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	$?6,000	?0
Investment securities	22,000	?8
Repurchase agreements	12,000	?6
Loans less allowance for losses	80,000	10
Fixed assets	10,000	?0
Other earning assets	??4,000	?9
Total assets	$134,000
Liabilities and Equity		Rate Paid (%)
Demand deposits	$?9,000	0
NOW accounts	69,000	5
Retail CDs	18,000	7
Subordinated debentures	?14,000	8
Total liabilities	110,000
Common stock	10,000
Paid-in capital surplus	3,000
Retained earnings	?11,000
Total liabilities and equity	$134,000

If the bank earns $120,000 in noninterest income, incurs $80,000 in noninterest expenses, and pays $2,500,000 in taxes, what is its net income? (Please show work)