2. TMC Bank has the following balance sheet, rates earned on its assets and rates paid on its liabilities: Balance sheet (in thousands) Rate earned (%) 0 Assets Cash and due from banks Investment securities Repurchase agreements Loans less allowance for losses Fixed assets Other earning assets Total assets $5,000 22,000 14,000 70,000 10,000 6,000 $127,000 7 0 Rate parid (%) 0 Liabilities & Equity (in thousands) Demand deposits NOW accounts Retaile CDs Subodinated dentures Total liablities Common stock Paid-in-capital surplus Retained earnings Total liablities & equity $8,000 69,000 19,000 15,000 110,000 5,000 2,000 9,000 127,000 If the bank earns $140,000 in non-interest income, incurs $195,000 in non-interest expense, and pays $280,000 in taxes, what is its net income? (notice that the numbers on the balance sheet are in thousand dollars)