Business Context and Reporting Period
This Form 8-K was filed by BofI Holding, Inc. on May 1, 2010. The report details a material definitive agreement entered into by its subsidiary, Bank of Internet USA (now Axos Bank), regarding office space expansion in San Diego, California.
Key Financial Metrics
The filing does not provide specific financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity figures. The document focuses exclusively on a lease amendment.
Material Changes
- Lease Expansion: The Bank executed an amendment to its existing lease with Arden Realty Limited Partnership (successor to DL San Diego LP).
- Space Increase: The amendment adds 5,507 square feet to the Bank's current San Diego office space.
- Cost Structure: The expansion is leased at the same cost per square foot as the original 2005 lease.
- Timeline: Occupancy of the new space is anticipated for June 1, 2010, with the lease expiring concurrently with the existing premises on October 31, 2012.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on financial outlook, or discussion of risks and contingencies beyond the operational details of the lease expansion. No unusual items were reported.
Key Facts for Investor Verification
- Verify the total square footage of the Bank's San Diego facility post-expansion.
- Confirm the total annualized cost impact of the 5,507 square foot addition based on the existing per-square-foot rate.
- Review the attached Exhibit 99.1 for specific terms and conditions of the First Amendment to the Lease Agreement.
- Note that the registrant name in the filing is BofI Holding, Inc., which later became Axos Financial, Inc.