10. Employee Benefits

9 Months Ended

Sep. 30, 2012

Notes to Financial Statements

Note 10 - Employee Benefits

(10) 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, 2012 and 2011.

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2012			2011			2012			2011
	(In thousands)						(In thousands)
Components of net periodic cost (benefit)
Service cost	$	–		$	–		$	–		$	–
Interest Cost		220			228			660			684
Expected return on assets		(234	)		(237	)		(702	)		(711	)
Amortization of transition (asset)/obligation		–			–			–			–
Amortization of net (gain) / loss		157			112			471			336
Net periodic cost (benefit)	$	143		$	103		$	429		$	309

We contributed $1.2 million to the Plan during the nine-month period ended September 30, 2012 and we anticipate making contributions in the amount of $258,000 for the remainder of 2012.