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 ~~December~~June 3130, ~~2024~~2025 OR ☐ 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: 000-22957


RIVERVIEW BANCORP, INC.
(Exact name of registrant as specified in its charter)

Washington		91-1838969
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer I.D. Number)

900 Washington St., Ste. 900, Vancouver, Washington		98660
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code:		(360) 693-6650

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, Par Value $0.01 per share	RVSB	The 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 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 Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: Common Stock, $.01 par value per share, 20,~~976~~948,~~200~~378 shares outstanding, as of ~~February~~August 138, 2025.

Table of Contents

Form 10-Q

RIVERVIEW BANCORP, INC. AND SUBSIDIARY

INDEX

		Page
Part I.	Financial Information	4
Item 1:	Financial Statements (Unaudited)	4
	Consolidated Balance Sheets as of December 31, 2024 and March 31, 2024	4
	Consolidated Balance Sheets as of June 30, 2025 and March 31, 2025	4
	Consolidated Statements of Income for the Three and Nine Months Ended December 31, 2024 and 2023	5
	Consolidated Statements of Income for the Three Months Ended June 30, 2025 and 2024	5
	Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended December 31, 2024 and 2023	6
	Consolidated Statements of Comprehensive Income for the Three Months Ended June 30, 2025 and 2024	6
	Consolidated Statements of Shareholders’ Equity for the Three and Nine Months Ended December 31, 2024 and 2023	7
	Consolidated Statements of Shareholders’ Equity for the Three Months Ended June 30, 2025 and 2024	7
	Consolidated Statements of Cash Flows for the Nine Months Ended December 31, 2024 and 2023	8
	Consolidated Statements of Cash Flows for the Three Months Ended June 30, 2025 and 2024	8
	Notes to Consolidated Financial Statements	9
Item 2:	Management's Discussion and Analysis of Financial Condition and Results of Operations	3331
Item 3:	Quantitative and Qualitative Disclosures About Market Risk	4945
Item 4:	Controls and Procedures	4945
Part II.	Other Information	5046
Item 1:	Legal Proceedings	5046
Item 1A:	Risk Factors	5046
Item 2:	Unregistered Sales of Equity Securities and Use of Proceeds	5046
Item 3:	Defaults Upon Senior Securities	5046
Item 4:	Mine Safety Disclosures	5046
Item 5:	Other Information	5046
Item 6:	Exhibits	5247
SIGNATURES		5348
Certifications
	Exhibit 31.1
	Exhibit 31.2
	Exhibit 32

Table of Contents

Forward-Looking Statements

As used in this Form 10-Q, the terms “we,” “our,” “us,” “Riverview” and “Company” refer to Riverview Bancorp, Inc. and its consolidated subsidiaries, including its wholly-owned subsidiary, Riverview Bank (the “Bank”), unless the context indicates otherwise.

“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995 (“PSLRA”): When used in this Form 10-Q, the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook,” or similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would,” and “could,” or similar expressions are intended to identify “forward-looking statements” within the meaning of the PSLRA. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions, future economic performance and projections of financial items. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by our forward-looking statements, including, but not limited to:

●

Adverse impacts on economic conditions in our local markets or, other markets where we have lending relationships.

● Effects of employment levels, labor shortages., persistent inflation, ~~potential~~recessionary ~~recession~~pressures, or ~~slowed~~slowing economic growth.

● Changes in ~~the~~ interest rate ~~environment,~~levels ~~including~~and ~~increases~~the orduration ~~decreases~~of insuch changes, including actions by the Board of Governors of the Federal Reserve System (“Federal Reserve”) ~~benchmark rate and the duration of such levels are maintained~~.

● The impact of inflation and ~~the~~monetary ~~Federal~~and ~~Reserve’s~~fiscal ~~monetary~~policy ~~policies~~responses thereto.

● ~~Effect~~Effects of ~~any~~a federal government shutdown, debt ceiling standoff, or other fiscal uncertainty.

●

Bank failures or adverse developments at other banks, and any governmental or societal responses.

●

Credit risks of lending activities, including loan delinquencies, write-offs, changes in our allowance for credit losses and provision for credit losses.

●

Changes in the general interest rates, short and long-term interest rate differentials, deposit interest rates, our net interest margin and funding sources.

●

Fluctuations in loan demand, unsold homes, land and property values and secondary market conditions for loans.

●

Results of examinations by regulatory authorities and potential requirements to increase credit loss allowances, write-down assets, reclassify assets, change our regulatory or capital position or affect our liquidity and earnings.

● ~~Legislative~~The orability ~~regulatory~~to adapt to rapid technological changes, including ~~changes~~advancements in ~~banking,~~artificial ~~securities~~intelligence, ~~tax~~digital ~~law~~banking, ~~regulatory policies~~ and ~~principles~~cybersecurity.

●

Legislation or regulatory changes, including but not limited to shifts in capital requirements, banking regulation, tax laws, or consumer protection laws.

●

Our ability to attract and retain deposits and manage operating costs and expenses.

●

Use of estimates in determining the fair value of assets, which may prove incorrect.

●

Staffing fluctuations in response to product demand or corporate strategy implementation.

● ~~Disruptions~~Vulnerabilities orin ~~security~~information ~~breaches~~systems or ~~other~~third-party ~~adverse~~service ~~events~~providers, ~~failures~~including ordisruptions, ~~interruptions~~breaches, in or attacks ~~on our information technology systems or third-party vendors~~.

●

Retention of key senior management members.

●

Costs and effects of litigation.

●

Expectations regarding key growth initiatives and strategic priorities.

●

Future goodwill impairment.

●

Increased competitive pressures among financial services companies, including repricing and competitors’ pricing initiatives, and their impact on our market position, loan and deposit products;

●

Changes in consumer spending, borrowing and savings habits.

●

Resource availability to address changes in laws, rules, or regulations or to respond to regulatory actions.

●

Our ability to pay dividends on common stock.

●

Quality and composition of our securities portfolio and adverse changes in securities markets.

●

Inability of key third-party providers to fulfill obligations.

●

Changes in accounting policies and practices.

● ~~The~~Geopolitical ~~potential~~developments and international conflicts, including but not limited to tensions or instability in Eastern Europe, the Middle East, and Asia, or the imposition of new ~~tariffs~~ or ~~changes~~increased totariffs ~~existing~~and trade ~~policies~~restrictions, ~~that~~which ~~could~~may ~~affect~~disrupt financial markets, global supply chains, energy prices, or economic activity orin specific industry sectors;.

● Effects of climate change, severe weather, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, ~~civil~~domestic political unrest and other external events; and

●

Other economic, competitive, governmental, regulatory, and technological factors affecting the Company’s operations, pricing, products and services, and the other risks described from time to time in our reports filed with and furnished to the U.S. Securities and Exchange Commission (“SEC”).

The Company cautions readers not to place undue reliance on any forward-looking statements. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to the Company. The Company does not undertake and specifically disclaims any obligation to revise any forward-looking statements included in this report or the reasons why actual results could differ from those contained in such statements, whether as a result of new information or to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for fiscal ~~2025~~2026 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us and could negatively affect the Company’s consolidated financial condition and consolidated results of operations as well as its stock price performance.

Table of Contents

Part I. Financial Information

Item 1. Financial Statements (Unaudited)

RIVERVIEW BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

AS OF ~~DECEMBER~~JUNE 3130, ~~2024~~2025 AND MARCH 31, ~~2024~~2025


	~~December~~June 3130,		March 31,
(In thousands, except share and per share data) (Unaudited)	~~2024~~2025		~~2024~~2025
ASSETS
Cash and cash equivalents (including interest earning deposits in other banks of $12,573 and $12,164)	$	25,348	$	23,642
Cash and cash equivalents (including interest earning deposits in other banks of $15,192 and $14,375)	$	34,172	$	29,414
Investment securities:
Available for sale, at estimated fair value		~~124~~118,~~874~~777		~~143~~119,~~196~~436
Held to maturity, at amortized cost (estimated fair value of $180,474 and $195,519)		212,295		229,510
Held to maturity, at amortized cost (estimated fair value of $171,776 and $175,392)		197,478		203,079
Loans receivable (net of allowance for credit losses of $15,352 and $15,364)		1,029,757		1,008,649
Loans receivable (net of allowance for credit losses of $15,426 and $15,374)		1,052,654		1,047,086
Prepaid expenses and other assets		12,~~945~~455		1412,~~469~~523
Accrued interest receivable		4,~~639~~493		4,~~415~~525
Federal Home Loan Bank (“FHLB”) stock, at cost		45,~~742~~516		4,~~927~~342
Premises and equipment, net		2221,~~731~~867		2122,~~718~~304
Financing lease right-of-use ("ROU") assets		1,144		1,202
Financing lease right-of-use ("ROU") asset		1,106		1,125
Deferred income taxes, net		98,~~471~~286		98,~~778~~625
Goodwill		27,076		27,076
Core deposit intangible ("CDI"), net		~~196~~147		~~271~~171
Bank owned life insurance ("BOLI")		3332,~~391~~616		3233,~~676~~617
TOTAL ASSETS	$	1,~~508~~516,~~609~~643	$	1,~~521~~513,~~529~~323

LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES:
Deposits	$	1,~~219~~209,~~002~~893	$	1,~~231~~232,~~679~~328
Accrued expenses and other liabilities		1712,~~634~~498		1614,~~205~~777
Advance payments by borrowers for taxes and insurance		~~317~~558		~~581~~614
FHLB advances		84102,~~200~~500		8876,~~304~~400
Junior subordinated debentures		27,~~069~~113		27,~~004~~091
Finance lease liability		2,~~117~~080		2,~~168~~099
Total liabilities		1,~~350~~354,~~339~~642		1,~~365~~353,~~941~~309

COMMITMENTS AND CONTINGENCIES (See Note 13)

SHAREHOLDERS' EQUITY:
Serial preferred stock, $.01 par value; 250,000 shares authorized; issued and outstanding: none		—		—
Common stock, $.01 par value; 50,000,000 shares authorized
December 31, 2024 – 21,134,758 shares issued and outstanding		209		211
June 30, 2025 – 20,976,200 shares issued and outstanding		208		208
March 31, 2024 – 21,111,043 shares issued and outstanding
March 31, 2025 – 20,976,200 shares issued and outstanding
Additional paid-in capital		5453,~~227~~501		5553,~~005~~392
Retained earnings		~~118~~120,~~988~~522		~~116~~119,~~499~~717
Accumulated other comprehensive loss		(1512,~~154~~230)		(1613,~~127~~303)
Total shareholders' equity		~~158~~162,~~270~~001		~~155~~160,~~588~~014
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	1,~~508~~516,~~609~~643	$	1,~~521~~513,~~529~~323

See accompanying notes to consolidated financial statements.

Table of Contents

RIVERVIEW BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE ~~AND NINE~~ MONTHS ENDED ~~DECEMBER~~JUNE 3130, ~~2024~~2025 AND ~~2023~~2024

Three Months Ended

~~Nine Months Ended~~

~~December~~June 3130,

~~December 31,~~

(In thousands, except share and per share data) (Unaudited)

~~2024~~2025

~~2023~~2024

~~2024~~

~~2023~~

INTEREST AND DIVIDEND INCOME:

Interest and fees on loans receivable

13,~~201~~352

1112,~~645~~052

~~37,936~~

~~34,288~~

Interest on investment securities – taxable

1,~~589~~667

21,~~231~~972

~~5,435~~

~~6,826~~

Interest on investment securities – nontaxable

~~195~~

~~196~~

Other interest and dividends

~~272~~291

~~331~~310

~~902~~

~~954~~

Total interest and dividend income

15,~~127~~375

14,~~272~~399

~~44,468~~

~~42,264~~

INTEREST EXPENSE:

Interest on deposits

43,~~101~~774

23,~~059~~447

~~11,403~~

~~5,264~~

Interest on borrowings

1,~~638~~760

2,~~889~~131

~~5,914~~

~~7,466~~

Total interest expense

5,~~739~~534

45,~~948~~578

~~17,317~~

~~12,730~~

Net interest income

9,~~388~~841

98,~~324~~821

~~27,151~~

~~29,534~~

Provision for credit losses

—

~~100~~

—

Net interest income after provision for credit losses

9,~~388~~841

98,~~324~~821

~~27,051~~

~~29,534~~

NON-INTEREST INCOME:

Fees and service charges

1,~~492~~572

1,~~533~~540

~~4,556~~

~~4,871~~

Asset management fees

1,~~443~~552

1,~~266~~558

~~4,434~~

~~3,920~~

Income from BOLI

~~225~~222

211

~~715~~

~~669~~

Other, net

~~181~~80

4658

~~844~~

~~288~~

Total non-interest income, net

3,~~341~~426

3,~~056~~367

~~10,549~~

~~9,748~~

NON-INTEREST EXPENSE:

Salaries and employee benefits

67,~~471~~247

6,~~091~~388

~~19,336~~

~~17,979~~

Occupancy and depreciation

1,~~871~~868

1,~~698~~895

~~5,687~~

~~4,930~~

Data processing

~~743~~742

~~712~~764

~~2,202~~

~~2,096~~

Amortization of CDI

2524

2725

Advertising and marketing

~~317~~237

~~282~~310

~~994~~

~~950~~

FDIC insurance premium

~~174~~164

178

~~518~~

~~530~~

State and local taxes

~~327~~225

~~355~~216

~~777~~

~~814~~

Telecommunications

5446

5647

~~153~~

~~161~~

Professional fees

~~429~~416

~~353~~490

~~1,223~~

~~961~~

Other

~~743~~751

~~799~~656

~~1,859~~

~~2,116~~

Total non-interest expense

11,~~154~~720

10,~~551~~969

~~32,824~~

~~30,618~~

INCOME BEFORE INCOME TAXES

1,~~575~~547

1,~~829~~219

~~4,776~~

~~8,664~~

PROVISION FOR INCOME TAXES

~~343~~322

~~377~~253

~~1,021~~

~~1,897~~

NET INCOME

1,~~232~~225

~~1,452~~966

~~3,755~~

~~6,767~~

Earnings per common share:

Basic

0.06

0.0705

~~0.18~~

~~0.32~~

Diluted

0.06

0.0705

~~0.18~~

~~0.32~~

Weighted average number of common shares outstanding:

Basic

2120,~~037~~976,~~246~~200

21,~~113~~111,~~464~~043

~~21,081,851~~

~~21,146,888~~

Diluted

2120,~~037~~976,~~246~~200

21,~~113~~111,~~464~~043

~~21,081,851~~

~~21,148,679~~

See accompanying notes to consolidated financial statements.

Table of Contents

RIVERVIEW BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ~~(LOSS)~~

FOR THE THREE ~~AND NINE~~ MONTHS ENDED ~~DECEMBER~~JUNE 3130, ~~2024~~2025 AND ~~2023~~2024


	Three Months Ended				~~Nine Months Ended~~
	~~December~~June 3130,				~~December 31,~~
(In thousands) (Unaudited)	~~2024~~2025		~~2023~~2024		~~2024~~		~~2023~~

Net income	$	1,~~232~~225	$	~~1,452~~966	$	~~3,755~~	$	~~6,767~~

Other comprehensive income (loss):
Net unrealized holding gains (losses) from available for sale investment securities arising during the period, net of tax (expense) benefit of $783, ($1,968), ($307) and ($270), respectively		(2,481)		6,236		973		855
Net unrealized holding gains (losses) from available for sale investment securities arising during the period, net of tax (expense) benefit of ($339) and $79, respectively		1,073		(250)
Total comprehensive income (loss), net	$	(1,249)	$	7,688	$	4,728	$	7,622
Total comprehensive income, net	$	2,298	$	716

See accompanying notes to consolidated financial statements.

Table of Contents

RIVERVIEW BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

FOR THE THREE ~~AND NINE~~ MONTHS ENDED ~~DECEMBER~~JUNE 3130, ~~2024~~2025 AND ~~2023~~2024


								Accumulated
				Additional				Other
				Paid-In		Retained		Comprehensive
(In thousands, except share and per share data) (Unaudited)	Common Stock			Capital		Earnings		Loss		Total
	Shares	Amount

For the three months ended December 31, 2023
For the three months ended June 30, 2024

Balance October 1, 2023	21,125,889	$	211	$	54,963	$	120,556	$	(23,691)	$	152,039
Balance April 1, 2024	21,111,043	$	211	$	55,005	$	116,499	$	(16,127)	$	155,588

Net income	—		—		—		~~1,452~~966		—		~~1,452~~966
Cash dividends on common stock ($0.06 per share)	—		—		—		(1,274)		—		(1,274)
Cash dividends on common stock ($0.02 per share)	—		—		—		(422)		—		(422)
Restricted stock grants and forfeited, net	(14,846)		—		—		—		—		—
Stock-based compensation, net	—		—		26		—		—		26
Stock-based compensation, net	—		—		19		—		—		19
Other comprehensive loss, net	—		—		—		—		(250)		(250)
Other comprehensive income, net	—		—		—		—		6,236		6,236
Balance June 30, 2024	21,111,043	$	211	$	55,031	$	117,043	$	(16,377)	$	155,908
Balance December 31, 2023	21,111,043	$	211	$	54,982	$	120,734	$	(17,455)	$	158,472

For the nine months ended December 31, 2023

Balance April 1, 2023	21,221,960	$	212	$	55,511	$	117,826	$	(18,310)	$	155,239

Adjustment to retained earnings, net of tax; adoption of ASU 2016-13	—		—		—		(53)		—		(53)
Net income	—		—		—		6,767		—		6,767
Cash dividends on common stock ($0.18 per share)	—		—		—		(3,806)		—		(3,806)
Exercise of stock options	12,799		—		36		—		—		36
Stock repurchased	(109,162)		(1)		(576)		—		—		(577)
Restricted stock grants and forfeited, net	(14,554)		—		—		—		—		—
Stock-based compensation, net	—		—		11		—		—		11
Other comprehensive income, net	—		—		—		—		855		855
Balance December 31, 2023	21,111,043	$	211	$	54,982	$	120,734	$	(17,455)	$	158,472


For the three months ended June 30, 2025
For the three months ended December 31, 2024

Balance October 1, 2024	21,096,968	$	211	$	55,057	$	118,179	$	(12,673)	$	160,774
Balance April 1, 2025	20,976,200	$	208	$	53,392	$	119,717	$	(13,303)	$	160,014

Net income	—		—		—		1,~~232~~225		—		1,~~232~~225
Cash dividends on common stock ($0.02 per share)	—		—		—		(~~423~~420)		—		(~~423~~420)
Stock repurchased	(200,073)		(2)		(1,094)		—		—		(1,096)
Stock-based compensation, net	—		—		109		—		—		109
Restricted stock grants and forfeited, net	237,863		—		—		—		—		—
Other comprehensive income, net	—		—		—		—		1,073		1,073
Stock-based compensation, net	—		—		264		—		—		264
Balance June 30, 2025	20,976,200	$	208	$	53,501	$	120,522	$	(12,230)	$	162,001
Other comprehensive loss, net	—		—		—		—		(2,481)		(2,481)
Balance December 31, 2024	21,134,758	$	209	$	54,227	$	118,988	$	(15,154)	$	158,270


For the nine months ended December 31, 2024

Balance April 1, 2024	21,111,043	$	211	$	55,005	$	116,499	$	(16,127)	$	155,588

Net income	—		—		—		3,755		—		3,755
Cash dividends on common stock ($0.06 per share)	—		—		—		(1,266)		—		(1,266)
Stock repurchased	(200,073)		(2)		(1,094)		—		—		(1,096)
Restricted stock grants and forfeited, net	223,788		—		—		—		—		—
Stock-based compensation, net	—		—		316		—		—		316
Other comprehensive income, net	—		—		—		—		973		973
Balance December 31, 2024	21,134,758	$	209	$	54,227	$	118,988	$	(15,154)	$	158,270

See accompanying notes to consolidated financial statements.

Table of Contents

RIVERVIEW BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE ~~NINE~~THREE MONTHS ENDED ~~DECEMBER~~JUNE 3130, ~~2024~~2025 AND ~~2023~~2024


(In thousands) (Unaudited)	~~2024~~2025		~~2023~~2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	31,~~755~~225	$	~~6,767~~966
Adjustments to reconcile net income to net cash provided by operating activities:
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		~~2,444~~873		~~1,934~~779
Purchased loans amortization, net		62		92
Purchased loans amortization (accretion), net		(46)		19
Provision for credit losses		100		—
Stock-based compensation expense		109		26
Stock-based compensation expense		316		11
Decrease in deferred loan origination fees, net of amortization		(125)		(66)
Increase (decrease) in deferred loan origination fees, net of amortization		(444)		326
Income from BOLI		(222)		(211)
Income from BOLI		(715)		(669)
Changes in certain other assets and liabilities:
Prepaid expenses and other assets		~~773~~195		~~1,577~~207
Accrued interest receivable		~~(224)~~32		(~~458~~383)
Accrued expenses and other liabilities		(2,~~342~~738)		114,~~041~~099
Net cash provided by operating activities		8,409		20,621
Net cash provided by (used in) operating activities		(697)		5,436

CASH FLOWS FROM INVESTING ACTIVITIES:
Loan originations, net		(4,011)		(2,093)
Loan (originations) repayments, net		5,172		(15,452)
Purchases of loans receivable		(1610,~~815~~570)		(75,~~658~~553)
Principal repayments on investment securities available for sale		61,~~236~~965		132,~~229~~216
Proceeds from calls and maturities of investment securities available for sale		~~19,230~~—		3,~~016~~000
Principal repayments on investment securities held to maturity		105,~~918~~497		103,~~867~~594
Proceeds from sale of shares in trading asset - VISA stock		~~392~~248		—193
Purchases of premises and equipment and capitalized software		(~~2,621~~76)		(~~3,812~~110)
Redemption of certificates of deposit held for investment		—		249
Purchase of FHLB stock, net		(1,174)		(1,134)
Sale (purchase) of FHLB stock, net		185		(1,159)
Proceeds from sales of premises and equipment		—		86
Proceeds from sales of premises and equipment		86		—
Proceeds from death benefit on BOLI		1,223		—
Net cash provided by investing activities		13,600		12,639
Net cash provided by (used in) investing activities		2,285		(13,160)

CASH FLOWS FROM FINANCING ACTIVITIES:
Net decrease in deposits		(1222,~~677~~435)		(4612,~~325~~000)
Dividends paid		(~~2,111~~420)		(31,~~814~~267)
Proceeds from borrowings		~~472~~237,~~700~~400		~~465~~151,~~480~~800
Repayment of borrowings		(~~476~~211,~~804~~300)		(~~432~~126,~~180~~600)
Net decrease in advance payments by borrowers for taxes and insurance		(~~264~~56)		(~~326~~30)
Principal payments on finance lease liability		(5119)		(4517)
Proceeds from exercise of stock options		—		36
Net cash provided by financing activities		3,170		11,886
Repurchase of common stock		(1,096)		(577)
Net cash used in financing activities		(20,303)		(17,751)

NET INCREASE IN CASH AND CASH EQUIVALENTS		14,~~706~~758		154,~~509~~162
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		2329,~~642~~414		2223,~~044~~642
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	2534,~~348~~172	$	3727,~~553~~804

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	165,~~200~~624	$	125,~~205~~094
Income taxes		7324		~~1,620~~24

NONCASH INVESTING AND FINANCING ACTIVITIES:
Dividends declared and accrued in other liabilities	$	~~423~~420	$	~~1,267~~422
Net unrealized holding gains from available for sale investment securities		1,280		1,125
Net unrealized holding gains (losses) from available for sale investment securities		1,412		(329)
Income tax effect related to other comprehensive income (loss)		(~~307~~339)		~~(270)~~79
Adjustment to retained earnings, net of deferred tax; - adoption of ASU 2016-13		—		(53)
Right-of-use lease asset obtained in exchange for operating lease liability		459		—
Conversion of shares in trading asset - VISA stock		392		—
Conversion of shares in trading asset - VISA Stock		248		190

See accompanying notes to consolidated financial statements.

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RIVERVIEW BANCORP, INC. AND SUBSIDIARY

Notes to Consolidated Financial Statements

(Unaudited)

1. BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Quarterly Reports on Form 10-Q and, therefore, do not include all disclosures necessary for a complete presentation of financial condition, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America (“generally accepted accounting principles” or “GAAP”). However, all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim unaudited consolidated financial statements have been included. All such adjustments are of a normal recurring nature.

The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Riverview Bancorp, Inc. Annual Report on Form 10-K for the year ended March 31, ~~2024~~2025 (“~~2024~~2025 Form 10-K”). The unaudited consolidated results of operations for the ~~nine~~three months ended ~~December~~June 3130, ~~2024~~2025 are not necessarily indicative of the results which may be expected for the entire fiscal year ending March 31, ~~2025~~2026.

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Certain prior period amounts have been reclassified to conform to the current period presentation; such reclassifications had no effect on previously reported net income or total shareholders’ equity.

2. PRINCIPLES OF CONSOLIDATION

The accompanying consolidated financial statements include the accounts of Riverview Bancorp, Inc.; its wholly-owned subsidiary, Riverview Bank (the “Bank”); and the Bank’s wholly-owned subsidiaries, Riverview Services, Inc. and Riverview Trust Company (the “Trust Company”) (collectively referred to as the “Company”). All inter-company transactions and balances have been eliminated in consolidation.

3. STOCK ~~PLANS~~PLAN AND STOCK-BASED COMPENSATION

Stock Option ~~Plans~~Plan - In July ~~2003~~2017, the shareholders of the Company approved the ~~adoption~~Riverview ofBancorp, ~~the~~Inc. ~~2003~~2017 ~~Stock~~Equity ~~Option~~Incentive Plan (“~~2003~~2017 Plan”). The ~~2003~~2017 Plan ~~was~~provides ~~effective~~for inthe ~~July~~grant ~~2003~~of ~~and~~incentive ~~expired~~stock inoptions, ~~July~~non-qualified ~~2013.~~stock ~~Accordingly~~options, norestricted ~~further~~stock ~~option~~and ~~awards~~restricted ~~may~~stock ~~be granted under the 2003 Plan~~units. ~~Further,~~The noCompany ~~options~~reserved ~~granted under the 2003 plan remain outstanding as of December 31~~1, ~~2024~~800,000 ~~with~~shares ~~all~~of ~~such~~its ~~awards~~common ~~having~~stock ~~been~~for ~~either~~issuance ~~previously exercised or forfeited. Each option granted~~ under the ~~2003~~2017 Plan. ~~had~~At anJune ~~exercise~~30, ~~price~~2025, ~~equal~~there towere ~~the~~1,308,215 ~~fair~~shares ~~value~~available offor ~~the~~grant ~~Company’s~~under ~~common stock on~~ the ~~date~~2017 ~~of the grant, a maximum term of ten years and a vesting period from zero to five years~~Plan.

InThe ~~July~~fair ~~2017,~~value of each stock option granted is estimated on the ~~shareholders~~date of grant using the ~~Company~~Black-Scholes ~~approved~~stock option valuation model. The fair value of all awards is amortized on a straight-line basis over the ~~Riverview~~requisite ~~Bancorp~~service periods, ~~Inc.~~which ~~2017~~are ~~Equity~~generally ~~Incentive~~the ~~Plan~~vesting ~~(“2017 Plan”)~~periods. The ~~2017~~expected ~~Plan~~life ~~provides~~of ~~for~~options granted represents the ~~grant~~period of ~~incentive~~time ~~stock~~that ~~options,~~they ~~non-qualified~~are ~~stock~~expected to be outstanding. The expected life is determined based on historical experience with similar options, ~~restricted~~considering ~~stock~~the ~~and~~contractual ~~restricted~~terms ~~stock~~and ~~units~~vesting schedules. ~~The~~Expected volatility is estimated at the date of grant based on the historical volatility of the Company's ~~reserved~~common ~~1,800,000~~stock. ~~shares~~Expected dividends are based on dividend trends and the market value of ~~its~~the Company's common stock at the time of grant. The risk-free interest rate for ~~issuance~~periods ~~under~~within the ~~2017~~contractual ~~Plan~~life of the options is based on the U.S. AtTreasury ~~December~~yield ~~31,~~curve ~~2024,~~in ~~there~~effect ~~were~~at ~~1,308,215~~the ~~shares~~time ~~available~~of ~~for~~the grant. There were no stock options granted under the 2017 Plan. ~~The~~during ~~2003~~the ~~Plan~~three months ended June 30, 2025 and ~~the~~2024. ~~2017~~As ~~Plan~~of ~~are~~June ~~collectively~~30, ~~referred~~2025 toand as2024, ~~“the~~there ~~Stock~~were ~~Option~~no ~~Plans”~~stock options outstanding.

The ~~fair~~Company ~~value~~may ofgrant ~~each~~restricted stock ~~option~~pursuant ~~granted~~to ~~is estimated on~~ the ~~date~~2017 ofPlan ~~grant using the Black-Scholes stock option valuation model. The fair value~~ of ~~all awards is amortized on a straight-line basis over the requisite service periods,~~ which ~~are generally the~~ vesting ~~periods.~~can ~~The~~either ~~expected~~be ~~life of options granted represents the period of~~ time ~~that~~based ~~they~~or ~~are~~performance ~~expected to be outstanding~~based. ~~The~~Performance ~~expected life is determined~~ based onawards ~~historical~~are ~~experience~~subject ~~with~~to ~~similar~~attaining ~~options,~~certain ~~considering~~performance ~~the~~metrics ~~contractual terms~~ and ~~vesting~~all, ~~schedules.~~or ~~Expected~~a ~~volatility~~portion ~~is estimated at the date~~ of, ~~grant based on~~ the ~~historical~~performance ~~volatility of the Company's common stock. Expected dividends are~~ based onawards ~~dividend~~can ~~trends~~subsequently ~~and~~be ~~the~~cancelled ~~market~~for ~~value~~not ofattaining the ~~Company's~~predetermined ~~common~~performance ~~stock at the time of grant~~metrics. ~~The risk-free interest rate for periods within the contractual life of the~~

Table of Contents

~~options~~The isfair ~~based~~value onof ~~the~~restricted ~~U.S.~~stock ~~Treasury~~awards ~~yield~~is ~~curve~~equal into ~~effect at~~ the ~~time~~fair value of the ~~grant.~~Company’s ~~There were no~~ stock ~~options~~on ~~granted under~~ the ~~2017~~date ~~Stock~~of ~~Option~~grant. ~~Plan~~The ~~during~~related ~~the~~stock-based ~~nine~~compensation ~~months~~expense ~~ended~~is ~~December~~recorded ~~31,~~over ~~2024~~the ~~and~~requisite ~~2023~~service period.

AsStock-based ofcompensation ~~December~~related 31to restricted stock grants was $109,000 ~~2024~~and $26,000 ~~all~~for ~~outstanding~~the ~~stock~~three ~~options~~months ~~were~~ended ~~fully~~June ~~vested~~30, 2025 and ~~there~~2024, ~~was~~respectively. noThe ~~remaining~~increase ~~unrecognized~~in the stock-based compensation expense ~~related~~was primarily due to ~~stock~~the ~~options~~new ~~granted~~grants ~~under~~issued during the ~~Stock~~quarter ~~Option~~ended ~~Plans.~~December ~~There~~31, ~~was~~2024. noThe unrecognized stock-based compensation ~~expense~~ related to restricted stock ~~options~~was ~~for~~$998,000 ~~the~~and ~~nine~~$145,000 ~~months~~at ~~ended~~June ~~December 31~~30, ~~2024~~2025 and ~~2023~~2024, ~~under~~respectively. The weighted average vesting period for the ~~Stock~~restricted ~~Option~~stock ~~Plans~~was 2.25 years and 1.11 years at June 30, 2025 and 2024, respectively.

~~There was no activity related to stock options for the nine months ended December 31, 2024.~~ The following ~~table~~tables ~~presents~~present the activity related to restricted stock ~~options under the Stock Option Plans~~ for the ~~nine~~periods ~~months ended December 31, 2023~~shown:


	~~Nine~~Time ~~Months Ended December 31,~~Based			Performance Based			Total
	~~2023~~Number	Weighted		Number	Weighted		Number	Weighted
	of	~~Weighted~~Average		of	Average		of	Average
	Unvested	~~Average~~Grant Date		Unvested	Grant Date		Unvested	Grant Date
	Number of	Exercise
Three Months Ended June 30, 2025	Shares	Fair Value		Shares	Fair Value		Shares	Fair Value
	Shares	Price
Balance, beginning of period	155,034	$	5.74	125,169	$	5.66	280,203	$	5.71
Balance, beginning of period	14,310	$	2.78
Balance, end of period	155,034	$	5.74	125,169	$	5.66	280,203	$	5.71
Options exercised	(12,799)		2.78
Options expired	(1,511)		2.78
Balance, end of period	—	$	—

There were no stock options outstanding as of December 31, 2024 and 2023.

Time Based

Performance Based

Total

Number

Weighted

Number

Weighted

Number

Weighted

Average

Unvested

Grant Date

Unvested

Grant Date

Unvested

Grant Date

Three Months Ended June 30, 2024

Shares

Fair Value

Shares

Fair Value

Shares

Fair Value

Balance, beginning of period

15,779

5.72

63,397

5.68

79,176

5.69

Balance, end of period

15,779

5.72

63,397

5.68

79,176

5.69

There was no intrinsic value of stock options exercised for the nine months ended December 31, 2024. The total intrinsic value of stock options exercised was $28,000 for the nine months ended December 31, 2023, under the Stock Option Plans.

~~The Company may grant restricted stock pursuant to the 2017 Plan of which vesting can either be time based or performance based~~4. EARNINGS ~~Performance~~PER based awards are subject to attaining certain performance metrics and all, or a portion of, the performance based awards can subsequently be cancelled for not attaining the predetermined performance metrics. The fair value of restricted stock awards is equal to the fair value of the Company’s stock on the date of grant. The related stock-based compensation expense is recorded over the requisite service period. Stock-based compensation related to restricted stock grants was $264,000 and $19,000 for the three months ended December 31, 2024 and 2023, respectively. Stock-based compensation related to restricted stock grants was $316,000 and $11,000 for the nine months ended December 31, 2024 and 2023, respectively. The increase in the stock-based compensation expense was due to there being no net restricted stock forfeitures for the three and nine months ended December 31, 2024 compared to the reversal of stock-based compensation expense related to restricted stock forfeited for the three and nine months ended December 31,2023 totaling $26,000 and $238,000, respectively. The unrecognized stock-based compensation related to restricted stock was $1.2 million and $267,000 at December 31, 2024 and 2023, respectively. The weighted average vesting period for the restricted stock was 2.68 years and 1.51 years at December 31, 2024 and 2023, respectively.SHARE

Basic earnings per share (“EPS”) is computed by dividing net income or loss applicable to common stock by the weighted average number of common shares outstanding during the period, without considering any dilutive items. Nonvested shares of restricted stock are included in the computation of basic EPS because the holder has voting rights and shares in non-forfeitable dividends during the vesting period. Diluted EPS is computed by dividing net income applicable to common stock by the weighted average number of common shares and common stock equivalents for items that are dilutive, net of shares assumed to be repurchased using the treasury stock method at the average share price for the Company’s common stock during the period. Common stock equivalents arise from the assumed exercise of outstanding stock options. For the three months ended June 30, 2025 and 2024, there were no stock options excluded in computing diluted EPS.

On April 29, 2025, the Company’s Board of Director adopted a stock repurchase program (the “April 2025 repurchase program”), authorizing the Company to purchase up to $2.0 million of the Company’s outstanding shares of common stock, in the open market, based on prevailing market prices, or in privately negotiated transactions. The April 2025 repurchase program will continue until the earlier of the completion of the repurchase or 12 months after the effective date, depending on market conditions.

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A summary of changes in nonvested restricted stock awards for the periods shown:


	Time Based			Performance Based			Total
	Number	Weighted		Number	Weighted		Number	Weighted
	of	Average		of	Average		of	Average
	Unvested	Grant Date		Unvested	Grant Date		Unvested	Grant Date
Nine Months Ended December 31, 2024	Shares	Fair Value		Shares	Fair Value		Shares	Fair Value
Balance, beginning of period	15,779	$	5.72	63,397	$	5.68	79,176	$	5.69
Granted	147,462		5.76	90,401		5.76	237,863		5.76
Forfeited	—		—	(14,075)		5.21	(14,075)		5.21
Vested	(7,281)		6.08	(16,393)		6.73	(23,674)		6.53
Balance, end of period	155,960	$	5.74	123,330	$	5.65	279,290	$	5.70


	Time Based			Performance Based			Total
	Number	Weighted		Number	Weighted		Number	Weighted
	of	Average		of	Average		of	Average
	Unvested	Grant Date		Unvested	Grant Date		Unvested	Grant Date
Nine Months Ended December 31, 2023	Shares	Fair Value		Shares	Fair Value		Shares	Fair Value
Balance, beginning of period	29,977	$	6.14	132,645	$	6.05	162,622	$	6.07
Granted	19,926		5.21	84,040		5.21	103,966		5.21
Forfeited	(19,006)		5.81	(99,514)		5.94	(118,520)		5.92
Vested	(15,118)		5.77	(53,774)		5.38	(68,892)		5.47
Balance, end of period	15,779	$	5.72	63,397	$	5.68	79,176	$	5.69

4. EARNINGS PER SHARE

Basic earnings per share (“EPS”) is computed by dividing net income or loss applicable to common stock by the weighted average number of common shares outstanding during the period, without considering any dilutive items. Nonvested shares of restricted stock are included in the computation of basic EPS because the holder has voting rights and shares in non-forfeitable dividends during the vesting period. Diluted EPS is computed by dividing net income applicable to common stock by the weighted average number of common shares and common stock equivalents for items that are dilutive, net of shares assumed to be repurchased using the treasury stock method at the average share price for the Company’s common stock during the period. Common stock equivalents arise from the assumed exercise of outstanding stock options. For the nine months ended December 31, 2024 and 2023, there were no stock options excluded in computing diluted EPS.

In November 2022, the Company’s Board of Directors adopted a stock repurchase program (the “November 2022 repurchase program”). Under the November 2022 repurchase program, the Company was authorized to repurchase up to $2.5 million of the Company’s outstanding shares of common stock, in the open market, based on prevailing market prices, or in privately negotiated transactions, over a period beginning on November 28, 2022 and continuing until the earlier of the completion of the authorized level of repurchases or May 28, 2023, depending upon market conditions. The Company completed the November 2022 repurchase program on May 5, 2023, repurchasing a total of 394,334 shares at an average cost of $6.34 per share for a total cost of $2.5 million. All shares repurchased under the November 2022 program were retired as of May 28, 2023.

On September 25, 2024, the Company’s Board of Directors adopted a stock repurchase program (the “September 2024 repurchase program”). Under the September 2024 repurchase program, the Company may repurchase up to $2.0 million of the Company’s outstanding shares of common stock, in the open market, based on prevailing market prices, or in privately negotiated transactions. The repurchase program will continue until the earlier of the completion of the repurchase or 12 months after the effective date of October 29, 2024, depending on market conditions. As of December 31, 2024, the Company had repurchased 200,073 shares at a total cost of $1.1 million under the September 2024 repurchase program at an average price of $5.43 per share.

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The following table presents a reconciliation of the components used to compute basic and diluted EPS for the periods indicated:


	Three Months Ended ~~December~~June 3130,				~~Nine Months Ended December 31,~~
	~~2024~~2025		~~2023~~2024		~~2024~~		~~2023~~
(Dollars and share data in thousands, except per share data)
Basic EPS computation:
Numerator-net income	$	1,~~232~~225	$	~~1,452~~966	$	~~3,755~~	$	~~6,767~~
Denominator-weighted average common shares outstanding		2120,~~037~~976		21,~~113~~111		~~21,082~~		~~21,147~~
Basic EPS	$	0.06	$	0.0705	$	~~0.18~~	$	~~0.32~~
Diluted EPS computation:
Numerator-net income	$	1,~~232~~225	$	~~1,452~~966	$	~~3,755~~	$	~~6,767~~
Denominator-weighted average common shares outstanding		2120,~~037~~976		21,~~113~~111		~~21,082~~		~~21,147~~
Effect of dilutive stock options		—		—		—		2
Diluted EPS	$	0.06	$	0.05
Weighted average common shares and common stock equivalents		21,037		21,113		21,082		21,149
Diluted EPS	$	0.06	$	0.07	$	0.18	$	0.32

5. INVESTMENT SECURITIES

The amortized cost and approximate fair value of investment securities consisted of the following at the dates indicated (in thousands):

Gross

Estimated

Amortized

Unrealized

Fair

Cost

Gains

Losses

Value

December 31, 2024

June 30, 2025

Available for sale:

Municipal securities

3736,~~329~~966

(65,~~794~~878)

3031,~~536~~091

Agency securities

3832,~~937~~948

—

(32,~~352~~371)

3530,~~585~~577

Real estate mortgage investment conduits (1)

2927,~~261~~977

—

(54,~~658~~843)

23,~~603~~134

Residential mortgage-backed securities (1)

1110,~~422~~153

1213

(~~751~~488)

109,~~683~~678

Other mortgage-backed securities (2)

2726,~~865~~825

(32,~~402~~531)

24,~~467~~297

Total available for sale

~~144~~134,~~814~~869

1719

(1916,~~957~~111)

~~124~~118,~~874~~777

Held to maturity:

Municipal securities

10,~~302~~290

—

(2,~~945~~707)

7,~~357~~583

Agency securities

4842,~~253~~303

—

(32,~~368~~354)

4439,~~885~~949

Real estate mortgage investment conduits (1)

2927,~~249~~625

—

(43,~~786~~871)

2423,~~463~~754

Residential mortgage-backed securities (1)

~~104~~98,~~314~~927

—

(1714,~~686~~398)

8684,~~628~~529

Other mortgage-backed securities (3)

2018,~~177~~333

—

(32,~~036~~372)

1715,~~141~~961

Total held to maturity

~~212~~197,~~295~~478

—

(3125,~~821~~702)

~~180~~171,~~474~~776

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Table of Contents

Gross

Amortized

Unrealized

Estimated

Cost

Gains

Losses

Fair Value

March 31, 2024

March 31, 2025

Available for sale:

Municipal securities

4137,~~657~~280

201

(6,~~541~~262)

3531,~~136~~019

Agency securities

4732,~~818~~944

—

(42,~~241~~741)

4330,~~577~~203

Real estate mortgage investment conduits (1)

3128,~~424~~597

—

(5,~~759~~107)

2523,~~665~~490

Residential mortgage-backed securities (1)

1310,~~519~~802

313

(~~971~~589)

1210,~~551~~226

Other mortgage-backed securities (2)

2927,~~998~~317

(32,~~734~~823)

2624,~~267~~498

Total available for sale

~~164~~136,~~416~~940

2618

(2117,~~246~~522)

~~143~~119,~~196~~436

Held to maturity:

Municipal securities

10,~~321~~296

—

(2,~~789~~667)

7,~~532~~629

Agency securities

5442,~~123~~279

—

(42,~~522~~723)

4939,~~601~~556

Real estate mortgage investment conduits (1)

3128,~~752~~499

—

(54,~~171~~231)

2624,~~581~~268

Residential mortgage-backed securities (1)

~~112~~101,~~834~~933

—

(1815,~~196~~448)

9486,~~638~~485

Other mortgage-backed securities (3)

20,~~480~~072

—

(32,~~313~~618)

17,~~167~~454

Total held to maturity

~~229~~203,~~510~~079

—

(3327,~~991~~687)

~~195~~175,~~519~~392

(1)	Comprised of Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”) and Ginnie Mae (“GNMA”) issued securities.

(2)	Comprised of U.S. Small Business Administration (“SBA”) issued securities and commercial real estate (“CRE”) secured securities issued by FNMA and FHLMC.

(3)	Comprised of FHLMC and FNMA issued securities.

The contractual maturities of investment securities as of ~~December~~June 3130, ~~2024~~2025 are as follows (in thousands):

Available for Sale

Held to Maturity

Estimated

Amortized

Fair

Amortized

Fair

Cost

Value

Cost

Value

Due in one year or less

~~6,263~~248

~~6,255~~247

1412,~~995~~109

1411,~~841~~980

Due after one year through five years

4448,~~284~~153

4044,~~044~~935

3025,~~353~~530

2824,~~149~~123

Due after five years through ten years

3435,~~347~~165

2930,~~492~~652

2123,~~274~~808

1820,~~007~~770

Due after ten years

5951,~~920~~303

4942,~~083~~943

~~145~~136,~~673~~031

~~119~~114,~~477~~903

Total

~~144~~134,~~814~~869

~~124~~118,~~874~~777

~~212~~197,~~295~~478

~~180~~171,~~474~~776

Expected maturities of investment securities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties.

1312

Table of Contents

The ~~gross unrealized losses and the~~ fair value of ~~securities~~temporarily ~~available-for-sale~~impaired ~~and~~investment ~~held~~securities, tothe ~~maturity~~amount ~~aggregated~~of byunrealized losses and the length of time ~~that~~these ~~individual securities have been in a continuous~~ unrealized ~~loss~~losses ~~position~~existed ~~were~~are as follows at the dates indicated (in thousands):

Less than 12 months

12 months or longer

Total

Estimated

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

December 31, 2024

Value

Losses

Value

Losses

Value

Losses

June 30, 2025

Value

Losses

Value

Losses

Value

Losses

Available for sale:

Municipal securities

—

29,~~365~~918

(65,~~794~~878)

29,~~365~~918

(65,~~794~~878)

Agency securities

—

3530,~~585~~577

(32,~~352~~371)

3530,~~585~~577

(32,~~352~~371)

Real estate mortgage investment conduits (1)

—

23,~~603~~134

(54,~~658~~843)

23,~~603~~134

(54,~~658~~843)

Residential mortgage-backed securities (1)

—

109,~~005~~047

(~~751~~488)

109,~~005~~047

(~~751~~488)

Other mortgage-backed securities (2)

~~470~~493

(34)

23,~~729~~507

(32,~~399~~527)

24,~~199~~000

(32,~~402~~531)

Total available for sale

~~470~~493

(34)

~~122~~116,~~287~~183

(1916,~~954~~107)

~~122~~116,~~757~~676

(1916,~~957~~111)

Held to maturity:

Municipal securities

—

7,~~357~~583

(2,~~945~~707)

7,~~357~~583

(2,~~945~~707)

Agency securities

—

4439,~~885~~949

(32,~~368~~354)

4439,~~885~~949

(32,~~368~~354)

Real estate mortgage investment conduits (1)

—

2423,~~463~~754

(43,~~786~~871)

2423,~~463~~754

(43,~~786~~871)

Residential mortgage-backed securities (1)

—

8684,~~628~~529

(1714,~~686~~398)

8684,~~628~~529

(1714,~~686~~398)

Other mortgage-backed securities (3)

—

1715,~~141~~961

(32,~~036~~372)

1715,~~141~~961

(32,~~036~~372)

Total held to maturity

—

~~180~~171,~~474~~776

(3125,~~821~~702)

~~180~~171,~~474~~776

(3125,~~821~~702)

March 31, 2024

March 31, 2025

Available for sale:

Municipal securities

—

3229,~~748~~849

(6,~~541~~262)

3229,~~748~~849

(6,~~541~~262)

Agency securities

—

4330,~~577~~203

(42,~~241~~741)

4330,~~577~~203

(42,~~241~~741)

Real estate mortgage investment conduits (1)

—

2523,~~665~~490

(5,~~759~~107)

2523,~~665~~490

(5,~~759~~107)

Residential mortgage-backed securities (1)

—

129,~~073~~540

(~~971~~589)

129,~~073~~540

(~~971~~589)

Other mortgage-backed securities (2)

~~534~~418

(13)

2523,~~403~~816

(32,~~733~~820)

2524,~~937~~234

(32,~~734~~823)

Total available for sale

~~534~~418

(13)

~~139~~116,~~466~~898

(2117,~~245~~519)

~~140~~117,~~000~~316

(2117,~~246~~522)

Held to maturity:

Municipal securities

—

7,~~532~~629

(2,~~789~~667)

7,~~532~~629

(2,~~789~~667)

Agency securities

—

4939,~~601~~556

(42,~~522~~723)

4939,~~601~~556

(42,~~522~~723)

Real estate mortgage investment conduits (1)

—

2624,~~581~~268

(54,~~171~~231)

2624,~~581~~268

(54,~~171~~231)

Residential mortgage-backed securities (1)

—

9486,~~638~~485

(1815,~~196~~448)

9486,~~638~~485

(1815,~~196~~448)

Other mortgage-backed securities (3)

—

17,~~167~~454

(32,~~313~~618)

17,~~167~~454

(32,~~313~~618)

Total held to maturity

—

~~195~~175,~~519~~392

(3327,~~991~~687)

~~195~~175,~~519~~392

(3327,~~991~~687)

(1)	Comprised of FHLMC, FNMA and GNMA issued securities.

(2)	Comprised of SBA and CRE secured securities issued by FHLMC and FNMA.

(3)	Comprised of FHLMC and FNMA issued securities.

Allowance for Credit Losses (“ACL”) on Available- for- Sale Debt Securities – Each reporting period, the Company assesses each available for sale debt security that is in an unrealized loss position to determine whether the decline in fair value below the amortized cost basis results from a credit loss or other factors. The Company did not record an ACL on available for sale debt securities at ~~December~~June 30, 2025 and March 31, ~~2024~~2025. As of ~~December~~both 31dates, ~~2024,~~ the Company considered the unrealized losses across the classes of major security-type to be related to fluctuations in market conditions, primarily interest rates, and not reflective of a deterioration in credit value.

For available- for- sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security before recovering its cost basis, the entire impairment loss would be recognized in earnings. If the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this

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~~Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this~~ assessment, ~~Management~~management considers the extent to which fair value is less than amortized costs, any changes to the rating of the security by a rating agency and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. Projected cash flows are discounted by the current effective interest rate. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ~~allowance~~ACL ~~for credit losses~~ is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. The remaining impairment related to all other factors, the difference between the present value of the cash flows expected to be collected and fair value, is recognized as a charge to accumulated other comprehensive income (loss) (“AOCI”).

ACL on Held to Maturity Debt Securities – The Company separately evaluates its held to maturity debt securities for any credit losses based on probability of default and loss given default utilizing historical industry data based on investment category. The probability of default and loss given default are incorporated into the present value of expected cash flows and compared against amortized cost. The Company did not record an ACL on held to maturity debt securities at ~~December~~June 30, 2025 and March 31, ~~2024~~2025 as the impact was insignificant.

The Company had no sales and realized no gains or losses on sales of investment securities for the ~~nine~~three months ended ~~December~~June 3130, ~~2024~~2025 and ~~2023~~2024. Investment securities available for sale with an amortized cost of $2.20 million and $2.61 million and an estimated fair value of $21.08 million and $2.40 million at ~~December~~June 3130, ~~2024~~2025 and March 31, ~~2024~~2025, respectively, were pledged as collateral for government public funds held by the Bank. Investment securities held to maturity with an amortized cost of $1011.59 million and $1112.2 million and a fair value of $810.62 million and $910.34 million at ~~December~~June 3130, ~~2024~~2025 and March 31, ~~2024~~2025, respectively, were pledged as collateral for government public funds held by the Bank. Investment securities held to maturity with an amortized cost of $~~143~~138.4 million and $~~151~~141.23 million and a fair value of $119.63 million and $~~126~~120.15 million at ~~December~~June 3130, ~~2024~~2025 and March 31, ~~2024~~2025, respectively, were pledged as collateral to the Federal Reserve Bank of San Francisco (“FRB”) pursuant to borrowing agreements.

6. LOANS AND ~~ALLOWANCE FOR CREDIT LOSSES FOR LOANS~~ACL

Loans receivable ~~are~~is reported net of deferred loan fees and discounts, and inclusive of premiums. Deferred loan fees totaled $4.2 million and $4.73 million at ~~December~~June 3130, ~~2024~~2025 and March 31, ~~2024~~2025, respectively. ~~Loans~~Discounts ~~receivable discounts~~ and premiums on loans receivable totaled $1.21 million and $1.87 million, respectively, at ~~December~~June 3130, ~~2024~~2025, compared to $1.32 million and $1.97 million, respectively, at March 31, ~~2024~~2025. Loans receivable, ~~excluding loans held for sale,~~ consisted of the following at the dates indicated (in thousands):


	~~December~~June 3130,		March 31,
	~~2024~~2025		~~2024~~2025
Commercial and construction
Commercial business	$	~~224~~231,~~506~~826	$	~~229~~232,~~404~~935
Commercial real estate		~~574~~599,~~496~~617		~~583~~592,~~501~~185
Land		43,~~062~~659		54,~~693~~610
Multi-family		7890,~~822~~606		7091,~~771~~451
Real estate construction		4920,~~956~~133		3629,~~538~~182
Total commercial and construction		~~931~~945,~~842~~841		~~925~~950,~~907~~363

Consumer
Real estate one-to-four family		9798,~~760~~147		9697,~~366~~683
Other installment		1524,~~507~~092		114,~~740~~414
Total consumer		~~113~~122,~~267~~239		98112,~~106~~097

Total loans		1,~~045~~068,~~109~~080		1,~~024~~062,~~013~~460

Less: ACL for loans		15,~~352~~426		15,~~364~~374
Loans receivable, net	$	1,~~029~~052,~~757~~654	$	1,~~008~~047,~~649~~086

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The Company considers its loan portfolio to have very little exposure to sub-prime mortgage loans since the Company has not historically engaged in this type of lending. At ~~December~~June 3130, ~~2024~~2025, loans carried at $~~738~~765.8 million were pledged as collateral to the FHLB of Des Moines and FRB pursuant to borrowing agreements.

Substantially all the Company’s business activity is with ~~customers~~clients located in the states of Washington and Oregon. Loans and extensions of credit outstanding at one time to one borrower are generally limited by federal regulation to 15% of the Bank’s shareholders’ equity, excluding ~~accumulated other comprehensive income (loss)~~AOCI. As of ~~December~~June 3130, ~~2024~~2025 and March 31, ~~2024~~2025, the Bank had no loans to any one borrower in excess of the regulatory limit.

Troubled Loan Modifications (“TLM”) – Occasionally, the Company offers modifications of loans to borrowers experiencing financial difficulty by providing principal forgiveness, interest rate reductions, other-than-insignificant payment delays, term extensions or any combination of these. When principal forgiveness is provided, the amount of the forgiveness is charged-off against the ACL for loans. Upon the Company’s determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is charged off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the ACL for loans is adjusted by the same amount. The ACL on modified loans is measured using the same credit loss estimation methods used to determine the ACL for all other loans held for investment. These methods incorporate the post-modification loan terms, as well as defaults and charge-offs associated with historical modified loans.

There were no loans modified related to borrowers experiencing financial difficulty during the three months ended ~~December~~June 3130, ~~2024~~2025. There were no loans past due at ~~December~~June 3130, ~~2024~~2025 that had been modified in the previous 12 months.

Credit quality indicators: The Company monitors credit risk in its loan portfolio using a risk rating system (on a scale of one to nine) for all commercial (non-consumer) loans. The risk rating system is a measure of the credit risk of the borrower based on their historical, current and anticipated future financial characteristics. The Company assigns a risk rating to each commercial loan at origination and subsequently updates these ratings, as necessary, so that the risk rating continues to reflect the appropriate risk characteristics of the loan. Application of appropriate risk ratings is key to management of loan portfolio risk. In determining the appropriate risk rating, the Company considers the following factors: delinquency, payment history, quality of management, liquidity, leverage, earnings trends, alternative funding sources, geographic risk, industry risk, cash flow adequacy, account practices, asset protection and extraordinary risks. Consumer loans, including custom construction loans, are not assigned a risk rating but rather are grouped into homogeneous pools with similar risk characteristics. When a consumer loan is delinquent 90 days, it is placed on non-accrual status and assigned a substandard risk rating. Loss factors are assigned to each risk rating and homogeneous pool based on historical loss experience for similar loans. This historical loss experience is adjusted for qualitative factors that are likely to cause the estimated credit losses to differ from the Company’s historical loss experience. The Company uses these loss factors to estimate the general component of its ~~allowance for credit losses~~ACL.

Pass – These loans have a risk rating between 1 and 4 and are to borrowers that meet normal credit standards. Any deficiencies in satisfactory asset quality, liquidity, debt servicing capacity and coverage are offset by strengths in other areas. The borrower currently has the capacity to perform according to the loan terms. Any concerns about risk factors such as stability of margins, stability of cash flows, liquidity, dependence on a single product/supplier/~~customer~~client, depth of management, etc. are offset by strengths in other areas. Typically, these loans are secured by the operating assets of the borrower and/or real estate. The borrower’s management is considered competent. The borrower has the ability to repay the debt in the normal course of business.

Watch – These loans have a risk rating of 5 and are included in the “pass” rating. However, there would typically be some reason for additional management oversight, such as the borrower’s recent financial setbacks and/or deteriorating financial position, industry concerns and failure to perform on other borrowing obligations. Loans with this rating are monitored closely in an effort to correct deficiencies.

Special mention – These loans have a risk rating of 6 and are rated in accordance with regulatory guidelines. These loans have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the credit position at some future date. These loans pose elevated risk but their weakness does not yet justify a “substandard” classification.

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Substandard – These loans have a risk rating of 7 and are rated in accordance with regulatory guidelines, for which the accrual of interest may or may not be discontinued. Under regulatory guidelines, a “substandard” loan has defined weaknesses which make payment default or principal exposure likely but not yet certain. Repayment of such loans is likely to be dependent upon collateral liquidation, a secondary source of repayment, or an event outside of the normal course of business.

Doubtful – These loans have a risk rating of 8 and are rated in accordance with regulatory guidelines. Such loans are placed on non-accrual status and repayment may be dependent upon collateral which has value that is difficult to determine or upon some near-term event which lacks certainty.

Loss – These loans have a risk rating of 9 and are rated in accordance with regulatory guidelines. Such loans are charged-off or charged-down when payment is acknowledged to be uncertain or when the timing or value of payments cannot be determined. “Loss” is not intended to imply that the loan or some portion of it will never be paid, nor does it in any way imply that there has been a forgiveness of debt.

Table of Contents

The following table sets forth the Company’s loan portfolio at June 30, 2025 and March 31, 2025 by risk attribute and year of origination as well as current period gross charge-offs (in thousands). Revolving loans that are converted to term loans are treated as new originations in the table below and are presented by year of origination. Term loans that are renewed or extended for periods longer than 90 days are presented as a new origination in the year of the most recent renewal or extension.


	June 30, 2025
	Term Loans Amortized Cost Basis by Origination Fiscal Year
															Total
													Revolving		Loans
	2026		2025		2024		2023		2022		Prior		Loans		Receivable

Commercial business
Risk rating
Pass	$	2,208	$	12,437	$	18,010	$	53,711	$	84,230	$	42,903	$	10,843	$	224,342
Special Mention		—		1,791		—		—		530		394		4,094		6,809
Substandard		—		—		—		—		—		675		—		675
Total commercial business	$	2,208	$	14,228	$	18,010	$	53,711	$	84,760	$	43,972	$	14,937	$	231,826
Current YTD gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial real estate
Risk rating
Pass	$	10,001	$	47,954	$	48,040	$	57,820	$	136,253	$	251,052	$	—	$	551,120
Special Mention		—		—		3,162		6,352		5,207		23,805		—		38,526
Substandard		—		—		30		—		—		9,941		—		9,971
Total commercial real estate	$	10,001	$	47,954	$	51,232	$	64,172	$	141,460	$	284,798	$	—	$	599,617
Current YTD gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Land
Risk rating
Pass	$	—	$	611	$	—	$	2,545	$	81	$	435	$	(13)	$	3,659
Total land	$	—	$	611	$	—	$	2,545	$	81	$	435	$	(13)	$	3,659
Current YTD gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Multi-family
Risk rating
Pass	$	158	$	1,127	$	941	$	39,016	$	35,606	$	13,341	$	—	$	90,189
Special Mention		—		—		—		181		—		134		—		315
Substandard		—		—		—		—		18		84		—		102
Total multi-family	$	158	$	1,127	$	941	$	39,197	$	35,624	$	13,559	$	—	$	90,606
Current YTD gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Table of Contents

The following table sets forth the Company’s loan portfolio at December 31, 2024 and March 31, 2024 by risk attribute and year of origination as well as current period gross charge-offs (in thousands). Revolving loans that are converted to term loans are treated as new originations in the table below and are presented by year of origination. Term loans that are renewed or extended for periods longer than 90 days are presented as a new origination in the year of the most recent renewal or extension.


	~~December~~June 3130, ~~2024~~2025
	Term Loans Amortized Cost Basis by Origination Fiscal Year
															Total
													Revolving		Loans
	~~2025~~2026		~~2024~~2025		~~2023~~2024		~~2022~~2023		~~2021~~2022		Prior		Loans		Receivable

Commercial business
Real estate construction
Risk rating
Pass	$	~~7,714~~237	$	2010,~~332~~092	$	576,~~278~~454	$	793,~~864~~350	$	~~21,697~~—	$	~~25,379~~—	$	~~7,536~~—	$	~~219~~20,~~800~~133
Special Mention		2,077		—		—		613		519		806		649		4,664
Total real estate construction	$	237	$	10,092	$	6,454	$	3,350	$	—	$	—	$	—	$	20,133
Substandard		—		—		—		—		—		42		—		42
Current YTD gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total commercial business	$	9,791	$	20,332	$	57,278	$	80,477	$	22,216	$	26,227	$	8,185	$	224,506

Current YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Real estate one-to-four family
Risk rating
Pass	$	—	$	5	$	—	$	—	$	56,841	$	20,688	$	20,584	$	98,118
Substandard		—		—		—		—		—		29		—		29
Total real estate one-to-four family	$	—	$	5	$	—	$	—	$	56,841	$	20,717	$	20,584	$	98,147
Current YTD gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial real estate
Other installment
Risk rating
Pass	$	207,~~427~~600	$	3715,~~573~~236	$	~~60,894~~343	$	~~142,028~~291	$	~~87,473~~77	$	~~180,602~~48	$	—497	$	~~528~~24,~~997~~092
Special Mention		4,489		3,166		3,668		2,698		—		31,385		—		45,406
Total other installment	$	7,600	$	15,236	$	343	$	291	$	77	$	48	$	497	$	24,092
Substandard		—		30		—		—		—		63		—		93
Current YTD gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total commercial real estate	$	24,916	$	40,769	$	64,562	$	144,726	$	87,473	$	212,050	$	—	$	574,496
Current YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	80	$	80

Land
Total loans receivable, gross
Risk rating
Pass	$	~~619~~20,204	$	—87,462	$	273,~~597~~788	$	86156,733	$	—313,088	$	~~479~~328,467	$	~~281~~31,911	$	41,~~062~~011,653
Total land	$	619	$	—	$	2,597	$	86	$	—	$	479	$	281	$	4,062
Special Mention		—		1,791		3,162		6,533		5,737		24,333		4,094		45,650
Current YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Substandard		—		—		30		—		18		10,729		—		10,777

Total loans receivable, gross	$	20,204	$	89,253	$	76,980	$	163,266	$	318,843	$	363,529	$	36,005	$	1,068,080
Multi-family
Total current YTD gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Risk rating
Pass	$	711	$	953	$	26,020	$	36,040	$	4,289	$	10,383	$	—	$	78,396
Special Mention		—		—		184		—		18		166		—		368
Substandard		—		—		—		—		—		58		—		58
Total multi-family	$	711	$	953	$	26,204	$	36,040	$	4,307	$	10,607	$	—	$	78,822
Current YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Table of Contents


	~~December~~March 31, ~~2024~~2025
	Term Loans Amortized Cost Basis by Origination Fiscal Year
															Total
													Revolving		Loans
	2025		2024		2023		2022		2021		Prior		Loans		Receivable

Real estate construction
Commercial business
Risk rating
Pass	$	10,~~901~~840	$	2717,~~530~~592	$	356,~~442~~013	$	885,~~083~~632	$	—20,918	$	—24,198	$	—12,822	$	49228,~~956~~015
Total real estate construction	$	10,901	$	27,530	$	3,442	$	8,083	$	—	$	—	$	—	$	49,956
Special Mention		1,964		—		—		571		—		456		1,166		4,157
Current YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Substandard		—		—		—		—		472		291		—		763

Total commercial business	$	12,804	$	17,592	$	56,013	$	86,203	$	21,390	$	24,945	$	13,988	$	232,935
Real estate one-to-four family
Current YTD gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Risk rating
Pass	$	10	$	—	$	—	$	59,305	$	4,072	$	17,482	$	16,859	$	97,728
Substandard		—		—		—		—		—		32		—		32
Total real estate one-to-four family	$	10	$	—	$	—	$	59,305	$	4,072	$	17,514	$	16,859	$	97,760
Current YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	11	$	11

Other installment
Commercial real estate
Risk rating
Pass	$	1344,~~928~~477	$	~~606~~42,181	$	~~376~~61,005	$	~~118~~138,354	$	5386,768	$	10173,364	$	~~416~~—	$	15546,~~507~~149
Total other installment	$	13,928	$	606	$	376	$	118	$	53	$	10	$	416	$	15,507
Special Mention		—		3,164		3,638		5,246		—		31,920		—		43,968
Current YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	26	$	26
Substandard		—		30		—		—		—		2,038		—		2,068
Total commercial real estate	$	44,477	$	45,375	$	64,643	$	143,600	$	86,768	$	207,322	$	—	$	592,185
Current YTD gross write-offs	$	—	$	80	$	—	$	—	$	—	$	—	$	—	$	80

Total loans receivable, gross
Land
Risk rating
Pass	$	~~54,310~~615	$	~~86,994~~—	$	~~150~~2,~~607~~570	$	~~325,524~~84	$	~~117,584~~—	$	~~234,335~~457	$	~~25,092~~884	$	~~994~~4,~~446~~610
Special Mention		6,566		3,166		3,852		3,311		537		32,357		649		50,438
Total land	$	615	$	—	$	2,570	$	84	$	—	$	457	$	884	$	4,610
Substandard		—		30		—		—		—		195		—		225
Current YTD gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total loans receivable, gross	$	60,876	$	90,190	$	154,459	$	328,835	$	118,121	$	266,887	$	25,741	$	1,045,109

Total current YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	117	$	117
Multi-family
Risk rating
Pass	$	1,132	$	947	$	39,279	$	35,831	$	4,257	$	9,583	$	—	$	91,029
Special Mention		—		—		183		—		18		155		—		356
Substandard		—		—		—		—		—		66		—		66
Total multi-family	$	1,132	$	947	$	39,462	$	35,831	$	4,275	$	9,804	$	—	$	91,451
Current YTD gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Table of Contents


	March 31, ~~2024~~2025
	Term Loans Amortized Cost Basis by Origination Fiscal Year
															Total
													Revolving		Loans
	~~2024~~2025		~~2023~~2024		~~2022~~2023		~~2021~~2022		~~2020~~2021		Prior		Loans		Receivable

Commercial business
Real estate construction
Risk rating
Pass	$	14,~~126~~092	$	6311,~~838~~784	$	853,~~131~~306	$	~~28,119~~—	$	~~16,945~~—	$	~~12,411~~—	$	~~4,827~~—	$	~~225~~29,~~397~~182
Special Mention		—		—		733		—		486		232		2,498		3,949
Total real estate construction	$	14,092	$	11,784	$	3,306	$	—	$	—	$	—	$	—	$	29,182
Substandard		—		—		—		—		—		58		—		58
Current YTD gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total commercial business	$	14,126	$	63,838	$	85,864	$	28,119	$	17,431	$	12,701	$	7,325	$	229,404

Current YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Real estate one-to-four family
Risk rating
Pass	$	133	$	—	$	—	$	58,107	$	4,041	$	17,115	$	18,257	$	97,653
Substandard		—		—		—		—		—		30		—		30
Total real estate one-to-four family	$	133	$	—	$	—	$	58,107	$	4,041	$	17,145	$	18,257	$	97,683
Current YTD gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	11	$	11

Commercial real estate
Other installment
Risk rating
Pass	$	3613,~~116~~185	$	~~66,847~~337	$	~~147,015~~336	$	~~89,662~~96	$	~~53,424~~48	$	~~158,311~~6	$	—406	$	~~551~~14,~~375~~414
Special Mention		—		3,752		897		—		—		26,878		—		31,527
Total other installment	$	13,185	$	337	$	336	$	96	$	48	$	6	$	406	$	14,414
Substandard		520		—		—		—		—		79		—		599
Current YTD gross write-offs	$	—	$	6	$	—	$	25	$	—	$	—	$	1	$	32
Total commercial real estate	$	36,636	$	70,599	$	147,912	$	89,662	$	53,424	$	185,268	$	—	$	583,501
Current YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Land
Total loans receivable, gross
Risk rating
Pass	$	284,~~361~~474	$	272,~~340~~841	$	94162,509	$	—318,104	$	~~106~~116,032	$	~~437~~224,723	$	—32,369	$	51,~~338~~011,052
Special Mention		—1,964		~~355~~3,164		—3,821		—5,817		—18		—32,531		—1,166		~~355~~48,481
Total land	$	2,361	$	2,695	$	94	$	—	$	106	$	437	$	—	$	5,693
Substandard		—		30		—		—		472		2,425		—		2,927
Current YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total loans receivable, gross	$	86,438	$	76,035	$	166,330	$	323,921	$	116,522	$	259,679	$	33,535	$	1,062,460

Total current YTD gross write-offs	$	—	$	86	$	—	$	25	$	—	$	—	$	12	$	123
Multi-family
Risk rating
Pass	$	970	$	21,643	$	32,003	$	4,841	$	8,788	$	2,429	$	—	$	70,674
Special Mention		—		—		—		—		35		32		—		67
Substandard		—		—		—		—		—		30		—		30
Total multi-family	$	970	$	21,643	$	32,003	$	4,841	$	8,823	$	2,491	$	—	$	70,771
Current YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

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ACL on Loans - The ACL for loans is an estimate of the expected credit losses on financial assets measured at amortized cost. The ACL for loans is evaluated based on relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. Historical loss experience is generally the starting point for estimating expected credit losses. The Company then considers whether the historical loss experience should be adjusted for asset-specific risk characteristics or current conditions at the reporting date that did not exist over the period that historical experience was based for each loan type. Finally, the Company considers forecasts about future economic conditions or changes in collateral values that are reasonable and supportable. The Company estimates the expected credit losses over the loans’ contractual terms, adjusted for expected prepayments. The ACL for loans is calculated for loan segments utilizing loan level information and relevant information from internal and external sources related to past events and current conditions.

The methodology for estimating the amount of expected credit losses has two basic components: (i) a general component for pools of loans that share similar risk characteristics; and (ii) an individual component for loans that do not share risk characteristics with other loans and are evaluated individually. The Company's ACL model methodology is to build a reserve rate using historical life of loan default rates combined with assessments of current loan portfolio information and current and forecasted economic environment and business cycle information. The model uses statistical analysis to determine the life of loan default rates for the quantitative component and analyzes qualitative factors (Q-Factors) that assess the current loan portfolio conditions and forecasted economic environment and collateral values. For loans that are individually evaluated, an allowance is established when the discounted cash flows or collateral value (less estimated selling costs, if applicable) is lower than the carrying value of the loan.


	March 31, 2024
	Term Loans Amortized Cost Basis by Origination Fiscal Year
															Total
													Revolving		Loans
	2024		2023		2022		2021		2020		Prior		Loans		Receivable

Real estate construction
Risk rating
Pass	$	13,320	$	10,078	$	12,346	$	—	$	—	$	—	$	—	$	35,744
Special Mention		794		—		—		—		—		—		—		794
Total real estate construction	$	14,114	$	10,078	$	12,346	$	—	$	—	$	—	$	—	$	36,538
Current YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Real estate one-to-four family
Risk rating
Pass	$	—	$	—	$	60,447	$	4,164	$	4,364	$	14,756	$	12,599	$	96,330
Substandard		—		—		—		—		—		36		—		36
Total real estate one-to-four family	$	—	$	—	$	60,447	$	4,164	$	4,364	$	14,792	$	12,599	$	96,366
Current YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Other installment
Risk rating
Pass	$	418	$	555	$	198	$	75	$	27	$	8	$	459	$	1,740
Total other installment	$	418	$	555	$	198	$	75	$	27	$	8	$	459	$	1,740
Current YTD gross charge-offs	$	—	$	11	$	—	$	—	$	—	$	2	$	—	$	13

Total loans receivable, gross
Risk rating
Pass	$	67,311	$	165,301	$	337,234	$	126,861	$	83,654	$	188,352	$	17,885	$	986,598
Special Mention		794		4,107		1,630		—		521		27,142		2,498		36,692
Substandard		520		—		—		—		—		203		—		723
Total loans receivable, gross	$	68,625	$	169,408	$	338,864	$	126,861	$	84,175	$	215,697	$	20,383	$	1,024,013
Total current YTD gross charge-offs	$	—	$	11	$	—	$	—	$	—	$	2	$	—	$	13

When available information confirms that specific loans or portions thereof are uncollectible, identified amounts are charged against the ACL. The existence of some or all of the following criteria will generally confirm that a loss has been incurred: the loan is significantly delinquent and the borrower has not demonstrated the ability or intent to bring the loan current; the Company has no recourse to the borrower, or if it does, the borrower has insufficient assets to pay the debt; and/or the estimated fair value of the loan collateral is significantly below the current loan balance, and there is little or no near-term prospect for improvement.

~~ACL~~Management’s onevaluation ~~Loans~~of -the ~~The~~ ACL for loans is anbased ~~estimate of the expected credit losses~~ on ~~financial~~ongoing, ~~assets~~quarterly ~~measured~~assessments atof ~~amortized~~the ~~cost.~~known ~~The ACL for loans is evaluated~~ and ~~calculated~~inherent onrisks ain ~~collective~~the ~~basis~~loan ~~for~~portfolio. ~~those~~In ~~loans~~addition, ~~which~~regulatory ~~share~~agencies, ~~similar~~as ~~risk~~an ~~characteristics.~~integral ~~The~~part ~~Company~~of ~~estimates~~their ~~the~~examination ~~expected~~process, ~~credit~~periodically ~~losses~~review ~~over~~ the ~~loans~~Company’s ~~contractual terms, adjusted for expected prepayments. The~~ ACL for loans ~~is calculated for loan segments utilizing loan level information~~ and ~~relevant~~may ~~information~~require ~~from~~the ~~internal~~Company ~~and~~to ~~external~~make ~~sources~~additions ~~related~~ to ~~past events and current conditions. In addition,~~ the ~~Company~~ACL ~~incorporates~~for ~~a reasonable and supportable forecast. For~~ loans ~~that~~based ~~are~~on ~~individually~~their ~~evaluated,~~judgment anabout ~~allowance~~information isavailable ~~established~~to ~~when~~them at the ~~discounted~~time ~~cash flows or collateral value (less estimated selling costs, if applicable)~~ of ~~the~~their ~~loan is lower than its carrying value~~examinations.

The following tables detail activity in the ACL for loans at or for the three months ended June 30, 2025 and 2024, by loan category (in thousands):


Three months ended	Commercial		Commercial				Multi-		Real Estate
June 30, 2025	Business		Real Estate		Land		Family		Construction		Consumer		Total

Beginning balance	$	5,033	$	7,492	$	83	$	444	$	480	$	1,842	$	15,374
(Recapture of) provision for credit losses		(174)		158		(11)		(4)		(147)		178		—
Charge-offs		—		—		—		—		—		—		—
Recoveries		—		—		—		—		—		52		52
Ending balance	$	4,859	$	7,650	$	72	$	440	$	333	$	2,072	$	15,426

Three months ended
June 30, 2024

Beginning balance	$	5,280	$	7,391	$	106	$	367	$	636	$	1,584	$	15,364
(Recapture of) provision for credit losses		(139)		(88)		14		35		87		91		—
Charge-offs		—		—		—		—		—		(1)		(1)
Recoveries		—		—		—		—		—		1		1
Ending balance	$	5,141	$	7,303	$	120	$	402	$	723	$	1,675	$	15,364

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When available information confirms that specific loans or portions thereof are uncollectible, identified amounts are charged against the allowance for credit losses. The existence of some or all of the following criteria will generally confirm that a loss has been incurred: the loan is significantly delinquent and the borrower has not demonstrated the ability or intent to bring the loan current; the Company has no recourse to the borrower, or if it does, the borrower has insufficient assets to pay the debt; and/or the estimated fair value of the loan collateral is significantly below the current loan balance, and there is little or no near-term prospect for improvement.

Management’s evaluation of the ACL for loans is based on ongoing, quarterly assessments of the known and inherent risks in the loan portfolio. Loss factors are based on the Company’s historical loss experience with additional consideration and adjustments made for changes in economic conditions, changes in the amount and composition of the loan portfolio, delinquency rates, changes in collateral values, seasoning of the loan portfolio, duration of the current business cycle, a detailed analysis of individually evaluated loans and other factors as deemed appropriate. These factors are evaluated on a quarterly basis. Loss rates used by the Company are affected as changes in these factors increase or decrease from quarter to quarter. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company’s ACL for loans and may require the Company to make additions to the ACL for loans based on their judgment about information available to them at the time of their examinations.

~~The~~Non-accrual ~~following~~loans: ~~tables~~Loans ~~detail~~are ~~activity~~reviewed inregularly and it is the ~~ACL~~Company’s ~~for~~general ~~loans~~policy atthat ora ~~for~~loan ~~the~~is ~~three~~past ~~and~~due ~~nine~~when ~~months~~it ~~ended~~is ~~December~~30 ~~31,~~to ~~2024~~89 ~~and~~days ~~December~~delinquent. ~~31,~~In ~~2023~~general, bywhen a loan ~~category~~is ~~(in~~90 ~~thousands):~~days or more delinquent or when collection of principal or interest


Three months ended	Commercial		Commercial				Multi-		Real Estate
December 31, 2024	Business		Real Estate		Land		Family		Construction		Consumer		Unallocated		Total

Beginning balance	$	5,118	$	7,137	$	139	$	354	$	925	$	1,793	$	—	$	15,466
(Recapture of) provision for credit losses		16		162		(67)		11		(96)		(26)		—		—
Charge-offs		—		(80)		—		—		—		(36)		—		(116)
Recoveries		—		—		—		—		—		2		—		2
Ending balance	$	5,134	$	7,219	$	72	$	365	$	829	$	1,733	$	—	$	15,352

Nine months ended
December 31, 2024

Beginning balance	$	5,280	$	7,391	$	106	$	367	$	636	$	1,584	$	—	$	15,364
Provision for (recapture of) credit losses		(146)		(92)		(34)		(2)		193		181		—		100
Charge-offs		—		(80)		—		—		—		(37)		—		(117)
Recoveries		—		—		—		—		—		5		—		5
Ending balance	$	5,134	$	7,219	$	72	$	365	$	829	$	1,733	$	—	$	15,352

Three months ended
December 31, 2023

Beginning balance	$	5,339	$	7,138	$	112	$	293	$	860	$	1,604	$	—	$	15,346
Provision for (recapture of) credit losses		(74)		141		45		41		(129)		(24)		—		—
Charge-offs		—		—		—		—		—		(2)		—		(2)
Recoveries		—		—		—		—		—		17		—		17
Ending balance	$	5,265	$	7,279	$	157	$	334	$	731	$	1,595	$	—	$	15,361

Nine months ended
December 31, 2023

Beginning balance	$	3,123	$	8,894	$	93	$	798	$	764	$	1,127	$	510	$	15,309
Impact of adopting CECL (ASU 2016-13)		1,884		(1,494)		40		(492)		131		483		(510)		42
Provision for (recapture of) loan losses		258		(121)		24		28		(164)		(25)		—		—
Charge-offs		—		—		—		—		—		(13)		—		(13)
Recoveries		—		—		—		—		—		23		—		23
Ending balance	$	5,265	$	7,279	$	157	$	334	$	731	$	1,595	$	—	$	15,361

Table of Contents

Non-accrual loans: Loans are reviewed regularly and it is the Company’s general policy that a loan is past due when it is 30 to 89 days delinquent. In general, when a loan is 90 days delinquent or when collection of principal or interest appears doubtful, it is placed on non-accrual status, at which time the accrual of interest ceases and a reserve for unrecoverable accrued interest is established and charged against operations. As a general practice, payments received on non-accrual loans are applied to reduce the outstanding principal balance on a cost recovery method. Also, as a general practice, a loan is not removed from non-accrual status until all delinquent principal, interest and late fees have been brought current and the borrower has demonstrated a history of performance based upon the contractual terms of the note. A history of repayment performance generally would be a minimum of six months. Interest income foregone on non-accrual loans was $304,000 and $82,000 for the ~~nine~~three months ended ~~December~~June 3130, ~~2024~~2025 and ~~2023~~2024, respectively.

The following tables present an analysis of loans by aging category at the dates indicated (in thousands):


							Total
			90 Days				Past
			and				Due and				Total
	30-89 Days		Greater				Non-				Loans
December 31, 2024	Past Due		Past Due		Non-accrual		accrual		Current		Receivable
June 30, 2025	Past Due		Past Due		Non-accrual		accrual		Current		Receivable

Commercial business	$	23,~~455~~662	$	~~301~~—	$	4332	$	23,~~799~~694	$	~~221~~228,~~707~~132	$	~~224~~231,~~506~~826
Commercial real estate		—		—		9382		9382		~~574~~599,~~403~~535		~~574~~599,~~496~~617
Land		—		—		—		—		43,~~062~~659		43,~~062~~659
Multi-family		—		—		—		—		7890,~~822~~606		7890,~~822~~606
Real estate construction		~~2,122~~—		—		—		~~2,122~~—		4720,~~834~~133		4920,~~956~~133
Consumer		~~981~~—		—		3229		~~1,013~~29		~~112~~122,~~254~~210		~~113~~122,~~267~~239
Total	$	53,~~558~~662	$	~~301~~—	$	~~168~~143	$	63,~~027~~805	$	1,~~039~~064,~~082~~275	$	1,~~045~~068,~~109~~080

March 31, 2024
March 31, 2025

Commercial business	$	13,~~778~~793	$	5—	$	5837	$	13,~~841~~830	$	~~227~~229,~~563~~105	$	~~229~~232,~~404~~935
Commercial real estate		—242		—		7988		79330		~~583~~591,~~422~~855		~~583~~592,~~501~~185
Land		—		—		—		—		54,~~693~~610		54,~~693~~610
Multi-family		—		—		—		—		7091,~~771~~451		7091,~~771~~451
Real estate construction		—		—		—		—		3629,~~538~~182		3629,~~538~~182
Consumer		147		—		3630		3777		98112,~~069~~020		98112,~~106~~097
Total	$	14,~~779~~082	$	5—	$	~~173~~155	$	14,~~957~~237	$	1,~~022~~058,~~056~~223	$	1,~~024~~062,~~013~~460

The increase in the 30-89 days past due loans was primarily related to one commercial construction loan which is in the process of being renewed and one consumer loan which is progressing through the probate process. Included in the 30-89 days past due loans at ~~December~~June 3130, ~~2024~~2025 and March 31, ~~2024~~2025 are $2.51 million and $13.81 million, respectively, of fully guaranteed SBA or United States Department of Agriculture (“USDA”) loans. These government guaranteed loans are classified as pass rated loans and are not considered to be either nonaccrual or classified loans because based on the guarantee, the Company expects to receive all principal and interest according to the contractual terms of the loan agreement and there are no well-defined weaknesses or risk of loss. As a result, these loans were omitted from the required calculation of the ACL for loans. Interest income foregone on non-accrual loans was $304,000 and $1016,000 for the ~~nine~~three months ended ~~December~~June 3130, ~~2024~~2025 and the year ended March 31, ~~2024~~2025, respectively. For additional information, see Management’s Discussion and Analysis of Financial Condition and Results of Operations – Comparison of Financial Condition at December 31, 2024 and March 31, 2024 – Asset Quality, discussed below.

At ~~December~~June 30, 2025, the Company had $84,000 of non-accrual loans with no ACL and $59,000 of non-accrual loans with an ACL of $1,000. At March 31, ~~2024~~2025, the Company had $~~105~~94,000 of non-accrual loans with no ACL and $6361,000 of non-accrual loans with an ACL of $1,000. The amortized cost of collateral dependent loans as of ~~December~~June 3130, ~~2024~~2025, were $4232,000 and $6352,000 for commercial business and commercial real estate, respectively., compared to $37,000 and $57,000 for March 31, 2025, respectively.

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7. GOODWILL

Goodwill and certain other intangibles generally arise from business combinations accounted for under the purchase method of accounting. Goodwill and other intangibles deemed to have indefinite lives generated from business combinations are not subject to amortization and are instead tested for impairment not less than annually. The Company has two reporting units, the Bank and the Trust Company, for purposes of evaluating goodwill for impairment. All the Company’s goodwill has been allocated to the Bank reporting unit.

The Company performed an impairment assessment as of October 31, 2024 and determined that no impairment of goodwill exists. The quantitative goodwill impairment test ~~involves~~is aused ~~two-step~~to ~~process.~~identify ~~The~~the ~~first~~existence ~~step~~of isimpairment aand ~~comparison of~~ the ~~reporting~~amount ~~unit’s~~of ~~fair~~impairment ~~value~~loss toand ~~its~~compares ~~carrying value. If~~ the reporting unit’s estimated fair value, isincluding ~~less~~goodwill, ~~than~~to its carrying ~~value, the Company would be required to progress to the second step~~amount. InIf the ~~second step, the Company calculates the implied~~ fair value ofexceeds ~~goodwill and compares~~ the ~~implied fair value of goodwill to the~~ carrying amount, ofthen goodwill inis ~~the~~not ~~Company’s~~considered ~~consolidated balance sheet~~impaired. If the carrying amount ofexceeds ~~the~~its ~~goodwill is greater than the implied~~ fair value ~~of that goodwill~~, an impairment loss ~~must~~would be recognized ~~in an amount~~ equal to ~~that excess. The implied fair value of goodwill is determined in~~ the ~~same~~amount ~~manner as goodwill recognized in a business combination. The results~~ of ~~the Company’s step one test indicated that the reporting unit’s fair value was greater than its carrying value~~excess, ~~and,~~limited ~~therefore,~~to ~~a step two analysis was not required; however, no assurance can be given that~~ the ~~Company’s~~amount ~~goodwill will not be written down in future periods. The Company completed a qualitative assessment~~ of total goodwill asallocated ofto ~~December 31, 2024, and concluded~~ that ~~it is more likely than not that the fair value of the Bank (the~~ reporting unit~~), exceeds its carrying value at that date~~.

The Company completed a qualitative assessment of goodwill as of June 30, 2025, and concluded that it is more likely than not that the fair value of the Bank (the reporting unit), exceeds its carrying value at that date. No assurances can be given that the Company’s goodwill will not be written down in future periods. If adverse economic conditions or any decreases in the Company’s stock price and market capitalization were deemed to be other than temporary, it may significantly affect the fair value of the Company’s goodwill and may trigger impairment charges. Any impairment charge could have a material adverse affect on the Company’s results of operations and financial condition.

8. FEDERAL HOME LOAN BANK ADVANCES

FHLB advances are summarized at the dates indicated (dollars in thousands):


	~~December~~June 3130, ~~2024~~2025			March 31, ~~2024~~2025
FHLB advances	$	84102,~~200~~500		$	8876,~~304~~400
Weighted average interest rate on FHLB advances (1)		54.3259	%		5.4017	%

(1) Computed based on the borrowing activity for the ~~nine~~three months ended ~~December~~June 3130, ~~2024~~2025 and the fiscal year ended March 31, ~~2024~~2025, respectively.

The Bank has a credit line with the FHLB equal to 45% of total assets, limited by available collateral. At ~~December~~June 3130, ~~2024~~2025, based on collateral values, the Bank had additional borrowing capacity of $~~164~~155.49 million from the FHLB. FHLB advances are collateralized with loans secured by real estate. At ~~December~~June 3130, ~~2024~~2025, loans carried at $~~455~~471.46 million were pledged as collateral to the FHLB.

9. JUNIOR SUBORDINATED DEBENTURES

The Company has wholly-owned subsidiary grantor trusts that were established for the purpose of issuing trust preferred securities and common securities. The trust preferred securities accrue and pay distributions periodically at specified annual rates as provided in each trust agreement. The trusts used the net proceeds from each of the offerings to purchase a like amount of junior subordinated debentures (the “Debentures”) of the Company. The Debentures are the sole assets of the trusts. The Company’s obligations under the Debentures and related documents, taken together, constitute a full and unconditional guarantee by the Company of the obligations of the trusts. The trust preferred securities are mandatorily redeemable upon maturity of the Debentures or upon earlier redemption as provided in the indentures. The Company has the right to redeem the Debentures in whole or in part on or after specific dates, at a redemption price specified in the indentures governing the Debentures plus any accrued but unpaid interest to the redemption date. The Company also has the right to defer the payment of interest on each of the Debentures for a period not to exceed 20 consecutive quarters, provided that the deferral period does not extend beyond the stated maturity. During such deferral period, distributions on the corresponding trust preferred securities will also be deferred and the Company may not pay cash dividends to the holders of shares of the Company’s common stock.

The Debentures issued by the Company to the grantor trusts, which totaled $27.1 million at both June 30, 2025 and March 31, 2025, are reported as “junior subordinated debentures” in the consolidated balance sheets. The common securities issued by the grantor trusts were purchased by the Company, and the Company’s investment in the common securities of

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~~The Debentures issued by the Company to the grantor trusts, which totaled~~ $27.1 million and $27.0 million at December 31, 2024 and March 31, 2024, respectively, are reported as “junior subordinated debentures” in the consolidated balance sheets. The common securities issued by the grantor trusts were purchased by the Company, and the Company’s investment in the common securities of $836,000 at both ~~December~~June 3130, ~~2024~~2025 and March 31, ~~2024~~2025, is included in prepaid expenses and other assets in the consolidated balance sheets. The Company records interest expense on the Debentures in the consolidated statements of income.

The following table is a summary of the terms and the amounts outstanding of the Debentures at ~~December~~June 3130, ~~2024~~2025 (dollars in thousands):


Issuance Trust	Issuance Date	Amount Outstanding		Rate Type		Initial Rate		Current Rate		Maturity Date

Riverview Bancorp Statutory Trust I	12/2005	$	7,217	Variable	(1)	5.88	%	5.9892	%	3/2036
Riverview Bancorp Statutory Trust II	06/2007		15,464	Variable	(2)	7.03	%	5.9791	%	9/2037
Merchants Bancorp Statutory Trust I (4)	06/2003		5,155	Variable	(3)	4.16	%	7.6966	%	6/2033
			27,836
Fair value adjustment (4)			(~~767~~723)
Total Debentures		$	27,~~069~~113

(1)	The trust preferred securities reprice quarterly based on the three-month Chicago Mercantile Exchange (“CME”) Term SOFR plus 1.36%.

(2)	The trust preferred securities reprice quarterly based on the three-month CME Term SOFR plus 1.35%.

(3)	The trust preferred securities reprice quarterly based on the three-month CME Term SOFR plus 3.10%.

(4)	Amount, net of accretion, attributable to a prior year’s business combination.

10. FAIR VALUE MEASUREMENTS

Fair value is defined under GAAP as the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. GAAP requires that valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. GAAP also establishes a fair value hierarchy which prioritizes the valuation inputs into three broad levels. Based on the underlying inputs, each fair value measurement in its entirety is reported in one of three levels. These levels are:

Quoted prices in active markets for identical assets (Level 1): Inputs that are quoted unadjusted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Other observable inputs (Level 2): Inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets and inputs derived principally from or corroborated by observable market data by correlation or other means.

Significant unobservable inputs (Level 3): Inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances.

Financial instruments are presented in the tables that follow by recurring or nonrecurring measurement status. Recurring assets are initially measured at fair value and are required to be remeasured at fair value in the consolidated financial statements at each reporting date. Assets measured on a nonrecurring basis are assets that, as a result of an event or circumstance, were required to be remeasured at fair value after initial recognition in the consolidated financial statements at some time during the reporting period.

2524

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The following tables present assets that are measured at estimated fair value on a recurring basis at the dates indicated (in thousands):

Total Estimated

Estimated Fair Value Measurements Using

December 31, 2024

Fair Value

Level 1

Level 2

Level 3

June 30, 2025

Fair Value

Level 1

Level 2

Level 3

Investment securities available for sale:

Municipal securities

3031,~~536~~091

—

3031,~~536~~091

—

Agency securities

3530,~~585~~577

—

3530,~~585~~577

—

Real estate mortgage investment conduits

23,~~603~~134

—

23,~~603~~134

—

Residential mortgage-backed securities

109,~~683~~678

—

109,~~683~~678

—

Other mortgage-backed securities

24,~~467~~297

—

24,~~467~~297

—

Total assets measured at fair value on a recurring basis

~~124~~118,~~874~~777

—

~~124~~118,~~874~~777

—

Total Estimated

Estimated Fair Value Measurements Using

March 31, 2024

Fair Value

Level 1

Level 2

Level 3

March 31, 2025

Fair Value

Level 1

Level 2

Level 3

Investment securities available for sale:

Municipal securities

3531,~~136~~019

—

3531,~~136~~019

—

Agency securities

4330,~~577~~203

—

4330,~~577~~203

—

Real estate mortgage investment conduits

2523,~~665~~490

—

2523,~~665~~490

—

Residential mortgage-backed securities

1210,~~551~~226

—

1210,~~551~~226

—

Other mortgage-backed securities

2624,~~267~~498

—

2624,~~267~~498

—

Total assets measured at fair value on a recurring basis

~~143~~119,~~196~~436

—

~~143~~119,~~196~~436

—

There were no transfers of assets into or out of Levels 1, 2 or 3 for both the ~~nine~~three months ended ~~December~~June 3130, ~~2024~~2025 and the year ended March 31, ~~2024~~2025.

The following methods were used to estimate the fair value of financial instruments above:

Investment securities are included within Level 1 of the hierarchy when quoted prices in an active market for identical assets are available. The Company uses a third-party pricing service to assist the Company in determining the fair value of its Level 2 securities, which incorporates pricing models and/or quoted prices of investment securities with similar characteristics. Investment securities are included within Level 3 of the hierarchy when there are significant unobservable inputs.

For Level 2 securities, the independent pricing service provides pricing information by utilizing evaluated pricing models supported with market data information. Standard inputs include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data from market research publications. The Company’s third-party pricing service has established processes for the Company to submit inquiries regarding the estimated fair value. In such cases, the Company’s third-party pricing service will review the inputs to the evaluation in light of any new market data presented by the Company. The Company’s third-party pricing service may then affirm the original estimated fair value or may update the evaluation on a go-forward basis.

Management reviews the pricing information received from the third-party pricing service through a combination of procedures that include an evaluation of methodologies used by the pricing service, analytical reviews and performance analysis of the prices against statistics and trends. Based on this review, management determines whether the current placement of the security in the fair value hierarchy is appropriate or whether transfers may be warranted. As necessary, management compares prices received from the pricing service to discounted cash flow models or by performing independent valuations of inputs and assumptions similar to those used by the pricing service in order to help ensure prices represent a reasonable estimate of fair value.

There were no assets measured at estimated fair value on a nonrecurring basis at either ~~December~~June 3130, ~~2024~~2025 or March 31, ~~2024~~2025.

26The following disclosure of the estimated fair value of financial instruments is made in accordance with GAAP. The Company, using available market information and appropriate valuation methodologies, has determined the estimated fair

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~~The following disclosure of the estimated fair~~ value ~~of financial instruments is made in accordance with GAAP. The Company, using available market information and appropriate valuation methodologies, has determined the estimated fair value~~ amounts. However, considerable judgment is necessary to interpret market data in the development of the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in the future. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.

The carrying amount and estimated fair value of financial instruments is as follows at the dates indicated (in thousands):

Carrying

Estimated

December 31, 2024

Amount

Level 1

Level 2

Level 3

Fair Value

June 30, 2025

Amount

Level 1

Level 2

Level 3

Fair Value

Assets:

Cash and cash equivalents

2534,~~348~~172

—

2534,~~348~~172

Investment securities available for sale

~~124~~118,~~874~~777

—

~~124~~118,~~874~~777

—

~~124~~118,~~874~~777

Investment securities held to maturity

~~212~~197,~~295~~478

—

~~180~~171,~~474~~776

—

~~180~~171,~~474~~776

Loans receivable, net

1,~~029~~052,~~757~~654

—

~~928~~979,~~326~~705

FHLB stock

45,~~742~~516

—

45,~~742~~516

—

45,~~742~~516

Liabilities:

Certificates of deposit

~~242~~232,~~095~~193

—

~~240~~231,~~968~~114

—

~~240~~231,~~968~~114

FHLB advances

84102,~~200~~500

—

84102,~~006~~387

—

84102,~~006~~387

Junior subordinated debentures

27,~~069~~113

—

19,~~952~~437

Carrying

Estimated

March 31, 2024

Amount

Level 1

Level 2

Level 3

Fair Value

March 31, 2025

Amount

Level 1

Level 2

Level 3

Fair Value

Assets:

Cash and cash equivalents

2329,~~642~~414

—

2329,~~642~~414

Investment securities available for sale

~~143~~119,~~196~~436

—

~~143~~119,~~196~~436

—

~~143~~119,~~196~~436

Investment securities held to maturity

~~229~~203,~~510~~079

—

~~195~~175,~~519~~392

—

~~195~~175,~~519~~392

Loans receivable, net

1,~~008~~047,~~649~~086

—

~~909~~974,~~254~~523

FHLB stock

4,~~927~~342

—

4,~~927~~342

—

4,~~927~~342

Liabilities:

Certificates of deposit

~~190~~227,~~972~~459

—

~~188~~226,~~972~~392

—

~~188~~226,~~972~~392

FHLB advances

8876,~~304~~400

—

8876,~~101~~316

—

8876,~~101~~316

Junior subordinated debentures

27,~~004~~091

—

19,~~327~~650

Fair value estimates were based on existing financial instruments without attempting to estimate the value of anticipated future business. The fair value was not estimated for assets and liabilities that were not considered financial instruments.

11. NEW ACCOUNTING PRONOUNCEMENTS

In December 2023, the Financial Accounting Standards Board (“FASB”) issued guidance within Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in the ASU are intended to provide more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The ASU requires disclosure in the rate reconciliation of specific categories as well as additional information for reconciling items that meet a quantitative threshold.

Those amendments require disclosure of the following information about income taxes paid on an annual basis:

● Income taxes paid (net of refunds received), disaggregated by federal and state taxes and by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than five percent of total income taxes paid (net of refunds received).

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● Income tax expense (or benefit) from continuing operations disaggregated by federal and state jurisdictions.

The ASU is effective for annual periods beginning after December 15, 2024. The amendments should be applied on a prospective basis. The Company expects this ASU to only impact its disclosure requirements and does not expect the adoption of this ASU to have a material impact on its business operations or financial condition.

In November 2024, the FASB issued ASU 2024-03, Income Statement (Subtopic 220-40): Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures. The amendments in this ASU require disclosure, in notes to the financial statements, of specified information about certain costs and expenses. In conjunction with recent standards that enhanced the disaggregation of revenue and income tax information, the disaggregated expense information will enable investors to better understand the major components of an entity's income statement. The new standard is effective for annual periods beginning after December 15, 2026, with early adoption permitted. The Company expects this ASU to only impact its disclosure requirements and does not expect the adoption of the ASU to have a material impact on its business operations or the Company's consolidated financial statements.

In January 2025, the FASB issued ASU 2025-01, Income Statement (Subtopic 220-40): Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures: Clarifying the Effective Date. The amendments in this ASU amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption of ASU 2025-01 is permitted.

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Other accounting standards that have been issued by the FASB are not currently expected to have a material effect on the Company’s business operations or consolidated financial statements.

12. REVENUE FROM CONTRACTS WITH CUSTOMERS

In accordance with ASC Topic 606 “Revenues from Contracts with Customers” (“ASC 606”), revenues are recognized when goods or services are transferred to the ~~customer~~client in exchange for the consideration the Company expects to be entitled to receive. The largest portion of the Company’s revenue is from interest income, which is not within the scope of ASC 606. All of the Company’s revenue from contracts with ~~customers~~clients within the scope of ASC 606 is recognized in non-interest income except for gains on sales of REO and premises and equipment, which are included in non-interest expense.

If a contract is determined to be within the scope of ASC 606, the Company recognizes revenue as it satisfies a performance obligation. Payments from ~~customers~~clients are generally collected at the time services are rendered, monthly, or quarterly. For contracts with ~~customers~~clients within the scope of ASC 606, revenue is either earned at a point in time or revenue is earned over time. Examples of revenue earned at a point in time are automated teller machine (“ATM”) transaction fees, wire transfer fees, overdraft fees and interchange fees. Revenue earned at a point in time is primarily based on the number and type of transactions that are generally derived from transactional information accumulated by the Company’s systems and is recognized immediately as the transactions occur or upon providing the service to complete the ~~customer~~client’s transaction. The Company is generally the principal in these contracts, except for interchange fees, in which case the Company is acting as the agent and records revenue net of expenses paid to the principal. Examples of revenue earned over time, which generally occur monthly, are deposit account maintenance fees, investment advisory fees, merchant revenue, trust and investment management fees and safe deposit box fees. Revenue is generally derived from transactional information accumulated by the Company’s systems or those of third-parties and is recognized as the related transactions occur or services are rendered to the ~~customer~~client. For the ~~nine~~three months ended ~~December~~June 3130, ~~2024~~2025 and ~~2023~~2024, substantially all of the Company’s revenues within the scope of ASC 606 are for performance obligations satisfied at a point in time.

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Disaggregation of Revenue

The following table includes the Company’s non-interest income, net disaggregated by type of service for the periods shown (in thousands):


	Three Months Ended				~~Nine Months Ended~~
	~~December 31,~~2025		2024		~~December 31,~~
	~~2024~~		~~2023~~		~~2024~~		~~2023~~

Asset management fees	$	1,552	$	1,558
Asset management fees	$	1,443	$	1,266	$	4,434	$	3,920
Debit card and ATM fees		762		821
Debit card and ATM fees		764		808		2,386		2,500
Deposit related fees		528		461
Deposit related fees		484		465		1,394		1,374
Loan related fees		110		88
Loan related fees		101		99		276		471
Income from BOLI (1)		222		211
Income from BOLI (1)		225		211		715		669
FHLMC loan servicing fees (1)		17		19
FHLMC loan servicing fees (1)		18		21		57		64
Other, net		235		209
Other, net		306		186		1,287		750
Total non-interest income, net	$	3,426	$	3,367
Total non-interest income, net	$	3,341	$	3,056	$	10,549	$	9,748

(1)	Not within scope of ASC 606

Revenues recognized within scope of ASC 606

Asset management fees: Asset management fees are variable, since they are based on the underlying portfolio value, which is subject to market conditions and amounts invested by clients through the Trust Company. Asset management fees are recognized over the period that services are provided, and when the portfolio values are known or can be estimated at the end of each quarter.

Debit card and ATM fees: Debit and ATM interchange income represents fees earned when a debit card issued by the Bank is used. The Bank earns interchange fees from debit cardholder transactions through the MasterCard® payment network. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. The performance obligation is satisfied and the fees are earned when the cost of the transaction is charged to the cardholders’ debit card. Certain expenses directly associated with the debit cards are recorded on a net basis with the interchange income.

Deposit related fees: Fees are earned on the Bank’s deposit accounts for various products offered to or services performed for the Bank’s customers. Fees include business account fees, non-sufficient fund fees, stop payment fees, wire services, safe deposit box and others. These fees are recognized on a daily, monthly or quarterly basis, depending on the type of service.27

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obligation is satisfied and the fees are earned when the cost of the transaction is charged to the cardholders’ debit card. Certain expenses directly associated with the debit cards are recorded on a net basis with the interchange income.

Deposit related fees: Fees are earned on the Bank’s deposit accounts for various products offered to or services performed for the Bank’s clients. Fees include business account fees, non-sufficient fund fees, stop payment fees, wire services, safe deposit box and others. These fees are recognized on a daily, monthly or quarterly basis, depending on the type of service.

Loan related fees: Non-interest loan fee income is earned on loans that the Bank services, excluding loans serviced for the FHLMC which are not within the scope of ASC 606. Loan related fees include prepayment fees, late charges, brokered loan fees, maintenance fees and others. These fees are recognized on a daily, monthly, quarterly or annual basis, depending on the type of service.

Other: Fees earned on other services, such as merchant services or occasional non-recurring type services, are recognized at the time of the event or the applicable billing cycle.

Contract Balances

As of ~~December~~June 3130, 2025 and 2024, the Company had no significant contract liabilities where the Company had an obligation to transfer goods or services for which the Company had already received consideration. In addition, the Company had no material unsatisfied performance obligations as of ~~December~~June 3130, ~~2024~~2025 and ~~2023~~2024.

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13. COMMITMENTS AND CONTINGENCIES

Off-balance sheet arrangements – In the normal course of business, the Company is a party to financial instruments with off-balance sheet risk in order to meet the financing needs of its ~~customers~~clients. These financial instruments generally include commitments to originate mortgage, commercial and consumer loans, and involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. The Company’s maximum exposure to credit loss in the event of nonperformance by the borrower is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments. Commitments to originate loans are conditional and are honored for up to 45 days subject to the Company’s usual terms and conditions. Collateral is not required to support commitments.

Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a ~~customer~~client to a third-party. These guarantees are primarily used to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to ~~customers~~clients. Collateral held varies and is required in instances where the Company deems it necessary.

Significant off-balance sheet commitments at ~~December~~June 3130, ~~2024~~2025 are listed below (in thousands):



	Contract or Notional
	Amount
	June 30,
	2025
Commitments to extend credit:
Adjustable-rate	$	14,124
Fixed-rate		—
Standby letters of credit		1,600
Undisbursed loan funds and unused lines of credit		85,146
Total	$	100,870



	Contract or Notional
	Amount
	December 31,
	2024
Commitments to extend credit:
Adjustable-rate	$	3,000
Fixed-rate		—
Standby letters of credit		1,600
Undisbursed loan funds and unused lines of credit		101,996
Total	$	106,596

Other contractual obligations – In connection with certain asset sales, the Company typically makes representations and warranties about the underlying assets conforming to specified guidelines. If the underlying assets do not conform to the specifications, the Company may have an obligation to repurchase the assets or indemnify the purchaser against loss. At June 30, 2025, loans under warranty totaled $27.3 million, which substantially represents the unpaid principal balance of

~~Other~~Table contractual obligations – In connection with certain asset sales, the Company typically makes representations and warranties about the underlying assets conforming to specified guidelines. If the underlying assets do not conform to the specifications, the Company may have an obligation to repurchase the assets or indemnify the purchaser against loss. At December 31, 2024, loans under warranty totaled $28.9 million, which substantially represents the unpaid principal balance of the Company’s loans serviced for the FHLMC. The Company believes that the potential for loss under these arrangements is remote. At December 31, 2024, the Company had an ACL for FHLMC loans of $12,000. Contents

~~The~~the ~~Bank~~Company’s isloans aserviced ~~public depository and, accordingly, accepts deposit and other public funds belonging to, or held~~ for the ~~benefit of, Washington and Oregon states, political subdivisions thereof, and municipal corporations~~FHLMC. InThe ~~accordance~~Company ~~with~~believes ~~applicable~~that ~~state law, in~~ the ~~event~~potential offor ~~default of a participating bank, all other participating banks in the state collectively assure that no~~ loss ofunder ~~funds~~these ~~are~~arrangements ~~suffered~~is ~~by any public depositor~~remote. ~~Generally,~~At ~~in the event of default by a public depository~~June 30, 2025, the ~~assessment attributable to all public depositories is allocated on a pro rata basis in proportion to the maximum liability of each depository as it existed on the date of loss. The~~ Company ~~did~~had ~~not~~an ~~incur~~ACL ~~any losses related to public depository funds~~ for ~~the~~FHLMC ~~nine~~loans ~~months~~of ~~ended December 31~~$12, ~~2024 and 2023~~000.

The Bank is a public depository and, accordingly, accepts deposit and other public funds belonging to, or held for the benefit of, Washington and Oregon states, political subdivisions thereof, and municipal corporations. In accordance with applicable state law, in the event of default of a participating bank, all other participating banks in the state collectively assure that no loss of funds are suffered by any public depositor. Generally, in the event of default by a public depository, the assessment attributable to all public depositories is allocated on a pro rata basis in proportion to the maximum liability of each depository as it existed on the date of loss. The Company did not incur any losses related to public depository funds for the three months ended June 30, 2025 and 2024.

The Bank has entered into employment contracts with certain key employees, which provide for contingent payments subject to future events.

Litigation – The Company is periodically involved in litigation arising from the ordinary course of business, some of which may involve claims for substantial or uncertain amounts. At least quarterly, we assess liabilities and contingencies in connection with all outstanding or new legal matters, utilizing the most recent information available. For matters where a loss is not probable, or the amount of the loss cannot be estimated, no accrual is established. If we determine that a loss from a matter is probable and the amount of the loss can be reasonably estimated, we will establish an accrual for the loss. Once established, an accrual is adjusted as appropriate to reflect any subsequent developments in the specific legal matter. It is inherently difficult to estimate the amount of loss and there may be matters for which a loss is probable or reasonably possible but not currently estimable. Actual losses may be in excess of any established accrual or the range of reasonably possible loss. Management’s estimates may change from time to time. Any estimate or determination relating to the future resolution of legal matters is uncertain and involves significant judgment. We usually are unable to determine whether a favorable or unfavorable outcome is remote, reasonably likely, or probable, or to estimate the amount or range of a probable or reasonably likely loss, until relatively late in the process.

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Litigation – The Company is periodically involved in litigation arising from the ordinary course of business, some of which may involve claims for substantial or uncertain amounts. At least quarterly, we assess liabilities and contingencies related to all outstanding or new legal matters based on the most recent information available. If a loss is not probable, or the amount cannot be estimated, no accrual is established. When a loss is determined to be probable and can be reasonably estimated, an accrual for the loss is established and adjusted as necessary to reflect any subsequent developments. Estimating the amount of loss is inherently difficult and there may be cases where a loss is probable or reasonably possible but not currently estimable. Actual losses may exceed any established accrual or the range of reasonably possible loss and management’s estimates may change over time. Determining the future resolution of legal matters involves significant judgment and uncertainty, and it is usually difficult to determine whether a favorable or unfavorable outcome is remote, reasonably likely, or probable, or to estimate the amount or range of a probable or reasonably likely loss, until relatively late in the process.

The Company was involved in litigation with a former business client concerning real estate investments offered by a business owned by that client. In May 2023, the parties participated in mediation, after which a stay of proceedings was issued to facilitate continued settlement discussions. As of March 31, 2024, based on available information, including the likelihood of a proposed global settlement, management determined that a loss was probable and could be reasonably estimated. Consequently, the Company recorded a $2.3 million expense in other non-interest expense for the three months ended March 31, 2024. This amount reflected the Company’s estimate of litigation costs exceeding its insurance coverage. The settlement was subsequently approved by all relevant courts in July 2024 and the final settlement payment of $2.3 million was made in August 2024, fully releasing the Company from all claims related to the litigation. Since the final settlement payment, the Company received approximately $669,000 in legal expense recovery related to the settled litigation matter of which approximately $583,000 was recorded in non-interest income and $86,000 was recorded as a recovery of legal expenses through the line item of professional fees in non-interest expense.

14. LEASES

The Company has a finance lease for the shell of the building constructed as the Company’s operations center which expires in November 2039. The Company is also obligated under various noncancelable operating lease agreements for land, buildings and equipment that require future minimum rental payments. For each operating lease with an initial term of more than 12 months, the Company records an operating lease right-of-use (“ROU”) asset (representing the right to use the underlying asset for the lease term) and an operating lease liability (representing the obligation to make lease payments required under the terms of the lease). ~~Operating lease~~ ROU assets and ~~operating~~ lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate – derived from information available at the lease commencement date – as the discount rate when determining the present value of lease payments. The Company does not have any operating leases with an initial term of 12 months or less. Certain operating leases contain various provisions for increases in rental rates, based either on changes in the published Consumer Price Index or a predetermined escalation schedule. Certain operating leases provide the Company with the option to extend the lease term one or more times following expiration of the initial term. Lease extensions are not reasonably certain and the Company generally does not include payments occurring during option periods in the calculation of its operating lease ROU assets and operating lease liabilities.

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The table below presents the ROU assets and lease liabilities recorded in the consolidated balance sheets at the dates indicated (in thousands):


	~~December~~June 3130,			March 31,			Classification in the
Leases	~~2024~~2025			~~2024~~2025			consolidated balance sheets
Finance lease ROU assets	$	1,144		$	1,202		Financing lease ROU assets
Finance lease ROU asset	$	1,106		$	1,125		Financing lease ROU asset
Finance lease liability	$	2,~~117~~080		$	2,~~168~~099		Finance lease liability
Finance lease remaining lease term		14.9243	years		1514.68	years
Finance lease discount rate		7.16	%		7.16	%

Operating lease ROU assets	$	4,~~508~~437		$	54,~~479~~245		Prepaid expenses and other assets
Operating lease liabilities	$	4,~~746~~652		$	54,~~780~~465		Accrued expenses and other liabilities
Operating lease weighted-average remaining lease term		4.8649	years		54.3465	years
Operating lease weighted-average discount rate		1.6890	%		1.7467	%

The table below presents certain information related to the lease costs for financing and operating leases, which are recorded in occupancy and depreciation in the accompanying consolidated statements of income at the dates indicated (in thousands):


	Three months ended		Three months ended
Lease Costs	~~December~~June 3130, ~~2024~~2025		~~December~~June 3130, ~~2023~~2024
Finance lease amortization of ROU asset	$	19	$	2019
Finance lease interest on lease liability		3837		39
Operating lease costs		~~283~~288		283
Variable lease costs		—		5352
Total lease cost (1)	$	~~340~~344	$	~~395~~393


	Nine months ended		Nine months ended
Lease Costs	December 31, 2024		December 31, 2023
Finance lease amortization of ROU asset	$	58	$	58
Finance lease interest on lease liability		115		119
Operating lease costs		849		849
Variable lease costs		105		157
Total lease cost (1)	$	1,127	$	1,183

(1)	Income related to sub-lease activity is not significant and not presented herein.

Supplemental cash flow information - Operating cash flows paid for operating lease amounts included in the measurement of lease liabilities was $~~293~~288,000 ~~and $988,000~~ for the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025, ~~respectively,~~ compared to $~~343~~347,000 ~~and $1.0 million~~ for the three ~~and~~months ~~nine~~ended June 30, 2024. During the three months ended ~~December~~June 3130, ~~2023~~2025, ~~respectively~~the Company recorded an operating lease ROU asset that was exchanged for an operating lease liability of $459,000. During the three ~~and nine~~ months ended ~~December~~June 3130, 2024 ~~and 2023~~, the Company did not record any operating lease ROU assets that were exchanged for operating lease liabilities.

The following table reconciles the undiscounted cash flows for the periods presented related to the Company’s lease liabilities as of ~~December~~June 3130, ~~2024~~2025 (in thousands):


Fiscal Year Ending March 31:	Operating		Finance
	Leases		Lease
Remainder of 2025	$	294	$	57
Remainder of 2026	$	915	$	170
2026		1,125		226
2027		1,219		230
2027		1,116		230
2028		1,002		232
2028		899		232
2029		787		232
2029		684		232
2030		796		232
Thereafter		~~947~~272		2,~~479~~247
Total minimum lease payments		54,~~065~~991		3,~~456~~343
Less: amount of lease payments representing interest		(~~319~~339)		(1,~~339~~263)
Lease liabilities	$	4,~~746~~652	$	2,~~117~~080

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This report contains certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These measures include net interest income on a fully tax equivalent basis and net interest margin on a fully tax equivalent basis. Management uses these non-GAAP measures in its analysis of the Company’s performance. The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets. Management believes that it is a standard practice in the banking industry to present net interest income and net interest margin on a fully tax equivalent basis, and accordingly believes that providing these measures may be useful for peer comparison purposes. These disclosures should not be viewed as substitutes for the results determined to be in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

Critical Accounting Policies and Estimates

Critical accounting policies and estimates are discussed in our ~~2024~~2025 Form 10-K under Part II. Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates” and Part II. Item 8, “Note 1. Summary of Significant Accounting Policies” in the Notes to the Consolidated Financial Statements.” That discussion highlights estimates that the Company makes that involve uncertainty or potential for substantial change. There have not been any material changes in the Company’s critical accounting policies and estimates as compared to the disclosures contained in the Company’s ~~2024~~2025 Form 10-K.

Executive Overview

As a progressive, community-oriented financial services business, the Company emphasizes local, personal service to residents of its primary market area. The Company considers Clark, Klickitat and Skamania counties of Washington, and Multnomah, Washington and Marion counties of Oregon as its primary market area. The Company is engaged predominantly in the business of attracting deposits from the general public and using such funds in its primary market area to originate commercial business, commercial real estate, multi-family real estate, land, real estate construction, residential real estate and other consumer loans. Additionally, the Company, from time to time, will purchase commercial business loans as a way to supplement loan originations and diversify the commercial loan portfolio. These loans are originated by a third-party located outside the Company’s primary market area. The Company also purchases the guaranteed portion of SBA loans to help loan portfolio diversification, supplement loan originations and generate a higher yield than overnight cash investments or short-term investments. These SBA loans are originated through another financial institution located outside the Company’s primary market area and are purchased with servicing retained by the seller. The Company’s loans receivable, net, totaled $1.03 billion at December 31, 2024 compared to $1.01 billion at March 31, 2024.

The ~~Bank's~~Company ~~subsidiary,~~is ~~Riverview~~engaged ~~Trust~~primarily ~~Company~~in ~~(the~~attracting ~~“Trust~~deposits ~~Company”),~~from isthe ageneral ~~trust~~public and ~~financial~~using ~~services~~those ~~company~~funds ~~with~~within ~~one~~its ~~office~~primary ~~located~~market inarea ~~downtown~~to ~~Vancouver~~originate commercial business, ~~Washington~~commercial ~~and~~real ~~one~~estate, ~~office~~multi-family inreal ~~Lake~~estate, ~~Oswego~~land, ~~Oregon~~real estate construction, residential real estate and other consumer loans. ~~The~~In ~~Trust~~addition, the Company, ~~provides~~periodically ~~full-service~~purchases ~~brokerage~~commercial ~~activities,~~business ~~trust~~loans originated by a third party located outside the Company’s primary market area to supplement loan originations and ~~asset~~diversify ~~management~~the ~~services~~commercial loan portfolio. The ~~Bank’s~~Company ~~Business~~also purchases the guaranteed portion of SBA loans, originated by another financial institution and ~~Professional~~serviced ~~Banking~~by ~~Division~~the seller, ~~with~~to ~~two~~further ~~lending~~diversify ~~offices~~the inloan ~~Vancouver~~portfolio, supplement originations, and ~~one~~achiever inhigher ~~Portland~~yields than short-term investments. These SBA loans are also originated outside the Company’s primary market area. The Company’s loans receivable, ~~offers~~net, ~~commercial~~totaled $1.05 billion at both June 30, 2025 and ~~business~~March ~~banking~~31, ~~services~~2025.

The ~~Company’~~Bank's ~~strategic~~subsidiary, ~~plan~~Riverview ~~includes~~Trust ~~targeting~~Company (the ~~commercial~~“Trust ~~banking~~Company”), ~~customer~~is ~~base~~a intrust ~~its~~and ~~primary~~financial ~~market~~services ~~area~~company ~~for~~with ~~loan~~offices ~~originations~~located ~~and~~in ~~deposit~~downtown ~~growth~~Vancouver, ~~specifically~~Washington, ~~small~~ and ~~medium~~Lake ~~size businesses~~Oswego, ~~professionals and wealth building individuals~~Oregon. InThe ~~pursuit~~Trust ~~of these goals, the~~ Company ~~will~~provides ~~seek~~full-service tobrokerage, ~~increase~~trust ~~the~~and ~~loan~~asset ~~portfolio~~management ~~consistent~~services. ~~with~~The ~~its~~Bank’s ~~strategic~~Business ~~plan~~ and ~~asset/liability~~Professional ~~and~~Banking ~~regulatory capital objectives~~Division, which ~~includes~~operates ~~maintaining~~out aof ~~significant~~two ~~amount~~lending ofoffices ~~commercial~~in ~~business~~Vancouver and ~~commercial~~one ~~real estate loans~~ in ~~its loan portfolio which typically carry adjustable rates~~Portland, ~~higher~~offers ~~yields~~commercial and ~~shorter~~business ~~terms,~~banking ~~as well as higher credit risk compared to traditional fixed-rate consumer real estate one-to-four family loans~~services.

The Company’s strategic plan is centered on five priorities: being the employer of choice, profitable growth, digital experience, data empowerment and client experience.

- Employer of choice: With the vision “to be the preferred place to bank and work in the Pacific Northwest,” - the Company focuses on recruiting, investing in, and retaining top talent across all areas of Riverview.

33- Profitable growth: Aiming for sustainable, well-managed expansion that supports long-term financial health and market competitiveness by increasing revenues, deepening client relationships, growing market share, and acquiring new clients, while enhancing profitability through strategic investments, prudent risk management, and cost control.

Digital experience: Delivering seamless, intuitive, and secure online interactions by leveraging leading technologies to provide personalized services, easy access to solutions, and efficient transactions.

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~~The strategic plan also stresses increased emphasis on non~~-~~interest~~ ~~income,~~Data ~~including~~empowerment: ~~increased~~Utilizing ~~fees~~data ~~for asset management services through the Trust Company and deposit service charges. The strategic plan is designed~~ to ~~enhance~~support ~~earnings,~~informed ~~reduce~~decision-making ~~interest rate risk~~ and ~~provide~~deliver atailored ~~more~~client ~~complete range of financial services to customers and the local communities the Company serves~~experiences. WeEffective ~~believe~~data weuse ~~are~~provides ~~well~~insights ~~positioned~~into toclient ~~attract~~behavior, ~~new customers and to increase our~~ market ~~share through our 17 branches~~trends, ~~including, among others, ten in Clark County, three in the Portland metropolitan area~~ and ~~three~~operational ~~lending centers~~efficiencies.

~~Vancouver~~- isClient ~~located~~experience: inEnhancing ~~Clark~~every ~~County,~~client ~~Washington,~~interaction ~~which~~across isall ~~just north of Portland~~channels, ~~Oregon.~~from ~~Many~~initial ~~businesses~~contact ~~are~~through ~~located~~ongoing inrelationship ~~the~~with ~~Vancouver~~a ~~area~~goal ~~because~~ of ~~the~~delivering ~~favorable~~a ~~tax structure and lower energy costs~~ best-in-class ~~Washington~~banking asexperience ~~compared~~that tobuilds ~~Oregon.~~trust Companies located in the Vancouver area include: Sharp Microelectronics, Hewlett Packard, Georgia Pacific, Underwriters Laboratory, TSMC Washington (formerly WaferTech), Barrett Business Services, PeaceHealth and ~~Banfield~~advocacy ~~Pet~~within ~~Hospitals, as well as several support industries. In addition to this industry base,~~ the ~~Columbia River Gorge Scenic Area and the Portland metropolitan area are sources of tourism~~community.

The Company targets commercial banking clients, including businesses, professionals, and wealth-building individuals, for both loan originations and deposit growth within its primary market area. Consistent with its strategic, asset/liability, and capital management objectives, the Company seeks to increase its loan portfolio with an emphasis on commercial business and commercial real estate loans. These loans typically feature adjustable rates, higher yields, shorter terms, and higher credit risk, relative to traditional fixed-rate one-to-four family consumer real estate loans.

Our strategic plan also includes a focus on increasing non-interest income, including higher fee income from asset management services through the Trust Company and enhanced deposit-related service charges. The plan is designed to support earnings growth, reduce interest rate risk, and expand the Company’s financial service offerings to clients and the communities the Company serves.

With 17 branch locations, 10 in Clark County, three in the Portland metropolitan area, and three lending centers, management believes the Company is well positioned to attract new clients and increase market share.

Operating Strategy

Fiscal year ~~2025~~2026 marks the ~~101st~~102nd anniversary ~~since~~for ~~the~~Riverview Bank, ~~began~~which ~~operations~~opened for business in 1923. ~~The~~Our primary business strategy ~~of the Company~~ is to provide comprehensive banking and related financial services within ~~its~~our primary market area. ~~focusing~~The onCompany’s ~~commercial~~goal ~~and~~is ~~real~~to ~~estate~~deliver ~~construction~~returns ~~lending.~~to Atshareholders ~~December~~by ~~31,~~increasing ~~2024~~higher-yielding assets (in particular, commercial ~~and~~ real estate, ~~construction~~commercial ~~loans~~business ~~represented~~and ~~89.2%~~business ofbanking ~~total~~ loans), ~~compared~~increasing tocore ~~90.4%~~deposit atbalances, ~~March~~managing 31problem assets, ~~2024.~~reducing ~~Commercial lending~~expenses, ~~including~~hiring ~~commercial~~experienced ~~real~~employees ~~estate~~with ~~loans,~~a ~~typically~~commercial ~~has~~lending ~~higher~~focus ~~credit~~and ~~risk,~~exploring ~~greater~~expansion ~~interest~~opportunities. ~~margins~~The ~~and~~Company ~~shorter~~seeks ~~terms~~to ~~than~~achieve ~~residential~~these ~~lending~~results ~~which~~by ~~can~~focusing ~~increase~~on the ~~loan~~following ~~portfolio's profitability.~~objectives:

Execution of our Business Plan. The Company’s ~~goal~~remains isfocused toon ~~deliver~~expanding ~~returns~~its toloan ~~shareholders~~portfolio, byparticularly ~~increasing~~ higher-yielding ~~assets~~commercial ~~(in~~and ~~particular~~construction loans, ~~commercial~~and growing its core deposit base by deepening client relationships throughout its primary market areas. While residential real estate lending was historically a primary focus, the Company has diversified its loan portfolio in recent years through the strategic growth of its commercial and construction loan portfolios. At June 30, 2025, commercial ~~business~~and construction loans) represented 88.6% of total loans. Commercial lending, ~~increasing~~including ~~core~~CRE, ~~deposit~~generally ~~balances~~involves greater credit risk than residential lending. However, ~~managing~~these ~~problem~~risks ~~assets~~are often compensated by higher interest margins and fee income, ~~reducing~~contributing ~~expenses~~to enhanced loan portfolio profitability. To support its growth and profitability objectives, ~~hiring~~the ~~experienced~~Company ~~employees~~is ~~with~~committed to a ~~commercial~~relationship-based banking model designed to strengthen client loyalty, identify new lending ~~focus~~opportunities, and ~~exploring~~improve ~~expansion~~client-level ~~opportunities~~profitability through cross-selling deposit, treasury management, and other banking services. The Company ~~seeks~~continues to ~~achieve~~build ~~these~~its ~~results~~core deposit base by ~~focusing~~offering oncompetitive products, enhancing digital banking capabilities, and prioritizing high-quality client service. Additionally, the ~~following~~Company ~~objectives~~seeks to expand its banking franchise through de novo branch development, selective acquisitions of branches or loan portfolios, and whole bank transactions that align with its strategic and financial goals.

~~Execution~~Maintaining ofStrong ~~our~~Asset ~~Business Plan~~Quality. The Company isbelieves ~~focused~~that onstrong ~~increasing~~asset ~~its~~quality ~~loan~~is ~~portfolio,~~a ~~especially~~key ~~higher~~to ~~yielding~~long-term ~~commercial~~financial ~~and~~success. ~~real~~The ~~estate~~Company ~~construction~~has actively managed delinquent loans, and ~~its~~nonperforming ~~core~~assets ~~deposits~~ by ~~expanding~~aggressively ~~its~~pursuing ~~customer~~the ~~base~~collection ~~throughout~~of ~~its~~consumer ~~primary~~debts, ~~market~~marketing ~~areas.~~saleable Byproperties ~~emphasizing~~upon ~~total~~foreclosure ~~relationship~~or ~~banking~~repossession, ~~the~~and ~~Company~~through ~~intends~~work-outs toof ~~deepen~~classified ~~the~~assets ~~relationships~~and ~~with~~loan ~~its~~charge-offs. ~~customers~~The ~~and~~Company’s ~~increase~~approach ~~individual~~to ~~customer~~credit ~~profitability~~management ~~through~~uses ~~cross-marketing~~well ~~programs,~~defined ~~which~~policies ~~allows~~and ~~the~~procedures ~~Company~~and todisciplined ~~better~~underwriting ~~identify~~criteria ~~lending~~resulting ~~opportunities~~in ~~and~~our ~~services~~strong ~~for~~asset ~~customers.~~quality Toand ~~build~~credit ~~its~~metrics ~~core~~in ~~deposit~~fiscal ~~base,~~year 2026. Although the Company ~~will~~intends ~~continue~~ to ~~utilize~~prudently ~~additional~~increase ~~product~~the ~~offerings,~~percentage ~~technology~~of ~~and~~its aassets ~~focus~~consisting onof ~~customer~~higher-yielding ~~service~~commercial inreal ~~working~~estate, ~~toward~~real ~~this~~estate ~~goal.~~construction ~~The~~and ~~Company~~commercial ~~will~~business ~~also~~and ~~continue~~business tobanking ~~seek~~loans, towhich ~~expand~~offer ~~its~~higher ~~franchise~~risk-adjusted ~~through~~returns, deshorter ~~novo~~maturities ~~branches,~~and ~~the~~more ~~selective~~sensitivity ~~acquisition~~to ofinterest ~~individual~~rate ~~branches~~fluctuations, ~~loan~~the ~~purchases~~Company ~~and~~intends ~~whole~~to ~~bank~~manage ~~transactions~~credit ~~that~~exposure ~~meet~~using ~~its~~experienced ~~investment~~bankers in these areas and ~~market~~a ~~objectives.~~conservative approach to its lending.

Maintaining Strong Asset Quality. The Company believes that strong asset quality is a key to long-term financial success. The Company has actively managed delinquent loans and nonperforming assets by aggressively pursuing the collection of consumer debts, marketing saleable properties upon foreclosure or repossession, and through work-outs of classified assets and loan charge-offs. The Company’s approach to credit management uses well defined policies and procedures and disciplined underwriting criteria resulting in our strong asset quality and credit metrics. Although the Company intends to prudently increase the percentage of its assets consisting of higher-yielding commercial real estate, real estate construction and commercial business loans, which offer higher risk-adjusted returns, shorter maturities and more sensitivity to interest rate fluctuations, the Company intends to manage credit exposure using experienced bankers in these areas and a conservative approach to its lending.32

Introduction of New Products and Services. The Company continuously reviews new products and services to provide its customers with more financial options. All new technology and services are generally reviewed for business development and cost saving purposes. The Company continues to experience growth in customer use of its online banking services, where the Bank provides a full array of traditional cash management products as well as online banking products including mobile banking, mobile deposit, bill pay, e-statements, and text banking. The products are tailored to meet the needs of small to medium size businesses and households in the markets we serve. The Company intends to selectively add other products to further diversify revenue sources and to capture more of each customer’s banking relationship by

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Introduction of New Products and Services. The Company continuously reviews new products and services to provide its clients more financial options. All new technology and services are generally reviewed for business development and cost saving purposes. The Company continues to experience growth in client use of its online banking services, where the Bank provides a full array of traditional cash management products as well as online banking products including mobile banking, mobile deposit, bill pay, e-statements, and new deposit products. The products are tailored to meet the needs of businesses and households in the markets we serve. The Company intends to selectively add other products to further diversify revenue sources and to capture more of each client’s banking relationship by cross selling loan and deposit products and additional services, including services provided through the Trust Company to increase its fee income. Assets under management by the Trust Company totaled $~~872~~900.61 million and $~~961~~877.89 million at ~~December~~June 3130, ~~2024~~2025 and March 31, ~~2024~~2025, respectively. The Company also offers a third-party identity theft product to its clients. The identity theft product assists our clients in monitoring their credit and includes an identity theft restoration service.

Attracting Core Deposits and Other Deposit Products. The Company offers a variety of deposit products, including personal checking, savings, and money- market accounts, which generally ~~are~~represent lower-cost and more stable sources of ~~funds~~funding ~~than~~compared to certificates of deposit. ~~and~~These core deposits are less ~~likely~~sensitive to beinterest ~~withdrawn~~rate ~~when~~fluctuations ~~interest~~and ~~rates~~play ~~fluctuate~~a key role in supporting the Company’s funding and liquidity strategy. To ~~build~~strengthen its ~~core~~funding ~~deposit~~ base, the Company ~~has~~continues ~~sought~~ to ~~reduce~~prioritize ~~its~~the ~~dependence~~growth onof ~~traditional~~core ~~higher~~deposits over higher-cost ~~deposits~~funding insources, ~~favor~~such ofas ~~stable~~brokered ~~lower~~deposits, ~~cost~~FHLB ~~core~~advances, ~~deposits~~and toFRB ~~fund~~borrowings. This approach supports loan growth ~~and~~while ~~decrease~~helping ~~its~~to manage interest expense and reduce reliance on ~~other~~more volatile wholesale funding sources,. A ~~including~~key ~~FHLB~~element of this strategy is enhancing and ~~FRB~~deepening ~~advances~~client relationships. The Company believes ~~that~~ its continued focus on ~~building~~relationship ~~customer~~banking ~~relationships~~ will ~~help~~support ~~to increase~~ the ~~level~~expansion of both core deposits and locally~~-based~~ sourced retail certificates of deposit. In ~~addition~~particular, the Company ~~intends~~seeks to ~~increase~~grow demand deposits by ~~growing~~building business banking relationships, ~~through~~supported by a suite of expanded product ~~lines~~offerings tailored to meet ~~its~~the ~~target~~specific ~~business~~needs ~~customers’~~of ~~needs~~its business clients. ~~The~~To further encourage growth in lower-cost deposits, the Company ~~maintains~~has invested in technology-based ~~products,~~solutions ~~such~~designed asto improve the client experience and support cash management needs. These include personal financial management ~~and~~tools, business cash management services, and remote deposit capture products, towhich ~~encourage~~allow the ~~growth~~Company to effectively compete with financial institutions of ~~lower~~all ~~cost~~sizes. As of June 30, 2025, core branch deposits ~~which~~decreased ~~enable~~$18.9 itmillion compared to ~~meet~~March ~~its~~31, ~~customers’~~2025. ~~cash~~Core ~~management~~branch ~~needs~~deposits ~~and~~accounted ~~compete~~for ~~effectively~~98.4% ~~with~~of ~~banks~~total ofdeposits ~~all~~at ~~sizes~~June 30, 2025 compared to 98.1% at March 31, 2025.

Recruiting and Retaining Highly Competent Personnel with a Focus on Commercial Lending. The Company’s ability to continue to attract and retain banking professionals with strong community relationships and significant knowledge of its markets will be a key to its success. The Company believes that it enhances its market position and adds profitable growth opportunities by focusing on hiring and retaining experienced bankers focused on owner occupied commercial real estate and commercial lending, and the deposit balances that accompany these relationships. The Company emphasizes to its employees the importance of delivering exemplary ~~customer~~client service and seeking opportunities to build further relationships with its ~~customers~~clients. The goal is to compete with other financial service providers by relying on the strength of the Company’s ~~customer~~client service and relationship banking approach. The Company believes that one of its strengths is that its employees are also shareholders through the Company’s ~~employee stock ownership (“~~ESOP”) and 401(k) plans.

3533

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Commercial and Construction Loan Composition

The following tables set forth the composition of the Company’s commercial and construction loan portfolios based on loan purpose at the dates indicated (in thousands):

Commercial Business

Commercial Real Estate Mortgage

Real Estate Construction

Commercial and Construction Total

December 31, 2024

June 30, 2025

Commercial business

~~224~~231,~~506~~826

—

~~224~~231,~~506~~826

Commercial construction

—

329,~~442~~994

Office buildings

—

~~113~~108,~~350~~610

—

~~113~~108,~~350~~610

Warehouse/industrial

—

~~108~~113,~~356~~361

—

~~108~~113,~~356~~361

Retail/shopping centers/strip malls

—

8987,~~871~~742

—

8987,~~871~~742

Assisted living facilities

—

~~363~~353

—

~~363~~353

Single purpose facilities

—

~~262~~289,~~556~~551

—

~~262~~289,~~556~~551

Land

—

43,~~062~~659

—

43,~~062~~659

Multi-family

—

7890,~~822~~606

—

7890,~~822~~606

One-to-four family construction

—

1710,~~514~~139

Total

~~224~~231,~~506~~826

~~657~~693,~~380~~882

4920,~~956~~133

~~931~~945,~~842~~841

March 31, 2024

March 31, 2025

Commercial business

~~229~~232,~~404~~935

—

~~229~~232,~~404~~935

Commercial construction

—

2018,~~388~~368

Office buildings

—

~~114~~110,~~714~~949

—

~~114~~110,~~714~~949

Warehouse/industrial

—

~~106~~114,~~649~~926

—

~~106~~114,~~649~~926

Retail/shopping centers/strip malls

—

8988,~~448~~815

—

8988,~~448~~815

Assisted living facilities

—

~~378~~358

—

~~378~~358

Single purpose facilities

—

~~272~~277,~~312~~137

—

~~272~~277,~~312~~137

Land

—

54,~~693~~610

—

54,~~693~~610

Multi-family

—

7091,~~771~~451

—

7091,~~771~~451

One-to-four family construction

—

1610,~~150~~814

Total

~~229~~232,~~404~~935

~~659~~688,~~965~~246

3629,~~538~~182

~~925~~950,~~907~~363

Comparison of Financial Condition at ~~December~~June 3130, ~~2024~~2025 and March 31, ~~2024~~2025

Cash and cash equivalents, including interest-earning deposits in other banks, totaled $2534.32 million at ~~December~~June 3130, ~~2024~~2025 compared to $2329.64 million at March 31, ~~2024~~2025. The Company’s cash balances typically fluctuate based ~~upon~~on funding needs, deposit ~~activity~~flows, and investment securities activity. ~~Based~~In onaccordance ~~the~~with ~~Company’s~~its asset/liability management ~~program~~ and liquidity objectives, the Company may deploy excess ~~cash~~liquidity tointo ~~purchase~~ investment securities, depending on ~~the~~market ~~rate~~conditions ~~environment~~ and ~~other~~expected ~~considerations~~returns. As a part of this strategy, the Company may choose to invest in short-term certificates of deposit held for investment, all of which are fully insured by the Federal Deposit Insurance Corporation (the “FDIC”).

Investment securities totaled $337.2 million and $372.7 million at December 31, 2024 and March 31, 2024, respectively. The decrease was due to normal pay downs, calls and maturities. The Company had no sales of investment securities during the nine months ended December 31, 2024. The Company’s investment securities primarily consist of a combination of securities backed by government agencies (FHLMC, FNMA, SBA or GNMA). At December 31, 2024, the Company determined that none of its investment securities required an allowance for credit losses (“ACL”). For additional information on the Company’s investment securities, see Note 5 of the Notes to the Consolidated Financial Statements contained in Item 1 of this Form 10-Q.

~~Loans~~Investment ~~receivable,~~securities ~~net,~~ totaled $1316.033 ~~billion~~million and $322.5 million at ~~December~~June 30, 2025 and March 31, ~~2024~~2025, ~~compared~~respectively. The decrease was due to $1normal pay downs, calls and maturities.01 ~~billion~~The atCompany ~~March~~did not ~~31,~~sell ~~2024,~~any aninvestment ~~increase~~securities ofduring ~~$21.1~~the ~~million~~three months ended June 30, 2025. The ~~increase~~Company’s ~~was~~investment securities primarily ~~attributable~~consist toof ~~increases~~a incombination ~~other~~of ~~installment~~securities ~~loans~~backed by government agencies (FHLMC, FNMA, SBA or GNMA). At June 30, 2025, the Company determined that none of ~~$13~~its investment securities required an allowance for credit losses (“ACL”).8 ~~million~~For additional information on the Company’s investment securities, ~~real~~see ~~estate~~Note 5 of the Notes to the Consolidated Financial Statements contained in Item 1 of this Form 10-Q.

36Loans receivable, net, totaled $1.05 billion at both June 30, 2025 and March 31, 2025. During the quarter ended June 30, 2025, net loans increased $5.6 million, due primarily to an increase in commercial real estate loans of $7.4 million, which

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~~construction~~was ~~of $13.4 million and multi-family loans of $8.1 million. These increases were~~ partially offset by ~~decreases~~a decrease in ~~commercial~~ real estate construction loans of $9.0 million, ~~and~~reflecting ~~commercial~~the ~~business~~completion ~~loans~~and payoff of ~~$4.9~~previously ~~million.~~originated projects.

~~While~~The ~~the~~ Company no longer originates one-to-four family mortgage loans; however, it ~~will~~may ~~from~~purchase ~~time~~these toloans ~~time,~~on ~~purchase~~a ~~these~~selective ~~loans~~basis consistent with its asset/liability objectives. Additionally, the Company ~~occasionally~~also purchases ~~commercial business~~ loans ~~and~~that ~~consumer loans to supplement loan originations and diversify the loan portfolio. These purchased loans~~ are originated by a third-~~parties~~party located outside the Company’s primary market area. ~~Purchased~~to ~~commercial~~supplement ~~business~~loan ~~loans~~originations atand ~~December~~diversify ~~31,~~the ~~2024~~loan ~~totaled $23~~portfolio.8 ~~million~~Purchased ~~compared~~loans tototaled $2743.25 million at ~~March~~June 3130, ~~2024.~~2025 ~~Purchased~~compared ~~consumer~~to ~~loans at December 31, 2024 totaled~~ $1335.93 million ~~compared to none~~ at March 31, ~~2024.~~2025, ~~The~~an ~~Company~~increase ~~also purchases the guaranteed portion~~ of ~~SBA loans to diversify its loan portfolio, supplement loan originations and generate higher yields than overnight cash investments or short-term investments~~$8.2 ~~These SBA loans are originated through another financial institution located outside the Company’s primary market area and are purchased with servicing retained by the seller~~million. The Atincrease ~~December~~was ~~31,~~primarily ~~2024,~~attributable ~~the~~to ~~Company’s~~consumer ~~purchased SBA~~ loan ~~portfolio~~purchases ~~was~~totaling $4910.04 million ~~compared to $51~~.~~0 million at March 31, 2024.~~

~~Deposits~~The ~~decreased~~Company ~~$12.7~~also ~~million~~purchases tothe ~~$1.22~~guaranteed ~~billion~~portion atof ~~December~~SBA ~~31,~~loans ~~2024, compared~~ to ~~$1.23~~further ~~billion~~diversify atthe ~~March~~loan 31portfolio, ~~2024,~~supplement ~~attributable~~loan ~~to decreases of $36.2 million in non-interest bearing accounts~~originations, ~~$31.8~~and ~~million~~generate inhigher ~~interest~~yields ~~bearing~~relative ~~accounts~~to ~~and~~cash ~~$23.5~~or ~~million~~other inshort-term ~~regular savings accounts~~investments. These ~~decreases~~SBA ~~were~~loans ~~partially~~are ~~offset~~originated bythrough ~~increases~~another infinancial ~~both~~institution ~~certificates~~located ofoutside ~~deposit~~the ~~and~~Company’s ~~money~~primary market ~~accounts~~area ~~of $51.1~~ and ~~$27.7~~are ~~million,~~purchased ~~respectively. The~~with ~~Company~~servicing ~~had~~retained noby ~~wholesale-brokered~~the ~~deposits~~seller. atAt ~~December~~June 3130, ~~2024 and March 31~~2025, ~~2024.~~the ~~Core~~Company’s ~~branch~~purchased ~~deposits~~SBA ~~accounted~~loan ~~for~~portfolio 98was $47.6%0 ofmillion ~~total deposits at December 31, 2024~~ compared to 98$47.0%4 million at March 31, ~~2024~~2025. ~~The Company plans to continue its focus on core deposits and on building customer relationships as opposed to obtaining deposits through the wholesale markets.~~

~~Accrued~~Goodwill ~~expenses~~was ~~and other liabilities increased~~ $127.41 million toat ~~$17.6~~both ~~million~~June at30, ~~December 31~~2025, ~~2024~~and ~~compared to $16.2 million at~~ March 31, ~~2024~~2025. ~~The~~For ~~increase~~additional ~~was~~information ~~primarily~~on ~~due~~our togoodwill animpairment ~~outstanding~~testing, ~~balance~~see in“Goodwill ~~Trust~~Valuation” ~~sweep~~included ~~funds~~in ofthis ~~$5.1~~Item ~~million~~7 atand ~~December~~Note ~~31,~~7 ~~2024~~of ~~that~~the ~~were~~Notes ~~subsequently~~to ~~disbursed~~ the ~~following~~Consolidated ~~business~~Financial ~~day. This~~Statements ~~increase~~contained ~~was~~in ~~partially~~Item ~~offset~~1 ~~by decreases~~ of ~~$1.7~~this ~~million~~Form ~~in other accrued expenses and $844,000 in dividends payable~~10-Q.

FHLB advances decreased $4.1 million to $84.2 million at December 31, 2024 compared to $88.3 million at March 31, 2024. FHLB advances at December 31, 2024 were comprised of overnight advances and short term borrowings of $59.2 million and $25.0 million, respectively. FHLB advances at March 31, 2024 were comprised of overnight advances. Funds from FHLB advances were primarily utilized to fund loan activity.

~~Shareholders'~~Deposits ~~equity~~decreased ~~increased~~ $222.74 million to $~~158~~1.321 ~~million~~billion at ~~December~~June 3130, ~~2024~~2025, compared to $~~155~~1.623 ~~million~~billion at March 31, ~~2024.~~2025, ~~The~~primarily ~~increase~~due ~~was mainly attributable~~ to ~~net~~increased ~~income~~competition offor ~~$3.8~~deposits, ~~million~~pricing pressure, and aan overall decrease in ~~the~~market ~~accumulated~~liquidity. ~~other~~Non-interest ~~comprehensive~~bearing ~~loss~~accounts ~~related~~decreased to$8.7 ~~the~~million, ~~change~~regular insavings ~~unrealized~~accounts ~~holding~~decreased ~~losses~~$8.5 ~~on securities available for sale~~million, ~~net~~interest ofbearing ~~tax,~~checking ofaccounts decreased $17.04 million, ~~for~~and ~~the~~money ~~nine~~market ~~months~~accounts ~~ended~~decreased ~~December~~$2.5 ~~31, 2024~~million. These ~~increases~~declines were partially offset by ~~the~~a ~~payment of cash dividends totaling~~ $14.37 million ~~and~~increase ~~the~~in ~~repurchase~~certificates of ~~200,073 shares of common stock totaling $1~~deposit.1 ~~million.~~

The Company had no wholesale-brokered deposits at either June 30, 2025, or March 31, 2025. Core branch deposits represented 98.4% of total deposits at June 30, 2025, compared to 98.1% at March 31, 2025. The Company plans to continue prioritizing core deposits and strengthening deposit relationships through targeted client engagement strategies and competitive product offerings, rather than relying on wholesale funding sources.

FHLB advances increased $26.1 million to $102.5 million at June 30, 2025, compared to $76.4 million at March 31, 2025. FHLB advances were comprised of $77.5 million in overnight borrowings and $25.0 million in short-term borrowings at June 30, 2025, compared to $51.4 million in overnight borrowings and $25.0 million in short-term borrowings at March 31, 2025. These advances were used to fund new loan originations and partially offset the decrease in deposit balances.

Shareholders’ equity increased $2.0 million to $162.0 million at June 30, 2025 from $160.0 million at March 31, 2025. The increase was mainly attributable to net income of $1.2 million for the three months ended June 30, 2025 and an improvement in other comprehensive income of $1.1 million, which reflected a reduction in unrealized holding losses on securities available for sale, net of tax. The reduction in unrealized losses was due to favorable movements in market interest rates during the quarter. These increases were partially offset by cash dividend payments totaling $420,000.

Capital Resources

The Bank is a state-chartered, federally insured institution subject to various regulatory capital requirements administered by the FDIC and Washington State Department of Financial Institutions, Division of Banks. Failure to meet minimum capital requirements can result in the initiation of certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.

Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios of total and tier I capital to risk-weighted assets, core capital to total assets and tangible capital to tangible assets ~~(set forth in the table below). Management believes the Bank met all capital adequacy requirements to which it was subject as of December 31, 2024.~~

Table of Contents

As(set offorth ~~December 31, 2024,~~in the ~~Bank~~table ~~was~~below). ~~categorized~~Management asbelieves ~~“well capitalized” under~~ the ~~FDIC’s regulatory framework for prompt corrective action. The~~ Bank’s ~~actual~~met ~~and~~all ~~required minimum~~ capital ~~amounts~~adequacy ~~and~~requirements ~~ratios~~to ~~were~~which asit ~~follows~~was atsubject ~~the~~as ~~dates~~of ~~indicated~~June ~~(dollars~~30, ~~in thousands):~~2025.


									“Well Capitalized”
					For Capital				Under Prompt
	Actual				Adequacy Purposes				Corrective Action
	Amount		Ratio		Amount		Ratio		Amount		Ratio
December 31, 2024
Total Capital:
(To Risk-Weighted Assets)	$	177,521	16.47	%	$	86,245	8.0	%	$	107,806	10.0	%
Tier 1 Capital:
(To Risk-Weighted Assets)		164,019	15.21			64,684	6.0			86,245	8.0
Common equity tier 1 Capital:
(To Risk-Weighted Assets)		164,019	15.21			48,513	4.5			70,074	6.5
Tier 1 Capital (Leverage):
(To Average Tangible Assets)		164,019	10.86			60,407	4.0			75,509	5.0

March 31, 2024
Total Capital:
(To Risk-Weighted Assets)	$	173,521	16.32	%	$	85,080	8.0	%	$	106,350	10.0	%
Tier 1 Capital:
(To Risk-Weighted Assets)		160,197	15.06			63,810	6.0			85,080	8.0
Common equity tier 1 Capital:
(To Risk-Weighted Assets)		160,197	15.06			47,857	4.5			69,127	6.5
Tier 1 Capital (Leverage):
(To Average Tangible Assets)		160,197	10.29			62,296	4.0			77,870	5.0

InAs ~~addition~~of ~~to the minimum common equity tier 1 (“CET1”)~~June 30, ~~Tier 1 and total capital ratios~~ 2025, the Bank iswas ~~required~~categorized toas ~~maintain~~“well acapitalized” ~~capital~~under ~~conservation~~the ~~buffer~~FDIC’s ~~consisting~~regulatory offramework additional CET1 capital in order to avoid limitations on paying dividends, engaging in share repurchases, and paying discretionary bonuses based on percentages of eligible retained income that could be utilized for ~~such~~prompt ~~actions~~corrective action. The ~~capital~~Bank’s ~~conservation~~actual ~~buffer~~and is required tominimum ~~be an amount greater than 2.5% of risk-weighted assets. As of December 31, 2024, the Bank’s CET1~~ capital ~~exceeded~~amounts ~~the~~and ~~required~~ratios ~~capital~~were ~~conservation~~as ~~buffer~~follows at anthe ~~amount~~dates ~~greater~~indicated ~~than~~(dollars ~~2.5%.~~in thousands):

For a bank holding company, such as the Company, the capital guidelines apply on a bank only basis. The Federal Reserve expects the holding company’s subsidiary banks to be well capitalized under the prompt corrective action regulations. If the Company was subject to regulatory guidelines for bank holding companies at December 31, 2024, the Company would have exceeded all regulatory capital requirements.


									“Well Capitalized”
					For Capital				Under Prompt
	Actual				Adequacy Purposes				Corrective Action
	Amount		Ratio		Amount		Ratio		Amount		Ratio
June 30, 2025
Total Capital:
(To Risk-Weighted Assets)	$	180,140	16.56	%	$	87,036	8.0	%	$	108,795	10.0	%
Tier 1 Capital:
(To Risk-Weighted Assets)		166,514	15.31			65,277	6.0			87,036	8.0
Common equity tier 1 Capital:
(To Risk-Weighted Assets)		166,514	15.31			48,958	4.5			70,717	6.5
Tier 1 Capital (Leverage):
(To Average Tangible Assets)		166,514	11.16			59,692	4.0			74,616	5.0

March 31, 2025
Total Capital:
(To Risk-Weighted Assets)	$	178,452	16.48	%	$	86,625	8.0	%	$	108,281	10.0	%
Tier 1 Capital:
(To Risk-Weighted Assets)		164,891	15.23			64,969	6.0			86,625	8.0
Common equity tier 1 Capital:
(To Risk-Weighted Assets)		164,891	15.23			48,726	4.5			70,383	6.5
Tier 1 Capital (Leverage):
(To Average Tangible Assets)		164,891	11.10			59,406	4.0			74,257	5.0

At periodic intervals, the Company’s banking regulators routinely examine the Company’s financial condition and risk management processes as part of their legally prescribed oversight. Based on their examinations, these regulators can direct that the Company’s consolidated financial statements be adjusted in accordance with their findings. A future examination could include a review of certain transactions or other amounts reported in the Company’s 2025 consolidated financial statements.

In addition to the minimum common equity tier 1 (“CET1”), Tier 1 and total capital ratios, the Bank is required to maintain a capital conservation buffer consisting of additional CET1 capital greater than 2.5% of risk-weighted assets above the required minimum capital levels. Failure to maintain the required buffer could result in limitations on the Bank’s ability to pay dividends, repurchase shares, and pay discretionary bonuses, based on specified percentages of eligible retained income As of June 30, 2025, the Bank’s CET1 capital exceeded the required capital conservation buffer at an amount greater than 2.5%.

For a bank holding company, such as the Company, the capital guidelines apply on a bank only basis. The Federal Reserve expects the holding company’s subsidiary banks to be well capitalized under the prompt corrective action regulations. If the Company was subject to regulatory guidelines for bank holding companies at June 30, 2025, the Company would have exceeded all regulatory capital requirements.

Liquidity

Liquidity is essential to the operation of our business. The objectives of the Bank’s liquidity management are to maintain ample cash flows to meet obligations for depositor withdrawals, to fund the borrowing needs of loan ~~customers~~clients, and to fund ongoing operations. Core relationship deposits are the primary source of the Bank’s liquidity. As such, the Bank focuses on deposit relationships with local consumer and business clients who maintain multiple accounts and services at the Bank.

Table of Contents

Liquidity management is both a short and long-term responsibility of the Company's management. The Company adjusts its investments in liquid assets based upon management's assessment of (i) expected loan demand, (ii) projected loan sales, (iii) expected deposit flows, (iv) yields available on interest-bearing deposits and (v) its asset/liability management program objectives. Excess liquidity is generally invested in interest-bearing overnight deposits and other short-term government and agency obligations. If the Company requires funds beyond its ability to generate them internally, it has additional diversified and reliable sources of funds with the FHLB, the FRB and other wholesale facilities. These sources of funds may be used on a long or short-term basis to compensate for a reduction in other sources of funds or on a long-term basis to support lending activities.

The Company's primary sources of funds are ~~customer~~client deposits, proceeds from principal and interest payments on loans, ~~proceeds~~securities, ~~from~~ the sale of loans, maturing securities, FHLB advances and FRB borrowings. While maturities and scheduled amortization of loans and securities are a predictable source of funds, deposit flows and prepayment of mortgage loans and mortgage-backed securities are greatly influenced by general interest rates, economic conditions and competition. Management believes that its focus on core relationship deposits coupled with access to borrowings through reliable counterparties provides reasonable and prudent assurance that ample liquidity is available. However, depositor or counterparty behavior could change in response to competition, economic or market situations or other unforeseen circumstances, which could have liquidity implications that may require different strategic or operational actions.

The Company must maintain an adequate level of liquidity to ensure the availability of sufficient funds for loan originations, deposit withdrawals, continuing operations, ~~satisfaction~~satisfying other financial commitments, and totaking ~~take~~ advantage of investment opportunities. During the ~~nine~~three months ended ~~December~~June 3130, ~~2024~~2025, ~~the~~deposits ~~Bank~~remained ~~used~~relatively its sources of funds primarily to fund loan commitments. At December 31, 2024, cash and cash equivalents and available for sale investment securities totaled $150.2 million, or 10.0% of total assets. Management believes that the Company’s security portfolio is of high quality and therefore readily marketable. The levels of these assets are dependent on the Company’s operating, financing, lending, and investing activities during any given period. The Bank generally maintains sufficient cash and short-term investments to meet short-term liquidity needsstable; however, ~~its primary liquidity management practice is to manage short-term borrowings, consistent with its asset/liability objectives. In addition to these primary sources of funds,~~ the Bank ~~has~~utilized ~~several~~its ~~secondary~~funding ~~borrowing~~ sources ~~available~~primarily to ~~meet~~support ~~potential~~loan ~~funding~~commitments ~~requirements, including FRB borrowings~~ and ~~FHLB~~manage ~~advances.~~deposit Atwithdrawals ~~December~~influenced ~~31,~~by ~~2024,~~competitive ~~the Bank had no outstanding advances from the FRB~~ and ~~maintains~~pricing ~~a credit facility with the FRB with an available borrowing capacity of $187~~pressures.2 million, subject to sufficient collateral. At December 31, 2024, the Bank had advances totaling $84.2 million from the FHLB and had an additional borrowing capacity of $164.4 million with the FHLB, subject to sufficient collateral and stock investment. At December 31, 2024, the Bank had sufficient unpledged collateral to allow it to utilize its available borrowing capacity from the FRB and the FHLB. Borrowing capacity may, however, fluctuate based on acceptability and risk rating of loan collateral and counterparties could adjust discount rates applied to such collateral at their discretion.

AnAt ~~additional~~June 30, 2025, ~~source~~cash and cash equivalents and available for sale investment securities totaled $152.9 million, or 10.0% of ~~wholesale~~total ~~funding~~assets. ~~includes~~Management ~~brokered~~believes ~~certificates~~that the Company’s security portfolio is of ~~deposit~~high quality and generally marketable. ~~While~~The levels of these assets are dependent on the Company’s ~~has~~operating, ~~utilized~~financing, ~~brokered~~lending, ~~deposits~~and ~~from~~investing ~~time~~activities during any given period. The Bank generally maintains sufficient cash and short-term investments to ~~time,~~meet ~~historically~~short-term itliquidity ~~has~~needs. ~~not~~Its ~~extensively~~primary ~~relied~~liquidity onmanagement ~~brokered~~strategy ~~deposits~~is to ~~fund~~manage short-term borrowings, consistent with its ~~operations~~asset/liability objectives. AtIn ~~December 31, 2024~~addition ~~and~~to ~~March~~these ~~31,~~primary ~~2024~~sources of funds, the Bank ~~had~~has noseveral ~~wholesale~~secondary ~~brokered~~borrowing ~~deposits.~~sources ~~The~~available ~~Bank~~to ~~also~~meet ~~participates~~potential infunding ~~the~~requirements, ~~Certificate~~including ofFRB ~~Deposit~~borrowings ~~Account~~and ~~Registry~~FHLB ~~Services~~advances. ~~(“CDARS”)~~At ~~and~~June ~~Insured~~30, ~~Cash~~2025, ~~Sweep~~the ~~(“ICS”)~~Bank ~~deposit~~had ~~products,~~no ~~which~~advances ~~allow~~from the ~~Company~~FRB toand ~~accept~~maintained ~~deposits~~a incredit ~~excess~~facility with an available borrowing capacity of ~~the~~$195.1 ~~FDIC~~million, ~~insurance~~subject ~~limit~~to ~~for~~sufficient ~~depositors~~collateral. ~~while~~At ~~obtaining~~June 30, 2025, ~~“pass-through”~~the ~~insurance~~Bank ~~for~~had ~~total~~advances ~~deposits~~totaling $102.5 ~~The~~million ~~Bank’s~~from ~~CDARS~~the FHLB and ~~ICS~~had ~~balances~~an ~~were~~additional borrowing capacity of $39155.69 million with the FHLB, orsubject ~~3.2%~~to ofsufficient ~~total~~collateral ~~deposits~~and atstock ~~both~~investment. ~~December~~At June 3130, ~~2024~~2025, ~~and~~the ~~March~~Bank ~~31,~~had ~~2024.~~sufficient ~~The~~unpledged ~~combination~~collateral ofto ~~all~~allow it to utilize its available borrowing capacity from the ~~Bank’s~~FRB ~~funding~~and ~~sources~~the ~~gives~~FHLB. Borrowing capacity may, however, fluctuate based on the ~~Bank~~quality ~~available~~and ~~liquidity~~risk rating of ~~$691.7~~pledged ~~million~~loan collateral, orand ~~45.9%~~counterparties ofmay ~~total~~adjust ~~assets~~discount rates applied to such collateral at ~~December 31, 2024~~their discretion.

AtAn ~~December 31, 2024,~~additional ~~the~~source ~~Company~~of ~~had~~wholesale ~~total~~funding ~~commitments~~includes brokered certificates of ~~$106~~deposit.6 ~~million,~~While ~~which~~the ~~includes~~Company ~~commitments~~has toutilized ~~extend~~brokered ~~credit~~deposits offrom ~~$3.0~~time ~~million~~to time, ~~unused~~historically ~~lines~~it ofhas ~~credit~~not ~~totaling~~extensively ~~$84.7~~relied ~~million,~~on ~~undisbursed~~brokered ~~real~~deposits ~~estate~~to ~~construction~~fund ~~loans~~its ~~totaling $17~~operations.3 ~~million~~At June 30, 2025 and ~~standby~~March ~~letters~~31, of2025, ~~credit~~the ~~totaling~~Bank ~~$1.6~~had ~~million~~no wholesale brokered deposits. The ~~Company~~Bank ~~anticipates~~also ~~that~~participates itin ~~will~~the ~~have~~Certificate ~~sufficient~~of ~~funds~~Deposit ~~available~~Account toRegistry ~~meet~~Services ~~current~~(“CDARS”) ~~loan~~and ~~commitments.~~Insured ~~Certificates~~Cash ofSweep (“ICS”) deposit ~~that~~products, ~~are~~which ~~scheduled~~allow the Company to ~~mature~~accept deposits in ~~less~~excess ~~than~~of ~~one~~the ~~year~~FDIC ~~from~~insurance ~~December 31, 2024~~limit ~~totaled~~for ~~$235.3~~depositors ~~million.~~while ~~Historically,~~obtaining ~~the~~“pass-through” insurance for total deposits. The Bank’s ~~has~~CDARS ~~been~~and ~~able~~ICS tobalances ~~retain~~were a$34.0 ~~significant~~million, ~~amount~~or 2.81% of ~~its~~total deposits asand ~~they mature~~$36.0 ~~Offsetting~~million, ~~these~~or ~~cash~~2.92% ~~outflows~~of ~~are~~total ~~scheduled~~deposits, ~~loan~~at June 30, 2025 and ~~investment~~March ~~securities~~31, ~~maturities~~2025 respectively. The combination of ~~less~~all ~~than~~the ~~one~~Bank’s ~~year~~funding ~~totaling~~sources ~~$45.0~~gives ~~million~~the ~~and~~Bank available liquidity of $21787.14 million, ~~respectively,~~or 51.92% of total assets at ~~December~~June

Filing Compare · RIVERVIEW BANCORP INC