So it is — I think they’ve closed branches and those people are gone, but a lot of those people are gone. So what they did was not was not right. So I don’t want that — I don’t do that to other people. I don’t want them doing it to me. So…Kevin Hester hey Johnny, I’ll remind you, we actually talked to a group a while a few months ago and really liked them. Great, I think it’d been great opportunity and we just put on hold and pass for now because it makes sense, as Johnny said, we’re going to take care of our customers and take care of new opportunities that are going to be significant relationships. That’s more important to us right now than lifted out. Kevin exactly right. And I was at a bank conference shortly thereafter and I saw that CEO.
And I just thought, here I am talking to his people behind his back. And I wouldn’t want somebody doing that to me. And I just really felt bad. I don’t — if I’d hired this guy, I don’t know how would have — how felt about looking him in the eye. Some people have no conscience and they are able to do what they want to do. I mean, service first mistreated us what they did and they paid for it. And that’s their style of operation that just happens not to be ours.Brian Martin Got you. That’s helpful. And maybe just one for Stephen, I guess Stephen, I guess where did the — I know you gave some ending points for the rates. Where did the margin end in March, kind of, end of period and just kind of with where — with Johnny’s kind of alluding to as far as maybe one more hike and stopping, just kind of wondering feels like we’re kind of near a peak on the margin.
Just wondering if that’s kind of consistent with how you’re thinking about it. I understand that the thought you want to take it higher and loan yields are going higher, but just trying to understand where it ended and then just maybe if we are ending the tightening cycle here.Stephen Tipton Sure. So we ended March at 4.40% on the NIM. I think there may have been a little bit of event income in there, but it was fairly consistent with where the quarter averaged that echo Tracy’s comments. I mean, it’s everybody’s focused around here every day. If we see rates continue to go up, our Alco model shows that we benefit slightly from another — I don’t know if we get another 100% from here, but as rates go up that we still benefit slightly, like to think that with the events over the last month that the world focuses on strength and flight to quality maybe instead of where the highest interest rate might be.
So that’s our focus, we’ve got the investment portfolio, cash flows come in. We’ve got variable component to that. We’ve got the loan portfolio that will move as either as rates go up or as loans mature and have the opportunity to reprice. So whether or not we see rates go and how far we’ll continue to have the opportunity on the asset side to offset what we had to do on deposits.Brian Martin Got it. And you said…John Allison So suspect there will be lots of people, looking around for opportunities with different banks in the future, because so many of these banks are longed up and if they’re on a commission scale, they’re going to struggle for a period of time, because as some of the lenders have told our lenders, they’re buying said we’re out of the lending business.
We’re totally out of the lending business. So that hurts some of those lenders, I’m sure, the income of some of those lenders. You may see some of that moving around.Brian Martin Yes, that’s true. And Stephen, just the deposit beta kind of where you think could you have any sense on kind of where you think that may end the year as you kind of get through the next couple of quarters kind of the cumulative beta all in?Stephen Tipton No. I mean, I think we’ve been in the 50 % range each of this past quarter and in Q4 and absent something changing on the funding side. I think that’s where we would target that to be.John Allison The key is can we outrun the deposit cost. Yes, and we’ve been fairly successful as out running the deposit cost. So that’s — the daily report shows that we’re a little behind shortly a little behind this month.
But overall, the last quarter was fairly we won some and lost some on different days I guess immediately. But overall, we won. So, hopefully, we can hold that together.Brian Martin Yes. Well, thank you for taking the questions and thanks for all of the added disclosure on the office book and the liquidity. It’s very helpful. Definitely stand out.John Allison Thank you.Operator Thank you, Mr. Martin. We have one additional question from the line of Stephen Scouten with Piper Sandler. You may proceed.Stephen Scouten Hey, good afternoon, everyone. Sorry, I hopped on a little late. But I did want to ask what you’re hearing from regulators currently, if it hasn’t been covered? And I just remember when you guys crossed through $10 billion in assets and felt like you were required to add people you probably didn’t need at the time.
And I’m just kind of wondering if you think those sort of incremental oversight and headcount additions might get pushed down due to all of this that’s transpired as well?John Allison Stephen, I think it could get pushed up. I think, I worry about new regulations coming down on the banks as a result of SVB and Signature. We didn’t — that wasn’t what we needed. That’s not what we need. We just need to regulation been forced. I promise you one thing that wouldn’t have happened out of Saint Louis region. That wouldn’t happen with our regulators. That what happened in California. That would have not happened here. Our regulators are on top of the game. They do a great job. We have a great relationship with them, they keep us in line and we stay in line.