You're fine for your horse. Personally I think people spend way to much time obsessing about their horse's height. It's sort of a pet peeve for me to hear someone say I'm 5'6" and need a horse atleast 16 hands, NO you prefer a horse that height.
Although height does matter some when considering what size horse you need, alot more of it is going to depend on the horse's build in my opinion.
That said I don't even know my mare's height. I'm 5'9", and think she's perfect for me! I do think I need something bigger then 14 hands, I generally think of 15 as my minimal (and don't think I'd want anything over 16). I used our gelding's height as a rule of thumb when I went to look at her (I was guessing him at 15.1 or so, he was 15 hands when I got him, a few months before he turned 2). She was advertised as 16 hands, although based on the guy in the pic w/ her I was thinking probably not (although turns out he was pretty tall). She seemed to be about the same size as Magic.
Now people are always saying how tall Magic is (alot are not horse people so I just assume they don't have anything to compare it to). I got a new farrier who also said something about his size and was guessing him to be 16 hands. So he sticked him 15.3 and a half (good eye I guess). I was going to have him measure Gypsy to, but forgot, she looks exactly the same height as Magic, but I have never measured her. On one hand it'd be nice to know how tall she is when someone asks, but really we are good together, so who really cares?
I do understand not wanting to look silly on a horse that's way to small for them (either in height or build), but I don't think any normally build 5'4" or under person is going to look silly on a normally build horse that's atleast 14 hands.
Anyway that's my thoughts.