Operator
Our next question comes from the line of Joe Morford with RBC Capital Markets. You may proceed.
Joe Morford, RBC Capital Markets
Thanks. Good afternoon and offer congratulations as well.
Dunson Cheng, Chairman, President and CEO
Thank you, Joe.
Heng W. Chen, EVP, CFO and Treasurer
Thank you, Joe.
Joe Morford, RBC Capital Markets
I have — first question was on the expense side. Did the decline in the compensation costs this quarter largely reflect the full run rate of the savings from the core systems conversion earlier this year, or is there still more to come in the first quarter? And just in general, how do you feel about that run rate going into 2015?
Dunson Cheng, Chairman, President and CEO
Let me answer, Joe, your first question first. The savings from our core conversion I would guess it’s about almost 80% completed by the fourth quarter. So there might be 20% left in 2015.
Heng W. Chen, EVP, CFO and Treasurer
And then, Joe I think there was a couple of just discreet items that relate to the fourth quarter. First, we had higher bonus accruals of about $600,000 in the third quarter compared to the fourth. We also had more vacation paid taken in the fourth quarter because of the holidays. And then lastly, every 18 months or so, we do a cost study on our loan origination cost and we found that we have added more manpower or that we were understating the amount of manpower dedicated to loans, to originating loans. So that was about a little over a million in Q4 compared to Q3. And so that million that relates to the deferred loan origination cost, that will stay with us each quarter in 2015, and they will come back as the amortization of deferred loan cost and it will show up in the net interest income line.
Joe Morford, RBC Capital Markets
Okay, that’s helpful. Then I guess the second question was — if you could Dunson talk a little bit more about the operation you have in New York and specifically the loan portfolio there. What kind of growth rates have you been seeing in New York in the last couple of years? And with Asia Bank now, what kind of growth rates do you see for that portfolio going forward?
Dunson Cheng, Chairman, President and CEO
Joe, in 2010 which is December 2010, our outstanding in the New York region was $900 million. And by December of last year, which is four years, that has doubled to $1.8 billion. So you can see that the loan growth in our New York region has been quite good. In 2015, with the addition of Asia Bank, it would complement what we are doing in New York because Asia Bank is about $500 million and their loan book is $450 million or so. So they are concentrating more loans in the range of $0.5 million to maybe $2 million and I think that is a good diversification of our loan book in New York City. And our experience has been with our previous acquisition of Great Eastern Bank in New York. There are a lot of customers that have outgrown of the bank because of lending limit and we were able to recapture those customers that may have gone to other banks, so I believe that Asia Bank will contribute to the growth of our New York portfolio.
Joe Morford, RBC Capital Markets
That’s great. I appreciate the color.
Dunson Cheng, Chairman, President and CEO
Thank you.
Heng W. Chen, EVP, CFO and Treasurer
Thank you.
