Hyperspectral imaging systems are becoming widely used due to their increasing accessibility and their ability to provide detailed spectral responses based on hundreds of spectral bands. However, the resulting hyperspectral images (HSIs) come at the cost of increased storage requirements, increased computational time to process, and highly redundant data. Thus, dimensionality reduction techniques are necessary to decrease the number of spectral bands while retaining the most useful information. Our contribution is two-fold: First, we propose a filter-based method called interband redundancy analysis (IBRA) based on a collinearity analysis between a band and its neighbors. This analysis helps to remove redundant bands and dramatically reduces the search space. Second, we apply a wrapper-based approach called greedy spectral selection (GSS) to the results of IBRA to select bands based on their information entropy values and train a compact convolutional neural network to evaluate the performance of the current selection. We also propose a feature extraction framework that consists of two main steps: first, it reduces the total number of bands using IBRA; then, it can use any feature extraction method to obtain the desired number of feature channels. We present classification results obtained from our methods and compare them to other dimensionality reduction methods on three hyperspectral image datasets. Additionally, we used the original hyperspectral data cube to simulate the process of using actual filters in a multispectral imager.