d) Smart Bank has the following balance sheet, rates earned on its assets, and rates paid on its liabilities (see below). If the bank earns $109,000 in noninterest income, incurs $306,000 in noninterest expenses, and pays $3,320,000 in taxes, what is its net income? Show your workings. Balance Sheet (in thousands) Assets Rate Earned (%) Cash and due from banks $ 9,900 0 Investment securities 27,600 1.40 Repurchase agreements 17,960 1.35 Loans less allowance for losses 104,400 6.25 Fixed assets 14,500 0 Other assets 4,320 0 Total assets $ 178,680 Liabilities and Equity Rate Paid (%) Demand deposits $. 29,490 0 NOW accounts 88,700 0.50 Retail CDs 25,940 1.30 Subordinated debentures 13,000 4.50 Total liabilities 157,130 Common stock 5,000 Paid-in capital surplus 5,000 Retained earnings 11,550 Total liabilities and equity $ 178,680 (10 marks]