Parent Company Only Financial Statements

Parent company only financial information for Great Western Bancorp, Inc. is summarized as follows:

Condensed Balance Sheets

(Dollars in Thousands)



	September 30,
	2018			2017
	(dollars in thousands)
Assets
Cash and cash equivalents	$	72,924		$	15,004
Investment in subsidiaries	1,873,422			1,839,293
Net deferred tax assets	1,489			1,502
Other assets	2,056			8,515
Total assets	$	1,949,891		$	1,864,314
Liabilities and stockholders’ equity
Subordinated debentures and subordinated notes payable	$	108,468		$	108,302
Accrued expenses and other liabilities	872			1,012
Total liabilities	109,340			109,314
Stockholders’ equity
Common stock	589			588
Additional paid-in capital	1,318,457			1,314,039
Retained earnings	553,014			445,747
Accumulated other comprehensive income	(31,509		)	(5,374		)
Total stockholders’ equity	1,840,551			1,755,000
Total liabilities and stockholders’ equity	$	1,949,891		$	1,864,314

Condensed Statements of Comprehensive Income

(Dollars in Thousands)



	Fiscal Years Ended September 30,
	2018			2017			2016
	(dollars in thousands)
Income
Dividends from subsidiary bank	$	111,159		$	62,470		$	70,582
Dividends on securities	51			123			223
Other	103			62			48
Total income	111,313			62,655			70,853
Expenses
Interest on subordinated debentures and subordinated notes payable	5,040			4,464			3,737
Salaries and employee benefits	5,849			6,847			3,723
Professional fees	1,038			631			378
Acquisition expenses	—			—			1,010
Other	2,456			2,204			2,512
Total expense	14,383			14,146			11,360
Income before income tax and equity in undistributed net income of subsidiaries	96,930			48,509			59,493
Income tax benefit	(3,075		)	(8,147		)	(3,414		)
Income before equity in undistributed net income of subsidiaries	100,005			56,656			62,907
Equity in undistributed net income of subsidiaries	57,911			88,130			58,346
Net income	$	157,916		$	144,786		$	121,253

Condensed Statements of Cash Flows

(Dollars in Thousands)



	Fiscal Years Ended September 30,
	2018			2017			2016
	(dollars in thousands)
Operating Activities
Net income	$	157,916		$	144,786		$	121,253
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	166			165			36
Gain on redemption of subordinated debentures	—			(111		)	—
Stock-based compensation	4,419			6,810			3,517
Deferred income taxes	13			(1,796		)	3
Changes in:
Other assets	6,459			(823		)	(190		)
Accrued interest and other liabilities	(140		)	286			225
Equity in undistributed net income of subsidiaries	(57,911		)	(88,130		)	(58,346		)
Net cash provided by operating activities	110,922			61,187			66,498
Investing activities
Business acquisitions, net of cash acquired	—			—			(30,832		)
Net cash used in investing activities	—			—			(30,832		)
Financing Activities
Redemption of subordinated debentures	—			(3,625		)	—
Common stock repurchased	—			(5,605		)	—
Dividends paid	(53,002		)	(43,474		)	(31,419		)
Net cash used in financing activities	(53,002		)	(52,704		)	(31,419		)
Net increase in cash and cash equivalents	57,920			8,483			4,247
Cash and cash equivalents, beginning of period	15,004			6,521			2,274
Cash and cash equivalents, end of period	$	72,924		$	15,004		$	6,521