Smallville Bank has the following balance sheet, rates earned on its assets, and rates paid on its liabilities. Rate Earned (%) Balance Sheet (in thousands) Assets Cash and due from banks $ 6,900 Investment securities 31,000 Repurchase agreements 21,000 Loans less allowance for losses 89,000 Fixed assets 19,000 Other earning assets 5,100 Total assets $172,000 Liabilities and Equity Demand deposits $ 18,000 NOW accounts 78,000 Retail CDs 27,000 Subordinated debentures 23,000 Total liabilities 146,000 Common stock 19,000 Paid-in capital surplus 3,900 Retained earnings 3,100 Total liabilities and equity $172,000 Rate Paid (%) HOOOOO If the bank earns $129,000 in noninterest income, incurs $89,000 in noninterest expenses, and pays $2,590,000 in taxes, what is its net income? (Enter your answer in dollars, not thousands of dollars.) Net income