Operator
And we do have a question from Chris McGratty from KBW.
Chris McGratty , Keefe Bruyette & Woods (KBW)
Hey good morning everybody. Clay, if I’m doing the math on you ROE guidance, it suggests relatively flat earnings for first ’15 over ’14 . I am interested in your expectation given the credit development of the quarter. I think we in the street had negative provisioning cost, maybe a bit too long but, can you share with us kind of your near-term expectations for the period, over the course of the year?
Mr. Clayton Deutsch, President and Chief Executive Officer
Well I will forward that to Dave, Chris. I’m not trying to duck it but we talked a lot about this.
Dave Kaye, Chief Financial Officer
Chris the provision I said — outside of this three relationships that I talked about, we probably would have been flat or maybe a slight credit. So it was, I don’t know that it changes our overall expectations, as Clay mentioned, we continue to see improvements overall. We do have loans that we have taken previous charges on, that are paying as agreed, so that could represent some potential for recoveries in 2015. It is just difficult to anticipate the timing. I would say that overall if you look at the year, we had almost to $7 million credit for the full year in provision, I wouldn’t expect us to repeat that, that was pretty large. We had some larger recoveries, especially early in the year. But it will probably remain still lower than, lower than normal and could be some slight credits depending on the quarter in which we get recoveries. But I don’t know that this quarter did not really change our overall outlook on the credit situation.
Christopher McGratty – Keefe Bruyette & Woods (KBW)
Okay that’s helpful. The expense summary, didn’t you just said back half of the year, is it kind of cost saves it come in. But if you take out, take out the one-timers in the quarter your $61.5 million from the quarter. Is the natural path over the course of the year kind of slow improvements from this — from this level or is there anything else we should be kind of mindful of?
Dave Kaye, Chief Financial Officer
Well as always we have in the first quarter, we have some seasonality related to the FICA and all the taxes. That generally is in the $1.5 to $2 million range, we see a blip off. Outside of the $2.2 million of one-timers that we called out, that is probably a good run rate to X those out.
Christopher McGratty – Keefe Bruyette & Woods (KBW)
Okay. I understand and maybe, one last thing Dave, on the margin. Is the guidance kind of Q1 some pressure given the liquidity and then maybe some instability? Kind of want that works out — going out of balance year, that effect?
Dave Kaye, Chief Financial Officer
Yes okay. Well we actually say we might have lower excess liquidity so that would help us a little bit just in terms of the NIM that we post in Q1.
Christopher McGratty, Keefe Bruyette & Woods (KBW)
Okay, thanks.
Operator
Thank you. If there are no more questions at the present time, we would like to turn the call back over to the management for an any closing comments.
Mr. Clayton Deutsch, President and Chief Executive Officer
I just want to thank all of you for your interest in our company. As I mentioned earlier and I will come back to Chris’ question. The only change in our thinking is what the first three weeks I have said about the yield environment. I think it is way too early to call it a year, three weeks into January. But we are going to manage ourselves as if it is the thin yield scenario was upon us and we are going to adjust accordingly. But we remain very committed to the kinds of performance goals we have been discussing with you previously and that of we underlined today. Thank you all.
Operator
Thank you. The conference has now concluded. Thank you for your attending today’s presentation. We now disconnect. Have a nice day.
