So, I wanted to ask a question on capital. Capital levels are pretty strong here and you’re not growing as much. So, are there any thoughts to any share repurchases or getting more aggressive to buyback? Just given where the stock is trading at?Mike Achary Yes. Hey Brandon, this is Mike. Good question. And really our stance and how we think about a look at buybacks really haven’t changed. We remain opportunistic in terms of looking at that. As you probably know, the buyback authority was re-upped this past January. So, that’s 5% really through the end of next year. Having said all of that, we really haven’t bought back many shares the last quarter or so. And certainly for the coming quarter and really for the foreseeable future right now, I don’t see us buying back a whole lot in the way of shares.
We take the stance right now that with so much uncertainty out there, it’s probably better just to continue to build capital in this environment. Has those conditions changed? I mean, obviously, we’ll reassess and if there’s opportunity to be a little bit more active in terms of buybacks, that’s certainly something we’ll consider as we go through the year.Brandon King Makes sense. And then I had a follow-up to the net interest margin discussion. Do you mind sharing what NIM was for March? I know there’s a lot of actions that happened late in the quarter?Mike Achary Yes. So, the NIM from March, I don’t have that right with me. I certainly don’t mind sharing it, but while we’re looking for that, certainly one of the things that’s impacting the NIM in the month of March is our cost of deposits.
So, as the quarter went on, that went up to 107 basis points. So, that’s certainly going to impact the NIM.Brandon King Okay. I can follow-up with you offline. And then just…John Hairston We’ll come back to that. [We can] [ph].Mike Achary We’ll get back to you on that.Brandon King Okay. Okay.Operator Our next question comes from Brett Rabatin with Hovde Group. Your line is open.Brett Rabatin Hi, good afternoon everyone. Wanted to ask two questions on the guidance. I guess first on the expenses. Want to make sure I was clear, the other bucket obviously included a couple line items this quarter that were different, the FDIC assessment. Was there anything else unusual that might not be recurring in that line item going forward? And is that 1Q level a good level for maybe ongoing from here?Mike Achary Yes, Brad.
I think that the level in the fourth quarter – in the first quarter, so the 200 million or so, is a pretty good run rate to use going forward. In terms of the categories and items that we called out in other expenses really except for the storm related losses that we had in the prior quarter, pretty much everything else is, kind of ongoing or built into the ongoing assumptions. Data processing, data processing is something that can move around a little bit from quarter-to-quarter, but given some of the technology investments and other things that we have going on related to that category we do think that that level will probably continue at somewhere near that going forward.Brett Rabatin Okay. And then in fee income, obviously, year-over-year if you’re going to have growth in that number, the quarters from here have to grow, are there specific line items that you think might have higher propensity to grow from 1Q levels or any color on that?John Hairston Yes, sure.
This is John. Thanks for the question on fees. There are a couple of things moving around in the year. One of those is, for the December 1 forward, we did eliminate certain OD and NSF fees that we shared a lot of guidance on last year and all of that happened. As average balances decline, the number of service charge recurring deposits goes up. And so, what we saw happen in Q1 as expected is the volume of normally recurring account maintenance fees is offsetting the decline that we experienced in the NSF. So that was helpful.And then secondary mortgage, while it was green for the quarter, which was actually somewhat of a pleasant surprise and as people lost a few – just these little [boomlets] [ph] of production that occurred on a series of dates where the rates softened a little bit, we’d see a surge and production come through and that was helpful for secondary mortgage.
