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The South Dakota company will soon be completely independent from National Australia Bank. The plan for now is to produce consistent results while scouting deals as the bank nears a key regulatory threshold.
June 30 -
First Dakota National Bank in Yankton, S.D., has agreed to buy Dakota State Bank in Blunt, S.D.
September 3 - Minnesota
Low interest rates continue to constrain growth at TCF Financial in Wayzata, Minn.
October 22
Great Western Bancorp in Sioux Falls, S.D., reported higher quarterly profit on loan growth and improved efficiency.
In the $9.8 billion-asset company's fiscal fourth quarter, net income jumped 21.3% to $33.8 million, compared to a year ago. Earnings per share rose 25% to 60 cents.
Net interest income before the loan-loss provision grew 2.6% year-over-year, to $85.4 million. Total loans grew 7.4% to $7.3 billion. The net interest margin compressed 12 basis points to 3.98%.
Noninterest income rose 6.4% to $9 million. The results included a $28.8 million increase in the fair value of loans.
Noninterest expense dropped by 7.2% to $44.8 million, helped by a $2.2 million expense reduction, which reflects the difference in costs related to branch closures and the sale of closed branches. The efficiency ratio improved to 45.8%.
