Smallville Bank has the following balance sheet, rates earned on its assets, and rates paid on its liabilities. Rate Earned () Rate Paid (s) Balance Sheet (in thousands) Assets Cash and due from banks $ 6,000 Investment securities 22,000 Repurchase agreements 12,000 Loans less allowance for losses 80,000 Fixed assets 10,000 Other earning assets 4,000 Total assets $134,000 Liabilities and Equity Demand deposits $ 9,000 NOW accounts 69,000 Retail CDs 18,000 Subordinated debentures 14,000 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 it net income? (Enter your answer in dollars, not thousands of dollars.) Net income