*Expressed on a Taxable-Equivalent Basis The Bank's Operating Expenses Include

*Expressed on a taxable-equivalent basis. Income taxes are adjusted accordingly.
$\begin{array}{|l|r|}\hline \text {Net Operating Income (\$ 504,000-\$ 321,000)= } & \$ 183,000 \\\hline\text { Less: Applicable Income Taxes} & -50,000 \\\hline \text {Net Income after Taxes and Before Extraordinary }& \$ 133,000 \\\text {Charges }\\\hline\text { Less: Extraordinary Items (including securities gains} \\\text {and losses)} & 0 \\\hline \text {Net Income After Taxes }& \$ 133,000 \\\hline\end{array}$

The Bank's Operating Expenses include

$\begin{array}{|l|r|}\hline\text { Salaries and Employee Benefits} &\$ 80,000\\\hline\text { Interest on Deposits }& 170,000 \\\hline\text { Interest on Nondeposit Borrowings} & 30,000 \\\hline\text { Occupancy Costs} & 11,000 \\\hline\text { Provisions for Loan Losses }& 22,000 \\\hline\text { Misc. Expenses} & 8,000 \\\hline \text { Total Operating Expenses } & \$ 321,000 \\\hline\end{array}$

The Bank's Operating Income is:

$\begin{array}{|l|r|}\hline\text { Interest on Loans }& \$ 320,000 \\\hline\text { Interest from U.S. Treasury Securities }& 75,000 \\\hline\text { Interest from Municipal Securities*} & 86,000 \\\hline \text {Service Charges on Deposits} & 10,000 \\\hline \text {Misc. Operating Revenues }& 13,000 \\\hline \text {Total Operating Income } & \$ 504,000 \\\hline\end{array}$

Given the following information on the revenues and expenses of First National Bank, determine the bank's net income after taxes for the year just concluded.