Student Bank is an online bank focused on students. In 2022, Student Bank had $100 million in loans it retained and $50 million in pass-through loans. It earned 19% interest and 3% origination fee on loans it retained. It earned a 1.4% service fee on pass-through loans. Student Bank's cost of funds is 4% and there was a 7% provision for credit losses. The pass-through loans had no recourse to Student Bank and thus they did not expect to experience any credit losses on these loans. What was the income before operating expenses in 2022? Express your answer in $millions to two decimal places i.e. $4.53 million should be expressed as 4.53.