10. Employee Benefits

6 Months Ended

Jun. 30, 2013

Employee Benefits

Employee Benefits

On March 8, 2002 we acquired MFN Financial Corporation and its subsidiaries in a merger. We sponsor the MFN Financial Corporation Benefit Plan (the “Plan”). Plan benefits were frozen June 30, 2001. The table below sets forth the Plan’s net periodic benefit cost for the three-month and six-month periods ended June 30, 2013 and 2012.

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2013			2012			2013			2012
	(In thousands)						(In thousands)
Components of net periodic cost (benefit)
Service cost	$	–		$	–		$	–		$	–
Interest Cost		210			220			420			440
Expected return on assets		(335	)		(234	)		(670	)		(468	)
Amortization of transition (asset)/obligation		–			–			–			–
Amortization of net (gain) / loss		117			157			234			314
Net periodic cost (benefit)	$	(8	)	$	143		$	(16	)	$	286

We contributed $165,000 to the Plan during the three and six-month periods ended June 30, 2013 and we anticipate making contributions in the amount of $329,000 for the remainder of 2013.