Stock Options (Tables)

9 Months Ended

Sep. 30, 2022

Stock Options

Summary of option activity under stock option plans

				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	34,025		21.54
Options expired	—		—
Options forfeited	12,400		32.64
Options outstanding at September 30, 2022	505,276		29.29	4.20	$	6,677
Options fully vested and exercisable at September 30, 2022	293,638	$	24.93	2.43	$	5,160

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 right (“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 and may vest over an eight-year period. As of September 30, 2022, a total of 500,250 SARs had been issued at a base value of $39.33 per unit. The SARs granted in the third quarter vest over an eight-year period beginning on the second anniversary of the grant date and expire 10 years after the grant date.