A Small Bank has the following Balance Sheet, rates earned on assets, and rates paid on its liabilities.

Balance Sheet

Rates earned %	Assets	Amount	Liabilities and Equity	Amount	Rates paid %
0	Cash and Due from Banks	6,000,000	Demand Deposits	9,000,000	0
8	Investment Securities	22,000,000	NOW Accounts	69,000,000	5
6	Repurchase Agreements	12,000,000	Retail CDs	18,000,000	7
10	Loans less Allowance for Losses	80,000,000	Subordinated Debentures	14,000,000	8
0	Fixed Assets	10,000,000	Total Liabilities	110,000,000
9	Other Earning Assets	4,000,000	Common Stock	10,000,000
			Paid in Capital Surplus	3,000,000
			Retained Earnings	11,000,000
	Total Assets	$134,000,000	Total Liabilities & Equity	134,000,000

If the bank earns $120,000 in non-interest income, incurs $80,000 in non-interest expense, and pays $2,500,000 in taxes, what is its net income?