Mick Reynolds – Executive Vice President & Chief Financial Officer
Yes, on the expense side in particular and on the income side, that is correct.
Jeff Rulis, DA Davidson
Ok.
Mick Reynolds – Executive Vice President & Chief Financial Officer
Yeah, on the expense side, we do anticipate approximately $4 million of merger related expenses, but that is not included in the estimated $9.4 million to $9.6 million nor would it include any possible additions of expense that could come along assuming that deal closes prior to the end of the quarter. We expected to see some expense related ongoing expenses for Capital Pacific in the first quarter.
Jeff Rulis, DA Davidson
Ok. And not to get too granular, beat this up too much, I was looking at that legal and professional were not included in merger costs. Any, that increase sequentially anything merger related or is that just a completely separate line item?
Mick Reynolds – Executive Vice President & Chief Financial Officer
There should be, it’s a completely separate line item. So there should not be any merger related expenses included in there.
Jeff Rulis, DA Davidson
Ok. Thank you.
Operator
All right. Thank you very much. We have three more questions in the queue. We will go ahead and move up our next caller. Again, please identify yourself and the institution that you represent.
Tim O’Brien – Sandler O’Neill
Good morning. It’s Tim O’Brien from Sandler O’Neill.
Mick Reynolds – Executive Vice President & Chief Financial Officer
Hi, Tim.
Roger Busse – President & Chief Executive Officer
Hi, Tim.
Tim O’Brien – Sandler O’Neill
Thanks for taking my questions. Did you guys add or any change in FTE account at the end of the year versus when you started the quarter?
Roger Busse – President & Chief Executive Officer
There is no significant increase, Tim, in our FTE account, no. And by that I mean, we may have added one or two FTE, but there’s no significant net change.
Tim O’Brien – Sandler O’Neill
Okay, great. And then, Mick, you said that there, how much did you say that that merchant banking bonus, I think you called it, how much, did that amount to $100,000?
Mick Reynolds – Executive Vice President & Chief Financial Officer
Roughly, a little over $100,000, Tim.
Tim O’Brien – Sandler O’Neill
And then, you also said that, Roger, did you say that you’re looking for regulatory approval to come by the end of this month?
Roger Busse – President & Chief Executive Officer
That’s correct, Tim. We have waiver from SEC and we expect regulatory approval by the end of this month.
Tim O’Brien – Sandler O’Neill
And is it, the regulators you’re waiting for approval from, it’s just the FDIC?
Roger Busse – President & Chief Executive Officer
Yes.
Mick Reynolds – Executive Vice President & Chief Financial Officer
And the state of Oregon and then also a waiver from the Federal Reserve Bank since this will be a bank to bank deal.
Tim O’Brien – Sandler O’Neill
Got it, ok. Thanks, Mick. And then another question for you, Mick. Did you say that about $4 million in total deal costs, you guys booked $470,000 this quarter. It looks like, and the rest is going to be accrued pending if the deal closes this quarter, it’s going to happen this quarter right and you [inaudible]. Is that how you are approaching it?
Mick Reynolds – Executive Vice President & Chief Financial Officer
Yes, and that’s correct. And there would be $4 million additional this quarter on top of the $470,000 we had in the fourth quarter.
Tim O’Brien – Sandler O’Neill
And may be a little ancillary kind of clean up stuff in the second quarter possibly, but possible not? Are you pretty determined, Mick?
Mick Reynolds – Executive Vice President & Chief Financial Officer
I’m always determined.
