9. Employee Benefits

9 Months Ended

Sep. 30, 2017

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, 2017 and 2016.

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2017			2016			2017			2016
	(In thousands)						(In thousands)
Components of net periodic cost (benefit)
Service cost	$	–		$	–		$	–		$	–
Interest cost		214			221			642			663
Expected return on assets		(287	)		(300	)		(861	)		(900	)
Amortization of transition (asset)/obligation		–			–			–			–
Amortization of net (gain) / loss		101			138			303			414
Net periodic cost (benefit)	$	28		$	59		$	84		$	177

We did not make any contributions to the Plan during the nine-month periods ended September 30, 2017 and 2016. We do not anticipate making any contributions for the remainder of 2017.