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STOCK APPRECIATION RIGHTS | 12 Months Ended
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Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
STOCK OPTIONS | NOTE 11 - STOCK OPTIONS The Company’s 2015 Equity Incentive Plan (the “Plan”) was adopted by the Company and approved by its shareholders in April 2015. The maximum number of shares of common stock that may be issued pursuant to stock-based awards under the Plan equals 1,000,000 shares, all of which may be subject to incentive stock option treatment. Option awards are generally granted with an exercise price equal to the market price of the Company’s common stock at the date of grant; those option awards have vesting periods ranging from 5 to 10 years and have 10-year contractual terms. Restricted stock awards vest under the period of restriction specified within their respective award agreements as determined by the Company. The fair value of each option award is estimated on the date of grant using a closed form option valuation (Black-Scholes) model that uses the assumptions noted in the table below. Expected volatilities are based on historical volatilities of the Company’s common stock and similar peer group averages. The Company uses historical data to estimate option exercise and post-vesting termination behavior. The expected term of options granted is based on historical data and represents the period of time that options granted are expected to be outstanding, which takes in to account that the options are not transferable. The risk-free interest rate for the expected term of the option is based on U.S. Treasury yield curve in effect at the time of the grant. The fair value of options granted was determined using the following weighted-average assumptions as of grant date, for the years ended December 31:
|  | 2019 |  |  | 2018 |  |  | 2017 |
Risk-free interest rate |  |  | 2.11 | % |  |  | 2.87 | % |  |  | 2.00 | %
Expected term (in years) |  |  | 6.50 |  |  |  | 6.50 |  |  |  | 6.46 |
Expected stock price volatility |  |  | 19.89 | % |  |  | 20.10 | % |  |  | 18.54 | %
Dividend yield |  |  | 2.36 | % |  |  | 1.76 | % |  |  | 1.61 | %
A summary of activity in the Plan during the years ended December 31 follows:
2019 |  | Number of Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Life in Years |  |  | Aggregate Intrinsic Value |
Outstanding at beginning of year |  |  | 537,872 |  |  | $ | 26.49 |  |  |  | 6.97 |  |  | $ | 2,088 |
Granted |  |  | 39,000 |  |  |  | 29.89 |  |  |  | 9.40 |  |  |  | 117 |
Exercised |  |  | (37,672 | ) |  |  | 24.55 |  |  |  | 4.11 |  |  |  | 314 |
Forfeited |  |  | (31,200 | ) |  |  | 30.04 |  |  |  | 8.02 |  |  |  | 89 |
Balance, December 31, 2019 |  |  | 508,000 |  |  | $ | 26.68 |  |  |  | 6.24 |  |  | $ | 3,159 |
Exercisable at end of period |  |  | 256,880 |  |  | $ | 25.21 |  |  |  | 5.18 |  |  | $ | 1,971 |
2018 |  | Number of Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Life in Years |  |  | Aggregate Intrinsic Value |
Outstanding at beginning of year |  |  | 469,044 |  |  | $ | 25.11 |  |  |  | 7.32 |  |  | $ | 2,623 |
Granted |  |  | 101,000 |  |  |  | 32.29 |  |  |  | 9.51 |  |  |  | 5 |
Exercised |  |  | (14,372 | ) |  |  | 22.74 |  |  |  | 4.33 |  |  |  | 102 |
Forfeited |  |  | (17,800 | ) |  |  | 26.07 |  |  |  | 6.71 |  |  |  | 96 |
Balance, December 31, 2018 |  |  | 537,872 |  |  | $ | 26.49 |  |  |  | 6.97 |  |  | $ | 2,088 |
Exercisable at end of period |  |  | 206,312 |  |  | $ | 24.48 |  |  |  | 5.65 |  |  | $ | 1,113 |
A summary of nonvested activity in the Plan during the years ended December 31 follows:
2019 |  | Number of Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Life in Years |  |  | Aggregate Intrinsic Value |
Outstanding at beginning of year |  |  | 331,560 |  |  | $ | 27.74 |  |  |  | 7.77 |  |  | $ | 975 |
Granted |  |  | 39,000 |  |  |  | 29.89 |  |  |  | 9.40 |  |  |  | 117 |
Vested |  |  | (91,040 | ) |  |  | 26.71 |  |  |  | 6.02 |  |  |  | 563 |
Forfeited |  |  | (28,400 | ) |  |  | 33.00 |  |  |  | 8.81 |  |  |  | 89 |
Balance, December 31, 2019 |  |  | 251,120 |  |  | $ | 28.18 |  |  |  | 7.31 |  |  | $ | 1,188 |
2018 |  | Number of Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Life in Years |  |  | Aggregate Intrinsic Value |
Outstanding at beginning of year |  |  | 334,400 |  |  | $ | 25.72 |  |  |  | 7.91 |  |  | $ | 1,673 |
Granted |  |  | 101,000 |  |  |  | 32.29 |  |  |  | 9.51 |  |  |  | 5 |
Vested |  |  | (88,440 | ) |  |  | 25.51 |  |  |  | 6.69 |  |  |  | 400 |
Forfeited |  |  | (15,400 | ) |  |  | 30.14 |  |  |  | 7.76 |  |  |  | 96 |
Balance, December 31, 2018 |  |  | 331,560 |  |  | $ | 27.74 |  |  |  | 7.77 |  |  | $ | 975 |
Restricted Stock Awards and Units A summary of activity in the Plan during years ended December 31, 2019 and 2018 follows:
2019 |  | Number of Shares |  |  | Weighted-Average Grant Date Fair Value |
Outstanding at beginning of year |  |  | 959 |  |  | $ | 31.57 |
Vested |  |  | 480 |  |  |  | 31.57 |
Released |  |  | (1,439 | ) |  |  | 31.57 |
Forfeited |  |  | — |  |  |  | — |
Balance, December 31, 2019 |  |  | — |  |  | $ | — |
2018 |  | Number of Shares |  |  | Weighted-Average Grant Date Fair Value |
Outstanding at beginning of year |  |  | — |  |  | $ | — |
Vested |  |  | 959 |  |  |  | 31.57 |
Released |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |
Balance, December 31, 2018 |  |  | 959 |  |  | $ | 31.57 |
A summary of nonvested activity in the Plan during the twelve months ended December 31, 2019 and 2018 follows:
2019 |  | Number of Shares |  |  | Weighted-Average Grant Date Fair Value |
Outstanding at beginning of year |  |  | 1,439 |  |  | $ | 31.57 |
Granted |  |  | 30,500 |  |  |  | 30.25 |
Vested |  |  | (480 | ) |  |  | 31.57 |
Forfeited |  |  | — |  |  |  | — |
Balance, December 31, 2019 |  |  | 31,459 |  |  | $ | 30.29 |
2018 |  | Number of Shares |  |  | Weighted-Average Grant Date Fair Value |
Outstanding at beginning of year |  |  | 2,398 |  |  | $ | 31.57 |
Granted |  |  | — |  |  |  | — |
Vested |  |  | (959 | ) |  |  | 31.57 |
Forfeited |  |  | — |  |  |  | — |
Balance, December 31, 2018 |  |  | 1,439 |  |  | $ | 31.57 |
Restricted stock granted to employees typically vests over five years, but vesting periods may vary. Compensation expense for these grants will be recognized over the vesting period of the awards based on the fair value of the stock at the issue date. Information related to the Plan is as follows for the years ended December 31:
|  | 2019 |  |  | 2018 |  |  | 2017 |
Intrinsic value of options exercised |  | $ | 314 |  |  | $ | 102 |  |  | $ | 132 |
Cash received from options exercised |  |  | 925 |  |  |  | 327 |  |  |  | 84 |
Weighted average fair value of options granted |  |  | 16.07 |  |  |  | 6.69 |  |  |  | 7.91 |
As of December 31, 2019, there was $2,069 of total unrecognized compensation expense related to unvested stock options granted under the Plan. The expense is expected to be recognized over a weighted-average period of 3.44 years. The Company granted options under the Plan in 2019, 2018 and 2017. Expense of $663, $592 and $355 was recorded during the years ended December 31, 2019, 2018 and 2017, respectively, which represents the fair value of shares vested during those years. NOTE 12 - STOCK APPRECIATION RIGHTS On June 1, 2017, the Company terminated the Guaranty Bancshares, Inc. Fair Market Value Stock Appreciation Rights Plan, paid all accrued benefits through the termination date and issued equivalent stock options to the plan holders that expire 10 years from the issuance date. Expense associated with stock appreciation rights in 2017 was $318. There were no SARs granted in 2018 or 2019.

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- Definition The entire disclosure for share-based payment arrangement. + 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 + Details
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