Smallville Bank has the following balance sheet, rates earned on its assets, and rates paid on its liabilities. Rate Earned (%) 9 7 11 @ 10 Balance Sheet (in thousands) Assets Cash and due from banks $ 6,700 Investment securities 29,000 Repurchase agreements 19,000 Loans less allowance for losses 87,000 Fixed assets 17,000 Other earning assets 5,300 Total assets $164,000 Liabilities and Equity Demand deposits $ 16,000 NOW accounts 76,000 Retail CDs 25,000 Subordinated debentures 21,000 Total liabilities 138,000 Corrmon stock 17,000 Paid-in capital surplus 3,700 Retained earnings 5,300 Total liabilities and equity $164,000 Rate Paid (%) 6 8 9 If the bank earns $127,000 in noninterest income, incurs $87,000 in noninterest expenses, and pays $2,570,000 in taxes, what is its net income? (Enter your answer in dollars, not thousands of dollars.) Net income