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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	For the quarterly period ended September 30, 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, 20,750,376 shares outstanding, as of November 7, 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 September 30, 2025 and March 31, 2025	4

	Consolidated Statements of Income for the Three and Six Months Ended September 30, 2025 and 2024	5

	Consolidated Statements of Comprehensive Income for the Three and Six Months Ended September 30, 2025 and 2024	6

	Consolidated Statements of Shareholders’ Equity for the Three and Six Months Ended September 30, 2025 and 2024	7

	Consolidated Statements of Cash Flows for the Six Months Ended September 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	33

Item 3:	Quantitative and Qualitative Disclosures About Market Risk	49

Item 4:	Controls and Procedures	49

Part II.	Other Information	50

Item 1:	Legal Proceedings	50

Item 1A:	Risk Factors	50

Item 2:	Unregistered Sales of Equity Securities and Use of Proceeds	50

Item 3:	Defaults Upon Senior Securities	50

Item 4:	Mine Safety Disclosures	50

Item 5:	Other Information	50

Item 6:	Exhibits	52

SIGNATURES		53

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, recessionary pressures, or slowing economic growth.

●

Changes in interest rate levels and the duration of such changes, including actions by the Board of Governors of the Federal Reserve System (“Federal Reserve”).

●

The impact of inflation and monetary and fiscal policy responses thereto.

●

Effects of 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.

●

The ability to adapt to rapid technological changes, including advancements in artificial intelligence, digital banking, and 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.

●

Vulnerabilities in information systems or third-party service providers, including disruptions, breaches, or attacks.

●

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.

●

Geopolitical 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 or increased tariffs and trade restrictions, which may disrupt financial markets, global supply chains, energy prices, or economic activity in specific industry sectors.

●

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

●

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 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.

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Part I. Financial Information

Item 1. Financial Statements (Unaudited)

RIVERVIEW BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

AS OF SEPTEMBER 30, 2025 AND MARCH 31, 2025


	September 30,		March 31,
	2025
(In thousands, except share and per share data)	(Unaudited)		2025
ASSETS
Cash and cash equivalents (including interest earning deposits in other banks of $16,987 and $14,375)	$	32,809	$	29,414
Investment securities:
Available for sale, at estimated fair value		118,447		119,436
Held to maturity, at amortized cost (estimated fair value of $169,312 and $175,392)		192,759		203,079
Loans receivable (net of allowance for credit losses of $15,427 and $15,374)		1,054,764		1,047,086
Prepaid expenses and other assets		12,349		12,523
Accrued interest receivable		4,473		4,525
Federal Home Loan Bank (“FHLB”) stock, at cost		3,257		4,342
Premises and equipment, net		21,667		22,304
Financing lease right-of-use ("ROU") asset		1,087		1,125
Deferred income taxes, net		7,826		8,625
Goodwill		27,076		27,076
Core deposit intangible ("CDI"), net		124		171
Bank owned life insurance ("BOLI")		32,906		33,617
TOTAL ASSETS	$	1,509,544	$	1,513,323

LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES:
Deposits	$	1,236,424	$	1,232,328
Accrued expenses and other liabilities		27,229		14,777
Advance payments by borrowers for taxes and insurance		858		614
FHLB advances		52,300		76,400
Junior subordinated debentures		27,135		27,091
Finance lease liability		2,061		2,099
Total liabilities		1,346,007		1,353,309

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
September 30, 2025 – 20,938,504 shares issued and outstanding		207		208
March 31, 2025 – 20,976,200 shares issued and outstanding
Additional paid-in capital		52,900		53,392
Retained earnings		121,203		119,717
Accumulated other comprehensive loss		(10,773)		(13,303)
Total shareholders' equity		163,537		160,014
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	1,509,544	$	1,513,323

See accompanying notes to consolidated financial statements.

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RIVERVIEW BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE AND SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024


	Three Months Ended				Six Months Ended
	September 30,				September 30,
(In thousands, except share and per share data) (Unaudited)	2025		2024		2025		2024
INTEREST AND DIVIDEND INCOME:
Interest and fees on loans receivable	$	13,667	$	12,683	$	27,019	$	24,735
Interest on investment securities – taxable		1,395		1,874		3,062		3,846
Interest on investment securities – nontaxable		65		65		130		130
Other interest and dividends		245		320		536		630
Total interest and dividend income		15,372		14,942		30,747		29,341

INTEREST EXPENSE:
Interest on deposits		4,360		3,855		8,134		7,302
Interest on borrowings		1,231		2,145		2,991		4,276
Total interest expense		5,591		6,000		11,125		11,578
Net interest income		9,781		8,942		19,622		17,763
Provision for credit losses		—		100		—		100
Net interest income after provision for credit losses		9,781		8,842		19,622		17,663

NON-INTEREST INCOME:
Fees and service charges		1,637		1,524		3,209		3,064
Asset management fees		1,527		1,433		3,079		2,991
Income from BOLI		290		279		512		490
Other, net		386		605		466		663
Total non-interest income, net		3,840		3,841		7,266		7,208

NON-INTEREST EXPENSE:
Salaries and employee benefits		7,304		6,477		14,551		12,865
Occupancy and depreciation		1,859		1,921		3,727		3,816
Data processing		778		695		1,520		1,459
Amortization of CDI		23		25		47		50
Advertising and marketing		333		367		570		677
FDIC insurance premium		171		166		335		344
State and local taxes		260		234		485		450
Telecommunications		50		52		96		99
Professional fees		354		304		770		794
Other		1,094		460		1,845		1,116
Total non-interest expense		12,226		10,701		23,946		21,670

INCOME BEFORE INCOME TAXES		1,395		1,982		2,942		3,201
PROVISION FOR INCOME TAXES		296		425		618		678
NET INCOME	$	1,099	$	1,557	$	2,324	$	2,523

Earnings per common share:
Basic	$	0.05	$	0.07	$	0.11	$	0.12
Diluted		0.05		0.07		0.11		0.12
Weighted average number of common shares outstanding:
Basic		20,948,327		21,097,580		20,962,187		21,104,275
Diluted		20,948,327		21,097,580		20,962,187		21,104,275

See accompanying notes to consolidated financial statements.

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RIVERVIEW BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE AND SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024


	Three Months Ended				Six Months Ended
	September 30,				September 30,
(In thousands) (Unaudited)	2025		2024		2025		2024

Net income	$	1,099	$	1,557	$	2,324	$	2,523

Other comprehensive income:
Net unrealized holding gains from available for sale investment securities arising during the period, net of tax expense of ($461), ($1,169), ($800), and ($1,090), respectively		1,457		3,704		2,530		3,454
Total comprehensive income, net	$	2,556	$	5,261	$	4,854	$	5,977

See accompanying notes to consolidated financial statements.

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RIVERVIEW BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

FOR THE THREE AND SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 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 September 30, 2024

Balance July 1, 2024	21,111,043	$	211	$	55,031	$	117,043	$	(16,377)	$	155,908

Net income	—		—		—		1,557		—		1,557
Cash dividends on common stock ($0.02 per share)	—		—		—		(421)		—		(421)
Restricted stock forfeited	(14,075)		—		—		—		—		—
Stock-based compensation, net	—		—		26		—		—		26
Other comprehensive income, net	—		—		—		—		3,704		3,704
Balance September 30, 2024	21,096,968	$	211	$	55,057	$	118,179	$	(12,673)	$	160,774

For the six months ended September 30, 2024

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

Net income	—		—		—		2,523		—		2,523
Cash dividends on common stock ($0.04 per share)	—		—		—		(843)		—		(843)
Restricted stock forfeited	(14,075)		—		—		—		—		—
Stock-based compensation, net	—		—		52		—		—		52
Other comprehensive income, net	—		—		—		—		3,454		3,454
Balance September 30, 2024	21,096,968	$	211	$	55,057	$	118,179	$	(12,673)	$	160,774


For the three months ended September 30, 2025

Balance July 1, 2025	20,976,200	$	208	$	53,501	$	120,522	$	(12,230)	$	162,001

Net income	—		—		—		1,099		—		1,099
Cash dividends on common stock ($0.02 per share)	—		—		—		(418)		—		(418)
Stock repurchased	(156,347)		(2)		(809)		—		—		(811)
Restricted stock granted, net of forfeitures	118,651		1		—		—		—		1
Stock-based compensation, net	—		—		208		—		—		208
Other comprehensive income, net	—		—		—		—		1,457		1,457
Balance September 30, 2025	20,938,504	$	207	$	52,900	$	121,203	$	(10,773)	$	163,537


For the six months ended September 30, 2025

Balance April 1, 2025	20,976,200	$	208	$	53,392	$	119,717	$	(13,303)	$	160,014

Net income	—		—		—		2,324		—		2,324
Cash dividends on common stock ($0.04 per share)	—		—		—		(838)		—		(838)
Stock repurchased	(156,347)		(2)		(809)		—		—		(811)
Restricted stock granted, net of forfeitures	118,651		1		—		—		—		1
Stock-based compensation, net	—		—		317		—		—		317
Other comprehensive income, net	—		—		—		—		2,530		2,530
Balance September 30, 2025	20,938,504	$	207	$	52,900	$	121,203	$	(10,773)	$	163,537

See accompanying notes to consolidated financial statements.

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RIVERVIEW BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024


(In thousands) (Unaudited)	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	2,324	$	2,523
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		1,708		1,584
Purchased loans (accretion) amortization, net		(22)		36
Provision for credit losses		—		100
Stock-based compensation expense		318		52
Decrease in deferred loan origination fees, net of amortization		(39)		(170)
Net gain on sales of premises and equipment		(23)		—
Income from BOLI		(512)		(490)
Changes in certain other assets and liabilities:
Prepaid expenses and other assets		259		222
Accrued interest receivable		52		(155)
Accrued expenses and other liabilities		11,993		2,498
Net cash provided by operating activities		16,058		6,200

CASH FLOWS FROM INVESTING ACTIVITIES:
Loan (originations) repayments, net		3,904		(21,041)
Purchases of loans receivable		(11,522)		(15,786)
Principal repayments on investment securities available for sale		4,126		4,493
Proceeds from calls and maturities of investment securities available for sale		—		10,230
Principal repayments on investment securities held to maturity		10,123		7,325
Proceeds from sale of shares in trading asset - VISA stock		248		392
Purchases of premises and equipment and capitalized software		(469)		(2,317)
Redemption (purchase) of FHLB stock, net		1,085		(630)
Proceeds from sales of premises and equipment		66		86
Proceeds from death benefit on BOLI		1,223		—
Net cash provided by (used in) investing activities		8,784		(17,248)

CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in deposits		4,096		5,820
Dividends paid		(838)		(1,688)
Proceeds from borrowings		364,900		294,100
Repayment of borrowings		(389,000)		(280,100)
Net increase in advance payments by borrowers for taxes and insurance		244		267
Principal payments on finance lease liability		(38)		(33)
Repurchase of common stock		(811)		—
Net cash (used in) provided by financing activities		(21,447)		18,366

NET INCREASE IN CASH AND CASH EQUIVALENTS		3,395		7,318
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		29,414		23,642
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	32,809	$	30,960

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	10,001	$	10,504
Income taxes		519		49

NONCASH INVESTING AND FINANCING ACTIVITIES:
Dividends declared and accrued in other liabilities	$	419	$	422
Net unrealized holding gains from available for sale investment securities		3,330		4,544
Income tax effect related to other comprehensive income (loss)		(800)		(1,090)
Right-of-use lease asset obtained in exchange for operating lease liability		459		—
Conversion of shares in trading asset - VISA Stock		248		392

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, 2025 (“2025 Form 10-K”). The unaudited consolidated results of operations for the six months ended September 30, 2025 are not necessarily indicative of the results which may be expected for the entire fiscal year ending March 31, 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 PLAN AND STOCK-BASED COMPENSATION

Stock Option Plan - In July 2017, the shareholders of the Company approved the Riverview Bancorp, Inc. 2017 Equity Incentive Plan (“2017 Plan”). The 2017 Plan provides for the grant of incentive stock options, non-qualified stock options, restricted stock and restricted stock units. The Company reserved 1,800,000 shares of its common stock for issuance under the 2017 Plan. At September 30, 2025, there were 1,189,564 shares available for grant under the 2017 Plan.

The fair value of each stock option granted is estimated on the date of 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. The expected life of options granted represents the period of time that they are expected to be outstanding. The expected life is determined based on historical experience with similar options, considering the contractual terms and vesting schedules. Expected volatility is estimated at the date of grant based on the historical volatility of the Company's common stock. Expected dividends are based on dividend trends and the market value of the Company's common stock at the time of grant. The risk-free interest rate for periods within the contractual life of the options is based on the U.S. Treasury yield curve in effect at the time of the grant. There were no stock options granted under the 2017 Plan during the six months ended September 30, 2025 and 2024. As of September 30, 2025 and 2024, there were no stock options outstanding.

The Company may grant restricted stock pursuant to the 2017 Plan of which vesting can either be time based, or performance based. Performance 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.

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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 $209,000 and $26,000 for the three months ended September 30, 2025 and 2024, respectively. Stock-based compensation related to restricted stock grants was $318,000 and $52,000 for the six months ended September 30, 2025 and 2024, respectively. The increase in the stock-based compensation expense was primarily due to the new grants issued during the three months ended September 30, 2025. The unrecognized stock-based compensation related to restricted stock was $1.4 million and $119,000 at September 30, 2025 and 2024, respectively. The weighted average vesting period for the restricted stock was 2.35 years and 0.94 years at September 30, 2025 and 2024, respectively.

The following tables present the activity related to 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
Six Months Ended September 30, 2025	Shares	Fair Value		Shares	Fair Value		Shares	Fair Value
Balance, beginning of period	155,034	$	5.74	125,169	$	5.66	280,203	$	5.71
Granted	46,256		5.15	100,217		5.15	146,473		5.15
Forfeited	—		—	(27,822)		5.76	(27,822)		5.76
Vested	(12,630)		5.70	(23,470)		5.58	(36,100)		5.62
Balance, end of period	188,660	$	5.60	174,094	$	5.36	362,754	$	5.49


	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
Six Months Ended September 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
Forfeited	—		—	(14,075)		5.21	(14,075)		5.21
Vested	(6,289)		5.84	(13,417)		6.54	(19,706)		6.32
Balance, end of period	9,490	$	5.64	35,905	$	5.54	45,395	$	5.57

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 six months ended September 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. As of September 30, 2025, the Company had repurchased 156,347 shares at a total cost of $811,000 under the April 2025 repurchase program at an average price of $5.18 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 September 30,				Six Months Ended September 30,
	2025		2024		2025		2024
(Dollars and share data in thousands, except per share data)
Basic EPS computation:
Numerator-net income	$	1,099	$	1,557	$	2,324	$	2,523
Denominator-weighted average common shares outstanding		20,948		21,098		20,962		21,104
Basic EPS	$	0.05	$	0.07	$	0.11	$	0.12
Diluted EPS computation:
Numerator-net income	$	1,099	$	1,557	$	2,324	$	2,523
Denominator-weighted average common shares outstanding		20,948		21,098		20,962		21,104
Diluted EPS	$	0.05	$	0.07	$	0.11	$	0.12

5. INVESTMENT SECURITIES

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


			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
September 30, 2025
Available for sale:
Municipal securities	$	36,919	$	3	$	(5,081)	$	31,841
Agency securities		32,953		—		(2,019)		30,934
Real estate mortgage investment conduits⁽¹⁾		27,286		—		(4,396)		22,890
Residential mortgage-backed securities ⁽¹⁾		9,592		13		(436)		9,169
Other mortgage-backed securities ⁽²⁾		25,871		3		(2,261)		23,613
Total available for sale	$	132,621	$	19	$	(14,193)	$	118,447

Held to maturity:
Municipal securities	$	10,283	$	—	$	(2,492)	$	7,791
Agency securities		42,329		—		(1,948)		40,381
Real estate mortgage investment conduits⁽¹⁾		26,828		—		(3,552)		23,276
Residential mortgage-backed securities ⁽¹⁾		96,322		—		(13,252)		83,070
Other mortgage-backed securities ⁽³⁾		16,997		—		(2,203)		14,794
Total held to maturity	$	192,759	$	—	$	(23,447)	$	169,312

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			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
March 31, 2025
Available for sale:
Municipal securities	$	37,280	$	1	$	(6,262)	$	31,019
Agency securities		32,944		—		(2,741)		30,203
Real estate mortgage investment conduits ⁽¹⁾		28,597		—		(5,107)		23,490
Residential mortgage-backed securities ⁽¹⁾		10,802		13		(589)		10,226
Other mortgage-backed securities ⁽²⁾		27,317		4		(2,823)		24,498
Total available for sale	$	136,940	$	18	$	(17,522)	$	119,436

Held to maturity:
Municipal securities	$	10,296	$	—	$	(2,667)	$	7,629
Agency securities		42,279		—		(2,723)		39,556
Real estate mortgage investment conduits⁽¹⁾		28,499		—		(4,231)		24,268
Residential mortgage-backed securities ⁽¹⁾		101,933		—		(15,448)		86,485
Other mortgage-backed securities ⁽³⁾		20,072		—		(2,618)		17,454
Total held to maturity	$	203,079	$	—	$	(27,687)	$	175,392

(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 September 30, 2025 are as follows (in thousands):


	Available for Sale				Held to Maturity
			Estimated				Estimated
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
Due in one year or less	$	202	$	198	$	10,829	$	10,773
Due after one year through five years		48,398		45,668		28,501		27,055
Due after five years through ten years		33,704		29,794		20,612		18,102
Due after ten years		50,317		42,787		132,817		113,382
Total	$	132,621	$	118,447	$	192,759	$	169,312

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

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The fair value of temporarily impaired investment securities, the amount of unrealized losses and the length of time these unrealized losses existed are as follows at the dates indicated (in thousands):


	Less than 12 months				12 months or longer				Total
	Estimated				Estimated				Estimated
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
September 30, 2025	Value		Losses		Value		Losses		Value		Losses

Available for sale:
Municipal securities	$	—	$	—	$	30,667	$	(5,081)	$	30,667	$	(5,081)
Agency securities		—		—		30,934		(2,019)		30,934		(2,019)
Real estate mortgage investment conduits ⁽¹⁾		—		—		22,890		(4,396)		22,890		(4,396)
Residential mortgage-backed securities ⁽¹⁾		—		—		8,580		(436)		8,580		(436)
Other mortgage-backed securities ⁽²⁾		649		(6)		22,873		(2,255)		23,522		(2,261)
Total available for sale	$	649	$	(6)	$	115,944	$	(14,187)	$	116,593	$	(14,193)

Held to maturity:
Municipal securities	$	—	$	—	$	7,791	$	(2,492)	$	7,791	$	(2,492)
Agency securities		—		—		40,381		(1,948)		40,381		(1,948)
Real estate mortgage investment conduits ⁽¹⁾		—		—		23,276		(3,552)		23,276		(3,552)
Residential mortgage-backed securities ⁽¹⁾		—		—		83,070		(13,252)		83,070		(13,252)
Other mortgage-backed securities ⁽³⁾		—		—		14,794		(2,203)		14,794		(2,203)
Total held to maturity	$	—	$	—	$	169,312	$	(23,447)	$	169,312	$	(23,447)

March 31, 2025

Available for sale:
Municipal securities	$	—	$	—	$	29,849	$	(6,262)	$	29,849	$	(6,262)
Agency securities		—		—		30,203		(2,741)		30,203		(2,741)
Real estate mortgage investment conduits ⁽¹⁾		—		—		23,490		(5,107)		23,490		(5,107)
Residential mortgage-backed securities ⁽¹⁾		—		—		9,540		(589)		9,540		(589)
Other mortgage-backed securities ⁽²⁾		418		(3)		23,816		(2,820)		24,234		(2,823)
Total available for sale	$	418	$	(3)	$	116,898	$	(17,519)	$	117,316	$	(17,522)

Held to maturity:
Municipal securities	$	—	$	—	$	7,629	$	(2,667)	$	7,629	$	(2,667)
Agency securities		—		—		39,556		(2,723)		39,556		(2,723)
Real estate mortgage investment conduits ⁽¹⁾		—		—		24,268		(4,231)		24,268		(4,231)
Residential mortgage-backed securities ⁽¹⁾		—		—		86,485		(15,448)		86,485		(15,448)
Other mortgage-backed securities ⁽³⁾		—		—		17,454		(2,618)		17,454		(2,618)
Total held to maturity	$	—	$	—	$	175,392	$	(27,687)	$	175,392	$	(27,687)

(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 September 30, 2025 and March 31, 2025. As of both dates, 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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assessment, 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 ACL 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 September 30, 2025 and March 31, 2025, as the impact was insignificant.

The Company had no sales and realized no gains or losses on sales of investment securities for the six months ended September 30, 2025 and 2024. Investment securities available for sale with an amortized cost of $1.8 million and $2.1 million and an estimated fair value of $1.7 million and $2.0 million at September 30, 2025 and March 31, 2025, respectively, were pledged as collateral for government public funds held by the Bank. Investment securities held to maturity with an amortized cost of $11.6 million and $12.2 million and a fair value of $10.0 million and $10.4 million at September 30, 2025 and March 31, 2025, respectively, were pledged as collateral for government public funds held by the Bank. Investment securities held to maturity with an amortized cost of $136.1 million and $141.3 million and a fair value of $118.5 million and $120.5 million at September 30, 2025 and March 31, 2025, respectively, were pledged as collateral to the Federal Reserve Bank of San Francisco (“FRB”) pursuant to borrowing agreements.

6. LOANS AND ACL

Loans receivable is reported net of deferred loan fees and discounts, and inclusive of premiums. Deferred loan fees totaled $4.3 million at both September 30, 2025 and March 31, 2025. Discounts and premiums on loans receivable totaled $1.1 million and $1.7 million, respectively, at September 30, 2025, compared to $1.2 million and $1.7 million, respectively, at March 31, 2025. Loans receivable consisted of the following at the dates indicated (in thousands):


	September 30,		March 31,
	2025		2025
Commercial and construction
Commercial business	$	227,594	$	232,935
Commercial real estate		602,961		592,185
Land		3,930		4,610
Multi-family		88,991		91,451
Real estate construction		25,775		29,182
Total commercial and construction		949,251		950,363

Consumer
Real estate one-to-four family		99,042		97,683
Other installment		21,898		14,414
Total consumer		120,940		112,097

Total loans		1,070,191		1,062,460

Less: ACL for loans		15,427		15,374
Loans receivable, net	$	1,054,764	$	1,047,086

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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 September 30, 2025, loans carried at $755.9 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 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 AOCI. As of September 30, 2025 and March 31, 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 six months ended September 30, 2025. There were no loans past due at September 30, 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 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/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

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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.

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.

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The following table sets forth the Company’s loan portfolio at September 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.


	September 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	$	4,079	$	14,145	$	18,090	$	50,693	$	81,133	$	41,352	$	12,509	$	222,001
Special Mention		—		1,615		—		399		489		335		2,085		4,923
Substandard		—		—		—		—		—		670		—		670
Total commercial business	$	4,079	$	15,760	$	18,090	$	51,092	$	81,622	$	42,357	$	14,594	$	227,594
Current YTD gross write-offs	$	—	$	—	$	—	$	—	$	—	$	1	$	—	$	1

Commercial real estate
Risk rating
Pass	$	23,700	$	47,740	$	47,657	$	57,386	$	135,193	$	242,728	$	—	$	554,404
Special Mention		—		—		3,160		6,309		5,169		24,039		—		38,677
Substandard		—		—		30		—		—		9,850		—		9,880
Total commercial real estate	$	23,700	$	47,740	$	50,847

RIVERVIEW BANCORP INC 10-Q