Benefit Plans (Tables)
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12 Months Ended |
Dec. 31, 2016 |
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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, | | 2016 | | 2015 | | 2014 | | (In thousands) | ESOP contribution expense | $ | 1,605 |
| | $ | 1,400 |
| | $ | 1,216 |
| Dividends on unallocated ESOP shares used to reduce ESOP contribution | 183 |
| | 210 |
| | 197 |
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Shares held by the ESOP at December 31, 2016 and 2015, are as follows: | | | | | | | | | | December 31, | | 2016 | | 2015 | | (Dollars in thousands, except share data) | Allocated shares | 1,043,893 |
| | 931,040 |
| Unallocated shares | 648,907 |
| | 761,760 |
| Total ESOP shares | 1,692,800 |
| | 1,692,800 |
| Fair value of unallocated shares | $ | 12,809 |
| | $ | 10,634 |
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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. There were no stock options granted in 2016. | | | | | | | | | | | | Year Ended December 31, | | 2016 | | 2015 | | 2014 | Annual dividend yield | N/A | | 1.77 | % | | 1.86 | % | Expected volatility | N/A | | 35.30 |
| | 37.27 |
| Risk-free interest rate | N/A | | 2.23 |
| | 2.44 |
| Expected term | N/A | | 10.0 years |
| | 10.0 years |
| Weighted-average grant date fair value per option granted | N/A | | $ | 4.74 |
| | $ | 4.13 |
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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, 2016 follows: | | | | | | | | | | | | | | | Shares | | Weighted- Average Exercise Price | | Weighted- Average Remaining Contractual Term in Years | | Aggregate Intrinsic Value | Outstanding at December 31, 2015 | 884,260 |
| | $ | 10.11 |
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| Granted | — |
| | — |
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| | | Exercised | (260,440 | ) | | 9.78 |
| | | |
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| Forfeited or expired | (20,000 | ) | | 12.05 |
| | | | | Outstanding at December 31, 2016 | 603,820 |
| | 10.19 |
| | 4.84 | | $ | 5,766,947 |
| Expected to vest assuming a 3% forfeiture rate over the vesting term | 598,750 |
| | 10.18 |
| | 4.82 | | 5,723,540 |
| Exercisable at December 31, 2016 | 434,820 |
| | 9.80 |
| | 3.80 | | 4,320,027 |
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| Schedule of Nonvested Restricted Stock Units Activity |
A summary of changes in nonvested restricted stock awards for the year ended December 31, 2016, follows: | | | | | | | | | Nonvested Shares | | Shares | | Weighted-Average Grant Date Fair Value | Nonvested at December 31, 2015 | | 47,800 |
| | $ | 8.95 |
| Granted | | 14,052 |
| | 12.81 |
| Vested | | (35,452 | ) | | 10.34 |
| Nonvested at December 31, 2016 | | 26,400 |
| | 9.13 |
| | | | | | Expected to vest assuming a 3% forfeiture rate over the vesting term | | 25,608 |
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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: | | | | | | | | 2016 | | 2015 | Source | Valuation Report | | Valuation Report | First Financial Northwest’s Plan(1) | 103.7 | % | | 102.8 | % |
_________________ (1) Market value of plan assets reflects any contributions received through June 30, 2016, or 2015, respectively. |
| Schedule of Net Benefit Costs |
Total contributions during the years ended December 31, 2016, 2015, and 2014 were: | | | | | | | | | | | | | | | | | | 2016 | | 2015 | | 2014 | Date Paid | | Amount | | Date Paid | | Amount | | Date Paid | | Amount | | 10/7/2016 | | $ | 40,129 |
| | 11/25/2015 | | $ | 540,000 |
| | 9/25/2014 | | $ | 8,735 |
| 11/23/2016 | | 499,871 |
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| | 11/28/2014 | | 539,932 |
| Total | | $ | 540,000 |
| | Total | | $ | 540,000 |
| | Total | | $ | 548,667 |
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