HBKS rushed to write off closed branches in Q1 ... sure looks that way
Not even closing them until Q3 (7/31). Didn't announce it until Q2 (4/18). Normally GAAP says abandoned property is not written off until it's abandoned, but they still needed to do impairment testing at end of Q1. But still looks like they could have easily deferred the write off until Q2. Fact they rushed it means they really wanted this charge on the books in Q1 ... I would say that points to a sale. Acquiror can buy and doesn't need to take the write off. Plus the land (acquired way back in history) should give a gain to the acquiror.