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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period ended March 31, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period From ________ to ________.
 
Commission File Number 001-35750 
First Internet Bancorp
(Exact Name of Registrant as Specified in Its Charter)
Indiana 20-3489991
(State or Other Jurisdiction of
Incorporation or Organization)
 (I.R.S. Employer
Identification No.)
   
11201 USA Parkway
Fishers, IN
 46037
(Address of Principal Executive Offices) (Zip Code)
(317) 532-7900
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of each exchange on which registered
Common Stock, without par valueINBKThe Nasdaq Stock Market LLC
6.0% Fixed to Floating Subordinated Notes due 2026INBKLThe Nasdaq Stock Market LLC
6.0% Fixed to Floating Subordinated Notes due 2029INBKZThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes þ No ¨
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer ¨
Accelerated Filer þ
Non-accelerated Filer ¨
Smaller Reporting Company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No þ
 
As of May 7, 2021, the registrant had 9,854,002 shares of common stock issued and outstanding.




Cautionary Note Regarding Forward-Looking Statements
  
This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the federal securities laws. These statements are not historical facts, but rather statements based on the current expectations of First Internet Bancorp and its consolidated subsidiaries (“we,” “our,” “us” or the “Company”) regarding its business strategies, intended results and future performance. Forward-looking statements are generally preceded by terms such as “anticipate,” “attempt,” “believe,” “can,” “continue,” “could,” “effort,” “estimate,” “expect,” “intend,” “likely,” “may,” “objective,” “optimistic,” “pending,” “plan,” “position,” “potential,” “preliminary,” “remain,” “should,” “will,” “would” or other similar expressions. Such statements are subject to certain risks and uncertainties including: the effects of the COVID-19 global pandemic and other adverse public health developments on the economy, our business and operations and the business and operations of our vendors and customers: general economic conditions, whether national or regional, and conditions in the lending markets in which we participate that may have an adverse effect on the demand for our loans and other products; our credit quality and related levels of nonperforming assets and loan losses, and the value and salability of the real estate that we own or that is the collateral for our loans; failures or breaches of or interruptions in the communication and information systems on which we rely to conduct our business that could reduce our revenues, increase our costs or lead to disruptions in our business; our plans to continue originating our commercial real estate, commercial and industrial, public finance, U.S. Small Business Administration (“SBA”) and healthcare finance loans, which may carry greater risks of non-payment or other unfavorable consequences; our dependence on capital distributions from First Internet Bank of Indiana (the “Bank”); results of examinations of us by our regulators, including the possibility that our regulators may, among other things, require us to increase our allowance for loan losses or to write-down assets; changing bank regulatory conditions, policies or programs, whether arising as new legislation or regulatory initiatives, that could lead to restrictions on activities of banks generally, or the Bank in particular; more restrictive regulatory capital requirements; increased costs, including deposit insurance premiums; regulation or prohibition of certain income producing activities or changes in the secondary market for loans and other products; changes in market rates and prices that may adversely impact the value of securities, loans, deposits and other financial instruments and the interest rate sensitivity of our balance sheet; our liquidity requirements being adversely affected by changes in our assets and liabilities; the effect of legislative or regulatory developments, including changes in laws concerning taxes, banking, securities, insurance and other aspects of the financial services industry; competitive factors among financial services organizations, including product and pricing pressures and our ability to attract, develop and retain qualified banking professionals; execution of future acquisition, reorganization or disposition transactions, including without limitation, the related time and costs of implementing such transactions, integrating operations as part of these transactions and possible failures to achieve expected gains, revenue growth and/or expense savings and other anticipated benefits from such transactions; changes in applicable tax laws; the growth and profitability of noninterest or fee income being less than expected; the loss of any key members of senior management; the effect of changes in accounting policies and practices, as may be adopted by the Financial Accounting Standards Board, the Securities and Exchange Commission (the “SEC”), the Public Company Accounting Oversight Board and other regulatory agencies; and the effect of fiscal and governmental policies of the United States federal government. Additional factors that may affect our results include those discussed in this Quarterly Report on Form 10-Q and our most recent Annual Report on Form 10-K under the heading “Risk Factors” and in other reports filed with the SEC. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The factors listed above could affect our financial performance and could cause our actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.

Except as required by law, we do not undertake, and specifically disclaim any obligation, to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

i



PART I

ITEM 1.    FINANCIAL STATEMENTS 

First Internet Bancorp
Condensed Consolidated Balance Sheets
(Amounts in thousands except share data)
 March 31, 2021December 31, 2020
 (Unaudited) 
Assets  
Cash and due from banks$4,440 $7,367 
Interest-bearing deposits411,765 412,439 
Total cash and cash equivalents416,205 419,806 
Securities available-for-sale, at fair value (amortized cost of $463,947 and $497,004 in 2021 and 2020, respectively)462,376 497,628 
Securities held-to-maturity, at amortized cost (fair value of $69,383 and $69,452 in 2021 and 2020, respectively)68,190 68,223 
Loans held-for-sale (includes $21,961 and $26,341 at fair value in 2021 and 2020, respectively)30,235 39,584 
Loans3,058,694 3,059,231 
Allowance for loan losses(30,642)(29,484)
Net loans3,028,052 3,029,747 
Accrued interest receivable16,433 17,416 
Federal Home Loan Bank of Indianapolis stock25,650 25,650 
Cash surrender value of bank-owned life insurance38,185 37,952 
Premises and equipment, net42,381 37,590 
Goodwill4,687 4,687 
Servicing asset, at fair value3,817 3,569 
Accrued income and other assets52,359 64,304 
Total assets$4,188,570 $4,246,156 
Liabilities and Shareholders’ Equity  
Liabilities  
Noninterest-bearing deposits$100,700 $96,753 
Interest-bearing deposits3,116,903 3,174,132 
Total deposits3,217,603 3,270,885 
Advances from Federal Home Loan Bank514,917 514,916 
Subordinated debt, net of unamortized debt issuance costs of $2,206 and $2,397 in 2021 and 2020, respectively69,794 79,603 
Accrued interest payable1,418 1,439 
Accrued expenses and other liabilities40,272 48,369 
Total liabilities3,844,004 3,915,212 
Commitments and Contingencies
Shareholders’ Equity  
Preferred stock, no par value; 4,913,779 shares authorized; issued and outstanding - none  
Voting common stock, no par value; 45,000,000 shares authorized; 9,823,831 and 9,800,569 shares issued and outstanding in 2021 and 2020, respectively221,911 221,408 
Nonvoting common stock, no par value; 86,221 shares authorized; issued and outstanding - none  
Retained earnings136,575 126,732 
Accumulated other comprehensive loss(13,920)(17,196)
Total shareholders’ equity344,566 330,944 
Total liabilities and shareholders’ equity$4,188,570 $4,246,156 

See Notes to Condensed Consolidated Financial Statements
1



First Internet Bancorp
Condensed Consolidated Statements of Income – Unaudited
(Amounts in thousands except share and per share data)
 Three Months Ended
 March 31, 2021March 31, 2020
Interest Income  
Loans$30,885 $30,408 
Securities – taxable1,779 3,619 
Securities – non-taxable281 572 
Other earning assets335 1,645 
Total interest income33,280 36,244 
Interest Expense  
Deposits8,628 17,208 
Other borrowed funds4,127 4,018 
Total interest expense12,755 21,226 
Net Interest Income20,525 15,018 
Provision for Loan Losses1,276 1,461 
Net Interest Income After Provision for Loan Losses19,249 13,557 
Noninterest Income  
Service charges and fees266 212 
Loan servicing revenue422 251 
Loan servicing asset revaluation(155)(179)
Mortgage banking activities5,750 3,668 
Gain on sale of loans1,723 1,801 
Gain on sale of securities 41 
Other369 417 
Total noninterest income8,375 6,211 
Noninterest Expense  
Salaries and employee benefits9,492 7,774 
Marketing, advertising and promotion680 375 
Consulting and professional services986 1,177 
Data processing462 375 
Loan expenses534 599 
Premises and equipment1,601 1,625 
Deposit insurance premium425 485 
Other1,137 1,076 
Total noninterest expense15,317 13,486 
Income Before Income Taxes12,307 6,282 
Income Tax Provision1,857 263 
Net Income$10,450 $6,019 
Income Per Share of Common Stock  
Basic$1.06 $0.62 
Diluted$1.05 $0.62 
Weighted-Average Number of Common Shares Outstanding  
Basic9,899,230 9,721,485 
Diluted9,963,036 9,750,528 
Dividends Declared Per Share$0.06 $0.06 

See Notes to Condensed Consolidated Financial Statements
2



First Internet Bancorp
Condensed Consolidated Statements of Comprehensive Income – Unaudited
(Amounts in thousands)
 Three Months Ended March 31,
 20212020
Net income$10,450 $6,019 
Other comprehensive income (loss)
Net unrealized holding gains on securities available-for-sale recorded within other comprehensive (loss) income before income tax(2,195)6,299 
Reclassification adjustment for gains realized (41)
Net unrealized holding gains (losses) on cash flow hedging derivatives recorded within other comprehensive income (loss) before income tax6,280 (13,458)
Other comprehensive income (loss) before income tax4,085 (7,200)
Income tax provision (benefit)809 (1,525)
Other comprehensive income (loss)3,276 (5,675)
Comprehensive income$13,726 $344 
 
 See Notes to Condensed Consolidated Financial Statements

First Internet Bancorp
Condensed Consolidated Statements of Changes in Shareholders’ Equity - Unaudited
Three Months Ended March 31, 2021 and 2020
(Amounts in thousands except per share data)
Voting and
Nonvoting
Common
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Shareholders’
Equity
Balance, January 1, 2021$221,408 $126,732 $(17,196)$330,944 
Net income— 10,450 — 10,450 
Other comprehensive income — — 3,276 3,276 
Dividends declared ($0.06 per share)
— (607)— (607)
Recognition of the fair value of share-based compensation692 — — 692 
Deferred stock rights and restricted stock units issued in lieu of cash dividends payable on outstanding deferred stock rights and restricted stock units6 — — 6 
Common stock redeemed for the net settlement of share-based awards(195)— — (195)
Balance, March 31, 2021$221,911 $136,575 $(13,920)$344,566 
Balance, January 1, 2020$219,423 $99,681 $(14,191)$304,913 
Net income— 6,019 — 6,019 
Other comprehensive loss— — (5,675)(5,675)
Dividends declared ($0.06 per share)
— (600)— (600)
Recognition of the fair value of share-based compensation555 — — 555 
Deferred stock rights and restricted stock units issued in lieu of cash dividends payable on outstanding deferred stock rights and restricted stock units8 — — 8 
Common stock redeemed for the net settlement of share-based awards(93)— — (93)
Balance, March 31, 2020$219,893 $105,100 $(19,866)$305,127 


See Notes to Condensed Consolidated Financial Statements


3



First Internet Bancorp
Condensed Consolidated Statements of Cash Flows – Unaudited
(Amounts in thousands)
 Three Months Ended March 31,
 20212020
Operating Activities  
Net income$10,450 $6,019 
Adjustments to reconcile net income to net cash used in operating activities:  
Depreciation and amortization283 1,644 
Increase in cash surrender value of bank-owned life insurance(233)(236)
Provision for loan losses1,276 1,461 
Share-based compensation expense692 555 
Loss on sale of available-for-sale securities (41)
Loans originated for sale(223,880)(215,385)
Proceeds from sale of loans241,589 225,547 
Gain on loans sold(9,222)(6,144)
Decrease (increase) in fair value of loans held-for-sale862 (316)
Gain on derivatives881 1,163 
Net change in servicing asset(248)66 
Net change in accrued income and other assets10,695 (40,479)
Net change in accrued expenses and other liabilities(2,012)311 
Net cash provided by ( used in) operating activities31,133 (25,835)
Investing Activities
Net loan activity, excluding purchases47,653 (1,305)
Maturities and calls of securities available-for-sale55,901 30,851 
Proceeds from sale of securities available-for-sale 795 
Purchase of securities available-for-sale(21,279)(95,835)
Purchase of premises and equipment(5,697)(4,856)
Loans purchased(47,234)(97,306)
Net proceeds from sale of portfolio loans 193,533 
Net cash provided by investing activities29,344 25,877 
Financing Activities
Net increase in deposits(53,282)24,543 
Cash dividends paid(601)(585)
Repayment of subordinated debt(10,000) 
Proceeds from advances from Federal Home Loan Bank110,000 110,000 
Repayment of advances from Federal Home Loan Bank(110,000)(110,000)
Other, net(195)(93)
Net cash (used in) provided by financing activities(64,078)23,865 
Net (Decrease) Increase in Cash and Cash Equivalents(3,601)23,907 
Cash and Cash Equivalents, Beginning of Period419,806 327,361 
Cash and Cash Equivalents, End of Period$416,205 $351,268 
Supplemental Disclosures
Cash paid during the period for interest12,777 21,699 
Cash paid during the period for taxes10  
Loans transferred to held-for-sale from portfolio 192,768 
Cash dividends declared, paid in subsequent period592 585 
Securities purchased during the period, settled in subsequent period2,035  
Transfer of available-for-sale municipal securities to held-to-maturity municipal securities 4,479 
See Notes to Condensed Consolidated Financial Statements
4



First Internet Bancorp
Notes to Condensed Consolidated Financial Statements – Unaudited
(Table amounts in thousands except share and per share data)
  
Note 1:        Basis of Presentation
 
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information or footnotes necessary for a complete presentation of financial condition, results of operations, changes in shareholders’ equity, or cash flows in accordance with GAAP. In our opinion, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation have been included. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results expected for the year ending December 31, 2021 or any other period. The March 31, 2021 condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the First Internet Bancorp Annual Report on Form 10-K for the year ended December 31, 2020.
 
The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments, or assumptions that could have a material effect on the carrying value of certain assets and liabilities. These estimates, judgments, and assumptions affect the amounts reported in the condensed consolidated financial statements and the disclosures provided. The determination of the allowance for loan losses, valuations and impairments of investment securities, valuation of the servicing asset and the accounting for income tax expense are highly dependent upon management’s estimates, judgments, and assumptions, and changes in any of these could have a significant impact on the condensed consolidated financial statements.

The condensed consolidated financial statements include the accounts of First Internet Bancorp (the “Company”), its wholly owned subsidiary, First Internet Bank of Indiana (the “Bank”), and the Bank’s three wholly owned subsidiaries, First Internet Public Finance Corp., JKH Realty Services, LLC and SPF15, Inc. All significant intercompany accounts and transactions have been eliminated in consolidation.
 
The Company is subject to claims and lawsuits that arise primarily in the ordinary course of business. It is the opinion of management that the disposition or ultimate resolution of such claims and lawsuits will not have a material adverse effect on the consolidated financial position, results of operations, and cash flows of the Company.
 
Certain reclassifications have been made to the 2020 financial statements to conform to the presentation of the 2021 financial statements. These reclassifications had no effect on net income.



    



5



Note 2:        Earnings Per Share
 
Earnings per share of common stock are based on the weighted-average number of basic shares and dilutive shares outstanding during the period.
 
The following is a reconciliation of the weighted-average common shares for the basic and diluted earnings per share computations for the three months ended March 31, 2021 and 2020. 
(dollars in thousands, except per share data)Three Months Ended March 31,
 20212020
Basic earnings per share  
Net income$10,450 $6,019 
Weighted-average common shares9,899,230 9,721,485 
Basic earnings per common share$1.06 $0.62 
Diluted earnings per share  
Net income$10,450 $6,019 
Weighted-average common shares9,899,230 9,721,485 
Dilutive effect of equity compensation63,806 29,043 
     Weighted-average common and incremental shares9,963,036 9,750,528 
Diluted earnings per common share (1)
$1.05 $0.62 
(1) Potential dilutive common shares are excluded from the computation of diluted EPS in the periods where the effect would be antidilutive. There were no weighted-average antidilutive shares excluded from the computation of diluted EPS for the three months ended March 31, 2021 and 8,575 weighted-average antidilutive shares excluded from the computation of diluted EPS for the three months ended March 31, 2020.
  
Note 3:         Securities
 
The following tables summarize securities available-for-sale and securities held-to-maturity as of March 31, 2021 and December 31, 2020.
 March 31, 2021
 AmortizedGross UnrealizedFair
(in thousands)CostGainsLossesValue
Securities available-for-sale    
U.S. Government-sponsored agencies$60,815 $227 $(1,564)$59,478 
Municipal securities79,168 530 (490)79,208 
Agency mortgage-backed securities229,981 2,927 (4,090)228,818 
Private label mortgage-backed securities40,550 557 (1)41,106 
Asset-backed securities5,000 6  5,006 
Corporate securities48,433 869 (542)48,760 
Total available-for-sale$463,947 $5,116 $(6,687)$462,376 

 March 31, 2021
 AmortizedGross UnrealizedFair
(in thousands)CostGainsLossesValue
Securities held-to-maturity    
Municipal securities$14,560 $549 $ $15,109 
Corporate securities53,630 720 (76)54,274 
Total held-to-maturity$68,190 $1,269 $(76)$69,383 
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 December 31, 2020
 AmortizedGross UnrealizedFair
(in thousands)CostGainsLossesValue
Securities available-for-sale    
U.S. Government-sponsored agencies$61,765 $432 $(1,652)$60,545 
Municipal securities82,757 463 (731)82,489 
Agency mortgage-backed securities
241,795 4,591 (2,465)243,921 
Private label mortgage-backed securities
57,268 850 (2)58,116 
Asset-backed securities
5,000  (39)4,961 
Corporate securities48,419 771 (1,594)47,596 
Total available-for-sale$497,004 $7,107 $(6,483)$497,628 

 December 31, 2020
 AmortizedGross UnrealizedFair
(in thousands)CostGainsLossesValue
Securities held-to-maturity    
Municipal securities$14,571 $746 $ $15,317 
Corporate securities53,652 610 (127)54,135 
Total held-to-maturity$68,223 $1,356 $(127)$69,452 


The carrying value of securities at March 31, 2021 is shown below by their contractual maturity date. Actual maturities will differ because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
 Available-for-Sale
(in thousands)Amortized
Cost
Fair
Value
Within one year$500 $530 
One to five years29,412 26,876 
Five to ten years74,218 73,751 
After ten years84,286 86,289 
 188,416 187,446 
Agency mortgage-backed securities229,981 228,818 
Private label mortgage-backed securities40,550 41,106 
Asset-backed securities5,000 5,006 
Total$463,947 $462,376 

 Held-to-Maturity
(in thousands)Amortized
Cost
Fair
Value
One to five years$3,379 $3,528 
Five to ten years52,617 53,465 
After ten years12,194 12,390 
Total$68,190 $69,383 

There were no gross gains or losses resulting from sale of available-for-sale securities during the three months ended March 31, 2021. There were less than $0.1 million gross gains resulting from sales of available securities during the three months ended March 31, 2020.

7



Certain investments in debt securities are reported in the condensed consolidated financial statements at an amount less than their historical cost. The total fair value of these investments at March 31, 2021 and December 31, 2020 was $247.3 million and $226.5 million, which was approximately 47% and 40%, respectively, of the Company’s AFS and HTM securities portfolios. As of March 31, 2021, the Company’s security portfolio consisted of 437 securities, of which 146 were in an unrealized loss position. The unrealized losses are related to the categories noted below. These declines resulted primarily from fluctuations in market interest rates after purchase. Management believes the declines in fair value for these securities are temporary. Should the impairment of any of these securities become other than temporary, the cost basis of the investment will be reduced, with the resulting loss recognized in net income in the period the other-than-temporary impairment (“OTTI”) is identified.

U. S. Government-Sponsored Agencies, Municipal Securities and Corporate Securities

The unrealized losses on the Company’s investments in securities issued by U.S. Government-sponsored agencies, municipal organizations and corporate entities were caused primarily by interest rate changes. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be upon maturity, the Company does not consider those investments to be other-than-temporarily impaired at March 31, 2021.
 
Agency Mortgage-Backed, Private Label Mortgage-Backed and Asset-Backed Securities
 
The unrealized losses on the Company’s investments in agency mortgage-backed, private label mortgage-backed and asset-backed securities were caused primarily by interest rate changes. The Company expects to recover the amortized cost bases over the terms of the securities. Because the Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be upon maturity, the Company does not consider those investments to be other-than-temporarily impaired at March 31, 2021.

The following tables show the securities portfolio’s gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2021 and December 31, 2020.
 March 31, 2021
 Less Than 12 Months12 Months or LongerTotal
(in thousands)Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Securities available-for-sale      
U.S. Government-sponsored agencies$2,919 $(81)$49,737 $(1,483)$52,656 $(1,564)
Municipal securities60,936 (490)  60,936 (490)
     Agency mortgage-backed securities107,821 (3,660)8,023 (430)115,844 (4,090)
Private label mortgage-backed securities
1,980 (1)  1,980 (1)
Corporate securities  9,458 (542)9,458 (542)
Total$173,656 $(4,232)$67,218 $(2,455)$240,874 $(6,687)

 March 31, 2021
 Less Than 12 Months12 Months or LongerTotal
(in thousands)Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Securities held-to-maturity      
Corporate securities$6,449 $(76)$ $ $6,449 $(76)
Total$6,449 $(76)$ $ $6,449 $(76)
 
8