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Stock Options | 3 Months Ended
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Mar. 31, 2024
Stock Options |
Stock Options | Note 5 — Stock Options ​ On April 5, 2012, our Board of Directors (the “Board”) adopted the 2012 International Bancshares Corporation Stock Option Plan (the “2012 Plan”). There were 800,000 shares of common stock available for stock option grants under the 2012 Plan, which were 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. On April 4, 2022 the 2012 plan expired and was not renewed. ​ A summary of option activity under the 2012 Plan for the three months ended March 31, 2024 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, 2023 |  | 383,865 | ​ | $ | 30.65 | ​ | ​ | ​ | ​ | ​ | ​
Plus: Options granted |  | — | ​ |  | — | ​ | ​ | ​ | ​ | ​ | ​
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Options exercised |  | (103,575) | ​ |  | 22.14 | ​ | ​ | ​ | ​ | ​ | ​
Options expired |  | — | ​ |  | — | ​ | ​ | ​ | ​ | ​ | ​
Options forfeited |  | (20,937) | ​ |  | 23.27 | ​ | ​ | ​ | ​ | ​ | ​
Options outstanding at March 31, 2024 |  | 259,353 | ​ |  | 34.64 |  | 4.56 | ​ | $ | 5,577 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Options fully vested and exercisable at March 31, 2024 |  | 118,195 | ​ | $ | 33.56 |  | 3.57 | ​ | $ | 2,669 | ​
​ Stock-based compensation expense included in the consolidated statements of income for the three months ended March 31, 2024 and March 31, 2023 was $74,000 and $102,000, respectively. As of March 31, 2024, there was approximately $357,000 of total unrecognized stock-based compensation cost related to non-vested options granted under our plans that will be recognized over a weighted average period of 1.5 years. ​ On April 18, 2022, the Board adopted the 2022 International Bancshares Corporation Stock Appreciation Rights Plan (the “SAR Plan”). There are 750,000 shares of underlying common stock that may be used for stock appreciation right (“SAR”) grants under the SAR Plan, however, no actual shares will be granted. Upon exercise, the SAR will be settled in cash. SARs granted may be exercisable for a period of up to 10 years from the date of grant and may vest over an eight-year period. As of March 31, 2024, a total of 455,250 SARs had been issued under the SAR Plan. ​ A summary of activity under the SAR Plan for the three months ended March 31, 2024 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | Weighted |  |  | ​
​ | ​ | ​ | ​ | Weighted | ​ | average | ​ | ​ | ​
​ | ​ | Number of | ​ | average | ​ | remaining | ​ | Aggregate
​ | ​ | stock appreciation | ​ | exercise | ​ | contractual | ​ | intrinsic
​ | ​ | rights | ​ | price | ​ | term (years) | ​ | value ($)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (in Thousands)
SARs outstanding at December 31, 2023 |  | 465,250 | ​ | $ | 39.35 | ​ | ​ | ​ | ​ | ​
Plus: SARs granted |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
SARs exercised |  | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​
SARs expired |  | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​
SARs forfeited |  | (10,000) | ​ | ​ | 39.33 | ​ | ​ | ​ | ​ | ​
SARs outstanding at March 31, 2024 |  | 455,250 | ​ |  | 39.35 |  | 8.25 | ​ | ​ | 7,643
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
SARs fully vested and exercisable at March 31, 2024 |  | — | ​ | $ | — |  | ​ | ​ | ​ | ​
​ The fair value of the liability for payments due to SAR holders at March 31, 2024 and December 31, 2023 is approximately $2,544,000 and $1,464,000, respectively, as calculated using a Black-Sholes Merton pricing model, and is included in other liabilities on the consolidated statements of condition. The expense recorded in connection with all grants under the SAR Plan totaled $1,080,000 and $166,000 for the three months ended March 31, 2024 and March 31, 2023, respectively. As of March 31, 2024, there was approximately $7,572,000 in unrecognized liability related to non-vested SARs granted under the SAR Plan that will be recognized over a weighted average period of 8.3 years.

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