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10. Employee Benefits
 9 Months Ended
Sep. 30, 2014
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, 2014 and 2013.

 

   Three Months Ended   Nine Months Ended 
   September 30,   September 30, 
   2014   2013   2014   2013 
   (In thousands)   (In thousands) 
Components of net periodic cost (benefit)                    
Service cost  $–   $–   $–   $– 
Interest cost   220    210    660    630 
Expected return on assets   (432)   (335)   (1,296)   (1,005)
Amortization of transition (asset)/obligation   –    –    –    – 
Amortization of net (gain) / loss   –    117    –    351 
   Net periodic cost (benefit)  $(212)  $(8)  $(636)  $(24)

 

We contributed $237,000 to the Plan during the nine-month period ended September 30, 2014 and we do not anticipate making any further contributions for the remainder of 2014.