Smallville Bank has the following balance sheet, rates earned on its assets, and rates paid on its liabilities. Rate Earned ($) Balance Sheet (in thousands) Assets Cash and due from banks $ 6,400 Investment securities 26,000 Repurchase agreements 16,000 Loans less allowance for losses 84,000 Fixed assets 14,000 Other earning assets 4,600 Total assets $ 151,000 Liabilities and Equity Demand deposits $ 13,000 NOW accounts 73,000 Retail CDs 22,000 Subordinated debentures 18,000 Total liabilities 126,000 Common stock 14,000 Paid-in capital surplus 3,400 Retained earnings 7,600 Total liabilities and equity $ 151,000 Rate Paid (3) If the bank earns $124,000 in noninterest income, incurs $84,000 in noninterest expenses, and pays $2,540,000 in taxes, what is its net income? (Enter your answer in dollars, not thousands of dollars.) Net income $ 2,840,000