Great Western Bank’s results turned sharply into loss territory for the company’s second fiscal quarter, as the company recognized impairment charges of $742.2 million in anticipation of market and valuation disruption from the COVID-19 outbreak, the Corridor Business Journal reported. The Sioux Falls, S.D.-based regional bank reported a net loss per share of $740.6 million, or $13.25 per diluted share, compared to net income of $43.3 million, or 77 cents per share, in its first fiscal quarter, at the same time, halved its quarterly dividend to 15 cents per share. The charges included an impairment of $622.4 million from goodwill related to the acquisition of Great Western Bank in 2008 by National Australia Bank, and $118.2 million from goodwill related to subsequent acquisitions.In addition, the COVID-19 impacts included $73.8 million in several charges for loan and other real estate reserves. Mark Borrecco, Great Western’s new president and CEO, said the bank’s stable capital position along with actions to address the COVID-19 impact to goodwill valuation and its increase to loan loss reserves “appropriately reflect the current environment.” Great Western operates 175 branches across nine states, including Iowa.