Questions 20-22 are related to the following financial statements for a Bank (as of 12/31/2002): Income statement Interest on U.S. Treasury & agency securities $44,500
Interest on municipal bonds 60,000
Interest and fees on loans 189,700
Interest paid on interest-checking accounts $33,500
Interest paid on time deposits under $ 100,000 72,000
Interest paid on jumbo CDs 101,000
Fees received on mortgage originations $23,000
Service charge receipts 41,000
Trust department income 15,000
Provisions for loan losses = $ 18,000
Net interest income after provisions = $68,700
Employee salaries and benefits $145,000
Occupancy expense 22,000
Income before income taxes $19,300
Income taxes 6,562
Net income = $12,738 20.
The Bank's interest income for the year is:
a. $184,200
b. $194,200
c. $294, 200
d. $302,200
e. $354,200