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Smallville Bank has the following balance sheet, rates earned on its assets, and rates paid on its liabilities Balance Sheet (in thousands) Rate Earned (%)
Smallville Bank has the following balance sheet, rates earned on its assets, and rates paid on its liabilities Balance Sheet (in thousands) Rate Earned (%) Assets $ 7,500 37,000 27,000 95,000 25,000 5,500 Cash and due from banks Investment securities Repurchase agreements Loans less allowance for losses Fixed assets 11 Other earning assets 10 $197,000 Total assets Rate Paid (%) Liabilities and Equity $ 13,000 84,000 33,000 29,000 159,000 18,000 4,500 15,500 $197,000 Demand deposits NOW accounts 6 Retail CDs Subordinated debentures Total liabilities Common stock Paid-in capital surplus Retained earnings Total liabilities and equity If the bank earns $135,000 in noninterest income, incurs $95,000 in noninterest expenses, and pays $2,650,000 in taxes, what is its net income? (Enter your answer in dollars, not thousands of dollars.) Net income
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