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~~December 3031, 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~~710,~~376~~901 shares outstanding, as of ~~November~~February 713, ~~2025~~2026.

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 Balance Sheets as of December 31, 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 Income for the Three and Nine Months Ended December 31, 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 Comprehensive Income for the Three and Nine Months Ended December 31, 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 Shareholders’ Equity for the Three and Nine Months Ended December 31, 2025 and 2024	7
	Consolidated Statements of Cash Flows for the Six Months Ended September 30, 2025 and 2024	8
	Consolidated Statements of Cash Flows for the Nine Months Ended December 31, 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 31.1
	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~~Changes ofin employment levels, labor shortages, persistent inflation, recessionary pressures, or slowing economic growth.

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

● The impact of inflation and related 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 inrelated to artificial intelligence, digital banking platforms, and cybersecurity.

● Legislation or regulatory changes, including but not limited to ~~shifts~~changes 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, and 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~~effects of new or increased tariffs and trade restrictions, which may disrupt financial markets, global supply chains, ~~energy~~commodity 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~~or 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, except as may be required by law. 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.

Table of Contents

Part I. Financial Information

Item 1. Financial Statements (Unaudited)

RIVERVIEW BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

AS OF ~~SEPTEMBER~~DECEMBER 3031, 2025 AND MARCH 31, 2025


	~~September~~December 3031,		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
Cash and cash equivalents (including interest earning deposits in other banks of $14,565 and $14,375)	$	28,641	$	29,414
Investment securities:
Available for sale, at estimated fair value		118,~~447~~506		119,436
Held to maturity, at amortized cost (estimated fair value of $169,312 and $175,392)		192,759		203,079
Held to maturity, at amortized cost (estimated fair value of $161,112 and $175,392)		183,079		203,079
Loans receivable (net of allowance for credit losses of $15,427 and $15,374)		1,054,764		1,047,086
Loans receivable (net of allowance for credit losses of $15,281 and $15,374)		1,069,885		1,047,086
Prepaid expenses and other assets		1211,~~349~~997		12,523
Accrued interest receivable		4,~~473~~808		4,525
Federal Home Loan Bank (“FHLB”) stock, at cost		3,~~257~~626		4,342
Premises and equipment, net		21,~~667~~406		22,304
Financing lease right-of-use ("ROU") asset		1,~~087~~067		1,125
Deferred income taxes, net		7,~~826~~583		8,625
Goodwill		27,076		27,076
Core deposit intangible ("CDI"), net		~~124~~101		171
Bank owned life insurance ("BOLI")		3234,~~906~~536		33,617
TOTAL ASSETS	$	1,~~509~~512,~~544~~311	$	1,513,323

LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES:
Deposits	$	1,~~236~~233,~~424~~518	$	1,232,328
Accrued expenses and other liabilities		2724,~~229~~565		14,777
Advance payments by borrowers for taxes and insurance		~~858~~313		614
FHLB advances		5260,~~300~~500		76,400
Junior subordinated debentures		27,~~135~~157		27,091
Finance lease liability		2,~~061~~041		2,099
Total liabilities		1,~~346~~348,~~007~~094		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
December 31, 2025 – 20,710,901 shares issued and outstanding		205		208
March 31, 2025 – 20,976,200 shares issued and outstanding
Additional paid-in capital		5251,~~900~~850		53,392
Retained earnings		~~121~~122,~~203~~167		119,717
Accumulated other comprehensive loss		(10,~~773~~005)		(13,303)
Total shareholders' equity		~~163~~164,~~537~~217		160,014
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	1,~~509~~512,~~544~~311	$	1,513,323

See accompanying notes to consolidated financial statements.

Table of Contents

RIVERVIEW BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE AND ~~SIX~~NINE MONTHS ENDED ~~SEPTEMBER~~DECEMBER 3031, 2025 AND 2024

Three Months Ended

~~Six~~Nine Months Ended

~~September~~December 3031,

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

2025

2024

2025

2024

INTEREST AND DIVIDEND INCOME:

Interest and fees on loans receivable

1314,~~667~~325

1213,~~683~~201

2741,~~019~~344

2437,~~735~~936

Interest on investment securities – taxable

1,~~395~~338

1,~~874~~589

34,~~062~~400

35,~~846~~435

Interest on investment securities – nontaxable

6564

~~130~~194

~~130~~195

Other interest and dividends

~~245~~241

~~320~~272

~~536~~777

~~630~~902

Total interest and dividend income

15,~~372~~968

1415,~~942~~127

3046,~~747~~715

2944,~~341~~468

INTEREST EXPENSE:

Interest on deposits

4,~~360~~368

34,~~855~~101

812,~~134~~502

711,~~302~~403

Interest on borrowings

1,~~231~~055

21,~~145~~638

24,~~991~~046

45,~~276~~914

Total interest expense

5,~~591~~423

65,~~000~~739

1116,~~125~~548

1117,~~578~~317

Net interest income

910,~~781~~545

89,~~942~~388

1930,~~622~~167

1727,~~763~~151

Provision for credit losses

—100

~~100~~—

—100

100

Net interest income after provision for credit losses

910,~~781~~445

89,~~842~~388

1930,~~622~~067

1727,~~663~~051

NON-INTEREST INCOME:

Fees and service charges

1,~~637~~597

1,~~524~~492

34,~~209~~806

34,~~064~~556

Asset management fees

1,~~527~~585

1,~~433~~443

34,~~079~~664

24,~~991~~434

Income from BOLI

~~290~~231

~~279~~225

~~512~~743

~~490~~715

Other, net

~~386~~91

~~605~~181

~~466~~557

~~663~~844

Total non-interest income, net

3,~~840~~504

3,~~841~~341

710,~~266~~770

710,~~208~~549

NON-INTEREST EXPENSE:

Salaries and employee benefits

7,~~304~~391

6,~~477~~471

1421,~~551~~942

1219,~~865~~336

Occupancy and depreciation

1,~~859~~874

1,~~921~~871

35,~~727~~601

35,~~816~~687

Data processing

~~778~~856

~~695~~743

12,~~520~~376

12,~~459~~202

Amortization of CDI

4770

5075

Advertising and marketing

~~333~~255

~~367~~317

~~570~~825

~~677~~994

FDIC insurance premium

~~171~~166

~~166~~174

~~335~~501

~~344~~518

State and local taxes

~~260~~351

~~234~~327

~~485~~836

~~450~~777

Telecommunications

5053

5254

96149

99153

Professional fees

~~354~~413

~~304~~429

~~770~~1,183

~~794~~1,223

Other

~~1,094~~827

~~460~~743

12,~~845~~672

1,~~116~~859

Total non-interest expense

12,~~226~~209

1011,~~701~~154

2336,~~946~~155

2132,~~670~~824

INCOME BEFORE INCOME TAXES

1,~~395~~740

1,~~982~~575

24,~~942~~682

34,~~201~~776

PROVISION FOR INCOME TAXES

~~296~~363

~~425~~343

~~618~~981

~~678~~1,021

NET INCOME

1,~~099~~377

1,~~557~~232

23,~~324~~701

23,~~523~~755

Earnings per common share:

Basic

0.0507

0.0706

0.1118

0.1218

Diluted

0.0507

0.0706

0.1118

0.1218

Weighted average number of common shares outstanding:

Basic

20,~~948~~762,~~327~~668

21,~~097~~037,~~580~~246

20,~~962~~895,~~187~~439

21,~~104~~081,~~275~~851

Diluted

20,~~948~~762,~~327~~668

21,~~097~~037,~~580~~246

20,~~962~~895,~~187~~439

21,~~104~~081,~~275~~851

See accompanying notes to consolidated financial statements.

Table of Contents

RIVERVIEW BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE AND ~~SIX~~NINE MONTHS ENDED ~~SEPTEMBER~~DECEMBER 3031, 2025 AND 2024


	Three Months Ended				~~Six~~Nine Months Ended
	~~September~~December 3031,				~~September~~December 3031,
(In thousands) (Unaudited)	2025		2024		2025		2024

Net income	$	1,~~099~~377	$	1,~~557~~232	$	23,~~324~~701	$	23,~~523~~755

Other comprehensive income:
Other comprehensive income (loss):
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
Net unrealized holding gains (losses) from available for sale investment securities arising during the period, net of tax (expense) benefit of ($242), $783, ($1,042), and ($307), respectively		768		(2,481)		3,298		973
Total comprehensive income, net	$	2,556	$	5,261	$	4,854	$	5,977
Total comprehensive income (loss), net	$	2,145	$	(1,249)	$	6,999	$	4,728

See accompanying notes to consolidated financial statements.

Table of Contents

RIVERVIEW BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

FOR THE THREE AND ~~SIX~~NINE MONTHS ENDED ~~SEPTEMBER~~DECEMBER 3031, 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
For the three months ended December 31, 2024

Balance July 1, 2024	21,111,043	$	211	$	55,031	$	117,043	$	(16,377)	$	155,908
Balance October 1, 2024	21,096,968	$	211	$	55,057	$	118,179	$	(12,673)	$	160,774

Net income	—		—		—		1,~~557~~232		—		1,~~557~~232
Cash dividends on common stock ($0.02 per share)	—		—		—		(~~421~~423)		—		(~~421~~423)
Restricted stock forfeited	(14,075)		—		—		—		—		—
Stock repurchased	(200,073)		(2)		(1,094)		—		—		(1,096)
Stock-based compensation, net	—		—		26		—		—		26
Restricted stock granted, net of forfeitures	237,863		—		—		—		—		—
Other comprehensive income, net	—		—		—		—		3,704		3,704
Stock-based compensation, net	—		—		264		—		—		264
Balance September 30, 2024	21,096,968	$	211	$	55,057	$	118,179	$	(12,673)	$	160,774
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 six months ended September 30, 2024


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	—		—		—		23,~~523~~755		—		23,~~523~~755
Cash dividends on common stock ($0.04 per share)	—		—		—		(843)		—		(843)
Cash dividends on common stock ($0.06 per share)	—		—		—		(1,266)		—		(1,266)
Restricted stock forfeited	(14,075)		—		—		—		—		—
Stock repurchased	(200,073)		(2)		(1,094)		—		—		(1,096)
Stock-based compensation, net	—		—		52		—		—		52
Restricted stock granted, net of forfeitures	223,788		—		—		—		—		—
Other comprehensive income, net	—		—		—		—		3,454		3,454
Stock-based compensation, net	—		—		316		—		—		316
Balance September 30, 2024	21,096,968	$	211	$	55,057	$	118,179	$	(12,673)	$	160,774
Other comprehensive income, net	—		—		—		—		973		973
Balance December 31, 2024	21,134,758	$	209	$	54,227	$	118,988	$	(15,154)	$	158,270


For the three months ended September 30, 2025
For the three months ended December 31, 2025

Balance July 1, 2025	20,976,200	$	208	$	53,501	$	120,522	$	(12,230)	$	162,001
Balance October 1, 2025	20,938,504	$	207	$	52,900	$	121,203	$	(10,773)	$	163,537

Net income	—		—		—		1,~~099~~377		—		1,~~099~~377
Cash dividends on common stock ($0.02 per share)	—		—		—		(~~418~~413)		—		(~~418~~413)
Stock repurchased	(~~156~~227,~~347~~603)		(2)		(~~809~~1,207)		—		—		(~~811~~1,209)
Restricted stock granted, net of forfeitures	118,651		1		—		—		—		1
Stock-based compensation, net	—		—		157		—		—		157
Stock-based compensation, net	—		—		208		—		—		208
Other comprehensive income, net	—		—		—		—		768		768
Other comprehensive income, net	—		—		—		—		1,457		1,457
Balance December 31, 2025	20,710,901	$	205	$	51,850	$	122,167	$	(10,005)	$	164,217
Balance September 30, 2025	20,938,504	$	207	$	52,900	$	121,203	$	(10,773)	$	163,537



For the nine months ended December 31, 2025
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	—		—		—		23,~~324~~701		—		23,~~324~~701
Cash dividends on common stock ($0.04 per share)	—		—		—		(838)		—		(838)
Cash dividends on common stock ($0.06 per share)	—		—		—		(1,251)		—		(1,251)
Stock repurchased	(~~156~~383,~~347~~950)		(24)		(~~809~~2,015)		—		—		(~~811~~2,019)
Restricted stock granted, net of forfeitures	118,651		1		—		—		—		1
Stock-based compensation, net	—		—		~~317~~473		—		—		~~317~~473
Other comprehensive income, net	—		—		—		—		23,~~530~~298		23,~~530~~298
Balance September 30, 2025	20,938,504	$	207	$	52,900	$	121,203	$	(10,773)	$	163,537
Balance December 31, 2025	20,710,901	$	205	$	51,850	$	122,167	$	(10,005)	$	164,217

See accompanying notes to consolidated financial statements.

Table of Contents

RIVERVIEW BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE ~~SIX~~NINE MONTHS ENDED ~~SEPTEMBER~~DECEMBER 3031, 2025 AND 2024


(In thousands) (Unaudited)	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	23,~~324~~701	$	23,~~523~~755
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		12,~~708~~544		12,~~584~~444
Purchased loans (accretion) amortization, net		(221)		3662
Provision for credit losses		—100		100
Stock-based compensation expense		~~318~~474		52316
Decrease in deferred loan origination fees, net of amortization		(3979)		(~~170~~444)
Net gain on sales of premises and equipment		(23)		—
Income from BOLI		(~~512~~743)		(~~490~~715)
Changes in certain other assets and liabilities:
Prepaid expenses and other assets		~~259~~528		~~222~~773
Accrued interest receivable		52(283)		(~~155~~224)
Accrued expenses and other liabilities		119,~~993~~334		2,~~498~~342
Net cash provided by operating activities		1615,~~058~~552		68,~~200~~409

CASH FLOWS FROM INVESTING ACTIVITIES:
Loan (originations) repayments, net		3,904		(21,041)
Loan originations, net		(602)		(4,011)
Purchases of loans receivable		(1122,~~522~~217)		(1516,~~786~~815)
Principal repayments on investment securities available for sale		45,~~126~~768		46,~~493~~236
Proceeds from calls and maturities of investment securities available for sale		—		10,230
Purchases of investment securities available for sale		(778)		—
Principal repayments on investment securities held to maturity		10,123		7,325
Proceeds from calls and maturities of investment securities		6,000		19,230
Principal repayments on investment securities held to maturity		13,693		10,918
Proceeds from sale of shares in trading asset - VISA stock		248		392
Purchases of premises and equipment and capitalized software		(~~469~~699)		(2,~~317~~621)
Redemption (purchase) of FHLB stock, net		1,085		(630)
Redemption of FHLB stock, net		716		185
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)
Purchased BOLI		(1,399)		—
Net cash provided by investing activities		2,019		13,600

CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in deposits		4,096		5,820
Net increase (decrease) in deposits		1,190		(12,677)
Dividends paid		(~~838~~1,256)		(12,~~688~~111)
Proceeds from borrowings		~~364~~583,~~900~~400		~~294~~472,~~100~~700
Repayment of borrowings		(~~389~~599,~~000~~300)		(~~280~~476,~~100~~804)
Net increase in advance payments by borrowers for taxes and insurance		~~244~~(301)		~~267~~(264)
Principal payments on finance lease liability		(3858)		(3351)
Repurchase of common stock		(~~811~~2,019)		—(1,096)
Net cash (used in) provided by financing activities		(21,447)		18,366
Net cash used in financing activities		(18,344)		(20,303)

NET INCREASE IN CASH AND CASH EQUIVALENTS		3,395		7,318
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(773)		1,706
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		29,414		23,642
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	3228,~~809~~641	$	3025,~~960~~348

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	1016,~~001~~850	$	1016,~~504~~200
Income taxes		~~519~~816		4973

NONCASH INVESTING AND FINANCING ACTIVITIES:
Dividends declared and accrued in other liabilities	$	~~419~~414	$	~~422~~423
Net unrealized holding gains from available for sale investment securities		34,~~330~~340		41,~~544~~280
Income tax effect related to other comprehensive income (loss)		(~~800~~1,042)		(~~1,090~~307)
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.

Table of Contents

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~~nine months ended ~~September~~December 3031, 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~~December 3031, 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~~nine months ended ~~September~~December 3031, 2025 and 2024. As of ~~September~~December 3031, 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.

Table of Contents

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 expense related to restricted stock grants ~~was~~totaled $~~209~~157,000 and $26264,000 for the three months ended ~~September~~December 3031, 2025 and 2024, ~~respectively.~~and ~~Stock-based compensation related to restricted stock grants was~~ $~~318~~473,000 and $52316,000 for the ~~six~~nine months ended ~~September~~December 3031, 2025 and 2024, respectively. The ~~increase~~decrease in ~~the~~ stock-based compensation expense ~~was~~for ~~primarily~~the ~~due~~three month period ended December 31, 2025, compared to the ~~new~~prior-year period, primarily reflected a higher level of restricted stock grants issued during the three months ended ~~September~~December 3031, ~~2025~~2024. The ~~unrecognized~~increase in stock-based compensation ~~related~~expense tofor ~~restricted~~the ~~stock~~nine ~~was~~month ~~$1.4~~period ~~million~~ended ~~and~~December ~~$119~~31,~~000~~ at2025 ~~September~~compared ~~30,~~to ~~2025~~the ~~and~~prior-year ~~2024~~period, ~~respectively.~~was ~~The~~primarily ~~weighted~~due ~~average~~to ~~vesting~~new ~~period for the~~ restricted stock ~~was~~grants ~~2.35~~issued ~~years~~during ~~and~~the ~~0.94~~nine ~~years~~months atended ~~September~~December 3031, 2025 ~~and 2024, respectively~~.

The unrecognized stock-based compensation related to restricted stock was $1.3 million and $1.2 million at December 31, 2025 and 2024, respectively. The weighted average vesting period for the restricted stock was 2.48 years and 2.68 years at December 31, 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
Nine Months Ended December 31, 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	(2324,~~470~~157)		5.5859	(36,~~100~~787)		5.62
Balance, end of period	188,660	$	5.60	~~174~~173,~~094~~407	$	5.36	362,~~754~~067	$	5.49

Time Based

Performance Based

Total

Number

Weighted

Number

Weighted

Number

Weighted

Average

Unvested

Grant Date

Unvested

Grant Date

Unvested

Grant Date

Six Months Ended September 30, 2024

Fair Value

Nine Months Ended December 31, 2024

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

(67,~~289~~281)

56.8408

(1316,~~417~~393)

6.5473

(1923,~~706~~674)

6.3253

Balance, end of period

9155,~~490~~960

5.6474

35123,~~905~~330

5.5465

45279,~~395~~290

5.5770

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~~nine months ended ~~September~~December 3031, 2025 and 2024, there were no stock options excluded in computing diluted EPS.

On April 29, 2025, the Company’s Board of ~~Director~~Directors 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~~Company ~~2025~~completed ~~repurchase program will continue until~~ the ~~earlier~~April of2025 ~~the completion of the~~ repurchase orprogram 12on ~~months~~November ~~after~~17, ~~the~~2025, ~~effective~~repurchasing ~~date~~383,950 ~~depending~~shares onat ~~market~~an ~~conditions.~~average Asprice of ~~September~~$5.26 ~~30,~~per ~~2025,~~share ~~the~~for ~~Company had repurchased 156,347 shares at~~ a total cost of $~~811,000~~2.0 million. All shares repurchased under the April 2025 ~~repurchase~~were ~~program~~retired atand ~~an average price of $5~~settled.~~18 per share.~~

Table of Contents

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


	Three Months Ended ~~September~~December 3031,				~~Six~~Nine Months Ended ~~September~~December 3031,
	2025		2024		2025		2024
(Dollars and share data in thousands, except per share data)
Basic EPS computation:
Numerator-net income	$	1,~~099~~377	$	1,~~557~~232	$	23,~~324~~701	$	23,~~523~~755
Denominator-weighted average common shares outstanding		20,~~948~~763		21,~~098~~037		20,~~962~~895		21,~~104~~082
Basic EPS	$	0.0507	$	0.0706	$	0.1118	$	0.1218
Diluted EPS computation:
Numerator-net income	$	1,~~099~~377	$	1,~~557~~232	$	23,~~324~~701	$	23,~~523~~755
Denominator-weighted average common shares outstanding		20,~~948~~763		21,~~098~~037		20,~~962~~895		21,~~104~~082
Diluted EPS	$	0.0507	$	0.0706	$	0.1118	$	0.1218

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

September 30, 2025

December 31, 2025

Available for sale:

Municipal securities

36,~~919~~871

(54,~~081~~740)

3132,~~841~~134

Agency securities

32,~~953~~958

—

(21,~~019~~746)

3031,~~934~~212

Real estate mortgage investment conduits (1)

2726,~~286~~634

—

(4,~~396~~249)

22,~~890~~385

Residential mortgage-backed securities (1)

9,~~592~~836

1318

(~~436~~379)

9,~~169~~475

Other mortgage-backed securities (2)

25,~~871~~371

(2,~~261~~075)

23,~~613~~300

Total available for sale

~~132~~131,~~621~~670

1925

(1413,~~193~~189)

118,~~447~~506

Held to maturity:

Municipal securities

10,~~283~~277

—

(2,~~492~~440)

7,~~791~~837

Agency securities

4236,~~329~~337

—

(1,~~948~~686)

4034,~~381~~651

Real estate mortgage investment conduits (1)

26,~~828~~010

—

(3,~~552~~347)

2322,~~276~~663

Residential mortgage-backed securities (1)

9693,~~322~~549

—

(1312,~~252~~420)

8381,~~070~~129

Other mortgage-backed securities (3)

16,~~997~~906

—

(2,~~203~~074)

14,~~794~~832

Total held to maturity

~~192~~183,~~759~~079

—

(2321,~~447~~967)

~~169~~161,~~312~~112

Table of Contents

			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~~December 3031, 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

~~202~~4,269

~~198~~4,182

109,~~829~~332

109,~~773~~220

Due after one year through five years

4847,~~398~~256

4544,~~668~~653

28,~~501~~028

2726,~~055~~397

Due after five years through ten years

3332,~~704~~242

2928,~~794~~763

2017,~~612~~864

1815,~~102~~867

Due after ten years

5047,~~317~~903

4240,~~787~~908

~~132~~127,~~817~~855

~~113~~109,~~382~~628

Total

~~132~~131,~~621~~670

118,~~447~~506

~~192~~183,~~759~~079

~~169~~161,~~312~~112

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

Table of Contents

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
December 31, 2025	Value		Losses		Value		Losses		Value		Losses

Available for sale:
Municipal securities	$	—	$	—	$	30,~~667~~961	$	(54,~~081~~740)	$	30,~~667~~961	$	(54,~~081~~740)
Agency securities		—		—		3031,~~934~~212		(21,~~019~~746)		3031,~~934~~212		(21,~~019~~746)
Real estate mortgage investment conduits (1)		—		—		22,~~890~~385		(4,~~396~~249)		22,~~890~~385		(4,~~396~~249)
Residential mortgage-backed securities (1)		—767		—(11)		8,~~580~~133		(~~436~~368)		8,~~580~~900		(~~436~~379)
Other mortgage-backed securities (2)		~~649~~199		(62)		2223,~~873~~016		(2,~~255~~073)		23,~~522~~215		(2,~~261~~075)
Total available for sale	$	~~649~~966	$	(613)	$	115,~~944~~707	$	(1413,~~187~~176)	$	116,~~593~~673	$	(1413,~~193~~189)

Held to maturity:
Municipal securities	$	—	$	—	$	7,~~791~~837	$	(2,~~492~~440)	$	7,~~791~~837	$	(2,~~492~~440)
Agency securities		—		—		4034,~~381~~651		(1,~~948~~686)		4034,~~381~~651		(1,~~948~~686)
Real estate mortgage investment conduits (1)		—		—		2322,~~276~~663		(3,~~552~~347)		2322,~~276~~663		(3,~~552~~347)
Residential mortgage-backed securities (1)		—		—		8381,~~070~~129		(1312,~~252~~420)		8381,~~070~~129		(1312,~~252~~420)
Other mortgage-backed securities (3)		—		—		14,~~794~~832		(2,~~203~~074)		14,~~794~~832		(2,~~203~~074)
Total held to maturity	$	—	$	—	$	~~169~~161,~~312~~112	$	(2321,~~447~~967)	$	~~169~~161,~~312~~112	$	(2321,~~447~~967)

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~~December 3031, 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

Table of Contents

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~~December 3031, 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~~three and nine months ended ~~September~~December 3031, 2025 and 2024. Investment securities available for sale with an amortized cost of $13.87 million and $2.1 million and an estimated fair value of $13.75 million and $2.0 million at ~~September~~December 3031, 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 $1118.69 million and $12.2 million and a fair value of $1016.09 million and $10.4 million at ~~September~~December 3031, 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~~133.15 million and $141.3 million and a fair value of $~~118~~117.51 million and $120.5 million at ~~September~~December 3031, 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~~December 3031, 2025 and March 31, 2025. Discounts and premiums on loans receivable totaled $1.1 million and $1.76 million, respectively, at ~~September~~December 3031, 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~~December 3031,		March 31,
	2025		2025
Commercial and construction
Commercial business	$	~~227~~223,~~594~~904	$	232,935
Commercial real estate		~~602~~606,~~961~~095		592,185
Land		37,~~930~~546		4,610
Multi-family		8892,~~991~~410		91,451
Real estate construction		2526,~~775~~639		29,182
Total commercial and construction		~~949~~956,~~251~~594		950,363

Consumer
Real estate one-to-four family		9998,~~042~~929		97,683
Other installment		2129,~~898~~643		14,414
Total consumer		~~120~~128,~~940~~572		112,097

Total loans		1,~~070~~085,~~191~~166		1,062,460

Less: ACL for loans		15,~~427~~281		15,374
Loans receivable, net	$	1,~~054~~069,~~764~~885	$	1,047,086

Table of Contents

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~~December 3031, 2025, loans carried at $~~755~~756.93 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~~December 3031, 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~~nine months ended ~~September~~December 3031, 2025. There were no loans past due at ~~September~~December 3031, 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 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.

Table of Contents

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.

Table of Contents

The following table sets forth the Company’s loan portfolio at ~~September~~December 3031, 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~~December 3031, 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	$	45,~~079~~636	$	1415,~~145~~805	$	1817,~~090~~192	$	5049,~~693~~217	$	8179,~~133~~737	$	4139,~~352~~642	$	12,~~509~~695	$	~~222~~219,~~001~~924
Special Mention		—		1,~~615~~436		—		~~399~~—		~~489~~446		~~335~~60		21,~~085~~111		43,~~923~~053
Substandard		—		—		—		—150		—		~~670~~605		—172		~~670~~927
Total commercial business	$	45,~~079~~636	$	1517,~~760~~241	$	1817,~~090~~192	$	5149,~~092~~367	$	8180,~~622~~183	$	4240,~~357~~307	$	1413,~~594~~978	$	~~227~~223,~~594~~904
Current YTD gross write-offs	$	—	$	—	$	—	$	—248	$	—	$	1	$	—	$	1249

Commercial real estate
Risk rating
Pass	$	2345,~~700~~459	$	47,~~740~~173	$	4740,~~657~~983	$	5756,~~386~~938	$	~~135~~134,~~193~~110	$	~~242~~232,~~728~~809	$	—	$	~~554~~557,~~404~~472
Special Mention		—		—237		3,~~160~~148		6,~~309~~270		52,~~169~~619		2423,~~039~~893		—		3836,~~677~~167
Substandard		—1,877		—103		30		—		—2,510		97,~~850~~936		—		912,~~880~~456
Total commercial real estate	$	2347,~~700~~336	$	47,~~740~~513	$	5044,~~847~~161	$	63,~~695~~208	$	~~140~~139,~~362~~239	$	~~276~~264,~~617~~638	$	—	$	~~602~~606,~~961~~095
Current YTD gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Land
Risk rating
Pass	$	~~635~~4,522	$	~~607~~604	$	—	$	2,~~207~~183	$	7875	$	~~413~~169	$	(107)	$	37,~~930~~546
Total land	$	~~635~~4,522	$	~~607~~604	$	—	$	2,~~207~~183	$	7875	$	~~413~~169	$	(107)	$	37,~~930~~546
Current YTD gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Multi-family
Risk rating
Pass	$	~~437~~1,836	$	1,~~121~~115	$	~~935~~929	$	3740,~~444~~004	$	35,~~399~~181	$	1312,~~064~~759	$	—	$	8891,~~400~~824
Special Mention		—		—		—		~~326~~324		—		~~158~~156		—		~~484~~480
Substandard		—		—		—		—		17		9053		—		~~107~~70
Total multi-family	$	437	$	1,121	$	935	$	37,770	$	35,416	$	13,312	$	—	$	88,991
Doubtful		—		—		—		—		—		36		—		36
Total multi-family	$	1,836	$	1,115	$	929	$	40,328	$	35,198	$	13,004	$	—	$	92,410
Current YTD gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Table of Contents


	~~September~~December 3031, 2025
	Term Loans Amortized Cost Basis by Origination Fiscal Year
															Total
													Revolving		Loans
	2026		2025		2024		2023		2022		Prior		Loans		Receivable

Real estate construction
Risk rating
Pass	$	619,~~102~~017	$	84,~~602~~553	$	~~7,111~~—	$	3,~~960~~069	$	—	$	—	$	—	$	2526,~~775~~639
Total real estate construction	$	619,~~102~~017	$	84,~~602~~553	$	~~7,111~~—	$	3,~~960~~069	$	—	$	—	$	—	$	2526,~~775~~639
Current YTD gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Real estate one-to-four family
Risk rating
Pass	$	—	$	—	$	—	$	—	$	5655,~~457~~822	$	2019,~~182~~487	$	2223,~~373~~592	$	9998,~~012~~901
Substandard		—		—		—		—		—		3028		—		3028
Total real estate one-to-four family	$	—	$	—	$	—	$	—	$	5655,~~457~~822	$	2019,~~212~~515	$	2223,~~373~~592	$	9998,~~042~~929
Current YTD gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Other installment
Risk rating
Pass	$	616,~~898~~046	$	1312,~~863~~542	$	~~278~~260	$	~~262~~202	$	6348	$	4136	$	~~493~~509	$	2129,~~898~~643
Total other installment	$	616,~~898~~046	$	1312,~~863~~542	$	~~278~~260	$	~~262~~202	$	6348	$	4136	$	~~493~~509	$	2129,~~898~~643
Current YTD gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Total loans receivable, gross
Risk rating
Pass	$	4192,~~851~~516	$	8681,~~078~~792	$	7459,~~071~~364	$	151,~~952~~613	$	~~308~~304,~~323~~973	$	~~317~~304,~~780~~902	$	3536,~~365~~789	$	1,~~015~~031,~~420~~949
Special Mention		—		1,~~615~~673		3,~~160~~148		76,~~034~~594		53,~~658~~065		24,~~532~~109		21,~~085~~111		4439,~~084~~700
Substandard		—1,877		—103		30		—150		172,527		108,~~640~~622		—172		1013,~~687~~481
Total loans receivable, gross	$	41,851	$	87,693	$	77,261	$	158,986	$	313,998	$	352,952	$	37,450	$	1,070,191
Doubtful		—		—		—		—		—		36		—		36
Total current YTD gross write-offs	$	—	$	—	$	—	$	—	$	—	$	1	$	—	$	1
Total loans receivable, gross	$	94,393	$	83,568	$	62,542	$	158,357	$	310,565	$	337,669	$	38,072	$	1,085,166
Total current YTD gross write-offs	$	—	$	—	$	—	$	248	$	—	$	1	$	—	$	249

Table of Contents


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

Commercial business
Risk rating
Pass	$	10,840	$	17,592	$	56,013	$	85,632	$	20,918	$	24,198	$	12,822	$	228,015
Special Mention		1,964		—		—		571		—		456		1,166		4,157
Substandard		—		—		—		—		472		291		—		763
Total commercial business	$	12,804	$	17,592	$	56,013	$	86,203	$	21,390	$	24,945	$	13,988	$	232,935
Current YTD gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial real estate
Risk rating
Pass	$	44,477	$	42,181	$	61,005	$	138,354	$	86,768	$	173,364	$	—	$	546,149
Special Mention		—		3,164		3,638		5,246		—		31,920		—		43,968
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

Land
Risk rating
Pass	$	615	$	—	$	2,570	$	84	$	—	$	457	$	884	$	4,610
Total land	$	615	$	—	$	2,570	$	84	$	—	$	457	$	884	$	4,610
Current YTD gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

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

Real estate construction
Risk rating
Pass	$	14,092	$	11,784	$	3,306	$	—	$	—	$	—	$	—	$	29,182
Total real estate construction	$	14,092	$	11,784	$	3,306	$	—	$	—	$	—	$	—	$	29,182
Current YTD gross write-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

Other installment
Risk rating
Pass	$	13,185	$	337	$	336	$	96	$	48	$	6	$	406	$	14,414
Total other installment	$	13,185	$	337	$	336	$	96	$	48	$	6	$	406	$	14,414
Current YTD gross write-offs	$	—	$	6	$	—	$	25	$	—	$	—	$	1	$	32

Total loans receivable, gross
Risk rating
Pass	$	84,474	$	72,841	$	162,509	$	318,104	$	116,032	$	224,723	$	32,369	$	1,011,052
Special Mention		1,964		3,164		3,821		5,817		18		32,531		1,166		48,481
Substandard		—		30		—		—		472		2,425		—		2,927
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

Table of Contents

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 other relevant internal and external data.

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. For pooled loans, the Company builds reserve rates using historical life-of-loan default data combined with assessments of current loan portfolio information and forecasts of economic and business cycle conditions. 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 forecasts of economic and collateral trends. 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.

Loans, or portions thereof, are charged off when available information confirms they are uncollectible, such as when: 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. 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 based on their judgment about information available to them at the time of their examinations.

Table of Contents

The following tables detail activity in the ACL for loans at or for the three and ~~six~~nine months ended ~~September~~December 3031, 2025 and 2024, by loan category (in thousands):


Three months ended	Commercial		Commercial				Multi-		Real Estate
September 30, 2025	Business		Real Estate		Land		Family		Construction		Consumer		Total
December 31, 2025	Business		Real Estate		Land		Family		Construction		Consumer		Total

Beginning balance	$	4,859	$	7,~~650~~625	$	7277	$	~~440~~427	$	~~333~~430	$	2,~~072~~009	$	15,~~426~~427
Provision for (recapture of) credit losses		1(158)		(259)		582		~~(13)~~5		9733		~~(65)~~147		—100
Charge-offs		(1248)		—		—		—		—		—		(1248)
Recoveries		—		—		—		—		—		2		2
Ending balance	$	4,~~859~~453	$	7,~~625~~616	$	77159	$	~~427~~432	$	~~430~~463	$	2,~~009~~158	$	15,~~427~~281

Six months ended
Nine months ended
September 30, 2025	Commercial		Commercial				Multi-		Real Estate
December 31, 2025
	~~Business~~		~~Real Estate~~		~~Land~~		~~Family~~		~~Construction~~		~~Consumer~~		~~Total~~
Beginning balance	$	5,033	$	7,492	$	83	$	444	$	480	$	1,842	$	15,374
Provision for (recapture of) credit losses		(~~173~~331)		~~133~~124		~~(6)~~76		(1712)		(5017)		~~113~~260		—100
Charge-offs		(1249)		—		—		—		—		—		(1249)
Recoveries		—		—		—		—		—		5456		5456
Ending balance	$	4,~~859~~453	$	7,~~625~~616	$	77159	$	~~427~~432	$	~~430~~463	$	2,~~009~~158	$	15,~~427~~281

Three months ended
September 30, 2024
December 31, 2024

Beginning balance	$	5,~~141~~118	$	7,~~303~~137	$	~~120~~139	$	~~402~~354	$	~~723~~925	$	1,~~675~~793	$	15,~~364~~466
Provision for (recapture of) credit losses		~~(23)~~16		~~(166)~~162		19(67)		~~(48)~~11		~~202~~(96)		~~116~~(26)		~~100~~—
Charge-offs		—		—(80)		—		—		—		—(36)		—(116)
Recoveries		—		—		—		—		—		2		2
Ending balance	$	5,~~118~~134	$	7,~~137~~219	$	~~139~~72	$	~~354~~365	$	~~925~~829	$	1,~~793~~733	$	15,~~466~~352

Six months ended
Nine months ended
September 30, 2024
December 31, 2024

Beginning balance	$	5,280	$	7,391	$	106	$	367	$	636	$	1,584	$	15,364
Provision for (recapture of) credit losses		(~~162~~146)		(~~254~~92)		33(34)		(132)		~~289~~193		~~207~~181		100
Charge-offs		—		—(80)		—		—		—		(137)		(1117)
Recoveries		—		—		—		—		—		35		35
Ending balance	$	5,~~118~~134	$	7,~~137~~219	$	~~139~~72	$	~~354~~365	$	~~925~~829	$	1,~~793~~733	$	15,~~466~~352

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 or more 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 $2356,000 and $410,000 for the ~~six~~nine months ended ~~September~~December 3031, 2025 and 2024, respectively.

Table of Contents

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
September 30, 2025	Past Due		Past Due		Non-accrual		accrual		Current		Receivable
December 31, 2025	Past Due		Past Due		Non-accrual		accrual		Current		Receivable

Commercial business	$	32,~~505~~639	$	—	$	~~670~~926	$	43,~~175~~565	$	~~223~~220,~~419~~339	$	~~227~~223,~~594~~904
Commercial real estate		—762		—		77174		77936		~~602~~605,~~884~~159		~~602~~606,~~961~~095
Land		—		—		—		—		37,~~930~~546		37,~~930~~546
Multi-family		—		—		—		—		8892,~~991~~410		8892,~~991~~410
Real estate construction		—		—		—		—		2526,~~775~~639		2526,~~775~~639
Consumer		7139		—		29		36168		~~120~~128,~~904~~404		~~120~~128,~~940~~572
Total	$	3,~~512~~540	$	—	$	~~776~~1,129	$	4,~~288~~669	$	1,~~065~~080,~~903~~497	$	1,~~070~~085,~~191~~166

March 31, 2025

Commercial business	$	3,793	$	—	$	37	$	3,830	$	229,105	$	232,935
Commercial real estate		242		—		88		330		591,855		592,185
Land		—		—		—		—		4,610		4,610
Multi-family		—		—		—		—		91,451		91,451
Real estate construction		—		—		—		—		29,182		29,182
Consumer		47		—		30		77		112,020		112,097
Total	$	4,082	$	—	$	155	$	4,237	$	1,058,223	$	1,062,460

Included in the 30-89 days past due loans at ~~September~~December 3031, 2025 and March 31, 2025 are $21.78 million and $3.1 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 $2356,000 and $16,000 for the ~~six~~nine months ended ~~September~~December 3031, 2025 and the year ended March 31, 2025, respectively.

At ~~September~~December 3031, 2025, the Company had $~~716,000~~1.1 million of non-accrual loans with no ACL and $6059,000 of non-accrual loans with an ACL of $1,000. At March 31, 2025, the Company had $94,000 of non-accrual loans with no ACL and $61,000 of non-accrual loans with an ACL of $1,000. The amortized cost of collateral dependent loans as of ~~September~~December 3031, 2025, was $~~670~~144,000 and $46926,000 for commercial business and commercial real estate, compared to $37,000 and $57,000 as of March 31, 2025, respectively.

Table of Contents

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~~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 unit’s 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 ~~September~~December 3031, 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 effect 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):


	~~September~~December 3031, 2025			March 31, 2025
FHLB advances	$	5260,~~300~~500		$	76,400
Weighted average interest rate on FHLB advances (1)		4.5850	%		5.17	%

(1) Computed based on the borrowing activity for the ~~six~~nine months ended ~~September~~December 3031, 2025 and the fiscal year ended March 31, 2025, respectively.

The Bank has a credit line with the FHLB equal to 45% of total assets, limited by available collateral. At ~~September~~December 3031, 2025, based on collateral values, the Bank had additional borrowing capacity of $~~207~~227.62 million from the FHLB. FHLB advances are collateralized with loans secured by real estate. At ~~September~~December 3031, 2025, loans carried at $~~474~~478.63 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 $27.12 million at December ~~both September 30~~31, 2025 and $27.1 million at 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 $836,000 at both ~~September~~December 3031, 2025 and March 31, 2025, is included in prepaid expenses and other ~~assets~~

Table of Contents

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 ~~September~~December 3031, 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	%	5.9466	%	3/2036
Riverview Bancorp Statutory Trust II	06/2007		15,464	Variable	(2)	7.03	%	5.9365	%	9/2037
Merchants Bancorp Statutory Trust I (4)	06/2003		5,155	Variable	(3)	4.16	%	7.6636	%	6/2033
			27,836
Fair value adjustment (4)			(~~701~~679)
Total Debentures		$	27,~~135~~157

(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.

Table of Contents

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

September 30, 2025

Fair Value

Level 1

Level 2

Level 3

December 31, 2025

Fair Value

Level 1

Level 2

Level 3

Investment securities available for sale:

Municipal securities

3132,~~841~~134

—

3132,~~841~~134

—

Agency securities

3031,~~934~~212

—

3031,~~934~~212

—

Real estate mortgage investment conduits

22,~~890~~385

—

22,~~890~~385

—

Residential mortgage-backed securities

9,~~169~~475

—

9,~~169~~475

—

Other mortgage-backed securities

23,~~613~~300

—

23,~~613~~300

—

Total assets measured at fair value on a recurring basis

118,~~447~~506

—

118,~~447~~506

—


	Total Estimated		Estimated Fair Value Measurements Using
March 31, 2025	Fair Value		Level 1		Level 2		Level 3

Investment securities available for sale:
Municipal securities	$	31,019	$	—	$	31,019	$	—
Agency securities		30,203		—		30,203		—
Real estate mortgage investment conduits		23,490		—		23,490		—
Residential mortgage-backed securities		10,226		—		10,226		—
Other mortgage-backed securities		24,498		—		24,498		—
Total assets measured at fair value on a recurring basis	$	119,436	$	—	$	119,436	$	—

There were no transfers of assets into or out of Levels 1, 2 or 3 for both the ~~six~~nine months ended ~~September~~December 3031, 2025 and the year ended March 31, 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 ~~September~~December 3031, 2025 or March 31, 2025.

Table of Contents

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

September 30, 2025

Amount

Level 1

Level 2

Level 3

Fair Value

December 31, 2025

Amount

Level 1

Level 2

Level 3

Fair Value

Assets:

Cash and cash equivalents

3228,~~809~~641

—

3228,~~809~~641

Investment securities available for sale

118,~~447~~506

—

118,~~447~~506

—

118,~~447~~506

Investment securities held to maturity

~~192~~183,~~759~~079

—

~~169~~161,~~312~~112

—

~~169~~161,~~312~~112

Loans receivable, net

1,~~054~~069,~~764~~885

—

~~981~~995,~~669~~742

FHLB stock

3,~~257~~626

—

3,~~257~~626

—

3,~~257~~626

Liabilities:

Certificates of deposit

~~254~~240,~~512~~627

—

~~253~~240,~~790~~181

—

~~253~~240,~~790~~181

FHLB advances

5260,~~300~~500

—

5260,~~242~~433

—

5260,~~242~~433

Junior subordinated debentures

27,~~135~~157

—

19,~~758~~915


	Carrying								Estimated
March 31, 2025	Amount		Level 1		Level 2		Level 3		Fair Value

Assets:
Cash and cash equivalents	$	29,414	$	29,414	$	—	$	—	$	29,414
Investment securities available for sale		119,436		—		119,436		—		119,436
Investment securities held to maturity		203,079		—		175,392		—		175,392
Loans receivable, net		1,047,086		—		—		974,523		974,523
FHLB stock		4,342		—		4,342		—		4,342

Liabilities:
Certificates of deposit		227,459		—		226,392		—		226,392
FHLB advances		76,400		—		76,316		—		76,316
Junior subordinated debentures		27,091		—		—		19,650		19,650

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 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

Table of Contents

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.

In November 2025, the FASB issued ASU 2025-08, Financial Instruments—Credit Losses (Topic 326) - Purchased Loans. The amendments in this update expand the population of acquired financial assets subject to the gross-up approach in Topic 326. In accordance with the amendments in this update, loans (excluding credit cards) acquired without credit deterioration and deemed “seasoned” are purchased seasoned loans and accounted for using the gross-up approach at acquisition. The new standard is effective for annual periods beginning after December 15, 2026, and interim periods within those annual reporting periods. The Company does not expect this standard to have a material effect on its business operations or consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) - Narrow-Scope Improvements. The amendments in this update result in a comprehensive list of interim disclosures that are required by GAAP. The objective of the amendments is to provide clarity about the current requirements, rather than evaluate whether to expand or reduce interim disclosure requirements. The new standard is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company does not expect this standard to have a material effect on its business operations or consolidated financial statements.

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 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 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 Company’s systems and is recognized immediately as the transactions occur or upon providing the service to complete the 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 client. For the ~~six~~nine months ended ~~September~~December 3031, 2025 and 2024, substantially all of the Company’s revenues within the scope of ASC 606 are for performance obligations satisfied at a point in time.

Table of Contents

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

~~Six~~Nine Months Ended

~~September~~December 3031,

2025

2024

2025

2024

Asset management fees

1,~~527~~585

1,~~433~~443

34,~~079~~664

24,~~991~~434

Debit card and ATM fees

~~758~~742

~~801~~764

12,~~520~~262

12,~~622~~386

Deposit related fees

~~552~~546

~~449~~484

1,~~081~~627

~~910~~1,394

Loan related fees

~~143~~159

87101

~~253~~412

~~175~~276

Income from BOLI (1)

~~290~~231

~~279~~225

~~512~~743

~~490~~715

FHLMC loan servicing fees (1)

1918

3451

3957

Other, net

~~553~~224

~~773~~306

~~787~~1,011

~~981~~1,287

Total non-interest income, net

3,~~840~~504

3,~~841~~341

710,~~266~~770

710,~~208~~549

(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.

Table of Contents

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 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 ~~September~~December 3031, 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 ~~September~~December 3031, 2025 and 2024.

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 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.

Table of Contents

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 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 ~~September~~December 3031, 2025 are listed below (in thousands):



	Contract or Notional
	Amount
	~~September~~December 3031,
	2025
Commitments to extend credit:
Adjustable-rate	$	1325,~~434~~179
Fixed-rate		338,800
Standby letters of credit		1,600
Undisbursed loan funds and unused lines of credit		~~115~~117,~~368~~260
Total	$	~~130~~152,~~435~~839

29Other 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, 2025, loans under warranty totaled $25.7 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, 2025, the Company had an ACL for FHLMC loans of $12,000.

~~Table~~The Bank is a public depository and, accordingly, accepts deposit and other public funds belonging to, or held for the benefit of, ~~Contents~~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 ensure 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 nine months ended December 31, 2025 and 2024.

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 September 30, 2025, loans under warranty totaled $26.5 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 September 30, 2025, the Company had an ACL for FHLMC loans of $12,000.

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 ensure 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 six months ended September 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 are often unable to determine whether an 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.

Table of Contents

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). 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.

Table of Contents

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


	~~September~~December 3031,			March 31,			Classification in the
Leases	2025			2025			consolidated balance sheets
Finance lease ROU asset	$	1,~~087~~067		$	1,125		Financing lease ROU asset
Finance lease liability	$	2,~~061~~041		$	2,099		Finance lease liability
Finance lease remaining lease term		1413.1892	years		14.68	years
Finance lease discount rate		7.16	%		7.16	%

Operating lease ROU assets	$	4,169		$	4,245		Prepaid expenses and other assets
Operating lease ROU asset	$	3,900		$	4,245		Prepaid expenses and other assets
Operating lease liabilities	$	4,378		$	4,465		Accrued expenses and other liabilities
Operating lease liability	$	4,101		$	4,465		Accrued expenses and other liabilities
Operating lease weighted-average remaining lease term		4.2706	years		4.65	years
Operating lease weighted-average discount rate		1.8988	%		1.67	%

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	~~September~~December 3031, 2025		~~September~~December 3031, 2024
Finance lease amortization of ROU asset	$	19	$	19
Finance lease interest on lease liability		37		38
Operating lease costs		290		283
Variable lease costs		—		53
Total lease cost (1)	$	346	$	340
Total lease cost (1)	$	346	$	393


	~~Six~~Nine months ended		~~Six~~Nine months ended
Lease Costs	~~September~~December 3031, 2025		~~September~~December 3031, 2024
Finance lease amortization of ROU asset	$	3858	$	3858
Finance lease interest on lease liability		75111		77115
Operating lease costs		~~575~~866		~~566~~849
Variable lease costs		—		105
Total lease cost (1)	$	~~688~~1,035	$	~~786~~1,127

(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 operating lease liabilities was $~~303~~305,000 and $~~591~~896,000 for the three and ~~six~~nine months ended ~~September~~December 3031, 2025, ~~respectively,~~ compared to $~~348~~293,000 and $~~695~~988,000 for the three and ~~six~~nine months ended ~~September~~December 3031, 2024~~. During the three months ended September 30~~, ~~2025, the Company did not record any operating lease ROU assets that were exchanged for operating lease liabilities~~respectively. ~~During~~ ~~the six months ended September 30, 2025, the Company recorded an operating lease ROU asset that was exchanged for an operating lease liability of $459,000.~~ During the ~~three~~nine ~~and six~~ months ~~ended September 30, 2024, the Company did not record any operating lease ROU assets that were exchanged for operating lease liabilities.~~

Table of Contents

~~The~~ended ~~following~~December ~~table~~31, ~~reconciles~~2025, the ~~undiscounted~~Company ~~cash~~recognized ~~flows~~an ~~for~~operating ~~the~~lease ~~periods~~ROU ~~presented~~asset ~~related~~and tocorresponding ~~the~~operating lease liability of $459,000 arising from new operating leases. The Company’s did not recognize any operating lease ~~liabilities~~ROU asassets ofarising ~~September 30~~from new operating leases during the three months ended December 31, 2025, ~~(in~~or ~~thousands):~~during the three and nine months ended December 31, 2024.


Fiscal Year Ending March 31:	Operating		Finance
	Leases		Lease
Remainder of 2026	$	612	$	114
2027		1,219		230
2028		1,002		232
2029		787		232
2030		796		232
Thereafter		272		2,247
Total minimum lease payments		4,688		3,287
Less: amount of lease payments representing interest		(310)		(1,226)
Lease liabilities	$	4,378	$	2,061

The following table reconciles the undiscounted cash flows for the periods presented related to the Company’s lease liabilities as of December 31, 2025 (in thousands):

s
Fiscal Year Ending March 31:		Operating			Finance
		Leases			Lease
Remainder of 2026		$	307		$	58
2027			1,219			230
2028			1,002			232
2029			787			232
2030			796			232
Thereafter			272			2,247
Total minimum lease payments			4,383			3,231
Less: amount of lease payments representing interest			(282)			(1,190)
Lease liabilities		$	4,101		$	2,041

Table of Contents

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 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 Annual Report on Form 10-K for the year ended March 31, 2025 (“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 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 primarily in attracting deposits from the general public and using those 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. In addition, the Company periodically purchases commercial business loans originated by a third party located outside the Company’s primary market area to supplement loan originations and diversify the commercial loan portfolio. The Company also purchases the guaranteed portion of SBA loans, originated by another financial institution and serviced by the seller, to further diversify the loan portfolio, supplement originations, and achieve higher yields than short-term investments. These SBA loans are also originated outside the Company’s primary market area. The Company’s loans receivable, net, totaled $1.0507 billion at ~~both~~December ~~September 30~~31, 2025 ~~and~~compared to $1.05 billion at March 31, 2025.

The Bank's subsidiary, Riverview Trust Company (the “Trust Company”), is a trust and financial services company with offices located in downtown Vancouver, Washington, and Lake Oswego, Oregon. The Trust Company provides full-service brokerage, trust and asset management services. The Bank’s Business and Professional Banking Division, which operates out of two lending offices in Vancouver and one in Portland, offers commercial and business banking 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.

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.

Table of Contents

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

Data empowerment: Utilizing data to support informed decision-making and deliver tailored client experiences. Effective data provides insights into client behavior, market trends, and operational efficiencies.

Client experience: Enhancing every client interaction across all channels, from initial contact through ongoing relationship with a goal of delivering a best-in-class banking experience that builds trust and advocacy within the 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 2026 marks the 102^nd anniversary for Riverview Bank, which opened for business in 1923. Our primary business strategy is to provide comprehensive banking and related financial services within our primary market area. The Company’s goal is to deliver returns to shareholders by increasing higher-yielding assets (in particular, commercial real estate, commercial business and business banking loans), increasing core deposit balances, managing problem assets, reducing expenses, hiring experienced employees with a commercial lending focus and exploring expansion opportunities. The Company seeks to achieve these results by focusing on the following objectives:

Execution of our Business Plan. The Company remains focused on expanding its loan portfolio, particularly higher-yielding commercial and construction loans, 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 ~~September~~December 3031, 2025, commercial and construction loans represented 88.72% of total loans. Commercial lending, including CRE, generally involves greater credit risk than residential lending. However, these risks are often compensated by higher interest margins and fee income, contributing to enhanced loan portfolio profitability. To support its growth and profitability objectives, the Company is committed to a relationship-based banking model designed to strengthen client loyalty, identify new lending opportunities, and improve client-level profitability through cross-selling deposit, treasury management, and other banking services. The Company continues to build its core deposit base by offering competitive products, enhancing digital banking capabilities, and prioritizing high-quality client service. Additionally, the Company 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.

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 workouts 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 in fiscal year 2026. 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 and business banking 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.

Table of Contents

~~Introduction~~returns, ofshorter ~~New~~maturities ~~Products~~ and ~~Services. The Company continuously reviews new products and services to provide its clients with~~ more ~~financial~~sensitivity ~~options. All new technology and services are generally reviewed for business development and cost saving purposes. The Company continues~~ to ~~experience~~interest ~~growth~~rate ~~in client use of its online banking services~~fluctuations, ~~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~~manage ~~add~~credit ~~other~~exposure ~~products~~using toexperienced ~~further~~bankers ~~diversify~~in ~~revenue~~these ~~sources~~areas 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 $927.0 million and $877.9 million at September 30, 2025 and March 31, 2025, respectively. The Company also offers a ~~third-party~~conservative ~~identity~~approach ~~theft product~~ to its ~~clients~~lending. ~~The identity theft product assists our clients in monitoring their credit and includes an identity theft restoration service.~~

~~Attracting~~Introduction ~~Core~~of ~~Deposits~~New Products and ~~Other Deposit Products~~Services. The Company ~~offers~~continuously areviews ~~variety~~new ~~of deposit~~ products, ~~including personal checking, savings,~~ and ~~money~~services ~~market~~to ~~accounts,~~provide ~~which~~its ~~generally~~clients ~~represent~~with ~~lower-cost and~~ more ~~stable~~financial ~~sources of funding compared to certificates of deposit~~options. ~~These~~All ~~core~~new ~~deposits~~technology ~~are less sensitive to interest rate fluctuations~~ and ~~play~~services aare ~~key~~generally ~~role~~reviewed infor ~~supporting~~business ~~the~~development ~~Company’s funding~~ and ~~liquidity~~cost ~~strategy~~saving purposes. ToThe ~~strengthen its funding base, the~~ Company continues to ~~prioritize~~experience ~~the~~ growth ofin ~~core~~client ~~deposits~~use ~~over~~of ~~higher-cost~~its ~~funding~~online ~~sources,~~banking ~~such as brokered deposits~~services, ~~FHLB~~where ~~advances,~~the ~~and~~Bank ~~FRB~~provides ~~borrowings.~~a ~~This~~full ~~approach~~array ~~supports~~of ~~loan~~traditional ~~growth~~cash ~~while~~management ~~helping~~products toas ~~manage~~well ~~interest~~as ~~expense~~online ~~and~~banking ~~reduce~~products ~~reliance~~including onmobile ~~more~~banking, ~~volatile~~mobile ~~wholesale~~deposit, ~~funding~~bill ~~sources. A~~pay, ~~key~~e-statements, ~~element of this strategy is enhancing~~ and ~~deepening~~new ~~client~~deposit ~~relationships~~products. The ~~Company~~products ~~believes~~are ~~its~~tailored ~~continued~~to ~~focus~~meet ~~on relationship banking will support~~ the ~~expansion~~needs of ~~both~~businesses ~~core deposits~~ and ~~locally~~households ~~sourced~~in ~~retail~~the ~~certificates~~markets ofwe ~~deposit~~serve. InThe ~~particular, the~~ Company ~~seeks~~intends to ~~grow~~selectively ~~demand~~add ~~deposits~~other byproducts ~~building~~to ~~business~~further ~~banking~~diversify ~~relationships,~~revenue ~~supported~~sources byand ~~a suite of expanded product offerings tailored~~ to ~~meet~~capture ~~the~~more ~~specific needs~~ of ~~its~~each ~~business~~client’s ~~clients.~~banking Torelationship ~~further~~by ~~encourage growth in lower~~cross-~~cost~~selling ~~deposits,~~loan ~~the~~and ~~Company~~deposit ~~has~~products ~~invested in technology-based solutions designed to improve the client experience~~ and ~~support~~additional ~~cash management needs. These include personal financial management tools~~services, ~~business~~including ~~cash management~~ services, ~~and~~provided ~~remote~~through ~~deposit capture products, which allow~~ the Trust Company to ~~effectively~~increase ~~compete~~its ~~with~~fee ~~financial institutions of all sizes~~income. AsAssets ofunder ~~September~~management ~~30,~~by ~~2025,~~the ~~core~~Trust ~~branch~~Company ~~deposits~~totaled ~~decreased~~ $8919.51 million ~~compared~~and ~~to March 31, 2025~~$877.9 ~~Core~~million ~~branch deposits accounted for 97.1% of total deposits~~ at ~~September~~December 3031, 2025, ~~compared~~and ~~to 98.1% at~~ March 31, 2025, respectively.

~~Recruiting~~Attracting ~~and~~Core ~~Retaining~~Deposits ~~Highly~~and ~~Competent~~Other ~~Personnel~~Deposit ~~with~~Products. aThe ~~Focus~~Company onoffers ~~Commercial~~a ~~Lending.~~variety ~~The~~of ~~Company’s~~deposit ~~ability~~products, toincluding ~~continue~~personal tochecking, ~~attract~~savings, and ~~retain~~money ~~banking~~market ~~professionals~~accounts, ~~with~~which ~~strong~~generally ~~community~~represent ~~relationships~~lower-cost and ~~significant~~more ~~knowledge~~stable sources of ~~its~~funding ~~markets~~compared ~~will~~to becertificates of deposit. These core deposits are less sensitive to interest rate fluctuations and play a key torole ~~its~~in ~~success.~~supporting ~~The~~the Company’s ~~believes~~funding ~~that~~and itliquidity ~~enhances~~strategy. To strengthen its ~~market~~funding ~~position~~base, ~~and~~the ~~adds~~Company ~~profitable~~continues to prioritize the growth ~~opportunities~~of bycore ~~focusing~~deposits onover ~~hiring~~higher-cost ~~and~~funding ~~retaining~~sources, ~~experienced~~such ~~bankers~~as ~~focused~~brokered ondeposits, ~~owner~~Federal ~~occupied~~Home ~~commercial~~Loan ~~real~~Bank ~~estate~~(“FHLB”) advances, and ~~commercial~~Federal ~~lending,~~Reserve Bank of San Francisco (“FRB”) borrowings. This approach supports loan growth while helping to manage interest expense and ~~the~~reduce ~~deposit~~reliance ~~balances~~on ~~that~~more ~~accompany~~volatile ~~these~~wholesale funding sources. A key element of this strategy is enhancing and deepening client relationships. The Company ~~emphasizes~~believes to its ~~employees~~continued focus on relationship banking will support the ~~importance~~expansion of ~~delivering~~both ~~exemplary~~core ~~client~~deposits ~~service~~ and ~~pursuing~~locally ~~opportunities~~sourced toretail ~~deepen~~certificates ~~client~~of ~~relationship~~deposit. ~~The~~In ~~goal~~particular, isthe Company seeks to ~~compete~~increase ~~with~~demand ~~other~~deposits ~~financial~~by ~~service~~building ~~providers~~business banking relationships, supported by ~~relying~~a onsuite of expanded product offerings tailored to meet the ~~strength~~specific needs of its business clients. To further encourage growth in lower-cost deposits, the Company’s has invested in technology-based solutions designed to improve the client ~~service~~experience and ~~relationship~~support ~~banking~~cash ~~approach~~management needs. ~~The~~These ~~Company~~include ~~believes~~personal ~~that~~financial ~~one~~management oftools, ~~its~~business ~~strengths~~cash ismanagement ~~that~~services, ~~its~~and ~~employees~~remote ~~are~~deposit ~~also~~capture ~~shareholders~~products, ~~through~~which allow the Company’s ~~ESOP~~to ~~and~~effectively ~~401(k)~~compete ~~plans~~with financial institutions of all sizes. As of December 31, 2025, core branch deposits remained unchanged from March 31, 2025, accounting for 98.0% of total deposits, 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 client service and pursuing opportunities to deepen client relationships. The goal is to compete with other financial service providers by relying on the strength of the Company’s 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 ESOP and 401(k) plans.

Table of Contents

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

September 30, 2025

December 31, 2025

Commercial business

~~227~~223,~~594~~904

—

~~227~~223,~~594~~904

Commercial construction

—

1413,~~134~~978

Office buildings

—

~~109~~108,~~339~~447

—

~~109~~108,~~339~~447

Warehouse/industrial

—

~~112~~118,~~417~~314

—

~~112~~118,~~417~~314

Retail/shopping centers/strip malls

—

87,~~785~~276

—

87,~~785~~276

Assisted living facilities

—

~~347~~346

—

~~347~~346

Single purpose facilities

—

~~293~~291,~~073~~712

—

~~293~~291,~~073~~712

Land

—

37,~~930~~546

—

37,~~930~~546

Multi-family

—

8892,~~991~~410

—

8892,~~991~~410

One-to-four family construction

—

1112,~~641~~661

Total

~~227~~223,~~594~~904

~~695~~706,~~882~~051

2526,~~775~~639

~~949~~956,~~251~~594


March 31, 2025

Commercial business	$	232,935	$	—	$	—	$	232,935
Commercial construction		—		—		18,368		18,368
Office buildings		—		110,949		—		110,949
Warehouse/industrial		—		114,926		—		114,926
Retail/shopping centers/strip malls		—		88,815		—		88,815
Assisted living facilities		—		358		—		358
Single purpose facilities		—		277,137		—		277,137
Land		—		4,610		—		4,610
Multi-family		—		91,451		—		91,451
One-to-four family construction		—		—		10,814		10,814
Total	$	232,935	$	688,246	$	29,182	$	950,363

Comparison of Financial Condition at ~~September~~December 3031, 2025 and March 31, 2025

Cash and cash equivalents, including interest-earning deposits in other banks, totaled $3228.86 million at ~~September 30~~December 31, 2025 compared to $29.4 million at March 31, 2025. The Company’s cash balances typically fluctuate based upon funding needs, deposit activity and investment securities activity. Based on the Company’s asset/liability management program and liquidity objectives, the Company may deploy excess cash to purchase investment securities depending on the rate environment and other considerations. 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 $~~311~~301.26 million and $322.5 million at ~~September 30~~December 31, 2025 and March 31, 2025, respectively. The decrease was due to normal pay downs, calls and maturities. The Company had no sales of investment securities during the ~~six~~nine months ended ~~September~~December 3031, 2025. The Company’s investment securities primarily consist of a combination of securities backed by government agencies (FHLMC, FNMA, SBA or GNMA). At ~~September~~December 3031, 2025, 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 receivable, net, totaled $1.0507 billion at ~~both~~December ~~September 30~~31, 2025, ~~and~~compared to $1.05 billion at March 31, 2025~~. While~~, ~~the~~an ~~overall~~increase ~~balance~~of ~~remained~~$22.8 ~~unchanged,~~million. The ~~the~~increase ~~composition~~was ofprimarily ~~the~~attributable ~~portfolio~~to ~~shifted.~~increases ~~Commercial~~in ~~real~~other ~~estate~~installment loans ~~increased~~of by $1015.82 million,

Table of Contents

~~and~~commercial ~~consumer~~real estate loans ~~increased by $8.8 million, consisting~~ of a $113.39 million ~~increase~~and inland ~~real estate one-to-four family~~ loans ~~and~~of a $72.59 million ~~increase in other installment loans~~. ~~The increases in commercial real estate loans and consumer loans were primarily driven by loan purchases, as discussed below.~~ These increases were partially offset by decreases ~~of $5.3 million~~ in commercial business, loans of $39.40 million inand real estate construction ~~and~~of $2.5 million ~~in multi-family loans, reflecting scheduled repayments and reduced origination activity in these categories~~.

The Company no longer funds one-to-four family mortgage loans; ~~however,~~but ~~will~~may ~~from~~occasionally ~~time to time~~ purchase ~~these~~such loans consistent with its asset/liability objectives. Additionally, the Company purchases loans originated by third parties outside the Company’s primary market area to supplement originations and diversify the portfolio. Purchased loans totaled $4047.50 million at ~~September~~December 3031, 2025 compared to $35.3 million at March 31, 2025, an increase of $511.27 million. This increase was primarily attributable to consumer loan purchases totaling $1020.58 million, partially offset by normal paydowns and payoffs. The Company also purchases the guaranteed portion of SBA loans to help portfolio diversification, supplement originations and generate higher yields than overnight cash or other short-term investments. These SBA loans are originated ~~through~~by other financial ~~institution~~institutions ~~located~~ outside the Company’s primary market area and are purchased with servicing retained by the seller. At ~~September~~December 3031, 2025, the Company’s purchased SBA loan portfolio was $44.60 million compared to $47.4 million at March 31, 2025.

Deposits ~~increased~~totaled $4.1 ~~million to $1~~.2423 billion at ~~September~~both 30December 31, 2025, ~~compared~~and ~~to $1.23 billion at~~ March 31, 2025. ~~due~~While tooverall adeposit ~~concentrated~~levels ~~effort~~remained bystable, ~~the~~there ~~Company~~was toa ~~increase~~shift ~~deposits~~in ~~through~~the ~~customer~~composition ~~outreach~~of ~~and~~the ~~relationship-building~~deposits. ~~initiatives,~~Increases ~~targeted~~in ~~promotions,~~interest ~~etc.~~checking ~~Certificates~~ of ~~deposit~~$34.2 million and ~~interest~~certificates ~~bearing~~of deposit accounts ~~increased~~of $2713.~~1million~~2 ~~and $1.9~~ million, ~~respectively. These increases~~ were partially offset by decreases in non-interest checking accounts of $1324.63 million, in money market accounts ~~and~~of $11.72 million, inand regular savings accounts of $10. 7 million. The migration away from lower- or non-interest-bearing accounts toward interest checking and time deposits products is consistent with industry trends, as depositors seek to optimize returns on their funds. The Company had no wholesale-brokered deposits at ~~September~~December 3031, 2025 and March 31, 2025. Core branch deposits accounted for 9798.10% of total deposits at ~~September~~December 3031, 2025 compared to 98.1% at March 31, 2025. The Company plans to continue focusing on core deposits and on building client relationships rather than relying on wholesale funding sources.

Accrued expenses and other liabilities increased $129.58 million to $2724.26 million at ~~September~~December 3031, 2025 compared to $14.8 million at March 31, 2025. The increase was primarily due to an outstanding balance in Trust sweep funds of $12.41 million at ~~September~~December 3031, 2025, which was subsequently disbursed the following business day.

FHLB advances decreased $2415.19 million to $5260.35 million at ~~September~~December 3031, 2025 compared to $76.4 million at March 31, 2025. FHLB advances at ~~September~~December 3031, 2025 were comprised entirely of overnight advances. FHLB advances at March 31, 2025 were comprised of overnight advances and short-term borrowings of $51.4 million and $25.0 million, respectively. The decrease in advances primarily reflected scheduled repayments and reduced reliance on FHLB funding, as growth in deposits and loan repayments provided sufficient liquidity.

Shareholders' equity increased $34.52 million to $~~163~~164.52 million at ~~September~~December 3031, 2025, compared to $160.0 million at March 31, 2025. The increase was mainly attributable to net income of $2.3.7 million and a decrease in the accumulated other comprehensive loss related to the change in unrealized holding losses on securities available for sale, net of tax, of $23.53 million for the ~~six~~nine months ended ~~September~~December 3031, 2025. These increases were partially offset by the payment of cash dividends of $~~838,000~~1.3 million and stock repurchases of $~~811,000~~2.0 million.

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.

Table of Contents

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 ~~September~~December 3031, 2025.

As of ~~September~~December 3031, 2025, the Bank was categorized as “well capitalized” under the FDIC’s regulatory framework for prompt corrective action. The Bank’s actual and required minimum capital amounts and ratios were as follows at the dates indicated (dollars in thousands):


									“Well Capitalized”
					For Capital				Under Prompt
	Actual				Adequacy Purposes				Corrective Action
	Amount		Ratio		Amount		Ratio		Amount		Ratio
September 30, 2025
December 31, 2025
Total Capital:
(To Risk-Weighted Assets)	$	~~180~~181,~~261~~201	16.5135	%	$	8788,~~326~~680	8.0	%	$	~~109~~110,~~158~~851	10.0	%
Tier 1 Capital:
(To Risk-Weighted Assets)		~~166~~167,~~591~~323	15.2609			6566,~~495~~510	6.0			8788,~~326~~680	8.0
Common equity tier 1 Capital:
(To Risk-Weighted Assets)		~~166~~167,~~591~~323	15.2609			49,~~121~~883	4.5			7072,~~952~~053	6.5
Tier 1 Capital (Leverage):
(To Average Tangible Assets)		~~166~~167,~~591~~323	11.2624			59,~~204~~563	4.0			74,~~005~~454	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

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 ~~September~~December 3031, 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 ~~September~~December 3031, 2025, the Company would have exceeded all regulatory capital requirements.

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. Examiners may require adjustment to the allowance based on information available to them at the time, which could also have a material adverse impact on the Company’s financial condition and results of operations.

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 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 client deposits, proceeds from principal and interest payments on loans, securities, 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, satisfying other financial commitments, and taking advantage of investment opportunities. During the ~~six~~nine months ended ~~September~~December 3031, 2025, deposits remained relatively stable; however, the Bank utilized its funding sources primarily to support loan commitments and manage deposit withdrawals influenced by competitive and pricing pressures.

At ~~September 30~~December 31, 2025, cash and cash equivalents and available for sale investment securities totaled $~~151~~147.31 million, or 109.073% of total assets. Management believes that the Company’s securities portfolio is of high quality and therefore readily marketable. The levels of these assets ~~depends~~depend 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 needs; 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 several secondary borrowing sources available, including FRB borrowings and FHLB advances. At ~~September~~December 3031, 2025, the Bank had no advances outstanding with the FRB and maintained a credit facility with an available borrowing capacity of $288.53 million, subject to sufficient collateral. At ~~September 30~~December 31, 2025, the Bank had $5260.35 million in outstanding FHLB advances and an additional borrowing capacity of $~~207~~227.62 million, subject to sufficient collateral and stock investment. At ~~September 30~~December 31, 2025, the Bank had sufficient unpledged collateral to utilize its available borrowing capacity from both 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.

An additional source of wholesale funding includes brokered certificates of deposit. While the Company has utilized brokered deposits from time to time, historically it has not extensively relied on brokered deposits to fund its operations. At ~~September 30~~December 31, 2025 and March 31, 2025, the Bank had no wholesale brokered deposits. The Bank also participates in the Certificate of Deposit Account Registry Services (“CDARS”) and Insured Cash Sweep (“ICS”) deposit products, which allow the Company to accept deposits in excess of the FDIC insurance limit for depositors while obtaining “pass-through” insurance for total deposits. The Bank’s CDARS and ICS balances were $33.51 million, or 2.7168% of total deposits, and $36.0 million, or 2.92% of total deposits, at ~~September 30~~December 31, 2025 and March 31, 2025, respectively. The combination of all the Bank’s funding sources gives the Bank available liquidity of $~~792~~858.03 million, or 5256.4775% of total assets at ~~September 30~~December 31, 2025.

At ~~September 30~~December 31, 2025, the Company had total commitments of $~~130~~152.48 million, which included commitments to extend credit of $1334.50 million, unused lines of credit of $91101.32 million, undisbursed real estate construction loans of $2416.0 million, and standby letters of credit of $1.6 million. The Company anticipates having sufficient funds available to meet these commitments. Certificates of deposit scheduled to mature inwithin ~~less than~~ one year from ~~September 30~~December 31, 2025 totaled $~~250~~237.31 million, and historically, the Bank has ~~been~~retained ~~able to retain~~ a significant portion of maturing deposits. Offsetting these cash outflows are

Table of Contents

~~outflows are~~ scheduled maturities of loan and investment securities of $4271.78 million and $1113.05 million, respectively, within one year of ~~September~~December 3031, 2025.

The Company incurs capital expenditures on an ongoing basis to expand and improve product offerings, enhance and modernize technology infrastructure, and to introduce new technology-based products to compete effectively. We evaluate capital expenditure projects based on a variety of factors, including expected strategic impacts (such as forecasted impact on revenue growth, productivity, expenses, service levels and client retention) and our expected return on investment. The amount of capital investment is influenced by, among other things, current and projected demand for our services and products, cash flow generated by operating activities, cash required for other purposes and regulatory considerations. Based on our current capital allocation objectives, during the remainder of fiscal 2026 we expect cash expenditures of approximately $~~915~~431,000 for capital investment in premises and equipment.

For further information regarding the Company’s off-balance sheet arrangements and other contractual obligations, see Notes 13 and 14 of the Notes to Consolidated Financial Statements contained in Item 1 of this Form 10-Q.

Riverview Bancorp, Inc., as a separate legal entity from the Bank, must provide for its own liquidity. Sources of capital and liquidity for Riverview Bancorp, Inc. include dividends from the Bank, as well as the potential issuance of debt or equity securities. Dividends and other capital distributions from the Bank are subject to regulatory notice and may be subject to additional limitations depending on the Bank’s financial condition and applicable regulations. Management currently expects to continue the Company’s current practice of paying quarterly cash dividends on its common stock subject to the Board of Directors’ discretion to modify or terminate this practice at any time and for any reason without prior notice. As of ~~September~~December 3031, 2025, the quarterly common stock dividend rate was $0.02 per share, as approved by the Board of Directors. Management believes this dividend rate appropriately balances the Company’s objectives of supporting investment in the Bank, while returning capital to shareholders. Assuming continued payment during fiscal 2026 at this rate of $0.02 per share, average total dividends paid each quarter would be approximately $~~419~~414,000 based on the number of the Company’s outstanding shares as of ~~September~~December 3031, 2025. At ~~September 30~~December 31, 2025, Riverview Bancorp, Inc. had $54.2 million in cash to meet its liquidity needs.

Asset Quality

Nonperforming assets were $~~776,000~~1.1 million or 0.0507% of total assets at ~~September~~December 3031, 2025, compared to $155,000 or 0.01% of total assets at March 31, 2025. The Company had net ~~recoveries~~charge-offs totaling $53193,000 for the ~~six~~nine months ended ~~September~~December 3031, 2025, compared to ~~net charge-offs of~~ $90,000 during fiscal 2025. The Company had no other real estate owned or foreclosed assets at ~~September~~December 3031, 2025 or March 31, 2025.

The following table sets forth information regarding the Company’s nonperforming loans, consisting of nonaccrual loans at the dates indicated (dollars in thousands):


	~~September~~December 3031, 2025			March 31, 2025
	Number of			Number of
	Loans	Balance		Loans	Balance

Commercial business	35	$	~~670~~926	1	$	37
Commercial real estate	23		77174	2		88
Consumer	1		29	1		30
Total	69		~~776~~1,129	4		155

The ACL for loans was $15.43 million or 1.4441% of total loans at ~~September~~December 3031, 2025, and $15.4 million or 1.45% of total loans at March 31, 2025. ~~The~~For ~~Company did not record a provision for credit losses for~~ the ~~six~~nine months ended ~~September~~December 3031, 2025, ~~compared~~and ~~to $100~~2024,~~000~~ ~~provision~~the ~~for~~Company ~~the~~recorded ~~same~~a ~~period~~provision infor ~~the~~credit ~~prior~~losses ~~fiscal~~of ~~year~~$100,000. At ~~September~~December 3031, 2025, the ACL provided coverage of more than 1,~~900~~300% of nonperforming loans, compared to approximately 9,900% at March 31, 2025~~, reflecting continued asset quality strength and conservative reserve levels~~. The general valuation allowance on pooled, or collectively evaluated, loans was 1.4241% at ~~September~~December 3031, 2025 and 1.45% at March 31, 2025.

Management considers the ACL for loans and unfunded loan commitments to be adequate at December 31, 2025 based on an evaluation of various factors affecting the loan portfolio. The Company believes the ACL has been established in

Table of Contents

Management considers the ACL for loans and unfunded loan commitments to be adequate at September 30, 2025 based on an evaluation of various factors affecting the loan portfolio. The Company believes the ACL has been established in accordance with GAAP; however, material increases may be required if economic conditions worsen, regulatory outcomes change, or other relevant factors emerge. Significant increases in the ACL may also be necessary if borrower credit quality deteriorates or collateral values decline. Such an increase could negatively impact the Company’s future financial condition and results of operations. For further information regarding the Company’s individually evaluated loans and ACL for loans and unfunded loan commitments, see Note 6 of the Notes to Consolidated Financial Statements contained in Item 1 of this Form 10-Q.

The following table sets forth information regarding the Company’s nonperforming assets at the dates indicated (dollars in thousands):



	~~September~~December 3031, 2025		March 31, 2025

Loans accounted for on a non-accrual basis:
Commercial business	$	~~670~~926	$	37
Commercial real estate		77174		88
Consumer		29		30
Total nonperforming loans		~~776~~1,129		155
Real estate owned (“REO”)		—		—
Total nonperforming assets	$	~~776~~1,129	$	155

Foregone interest on non-accrual loans (1)	$	2356	$	16

(1) ~~Six~~Nine months ended ~~September~~December 3031, 2025 and year ended March 31, 2025.

The following tables set forth information regarding the Company’s nonperforming assets by loan type and geographical area at the dates indicated (in thousands):


	Southwest
	Washington		~~Total~~Other		Total
September 30, 2025
December 31, 2025

Commercial business	$	~~670~~604	$	~~670~~322	$	926
Commercial real estate		7771		77103		174
Consumer		29		29—		29
Total nonperforming assets	$	~~776~~704	$	~~776~~425	$	1,129


	Southwest
	Washington		Total

March 31, 2025

Commercial business	$	37	$	37
Commercial real estate		88		88
Consumer		30		30
Total nonperforming assets	$	155	$	155

At ~~September~~December 3031, 2025, loans delinquent 30-89 days totaled $3.5 million or 0.33% of total loans, down from $4.1 million or 0.38% of total loans at March 31, 2025. The decrease was primarily attributable to the decrease in fully guaranteed SBA and USDA loans. These loans, while delinquent are classified as pass rated loans and are excluded from nonperforming and ACL calculations due to the full government guarantee and the expectation that all contractual principal and interest will be collected. The Company had no accruing loans 90 days or more delinquent at ~~September~~December 3031, 2025 and March 31, 2025.

At December 31, 2025, CRE loans represented the largest portion of the loan portfolio at 55.9% of total loans and commercial business loans represented 20.6% of total loans.

Table of Contents

At September 30, 2025, CRE loans represented the largest portion of the loan portfolio at 56.3% of total loans and commercial business represented 21.3% of total loans.

Goodwill Valuation

Goodwill is recorded when the purchase price paid for an acquisition exceeds the estimated fair value of the net identified tangible and intangible assets acquired. Goodwill is presumed to have an indefinite useful life and is tested at least annually for impairment at the reporting unit level. The Company has two reporting units, the Bank and the Trust Company, for purposes of evaluating goodwill for impairment. All of the Company’s recorded goodwill has been allocated to the Bank reporting unit. The Company performs an annual review in the third quarter of each fiscal year, or more frequently if indications of potential impairment exist, to determine whether recorded goodwill is impaired. If the fair value of a reporting unit exceeds its carrying amount, goodwill is not considered impaired. If the carrying amount exceeds 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.

A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include, among others: a significant decline in our expected future cash flows; a sustained, significant decline in our stock price and market capitalization; a significant adverse change in legal factors or in the business climate; adverse action or assessment by a regulator; and unanticipated competition. Any adverse change in these factors could have a significant impact on the recoverability of goodwill and could have a material impact on the Company’s consolidated financial statements.

The Company performed its annual goodwill impairment test as of October 31, ~~2024~~2025, and determined that no impairment of goodwill existed. The Company also completed a qualitative assessment of goodwill as of ~~September~~December 3031, 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. Accordingly, no goodwill impairment was recognized.

Future impairment charges could occur if adverse events or changes in circumstances arise, including, but not limited to: (i) a sustained decline in the Company’s stock price or that of peer institutions, (ii) revenue declines beyond current forecasts, (iii) significant adverse changes in the operating environment for the financial industry, or (iv) increases in the value of the Company’s assets without a corresponding increase in the value of the reporting unit. Changes in circumstances at or after the measurement date, or changes in the assumptions and estimates used in assessing goodwill, could also result in a partial or full impairment.

While any such impairment charge would adversely affect the Company’s financial condition and results of operations, it would not impact the Company’s liquidity, operations, or regulatory capital ratios.

Table of Contents

Comparison of Operating Results for the Three and ~~Six~~Nine Months Ended ~~September~~December 3031, 2025 and 2024

Net Income. Net income was $1.14 million, or $0.0507 per diluted share, for the three months ended ~~September~~December 3031, 2025, compared to $1.62 million, or $0.0706 per diluted share, for the same period in the prior year. Net income for the ~~six~~nine months ended ~~September~~December 3031, 2025 and 2024 was $2.3.7 million, or $0.1118 per diluted share, and $23.58 million, or $0.1218 per diluted share, respectively. ~~The~~For ~~decrease in net income for both~~ the three- ~~and~~months ~~six-month periods~~ ended ~~September~~December 3031, 2025, ~~compared~~net toincome ~~the~~increased ~~same~~primarily ~~periods~~as ina ~~the~~result ~~prior~~of ~~year,~~an ~~was~~increase ~~due to increases~~ in ~~non-~~net interest ~~expense of $1.5 million and $2.3 million~~income, ~~respectively. Net~~partially ~~income~~offset ~~was also impacted~~ by an increase in non-interest onexpense. ~~deposits~~For ~~of $506,000 and $832,000 for~~ the ~~three~~nine ~~and six~~ months ended ~~September~~December 3031, 2025, ~~respectively,~~net ~~partially~~income ~~offset~~was byrelatively aunchanged ~~decrease~~compared into ~~interest~~the ~~expense~~prior onyear ~~borrowings~~period, ofas ~~$915,000~~the ~~and~~increase ~~$1.3~~in ~~million~~net ~~for~~interest ~~the~~income ~~same~~was ~~periods~~offset by higher operating expenses.

Net Interest Income. The Company’s profitability depends primarily on its net interest income, which is the difference between the income it receives on interest-earning assets and the interest paid on deposits and borrowings. When the rate earned on interest-earning assets equals or exceeds the rate paid on interest-bearing liabilities, this positive interest rate spread will generate net interest income. The Company’s results of operations are also significantly affected by general economic and competitive conditions, particularly changes in market interest rates, government legislation and regulation, and monetary and fiscal policies.

Net interest income for the three and ~~six~~nine months ended ~~September~~December 3031, 2025, was $910.86 million and $1930.62 million, respectively, representing an increase of $~~839,000~~1.2 and $13.90 million compared to the same periods in 2024. These increases were primarily due to increased interest and fees on loans receivable and a decrease in interest expense on borrowings, partly offset by increased interest expense on deposits. Net interest margin for the three and ~~six~~nine months ended ~~September~~December 3031, 2025 was 2.7696% and 2.7783%, respectively, compared to 2.4660% ~~for~~and ~~both periods in 2024~~2. ~~The~~51% ~~increase~~for inthe ~~net~~three ~~interest~~and ~~margin~~nine ~~primarily~~months ~~reflects~~ended ~~higher~~December ~~yields~~31, ~~on loans~~2024, ~~partially offset by growth in average interest-earning assets~~respectively.

Interest and Dividend Income. Interest and dividend income for the three and ~~six~~nine months ended ~~September~~December 3031, 2025 was $1516.40 million and $3046.7 million, compared to $1415.91 million and $2944.35 million for the same periods in the prior year, respectively. The increases were due to increases in interest income on loans receivable of $~~984,000~~1.1 million and $2.3.4 million, respectively, when compared to the same periods in 2024, due to ~~both~~higher ~~increases in the~~ average balance of net loans and improved yields.

The average yield on loans increased to 5.1126% and 5.0814% for the three and ~~six~~nine months ended ~~September~~December 3031, 2025, compared to 4.8097% and 4.7583% for the same periods in 2024. Mortgage loan yields rose to 5.1333% and 5.0917% for the three and ~~six~~nine months ended ~~September~~December 3031, 2025, up from 45.7800% and 4.7583% while non-mortgage loan yields increased to 5.0607% and 5.0405%, compared to 4.8590% and 4.7580% for the same periods last year. The average balance of net loans increased to $1.0608 billion ~~for~~and ~~both~~$1.07 billion for the three- and ~~six~~nine ~~-months~~month periods, compared to $1.05 billion and $1.04 billion in the prior year. The average balance of mortgage loans increased $316.80 million and $1112.07 million to $~~787~~803.64 million and $~~789~~794.41 million, respectively, for the three and ~~six~~nine months ended ~~September~~December 3031, 2025, while the average balance of non-mortgage loans increased $811.32 million and $12.61 million to $~~273~~277.02 million and $~~272~~274.40 million, respectively, compared to the same period last year.

Interest earned on investment securities decreased $~~480~~252,000 and $~~785,000~~1.0 million for the three and ~~six~~nine months ended ~~September~~December 3031, 2025, compared to the same periods in the prior year, ~~reflecting~~as a result of decreases in both the average balance of and yield earned on investment securities. The average balance of investment securities decreased $4945.49 million and $5150.70 million to $~~329~~318.13 million and $~~333~~328.1 million for the three and ~~six~~nine months ended ~~September~~December 3031, 2025, compared to $~~378~~364.42 million and $~~384~~377.89 million for the same periods in the prior year, respectively. The decrease in the average balance of investment securities was attributable to normal paydown activities. The average yield on investment securities was 1.7877% and 1.9488% for the three and ~~six~~nine months ended ~~September~~December 3031, 2025, compared to 21.0582% and 2.08 00% for the same periods in the prior year, consistent with the lower reinvestment rates and reduced balances.

Interest Expense. Interest expense totaled $5.64 million and $1116.15 million for the three and ~~six~~nine months ended ~~September~~December 3031, 2025, compared to $65.07 million and $1117.63 million for the three and ~~six~~nine months ended ~~September~~December 3031, 2024, respectively. The decreases were primarily due to decreases in interest expense on FHLB advances, ~~due~~related to both decreases in the average balance of FHLB advances and lower rates, partially offset by increases in interest expense on deposits.

Table of Contents

Interest expense on deposits increased $~~505~~267,000 and $~~832,000~~1.1 million for the three and ~~six~~nine months ended ~~September~~December 3031, 2025, respectively, compared to the same periods the prior year. The ~~increases~~increase ~~were~~for the three months ended December 31, 2025 compared to 2024 was primarily due to higher rates paid and ~~average balances~~an upward shift in the average balance on interest checking, ~~and~~offset ~~money~~in ~~market~~part ~~accounts~~by lower average yields on certificates of deposit, asdespite ~~well~~higher asaverage anbalances. The increase infor the ~~balance~~nine ofmonths ~~higher-cost~~ended ~~certificates~~December ~~of deposit~~31, ~~partially~~2025 ~~offset~~compared byto ~~lower~~same ~~rates~~period ~~paid~~prior year is related to increased average balances and higher yields on ~~certificates~~interest ofchecking ~~deposit~~and money market accounts.

The average rate on ~~money~~interest ~~market~~checking accounts increased 1732 basis points and 2716 basis points for the three and ~~six~~nine months ended ~~September~~December 3031, 2025, respectively, while the average balance increased $744.5 million and $1322.86 million compared to the same periods in the prior year. ~~The average rate on interest checking accounts increased 24 and 7 basis points, with the average balance increasing $26.9 million and $11.6 million for the same periods.~~ Certificates of deposit experienced a decrease in average rates of 3439 basis points and 2832 basis points, while the average balances increased $3010.59 million and $2822.02 million for the three and ~~six~~nine months ended ~~September~~December 3031, 2025, respectively, compared to the same periods the prior year.

Interest expense on borrowings decreased $~~914~~583,000 and $1.39 million for the three and ~~six~~nine months ended ~~September~~December 3031, 2025, respectively, compared to the same periods in the prior year, primarily due to lower average balances and rates on FHLB advances. The average balance of FHLB advances was $6353.37 million and $8675.7 million for the three and ~~six~~nine months ended ~~September~~December 3031, 2025, respectively, compared to $~~114~~90.54 million and $~~113~~105.15 million for the same periods in the prior year. The average rate on FHLB advances declined to 4.5725% and 4.5850% for the three and ~~six~~nine months ended ~~September~~December 3031, 2025, respectively, compared to 54.4483% and 5.5232% for the same periods the prior year.

Table of Contents

The following tables set forth, for the periods indicated, information regarding average balances of assets and liabilities as well as the total dollar amounts of interest income earned on average interest-earning assets and interest expense paid on average interest-bearing liabilities, resultant yields, interest rate spread, ratio of interest-earning assets to interest-bearing liabilities and net interest margin (dollars in thousands):

Three Months Ended ~~September~~December 3031,

2025

2024

Interest

Average

and

Average

and

Balance

Dividends

Yield/Cost

Balance

Dividends

Yield/Cost

Interest-earning assets:

Mortgage loans

~~787~~803,~~649~~354

10,~~188~~786

5.1333

~~783~~787,~~819~~361

9,~~449~~914

45.7800

Non-mortgage loans

~~272~~277,~~994~~206

3,~~479~~539

5.0607

~~264~~265,~~717~~981

3,~~234~~287

4.8590

Total net loans (1)

1,~~060~~080,~~643~~560

1314,~~667~~325

5.1126

1,~~048~~053,~~536~~342

1213,~~683~~201

4.8097

Investment securities (2)

~~329~~318,~~063~~295

1,~~480~~422

1.7877

~~378~~364,~~421~~172

1,~~960~~674

21.0582

Interest-earning deposits in other banks

14,~~307~~613

~~150~~141

43.1683

12,~~198~~758

~~161~~147

54.2457

Other earning assets

4,~~589~~157

95100

89.2154

65,~~943~~858

~~159~~125

98.0947

Total interest-earning assets

1,~~408~~417,~~602~~625

15,~~392~~988

4.3447

1,~~446~~436,~~098~~130

1415,~~963~~147

4.1118

Non-interest-earning assets:

Office properties and equipment, net

22,~~908~~658

2224,~~340~~010

Other non-interest-earning assets

6568,~~840~~458

65,~~224~~967

Total assets

1,~~497~~508,~~350~~741

1,~~533~~526,~~662~~107

Interest-bearing liabilities:

Regular savings accounts

~~158~~156,~~582~~547

6059

0.15

~~176~~169,~~054~~854

2638

0.0609

Interest checking accounts

~~287~~303,~~695~~212

~~969~~964

1.3426

~~260~~258,~~766~~714

~~721~~611

10.1094

Money market accounts

~~224~~227,~~955~~023

1,~~144~~162

2.0203

~~217~~233,~~503~~826

1,~~014~~134

1.8592

Certificates of deposit

~~244~~248,~~160~~166

2,~~187~~183

3.5549

~~213~~237,~~641~~278

2,~~094~~318

3.8988

Total interest-bearing deposits

~~915~~934,~~392~~948

4,~~360~~368

1.8985

~~867~~899,~~964~~672

34,~~855~~101

1.7681

Junior subordinated debentures

27,~~121~~143

~~464~~443

6.7948

27,~~035~~056

~~536~~501

7.8735

FHLB advances

6353,~~315~~728

~~729~~575

4.5725

~~114~~90,~~534~~410

1,~~570~~100

54.4483

Other interest-bearing liabilities

2,~~073~~053

3837

7.0815

2,~~155~~127

3937

76.1890

Total interest-bearing liabilities

1,~~007~~017,~~901~~872

5,~~591~~423

2.2011

1,~~011~~019,~~688~~265

65,~~000~~739

2.3523

Non-interest-bearing liabilities:

Non-interest-bearing deposits

312,185

348,805

Non-interest-bearing deposits

312,734

332,778

Other liabilities

13,852

14,741

Other liabilities

13,639

13,532

Total liabilities

1,~~333~~344,~~938~~245

1,~~375~~365,~~234~~575

Shareholders’ equity

~~163~~164,~~412~~496

~~158~~160,~~428~~532

Total liabilities and shareholders’ equity

1,~~497~~508,~~350~~741

1,~~533~~526,~~662~~107

Net interest income

910,~~801~~565

89,~~963~~408

Interest rate spread

2.1436

1.7695

Net interest margin

2.7696

2.4660

Ratio of average interest-earning assets to average interest-bearing liabilities

139.7627

~~142~~140.9490

Tax equivalent adjustment (3)

2120

(1)	Includes non-accrual loans.

(2)	For purposes of the computation of average yield on investment securities available for sale, historical cost balances were utilized; therefore, the yield information does not give effect to changes in fair value that are reflected as a component of shareholders’ equity.

(3)	Tax-equivalent adjustment relates to non-taxable investment interest income and preferred equity securities dividend income.

Table of Contents

~~Six~~Nine Months Ended ~~September~~December 3031,

2025

2024

Interest

Average

and

Average

and

Balance

Dividend

Yield/Cost

Balance

Dividends

Yield/Cost

Interest-earning assets:

Mortgage loans

~~789~~794,~~375~~052

2030,~~133~~919

5.0917

~~778~~781,~~386~~388

1828,~~543~~458

4.7583

Non-mortgage loans

~~272~~274,~~413~~016

610,~~886~~425

5.0405

~~259~~261,~~827~~886

69,~~192~~478

4.7580

Total net loans (1)

1,~~061~~068,~~788~~068

2741,~~019~~344

5.0814

1,~~038~~043,~~213~~274

2437,~~735~~936

4.7583

Investment securities (2)

~~333~~328,~~102~~148

34,~~233~~655

1.9488

~~384~~377,~~802~~900

45,~~018~~692

2.0800

Interest-earning deposits in other banks

1314,~~921~~152

~~291~~432

4.1705

1112,~~802~~122

~~310~~456

54.2499

Other earning assets

5,~~640~~144

~~245~~345

8.6690

6,~~880~~538

~~320~~446

9.2805

Total interest-earning assets

1,~~414~~415,~~451~~512

3046,~~788~~776

4.3439

1,~~441~~439,~~697~~834

2944,~~383~~530

4.0710

Non-interest-earning assets:

Office properties and equipment, net

2322,~~095~~949

2223,~~525~~022

Other non-interest-earning assets

6566,~~634~~579

64,~~152~~760

Total assets

1,~~503~~505,~~180~~040

1,~~528~~527,~~374~~616

Interest-bearing liabilities:

Regular savings accounts

~~161~~159,~~259~~683

~~104~~164

0.1314

~~179~~176,~~456~~244

5290

0.0607

Interest checking accounts

~~275~~284,~~411~~711

12,~~601~~565

1.1620

~~263~~262,~~777~~083

12,~~440~~051

1.0904

Money market accounts

227,~~231~~161

23,~~312~~474

2.03

~~213~~220,~~466~~277

13,~~888~~023

1.7682

Certificates of deposit

~~234~~239,~~914~~347

46,~~117~~299

3.5049

~~206~~217,~~953~~098

36,~~922~~239

3.7881

Total interest-bearing deposits

~~898~~910,~~815~~902

812,~~134~~502

1.8082

~~863~~875,~~652~~702

711,~~302~~403

1.6973

Junior subordinated debentures

27,~~111~~122

~~925~~1,368

6.8169

27,~~024~~035

1,~~069~~570

7.8971

FHLB advances

8675,~~684~~659

12,~~991~~566

4.5850

~~113~~105,~~121~~523

34,~~129~~228

5.5232

Other interest-bearing liabilities

2,~~106~~088

75112

7.1012

2,~~175~~159

78116

7.1513

Total interest-bearing liabilities

1,~~014~~015,~~716~~771

1116,~~125~~548

2.1916

1,~~005~~010,~~972~~419

1117,~~578~~317

2.3027

Non-interest-bearing liabilities:

Non-interest-bearing deposits

312,867

350,755

Non-interest-bearing deposits

312,822

344,741

Other liabilities

13,093

14,651

Other liabilities

13,276

14,277

Total liabilities

1,~~340~~341,~~676~~869

1,~~371~~369,~~378~~437

Shareholders’ equity

~~162~~163,~~504~~171

~~156~~158,~~996~~179

Total liabilities and shareholders’ equity

1,~~503~~505,~~180~~040

1,~~528~~527,~~374~~616

Net interest income

1930,~~663~~228

1727,~~805~~213

Interest rate spread

2.1523

1.7783

Net interest margin

2.7783

2.4651

Ratio of average interest-earning assets to average interest-bearing liabilities

139.3935

~~143~~142.3150

Tax equivalent adjustment (3)

4161

4262

(1)	Includes non-accrual loans.

(2)	For purposes of the computation of average yield on investment securities available for sale, historical cost balances were utilized; therefore, the yield information does not give effect to changes in fair value that are reflected as a component of shareholders’ equity.

(3)	Tax-equivalent adjustment relates to non-taxable investment interest income and preferred equity securities dividend income.

Table of Contents

The following table sets forth the effects of changing rates and volumes on net interest income of the Company for the three and ~~six~~nine months ended ~~September~~December 3031, 2025, compared to the three and ~~six~~nine months ended ~~September~~December 3031, 2024. Variances that were insignificant have been allocated based upon the percentage relationship of changes in volume and changes in rate to the total net change (in thousands).

Three Months Ended ~~September~~December 3031,

~~Six~~Nine Months Ended ~~September~~December 3031,

2025 vs 2024

Increase (Decrease) Due to

Total

Increase

Volume

Rate

(Decrease)

Volume

Rate

(Decrease)

Interest Income:

Mortgage loans

46206

~~693~~666

~~739~~872

~~262~~461

12,~~328~~000

12,~~590~~461

Non-mortgage loans

~~103~~138

~~142~~114

~~245~~252

~~307~~446

~~387~~501

~~694~~947

Investment securities (1)

(~~238~~207)

(~~241~~45)

(~~479~~252)

(~~522~~712)

(~~262~~324)

(~~784~~1,036)

Interest-earning deposits in other banks

2520

(3626)

(116)

5069

(6993)

(1924)

Other earning assets

(5039)

(14)

(6425)

(5594)

(207)

(75101)

Total interest income

~~(114)~~118

~~544~~723

~~430~~841

42170

12,~~364~~077

12,~~406~~247

Interest Expense:

Regular savings accounts

(3)

3724

3421

(510)

5784

5274

Interest checking accounts

80118

~~168~~235

~~248~~353

66185

95329

~~161~~514

Money market accounts

36(34)

9462

~~130~~28

~~125~~96

~~299~~355

~~424~~451

Certificates of deposit

~~285~~103

(~~192~~238)

93(135)

~~502~~608

(~~307~~548)

~~195~~60

Junior subordinated debentures

(7460)

(7258)

(~~147~~207)

(~~144~~202)

FHLB advances

(~~619~~405)

(~~222~~120)

(~~841~~525)

(~~659~~1,076)

(~~479~~586)

(1,~~138~~662)

Other interest-bearing liabilities

(1)

—1

~~(1)~~—

(24)

~~(1)~~—

(34)

Total interest expense

(220)

(~~189~~96)

(~~409~~316)

30(196)

(~~483~~573)

(~~453~~769)

Net interest income

~~106~~338

~~733~~819

~~839~~1,157

12366

12,~~847~~650

13,~~859~~016

(1)	Interest is presented on a fully tax-equivalent basis.

Provision for Credit Losses. The Company recorded noa provision for credit losses of $100,000 for the three and ~~six~~nine months ended ~~September~~December 3031, 2025, compared to ano provision for credit losses offor the three months ended December 31, 2024 and a $100,000 provision expense for the ~~three~~nine ~~and~~months ~~six~~ended December 31, 2024. The provision for credit losses recorded during the three months ended ~~September~~December 3031, ~~2024~~2025, was primarily due to growth in the loan portfolio and provisioning related to a recent charge-off. The ~~lack~~absence of a provision infor credit losses during the ~~current~~three ~~periods~~months ~~reflects~~ended December 31, 2024 reflected management’s assumptions ~~regarding~~related to the economic ~~outlook,~~forecast ~~including~~at ~~the~~that ~~effects~~time. ofExpected ~~local,~~credit ~~national~~loss ~~and~~estimates ~~global~~consider ~~events.~~a ~~Expected~~number ~~loss~~of ~~estimates~~qualitative ~~also~~and ~~incorporate~~quantitative ~~client~~factors, including borrower-specific information, changes in risk ratings, projected ~~delinquencies~~delinquency trends, and the impact of economic conditions on borrowers'’ ability to repay.

Net ~~recoveries~~charge-offs totaled $1246,000 for the three months ended ~~September~~December 3031, 2025 and $53193,000 for the ~~six~~nine months ended ~~September~~December 3031, 2025, compared to net ~~recoveries~~charge-offs of $2114,000 for ~~both~~ the three months and ~~six~~$112,000 ~~month~~for the nine months ended ~~September~~December 3031, 2024. ~~Net~~Recoveries ~~charge-offs/recoveries~~totaled ~~were~~$2,000 ~~insignificant~~ for the three months ~~ended~~and ~~September 30, 2025. Net recoveries were~~ $~~106~~56,000 for the ~~six~~nine months ended ~~September~~December 3031, 2025., ~~Net~~compared ~~charge-offs/recoveries~~to ~~were~~$2,000 ~~insignificant~~and $5,000 for ~~both~~ the three and ~~six~~nine months ended ~~September~~December 3031, 2024, respectively.

While wemanagement ~~believe~~believes the estimates and assumptions used in determining the adequacy of the ACL are reasonable, there can be no assurance that such estimates and assumptions will not prove to be incorrect, or that future provisions will not exceed historical levels. Any increase in the ACL could have a material adverse effect on our financial condition and results of operations. AFurther ~~further~~ deterioration in national or local economic conditions, such as those driven by inflation, recession, or slowed economic growth, could result in a material increase in the ACL. In addition, the ACL is subject to periodic regulatory review, asand ~~part~~adjustments ofrequired ~~the~~by ~~routine~~regulators ~~examination process. Examiners may require adjustment to the allowance based on information available to them at the time, which~~ could ~~also~~ have a material adverse ~~impact~~effect on the Company’s financial condition and results of operations.

Nonperforming loans were $~~776,000~~1.1 million at ~~September~~December 3031, 2025, compared to $155,000 at March 31, 2025. The ratio of the ACL for loans to nonperforming loans exceeded 1,~~900~~300% at ~~September~~December 3031, 2025 compared to 9,900% at March 31, 2025.

Table of Contents

See “Asset Quality” above for additional information related to asset quality that management considers in determining the appropriate level of the ACL.

Non-Interest Income. Non-interest income ~~was~~increased $163,000 and $221,000 to $3.5 million and $10.8 million for ~~both~~ the three and nine months ended ~~September~~December 3031, 2025, respectively, compared to $3.3 million and ~~2024,~~$10.5 asmillion ~~changes~~for ~~within~~the ~~various~~same ~~income~~periods ~~categories~~in ~~offset~~the ~~one~~prior ~~another~~year. ~~For~~The increase for the ~~six~~three and nine months ended ~~September~~December 3031, 2025, ~~non-interest~~compared ~~income~~to ~~increased~~the prior year was primarily due to increases of $58142,000 toand $~~7.3 million~~230,000 ~~compared~~in toasset ~~$7.2~~management ~~million~~fee ~~for~~income ~~the~~resulted ~~same~~from ~~period~~growth in total assets under management by the ~~prior~~Trust ~~year~~Company. ~~Fees~~In addition, income from fees and service charges ~~increase~~increased by $~~113~~105,000 and $~~145~~250,000 for the three and ~~six~~nine months ended ~~September~~December 3031, 2025, respectively, compared to the same periods in the prior year, primarily ~~attributable~~due to ~~fee~~higher ~~income~~non-sufficient infund ~~connection~~charges ~~with~~and anincreases ~~employee~~in ~~retention~~brokered ~~credit~~loan ~~partnership and ATM interchange~~ fee income. ~~Asset~~Other ~~management~~non-interest ~~fees~~income ~~increased~~decreased ~~$94,000~~for ~~and~~the ~~$88,000,~~three ~~respectively,~~and ~~reflecting~~nine ~~growth~~months inended ~~assets~~December ~~under~~31, ~~management.~~2025, ~~These~~compared ~~increases~~to ~~were~~the ~~offset~~same byperiods ~~a decrease~~ in ~~other~~the ~~non-interest~~prior ~~income~~year ofby $~~219~~90,000 and $~~197~~287,000, ~~during~~respectively. ~~the~~The ~~three~~decrease ~~and~~in ~~six~~other ~~months~~non-interest ~~ended~~income ~~September~~for ~~30, 2025, compared to~~ the ~~same~~nine ~~periods~~months ~~the~~ended ~~prior~~December ~~year~~31, as2025, ~~the~~is ~~prior~~largely ~~year~~attributable ~~included~~to a $500,000 legal expense recovery related to a settled litigation matter, ~~partially~~recorded ~~offset~~ in the ~~current~~prior year, partially offset by a $294,000 employee retention credit in the current year.

Non-Interest Expense. Non-interest expense increased $1.51 million and $23.3 million to $12.2 million and $2336.92 million for the three and ~~six~~nine months ended ~~September~~December 3031, 2025, respectively, compared to $1011.72 million and $2132.78 million for the same periods in the prior year. ~~The~~Salaries and employee benefits increased $920,000 and $2.6 million for the three and nine months ended December 31, 2025, respectively, compared to the same periods in the prior year due to increases in compensation expenses and employee benefits. These increases were primarily due to ~~higher~~strategic ~~salaries~~investments in the Company’s leadership structure and ~~employee~~growth ~~benefits,~~initiatives. ~~which~~Data processing expenses increased $~~827~~113,000 and $~~1.7~~174,000 ~~million~~for the three and nine months ended December 31, ~~reflecting~~2025, ~~increases~~respectively, incompared ~~compensation~~to the same periods the prior year primarily due to the implementation of a new wire processing system and ~~bonus~~continued ~~expenses~~investment in the Company’s technology to support its growth initiatives. Other non-interest ~~expense~~expenses also increased by $~~634~~84,000 and $~~729~~813,000 for the three and ~~six~~nine months ended ~~September~~December 3031, 2025, compared to the same periods in the prior year, ~~mainly~~primarily due to a one-time business and occupation tax accrual in September 2025 of $242,000, ~~and~~a decrease in fraud~~-related~~ recoveries, and additional provision for credit losses ofrelated to unfunded commitments. Occupancy and depreciation expense remained flat for the three months ended December 31, 2025 and decreased $~~113~~86,000. ~~These~~for ~~increases~~the ~~were~~nine ~~partially~~months ~~offset~~ended byDecember ~~decreases~~31, 2025, compared to the same period in ~~occupancy~~the ~~and~~prior ~~depreciation~~year due to lower rent expenses as a result of the purchase of the Orchards branch location. Other changes in non-interest expense were decreases of $62,000 and $89169,000, ~~and a decrease~~ in marketing ~~expenses~~and of $3416,000 and $~~107~~40,000 in professional fees for the three and ~~six~~nine months ended ~~September~~December 3031, 2025, respectively, compared to the same periods in the prior year.

Income Taxes. The provision for income taxes was $363,000 and $981,000 for the three and nine months ended December 31, 2025, respectively, compared to $343,000 and $1.0 million for the same periods in the prior year. The decrease for the nine months ended December 31, 2025, reflects lower pre-tax income. The Company’s effective tax rate was 20.9% and 21.0% for the three and nine months ended December 31, 2025, respectively compared to 21.8% and 21.4% for the same periods in 2024. At December 31, 2025, management concluded that a valuation allowance related to the Company’s deferred tax asset was not necessary. Management’s conclusion that no valuation allowance was necessary was based on the Company’s historical earnings performance, expectations of future taxable income, and the reversal patterns of existing temporary differences. At December 31, 2025, the net deferred tax asset totaled $7.6 million, compared to $8.6 million at March 31, 2025.

Income Taxes. The provision for income taxes was $296,000 and $618,000 for the three and six months ended September 30, 2025, compared to $425,000 and $678,000 for the same periods in the prior year. The decrease reflects lower pre-tax income. The Company’s effective tax rate was 21.2% and 21.0% for the three and six months ended September 30, 2025, compared to 21.4% and 21.2% for the same periods in 2024. At September 30, 2025, management concluded that a valuation allowance related to the Company’s deferred tax asset was not necessary. At September 30, 2025, the net deferred tax asset totaled $7.8 million, compared to $8.6 million at March 31, 2025.

Table of Contents

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have not been any material changes in the market risk disclosures contained in the 2025 Form 10-K.

Item 4. Controls and Procedures

An evaluation of the Company’s disclosure controls and procedures (as defined in Rule 13(a) - 15(e) of the Securities Exchange Act of 1934) as of ~~September~~December 3031, 2025 was carried out under the supervision and with the participation of the Company’s Chief Executive Officer (principal executive officer), Chief Financial Officer (principal financial officer) and several other members of the Company’s senior management. The Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures as in effect on ~~September~~December 3031, 2025 were effective in ensuring that the information required to be disclosed by the Company in the reports it files or submits under the Securities and Exchange Act of 1934 is (i) accumulated and communicated to the Company’s management (including the Chief Executive Officer and Chief Financial Officer) in a timely manner, and (ii) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. In the quarter ended ~~September~~December 3031, 2025, the Company did not make any changes in its internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, these controls.

While the Company believes the present design of its disclosure controls and procedures is effective to achieve its goal, future events affecting its business may cause the Company to modify its disclosure controls and procedures. The Company does not expect that its disclosure controls and procedures and internal control over financial reporting will prevent all errors and fraud. A control procedure, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control procedure are met. Because of the inherent limitations in all control procedures, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns in controls or procedures can occur because of simple errors or mistakes. Additionally, controls can be circumvented by the individual acts of some people, by collusion of two or more people, or by management override of the controls. The design of any control procedure is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control procedure, misstatements attributable to errors or fraud may occur and not be detected.

Table of Contents

RIVERVIEW BANCORP, INC. AND SUBSIDIARY

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

The Company is a party to litigation arising in the ordinary course of business. In the opinion of management, these actions will not have a material effect on the Company’s financial position, results of operations, or liquidity. For additional information on the Company’s litigation, see Note 13 to the Consolidated Financial Statements contained in Item 1 of this Form 10-Q.

Item 1A. Risk Factors

There have been no material changes to the risk factors set forth in Part I. Item 1A of the Company’s 2025 Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(a)	Not applicable.

(b)	Not applicable.

(c) The following table provides information about repurchases of common stock by the Company during the quarter ended ~~September~~December 3031, 2025.



				Total Number of		Maximum Dollar Value
	Total	Average		Shares Purchased		of Shares that
	Number of	Price		as Part of Publicly		May Yet Be Purchased
	Shares	Paid per		Announced Stock		Under the Stock
Period	Purchased	Share		Repurchase Program		Repurchase Program
July 1, 2025 - July 31, 2025	—	$	—		—	$	2,000,000
October 1, 2025 - October 31, 2025	173,219	$	5.28		173,219	$	274,359
August 1, 2025 - August 31, 2025	—		—		—		2,000,000
November 1, 2025 - November 30, 2025	54,384		5.40		54,384		—
September 1, 2025 - September 30, 2025	156,347		5.18		156,347		1,189,399
December 1, 2025 - December 31, 2025	—		—		—		—
Total	~~156~~227,~~347~~603	$	5.1831		~~156~~227,~~347~~603	$	~~1,189,399~~—

On April 29, 2025, the Company’s ~~announced that its~~ 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 Company completed the April 2025 repurchase program ~~will~~on ~~continue~~November ~~until~~17, ~~the~~2025, ~~earlier~~repurchasing a total of ~~the~~383,950 ~~completion~~shares at an average price of ~~the~~$5.26 ~~repurchase~~per orshare 12for ~~months~~a ~~after~~total cost of $2.0 million. All shares repurchased under the ~~effective~~April ~~date,~~2025 ~~depending~~repurchase onprogram ~~market~~were ~~conditions~~retired as settled.

Item 3. Defaults Upon Senior Securities

Not applicable

Item 4. Mine Safety Disclosures

Not applicable

Item 5. Other Information

(a)

None

(b)

None

Table of Contents

(c) Trading Plans. During the quarter ended ~~September~~December 3031, 2025, no director or officer (as defined in Rule 16a-1(f) under the Exchange Act) of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading agreement,” as each term is defined in Item 408(a) of Regulation S-K.

Table of Contents

Item 6. Exhibits

(a) Exhibits:

3.1		Articles of Incorporation of the Registrant (1)
3.2		Amended and Restated Bylaws of the Registrant (2)
4.1		Form of Certificate of Common Stock of the Registrant (1)
4.2		Description of Riverview Bancorp, Inc. Common Stock (3)
10.1		Form of Employment Agreement between the Company and the Bank and Nicole Sherman (4)
10.2		Form of Change in Control Agreement between the Company and the Bank and Nicole Sherman (4)
10.3		Form of Employment Agreement between the Company and the Bank and each of Daniel D. Cox and David Lam (5)
10.4		Form of Change in Control Agreement between the Company and the Bank and each of Daniel D. Cox and David Lam (5)
10.5		Form of Employment Agreement between the Company and Evan Sowers (5)
10.6		Form of Change in Control Agreement between the Company and Evan Sowers (5)
10.7		Employee Stock Ownership Plan (6)
10.8		Deferred Compensation Plan (7)
10.9		2017 Equity Incentive Plan (8)
10.10		Form of Incentive Stock Option Award Agreement under the Riverview Bancorp, Inc. 2017 Equity Incentive Plan (9)
10.11		Form of Non-Qualified Stock Option Award Agreement under the Riverview Bancorp, Inc. 2017 Equity Incentive Plan (9)
10.12		Form of Restricted Stock Award Agreement under the Riverview Bancorp, Inc. 2017 Equity Incentive Plan (9)
10.13		Form of Restricted Stock Unit Award Agreement under the Riverview Bancorp, Inc. 2017 Equity Incentive Plan (9)
31.1		Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act *
31.2		Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act *
32		Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act*
101		The following materials from Riverview Bancorp Inc.’s Quarterly Report on Form 10-Q for the quarter ended ~~September~~December 3031, 2025, formatted in Inline Extensible Business Reporting Language (XBRL) (a) Consolidated Balance Sheets; (b) Consolidated Statements of Income; (c) Consolidated Statements of Comprehensive Income; (d) Consolidated Statements of Shareholders’ Equity (e) Consolidated Statements of Cash Flows; and (f) Notes to Consolidated Financial Statements *
104		The cover page from Riverview Bancorp Inc’s Quarterly Report on Form 10-Q for the quarter ended ~~September~~December 3031, 2025, formatted in Inline XBRL and contained in Exhibit 101

(1)	Filed as an exhibit to the Registrant's Registration Statement on Form S-1 (Registration No. 333-30203) and incorporated herein by reference.

(2)	Filed as an exhibit to the Registrant’s Current Report on Form 8-K filed with the SEC on June 26, 2024 and incorporated herein by reference.

(3)	Filed as an exhibit to the Registrant’s Annual Report on Form 10-K for the fiscal year ended March 31, 2020, and incorporated herein by reference.

(4)	Filed as an exhibit to the Registrant’s Current Report on Form 8-K filed with the SEC on June 21, 2024 and incorporated herein by reference.

(5)	Filed as an exhibit to the Registrant's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, and incorporated herein by reference.

(6)	Filed as an exhibit to the Registrant’s Annual Report on Form 10-K for the fiscal year ended March 31, 1998, and incorporated herein by reference.

(7)	Filed as an exhibit to the Registrant’s Annual Report on Form 10-K for the fiscal year ended March 31, 2009 and incorporated herein by reference.

(8)	Filed as Appendix A to the Registrant’s Definitive Annual Meeting Proxy Statement (000-22957), filed with the Commission on June 16, 2017, and incorporated herein by reference.

(9)	Filed as an exhibit to the Registrant’s Registration Statement on Form S-8 (Registration No. 333-228099) and incorporated herein by reference.

*Filed herewith

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


		RIVERVIEW BANCORP, INC.
		RIVERVIEW BANCORP, INC.


By:	/S/ Nicole Sherman	By:	/S/ David Lam
	Nicole Sherman		David Lam
	President and Chief Executive Officer (Principal Executive Officer)		Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer)




Date:	~~November~~February 713, ~~2025~~2026	Date:	~~November~~February 713, ~~2025~~2026

Filing Compare · RIVERVIEW BANCORP INC