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Employee Benefit and Stock Compensation Plans | 12 Months Ended
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Mar. 31, 2022
Share-based Payment Arrangement [Abstract] |
Employee Benefit and Stock Compensation Plans | EMPLOYEE BENEFIT AND STOCK COMPENSATION PLANS Savings Incentive Plan. Carver has a savings incentive plan, pursuant to Section 401(k) of the Code, for all eligible employees of the Bank. The Bank matches contributions to the 401(k) Plan equal to 100% of pre-tax contributions made by each employee up to a maximum of 4% of their pay, subject to IRS limitations. All such matching contributions are fully vested and non-forfeitable at all times regardless of the years of service with the Bank. The Bank reinstated the 401(k) match in January 2022, which had been suspended since October 2020. Compensation expense recognized for the savings incentive plan was $88 thousand and $118 thousand, respectively, for fiscal 2022 and 2021. Stock Option Plans. In September 2006, Carver stockholders approved the 2006 Stock Incentive Plan (the "2006 Incentive Plan") which provides for the grant of stock options, stock appreciation rights and restricted stock to employees and directors who are selected to receive awards by the Committee. The 2006 Incentive Plan authorizes Carver to grant awards with respect to 20,000 shares, but no more than 10,000 shares of restricted stock may be granted. Options are granted at a price not less than fair market value of Carver common stock at the time of the grant for a period not to exceed 10 years. Shares generally vest in 20% increments over 5 years, however, the Committee may specify a different vesting schedule. At March 31, 2022, there were 3,600 options outstanding under the 2006 Incentive Plan and 3,600 were exercisable. All options are exercisable immediately upon a participant's disability, death or a change in control, as defined in the 2006 Incentive Plan, if the person is employed on that date. If the person is terminated (voluntary or involuntarily) from the Bank, all unvested shares are forfeited. Pursuant to the plan, the Bank recognized no expense for fiscal 2022 and $1 thousand as expense for fiscal 2021. In September 2014, Carver stockholders approved the Carver Bancorp, Inc. 2014 Equity Incentive Plan (the "2014 Incentive Plan") which provides for the grant of stock options, stock appreciation rights and restricted stock to executive officers and directors who are selected to receive awards by the Committee. The 2014 Incentive Plan authorizes Carver to grant awards with respect to 250,000 shares. All of the shares may be issued pursuant to stock options (all of which may be incentive stock options) or all of which may be issued pursuant to restricted stock awards or restricted stock units. Unless the Committee determines otherwise, the award agreements will specify that no award will vest more rapidly than 25% per year over a four-year period, with the first installment vesting one year after the date of grant, subject to acceleration upon the occurrence of specific events. During fiscal 2022 no restricted stock awards were issued, in fiscal 2021 31,000 restricted stock awards were issued. At March 31, 2022, there were 3,000 options outstanding under the 2014 Incentive Plan and 1,417 were exercisable. All options are exercisable immediately upon a participant's disability, death or change in control, as defined in the 2014 Incentive Plan, if the person is employed on that date. If the person is terminated (voluntary or involuntarily) from the Bank, all unvested shares are forfeited. Pursuant to the plan, the Bank recognized $101 thousand as expense for fiscal year 2022 and $88 thousand in fiscal year 2021. Information regarding nonvested shares of restricted stock awards outstanding for the years ended March 31 is as follows:
| 2022 |  | 2021
| Shares |  | Weighted Average Grant Price |  | Shares |  | Weighted Average Grant Price
Outstanding, beginning of year | 72,750 |  |  | $ | 5.00 |  |  | 32,100 |  |  | $ | 3.09 |
Granted | — |  |  | — |  |  | 51,000 |  |  | 5.84 |
Vested | (24,917) |  |  | 4.73 |  |  | (10,350) |  |  | 3.02 |
Forfeited | 9,000 |  |  | 5.11 |  |  | — |  |  | — |
Outstanding, end of year | 56,833 |  |  | $ | 5.15 |  |  | 72,750 |  |  | $ | 5.00 |
Unrecognized compensation expense on unvested restricted shares as of March 31, 2022 totaled $138 thousand. This amount will be recognized over the remaining vesting period of 1.42 years (weighted average). Information regarding stock options as of and for the years ended March 31 is as follows:
| 2022 |  | 2021
| Options |  | Weighted Average Exercise Price |  | Options |  | Weighted Average Exercise Price
Outstanding, beginning of year | 6,600 |  |  | $ | 5.42 |  |  | 4,733 |  |  | $ | 7.71 |
Granted | — |  |  | — |  |  | 2,000 |  |  | 5.70 |
Exercised | — |  |  | — |  |  | — |  |  | — |
Expired/Forfeited | — |  |  | — |  |  | 133 |  |  | 97.50 |
Outstanding, end of year | 6,600 |  |  | $ | 5.29 |  |  | 6,600 |  |  | $ | 5.42 |
Exercisable, at year end | 5,267 |  |  |  |  | 4,350 |  |  |
Information regarding stock options as of March 31, 2022 is as follows:
|  |  | Options Outstanding |  | Options Exercisable
Range of Exercise Prices |  | Shares |  | Weighted Average Remaining Life |  | Weighted Average Exercise Price |  | Shares |  | Weighted Average Exercise Price
$ | 3.00 |  | $ | 5.00 |  |  | 1,000 |  |  | 5.70 |  | $ | 3.48 |  |  | 1,000 |  |  | $ | 3.48 |
5.00 |  | $ | 5.59 |  |  | 3,600 |  |  | 3.23 |  | 5.56 |  |  | 3,600 |  |  | 5.56 |
5.60 |  | $ | 5.99 |  |  | 2,000 |  |  | 8.33 |  | 5.70 |  |  | 667 |  |  | 5.70 |
Total |  |  | 6,600 |  |  |  |  |  |  | 5,267 |  |  |
As of March 31, 2022, unrecognized compensation expense on unvested stock options totaled $5 thousand. This amount will be recognized over the remaining vesting period of 1.33 years (weighted average). There were no stock options awarded to employees or directors during the year ended March 31, 2022. At March 31, 2022, all outstanding options had no intrinsic value. The Company recorded stock compensation expense of $3 thousand in both fiscal 2022 and 2021.

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI http://asc.fasb.org/topic&trid=2197446 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -URI http://asc.fasb.org/topic&trid=2127225 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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