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9. Employee Benefits

9 Months Ended

Sep. 30, 2015

Employee Benefits

Employee Benefits

(9) 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, 2015 and 2014.

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2015				2014				2015				2014
		(In thousands)								(In thousands)
Components of net periodic cost (benefit)
Service cost		$	–			$	–			$	–			$	–
Interest cost			211				220				633				660
Expected return on assets			(377	)			(432	)			(1,131	)			(1,296	)
Amortization of transition (asset)/obligation			–				–				–				–
Amortization of net (gain) / loss			87				–				261				–
Net periodic cost (benefit)		$	(79	)		$	(212	)		$	(237	)		$	(636	)

We did not make any contributions to the Plan during the nine-month period ended September 30, 2015 and we do not anticipate making any contributions for the remainder of 2015. We contributed $237,000 during the nine-month period ended September 30, 2014.