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Smallville Bank has the following balance sheet, rates earned on its assets, and rates paid on its liabilities. Balance Sheet (in thousands) $ 6,400 26,000
Smallville Bank has the following balance sheet, rates earned on its assets, and rates paid on its liabilities. Balance Sheet (in thousands) $ 6,400 26,000 16,000 84,000 14,000 4,600 $ 151,000 Assets Cash and due from banks Investment securities Repurchase agreements Loans less allowance for losses Fixed assets Other earning assets Total assets. Liabilities and Equity Demand deposits NOW accounts Retail CDs Subordinated debentures Total liabilities Common stock Paid-in capital surplus Retained earnings Total liabilities and equity $ 13,000 73,000 22,000 18,000 126,000 Net income 14,000 3,400 7,600 $ 151,000 Rate Earned (%) 0 9 7 11 0 10 |||| Rate Paid (%) 0 6689 If the bank earns $124,000 in noninterest income, incurs $84,000 in noninterest expenses, and pays $2,540,000 in taxes, what is its net income? (Enter your answer in dollars, not thousands of dollars.)
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