Roger Busse – President & Chief Executive Officer
Thanks, Tim.
Operator
All right. Thank you very much we have two more callers in the queue. We will go ahead and move the next caller up. Again, please identify yourself and the organization that you are with. If you still like to ask a question that’s *8 on your telephone keypad. Hi, please go ahead.
Don Worthington – Raymond James
Hi, this is Don Worthington from Raymond James.
Roger Busse – President & Chief Executive Officer
Hi, Don.
Don Worthington – Raymond James
Good morning. Just taking a look at the dental portfolio and the outer market is growing, but the local looks like it’s been shrinking this year. Is that just due to pay-off activity or are you seeing that demand is kind of stagnated a bit in the local part of the portfolio?
Damon Rose – Senior Vice President & Chief Credit Officer
Good morning. Don, this is Damon Rose. I’ll take that one. The local portfolio is a very mature portfolio. So we do get a large number of pay-downs just through normal amortization. So growth is good. The activity in that portfolio is good. It remains very strong. We did this last year, have some pay-offs related to just competitors coming in and underpricing. That does appear to have slowed a little bit, but we do expect that this portfolio this year should remain where it is with the opportunities that we do have in the pipeline.
Don Worthington – Raymond James
Ok, thanks. And then any update on REO work-out?
Casey Hogan – Executive Vice President & Chief Operating Officer
Don, this is Casey. Our properties remain for sale. So if you know of anybody who would like to be an owner, we’d certainly hook them up.
Don Worthington – Raymond James
Ok.
Casey Hogan – Executive Vice President & Chief Operating Officer
That aside, we are seeing activity. We are in discussions, nothing that we would report here today. We continue to be optimistic certainly about a recovering economy that kind of helps some of those properties look more appealing. So we expect to see movement here this year.
Don Worthington – Raymond James
Ok, great. Thanks, Casey.
Roger Busse – President & Chief Executive Officer
We’ll be patient there, Don.
Don Worthington – Raymond James
Ok.
Operator
All right. Thanks very much for your question. We still have about four more callers in the queue. Go ahead and move up our next caller. And if you still like to ask a question that is *8 on your telephone keypad.
Jeff Rulis, DA Davidson
Hi, good morning. Jeff Rulis with DA Davidson
Roger Busse – President & Chief Executive Officer
Good morning, Jeff.
Jeff Rulis, DA Davidson
A question, I had some technical difficulties on the call. Just circling back on the growth expectations. Maybe, Roger, you could just talk about 2015 net loan growth expectations. I got the impression that Q4 growth was expected perhaps if I heard that right in Q1, but is that the type of growth for the full year that you expect? Or maybe just, maybe touch on sort of pay-off activity versus originations and how that dovetails with overall full year growth?
