Smallville Bank has the following balance sheet, rates earned on its assets, and rates paid on its liabilities. Rate Earned ($) 7 5 9 8 Rate Paid (1) Balance Sheet (in thousands) Assets Cash and due from banks $ 7,100 Investment securities 33,000 Repurchase agreements 23,000 Loans less allowance for losses 91,000 Fixed assets 21,000 Other earning assets 4,500 Total assets $179,600 Liabilities and Equity Demand deposits $ 9,000 NOW accounts 80,000 Retail CDs 29,000 Subordinated debentures 25,000 Total liabilities 143,000 Common stock 21,000 Paid-in capital surplus 4,100 Retained earnings 11,500 Total liabilities and equity $179,600 4 6 7 If the bank earns $131,000 in noninterest income, incurs $91,000 in noninterest expenses, and pays $2,610,000 in taxes, what is its net income? (Enter your answer in dollars, not thousands of dollars.) Net income