GWB - Earnings call transcript Q1 2019 | Great Western Bancorp, Inc.

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Operator

Good morning, and welcome to the Great Western Bancorp First Quarter Fiscal Year 2019 Earnings Conference Call. [Operator Instructions]. Please note, this event is being recorded. I would now like to turn the conference over to Ann Nachtigal. Please go ahead.

Ann Nachtigal

good and Kerry, you, morning, everyone. Thank

Chief this Fiscal Year us and Karlyn Executive President Knieriem, morning Financial Officer; Chapman, Ken Chief on Quarter First Chief Credit and Bass, Doug Michael Bancorp's Chief Western Officer; Officer; XXXX Officer; Chairman Peter Chief Great Karels, Joining Operating and Conference Gough, Risk are Call Officer.

could like statement that cause those today's made discussed. Please presentation and factors. disclosures forward-looking as SEC refer statements are contained our discussion Before results on to differ a the to well that have uncertainties risk company's the to of we we may from for the you that our company's periodic get actual forward-looking future filings to remind presentation started, risks website subject as in I'd certain materially available full the contain

discussing measures Western's be References to financial will Great measure non-GAAP understanding Reconciliations over said, to we me performance relied to not Chief upon measures and it of as results. be Bancorp's referenced on Executive call. assist are non-GAAP today certain only provided trends and results this in conference the Western should appropriately With non-GAAP Additionally, and Chairman you for Great actual let turn included such Ken Officer, that Karels. now financial presentation. and a within are measures

Kenneth Karels

joining for call. thank the Good you and Okay. morning,

fiscal XXXX. pleased the first with of results very are our the We for quarter

amongst with remained regions. share, X.X% was quarter. X% few the the XXXX items loans control million over highlight a go strong per Expense strong. well with more growth in growth Net Let we up was increasing Loan balanced quarter, $XX.X me all into detail. or $X.XX before income December

elevated $XX during pricing, most shareholders we capital This environment. in remains And the million. in in manage our shares improved. the demonstrates effective approximately for were in management our as way active metrics repurchasing M&A desire the our actively X.X current quality to million quarter, view, capital the Asset for

more to insight our quarter in Chapman. financial call like December Chief over results, Officer, our for Peter I'd the Now Financial to turn Pete?

Peter Chapman

good Thanks, everybody. Ken, morning, and

interest revenue, an which to million increase million the quarter, Looking for or was X.X%. of reflected income $X $XXX

by Our net an points our the loan interest margin Of the basis items. increased the reduction the nonaccrual points nonrecurring prior quarter in the to in quarter for impacted adjusted quarter, in margin with line offset and about due X interest due margin attributable basis XX were X.XX% and The quarters. quarter. cost and guidance material with been up deposits, to in of is yield were write-offs the net was to point net interest X the by points line for margin, points basis X These a increase adjusted to attributable increased X not margin is interest the prior basis investment prior has with the which portfolio, quarter-over-quarter. basis yields in

expense during the was $X.X proactive million partly XXX,XXX hold The previously million in income There compared million, securities million $X.X quarter, to loss the income this the of million $X.X revenue the reclassification value to $XXX,XXX items increase side higher rate to to -- referenced. related we income million in prior decline quarter While higher the will for movement partly however, and immaterial $X.X $X.X accounting million Outside OREO low to risk prior in this rather of credit securities. item, million costs driven operating million consulting-related NIM negative recognition $X.X remain relating the million standard, line expenses compared year-end in in the reinvest above noninterest sale benefits, $XXX,XXX to million. quarters the items by and item $X.X revenue rise. are of also of to credit credit a And held were yielding offset item. and professional deposit the items seasonally expense the as fair rise, to write-downs, also income. the improving. pricing on result mainly accelerating sharply. a to $XXX,XXX has million for and increase cards million properties of loan our costs December quarter. during modestly Noninterest a the the higher was also by income salaries look increases the addition in line range management items. than in mortgage was challenge, for a December the would in securities prior remained declined in Fed Reinvestment low increased a while continue decline quarter, cost expect $X.X nonrecurring $X.X management as Within a to result some for which call. at was of on through the adoption with Noninterest stable positive moved to of is in expenses and to as $X.X and swap the the maturing due September the quarter remain the lower costs $X.X of was $XX.X costs. a quarter. in due result rates fiscal to Noninterest amount on positive ongoing quarter, securities December team. relatively quarter, These to of these from is range. wealth be OREO $X.X a expense benefit a by of to portfolio adjustment earnings of increase loans a This income a offset Also sales were At held by as fees on current NSF next employee forecast write-downs we would increases other

over Doug you. on deposit over to I'll to Doug, and Operating and our Bass. loan more Chief For growth, turn now President Officer,

Douglas Bass

Pete, morning, Thanks, good everyone. and

initially for quarter, very a several which was growth September or to planned During was strong softer. the $XXX prior closings quarter loan quarter, our quarter the December growth for during start strong year. 'XX The was the where helped growth fiscal X.X% million was 'XX by the

X in that and were Additionally, evenly sold due a and as was segment dispersed declined balanced larger during in geographies. C&I within quarter Growth balances we projects industries $XX companies was real all This million commercial development payoffs and our range million. to the for the the X was that $XX a in was fifth These well estate X-state footprint. period concentrated Construction aggregate and sector. were across by Growth completed. the had totaled refinanced. that of

commercial this quarter, material flat by January, million the $XX Yuma, increased of was for in $XX $XX fiscal the with million in Wichita, repaid All remainder offices, some with our is offices the late seasonal progress balances pipeline customers of good which during office segments increased tax new originations. approximately continues modest as growth have opportunities. portfolio the Agricultural which loan new our opened Kansas to Arizona estate by work of competition Good real with production to planning, owner-occupied year strong. January X we offset nonreal $XX addition, is be lenders. fiscal stress 'XX. and made seasoned QX. North in during in remain by opening and X very agricultural estate balances staffed million Scottsdale in demonstrating In million the quarter, the expect relatively We of would where

to pricing As range start we further in a We compromise loan we strong we digit we the very look had look underwriting to 'XX, not into feel disciplined and communicated. remain on while projecting on growth have standards. the will year, are have FY to stay previously mid-single we that fiscal

these $XXX of March $XXX balances in growth increasing from A growth. until Deposit the draws of part million also agricultural softer growth relationships spring million within for Additionally, consumer conditions all improve the was or public quarter for loan quarter X%. is footprint the and seasonal across with growth the paydowns the was $XXX construction balances, during construction quarter typically this a million slower loan fund and providing footprint. large with

quarter strong, -- deposit consistent We have prior seen during but with quarters. the remain have seasonal seen competition we

have We sufficient growth. net spread, to loan deposits attracting the stay deposit focused to commensurate we'll rates proactive yields to quarter to manage asset through lowered while still and on be special fund CD cost continue with

Officer, the now our who turn over call Michael? asset to Credit Gough, will Michael take Chief Let's developments. us quality through

Michael Gough

points are with quality fiscal September of each XXXX million XX we on satisfied $X.X quarter, the is quality during metrics for asset X or during quarters than Overall, were Doug. asset of to basis you, lower compared loans an year. basis, which average the the charge-offs quarter XXXX with quarter. previous our Thank the improving annualized Net

and expected settlements couple marks that our our to And in was in and loans balances as prior which $XX Our XXXX basis quarter, percentage to points, we total fair due ag allowance Note on real as credits. points decline million point. losses were X remain September sound includes and our XX mainly we being by total adjustments a a of credit $XXX $XX estate this take quarter to negotiated loans. and the back of accounting quarter long-term Nonaccrual portfolio. balances are for million increase Watch Substandard value portfolio with OREO $XXX million, credits improvement respectively. a credit-related is saw loan lease credits ag larger million, basis at declined basis later and coverage, million which down loans problem the as currently part Compared in at XX purchase to of $X comprehensive the line OREO with of

during significant The within milk dairy remained of continued low. see well to also have close portfolio, losses. do the we this stress has which have oversight some quarter. our But portfolio the prices not ag We performed continues portfolio, as exhibit

indicates prices increases, stable Forecast decline. while for modest to costs milk continue to production

portfolio, based and so revenues received far. underperformed statements overall, have borrowers reviewed our grain the more and expectations outperformed upon and financial Within crop

complete our We for to this closing once in-depth that, of call remarks. the call information March back turn portfolio XXXX in we part will more earnings our provide let's the insight With have Ken borrowers. some more from into

Kenneth Karels

Michael. Okay. Thank you,

continue are during us the to is year. with XXXX, our be We to still continue our remainder economies our shareholders. to the We expect good as will strongly. slower loan start XXXX our perform but see of pleased believe strategy returns and across to very for allow sound deliver fiscal the we opportunities strong growth strong footprint We to do

selective our We will loans margin help use manage this net and on and credit interest quality. be to to continue

capital our Thank that questions. capitalized, to this in we will Great Bank. now remain your continued ensure while interest Western we We'll return to for buybacks. We strongly call capital shareholders stock for through also manage open up you

Operator

Instructions]. [Operator

Deutsche Dave first Bank. The come from will Rochester question of

David Rochester

to was this It quarter. credit great trends see the solid

in guys review on typically that? I the mentioned ag remarks. that? I far of along process earlier on I stuff wondering the far annual are question your the was portfolio. you risk just in higher a are in you you you've How the know December historically. Just reviewed along how know quarter,

Michael Gough

Over of XX% may credits at preliminary across with least Watch most numbers not the 'XX have yet. and the already looking, final overall having footprint, even we though a worse

David Rochester

pretty are seeing, how you you're what go the reviews? progress the on to those based you of So as going feel good rest trends about through

Michael Gough

sir. Yes,

David Rochester

expense I actual And Fantastic. quarter? correctly terms you're $XXX,XXX range, that the in OREO OREO to of should decline that expecting did you though even to hear increase $XXX,XXX, this that the

Peter Chapman

rate make the write-down held just we on look Yes. they just of to should run had That Mike sure be. cost, will where an hold additional side portfolio, be decided things as We through we Dave. credit the that the quarter this sort

just So and high little yes, quarter. see to we'll the quarter, next wait but this a

David Rochester

is work the decline you through of that quarter balance And this this rest as down? OREO -- beyond OREO overall expectation that the would stuff the year

Peter Chapman

the mentioned expect. Michael balance increase, we no. No, Dave, will itself

Michael Gough

in we I if larger be the mentioned get some expecting saw increase to wouldn't a OREO negotiating my believe, We're Correct. back. range. workout David, in that comments, of couple $XX we million We situations. to ag million $XX surprised

David Rochester

characterize quarter. would Okay. your the you thoughts you continue active? then Great. remain on in would Got obviously how that thought that are capital, front? Or to -- And the guys Is you. this you as on buyback very active

Kenneth Karels

opportunity couldn't $XX do to think stock quarter Probably to us prices I as Yes. we too, be. buy it than mean, a lower we will won't continue see should for we on at be but to afford we back opportunist be active. million as

stock us we buybacks case in that an be that I we that ours. prices of temper the are as in up makes at in but wouldn't still would still years what for we'll is mentioned choice see course, chunky sense, But call, a the think do. there you'll quarter-to-quarter, Of definitely be I but true. the comes through acquisition look elevated

Operator

The Davidson. D.A. next Jeff from question will Rulis come of

Jeffrey Rulis

dropping Also in that guess, of would another the You a expense to another Is mentioned kind comp rate. quarterly drop lead the couple elevated. to couple the little the side? -- we to $XXX,XXX you're year-end those that we what the OREO $X of If comp X the $XXX,XXX. consistent down thinking with items I expense on the if million drop

Peter Chapman

I bit. think, expenses and you'll of little actually Dave, a actually sort tick up Look, see stabilize

next the in the expect $XX that. range. couple So things A quarter, million I'd into more playing of

All of even on in see the the in our year-end, increase year-end though merit of fiscal those. September an kick increases, a you we're year, first so they

a people up. consulting for sort as So increase even costs merit that goes we first quarter lower away, our as And comp And that December so then go also being less in with I'd you year-end say up in the tick that call that had to out are of us well, fiscal you year. seasonally quarter. priorities in spend budgets the the holidays, expect the March working little for and quarter,

expect the around I'd but So $XX nothing somewhere that. too outside surprising certainly, of range, million

Jeffrey Rulis

So I increase, at the are drop you've $X stuff? you've guess. comp to in expenses year-end outstrip costs here, if get else offsetting from? least some the the increase, is and from that Where granular, merit OREO million consulting too but still got coming increases annual increasing not that's -- would got Because

Peter Chapman

-- think comp and is I year-end the about the Look, Yes. the merit wash. year-end a stuff

$XXX salaries and If it's million you look merit. at X% at our benefits,

front-ended got March And consulting quarter of the the side then of bit sort a we've I on -- just all. more to a bit on Jeff. through, come compared about based things, more projects I the push to just in year. there, That's stuff going, that's seasonal expect some rest the So a of

Jeffrey Rulis

then, activity And mention Doug, quarter. great. payoff the you Okay, did linked

quarter amounts alluded but this payoff what think to last? it, versus I you was the

Douglas Bass

would just in just large million. $XX are in which the payoffs owner-occupied C&I In had real payoffs. and sector, the quarter have we but from completed, $XX quarter-to-quarter, million, that excess was traditional of just estate C&I nonowner-occupied We we itemized and I had more the in

Jeffrey Rulis

total just, But in have gut feel, guess, number, payoffs I if were don't just linked the Okay. overall, down you quarter?

Douglas Bass

paid they actually, in would as off range were projects slightly planned. up had I because would say, probably of plus $XX the we million have real estate that

probably been been which prior have in million So $XXX range than it would plus, have the quarters. would slightly higher

Operator

RBC question The Capital will come from Arfstrom Markets. of next Jon

Jon Arfstrom

of Just all surprised topic Doug, on growth just that this on Were growth. maybe, you guys at by the the quarter. strength

than And March that. a on I also -- question the stronger it just how magnitude about to soft expected. expect think lot of quarter of thinking be. I'm I'm the the you then was us And

Douglas Bass

very wins fiscal for had several I really on all of that areas had a prior very had from closings couple good geographic of quarter. we was as year, that -- produced some a across very think would carried just on activity it. what quarter. had into And elevated a softer That over did good the had closing through of in into now, with current construction and results. payoffs some we're proud went slower still And as we I activity. quarter as have number. traditionally pretty we we good think the have for head do said, we we a quarter We We October some that of last prior part quarter the we fronts rebounded I'm

million of loans construction a completed think perm. I I $XX mentioned finished, were that into

doesn't would based have ramping up of ag in until seasonality. quarter a really April, on start slower the we draws some So this May. And construction lot sector just

Kenneth Karels

Ken. Jon,

our margin to opportunity mentioned and also we credit so good grow trying up are too, seeing prices make looking get maintain But maybe too. obviously some quality as we're we or at to maintain we sure will think push growth Doug too, activity. temper our I to to margin and

Jon Arfstrom

Okay.

a you're it's balancing more part what really is your anything? So on conscious act saying than

Kenneth Karels

Absolutely.

Jon Arfstrom

Okay.

OREO question I on and the NPL other expectations. just The was Michael, for had

the NPL you of move work balances right OREO want commensurate the it's NPLs? just to decline in the But about thinking hear way. make do you and talked up, to that some sure that I'm balances to expect encouraging can of to I guess, OREO. You elevated them but down I going start a about kind

Michael Gough

I movement taking referring situations where negotiating about The the way. are think back into from right we're nonaccruing to you the OREO. the thinking we're with it property loans

Jon Arfstrom

is And the Okay. or is Or generally operating this -- land is it businesses? would it be? characteristics what

Michael Gough

mostly I'd on -- land. it's I now the right that ones negotiating say, be we're think would

Operator

then Our come next DelMonte will from of Damon question KBW.

Damon DelMonte

little first a I said keep on this the you you with relatively quarters? stable to in thought expectations from Could would level? the My it question on elaborate coming hope margin. more just bit your just you be

Peter Chapman

Look, hope we Yes. to, Damon.

last hope be that. little range. As we a around we quarter, that to of coming said ahead We're XXX

to lot as that work alluded Doug we're continue Deposit portfolio. this little. the increase we to We manage can. of costs we've loan to As trying that to on rise, seen but a a pricing, well put quarter as securities money in

manage and It a do can we'll do. be certainly that's will So all it but to stay to what we're we to aiming flat. continue challenge, try to

Damon DelMonte

could to on higher yield color on quarter? you led a in securities what give And the little the

Peter Chapman

reinvested a those about sold as that securities in $XXX Damon. quite X million Yes. about range. we loss there, of We $XXX,XXX those yielding were We in a XXX had and the reinvested lot

lot. roll-off, also a that general higher as at And So certainly helped well, we're reinvesting much a just rate.

to as next up pronounced as step quarter, again So not this probably expect quarter. that but I'd

Damon DelMonte

reserve going for you -- how to I there into the do also at thanks credit, in any the on and And account provision be to the that? the loans on forward? those expect Or some regards moving provision guess, like okay. then you, expense Got to outlook with look you maybe -- to but Do OREO. commentary bills with regards additional nonperforming for of

Peter Chapman

-- Look, rounding, I with pretty is sort a levels or done certainly bit a around Coverage think, we're but current seeing, a of Damon. consistent, same, point a little Michael. plus the was point minus of

Michael Gough

I looking the already got properties back at appropriate with would we've were agree we that. raised. taking The think I absolutely provision

Operator

The Sandler and next from question O'Neill Partners. with come will Tim O'Brien

Timothy O'Brien

Just following there. expected allocated OREO -- reserves take so and back, on the

net likely be because calendar to the in moves expect not -- down to you degree. come quarter? will elevated in or OREO it's you due to charge-offs final negotiations. of -- out year I'm some first So charge-offs going pen bit to But negotiations expected probably that the you're a little net

Kenneth Karels

Yes, not really.

will I previous won't think quarters, we of expect it be with so consistent charge-offs. a lot

-- actually, most off. ones Some were of these the we at, well, of already we've looking charged

Michael Gough

have some taken charge-offs already. We Exactly.

Timothy O'Brien

this So at point. they're pretty well marked

And talked and bit front. full deposit on you great. a loan the expectations Okay, kind little year of then guys about fiscal growth

or far seasonality withdrawals side, due are first for -- expect outlook your quarter the seasonal quarter do factors? As on growth as your to deposit there what deposit you first what --

Douglas Bass

I loan Tim, at, similar deposit will that think and that the the mentioned it mid-single side, be to think, very side. we're the as earlier, on I year, looking range of digit on full on we sort

Peter Chapman

see build and time In in up we deposits, QX, consumer a summer consumer Yes. build spring typically and see tax so savings. in till we a

consumer. we'll on as expect this quarter that So well. I'd And an be to growth just in increase more monitor a the that lumpy, but bit expect business in and I'd can have some deposit side, the then

Timothy O'Brien

question. then the last And Great.

imagine. borrowers your monitoring programs know, government you would the this could the -- are on occur, obviously first that thing end quarter? I affect that impact into the through -- I that guys don't would shutdown, Any if of extends You USDA

Michael Gough

or not FSA is effects, open joint new see already direct loans. mainly taking and to checks answer for applications some we're starting endorse Short guaranteed to offices being

applications. to open going when week on X some those -- be for shutdown flow there's to a as maybe funds FSA a seen time ends, days of that the up Some start offices matter to or we take the keep some shutdowns, catch moving. to where period But prior with offices X it's we've no going know to

Kenneth Karels

total of a relatively material discomfort Obviously, piece effect but so of business. no Yes. It's for small business. business, some effect our our our on customers, our small on

Timothy O'Brien

crop insurance affected? programs Could be

Michael Gough

to I'm be a I on It long long, would to that. think, go have time, not expecting affected.

Kenneth Karels

private still of of They're signed written, insurance I for, Yes. hands insurers that the will none being Most that written. up being and government's of is out are it. change. mean, handling obviously,

continue. will that So

Operator

question Lynch. America The Merrill from next of come of will Poonawala Ebrahim Bank

Ebrahim Poonawala

wanted up margins. follow Just to on

looking a I that close time when about back or mix and like into the standpoint, at XX% you will half think beyond middle had a I year the today we we Do ago. look of deposit a the of assume as be flat the continue XX% think towards year, -- rate versus like from at I to just Fed going when anticipate mix deposit it's to to back migrate margin. as year. may the to be greater lower time We even sort keep half margin result, And some deposits Pete mentioned, drifting in without should least of hikes? challenging a

Kenneth Karels

Yes. Probably not.

I I to hard think think margin there, keep right. are up you but we'll work that

will, to We are other as now as that. into see, starting to customers and push rates for banks higher will CDs see shift continue

see we'll throughout I we higher continue trying that year. doing proved we but transition, think getting this that that here, maintain can the last think And think managing we rates I quarter and margin. are loan well, to and that

Ebrahim Poonawala

active on X- Or XX-month coming with any CDs to is of promotions And hand in more running funds? hand cetera? deposit et loan CDs growth, in terms bring we are commercial growth in to

Douglas Bass

current retention market pricing pricing. side. We've CD the be promotional Most are CDs, out actually in but would money really or Ebrahim, quarter there, of dropped There rights the the on based activity is mode on the yes. promotional the during just in business

Ebrahim Poonawala

if missed if sorry talked of LPOs, Got earlier. plans you about -- in I it it. it That's markets, And just helpful. separately, terms any new I'm

any markets entering hiring where few of bankers quarters? you'd next the terms or be new In over

Douglas Bass

already to opportunities offices term. coming. near probably nothing but that those. last road, XX opened of got absorption and would that hired on down new in period the couple late have We pretty good lead to X the in we're the an months X a in planned We've bankers been year, potentially offices upcoming probably And quarter. some we're Nothing seeing

Ebrahim Poonawala

on just Got one question capital. it. And last

any earlier were So you a heard have prices about in obviously, do see lot, but you you likelihood banks quarters? Like, an outlook. from becoming months, Ken, see what of the if do increases, around you the to gets over Anything think aggressive do dealmaking given you smaller more deals moved said, M&A coming buybacks potential open for standpoint, the I and environment tougher? the -- --

Kenneth Karels

Yes.

to think pretty have I it definitely been do I owners will. than a we're absent mean, just conversation been prices higher of price we've we to and just looking what having robust. to for there's been yet, the in make It's them activity. sell to wanted right at to continue. But sense so And pay, with M&A the it number be it. has us but

powder capital. yes. better of looking was quarter, that's keep -- backpack, a again, obviously, it happens. last we with I this that mean, dry in especially use But generally, some at, our So where case will what we're stock

to So we look. as we we -- will continue always have, will

Operator

question from Nathan will The Jaffray. Race next come of Piper

Nathan Race

for I next the to of basis to quarters. seen cost what XX to few similar in curious earlier. I'd apologize imagine your was terms you I will of points. how how I over quarters. few if deposit deposit you you around costs course the we've step expect Obviously, to quarters could go on expect few to back costs wondering just hold XX the up of next trend. comments last Fed The some was the just for is behave deposit in

Peter Chapman

costs good Yes. Internally, we preparing the question. Nate. It's to increase, are continue deposit for a

seen point XX, quarters. that is in range pretty So consistent with prior what XX we've

Fed the we're strong of we'll So competition in little. hope pace a to pretty a but to deposit, monitor competition maybe loan internally, and growth. that and for continue what decelerates Midwest, Arizona are we we'd Colorado, in seeing the with does, keep particular, of preparing Nate, that Certainly, maybe less But in the so pauses, that. sort still the little just have if

Nathan Race

impact Got gears thinking little the about Shifting it. bit That's the a CECL. and of helpful.

start how the levels that on CECL I'm fiscal thoughts just if reserve board your intended. could implementation implemented. just any accounting what to that's your of impact year curious Just impact relative the earlier curious onces would

Peter Chapman

That's yes. aware. the it's really else. Actually, We -- good we'll And X months be -- Nate. -- will sure we making Yes. No. a we other later are actually question, be than around, well and actually. This keep way everybody

while be actually period, be enough than yet, everyone Nate. and everybody on our cleansing the guidance certainly We've through project and selected. January we'll a vendor sitting X so going where on give X on adoption, else. got haven't keep abreast October probably we'll data, little moment to else We're So at the is got any a we'll adoption but strong up. guys we're the later Look, up of comes view that But you anything running.

Operator

question Partners. next of from come The will O'Brien Tim Sandler O'Neill and

Timothy O'Brien

Sorry, just a quick follow-up.

opening? What that in? You mentioned Yuma, fourth market Scottsdale, Wichita branch the branch was openings. What's

Douglas Bass

Falls, -- calendar Cedar opening mid probably had fourth that that in was 'XX. Iowa The we

Timothy O'Brien

Mid -- okay.

Kenneth Karels

during well. as And opened North quarter Scottsdale the

Douglas Bass

Yuma in 'XX, Wichita North Scottsdale here opened 'XX opened just -- calendar excuse me. and January. calendar late

Operator

of The Jeff D.A. from next Davidson. come Rulis will question

Jeffrey Rulis

Is full QX? Pete. on a for the think follow-up Just you which fiscal of rate, on this the what year, is tax indicative

Peter Chapman

pretty lower. good It X.X drift point a It's might Yes. rate.

just a there. it's pretty few are yes, rate. on good things for But working We a I the think moment,

Operator

And also this today. concludes have for our hope concludes want We that everybody you afternoon. good joining This question-and-answer conference a session. to today's We thank call.

may now disconnect. You

Great Western Bancorp (GWB) 24 Jan 192019 Q1 Earnings call transcript