−Removed: The Company owns an office building at 11201 USA Parkway, Fishers, Indiana 46037 with approximately 52,000 square feet of office space and related real estate located in Fishers, Indiana.
−Removed: This building houses the principal executive offices of the Company and the Bank.
−Removed: The Bank is currently leasing all of the office space at the Fishers property.
−Removed: The lease is currently scheduled to expire on March 31, 2022 and provides for monthly rent in the amount of $18.50 per square foot.
+Added: As of December 31, 2020, the Company owned 12.37 acres located at 11201 USA Parkway, in Fishers, Indiana, including a building containing approximately 52,000 square feet of office space in which the principal executive offices of the Company and the Bank are housed.
+Added: The Bank has leased from the Company substantially all of the office space at that location.
In March 2013, the Company borrowed $4.0 million from the Bank for the purchase of the Company’s principal executive offices.
−Removed: The loan was originally scheduled to mature in March 2014 and had been extended annually through March 2020.
−Removed: In February 2020, the Company entered into an amendment that, among other things, extended its maturity to April 1, 2022.
−Removed: The principal balance of the loan is $3.0 million as of December 31, 2019 and its payment terms are interest only through April 1, 2022.
−Removed: The amounts borrowed under the loan bear interest at a variable rate equal to the then applicable prime rate (as determined by the Bank with reference to the “Prime Rate” published in The Wall Street Journal) plus 1.00% per annum.
−Removed: The loan agreement contains customary warranties and representations, affirmative covenants and events of default.
−Removed: The loan is secured by a first priority mortgage and lien on the property and requires that the Company, at all times, maintain collateral securing the loan with an “as is” market value of not less than 1.3 times the principal balance of the loan.
+Added: The principal balance of the loan was $3.0 million as of December 31, 2020 and its payment terms are interest only through the current scheduled maturity date of April 1, 2022.
+Added: Refer to Note 5 to the Company's consolidated financial statements for additional discussion of the terms of this loan.
+Added: Subsequent to the end of fiscal 2020, on February 16, 2021, the Company entered into an agreement to sell this property and certain equipment currently located in the building to a third party.
+Added: The sale price is $8.9 million in cash payable in full at closing.
+Added: The closing remains subject to customary conditions.
+Added: At December 31, 2020 the net book value of the land, building and improvements was $5.4 million.
+Added: We expect to use a portion of the proceeds from the sale to pay off the loan from the Bank described above.
+Added: As a part of the sale agreement, the buyer has agreed to lease the office building back to the Company through December 31, 2021, with an option to extend up to 90 days beyond that date.
+Added: The Bank is expected to continue to sublease substantially all of the office space for the duration of the leaseback arrangement.
+Added: The Bank's subsidiary, SPF15, Inc., owns several parcels consisting of 2.4 acres located in Fishers, Indiana.
+Added: Site demolition was completed in early 2020 and construction of a multi-use development, to include the future headquarters of the Company and the Bank is ongoing.
+Added: Development of the site is estimated to be substantially complete in the fourth quarter 2021.
Legal Proceedings
3 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.