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9. Employee Benefits

9 Months Ended

Sep. 30, 2016

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, 2016 and 2015.

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2016				2015				2016				2015
		(In thousands)								(In thousands)
Components of net periodic cost (benefit)
Service cost		$	–			$	–			$	–			$	–
Interest cost			221				211				663				633
Expected return on assets			(300	)			(377	)			(900	)			(1,131	)
Amortization of transition (asset)/obligation			–				–				–				–
Amortization of net (gain) / loss			138				87				414				261
Net periodic cost (benefit)		$	59			$	(79	)		$	177			$	(237	)

We did not make any contributions to the Plan during the nine-month periods ended September 30, 2016 and 2015. We do not anticipate making any contributions for the remainder of 2016.