Smallville Bank has the following balance sheet, rates earned on its assets, and rates paid on its liabilities. Rate Earned (%) 0 8 6 10 OOOOOO Balance Sheet (in thousands) Assets Cash and due from banks $ 6,800 Investment securities 30,000 Repurchase agreements 20,000 Loans less allowance for losses 88,000 Fixed assets 18,000 Other earning assets 5,000 Total assets $167,800 Liabilities and Equity Demand deposits $ 17,000 NOW accounts 77,000 Retail CDs 26,000 Subordinated debentures 22,000 Total liabilities 142,000 Common stock 18,000 Paid-in capital surplus 3,800 Retained earnings 4,000 Total liabilities and equity $167,800 Rate Paid (%) 5 7 8 If the bank earns $128,000 in noninterest income, incurs $88,000 in noninterest expenses, and pays $2,580,000 in taxes, what is its net income? (Enter your answer in dollars, not thousands of dollars.)