HBT Financial in Bloomington, Ill., is planning to close a number of branches.
The $4 billion-asset company said in a press release Monday that it closed a location in the second quarter, with five more closures set to take place by Sept. 30. The branches represented about 9.5% of its network.HBT said the closures will lead to $800,000 in pretax costs,
largely tied to asset impairment and severance payments, with $104,000 recorded
in the second quarter. The company said the moves should save $1.1 million
annually.
HBT's noninterest expenses fell slightly in the
second quarter from a year earlier, to $1.4 million.
Net income was nearly double that of a year
earlier, totaling $13.7 million. The quarter included a negative provision of
$2.2 million.
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