Operator
Our next question comes from the line of Aaron Deer with Sandler O’Neill & Partners. You may proceed.
Aaron Deer, Sandler O’Neill & Partners
Hi, good afternoon, everyone.
Dunson Cheng, Chairman, President and CEO
Hi, Aaron.
Heng W. Chen, EVP, CFO and Treasurer
Hi, Aaron.
Aaron Deer, Sandler O’Neill & Partners
Dunson, Heng, congratulations on the deal.
Dunson Cheng, Chairman, President and CEO
Thank you.
Heng W. Chen, EVP, CFO and Treasurer
Thank you. It’s been a long time.
Aaron Deer, Sandler O’Neill & Partners
It has been awhile. Following-up on Julianna’s question about the purchase accounting, I think you mentioned at the beginning of your comments, but I didn’t catch the value, did you give what the impact to book value was at the deal?
Heng W. Chen, EVP, CFO and Treasurer
No. We just said that the tangible book value would be earned back over four years so and that we said that the accretion will be 2% to 3%. So, just using that guidance if it’s $0.05 a share accretion to EPS, that would be in a four-year payback that would be $0.20 dilution to book value or slightly over that. This is just going by the math.
Aaron Deer, Sandler O’Neill & Partners
Right, I understand. Okay. It sounded like you’re pretty confident with respect to the loan outlook for 2015. I’m just curious, here in the fourth quarter it slowed, growth slowed down quite a bit. Were there any decisions that you made conscious because of what was — where rates were going or if it was just normal seasonal slowdown of the holidays? What caused things to not get booked here in the fourth quarter?
Dunson Cheng, Chairman, President and CEO
Yes. Aaron, this is Dunson Cheng. When you look at the pay downs on the fourth quarter, the thing that jumped out to us is that our C&I loan portfolio, we have closed $200 million pay downs. This $200 million roughly I would say, above $60 million is because of trade lines with different banks. We set up trade lines for banks to facilitate the payment of the use and fails and all of that. So, those are mostly very low interest rate loan — lines of credit. So we saw roughly $60 million pay down of that, and then there are some CD loans that’s been paid off and also we are seeing a seasonably higher pay down in the fourth quarter, which would come in the fourth quarter of every year and that maybe related to the huge increase in the third quarter of last year that we have seen over $250 million. So I think things are — maybe we’ll borrow some of the loans both in third quarter and now it’s been paid off in the fourth. So we feel that those are trade-related seasonal adjusted type of situation and it should not affect what our projection for 2015.
Aaron Deer, Sandler O’Neill & Partners
Okay, that’s good color, Dunson. I appreciate it. I’ll get back in the queue with my remaining questions.
