Operator
The next question comes from Travis Lan, with KBW. Please go ahead.
Travis Lan, KBW
Thanks good morning guys. Mike, just to clarify your expense guidance. You said the $21 million to $21.7 million quarterly, that’s excluding OREO right?
Michael Ozimek, Chief Financial Officer
That’s correct. That $21 million to $21.7 million and then $500 thousand to $1 million on the OREO side.
Travis Lan, KBW
A lot of thanks. Okay. And then just kind a — if you did talk a little bit about your NIM outlook. Obviously there’s been some interest rate volatility and you guys have been able to offset a lot of that with your balance sheet flexibility. But at what point kinda do you see, if ever, what will it take in the environment to kinda see this NIM get put under pressure?
Michael Ozimek, Chief Financial Officer
We don’t typically forecast our — give guidance on our margin going out. But we’re positioned pretty decent on our balance sheet right now. Picture only go one way, let’s face it, Travis, so the longer we can delay that or put that back and invest that fund I think the better off will be. And we’re not seeing the pressures that you’re describing at this point in time. So, the longer we can take that pause and hold that cash and wait for the rates to rise, I think we’re in a better position. We have more flexibility to move if we have to.
Travis Lan, KBW
Right, yeah and that worked so well up to this time. Just a little bit on the longer outlook. Mike you mentioned that obviously the fourth quarter was strong for a typically seasonally weak quarter.Just what do you guys looking for ’15 in terms of activity?
Michael Ozimek, Chief Financial Officer
You know we see the growth and we had a good ’14, we are really seeing the same thing for ’15. We are reaching $200 million — $225 million range year-over-year. And we expect really the same thing going forward into ’15. And that’s where we see opportunity. Right now you know I mean, on the investment side, where the rates are right now. Were not gonna go hog wild and start you know really investing tons of money in investment side but we see opportunity in the loan side.
Travis Lan, KBW
Okay, alright.
Robert J.McCormick, President and Chief Executive Officer
We got something coming up in this Fall, Travis. We usually fill all the stat out, at least at the annual meeting and usually on the call, the average deposits for branch. That continues to rise, which is really you know at a 144 locations, small increase in every branch is really what we’re banking on and we’ll provide the prosperity for the future.
Travis Lan, KBW
And to this point you haven’t seen deposit competition really pick up, you know from the rate perspective?
Robert J.McCormick, President and Chief Executive Officer
The deposit world is competitive but we do pretty well on that market and the number of locations we have and some of the other services we offer certainly put us in the better competitive position than most of the banks we’re dealing with.
Travis Lan
Got it. Alright thank you guys very much.
Operator
This concludes our question and answer session. I’d like to turn the conference back over to Robert McCormick for any closing remarks.
Robert J.McCormick, President and Chief Executive Officer
Thanks for taking some time this morning and thanks for your interest in the bank. Hope you all have a great day.
Operator
The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
