RIVERVIEW BANCORP INC

Riverview Bancorp, Inc. operates as a bank holding company for Riverview Bank, a Washington state-chartered commercial bank, and its primary market area comprises Clark, Klickitat and Skamania counties in Washington, and Multnomah, Washington and Marion counties in Oregon. The Company is a progressive, community-oriented financial services company that emphasizes local, personalized service to residents and businesses within its primary market area, which includes the Portland-Vancouver-Hillsboro Metropolitan Statistical Area, a diverse regional economy driven by technology, healthcare, manufacturing, professional services, transportation and trade.

The Company competes within its primary market area against other financial services companies, though no specific competitors are named in the filing. Management believes the Company is positioned to attract new clients and increase market share through its network of 17 ¹ branch locations, including 10 ² branches in Clark County, three ³ branches in the Portland metropolitan area and three ⁴ lending centers. The Company's strategic plan focuses on five key priorities: employer of choice, profitable growth, digital experience, data empowerment and client experience.

The Company generates revenue primarily by attracting deposits from the general public and using such funds within 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. The Company also generates non-interest income through asset management fees generated through the Trust Company and deposit-related service charges. The Company targets commercial banking clients within its primary market area for loan originations and deposit growth, including businesses, professionals and wealth-building individuals.

The Company's lending activities are concentrated in commercial and construction loans, which totaled $968.277 million ⁵ at March 31, 2026, representing 88.63% ⁶ of total loans. Within this category, commercial real estate loans were $611.634 million ⁷ (55.99% ⁸ of total loans), commercial business loans were $219.846 million ⁹ (20.12% ¹⁰), multi-family loans were $103.614 million ¹¹ (9.48% ¹²), real estate construction loans were $24.040 million ¹³ (2.20% ¹⁴), and land loans were $9.143 million ¹⁵ (0.84% ¹⁶). Consumer loans totaled $124.207 million ¹⁷ (11.37% ¹⁸ of total loans), consisting of real estate one-to-four family loans of $96.698 million ¹⁹ (8.85% ²⁰) and other installment loans of $27.509 million ²¹ (2.52% ²²).

The Company also generates non-interest income through its subsidiaries, Riverview Trust Company, which provides full-service brokerage activities, trust and asset management services, and Riverview Services, Inc., which acts as a trustee for deeds of trust on mortgage loans granted by the Bank and receives a reconveyance fee for each deed of trust. The Trust Company operates offices in downtown Vancouver, Washington and Lake Oswego, Oregon.

During the fiscal year, the Company's loans receivable, net, totaled $1.08 billion ²³ at March 31, 2026, compared to $1.05 billion ²⁴ at March 31, 2025. The Company had total assets of $1.46 billion ²⁵, total deposits of $1.25 billion ²⁶ and total shareholders' equity of $145.6 million ²⁷ at March 31, 2026. The Bank's largest lending relationship with one borrower was $27.2 million ²⁸ at March 31, 2026, which consisted of a multi-family loan of $16.4 million ²⁹ and a commercial real estate loan of $10.7 million ³⁰, both performing in accordance with their original payment terms.

For the fiscal year ended March 31, 2026, the Company reported net income of $2.0 million ³¹ and diluted earnings per share of $0.10 ³². Net interest income was $41.4 million ³³ for the fiscal year ended March 31, 2026, compared to $42.1 million ³⁴ for the prior fiscal year. The provision for credit losses was $1.5 million ³⁵ for the fiscal year ended March 31, 2026, compared to $1.2 million ³⁶ for the prior fiscal year.

The Company's strategic plan emphasizes growth in non-interest income, including asset management fees generated through the Trust Company and deposit-related service charges. The Company seeks to grow its loan portfolio in a manner consistent with its strategic plan, asset/liability management objectives and regulatory capital requirements, including growing and maintaining a significant concentration of business banking, commercial business and commercial real estate loans, which generally carry adjustable rates, higher yields and shorter terms. The Company also targets commercial banking clients within its primary market area for loan originations and deposit growth, including businesses, professionals and wealth-building individuals.

The Company's strategic plan includes a focus on digital experience, seeking to provide seamless, intuitive and secure digital banking capabilities designed to enhance client engagement through personalized services, convenient access to banking solutions and efficient transaction processing. Additionally, the Company utilizes data analytics to support informed decision-making, improve operational efficiencies and enhance client experiences through greater insight into client needs and market trends.

The Company's strategic plan includes maintaining disciplined expense management and prudent risk-management practices as part of its profitable growth priority. The Company seeks to achieve sustainable, well-managed growth that enhances long-term financial performance and competitive position by increasing revenues, deepening existing client relationships, attracting new clients, and maintaining disciplined expense management.

The Company's strategic plan includes a focus on being an employer of choice, with a vision 'to be the preferred place to bank and work in the Pacific Northwest,' focusing on recruiting, developing, and retaining talent across all areas of the organization. The Company also focuses on delivering consistent, personalized and high-quality service across all client interactions in order to strengthen relationships and build trust within the communities it serves.

The filing does not disclose specific R&D spending levels, capital expenditure plans, share repurchase authorization amounts, or dividend policy figures.

The Company faces structural headwinds including adverse economic conditions in its local markets, changes in employment levels, labor shortages, persistent inflation, recessionary pressures, or slowing economic growth. Changes in interest rate levels and volatility, and the timing and pace of such changes, including actions by the Federal Reserve, represent a significant constraint. The Company also faces risks from bank failures or adverse developments at other banks, and any governmental or societal responses.

The Company identified geopolitical developments and international conflicts, including tensions or instability in Eastern Europe, the Middle East, and Asia, or the effects of new or increased tariffs and trade restrictions, which may disrupt financial markets, global supply chains, commodity prices, or economic activity. 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 are also flagged as constraints.

Commercial and multi-family real estate lending involves higher risks than one-to-four family real estate and other consumer lending, exposing the Company to increased lending risks. At March 31, 2026, commercial real estate loans totaled $611.634 million ³⁷ (55.99% ³⁸ of total loans) and multi-family loans totaled $103.614 million ³⁹ (9.48% ⁴⁰ of total loans), representing a significant concentration. The Company had four commercial real estate loans totaling $7.1 million ⁴¹ on non-accrual status at March 31, 2026, compared to two commercial real estate loans totaling $88,000 ⁴² at March 31, 2025. The Company also faces credit risks from commercial business lending, which totaled $219.846 million ⁴³ (20.12% ⁴⁴ of total loans) at March 31, 2026, where repayment depends primarily on borrower cash flow and creditworthiness rather than collateral. Changes in interest rate levels and volatility, including actions by the Federal Reserve, could materially affect the Company's net interest margin and funding sources. The Company's loan portfolio is concentrated in its primary market area of southwest Washington and northwest Oregon, making it vulnerable to adverse economic conditions in those local markets.

Management's message emphasizes the Company's strategic plan focused on five key priorities: employer of choice, profitable growth, digital experience, data empowerment and client experience. The Company's vision is 'to be the preferred place to bank and work in the Pacific Northwest.' Management believes the Company is positioned to attract new clients and increase market share through its network of 17 ⁴⁵ branch locations. The strategic plan is intended to enhance earnings, reduce interest rate risk and provide a broader range of financial services to clients and the local communities the Company serves. Management emphasizes growing and maintaining a significant concentration of business banking, commercial business and commercial real estate loans, which generally carry adjustable rates, higher yields and shorter terms, as well as greater credit risk, than traditional fixed-rate real estate one-to-four family loans.