10. Employee Benefits

9 Months Ended

Sep. 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 nine-month periods ended September 30, 2013 and 2012.

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2013			2012			2013			2012
	(In thousands)						(In thousands)
Components of net periodic cost (benefit)
Service cost	$	–		$	–		$	–		$	–
Interest cost		210			220			630			660
Expected return on assets		(335	)		(234	)		(1,005	)		(702	)
Amortization of transition (asset)/obligation		–			–			–			–
Amortization of net (gain) / loss		117			157			351			471
Net periodic cost (benefit)	$	(8	)	$	143		$	(24	)	$	429

We contributed $112,000 and $277,000 to the Plan during the three and nine-month periods ended September 30, 2013 and we anticipate making contributions in the amount of $112,000 for the remainder of 2013.