GWB - Earnings call transcript Q1 2020 | Great Western Bancorp, Inc.

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Operator

Good morning and welcome to Great Western Bancorp's First Quarter Fiscal Year 2020 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions]. After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions].

Chief morning Doug Karels, Peter Relations. Bass, Financial Karlyn this Chief President Chapman, call Seth Officer; Officer; and Executive Chief Knieriem, the are of Chairperson, Ken and Chief Artz, Joining Head Officer; Investor Risk Operating Officer;

the getting risks like remind and actual could the today's Western uncertainties you that are future would periodic forward-looking factors. on discussion to disclosures forward-looking company's for from contained materially site, may presentation those refer company's that contain discussed. full statements Great differ the results statement subject started, that the as Before to presentation in to Please risk to a the of certain cause well SEC Web company's as their filings

a will for References within conference are measures of relied provided on be measure Additionally, actual Western's financial not Please are presentation. the referenced Reconciliations understanding only and results. non-GAAP be is to assist measures and appropriately this today note call. upon you in results being should to Great event financial recorded. this non-GAAP measures trends discussed performance non-GAAP and as such included certain

Ken ahead. Chairperson, like I Great Ken, Bancorp's conference Executive turn President go Karels. Officer, and over to Western please Chief to the would now

Kenneth Karels

our We to and strategic continue in a morning interest in we out of points beginning forward. were few this for highlights. of XX quarter Good this which solid. and basis the successful income going manage has remained like joining the point you Net With XX very quarter our I’d marking decreased thank management the cost by deposit will call. to fiscal million year, of

strong authorization None share our at of this growth efficiency the required in XX.X% what excess ratio resulted to we fund for is as will buyback the control look of quarter. executed at generate returns. due we in to but quarter expense capital to during continue an our was organic Strong

results, financial to Officer, the insight I’d call like Financial to on Chapman. our Now our Chief for more Peter turn Pete?

Peter Chapman

everybody. Thank you, good Ken, morning, and

$XXX decreased interest the that revenue, quarter interest touch Doug lending for everybody. a to nonaccrual which on for decline million $X income upon quarter to a more firstly which also moved in of the Looking during were was will in a balances, and million reversal exposures of because minute

interest nonaccrual. margin Net quarter adjusted the margin from net on X.XX%, with interest X for impact points interest reversal and margin a the adjusted our basis X X.XX% were the net down quarter-over-quarter interest moved to respectively, with basis loans points and

lowered slight basis X points investment cost a in basis in offset NIM yields points. basis XX points In in was by improvement but reduction addition, XX loan yield portfolio the deposit reduction this a and by of total of

we a for the will the in environment current again but particularly guidance contract relationships deposit the basis seeing very with We cost rates loan January, prior mid compress underlying good proactively points to to rate down in the yields as for few NIM continue in to credit we’re manage continue as expect remains competition quarter strong. in line

wealth million the $X.X of current the through increase million start acquisition the $XX.X quarter for by increased due the an at to management Colorado income Noninterest in to quarter. closing of mainly the income

prior to salary of X.X stock to expense million and by lower expenses year vestings an due and Noninterest were addition the current for increases quarter, increased compensation general $X.X in variable $XX the increase million benefits in million. the quarter. Salaries in

mailings higher to prior in These the quarter fees prior the lower FDIC by with the $X.X expenses quarter. expense in data annual $X.X communication and due current expenses in lower Also professional million by processing and reductions due offset quarter. were in to of customer increased maintenance million

enhanced due we merit to expect continue March to diligent we increases be in quarter, investment in spend the great the following going investment effective to continue $XX and our expenses, expect resources $XX management million to and more new Accordingly, quarters annual the risk and in million with grow to increase lending monitoring management, analytics of range be salary portfolio. to forward. the business with While loan an the in we

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

Doug Bass

from Thanks, billion, December the end loans which Pete, X.X and is of XX good quarter. morning, a were of quarter everyone. million end, At the 'XX prior decline the

commercial and non-owner During in occupied and occupied. loans in development estate decreased construction the owner slightly as and offset residential real declines quarter, multifamily with advances were

we institutions the in quarter, XX.X credits underlying return other the down estate and down due targets. were million. loans our This with transaction refinanced that XX that activity. centered million did mostly portfolio million ended non-real not meet our experienced During in to was warehouse financial that mortgage quarter by the XXX.X pricing at disbursement Commercial

the quarter over reflects undrawn quarters. million approximately million. of the This balances lines Additionally, of credit decline balance the last increased Agricultural decreased of XX percentage a during approximately the XX with is operators two X% risk operating the quarters of a the upcoming which a relationships higher with as trend suitable financing secure by decrease primarily we exit alternatives. profile driven anticipate over

growth X% and novo Our for those of quarter annualized. growth And key were the portfolios continues de to to strategy expansion. be office aggregate contributor a the our

few one. quarter with we markets over have reaching loan commercial XX new Nine internal the locations hired timing are years, new We on been and the targets. for two last leadership in place successfully have various in which of have fiscal teams currently stage. three bankers during offices depended existing office production opened Currently, in

Consistent risk our XXXX the sector. of particularly book, the agricultural profile spend loan with rebalancing year those sectors we all in fiscal prior in will guidance,

for expected range to XXXX. digit our growth in of next still which traces few continue result quarters growth will improving over will that have quality is to This and the is priority loan already. asset of Our impede for exits in expectation seen we the be low-single loan

brokered reduction XXX become Deposits primarily XXX.X have the costs competitive. million deposits during those quarter, million as billion XX.X declined less to to of related in a

the XXX non-brokered non-interest million a bearing deposits book Within deposits. in offset the of rest with particularly good growth decrease in consumer portfolio, showed the time

of resulted have basis of market points decrease mix a in bearing, basis interest offering deposits. increased decrease costs due from and with quarter of Management non-interest the XX bearing to XX rates rates money in a the costs coupled point time during on on reduced deposit

rates moved have net a declining down to our We interest commensurate deposit January targeted with margin. rates continue move in maintain rates we’ll and again to loan down

our review updates strategy. provide function the to I'll our now loan Chief also on turn oversees Risk Karlyn to asset call quality Karlyn? who over Knieriem, Officer, our

Karlyn Knieriem

Doug. Thanks,

million was relationships. basis which points on number of basis with of from relationships in annualized to a smaller few agro XX this decline X.X quarter. a spread charge-offs points an net quarter, prior were amount, the the $X.X remaining a million attributable the XX $X.X non-agro across Of is For basis million

X.X interest credit-related prior million million moved were million than $XX.X on income normalized to driven million at expenses higher X.X and nonaccrual quarter from Total mainly X by charges in more period. loans reversed the provision of the

a we as number risk modest and higher X.XX%, the of a loans quarter of related historic from continue a the primarily from credits. X.X% identified agricultural prior small up Nonaccrual were as increase loans loans work to levels to percent through total

long-term loan purchased and fair which our value marks X and our includes points. to the comprehensive loans basis points was for Our credit-related allowance basis increased in credit on adjustments portfolio quarter XX basis XX coverage, points accounting loss to

of Looking loan loans million a $XXX at health in a sector primarily to to million our loans substandard related to loans in few swine graded and ag our in increase million $XXX number small with $XX classifications, net dairy due increased one in non-ag and particularly a increase XXX services. relationships million the

small of monitoring to relationships. $XXX million Watch a slightly loans number of increased to related additional

million for update in as profitability by an we continued improve sector rated quarter $XXX validated to dairy anticipated the portfolio, the in end improvement three supported and the quarter milk of at and of the substandard as watch. Fundamentals the general, to prices. a two As rated financials asset in this had and million quality lift quarter XX

health becomes so it can regularly but We information only overall performance update financial we operational each are our available the also of the on views financial gathering not as relationship.

quality focus making general to project those a change have upcoming progress asset granular an loan loan discussed good on give relates make as quality broader our in of in and classification in-flight quarters, will that we and more In key we overall a ratings our we are recent have One we asset quarters. initiatives. on will and ratings view

as substandard. of implementation by is in Among scale special other framework category other between of loan and be a not watch exist the that a rating used falls that typically does rating our criticized part current and will institutions mention things

and our ratings of will By better in credits implementing be the the managing us allowing with metrics while in efficient criticized adoption later classified we also industry year. scale, to relationships and align seen our the and complementing in more our and CECL new

this yet all the move and implemented based a would down is we level number current expect While this of portfolio. equal, substandard from project mention to things when not to of loans being bring substandard special relationships complete, the on

to that, some back With let's closing turn remarks. call Ken the for

Kenneth Karels

I tangible year resulted assets XX% management reflected return with in over on good begun common we've consistency in strong of X.X%. return as how in Karlyn. equity the am pleased on margin Okay. expense our Thank and you, earnings, and our of

will time us both right enable the our loan portfolio to our achieve that improve is current asset growth. make to and enhancement and future Now quality reposition

call We for will up now open questions. the

Operator

Instructions]. the now question-and-answer [Operator begin will session. We

The Please Jeff Davidson. question first D.A. with from go Rulis today comes ahead.

Jeff Rulis

morning. Good

Kenneth Karels

Jeff. Good morning,

Jeff Rulis

that renewal book do you expect Thanks. when positive of the was did kind see the that if there question. The up helpful? timelines can on reviewed more if and the Yes, that annual then of true exit a on on you’re of kind touch how that, of then the to commentary on substandard workout what of side, really credit-related the in is would sort the the with into impetus was diary dairy, you what’s feeling added? points kind of of through so dairy point be just kind maybe for of commentary flushing loans, increase And we

Doug Bass

Jeff. is Okay, This Doug.

take question that me you. for Let

talked lock What looked are rating in in to think in USDA to the note III rolling at very insurance coming increase, quarter, earnings the timelines seeing coverage out service May. to using that on that milk of them about in be allows March, an opportunity of of flow quarter low I corrected through producers which was profitable results or toward the producers was the a off for a to to fiscal revenue started It event. in the prices for Class for would due III of start It X.Xx not reflected will are the our these averaging timelines, renewal current are QX and as Many First QX. to up April XXs debt last four-quarter that with Relative basis. today. months. Virtually risk program. the lock Probably we and all Class also debt year-end were cash milk here. have information. that’s prices one-time in relationship of be is many results from today low usually in downgrade. had we should gathering prices it a and item substandard the using in QX February. credits that roughly early are program XX the turning Many Relative we’re on XXX operations That that cash XX/XX/XX end we corrected XXs. coverage made flow-related the comments be in to should month on

recent renewal relationships April-May of and trends over on locked would anticipate business the in in production be timeframe. a will We timeframe. through protection and two prices typically the the for levels the through and in milk that at the program for these rating last quarters based considered of book improvements renewal a So revenue May April the this risk season will prices be number period be favorable that probably

Jeff Rulis

be expect Okay. in What February? was the to that you add the corrected one-time size of

Doug Bass

result embedded September went up X/XX was credit million, from it within The that substandard XX number. to so

Jeff Rulis

and charge-off on something bigger charge-off on the 'XX In Any cycle on of 'XX? just last quarter than was charge-offs? on one net. on This than the 'XX fiscal was thoughts quarter. was visibility 'XX in obviously Any broad the activity, a last sort quarters, charge-off I guess the we fiscal more are visibility. where something sorry, less I’m And few Okay. lowest

Peter Chapman

for loss Yes, we’d you Jeff suppose forward that over of just in nominally if look I there. average hope X, June the is

think I somewhere that about to So XX in boundary range safe to think XX it point in. is I think a

Jeff Rulis

you. Thank

Kenneth Karels

Okay. Thanks, Jeff.

Operator

Piper with Please from Liesch Sandler. Your Andrew next go question ahead. comes

Andrew Liesch

morning. Good guys. Hi,

Kenneth Karels

Good Andrew. morning,

Andrew Liesch

the really of book we movement was curious. on the a just some borrowing some touch in of in additional increase securities Just that Was there? to borrowings, going and just in the brokered driving the book look the the offset outflows what was securities want in the of that the to quarter as and What at forward? build accounts? Then causing deposit size how should kind

Peter Chapman

build continue digit There’s see of of is We the it. to flattish we Yes, We the increase for the had whatever few deposit those sort current sure. CDs it to some sort the little look quarter. of good do sort was inflow. or way rest the we’ll year, a in both and between Andrew. a one low-single Andrew, a of to of mix if bit more a I’d modest certainly It FHLB. going at – points just can look and brokered save interchangeably change, other

Andrew Liesch

Okay, back. great. step I’ll you. Thank

Kenneth Karels

Okay. you. Thank

Operator

with The ahead. from Merrill Lynch. go next comes of question Ebrahim Please Bank America Poonawala

Ebrahim Poonawala

morning, guys. Good

Kenneth Karels

morning. Good

Ebrahim Poonawala

guess I like that don’t we’ve credit, taking guidance [indiscernible] step the expect sounds big the a you you despite year, like first it charge-off just seen. losses the expect just question a on doesn’t gave sound migration back for you

the should move you about think as P&L be modest So some credits. of relatively when we these provisioning impact

So assumption? that is a safe

Peter Chapman

dollars from quarter four out sort There lumpiness sort or bit think three as go and perspective. ones a previously in of hope do large the to Ebrahim, through of But hope settles be this this couple of as might we accrual looks in interest we like a it some sort these with levels. But be on expense Look, the above throw an around I quarter, guided of normalized run could sort we there overall little more a million well. where rate you be these quarter once quarters have of we we’d the down like. a over what to are current quarter-on-quarter charge-offs

Ebrahim Poonawala

worsening ag you of a view we And of talked you improvement, Do kind driver I the start a guidance, we we as to expect to we move on all guess what on runoffs of risk from like digit in an or your sense standpoint substandard portfolio your pieces you included talked at the but or looking bigger folks list watch risk I’m and about see that’s just forward moving biggest can how of we higher loans inflows picture low-single investment is trying in total loans portfolio just higher are get your and continue times, to an do should of book? because few stock quantify XXXX? the as sense just but you’ve seeing some I’m those is metrics And of a loan see do trying improvement? an about loan growth to prepare which in get and what

Doug Bass

Ebrahim, is Yes, this Doug.

let at me maybe versus we next trajectory. the Let several when following, horizon quarter me look talk end of talk or the quarter the over

book, and are two and at so see are we industry impacts when the upgrades prices Midwest the for results. see going over soybeans, that the a positive then early operations dairy quarters next there we when and look probably to as 'XX, more the seen, look that the happening rebounding breakeven in downgrades take have two we some are tariff in hogs. of earlier operations much And at more of large seen in a at show favorable the we also there. levels corn a Grain of that of out couple again results that calendar cattle mentioned the called fiscal those PowerPoint I you’ve other of we As happened hog number

number, the see plan quarter-to-quarter few we really over but next to in it’s project of the quarters difficult horizon So metrics. improvements those to a

Ebrahim Poonawala

you’ve just of Got could mentioned an there it. earlier, issues. issue. And from some outside standpoint an book become one-off anything You class? concerning concerned? asset something healthcare geography there’s of the mentioned where a that You these ag where you’re migration if Anything loans so C&I that’s wondering or seen

Karlyn Knieriem

is This morning. Good Karlyn.

a our dive been the we some are from that as deep conducting downgrade risk as far and segment majority did credits rated Geography, and And reviews just any pass healthcare portfolios did we’ve this that conduct that monthly actually other part are is We recently nothing point review. practices migrating emerging risk credits smaller as of of areas, that now through review. management higher sticking out down to think and we our the not for really way.

Ebrahim Poonawala

one if can just in, topic And separate sneak in it. of Got terms I on capital a return. more

at can to M&A, thinking and You on of about you the there’s CEO versus any those terms how in update mentioned if the in talk if priority Ken, your buybacks both for just looking year us strategic you’re acquisitions, search?

Kenneth Karels

Yes.

got in Ebrahim. I questions That’s think three really there, you good.

first, look the much first And There’s may We on without acquisitions So generate at detail, always happen. still returns, as a into loan in deposit-only going acquisitions. have maybe we lot capital. other seeing too. active have to continue we definitely strong And something will growth. that are of opportunities banks it some lower

And we doing the it done be too. at of that buybacks opportunist the can that we will stock at continue. times capital generate those will so on looking I with think be here Both

Board to few On But we going the months with will next much to quite CEO CEO on in far too. it Without Board some involved here have the succession the along regarding into an announcement very the make search. had detail, CEO final is and have too obviously search, hoped the decisions. the

fast very moving and is that So appropriate.

Ebrahim Poonawala

my Got it. for taking Thanks questions.

Kenneth Karels

Thanks.

Operator

Markets. Jon question comes The Please with RBC go ahead. Arfstrom Capital from next

Jon Arfstrom

Thanks. morning. Good

Kenneth Karels

Good morning.

Jon Arfstrom

follow of ups. couple A

I put is words stabilizing to improving. your bigger Doug, again, you’re in don’t potentially on your just ag fair? on that to based picture comments, portfolio that Is but mouth saying want think I Just ag your

Doug Bass

in We in the result. reflection one milk to think move But 'XX XX/XX results. that commodity Jon. last have monthly few be comment, in yes, we’re to of the couple so of checks I think quarters next of dairy seen gathering improved in prices improvements the up. continuing From and here the can over next the over information that half and fourth by that’s and will the next quarter I probably charge a see fair lot a result quarter months, we’ve we that Yes,

Jon Arfstrom

and long payoffs, through items Okay. as as the XX that loan then million warehouse, you XXX some in rattled said activity have million in And mic, in few think another XX million the of a you you growth ag. I

about talk that. seeing Where you the those of headwinds? that to You the some are offset offsets growth potential

Doug Bass

Yes, those spring the also first a there’s All up. was on we are is we’re although seeing and That’s the that off already and warehouse it opportunity it a to with the in demand risk very a I we’ll lending increases segment obviously that relationships of XX here the and really picks to as think segment warehouse piece, in. come feel still That are seasonality piece. back, profile seasonal comfortable to million, continue balances book. lending our starting in increased see

I continue risk as will some on the some look the see financing to also profile mentioned, of We to as find higher headwinds, options risk, ag for side credits. higher we alternative

the side, new talked markets. the On opportunity we about

We’ve going. at. we’re We annualized two have a new growth ones looking X% got

'XX also that the are a discussed. that stages being in We in probably XXXX couple and latter have infancy are others are that

at some of initiatives and last to portfolio look internally quarters. have number to been of ag a headwinds which try declines, over offset a the the take to few So augment

Jon Arfstrom

right. Thanks the Okay. help. All for

Kenneth Karels

Thanks, Jon.

Operator

James. Long go The comes David with from next ahead. Raymond question Please

David Long

everyone. morning, Good

Kenneth Karels

morning. Good

David Long

in provide the should services-related. credits we can additional into there I substandard said that The that healthcare it the were be was those? think non-ag, common amongst of? Any on Were aware the anything you you color loans

Kenneth Karels

mentioned, be risk a mode. in those David, senior report further just guarantor when Karlyn as geography we in consistent. have But the are good meet then would continue entire and rating don’t rest seeing ownership and been healthcare down a What in the lease-up The it’s slower than moved nothing we them through January, that downgrades. feeling really absorption, in in improved a sector elevated projects think, segment given see of that pieces, piece. slower housing And about performance. I that the assumptions, book no the by original that And with and mentioned, supported resulted of are planned. all we fortunate originally went downgrades those as to in are Karlyn

David Long

relates moves Good. you. at it. then for what can couple of Thank And planned, If good your it improvement as to a very as the deposit you there. kind next costs look quarters? of quarter in of Got deposit cost, kind we everything

Peter Chapman

move Probably this and bit market seen modest with what more sort in CD little in money line down quarter. But we’ve guidance a we to of January said, you’ve NIM. than as that rates moved towards

the of loan over side but quarters. downward So of manage the basis to the point sort unknown is within that NIM next things, we’d on movement few of hope couple

David Long

guys. great. Okay, Thanks,

Kenneth Karels

Thanks.

Operator

question from next go The comes Damon KBW. DelMonte ahead. Please with

Damon DelMonte

Hi. Good morning, guys.

question, First a outlook XXXX? on little color go give income can Peter, as we wondering, for your just fee into you

Peter Chapman

a modest thought I in digit what Having expect Yes, talk I’d this low-single that see nice about see onboard acquisition come to to would we Trust the was that think typically income with usually, Damon. Colorado do. increase, we sort line range in quarter, certainly. there, of

modest makes This line just get quarter it a that as lower a increase. soft little seasonally. on of a usually outside well fee income service a expect a is that you We also that, lower count quarter and is little next service I’d this lower. little charge find So that day

Damon DelMonte

it, the then ag-based with loans, real trends land what And Got been on values? okay. estate values to for respect have

Kenneth Karels

had sort a talked in or The Federal across. recently Iowa, minus report and or similar put out City Reserve of plus about X% here state X% that modest of a X% very of the we increase Kansas

are think the hold seen buyers, land up have continues we’ve that to ag And values to economy while continue well. there relatively certainly I investors challenges, So its be interested.

Damon DelMonte

Okay.

Kenneth Karels

also is sales positive I Most at come of which private an the well, think support. indication treaty as

Damon DelMonte

that’s right, you. Thank Got that I had. all it, okay. All

Kenneth Karels

you. Thank

Operator

with JPMorgan. Lee Please go Janet from comes ahead. question Next

Janet Lee

morning. Good

Kenneth Karels

morning. Good

Janet Lee

loans to planned as substandard quarter. services out increase to you the go I the part of in back credit healthcare this want

Just quarter want have in watch can has facility your on this migrated substandard size same clarify, out to into this called loans? the problem book? health is you last of that category healthcare you credit you the credit quantify the loan And

Doug Bass

one into that’s Janet, we we put and went correct. individual yes, And ranges the probably it’s that it lot we watch size substandard. And portfolio is. well It’s get of mentioned portfolio the credits. quoting don’t quarter specific into that of last of and a into within

Janet Lee

And Okay, of I your on it problem watch that’s last total and think comment quarter, loans. helpful. was dairy roughly million around XXX substandard including credits,

expected I you about about us the self-liquidation. think were be of the XX% just update mentioned and these give going XX% on of to these you upgraded Can status? through

Doug Bass

Sure.

to look some are are you I book. in of be substandard of And outstanding went down book. aggregate and continually be upgrades very watch or the the made ranges in XX% estimates if close. combination think I We’ve dairy that about to think current million XX percentages that from XX% your September pay of are right roughly of going the those to downs same the within December,

and we that’s to see that So continue consistent. improvement

Janet Lee

lastly, low-single to loan going the decline offset of you ag-related like what the your growth And that going guidance. loan growth, on talk be just just key portfolio? Can drivers to about are Great. digit in the are

Doug Bass

of on and operating of also and into some well. credit. other considering in lines real management tie sectors of relative offices. in new here promotions some some over metro talked pieces also last markets we treasury our have areas sort commercial that we’re been multifamily couple we think of There’s estate our few some in implemented that that larger that are initiatives options the other markets We’ve the I owner-occupied months in some some as specialty about Well, to a working Sure.

So metro primarily lending centered C&I areas in our in commercial and markets, Janet.

Janet Lee

for Thanks taking my questions. Great.

Kenneth Karels

Thank you.

Operator

The from Stephens. Please Terry with next McEvoy ahead. go question comes

Terry McEvoy

morning. Good Thanks.

the you��ve teams on Trust connected Last that any Just that questions search discussed build-out the was in assets to expense the the Was line the expenses. past? or recruiting in release, then you of impact the CEO expenses. commercial in mentioned quarter, And the press Colorado? there from in was lending to the a related couple that of

Peter Chapman

going Yes. more search. on backwards, recruiting CEO expenses the More the the

So And in think And expense on of in embedded expenses, were the quarter $XXX,XXX definitely there the Trust spoke about I in acquisition. quarter said I Terry. it last quarter, things, this there side full that quarter the a result was a was it think then that factor $XXX,XXX as there I there. in when for we of May, was to a

Terry McEvoy

Okay. just And credit. then last just one question on

in quarters to is the took it $XX ago comfortable of the flat provision and with that reserve-to-loan trends And healthier as larger improving some loan out three four took I’m looking and I’m provision call ratio, portfolio? relates is over feel still million today what breakeven the on dairy, up, through next in loans hearing at grain when based run that of other kind You provision, positives you’ve looking substandard you the XX%. it, quarters just relatively from which you that

Karlyn Knieriem

Karlyn. this I would Yes, is correct. say that’s

mentioned, portfolio. at we As comfortable we’ve segments, feel and of deep this dives conducted pretty these into the time point some in provisioning at I many our with

Terry McEvoy

That’s it. Thank you.

Kenneth Karels

you. Thank

Operator

our question-and-answer you Thank today’s our attending conference. concludes presentation. It concludes also session. for This

now You disconnect. may

Great Western Bancorp (GWB) 28 Jan 202020 Q1 Earnings call transcript