Dough Bowers – President & CEO
I think you have to start with what the industry did in 2014 so you all would know the statistics but you had investment levels go from nearly $30 billion to $48.5 billion, so significant amounts of investment but probably more importantly is you had 254 funds raised in 2014 for a total of nearly $30 billion and that’s the highest level we’ve had since 06. So, it’s just great to see that the number of funds that have raised as well as these dollars amounts. So you certainly have a refueled venture community out there and so that gives us a fair degree of optimism alongside our brand, our hiring and the things that we’ve been doing. There’s a lot of momentum, Julianna as we go into 2015. So when we stare at deposit opportunity, a great deal more of relativity, but when we look at the amount of activity that is going on out there we’re very upbeat, same is true with loans.
Q: And then real quick on credit, in terms of the charge off that you had this quarter, could you break them out between early stage, middle stage, late stage to give us a little bit more in granularity there.
Pat Oaks – Chief Financials Officer
I don’t have that information in front of me.
Q: And then final question, I will step back down, in the implications for your reserves and the provision cost for next year or next quarter if you had the increased charge off levels this quarter does that mean we should be looking for higher provision next quarter from the historical loan loss, historically look back in reserves or has that already flown through?
Pat Oaks – Chief Financials Officer
There could potentially be some impact there, you’re right when you capitalize the [inaudible] reserves but I would say the biggest fluctuation for us in the reserve is as much on the specific reserve around our non-performers.
Dough Bowers – President & CEO
Maybe another way to go at that Julianna is non-performers did take up in the last quarter but compared fourth quarter, year-end 13 to year-end 14 it’s approximately flat. Overall reserves 170 going into this year, roughly [inaudible] with where we were last year and as we look at our specific reserves we feel like we’re in a very good place.
Q: And do you have more color on the NPA tick up?
Dough Bowers – President & CEO
The majority of it is I would say is a function of the kind of volatility you experience in this world. So, 6 credits, $10 million, gives you an idea of the amount of granularity that takes place in this kind of business.
Q: One more question. Does Square 1 have any lending exposure to any companies that maybe have disproportionate exposure to the energy industry and the recent oil price decline, have you guys scrubbed your portfolio for any potential exposure there?
Operator
Our next question comes from Jennifer Demba from Suntrust, your line is open please go ahead.
Q: One more question. Does Square 1 have any lending exposure to any companies that maybe have disproportionate exposure to the energy industry and the recent oil price decline, have you guys scrubbed your portfolio for any potential exposure there?
Dough Bowers – President & CEO
As you might suspect we certainly have, so less than 1% of our loan portfolio directly related we’ve been very modest, very very modest participant in anything in the [inaudible] green energy space. So we feel very very good, as good as one can feel as you go through these shocks. But for us, when you think about greater life sciences, greater technology and greater VCA’s which makes up 90 plus percent of our loan portfolio and then the amount that really ever engages in the world of outright oil and gas. It’s modest period and it’s particularly modest for us.
Operator
Thank you, at this time I would like to hand the conference back over to Mr. Bowers for closing remarks.
Dough Bowers – President & CEO
Thank you operator. We’re obviously very pleased with the results for 14 and importantly we’re on to 15 in a very big way with a very bright outlook. So, thank you very much for your time and your interest.
Operator
Ladies and gentlemen thank you for participating in today’s conference this concludes the program. You may now disconnect and have a wonderful day.
