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	$	7,000				0
Investment securities		32,000				8
Repurchase agreements		22,000				6
Loans less allowance for losses		90,000				10
Fixed assets		20,000				0
Other earning assets		5,000				9
Total assets	$	176,000
Liabilities and Equity					Rate Paid (%)
Demand deposits	$	8,000				0
NOW accounts		79,000				5
Retail CDs		28,000				7
Subordinated debentures		24,000				8
Total liabilities		139,000
Common stock		20,000
Paid-in capital surplus		4,000
Retained earnings		13,000
Total liabilities and equity	$	176,000

If the bank earns $130,000 in noninterest income, incurs $90,000 in noninterest expenses, and pays $2,600,000 in taxes, what is its net income? (Enter your answer in dollars, not thousands of dollars.) Net income=????