points compared to the prior quarter • Borrowings portfolio had a cost of 1.36% for the quarter ended March 31, 2017 Investment Portfolio Borrowings & Weighted Average Cost Highlights U.S. Treasuries, 16% GNMA, 44% Other MBS, 35% States and political subdivisions, 5%

Non-Interest- Bearing Demand 22.3% NOW, MMDA and Savings 63.6% Time certificates $250K+ 2.8% Other time certificates 11.3% Deposits 16 Portfolio Segmentation by Type Portfolio Over Time ($MM) Geographic Diversification NOTE: South Dakota and Other deposits include a small amount of deposits managed by our Corporate staff. At September 30 of each fiscal year unless otherwise noted. FY11 FY12 FY13 FY14 FY15 FY16 2QFY17 $848 $1,076 $1,199 $1,303 $1,368 $1,881 $2,027 $2,532 $3,037 $3,602 $4,005 $4,638 $5,343 $5,779$2,891 $2,771 $2,147 $6,948 $1,744 $7,052 $1,380 $1,381 $8,605 $1,286 $9,092 Portfolio transformation away from time deposits and to significant business deposit growth Non-Interest-Bearing Interest-Bearing Demand Time Iowa / Kansas / Missouri 29.7%South Dakota and Other 25.8% Nebraska 27.6% Arizona / Colorado 15.8% North Dakota / Minnesota 1.1% $7,387 $6,885 $6,272

Tangible equity net of DTAs and AOCI, $1,066.7, 91.6% Eligible ALLL, $63.2, 5.4% Eligible subordinated debt, $35.0, 3.0% Capital 17 Summary Capital Priorities Capital Ratios Total Capital Composition ($MM) • Attractive dividend of $0.20 for the quarter ended March 31, 2017 (dividend yield of 1.9% based on avg. closing price during the quarter) (1) • All regulatory capital ratios remain above regulatory minimums to be considered “well capitalized” • Strong relationships with regulators at holding company and bank level (1) Future dividends subject to Board approval. (2) TCE/TA is a non-GAAP measure. See appendix for reconciliation. 1 2 3 Organic Growth & Compelling Dividend Yield Attractive and Accretive Acquisitions Share Buybacks Great Western Bancorp, Inc. Ratio Well Capitalized Minimum Difference to Well Capitalized Tier 1 capital 11.6% 8.0% 3.6% Total capital 12.7% 10.0% 2.7% Tier 1 leverage 10.0% 5.0% 5.0% Common equity tier 1 10.8% 6.5% 4.3% Tangible common equity / tangible assets (2) 9.0% Risk-weighted assets ($MM) $9,081 Great Western Bank Ratio Well Capitalized Minimum Difference to Well Capitalized Tier 1 capital 11.8% 8.0% 3.8% Total capital 12.4% 10.0% 2.4% Tier 1 leverage 10.1% 5.0% 5.1% Common equity tier 1 11.8% 6.5% 5.3% Risk-weighted assets ($MM) $9,077

20.00% 15.00% 10.00% 5.00% 0.00% -5.00% -10.00% -100 bps +100 bps +200 bps +300 bps +400 bps • Average floored loan is 84 bps in the money • Floating: 54% Prime, 25% 5yr Tsy, 21% all other • Variable reprices within 1 month; Floating reprices greater than 1 month Interest Rate Sensitivity 18 Summary Loan Portfolio Behavior ($MM) Sensitivity Modeling • Management believes the balance sheet is well-positioned for the anticipated interest rate trajectory • Internal budgeting and planning assumes a flat rate environment with lift from rate increases viewed as upside • Investment portfolio weighted average life of 3.7 years • Relatively short average tenor of the loan portfolio (1.2 years at March 31, 2017) due to: • Higher proportion of 12-month revolving lines of credit in line with business and agriculture lending focus • Certain fixed-rate loans with original terms greater than 5 years are swapped to floating Immediate Gradual Fixed, $3,043, 35% Variable (swapped), $1,056, 12% Floating (not floored), $1,936, 22% Variable (not floored), $2,315, 26% Variable and Floating (floored), $349, 4% Other, $60, 1%

(1) Comprehensive Credit-Related Coverage is a non-GAAP measure. See slide 8 for calculation. Asset Quality 19 Highlights Net Charge-offs / Average Total Loans Strong Credit QualityWatch & Substandard Loans ($MM) "Watch" and "Substandard" loans remained stable as a percentage of total loans Watch Loans Substandard Loans % of Total Loans NALs / Total Loans Reserves / NALs FY13 FY14 FY15 FY16 2QFY17 $219 $288 $310 $328 $324 $139 $358 $126 $414 $184 $494 $242 $570 $264 $588 5.6% 6.1% 6.7% 6.6% 6.8% FY12 FY13 FY14 FY15 FY16 2QFY17 2.76% 2.03% 1.16% 0.93% 1.46% 1.47% 42.4% 43.3% 60.2% 83.8% 51.1% 49.1% • Ratio of ALLL / total loans was 0.72% at March 31, 2017 compared to 0.74% at September 30, 2016 ◦ Reduction in ALLL coverage primarily results from higher net charge-offs on loans with specific reserves ◦ Comprehensive Credit-Related Coverage is 1.21%(1), inclusive of acquired loan marks and credit adjustment on loans at fair value • Nonaccrual loans increased by $3.5 million, loans graded “Watch” decreased $10.2 million and loans graded “Substandard” increased $14.2 million during the quarter ◦ These metrics remain relatively stable and support management's view that Ag credit is manageable FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 YTD 0.65% 0.88% 0.54% 0.44% 0.14% 0.13% 0.12% 0.30%

Goodwill & Intangible Assets 20 Goodwill ($MM) Other Intangible Assets ($MM) (1) (1) Balances and amortization expense at September 30 and for the respective fiscal years. Amounts for fiscal years 2017 – 2020 are forecast based on existing intangible assets and could change materially based on future acquisitions. • Majority (84%) of goodwill on GWB’s balance sheet resulted from the acquisition of GWB by National Australia Bank Ltd. in 2008 and was pushed down to GWB’s balance sheet • Recognizing an impairment, which management does not believe currently exists, is the only opportunity to eliminate the NAB-related goodwill • Existing intangible assets and related amortization have become minimal • Future M&A activity could generate additional assets and amortization expense NAB acquisition of GWB, $622 HF Financial, $41 GWB acquisitions pre-IPO, $76 $50.0 $45.0 $40.0 $35.0 $30.0 $25.0 $20.0 $15.0 $10.0 $5.0 $0.0 $20.0 $18.0 $16.0 $14.0 $12.0 $10.0 $8.0 $6.0 $4.0 $2.0 $0.0 201 2 201 3 201 4 201 5 201 6 201 7 201 8 201 9 202 0 Year-end balance (left axis) Annual amortization (right axis)

Income Statement Summary

Service charges and other fees, $11,919 Wealth management, $2,429 Mortgage banking income, net, $1,641 Gain on security sales, $43 Other, $1,426 Revenue 22 Revenue Highlights Net Interest Income ($MM) and NIM NIM Analysis Noninterest Income (1) (2)Net Interest Income (FTE) NIM (FTE) Adjusted NIM (FTE) 2QFY16 2QFY17 $88.1 $99.6 3.99% 3.98% 3.75% 3.83% FY16 YTD FY17 YTD $175.9 $200.4 3.99% 3.93% 3.74% 3.77% (1) Chart excludes changes related to loans and derivatives at fair value which netted $(3.6) million for the quarter. Dollars in thousands. (2) Adjusted NIM (FTE) is a non-GAAP measure. See appendix for reconciliations. • Net interest income (FTE) up 13.0% compared to 2QFY16 primarily driven by increased average loan balances • NIM (FTE) up 9 basis points and adjusted NIM (FTE) (2) up 12 basis points sequentially ◦ Expanding asset yields following the December Fed rate hike and more favorable asset mix ◦ Cost of deposits rising more slowly than asset yields • Noninterest income, excluding the change in fair value of fair value options loans and the net gain (loss) on related derivatives, increased 25% compared to 2QFY16, primarily due to increases in service charges and other fees and wealth management

23 Noninterest Expense ($MM) Earnings, Expenses & Provision Highlights Provision for Loan Losses ($MM) Net Income ($MM) (1) Efficiency ratio and adjusted net income are non-GAAP measures. See appendix for reconciliations. Net Income Adjusted Net Income (1) ROAA Noninterest expense Acquisition expense Efficiency Ratio (1) FY16 YTD FY17 YTD $88.3 $105.7 $89.1 $106.4 45.3% 46.0% 2.5% increase in total noninterest expense sequentially 2QFY16 2QFY17 $44.1 $53.9 $44.9 45.5% 47.0% 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 $31 $31 $26 $34 $37 $37 $35 $8 $34 $35 1.24% 1.00% 1.19% 1.28% 1.26% FY16 YTD FY17 YTD $61 $72$62 $73 1.24% 1.27% FY16 YTD FY17 YTD $6.5 $11.1 2QFY16 2QFY17 $2.6 $4.0 • Net income increased 14.6% compared to 2QFY16 ◦ EPS of $0.60 per fully diluted share • Efficiency ratio(1) was 47.0%, up slightly from 45.5% 2QFY16 and 45.1% for 1QFY17 ◦ Remains very attractive and expenses are well managed • Provision for loan losses increased compared to the same periods in FY16 primarily driven by required specific reserves, many of which have subsequently charged off

24 Proven Business Strategy Focused Business Banking Franchise with Agribusiness Expertise Risk Management Driving Strong Credit Quality Attract and Retain High-Quality Relationship Bankers Invest in Organic Growth While Optimizing Footprint Deepen Customer Relationships Strong Profitability and Growth Driven by a Highly Efficient Operating Model Strong Capital Generation and Attractive Dividend Explore Accretive Strategic Acquisition Opportunities

Forward-Looking Statements: This presentation 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, strategies, 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,” "views," “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, the outlook for its agricultural lending segment 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 recently-completed acquisition of 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, 2016, and other periodic filings with the SEC, including its Quarterly Reports on Form 10-Q for the periods ended March 31, 2016, June 30, 2016 and December 31, 2016. 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. Non-GAAP Financial Measures: This presentation contains non-GAAP measures which our management relies on in making financial and operational decisions about our business and which exclude certain items that we do not consider reflective of our business performance. We believe that the presentation of these measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations. These non-GAAP measures should be considered in context with our GAAP results. A reconciliation of these non-GAAP measures appears in our earnings release dated April 27, 2017 and in Appendix 1 to this presentation. Our earnings release and this presentation are available in the Investor Relations section of our website at www.greatwesternbank.com. Our earnings release and this presentation are also available as part of our Current Report on Form 8-K filed with the SEC on April 27, 2017. Explanatory Note: In this presentation, all financial information presented refers to the financial results of Great Western Bancorp, Inc. combined with those of its predecessor, Great Western Bancorporation, Inc. Disclosures 25

Appendix 1 Non-GAAP Measures

Non-GAAP Measures 27 At or for the six months ended: At or for the three months ended: March 31, 2017 March 31, 2016 March 31, 2017 December 31, 2016 September 30, 2016 June 30, 2016 March 31, 2016 Adjusted net income and adjusted earnings per common share: Net income - GAAP $ 72,065 $ 61,135 $ 35,162 $ 36,903 $ 33,758 $ 26,360 $ 30,674 Add: Acquisition expenses 710 771 — 710 2,742 12,179 771 Add: Tax effect at 38% (270) (293) — (270) (1,042) (4,628) (293) Adjusted net income $ 72,505 $ 61,613 $ 35,162 $ 37,343 $ 35,458 $ 33,911 $ 31,152 Weighted average diluted common shares outstanding 59,032,787 55,401,164 59,073,669 58,991,905 58,938,367 57,176,705 55,408,876 Earnings per common share - diluted $ 1.22 $ 1.10 $ 0.60 $ 0.63 $ 0.57 $ 0.46 $ 0.55 Adjusted earnings per common share - diluted $ 1.23 $ 1.11 $ 0.60 $ 0.63 $ 0.60 $ 0.59 $ 0.56 Tangible net income and return on average tangible common equity: Net income - GAAP $ 72,065 $ 61,135 $ 35,162 $ 36,903 $ 33,758 $ 26,360 $ 30,674 Add: Amortization of intangible assets 1,389 1,417 550 839 1,024 822 708 Add: Tax on amortization of intangible assets (213) (440) (50) (163) (220) (220) (220) Tangible net income $ 73,241 $ 62,112 $ 35,662 $ 37,579 $ 34,562 $ 26,962 $ 31,162 Average common equity $ 1,676,506 $ 1,476,424 $ 1,686,770 $ 1,666,243 $ 1,647,155 $ 1,567,372 $ 1,488,398 Less: Average goodwill and other intangible assets 749,964 704,221 749,638 750,290 750,756 727,707 703,866 Average tangible common equity $ 926,542 $ 772,203 $ 937,132 $ 915,953 $ 896,399 $ 839,665 $ 784,532 Return on average common equity * 8.6% 8.3% 8.5% 8.8% 8.2% 6.8% 8.3% Return on average tangible common equity ** 15.9% 16.1% 15.4% 16.3% 15.3% 12.9% 16.0% * Calculated as net income - GAAP divided by average common equity. Annualized for partial-year periods. ** Calculated as tangible net income divided by average tangible common equity. Annualized for partial-year periods.

Non-GAAP Measures At or for the six months ended: At or for the three months ended: March 31, 2017 March 31, 2016 March 31, 2017 December 31, 2016 September 30, 2016 June 30, 2016 March 31, 2016 Adjusted net interest income and adjusted net interest margin (fully-tax equivalent basis): Net interest income - GAAP $ 196,042 $ 172,295 $ 97,399 $ 98,642 $ 98,227 $ 91,652 $ 86,338 Add: Tax equivalent adjustment 4,323 3,617 2,182 2,142 2,012 1,905 1,791 Net interest income (FTE) 200,365 175,912 99,581 100,784 100,239 93,557 88,129 Add: Current realized derivative gain (loss) (8,361) (10,827) (3,875) (4,486) (4,895) (5,005) (5,175) Adjusted net interest income (FTE) $ 192,004 $ 165,085 $ 95,706 $ 96,298 $ 95,344 $ 88,552 $ 82,954 Average interest-earning assets $ 10,215,580 $ 8,828,558 $ 10,144,875 $ 10,286,284 $ 10,173,743 $ 9,528,576 $ 8,892,465 Net interest margin (FTE) * 3.93% 3.99% 3.98% 3.89% 3.92% 3.95% 3.99% Adjusted net interest margin (FTE) ** 3.77% 3.74% 3.83% 3.71% 3.73% 3.74% 3.75% * 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 - GAAP $ 198,165 $ 172,101 $ 98,825 $ 99,339 $ 99,058 $ 91,829 $ 86,534 Add: Tax equivalent adjustment 4,323 3,617 2,182 2,142 2,012 1,905 1,791 Interest income (FTE) 202,488 175,718 101,007 101,481 101,070 93,734 88,325 Add: Current realized derivative gain (loss) (8,361) (10,827) (3,875) (4,486) (4,895) (5,005) (5,175) Adjusted interest income (FTE) $ 194,127 $ 164,891 $ 97,132 $ 96,995 $ 96,175 $ 88,729 $ 83,150 Average non ASC 310-30 loans $ 8,523,800 $ 7,282,371 $ 8,531,652 $ 8,515,947 $ 8,477,214 $ 7,903,860 $ 7,371,600 Yield (FTE) * 4.76% 4.83% 4.80% 4.73% 4.74% 4.77% 4.82% Adjusted yield (FTE) ** 4.57% 4.53% 4.62% 4.52% 4.51% 4.52% 4.54% * 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. 28

Non-GAAP Measures 29 At or for the six months ended: At or for the three months ended: March 31, 2017 March 31, 2016 March 31, 2017 December 31, 2016 September 30, 2016 June 30, 2016 March 31, 2016 Efficiency ratio: Total revenue - GAAP $ 223,783 $ 189,940 $ 111,233 $ 112,549 $ 114,025 $ 100,749 $ 95,339 Add: Tax equivalent adjustment 4,323 3,617 2,182 2,142 2,012 1,905 1,791 Total revenue (FTE) $ 228,106 $ 193,557 $ 113,415 $ 114,691 $ 116,037 $ 102,654 $ 97,130 Noninterest expense $ 106,389 $ 89,075 $ 53,852 $ 52,537 $ 57,342 $ 61,222 $ 44,855 Less: Amortization of intangible assets 1,389 1,417 550 839 1,024 822 708 Tangible noninterest expense $ 105,000 $ 87,658 $ 53,302 $ 51,698 $ 56,318 $ 60,400 $ 44,147 Efficiency ratio * 46.0% 45.3% 47.0% 45.1% 48.5% 58.8% 45.5% * 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 $ 1,706,861 $ 1,509,202 $ 1,706,861 $ 1,678,638 $ 1,663,391 $ 1,640,511 $ 1,509,202 Less: Goodwill and other intangible assets 749,366 703,508 749,366 749,916 750,755 751,217 703,508 Tangible common equity $ 957,495 $ 805,694 $ 957,495 $ 928,722 $ 912,636 $ 889,294 $ 805,694 Total assets $ 11,356,841 $ 9,942,295 $ 11,356,841 $ 11,422,617 $ 11,531,180 $ 11,453,222 $ 9,942,295 Less: Goodwill and other intangible assets 749,366 703,508 749,366 749,916 750,755 751,217 703,508 Tangible assets $ 10,607,475 $ 9,238,787 $ 10,607,475 $ 10,672,701 $ 10,780,425 $ 10,702,005 $ 9,238,787 Tangible common equity to tangible assets 9.0% 8.7% 9.0% 8.7% 8.5% 8.3% 8.7% Tangible book value per share: Total stockholders' equity $ 1,706,861 $ 1,509,202 $ 1,706,861 $ 1,678,638 $ 1,663,391 $ 1,640,511 $ 1,509,202 Less: Goodwill and other intangible assets 749,366 703,508 749,366 749,916 750,755 751,217 703,508 Tangible common equity $ 957,495 $ 805,694 $ 957,495 $ 928,722 $ 912,636 $ 889,294 $ 805,694 Common shares outstanding 58,760,517 55,245,177 58,760,517 58,755,989 58,693,304 58,693,499 55,245,177 Book value per share - GAAP $ 29.05 $ 27.32 $ 29.05 $ 28.57 $ 28.34 $ 27.95 $ 27.32 Tangible book value per share $ 16.29 $ 14.58 $ 16.29 $ 15.81 $ 15.55 $ 15.15 $ 14.58

Appendix 2 Accounting for Loans at FV and Related Derivatives

Loans at FV and Related Derivatives 31 Overview Summary Income Statement Line Item: Net increase (decrease) in fair value of loans at fair value Net realized and unrealized gain (loss) on derivatives Net Relationship Notes Increase (decrease) in FV related to interest rates $ (5,467) $ 5,467 $ — (1) Increase (decrease) in FV related to credit $ 251 $ — $ 251 (2) Current period realized cost of derivatives $ — $ (3,875) $ (3,875) (3) Subtotal, loans at FV and related derivatives $ (5,216) $ 1,592 $ (3,624) (4) (1) Equal and offsetting each period. Changes in the FV of each financial asset and liability driven by current compared to contractual rates. (2) Management records an adjustment for credit risk in noninterest income based on loss history for similar loans, adjusted for an assessment of existing market conditions for each loan segment. The FV adjustment related to credit is not included in the ALLL but loans are included in the ALLL coverage ratio denominator. (3) Current period actual cost of fixed-to-float interest rate swaps. Within non-GAAP financial measures, management reclassifies this component to interest income, resulting in adjusted interest income, adjusted net interest income and adjusted NIM, reflecting the underlying economics of the transactions. All else equal, this drag on earnings will reduce as short-term LIBOR rates increase. (4) While US GAAP mandates the presentation of these items in noninterest income, management believes the residual net amount economically represents the net credit exposure of this segment of the portfolio - presented as a "credit-related charge" in the earnings release and elsewhere (see note (2)) - and the current period derivative cost which should be analyzed relative to gross interest income received from the loan customers (see note (3)) as presented in non-GAAP measures. • For certain loans with an original term greater than 5 years with a fixed rate to the customer, Great Western Bank (“GWB”) has entered into equal and offsetting fixed-to-floating interest rate swaps with two US counterparties • Total size of the portfolio was $1.06 billion at March 31, 2017 • GWB has elected the Fair Value Option (ASC 825) on these loans and applies a similar treatment to the related derivatives: • Changes in the fair value of the loans and the derivatives and the current period realized cost (benefit) of the derivatives (i.e., the net pay fixed/receive floating settlement) are recorded in earnings through noninterest income • This differs significantly from most peers who have elected Hedge Accounting treatment • The historical election is irrevocable so the concept will be present for the foreseeable future in GWB’s financial statements even if different accounting elections are made on future originations • Management presents non-GAAP measures to provide more clarity on the underlying economics