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Employee Benefit and Stock Compensation Plans | 12 Months Ended
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Mar. 31, 2023
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 401(k) matching contributions was $376 thousand and $88 thousand, respectively, for fiscal 2023 and 2022. 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, 2023, 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 years 2023 and 2022. 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 year 2023, 44,500 restricted stock awards were issued. There were no restricted stock awards issued in fiscal 2022. At March 31, 2023, there were 2,667 options outstanding under the 2014 Incentive Plan and 2,333 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 $247 thousand as expense for fiscal year 2023 and $101 thousand in fiscal year 2022. Information regarding nonvested shares of restricted stock awards outstanding for the years ended March 31 is as follows:
| 2023 |  | 2022
| Shares |  | Weighted Average Grant Price |  | Shares |  | Weighted Average Grant Price
Outstanding, beginning of year | 38,833 |  |  | $ | 5.15 |  |  | 72,750 |  |  | $ | 5.00 |
Granted | 44,500 |  |  | 6.84 |  |  | — |  |  | — |
Vested | (20,667) |  |  | 4.82 |  |  | (24,917) |  |  | 4.73 |
Forfeited | (4,833) |  |  | 6.53 |  |  | (9,000) |  |  | 5.11 |
Outstanding, end of year | 57,833 |  |  | $ | 6.45 |  |  | 38,833 |  |  | $ | 5.15 |
Unrecognized compensation expense on unvested restricted shares as of March 31, 2023 totaled $140 thousand. This amount will be recognized over the remaining vesting period of 1.11 years (weighted average). The vesting of the grants totaled $91 thousand and $122 thousand for fiscal years 2023 and 2022, respectively. Information regarding stock options as of and for the years ended March 31 is as follows:
| 2023 |  | 2022
| Options |  | Weighted Average Exercise Price |  | Options |  | Weighted Average Exercise Price
Outstanding, beginning of year | 6,600 |  |  | $ | 5.29 |  |  | 6,600 |  |  | $ | 5.42 |
Granted | — |  |  | — |  |  | — |  |  | — |
Exercised | — |  |  | — |  |  | — |  |  | — |
Expired/Forfeited | 333 |  |  | 5.70 |  |  | — |  |  | — |
Outstanding, end of year | 6,267 |  |  | $ | 5.27 |  |  | 6,600 |  |  | $ | 5.29 |
Exercisable, at year end | 5,933 |  |  |  |  | 5,267 |  |  |
Information regarding stock options as of March 31, 2023 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 |  |  | 4.70 |  | $ | 3.48 |  |  | 1,000 |  |  | $ | 3.48 |
5.00 |  | $ | 5.59 |  |  | 3,600 |  |  | 2.23 |  | 5.56 |  |  | 3,600 |  |  | 5.56 |
5.60 |  | $ | 5.99 |  |  | 1,667 |  |  | 7.33 |  | 5.70 |  |  | 1,333 |  |  | 5.70 |
Total |  |  | 6,267 |  |  |  |  |  |  | 5,933 |  |  |
As of March 31, 2023, unrecognized compensation expense on unvested stock options totaled $1 thousand. This amount will be recognized over the remaining vesting period of 0.33 years (weighted average). There were no stock options awarded to employees or directors during the year ended March 31, 2023. At March 31, 2023, all outstanding options had no intrinsic value. The Company recorded stock compensation expense of $2 thousand and $3 thousand in fiscal 2023 and 2022, respectively.

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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 -Topic 710 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//710/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 712 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//712/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//715/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent + Details
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