Financial Analysis

16. 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 clients. These financial instruments generally include commitments to originate mortgage, commercial and consumer loans. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. The Companys 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 Companys 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 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 clients. Collateral held varies and is required in instances where the Company deems it necessary. Significant off-balance sheet commitments are listed below at the dates indicated (in thousands): Co …

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11. EMPLOYEE BENEFIT PLANS Retirement Plan The Riverview Bancorp, Inc. Employees Savings and Profit Sharing Plan (the Plan) is a defined contribution profit-sharing plan incorporating the provisions of Section 401(k) of the Internal Revenue Code. Company expenses related to the Plan for the years ended March 31, 2026, 2025 and 2024 were $733,000 , $553,000 and $509,000 , respectively. Directors and Executive Officers Deferred Compensation Plan (Deferred Compensation Plan) The Deferred Compensation Plan is a nonqualified deferred compensation plan. Directors may elect to defer their monthly directors fees until retirement with no income tax payable by the director until retirement benefits are received. The President, and Executive and Senior Vice Presidents of the Company may also defer salary into the Deferred Compensation Plan. The Company accrues annual interest on the unfunded liability under the Deferred Compensation Plan based upon a formula relating to gross revenues, which was 4.01% , 3.71% and 3.33% for the years ended March 31, 2026, 2025 and 2024, respectively. The estimated liability under the Deferred Compensation Plan is accrued as earned by the participants. At March 31, 2026 and 2025, the Companys aggregate liability under the Deferred Compensation Plan was $116,000 and $90,000 , respectively, which is recorded in accrued expenses and other liabilities in the accompanying consolidated balance sheets. Stock Option Plan In July 2017, the shareholders of the Comp …

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The following table includes the Companys non-interest income disaggregated by type of service (in thousands): Year Ended March 31, 2026 2025 2024 Asset management fees $ 6,235 $ 5,906 $ 5,328 Debit card and ATM fees 2,970 3,104 3,250 Deposit related fees 2,180 1,927 1,823 Loan related fees 499 315 522 Income from BOLI (1) 986 941 891 Net gains on sales of loans held for sale (1) 33 FHLMC loan servicing fees (1) 66 75 84 BOLI death benefit in excess of cash surrender value (1) 261 Loss on sale of investment securities (1) (11,350) (2,729) Other, net 1,150 1,727 1,040 Total non-interest income, net $ 2,736 $ 14,256 $ 10,242 (1) Not within the scope of ASC 606 …

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6 . GOODWILL The Company has two reporting units, the Bank and the Trust Company, for purposes of evaluating goodwill for impairment. All of the Companys goodwill has been allocated to the Bank reporting unit. The Company performed an impairment assessment as of October 31, 2025 and determined that no impairment of goodwill exists. The quantitative goodwill impairment test is used to identify the existence of impairment and the amount of impairment loss and compares the reporting units estimated fair value, including goodwill, to its carrying amount. If the fair value exceeds the carrying amount, then goodwill is not considered impaired. If the carrying amount exceeds its fair value, an impairment loss would be recognized equal to the amount of excess, limited to the amount of total goodwill allocated to that reporting unit. The Company completed a qualitative assessment of goodwill as of March 31, 2026, 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 Companys goodwill will not be written down in future periods. If adverse economic conditions or any decreases in the Companys common stock price and market capitalization were deemed to be other than temporary, it may significantly affect the fair value of the reporting unit and may trigger future goodwill impairment charges. Any impairment charge could have a material adverse effect on the Companys re …

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10. INCOME TAXES Provision for income taxes consisted of the following for the years indicated (in thousands): Year Ended March 31 2026 2025 2024 Current Federal $ (23) $ 859 $ 840 State 107 214 127 Deferred Federal (1,380) 229 (144) State (197) 33 (21) Total $ (1,493) $ 1,335 $ 802 All pretax income from continuing operations for the periods presented was generated in domestic jurisdictions ; the Company did not earn any foreign pretax income. As such, the Company has no foreign income tax expense from continuing operations. The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are as follows at the dates indicated (in thousands): March 31, March 31, 2026 2025 Deferred tax assets: ACL $ 3,748 $ 3,758 Accumulated depreciation and amortization 1,194 1,079 Net operating loss - federal 1,309 Net unrealized loss on investment securities available for sale 6,123 4,201 Operating lease liabilities 917 1,072 Other 671 560 Total deferred tax assets 13,962 10,670 Deferred tax liabilities: FHLB stock dividends (35) (35) Prepaid expenses (351) (339) Operating lease ROU assets (871) (1,019) Loan fees/costs (581) (652) Total deferred tax liabilities (1,838) (2,045) Deferred tax assets, net $ 12,124 $ 8,625 A reconciliation of the Companys effective income tax rate with the federal statutory tax rate is as follows for the years indicated: Year Ended March 31, 2026 2025 2024 Amount Percent Amount Percent Amount Per …

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17. LEASES The Company has a finance lease for the shell of the building constructed as the Companys 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 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). ROU assets and 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 occurrin …

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Accounting Pronouncements Recently Issued or Adopted In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The amendments in this 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 tax 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. The amendment requires on an annual basis a reconciliation broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. The new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. An entity should apply the amendments in this ASU on a prospective basis. This ASU only impacted the Companys income tax disclosures and consequently, the adoption of this ASU did not have a material impact on the Companys business operations or consolidated financial statement …

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15. 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 client in exchange for the consideration the Company expects to be entitled to receive. The largest portion of the Companys revenue is from interest income, which is not within the scope of ASC 606. All of the Companys revenue from contracts with clients within the scope of ASC 606 is recognized in non-interest income with the exception of 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 clients are generally collected at the time services are rendered, monthly, or quarterly. For contracts with 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 Companys systems and is recognized immediately as the transactions occur or upon providing the service to complete the clients transaction. The Company is generally the pri …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 Banks wholly-owned subsidiaries, Riverview Services, Inc. and Riverview Trust Company (the Trust Company) (collectively referred to as the Company). As a Washington state-chartered commercial bank, the Banks regulators are the Washington State Department of Financial Institutions (WDFI) and the Federal Deposit Insurance Corporation (FDIC). The Board of Governors of the Federal Reserve System (Federal Reserve) is the primary federal regulator for Riverview Bancorp, Inc. All inter-company transactions and balances have been eliminated in consolidation. The Company has three subsidiary grantor trusts which were established in connection with the issuance of trust preferred securities (see Note 9). In accordance with accounting principles generally accepted in the United States of America (generally accepted accounting principles or GAAP), the accounts and transactions of the trusts are not included in the accompanying consolidated financial statements. Nature of Operations The Bank is a community-oriented financial institution which operates 17 branches in rural and suburban communities in southwest Washington State and Multnomah, Washington and Marion counties of Oregon. The Bank is engaged primarily in the business of attracting deposits from …

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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 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 Companys 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 Companys 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 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 clients. Collateral held varies and is required in instances where the Company deems it necessary. Significant off-balance sheet commitments at December 31, 2025 are listed below (in thousands): Contract or Notion …

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The following table includes the Companys non-interest income, net disaggregated by type of service for the periods shown (in thousands): Three Months Ended Nine Months Ended December 31, December 31, 2025 2024 2025 2024 Asset management fees $ 1,585 $ 1,443 $ 4,664 $ 4,434 Debit card and ATM fees 742 764 2,262 2,386 Deposit related fees 546 484 1,627 1,394 Loan related fees 159 101 412 276 Income from BOLI (1) 231 225 743 715 FHLMC loan servicing fees (1) 17 18 51 57 Other, net 224 306 1,011 1,287 Total non-interest income, net $ 3,504 $ 3,341 $ 10,770 $ 10,549 (1) Not within scope of ASC 606 …

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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 December 31, 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 …

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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 Companys goodwill has been allocated to the Bank reporting unit. The Company performed an impairment assessment as of October 31, 2025 and determined that no impairment of goodwill exists. The quantitative goodwill impairment test is used to identify the existence of impairment and the amount of impairment loss and compares the reporting units estimated fair value, including goodwill, to its carrying amount. If the fair value exceeds the carrying amount, then goodwill is not considered impaired. If the carrying amount exceeds its fair value, an impairment loss would be recognized equal to the amount of excess, limited to the amount of total goodwill allocated to that reporting unit. The Company completed a qualitative assessment of goodwill as of December 31, 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 Companys goodwill will not be written down in future periods. If adverse ec …

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14. LEASES The Company has a finance lease for the shell of the building constructed as the Companys 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). 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 …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

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 client in exchange for the consideration the Company expects to be entitled to receive. The largest portion of the Companys revenue is from interest income, which is not within the scope of ASC 606. All of the Companys revenue from contracts with 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 clients are generally collected at the time services are rendered, monthly, or quarterly. For contracts with 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 Companys systems and is recognized immediately as the transactions occur or upon providing the service to complete the clients transaction. The Company is generally the principal in t …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing