Problem 12-8 (LG 12-5) Smallville Bank has the following balance sheet, rates earned on its assets, and rates paid on its liabilities. Rate Earned ($) 5,000 Balance Sheet (in thousands) Assets Cash and due from banks $ 7,400 Investment securities 36,000 Repurchase agreements 26,000 Loans less allowance for losses 94,000 Fixed assets 24,000 Other earning assets Total assets $ 192,400 Liabilities and Equity Demand deposits $ 12,000 NOW accounts 83,000 Retail CDs 32,000 Subordinated debentures 28,000 Total liabilities 155,000 Common stock 17,000 Paid-in capital surplus 4,400 Retained earnings 16,000 Total liabilities and equity $ 192,400 Rate Paid (8) ON If the bank earns $134,000 in noninterest income, incurs $94,000 in noninterest expenses, and pays $2,640,000 in taxes, what is its net income? (Enter your answer in dollars, not thousands of dollars.) Net income