Great Western Bancorp (GWB) Tops Q2 EPS by $1.07

Great Western Bancorp (NYSE: GWB) reported Q2 EPS of $1.68, $1.07 better than the analyst estimate of $0.61.

"I am proud of our continued improvement this quarter and the laser focus and dedication of the Great Western team," said Mark Borrecco, President and Chief Executive Officer. "We strengthened our capital position posting net income of $92.6 million and earnings per diluted share of $1.68 through the first half of fiscal year 2021, along with 17.4% return on average common equity. Credit quality also showed progress with both nonaccrual and classified loans down 12.4% this fiscal year, and loans with payment deferrals dropping to $19.7 million. This improvement, along with our allowance for credit loss coverage of 3.50% excluding PPP, reinforces our conservative approach on managing underwriting and risk management of the portfolio as our markets evolve into their new normal post pandemic.

In addition, we are excited to launch our new small business platform, which will transform the small business client experience while reducing our average small business loan closing time from 22 days to 3. This enhancement, along with our investments in treasury management and the improving outlook for the agricultural loan portfolio positions Great Western well for building momentum."

For earnings history and earnings-related data on Great Western Bancorp (GWB) click here.

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