Based on our comments today, you can tell we remain optimistic and look forward to the first quarter of 2015. Concurrent with our earnings release, we announced a dividend of $0.10 per share. With the acquisition of Capital Pacific, our current capital plan subject to future board action is to retain earnings and accumulate capital in near term.
Our current Tier 1 capital of 11.3% is more than adequate, but also reflects our ongoing strategy of evaluating in-market acquisitions in the $100 million to $400 million range. We have identified targets, modeled opportunities and have performed due diligences. The point I want to make is that we remain active that we are disciplined in our approach to pricing and deal metrics.
With those final comments, we want to invite your questions. As a reminder, Mick Reynolds, Executive Vice President and Chief Financial Officer, Casey Hogan, Executive Vice President and Chief Operating Officer, and Damon Rose, Chief Credit Officer, are able to answer your questions. With that Christine, I’ll ask you to please open the lines for questions.
Operator
All right. Thank you very much. And ladies and gentlemen again if you’d like to come live to the phone lines please press *8 on your telephone keypad. Questions will be addressed in the order that they are received. Again, that is *8 in your keypad and please identify yourself and the organization that you’re with. We do have questions coming into the queue right now, we’ll go ahead to our first question. It will take a second to move up into the queue. Again *8 on your telephone keypad. Hi, please go ahead.
Eric Grubelich – Highlander Capital Group
Hi, it’s Eric Grubelich, a bank investor. Just a question for Casey, maybe I misunderstood this in your prepared remarks when you were talking about the pipeline. I think you alluded to the factor or pretty much said that based on where the pipeline is you are looking for similar growth in the portfolio in the first quarter as you had in the fourth quarter. So would that mean about $10 million or did I misunderstand your information?
Casey Hogan – Executive Vice President & Chief Operating Officer
Yeah, thanks, Eric. That would be in line with our estimation at this point. We had a lot of work in the pipeline. And again, we mentioned the $7 million that kicked over, but we are still continuing to see pressure on other activities that makes us work harder for every loan we get for sure.
Eric Grubelich – Highlander Capital Group
Sure. And then just on the, just second question on the net interest margin. Was there anything in the margin that may have been, if you might consider a little bit of a non-recurring basis pay-off, some type of fee or was it pretty clean this quarter?
Mick Reynolds – Executive Vice President & Chief Financial Officer
Yeah, it was pretty clean. Eric, this is Mick Reynolds. Other than, we had about 3 basis points was the result of the accretion to fair value marks on our acquisition last year.
