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 Investment securities Repurchase agreements Loans less allowance for losses Fixed assets Other earning assets Total assets $ 6,000 22,000 12,000 80,000 10,000 4,000 $134,000 10 Liabilities and Equity Rate Paid (%) Demand deposits NOW accounts Retail CDs Subordinated debentures Total liabilities Common stock Paid-in capital surplus Retained earnings $ 9,000 69,000 18,000 14,000 110,000 10,000 3,000 11,000 $134,000 Total liabilities and equity If the bank earns $120,000 in noninterest income, incurs $80,000 in noninterest expenses, and pays $2,500,000 in taxes, what is its net income? (Enter your answer in dollars, not thousands of dollars.) Net income