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Stock Options

3 Months Ended

Mar. 31, 2022

Note 5 — Stock Options

On April 5, 2012, the Board of Directors adopted the 2012 International Bancshares Corporation Stock Option Plan (the “2012 Plan”). There are 800,000 shares of common stock available for stock option grants under the 2012 Plan, which may be qualified incentive stock options (“ISOs”) or non-qualified stock options. Options granted may be exercisable for a period of up to 10 years from the date of grant, excluding ISOs granted to 10% shareholders, which may be exercisable for a period of up to only five years. As of March 31, 2022, 5,628 shares were available for future grants under the 2012 Plan.

On April 18, 2022, the Board of Directors adopted the 2022 International Bancshares Corporation Stock Appreciation Rights Plan (the “SAR Plan”). There are 750,000 shares of underlying common stock that may be used for stock appreciation rights (“SAR”) grants under the plan, however, no actual shares will be granted. Upon exercise the

SAR will be settled in cash. SARs granted may be exercisable for a period of up to 10 years from the date of grant. No SARs had been issued under the plan as of May 2, 2022.

A summary of option activity under the stock option plan for the three months ended March 31, 2022 is as follows:


				Weighted
		Weighted		average
		average		remaining	Aggregate
	Number of	exercise		contractual	intrinsic
	options	price		term (years)	value ($)
					(in Thousands)
Options outstanding at December 31, 2021	520,551	$	28.28
Plus: Options granted	31,150		38.92
Less:
Options exercised	6,337		23.22
Options expired	—		—
Options forfeited	6,100		32.90
Options outstanding at March 31, 2022	539,264	$	28.90	4.56	$	7,175

Options fully vested and exercisable at March 31, 2022	286,828	$	23.29	2.49	$	5,428

Stock-based compensation expense included in the consolidated statements of income for the three months ended March 31, 2022 and March 31, 2021 was $121,000 and $159,000, respectively. As of March 31, 2022, there was approximately $1,089,000 of total unrecognized stock-based compensation cost related to non-vested options granted under our plans that will be recognized over a weighted average period of 2.0 years.