HomeTrust Bancshares in Asheville, N.C., has decided to exit indirect auto lending and “right-size” its mortgage operations.
The $4.7 billion-asset company said in a press release that the changes, which are expected to take place at the end of this quarter, should save $800,000 annually. The company had $115,000 in expenses in the fourth quarter tied to the moves.
The company also said it restructured its BOLI portfolio into higher-yielding policies in a move that should add $1 million annually to noninterest income.
Finally, HomeTrust incurred $321,000 of fraud losses in the fourth quarter.