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Stock Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Changes in Company's Nonvested Restricted Stock Awards

A summary of changes in the Company’s nonvested Restricted Stock Awards (“RSAs”) under the Omnibus Incentive Plan for the nine months ended September 30, 2023 were as follows:

Nonvested RSAs						Shares						Weighted-Average Grant-Date Fair Value
Nonvested at January 1, 2023						230,486						70.34
Granted						13,374						59.69
Vested						(107,623)						60.34
Forfeited						(12,978)						75.48
Nonvested at September 30, 2023						123,259						77.07

Summary of Changes in Company's Nonvested Restricted Stock Units

A summary of changes in the Company’s nonvested Restricted Stock Units (“RSUs”) under the Omnibus Incentive Plan for the nine months ended September 30, 2023 were as follows:

Nonvested RSUs						Shares						Weighted-Average Grant-Date Fair Value
Nonvested at January 1, 2023						211,300						59.45
Granted						139,836						52.59
Vested						(114,509)						43.19
Forfeited						(5,112)						63.87
Nonvested at September 30, 2023						231,515						63.25

Summary of Changes in Company's Nonvested Performance Stock Units

A summary of changes in the Company’s nonvested Market Based Performance Stock Units (“Market Based PSUs”) under the Omnibus Incentive Plan for the nine months ended September 30, 2023 were as follows:

Nonvested Market Based PSUs						Shares						Weighted-Average Grant-Date Fair Value
Nonvested at January 1, 2023						112,486						$	55.57
Granted						78,872						78.15
Incremental shares earned						52,694						N/A
Vested						(122,969)						36.10
Forfeited						(3,537)						78.45
Nonvested at September 30, 2023						117,546						$	87.55

A summary of changes in the Company’s nonvested Performance Based Performance Stock Units (“Performance Based PSUs”) under the Omnibus Incentive Plan for the nine months ended September 30, 2023 were as follows:

Nonvested Performance Based PSUs						Shares						Weighted Average Grant Date Fair Value
Nonvested at January 1, 2023						255,738						$	39.57
Granted						—						—
Incremental shares earned						107,404						N/A
Vested						(363,142)						40
Forfeited						—						—
Nonvested at September 30, 2023						—						$	—

Fair Value of Stock Market Based PSUs Granted, Weighted-Average Assumptions

The fair value of the Market Based PSUs granted was determined using the following weighted-average assumptions:

						Nine Months Ended September 30,
						2023						2022
Grant date						May 1, 2023						May 1, 2022
Performance period						3.00 years						3.00 years
Stock price						$	51.25					$	69.44
Triumph Financial stock price volatility						49.33		%				55.17		%
Risk-free rate						3.76		%				2.84		%

Summary of Changes in Company's Stock Options

A summary of the changes in the Company’s stock options under the Omnibus Incentive Plan for the nine months ended September 30, 2023 were as follows:

Stock Options						Shares						Weighted-Average Exercise Price						Weighted-Average Remaining Contractual Term (In Years)						Aggregate Intrinsic Value (In Thousands)
Outstanding at January 1, 2023						195,398						$	39.48
Granted						57,930						51.25
Exercised						(6,023)						31.61
Forfeited or expired						(3,195)						56.73
Outstanding at September 30, 2023						244,110						$	42.24					6.29						$	6,055
Fully vested shares and shares expected to vest at September 30, 2023						244,110						$	42.24					6.29						$	6,055
Shares exercisable at September 30, 2023						148,332						$	32.81					4.59						$	4,984

Schedule of Information Related to Stock Options

Information related to the stock options for the nine months ended September 30, 2023 and 2022 was as follows:

						Nine Months Ended September 30,
(Dollars in thousands, except per share amounts)						2023						2022
Aggregate intrinsic value of options exercised						$	140					$	280
Cash received from option exercises, net						(52)						(74)
Tax benefit realized from option exercises						29						59
Weighted average fair value per share of options granted						$	25.20					$	32.15

Fair Value of Stock Options Granted, Weighted-Average Assumptions

The fair value of the stock options granted was determined using the following weighted-average assumptions:

						Nine Months Ended September 30,
						2023						2022
Risk-free interest rate						3.38		%				2.77		%
Expected term						6.25 years						6.25 years
Expected stock price volatility						45.65		%				43.33		%
Dividend yield						—						—

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Schedule of Share-Based Payment Award, Performance Shares, Valuation Assumptions

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Tabular disclosure of cash received from exercise of stock options and similar instruments granted under share-based payment arrangements and tax benefit from exercise of stock options.

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Tabular disclosure of the changes in outstanding nonvested restricted stock shares.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of number and weighted-average grant date fair value for nonvested performance shares.

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