Benefit Plans (Tables)
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12 Months Ended |
Dec. 31, 2015 |
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| Multiemployer Plans [Line Items] |
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| Schedule of Employee Stock Ownership Plan (ESOP) Disclosures |
A summary of key transactions for the ESOP for the periods indicated follows: | | | | | | | | | | | | | | Year Ended December 31, | | 2015 | | 2014 | | 2013 | | (In thousands) | ESOP contribution expense | $ | 1,400 |
| | $ | 1,216 |
| | $ | 1,087 |
| Dividends on unallocated ESOP shares used to reduce ESOP contribution | 210 |
| | 197 |
| | 132 |
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Shares held by the ESOP at December 31, 2015, and 2014, are as follows: | | | | | | | | | | December 31, | | 2015 | | 2014 | | (Dollars in thousands, except share data) | Allocated shares | 931,040 |
| | 818,187 |
| Unallocated shares | 761,760 |
| | 874,613 |
| Total ESOP shares | 1,692,800 |
| | 1,692,800 |
| Fair value of unallocated shares | $ | 10,634 |
| | $ | 10,530 |
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| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
The fair value of options granted was determined using the following weighted-average assumptions as of the grant date for the periods indicated. | | | | | | | | | | | | | | Year Ended December 31, | | 2015 | | 2014 | | 2013 | Annual dividend yield | 1.77 | % | | 1.86 | % | | 1.35 | % | Expected volatility | 35.30 |
| | 37.27 |
| | 34.05 |
| Risk-free interest rate | 2.23 |
| | 2.44 |
| | 2.18 |
| Expected term | 10.0 years |
| | 10.0 years |
| | 8.1 years |
| Weighted-average grant date fair value per option granted | $ | 4.74 |
| | $ | 4.13 |
| | $ | 3.70 |
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| Disclosure of Share-based Compensation Arrangements by Share-based Payment Award |
A summary of the Company’s stock option plan awards activity for the year ended December 31, 2015 follows: | | | | | | | | | | | | | | | | Shares | | Weighted- Average Exercise Price | | Weighted- Average Remaining Contractual Term in Years | | Aggregate Intrinsic Value | Outstanding at December 31, 2014 | 929,260 |
| | $ | 9.51 |
| | — |
| | $ | — |
| Granted | 80,000 |
| | 12.98 |
| | — |
| | — |
| Exercised | (125,000 | ) | | 7.48 |
| | — |
| | — |
| Outstanding at December 31, 2015 | 884,260 |
| | 10.11 |
| | 4.93 |
| | 3,403,707 |
| Expected to vest assuming a 3% forfeiture rate over the vesting term | 876,400 |
| | 10.10 |
| | 4.90 |
| | 3,380,786 |
| Exercisable at December 31, 2015 | 622,260 |
| | 9.72 |
| | 3.46 |
| | 2,639,687 |
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| Schedule of Nonvested Restricted Stock Units Activity |
A summary of changes in nonvested restricted stock awards for the period ended December 31, 2015, follows: | | | | | | | | | Nonvested Shares | | Shares | | Weighted-Average Grant Date Fair Value | Nonvested at December 31, 2012 | | 244,847 |
| | $ | 8.95 |
| Granted | | 25,000 |
| | 10.88 |
| Vested | | (156,047 | ) | | 9.72 |
| Forfeited | | (10,400 | ) | | 9.12 |
| Nonvested at December 31, 2013 | | 103,400 |
| | 8.24 |
| Vested | | (27,800 | ) | | 7.64 |
| Nonvested at December 31, 2014 | | 75,600 |
| | 8.47 |
| Vested | | (27,800 | ) | | 7.64 |
| Nonvested at December 31, 2015 | | 47,800 |
| | 8.95 |
| | | | | | Expected to vest assuming a 3% forfeiture rate over the vesting term | | 46,366 |
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| Multiemployer Plans, Pension |
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| Multiemployer Plans [Line Items] |
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| Schedule of Funded Status |
The table below presents the funded status (market value of plan assets divided by funding target) of the plan as of July1: | | | | | | | | 2015 | | 2014 | Source | Valuation Report | | Valuation Report | First Financial Northwest's Plan(1) | 102.8 | % | | 105.3 | % |
_________________ (1) Market value of plan assets reflects any contributions received through June 30, 2015, or 2014, respectively. |
| Schedule of Net Benefit Costs |
Total contributions during the years ended December 31, 2015, 2014, and 2013 were: | | | | | | | | | | | | | | | | | | 2015 | | 2014 | | 2013 | Date Paid | | Amount | | Date Paid | | Amount | | Date Paid | | Amount | | 11/2015 | | $ | 540,000 |
| | 9/25/2014 | | $ | 8,735 |
| | 9/18/2013 | | $ | 26,328 |
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| | 11/28/2014 | | 539,932 |
| | 12/5/2013 | | 43,979 |
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| | | |
| | 12/20/2013 | | 159,080 |
| Total | | $ | 540,000 |
| | Total | | $ | 548,667 |
| | Total | | $ | 229,387 |
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