10. Employee Benefits

6 Months Ended

Jun. 30, 2015

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, 2015 and 2014.

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2015			2014			2015			2014
	(In thousands)						(In thousands)
Components of net periodic cost (benefit)
Service cost	$	–		$	–		$	–		$	–
Interest cost		211			220			422			440
Expected return on assets		(377	)		(432	)		(754	)		(864
Amortization of transition (asset)/obligation		–			–			–			–
Amortization of net (gain) / loss		87			–			174			–
Net periodic cost (benefit)	$	(79	)	$	(212	)	$	(158	)	$	(424

We did not make any contributions to the Plan during the six-month period ended June 30, 2015 and we do not anticipate making any contributions for the remainder of 2015. We contributed $112,000 during the six-month period ended June 30, 2014.