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Stock Based Compensation | 12 Months Ended
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Dec. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Stock Based Compensation | NOTE 19 — STOCK BASED COMPENSATION Stock based compensation expense that has been charged against income was $2,735,000, $1,801,000 and $2,367,000 for the years ended December 31, 2018, 2017 and 2016, respectively. 2014 Omnibus Incentive Plan The Company’s 2014 Omnibus Incentive Plan (“Omnibus Incentive Plan”) provides for the grant of nonqualified and incentive stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other awards that may be settled in, or based upon the value of, the Company’s common stock. The aggregate number of shares of common stock available for issuance under the Omnibus Incentive Plan is 1,200,000 shares. Restricted Stock Awards A summary of changes in the Company’s nonvested Restricted Stock Awards (“RSAs”) under the Omnibus Incentive Plan for the year ended December 31, 2018 were as follows:
|  |  |  |  |  | Weighted Average |
|  |  |  |  |  | Grant Date |
Nonvested RSAs |  | Shares |  |  | Fair Value |
Nonvested at January 1, 2018 |  |  | 102,776 |  |  | $ | 18.68 |
Granted |  |  | 65,001 |  |  |  | 40.64 |
Vested |  |  | (64,116 | ) |  |  | 20.42 |
Forfeited |  |  | (2,448 | ) |  |  | 27.44 |
Nonvested at December 31, 2018 |  |  | 101,213 |  |  | $ | 31.47 |
RSAs granted to employees under the Omnibus Incentive Plan generally vest over three to four years, but vesting periods may vary. Nonvested restricted stock awards are included in the Company’s common stock outstanding. Compensation expense for RSAs will be recognized over the vesting period of the awards based on the fair value of the stock at the issue date. As of December 31, 2018, there was $1,778,000 of total unrecognized compensation cost related to nonvested RSAs. The cost is expected to be recognized over a remaining weighted average period of 2.93 years. Restricted Stock Units A summary of changes in the Company’s nonvested Restricted Stock Units (“RSUs”) under the Omnibus Incentive Plan for the year ended December 31, 2018 were as follows:
|  |  |  |  |  | Weighted Average |
|  |  |  |  |  | Grant Date |
Nonvested RSUs |  | Shares |  |  | Fair Value |
Nonvested at January 1, 2018 |  |  | — |  |  | $ | — |
Granted |  |  | 59,658 |  |  |  | 38.75 |
Vested |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |
Nonvested at December 31, 2018 |  |  | 59,658 |  |  | $ | 38.75 |
RSUs granted to employees under the Omnibus Incentive Plan vest after five years. Compensation expense for the RSUs will be recognized over the vesting period of the awards based on the fair value of the stock at the issue date. As of December 31, 2018, there was $2,002,000 of unrecognized compensation cost related to the nonvested RSUs. The cost is expected to be recognized over a remaining period of 4.33 years. Performance Stock Units A summary of changes in the Company’s nonvested Performance Stock Units (“PSUs”) under the Omnibus Incentive Plan for the year ended December 31, 2018 were as follows:
|  |  |  |  |  | Weighted Average |
|  |  |  |  |  | Grant Date |
Nonvested PSUs |  | Shares |  |  | Fair Value |
Nonvested at January 1, 2018 |  |  | — |  |  | $ | — |
Granted |  |  | 59,658 |  |  |  | 38.57 |
Vested |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |
Nonvested at December 31, 2018 |  |  | 59,658 |  |  | $ | 38.57 |
PSUs granted to employees under the Omnibus Incentive Plan vest after five years. The number of shares issued upon vesting will range from 0% to 175% of the PSUs granted based on the Company’s relative total shareholder return (“TSR”) as compared to the TSR of a specified group of peer banks. Compensation expense for the PSUs will be recognized over the vesting period of the awards based on the fair value of the award at the grant date. The fair value of PSUs granted is estimated using a Monte Carlo simulation. Expected volatilities were determined based on the historical volatilities of the Company and the specified peer group. The risk-free interest rate for the performance period was derived from the Treasury constant maturities yield curve on the valuation date.
|  | Year Ended |
|  | December 31, 2018 |
Grant date |  | May 1, 2018 |
Performance period |  | 5.00 Years |
Stock price |  | $ | 38.85 |
Triumph stock price volatility |  |  | 29.13 | %
Risk-free rate |  |  | 2.76 | %
As of December 31, 2018, there was $1,992,000 of unrecognized compensation cost related to the nonvested PSUs. The cost is expected to be recognized over a remaining period of 4.33 years. Stock Options A summary of changes in the Company’s stock options under the Omnibus Incentive Plan for the year ended December 31, 2018 were as follows:
|  |  |  |  |  |  |  |  |  | Weighted Average |  |  |  |  |
|  |  |  |  |  |  |  |  |  | Remaining |  |  | Aggregate |
|  |  |  |  |  | Weighted Average |  |  | Contractual Term |  |  | Intrinsic Value |
Stock Options |  | Shares |  |  | Exercise Price |  |  | (In Years) |  |  | (In Thousands) |
Outstanding at January 1, 2018 |  |  | 185,328 |  |  | $ | 18.97 |  |  |  |  |  |  |  |  |
Granted |  |  | 51,952 |  |  |  | 38.75 |  |  |  |  |  |  |  |  |
Exercised |  |  | (2,556 | ) |  |  | 17.16 |  |  |  |  |  |  |  |  |
Forfeited or expired |  |  | (3,257 | ) |  |  | 18.91 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2018 |  |  | 231,467 |  |  | $ | 23.43 |  |  |  | 7.97 |  |  | $ | 1,921 |
Fully vested shares and shares expected to vest at December 31, 2018 |  |  | 231,467 |  |  | $ | 23.43 |  |  |  | 7.97 |  |  | $ | 1,921 |
Shares exercisable at December 31, 2018 |  |  | 75,550 |  |  | $ | 17.73 |  |  |  | 7.44 |  |  | $ | 904 |
Information related to the stock options for the years ended December 31, 2018, 2017 and 2016
|  | Year Ended December 31, |
(Dollars in thousands, except per share amounts) |  | 2018 |  |  | 2017 |  |  | 2016 |
Aggregate intrinsic value of options exercised |  | $ | 59 |  |  | $ | 251 |  |  | $ | — |
Cash received from option exercises |  | $ | — |  |  | $ | 283 |  |  | $ | — |
Tax benefit realized from option exercises |  | $ | 12 |  |  | $ | 88 |  |  | $ | — |
Weighted average fair value of options granted |  | $ | 13.22 |  |  | $ | 8.71 |  |  | $ | 5.85 |
Stock options awarded to employees under the Omnibus Incentive Plan are generally granted with an exercise price equal to the market price of the Company’s common stock at the date of grant, vest over four years, and have ten year contractual terms. The fair value of stock options granted is estimated at the date of grant using the Black-Scholes option-pricing model. Expected volatilities of options granted during the year ended December 31, 2018 and 2017 were determined based on a blend of the Company’s historical volatility and historical volatilities of a peer group of companies with a similar size, industry, stage of life cycle, and capital structure. Expected volatilities of options granted during the year ended December 31, 2016 were determined based on historical volatilities of a peer group of companies with a similar size, industry, stage of life cycle, and capital structure. The expected term of the options granted was determined based on the SEC simplified method, which calculates the expected term as the mid-point between the weighted average time to vesting and the contractual term. The risk-free interest rate for the expected term of the options was derived from the Treasury constant maturity yield curve on the valuation date. The fair value of the stock options granted was determined using the following weighted average assumptions:
|  | 2018 |  |  | 2017 |  |  | 2016 |
Risk-free interest rate |  |  | 2.85 | % |  |  | 2.11 | % |  |  | 1.49 | %
Expected term |  | 6.25 years |  |  | 6.25 Years |  |  | 6.25 Years |
Expected stock price volatility |  |  | 28.07 | % |  |  | 29.70 | % |  |  | 34.96 | %
Dividend yield |  |  | — |  |  |  | — |  |  |  | — |
As of December 31, 2018, there was $654,000 of unrecognized compensation cost related to nonvested stock options. The cost is expected to be recognized over a remaining weighted average period of 2.88 years.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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