Smallville Bank has the following balance sheet, rates earned on its assets, and rates paid on its liabilities. Balance Sheet (in thousands) Assets Rate Earned (%) Cash and due from banks $ 7,500 0 Investment securities 37,000 9 Repurchase agreements 27,000 7 Loans less allowance for losses 95,000 11 Fixed assets Other earning assets 25,000 5,500 0 10 Total assets $ 197,000 Liabilities and Equity Demand deposits NOW accounts Retail CDs Subordinated debentures Total liabilities Common stock 0 6 33,000 8 29,000 9 159,000 $ 13,000 84,000 Rate Paid (%) Paid-in capital surplus Retained earnings Total liabilities and equity 18,000 4,500 15,500 $ 197,000 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