Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation and Other Benefit Plans

v3.21.1
Stock-Based Compensation and Other Benefit Plans
3 Months Ended
Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-Based Compensation and Other Benefit Plans

NOTE 11. STOCK-BASED COMPENSATION AND OTHER BENEFIT PLANS 

Spirit of Texas Bancshares, Inc. 2008 Stock Plan (the “2008 Stock Plan”)

Option activity for the period indicated is summarized as follows:

 

 

 

2008 Stock Plan

 

 

 

Options

 

 

Weighted

Average

Exercise

Price

 

 

Aggregate

Intrinsic

Value

(in thousands)

 

 

Weighted

Average

Remaining

Contractual

Life (Years)

 

Outstanding at January 1, 2021

 

 

840,872

 

 

$

-

 

 

 

 

 

 

 

 

 

Granted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

(103,400

)

 

$

14.07

 

 

$

852

 

 

 

 

 

Forfeited

 

 

(260

)

 

$

14.15

 

 

 

 

 

 

 

 

 

Expired

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at March 31, 2021

 

 

737,212

 

 

$

13.40

 

 

 

6,569

 

 

 

3.23

 

Vested and exercisable at March 31, 2021

 

 

715,884

 

 

$

13.40

 

 

 

6,379

 

 

 

3.17

 

 

The total unrecognized compensation cost of $22 thousand related to the 2008 Stock Plan for the share awards outstanding at March 31, 2021 will be recognized over a weighted average remaining period of 0.40 years.

Spirit of Texas Bancshares, Inc. 2017 Stock Plan (the “2017 Stock Plan”)

Option activity for the period indicated is summarized as follows:

 

 

 

2017 Stock Plan

 

 

 

Options

 

 

Weighted

Average

Exercise

Price

 

 

Aggregate

Intrinsic

Value

(in thousands)

 

 

Weighted

Average

Remaining

Contractual

Life (Years)

 

Outstanding at January 1, 2021

 

 

197,714

 

 

$

-

 

 

 

 

 

 

 

 

 

Granted

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

(2,000

)

 

 

15

 

 

 

15

 

 

 

 

 

Forfeited

 

 

 

 

$

-

 

 

 

 

 

 

 

 

 

Expired

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at March 31, 2021

 

 

195,714

 

 

$

17.58

 

 

 

926

 

 

 

6.47

 

Vested and exercisable at March 31, 2021

 

 

121,147

 

 

$

16.66

 

 

 

684

 

 

 

6.28

 

 

The total unrecognized compensation cost of $280 thousand related to the 2017 Stock Plan for the share awards outstanding at March 31, 2021 will be recognized over a weighted average remaining period of 1.86 years.

2017 Stock Plan – Restricted Stock Unit Awards

On January 1, 2021, the Company granted a total of 6,107 restricted stock units to employees and directors that vest in full (i.e., cliff vesting) on the five year anniversary of the grant date. The fair value of the restricted stock units on the grant date was $103 thousand and will be recognized as compensation expense over the requisite vesting period ending on the respective five year anniversary of the restricted stock unit award’s grant date.

The following table presents the activity during the period related to restricted stock units from the 2017 Stock Plan:

 

 

 

2017 Stock Plan

 

 

 

Restricted Stock Unit Awards

 

 

 

Shares

 

 

Weighted

Average

Grant Date

Fair Value

 

Outstanding at January 1, 2021

 

 

200,239

 

 

$

13.31

 

Granted

 

 

6,107

 

 

 

16.80

 

Vested

 

 

(1,591

)

 

 

23.23

 

Forfeited

 

 

(1,500

)

 

 

9.02

 

Outstanding at March 31, 2021

 

 

203,255

 

 

$

13.91

 

 

A summary of selected data related to stock-based compensation expense for the three months ended March 31, 2021 and 2020 are as follows:

 

 

 

Restricted Stock Unit Awards

 

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

 

(Dollars in thousands)

 

Stock-based compensation expense

 

$

145

 

 

$

237

 

Unrecognized compensation expense related to stock-based compensation

 

$

2,287

 

 

$

1,064

 

Weighted-average life over which expense is expected to be recognized (years)

 

 

4.02

 

 

 

3.82

 

 

Warrants

     

 

In connection with the acquisition of Oasis Bank in 2012, the Company issued warrants for 19,140 shares of stock (the “Oasis Bank Warrants”). The Oasis Bank Warrants are exercisable at $12.84 per share and expire in November 2022. Activity for the Oasis Bank Warrants for the period indicated is summarized as follows: 

 

 

 

Oasis Warrants

 

 

 

Warrants

 

 

Weighted

Average

Exercise

Price

 

 

Aggregate

Intrinsic

Value

(thousands)

 

 

Weighted

Average

Remaining

Contractual

Life (Years)

 

Outstanding at January 1, 2021

 

 

19,140

 

 

$

12.84

 

 

 

 

 

 

 

 

 

Granted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

(3,828

)

 

 

12.84

 

 

$

36

 

 

 

 

 

Forfeited (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expired

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at March 31, 2021

 

 

15,312

 

 

$

12.84

 

 

$

145

 

 

 

1.67

 

Vested and exercisable at March 31, 2021

 

 

15,312

 

 

$

12.84

 

 

$

145

 

 

 

1.67