UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 8.01. Other Events
On June 30, 2021, Trustmark Corporation (“Trustmark”) announced the sale of substantially all Paycheck Protection Program (“PPP”) loans originated in 2021 by its wholly owned subsidiary, Trustmark National Bank (“TNB”), to The Loan Source, Inc. (“Loan Source”), a firm with significant expertise in PPP loans. Trustmark associates worked tirelessly to secure funding for businesses during the COVID-19 pandemic to keep their staffs employed and support local economies by actively participating in the Small Business Administration’s PPP. As a result of this transaction, Loan Source will assume responsibility for the servicing and forgiveness process for the loans it has acquired from Trustmark. Trustmark understands that Loan Source has made significant investments in technology and personnel to aid PPP borrowers through the forgiveness process via an online portal. This transaction will allow Trustmark to focus on more traditional lending efforts and increase its ability to provide customers with financial services in an improving economic environment.
On a pre-tax basis, Trustmark expects to accelerate the recognition of unamortized PPP loan origination fees, net of cost, of approximately $18.6 million, in the second quarter of 2021 due to the sale of approximately $354.2 million in PPP loans. This revenue is substantially the same as Trustmark would expect to recognize upon the maturity or forgiveness of the PPP loans being sold in this transaction, and thus this transaction serves to accelerate revenue anticipated in future periods into the second quarter.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
TRUSTMARK CORPORATION
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BY: |
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/s/ Thomas C. Owens |
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Thomas C. Owens |
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Treasurer and Principal Financial Officer |
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DATE: |
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June 30, 2021 |