Non-interest expenses during 2014 were significantly impacted by merger related cost totaling 0.4 million dollars during the fourth quarter and 5.4 million dollars for the whole year. As noted earlier, we expect no further significant merger related cost in future periods. As originally projected, we expect to realize savings over practically 5.5 million dollars annually. We realized the portion of the costings during the third quarter and we realized a vast majority of them by the end of the fourth quarter. We expect to realize a 100 percent of the estimate for all of 2015. We are currently projecting quarterly non-interest expenses to total in arrange of 18.7 million to 19.0 million during 2015. Our effective tax rate for 2015 is expected to be around 31-32 percent. We remain a well capitalized making organization. As of December 31 our bank’s total risk based capital is 14.4 percent and a dollar worth a price 101 million dollars higher than a 10 % minimum required be categorized as well capitalized. Those are my prepared remarks on and I will now turn the call over to Bob.
Robert B. Kaminski Jr. – Executive Vice President, Chief Operating Officer and Secretary
Thank you Chuck and good morning everyone. In the fourth quarter Mercantile returned to the net growth position in its loan portfolio with funding of over 90 million dollars of loans to new and existing customers. The relationship development approach employed by our call in officers continues to resonate positively with clients and potential clients. We remain steadfastly committed to the mutually beneficial value add style banking as opposed to focusing mainly on price and has been the primary tactic of many of our competition. With our knowledgeable staff and bankers worry of generating comprehensive banking packages with cash managing products including our payroll processing to service all of our clients financial needs.
Fourth quarter funding was generated in a fashion over a wide range of loan types not occupied real estate, owner occupied real estate and commercial and industrial lending. Mercantile should benefit with a good tail wing for construction funding over the course of 2015 as we presently have about 150 million dollars in commitments where the billing construction has begun and advances have start to fund. Our old pipeline remains strong as we enter 2015 and we are projecting net loan growth in the range of 180-200 million dollars for the year.
Well, we expect long growth in all of our markets we anticipate the most significant opportunities will be available in Grand rapids, Kalamazoo, Lansing but meaningful growth also Mount Pleasant and Cadillac. Our competition remains quite intense in these and all of our markets that continue to be encouraged and are calling them as energized by the response to our client outreach efforts. But the significant part of the merger integration and transition complete we are now embarking on some major revenue enhancement, expense mitigation and business e initiatives. One tremendous opportunity we are receiving merger with the introduction of our full swing of treasure projects in our new markets. Our staff is identifying clients who benefit from these products, and our reach has been well received. Another project focuses on leveraging retail mortgage opportunities, especially in our largest market in Grand Rapids.
