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 $ 6,200 0 Investment securities 24,000 8 Repurchase agreements 14,000 6 Loans less allowance for losses 82,000 10 Fixed assets 12,000 0 Other earning assets 4,000 9 Total assets $ 142,200 Liabilities and Equity Rate Paid (%) Demand deposits $ 11,000 0 NOW accounts 71,000 5 Retail CDs 20,000 7 Subordinated debentures 16,000 8 Total liabilities 118,000 Common stock 12,000 Paid-in capital surplus 3,200 Retained earnings 9,000 Total liabilities and equity $ 142,200 If the bank earns $122,000 in noninterest income, incurs $82,000 in noninterest expenses, and pays $2,520,000 in taxes, what is its net income?