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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                           to                          
Commission file number: 001-37700
NICOLET BANKSHARES, INC.
(Exact Name of Registrant as Specified in its Charter)
Wisconsin47-0871001
(State or Other Jurisdiction of Incorporation or Organization)
(I.R.S. Employer Identification No.)
111 North Washington Street
Green Bay,Wisconsin54301
(Address of Principal Executive Offices) 
(Zip Code)
(920)430-1400
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareNCBSThe NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☐Accelerated filer☒
Non-accelerated filer☐Smaller reporting company☐
Emerging Growth Company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of April 27, 2022 there were 13,392,160 shares of $0.01 par value common stock outstanding.


Nicolet Bankshares, Inc.
Quarterly Report on Form 10-Q
March 31, 2022
TABLE OF CONTENTS
2

PART I – FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS:
NICOLET BANKSHARES, INC.
Consolidated Balance Sheets
(In thousands, except share and per share data)
March 31, 2022December 31, 2021
(Unaudited)(Audited)
Assets
Cash and due from banks$183,705 $209,349 
Interest-earning deposits212,218 385,943 
Cash and cash equivalents
395,923 595,292 
Certificates of deposit in other banks19,692 21,920 
Securities available for sale (“AFS”), at fair value852,331 921,661 
Securities held to maturity (“HTM”), at amortized cost684,991 651,803 
Other investments54,257 44,008 
Loans held for sale9,764 6,447 
Other assets held for sale— 199,833 
Loans4,683,315 4,621,836 
Allowance for credit losses - loans (“ACL-Loans”)(49,906)(49,672)
Loans, net
4,633,409 4,572,164 
Premises and equipment, net94,275 94,566 
Bank owned life insurance (“BOLI”)135,292 134,476 
Goodwill and other intangibles, net338,068 339,492 
Accrued interest receivable and other assets102,210 113,375 
Total assets
$7,320,212 $7,695,037 
Liabilities and Stockholders’ Equity
Liabilities:
Noninterest-bearing demand deposits$1,912,995 $1,975,705 
Interest-bearing deposits4,318,125 4,490,211 
Total deposits
6,231,120 6,465,916 
Long-term borrowings206,946 216,915 
Other liabilities held for sale— 51,586 
Accrued interest payable and other liabilities45,836 68,729 
Total liabilities
6,483,902 6,803,146 
Stockholders’ Equity:
Common stock135 140 
Additional paid-in capital524,478 575,045 
Retained earnings337,768 313,604 
Accumulated other comprehensive income (loss)(26,071)3,102 
Total stockholders’ equity836,310 891,891 
Total liabilities and stockholders’ equity$7,320,212 $7,695,037 
Preferred shares authorized (no par value)
10,000,000 10,000,000 
Preferred shares issued and outstanding— — 
Common shares authorized (par value $0.01 per share)
30,000,000 30,000,000 
Common shares outstanding13,456,741 13,994,079 
Common shares issued13,481,442 14,019,880 
See accompanying notes to unaudited consolidated financial statements.
3
ITEM 1. Financial Statements Continued:

NICOLET BANKSHARES, INC.
Consolidated Statements of Income
(In thousands, except share and per share data) (Unaudited)
Three Months Ended
March 31,
20222021
Interest income:
Loans, including loan fees$51,299 $33,862 
Investment securities:
Taxable
5,127 1,814 
Tax-exempt
675 545 
Other interest income817 655 
Total interest income
57,918 36,876 
Interest expense:
Deposits2,192 2,922 
Short-term borrowings— — 
Long-term borrowings1,931 313 
Total interest expense
4,123 3,235 
Net interest income
53,795 33,641 
Provision for credit losses300 500 
Net interest income after provision for credit losses53,495 33,141 
Noninterest income:
Trust services fee income2,011 1,775 
Brokerage fee income3,688 2,793 
Mortgage income, net3,253 7,230 
Service charges on deposit accounts1,477 1,091 
Card interchange income2,581 1,927 
BOLI income933 527 
Asset gains (losses), net1,313 711 
Other income687 1,072 
Total noninterest income
15,943 17,126 
Noninterest expense:
Personnel21,191 15,116 
Occupancy, equipment and office6,944 4,137 
Business development and marketing1,831 989 
Data processing3,387 2,658 
Intangibles amortization1,424 852 
FDIC assessments480 595 
Merger-related expense98 — 
Other expense2,195 1,734 
Total noninterest expense
37,550 26,081 
Income before income tax expense
31,888 24,186 
Income tax expense7,724 5,947 
Net income
$24,164 $18,239 
Earnings per common share:
Basic$1.77 $1.82 
Diluted$1.70 $1.75 
Weighted average common shares outstanding:
Basic13,648,745 9,997,634 
Diluted14,214,752 10,403,309 
See accompanying notes to unaudited consolidated financial statements.
4
ITEM 1. Financial Statements Continued:

NICOLET BANKSHARES, INC.
Consolidated Statements of Comprehensive Income (Loss)
(In thousands) (Unaudited)
Three Months Ended
March 31,
20222021
Net income$24,164 $18,239 
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on securities AFS:
Net unrealized holding gains (losses)
(39,948)(7,369)
Net realized (gains) losses included in income
(15)— 
Income tax (expense) benefit10,790 1,989 
Total other comprehensive income (loss)(29,173)(5,380)
Comprehensive income (loss)$(5,009)$12,859 
See accompanying notes to unaudited consolidated financial statements.
5
ITEM 1. Financial Statements Continued:

NICOLET BANKSHARES, INC.
Consolidated Statements of Stockholders’ Equity
(In thousands) (Unaudited)
Common
Stock		Additional
Paid-In
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Total
Balances at December 31, 2021$140 $575,045 $313,604 $3,102 $891,891 
Comprehensive income:
Net income, three months ended March 31, 2022
— — 24,164 — 24,164 
Other comprehensive income (loss)
— — — (29,173)(29,173)
Stock-based compensation expense— 1,799 — — 1,799 
Exercise of stock options, net1 1,886 — — 1,887 
Issuance of common stock— 175 — — 175 
Purchase and retirement of common stock(6)(54,427)— — (54,433)
Balances at March 31, 2022$135 $524,478 $337,768 $(26,071)$836,310 
Balances at December 31, 2020$100 $273,390 $252,952 $12,747 $539,189 
Comprehensive income:
Net income, three months ended March 31, 2021
— — 18,239 — 18,239 
Other comprehensive income (loss)
— — — (5,380)(5,380)
Stock-based compensation expense— 1,341 — — 1,341 
Exercise of stock options, net— 1,161 — — 1,161 
Issuance of common stock— 121 — — 121 
Purchase and retirement of common stock— (4,625)— — (4,625)
Balances at March 31, 2021$100 $271,388 $271,191 $7,367 $550,046 
See accompanying notes to unaudited consolidated financial statements.
6
ITEM 1. Financial Statements Continued:

NICOLET BANKSHARES, INC.
Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
Three Months Ended March 31,
20222021
Cash Flows From Operating Activities:
Net income$24,164 $18,239 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and accretion6,769 2,719 
Provision for credit losses300 500 
Increase in cash surrender value of life insurance(933)(527)
Stock-based compensation expense1,799 1,341 
Asset (gains) losses, net(1,313)(711)
Gain on sale of loans held for sale, net(2,377)(7,255)
Net change due to:
Proceeds from sale of loans held for sale86,478 222,406 
Origination of loans held for sale(88,304)(211,701)
Accrued interest receivable and other assets
6,786 9,719 
Accrued interest payable and other liabilities
(11,426)3,483 
Net cash provided by (used in) operating activities
21,943 38,213 
Cash Flows From Investing Activities:
Net (increase) decrease in loans(64,669)(57,003)
Net (increase) decrease in certificates of deposit in other banks2,228 2,225 
Purchases of securities AFS(5,017)(48,402)
Purchases of securities HTM(38,856)— 
Proceeds from sales of securities AFS3,400 — 
Proceeds from calls and maturities of securities AFS29,511 21,215 
Proceed from calls and maturities of securities HTM5,430 — 
Purchases of other investments(10,953)(89)
Proceeds from sales of other investments775 81 
Proceeds from redemption of BOLI117 — 
Net (increase) decrease in premises and equipment(1,953)(485)
Net (increase) decrease in other real estate and other assets3,075 293 
Net cash (paid) received in branch sale147,833 — 
Net cash provided by (used in) investing activities
70,921 (82,165)
Cash Flows From Financing Activities:
Net increase (decrease) in deposits(229,862)(9,710)
Repayments of long-term borrowings(10,000)(10,000)
Purchase and retirement of common stock(54,433)(4,625)
Proceeds from issuance of common stock175 121 
Proceeds from exercise of stock options1,887 1,161 
Net cash provided by (used in) financing activities
(292,233)(23,053)
Net increase (decrease) in cash and cash equivalents
(199,369)(67,005)
Cash and cash equivalents:
Beginning
595,292 802,859 
Ending *
$395,923 $735,854 
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest$5,170 $3,492 
Cash paid for taxes— — 
Transfer of loans and bank premises to other real estate owned432 302 
Capitalized mortgage servicing rights886 1,117 
* Cash and cash equivalents at both March 31, 2022 and March 31, 2021, include restricted cash of $1.9 million pledged as collateral on interest rate swaps and no reserve balance was required with the Federal Reserve Bank.
See accompanying notes to unaudited consolidated financial statements.
7

NICOLET BANKSHARES, INC.
Notes to Unaudited Consolidated Financial Statements

Note 1 – Basis of Presentation
General
In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the consolidated balance sheets, statements of income, comprehensive income (loss), changes in stockholders’ equity and cash flows of Nicolet Bankshares, Inc. (the “Company” or “Nicolet”) and its subsidiaries, as of and for the periods presented, and all such adjustments are of a normal recurring nature. All material intercompany transactions and balances have been eliminated. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the entire year.
These interim consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission and, therefore, certain information and footnote disclosures normally presented in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) have been omitted or abbreviated. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
Critical Accounting Policies and Estimates
Preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. Estimates are used in accounting for, among other items, the allowance for credit losses, valuation of loans in acquisition transactions, useful lives for depreciation and amortization, fair value of financial instruments, impairment calculations, valuation of deferred tax assets, uncertain income tax positions and contingencies. Estimates that are particularly susceptible to significant change for the Company include the determination of the allowance for credit losses, the determination and assessment of deferred tax assets and liabilities, and the valuation of loans acquired in acquisition transactions; therefore, these are critical accounting policies. Factors that may cause sensitivity to the aforementioned estimates include but are not limited to: external market factors such as market interest rates and employment rates, changes to operating policies and procedures, changes in applicable banking or tax regulations, and changes to deferred tax estimates. Actual results may ultimately differ from estimates, although management does not generally believe such differences would materially affect the consolidated financial statements in any individual reporting period presented.
There have been no material changes or developments with respect to the assumptions or methodologies that the Company uses when applying what management believes are critical accounting policies and developing critical accounting estimates as disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

Future Accounting Pronouncements
In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings (“TDRs”) and Vintage Disclosures. This ASU eliminates the accounting guidance for TDRs by creditors, while enhancing the disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The ASU also requires public business entities to expand the vintage disclosures to include gross charge-offs by year of origination. The updated guidance is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. The Company is evaluating the impact of this ASU on its consolidated financial statements.
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. It provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The updated guidance is effective for all entities as of March 12, 2020 through December 31, 2022. The Company continues to evaluate the impact of reference rate reform on its consolidated financial statements.

Reclassifications
Certain amounts in the 2021 consolidated financial statements have been reclassified to conform to the 2022 presentation. These reclassifications were not material and did not impact previously reported net income or comprehensive income.

Note 2 – Acquisitions
Completed Acquisitions:
County Bancorp, Inc. (“County”): On December 3, 2021, Nicolet completed its merger with County, pursuant to the Agreement and Plan of Merger dated June 22, 2021 (the “County Merger Agreement”), at which time County merged with and
8

into Nicolet, and Investors Community Bank, the wholly owned bank subsidiary of County, was merged with and into Nicolet National Bank (the “Bank”), the wholly owned bank subsidiary of Nicolet.

Pursuant to the County Merger Agreement, each share of County common stock issued and outstanding immediately prior to the effective time of the merger was converted into the right to receive, at the election of the shareholder, either cash of $37.18 or 0.48 shares of Nicolet common stock, subject to proration procedures such that 1,237,000 shares of County common stock were exchanged for cash, and the remaining shares were exchanged for Nicolet common stock. As a result, Nicolet issued approximately 2.4 million shares of Nicolet common stock for stock consideration of $176 million and cash consideration of $48 million, or a total purchases price of $224 million. With the County merger, Nicolet became the premier agriculture lender throughout Wisconsin.

A summary of the assets acquired and liabilities assumed in the County transaction, as of the acquisition date, including the preliminary purchase price allocation was as follows.

(In millions, except share data)Acquired from CountyFair Value AdjustmentsEstimated Fair Value
Assets Acquired:
Cash and cash equivalents$20 $— $20 
Investment securities301 (1)300 
Loans1,015 (1)1,014 
ACL-Loans(11)8 (3)
Premises and equipment21 (4)17 
BOLI33 — 33 
Core deposit intangible— 7 7 
Loan servicing rights20 — 20 
Other assets6 (2)4 
     Total assets$1,405 $7 $1,412 
Liabilities Assumed:
Deposits$1,027 $3 $1,030 
Borrowings218 1 219 
Other liabilities8 — 8 
     Total liabilities$1,253 $4 $1,257 
Net assets acquired$155 
Purchase Price:
Nicolet common stock issued (in shares)2,366,243 
Value of Nicolet common stock consideration$176 
Cash consideration paid48 
    Total purchase price$224 
Write-off prior investment in County(1)
Preliminary goodwill$70 

The Company purchased loans through the acquisition of County for which there was, at the date of acquisition, more than insignificant deterioration of credit quality since origination (purchased credit deteriorated loans or “PCD” loans). The carrying amount of these loans at acquisition was as follows.

(In thousands)December 3, 2021
Purchase price of PCD loans at acquisition$64,948 
Allowance for credit losses on PCD loans at acquisition3,262 
Par value of PCD acquired loans at acquisition$68,210 

The Company accounted for the County acquisition under the acquisition method of accounting, and thus, the financial position and results of operations of County prior to the consummation date were not included in the accompanying consolidated financial statements. The accounting required assets purchased and liabilities assumed to be recorded at their respective estimated fair values at the date of acquisition. The estimated fair value was determined with the assistance of third party valuations, appraisals, and third party advisors. Due to the timing of the merger, the purchase price allocation and estimated fair value measurements remain preliminary. Goodwill arising as a result of the County acquisition is not deductible for tax purposes. Management will continue to review the estimated fair values and expects to finalize its analysis of the acquired
9

assets and assumed liabilities in the transaction over the next few months, within one year of the merger. Therefore, adjustments to the purchase price allocation and estimated fair value may occur.

Mackinac Financial Corporation (“Mackinac”): On September 3, 2021, Nicolet completed its merger with Mackinac, pursuant to the terms of the Agreement and Plan of Merger dated April 12, 2021 (the “Mackinac Merger Agreement”), at which time Mackinac merged with and into Nicolet, and mBank, the wholly owned bank subsidiary of Mackinac, was merged with and into the Bank.

Pursuant to the Mackinac Merger Agreement, Mackinac shareholders received fixed consideration of 0.22 shares of Nicolet common stock and $4.64 in cash for each share of Mackinac common stock owned, resulting in the issuance of approximately 2.3 million shares of Nicolet common stock for stock consideration of $180 million and cash consideration of $49 million, or a total purchase price of $229 million. The Mackinac merger expanded Nicolet prominently into Northern Michigan and the Upper Peninsula of Michigan, and added to Nicolet’s presence in upper northeastern Wisconsin.

A summary of the assets acquired and liabilities assumed in the Mackinac transaction, as of the acquisition date, including the preliminary purchase price allocation was as follows.

(In millions, except share data)Acquired from MackinacFair Value AdjustmentsEstimated Fair Value
Assets Acquired:
Cash and cash equivalents$448 $— $448 
Investment securities104 — 104 
Loans930 10 940 
ACL-Loans(6)4 (2)
Premises and equipment24 (3)21 
BOLI16 — 16 
Goodwill20 (20)— 
Other intangibles4 3 7 
Other assets25 (3)22 
     Total assets$1,565 $(9)$1,556 
Liabilities Assumed:
Deposits$1,365 $1 $1,366 
Borrowings28 1 29 
Other liabilities13 1 14 
     Total liabilities$1,406 $3 $1,409 
Net assets acquired$147 
Purchase Price:
Nicolet common stock issued (in shares)2,337,230 
Value of Nicolet common stock consideration$180 
Cash consideration paid49 
    Total purchase price$229 
Write-off prior investment in Mackinac(2)
Preliminary goodwill$84 

The Company purchased loans through the acquisition of Mackinac for which there was, at the date of acquisition, more than insignificant deterioration of credit quality since origination (purchased credit deteriorated loans or “PCD” loans). The carrying amount of these loans at acquisition was as follows.

(In thousands)September 3, 2021
Purchase price of PCD loans at acquisition$10,605 
Allowance for credit losses on PCD loans at acquisition1,896 
Par value of PCD acquired loans at acquisition$12,501 

The Company accounted for the Mackinac acquisition under the acquisition method of accounting, and thus, the financial position and results of operations of Mackinac prior to the consummation date were not included in the accompanying consolidated financial statements. The accounting required assets purchased and liabilities assumed to be recorded at their respective estimated fair values at the date of acquisition. The estimated fair value was determined with the assistance of third
10

party valuations, appraisals, and third party advisors. Due to the timing of the merger, the purchase price allocation and estimated fair value measurements remain preliminary. Goodwill arising as a result of the Mackinac acquisition is not deductible for tax purposes. Management will continue to review the estimated fair values and expects to finalize its analysis of the acquired assets and assumed liabilities in the transaction over the next few months, within one year of the merger. Therefore, adjustments to the purchase price allocation and estimated fair value may occur.

Summary Unaudited Pro Forma Information: The following unaudited pro forma information is presented for illustrative purposes only, and gives effect to the acquisitions of County and Mackinac as if the acquisitions had occurred on January 1, 2021, the beginning of the earliest period presented. The pro forma information should not be relied upon as being indicative of the historical results of operations the companies would have had if the acquisitions had occurred before such periods or the future results of operations that the companies will experience as a result of the mergers. The pro forma information, although helpful in illustrating the financial characteristics of the combined company under one set of assumptions, does not reflect the benefits of expected cost savings, opportunities to earn additional revenue, the impact of restructuring and merger-related expenses, or other factors that may result as a consequence of the mergers and, accordingly, does not attempt to predict or suggest future results.

Three Months Ended
(In thousands, except per share data)March 31, 2021
Total revenue, net of interest expense$81,307 
Net income$16,661 
Diluted earnings per common share$1.10 

Pending Acquisition:
Charter Bankshares, Inc. (“Charter”): On March 29, 2022, Nicolet entered into an Agreement and Plan of Merger with Charter (the “Charter Merger Agreement”) pursuant to which Charter will merge with and into Nicolet. Pursuant to the terms and subject to the conditions set forth in the Charter Merger Agreement, at the effective time of the merger, Charter shareholders will have the right to receive 15.458 shares of Nicolet common stock and $475 in cash for each share of Charter common stock. As a result, Nicolet expects to issue approximately 1.26 million shares of Nicolet common stock and $38.8 million in cash for the acquisition of Charter. At December 31, 2021, Charter had total assets of $1.1 billion. The merger is expected to close in the third quarter of 2022, subject to customary closing conditions, including approval by regulators.

Note 3 – Earnings per Common Share
Basic earnings per common share are calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per common share are calculated by dividing net income by the weighted average number of shares adjusted for the dilutive effect of common stock awards (outstanding stock options and unvested restricted stock), if any. Presented below are the calculations for basic and diluted earnings per common share.
Three Months Ended March 31,
(In thousands, except per share data)20222021
Net income$24,164 $18,239 
Weighted average common shares outstanding13,649 9,998 
Effect of dilutive common stock awards566 405 
Diluted weighted average common shares outstanding14,215 10,403 
Basic earnings per common share*$1.77 $1.82 
Diluted earnings per common share*$1.70 $1.75 
*Cumulative quarterly per share performance may not equal annual per share totals due to the effects of the amount and timing of capital increases. When computing earnings per share for an interim period, the denominator is based on the weighted average shares outstanding during the interim period, and not on an annualized weighted average basis. Accordingly, the sum of the earnings per share data for the quarters will not necessarily equal the year to date earnings per share data.
For the three months ended March 31, 2022 and 2021, respectively, options to purchase less than 0.1 million shares are excluded from the calculation of diluted earnings per common share as the effect of their exercise would have been anti-dilutive.

11

Note 4 – Stock-Based Compensation
The Company may grant stock options and restricted stock under its stock-based compensation plans to certain officers, employees and directors. These plans are administered by a committee of the Board of Directors, and at March 31, 2022, approximately 0.8 million shares were available for grant under these stock-based compensation plans.
A Black-Scholes model is utilized to estimate the fair value of stock option grants, while the market price of the Company’s stock at the date of grant is used to estimate the fair value of restricted stock awards. The weighted average assumptions used in the Black-Scholes model for valuing stock option grants for the three months ended March 31, 2022 and 2021 were as follows.
Three Months Ended March 31,
20222021
Dividend yield— %— %
Expected volatility30 %— %
Risk-free interest rate1.77 %— %
Expected average life7 years0 years
Weighted average per share fair value of options$32.99 $— 
A summary of the Company’s stock option activity is summarized below.
Stock OptionsOption Shares
Outstanding		Weighted
Average
Exercise Price		Weighted Average
Remaining
Life (Years)		Aggregate
Intrinsic Value
(in thousands)
Outstanding - December 31, 20211,833,246 $57.69 
Granted30,429 93.68 
Exercise of stock options *(59,811)41.73 
Forfeited(4,500)78.67 
Outstanding - March 31, 20221,799,364 $58.78 6.5$62,622 
Exercisable - March 31, 2022977,935 $48.90 5.1$43,690 
* The terms of the stock option agreements permit having a number of shares of stock withheld, the fair market value of which as of the date of exercise is sufficient to satisfy the exercise price and/or tax withholding requirements. For the three months ended March 31, 2022, 6,073 such shares were withheld by the Company.
Intrinsic value represents the amount by which the fair market value of the underlying stock exceeds the exercise price of the stock options. The intrinsic value of options exercised for the three months ended March 31, 2022 and 2021 was approximately $3.0 million and $1.3 million, respectively.
A summary of the Company’s restricted stock activity is summarized below.
Restricted StockWeighted Average Grant
Date Fair Value		Restricted Shares
Outstanding
Outstanding - December 31, 2021$71.42 25,801 
Granted— — 
Vested *63.28 (1,100)
Forfeited— — 
Outstanding - March 31, 2022$71.78 24,701 
* The terms of the restricted stock agreements permit the surrender of shares to the Company upon vesting in order to satisfy applicable tax withholding requirements at the minimum statutory withholding rate, and accordingly, 210 shares were surrendered during the three months ended March 31, 2022.
The Company recognized approximately $1.8 million and $1.2 million of stock-based compensation expense (included in personnel on the consolidated statements of income) for the three months ended March 31, 2022 and 2021, respectively, associated with its common stock awards granted to officers and employees. In addition, during the three months ended March 31, 2021, the Company recognized approximately $0.1 million of director expense (included in other expense on the consolidated statements of income) for a total restricted stock grant of