We recorded time and at the top of advance amortizations totaling 0.6 million dollars during the fourth quarter of 2014 and 1.4 million dollars during since June 1st. We expect to record further amortizations totaling 0.6 million, during the first and second quarter of 2015 and 0.2 million dollars during the third quarter of 2015. As we know that in prior merger related FSC filings, these particular thorough adjustments will be completed at the end of July this year. We have also recorded trust preferred security amortization since the merger was consummated, totaling 0.2 million dollars during the first quarter and about 0.4 million dollars since June 1st. Unless, we call all or part of our trust preferred securities which currently we have no plans to do, we expect to record further amortizations totaling 0.2 million dollars per quarter into the year 2036. We expect our net interest margin to be in a range of 3.80 to 3.85% during the first and second quarters of 2015 and then decline slightly to a range of 3.75 percent to 3.80 per cent during the third and fourth quarter of 2015.
The primary reason for the anticipated decline is due to the elimination of the time deposit and average of the advanced amortizations in July. While the ongoing very low interest rate environment continues to exert constant pressure on our net interest margin, we expect to use low-yielding excess overnight investments and cash flows from monthly pay downs on lower yielding mortgage backed securities and periodic maturities and calls on lower yielding U.S government agency and masco bonds to fund a large portion of our expected loan growth throughout 2015. Reflecting, the market’s current 2015 interest rate forecast which includes a 25 basis point increase in the federal funds in prime rate during the third and fourth quarter; we have modeled such increases as part of our 2015 budget process. Prior or budget income simulations has grows prior from 10k using 10ks and it is confirmed in our budget process.
The forecasted increases in short term interest rates are expected to have only a nominal impact on our interest margin. Our loan portfolio, combined with recoveries of prior period loan charge offs and the eliminations of and reductions in many specific reserves had produced a positive impact on our loan loss reserve calculation and allowed us to make no or negative provisions in eight consecutive quarters and ten out of last eleven quarters. We recorded no provision expense during the fourth quarter of 2014. A negative provisions totally in 3.0 million dollars during our off 2014. Gross loan charge-offs totaled 0.5 million dollars during the first quarter and 1.5 million dollars during all of 2014.
Recoveries of prior pre-loan loan charge-offs totaled 0.1 million and 1.7 million during the same time periods respectively and for all of 2014 we recorded net recovery of 0.2 million dollars. Our low lance reserve was 20 million dollars at the end of the fourth quarter or 1.54 percent of total originated loans that remained higher than our historical average system. We recorded non-interest income of 3.3 million dollars during the fourth quarter of 2014. A fifteen percent improvement over the third quarter. We recorded improvement in virtually every fee income category with a 21 percent improvement in mortgage banking income leading the way. Knowing that mortgage banking income can be difficult to forecast, we currently expect non-interest income to come in around 3.0 million to 3.3 million in third quarter in 2015.
