# RIVERVIEW BANCORP INC (RVSB) Informational only - not investment advice. CIK: 0001041368 SIC: 6035 Savings Institution, Federally Chartered SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6035 Savings Institution, Federally Chartered](/industry/6035/) Latest 10-K filed: 2026-06-12 SEC page: https://www.sec.gov/edgar/browse/?CIK=1041368 Filing source: https://www.sec.gov/Archives/edgar/data/1041368/000104136826000007/rvsb-20260331x10k.htm ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 62008000 | USD | 2026 | 2026-06-12 | | Net income | -4341000 | USD | 2026 | 2026-06-12 | | Assets | 1463809000 | USD | 2026 | 2026-06-12 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-06-12. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001041368.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 35,627,000 | 45,314,000 | 49,869,000 | 50,495,000 | 48,344,000 | 49,825,000 | 55,666,000 | 56,555,000 | 58,962,000 | 62,008,000 | | Net income | 7,404,000 | 10,242,000 | 17,266,000 | 15,748,000 | 10,472,000 | 21,820,000 | 18,069,000 | 3,799,000 | 4,903,000 | -4,341,000 | | Diluted EPS | 0.33 | 0.45 | 0.76 | 0.69 | 0.47 | 0.98 | 0.83 | 0.18 | 0.23 | -0.21 | | Operating cash flow | 18,059,000 | 11,939,000 | 20,154,000 | 15,917,000 | 24,167,000 | 16,463,000 | 13,575,000 | 12,754,000 | 8,270,000 | 12,042,000 | | Capital expenditures | | | | 2,953,000 | 3,552,000 | 3,254,000 | 4,964,000 | 5,612,000 | 2,713,000 | 789,000 | | Dividends paid | 1,799,000 | 2,140,000 | 3,163,000 | 4,075,000 | 4,478,000 | 4,670,000 | 5,117,000 | 5,080,000 | 2,533,000 | 1,670,000 | | Share buybacks | | | | 1,019,000 | 1,447,000 | 1,940,000 | 6,706,000 | 577,000 | 2,000,000 | 2,716,000 | | Assets | 1,133,939,000 | 1,151,535,000 | 1,156,921,000 | 1,180,808,000 | 1,549,158,000 | 1,740,096,000 | 1,589,712,000 | 1,521,529,000 | 1,513,323,000 | 1,463,809,000 | | Liabilities | 1,022,675,000 | 1,034,634,000 | 1,023,799,000 | 1,031,965,000 | 1,397,564,000 | 1,582,847,000 | 1,434,473,000 | 1,365,941,000 | 1,353,309,000 | 1,318,173,000 | | Stockholders' equity | 111,264,000 | 116,901,000 | 133,122,000 | 148,843,000 | 151,594,000 | 157,249,000 | 155,239,000 | 155,588,000 | 160,014,000 | 145,636,000 | | Cash and cash equivalents | 64,613,000 | 44,767,000 | 22,950,000 | 41,968,000 | 265,408,000 | 241,424,000 | 22,044,000 | 23,642,000 | 29,414,000 | 116,866,000 | | Free cash flow | | | | 12,964,000 | 20,615,000 | 13,209,000 | 8,611,000 | 7,142,000 | 5,557,000 | 11,253,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | 20.78% | 22.60% | 34.62% | 31.19% | 21.66% | 43.79% | 32.46% | 6.72% | 8.32% | -7.00% | | Return on equity | 6.65% | 8.76% | 12.97% | 10.58% | 6.91% | 13.88% | 11.64% | 2.44% | 3.06% | -2.98% | | Return on assets | 0.65% | 0.89% | 1.49% | 1.33% | 0.68% | 1.25% | 1.14% | 0.25% | 0.32% | -0.30% | | Liabilities / equity | 9.19 | 8.85 | 7.69 | 6.93 | 9.22 | 10.07 | 9.24 | 8.78 | 8.46 | 9.05 | ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-06-12. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001041368.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2023-Q1 | 2022-06-30 | | | 0.21 | reported discrete quarter | | 2023-Q2 | 2022-09-30 | | | 0.24 | reported discrete quarter | | 2023-Q3 | 2022-12-31 | | | 0.24 | reported discrete quarter | | 2024-Q1 | 2023-06-30 | 13,957,000 | 2,843,000 | 0.13 | reported discrete quarter | | 2024-Q2 | 2023-09-30 | 14,035,000 | 2,472,000 | 0.12 | reported discrete quarter | | 2024-Q3 | 2023-12-31 | 14,272,000 | 1,452,000 | 0.07 | reported discrete quarter | | 2024-Q4 | 2024-03-31 | 14,291,000 | -2,968,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2024-06-30 | 14,399,000 | 966,000 | 0.05 | reported discrete quarter | | 2025-Q2 | 2024-09-30 | 14,942,000 | 1,557,000 | 0.07 | reported discrete quarter | | 2025-Q3 | 2024-12-31 | 15,127,000 | 1,232,000 | 0.06 | reported discrete quarter | | 2025-Q4 | 2025-03-31 | 14,494,000 | 1,148,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2025-06-30 | 15,375,000 | 1,225,000 | 0.06 | reported discrete quarter | | 2026-Q2 | 2025-09-30 | 15,372,000 | 1,099,000 | 0.05 | reported discrete quarter | | 2026-Q3 | 2025-12-31 | 15,968,000 | 1,377,000 | 0.07 | reported discrete quarter | | 2026-Q4 | 2026-03-31 | 15,293,000 | -8,042,000 | | derived Q4 = FY annual - nine-month YTD | ## Macro Cross-References - [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit - [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity - [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy - [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food - [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy - [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter - [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index - [PCEPILFE](/indicator/PCEPILFE/): Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [T10YIE](/indicator/T10YIE/): 10-Year Breakeven Inflation Rate - [U6RATE](/indicator/U6RATE/): Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CIVPART](/indicator/CIVPART/): Labor Force Participation Rate - [EMRATIO](/indicator/EMRATIO/): Employment-Population Ratio - [UNEMPLOY](/indicator/UNEMPLOY/): Unemployed - [CE16OV](/indicator/CE16OV/): Employment Level - [ICSA](/indicator/ICSA/): Initial Claims - [JTSJOL](/indicator/JTSJOL/): Job Openings: Total Nonfarm - [JTSQUR](/indicator/JTSQUR/): Quits: Total Nonfarm - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [A191RL1Q225SBEA](/indicator/A191RL1Q225SBEA/): Real Gross Domestic Product: Percent Change from Preceding Period - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate - [M2SL](/indicator/M2SL/): M2 - [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance - [MSPUS](/indicator/MSPUS/): Median Sales Price of Houses Sold for the United States - [HSN1F](/indicator/HSN1F/): New One Family Houses Sold: United States - [RHORUSQ156N](/indicator/RHORUSQ156N/): Homeownership Rate in the United States - [TTLCONS](/indicator/TTLCONS/): Total Construction Spending: Total Construction in the United States - [RRVRUSQ156N](/indicator/RRVRUSQ156N/): Rental Vacancy Rate in the United States - [TOTALSL](/indicator/TOTALSL/): Total Consumer Credit Owned and Securitized - [REVOLSL](/indicator/REVOLSL/): Revolving Consumer Credit Owned and Securitized - [DRCCLACBS](/indicator/DRCCLACBS/): Delinquency Rate on Credit Card Loans, All Commercial Banks - [GDP](/indicator/GDP/): Gross Domestic Product - [GPDI](/indicator/GPDI/): Gross Private Domestic Investment - [GCE](/indicator/GCE/): Government Consumption Expenditures and Gross Investment - [PCEC](/indicator/PCEC/): Personal Consumption Expenditures - [NETEXP](/indicator/NETEXP/): Net Exports of Goods and Services - [GFDEBTN](/indicator/GFDEBTN/): Federal Debt: Total Public Debt - [GFDEGDQ188S](/indicator/GFDEGDQ188S/): Federal Debt: Total Public Debt as Percent of Gross Domestic Product - [FYFSD](/indicator/FYFSD/): Federal Surplus or Deficit - [FGRECPT](/indicator/FGRECPT/): Federal Government Current Receipts - [FGEXPND](/indicator/FGEXPND/): Federal Government: Current Expenditures - [MANEMP](/indicator/MANEMP/): All Employees, Manufacturing - [USCONS](/indicator/USCONS/): All Employees, Construction - [USTRADE](/indicator/USTRADE/): All Employees, Retail Trade - [USFIRE](/indicator/USFIRE/): All Employees, Financial Activities - [USGOVT](/indicator/USGOVT/): All Employees, Government - [AWHAETP](/indicator/AWHAETP/): Average Weekly Hours of All Employees, Total Private - [DGORDER](/indicator/DGORDER/): Manufacturers' New Orders: Durable Goods - [NEWORDER](/indicator/NEWORDER/): Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft - [BUSINV](/indicator/BUSINV/): Total Business Inventories - [EXPGS](/indicator/EXPGS/): Exports of Goods and Services - [IMPGS](/indicator/IMPGS/): Imports of Goods and Services - [IR](/indicator/IR/): Import Price Index (End Use): All Commodities - [PPIFIS](/indicator/PPIFIS/): Producer Price Index by Commodity: Final Demand ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1041368/000104136826000003/rvsb-20251231x10q.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-02-13 Report date: 2025-12-31 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 $1.07 billion at December 31, 2025 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. 33 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 102nd 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 December 31, 2025, commercial and construction loans represented 88.2% 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 34 Table of Contents 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. Introduction of New Products and Services. The Company continuously reviews new products and services to provide its clients with more financial options. All new technology and services are generally reviewed for business development and cost saving purposes. The Company continues to experience growth in client use of its online banking services, where the Bank provides a full array of traditional cash management products as well as online banking products including mobile banking, mobile deposit, bill pay, e-statements, and new deposit products. The products are tailored to meet the needs of businesses and households in the markets we serve. The Company intends to selectively add other products to further diversify revenue sources and to capture more of each client’s banking relationship by cross-selling loan and deposit products and additional services, including services provided through the Trust Company to increase its fee income. Assets under management by the Trust Company totaled $919.1 million and $877.9 million at December 31, 2025 and March 31, 2025, respectively. Attracting Core Deposits and Other Deposit Products. The Company offers a variety of deposit products, including personal checking, savings, and money market accounts, which generally represent lower-cost and more stable sources of funding compared to certificates of deposit. These core deposits are less sensitive to interest rate fluctuations and play a key role in supporting the Company’s funding and liquidity strategy. To strengthen its funding base, the Company continues to prioritize the growth of core deposits over higher-cost funding sources, such as brokered deposits, Federal Home Loan Bank (“FHLB”) advances, and Federal Reserve Bank of San Francisco (“FRB”) borrowings. This approach supports loan growth while helping to manage interest expense and reduce reliance on more volatile wholesale funding sources.  A key element of this strategy is enhancing and deepening client relationships. The Company believes its continued focus on relationship banking will support the expansion of both core deposits and locally sourced retail certificates of deposit. In particular, the Company seeks to increase demand deposits by building business banking relationships, supported by a suite of expanded product offerings tailored to meet the specific needs of its business clients. To further encourage growth in lower-cost deposits, t [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Item 7.  Management’s Discussion and Analysis of Financial Condition and Results of Operations ​ General ​ Management’s Discussion and Analysis of Financial Condition and Results of Operations is intended to assist in understanding the financial condition and results of operations of the Company. The information contained in this section should be read in conjunction with the Consolidated Financial Statements and accompanying Notes thereto contained in Item 8 of this Form 10-K and the other sections contained in this Form 10-K. ​ Critical Accounting Estimates We prepare our consolidated financial statements in accordance with GAAP. In doing so, we have to make estimates and assumptions. Our critical accounting estimates are those estimates that involve a significant level of uncertainty at the time the estimate was made, and changes in the estimate that are reasonably likely to occur from period to period, or use of different estimates that we reasonably could have used in the current period, would have a material impact on our financial condition or results of operations. Accordingly, actual results could differ materially from our estimates. We base our estimates on past experience and other assumptions that we believe are reasonable under the circumstances, and we evaluate these estimates on an ongoing basis. We have reviewed our critical accounting estimates with the audit committee of our Board of Directors. The Company has identified policies that due to the significant level of judgement, estimation and assumptions inherent in those policies are critical to an understanding of the Company’s consolidated financial statements. These policies include our accounting policies related to the methodology for the determination of the ACL, fair value accounting and measurement, and goodwill valuation. The following is a discussion of the critical accounting estimates involved with those accounting policies. Allowance for Credit Losses ​ The ACL is considered a critical accounting policy by management because of the high degree of judgment involved, the subjectivity of the assumptions used, and the potential for changes in the economic environment that could result in changes to the amount of the recorded ACL. The provision for credit losses reflects the amount required to maintain the ACL at an appropriate level based upon management’s evaluation of the adequacy of collectively and individually evaluated loan components. Determining the amount of the ACL involves a high degree of judgment. Among the material estimates required to establish the ACL are: overall economic conditions; value of collateral; strength of guarantors; loss exposure at default; the amount and timing of future cash flows for loans that are individually evaluated; determination of loss factors to be applied to the various elements of the portfolio; and reasonable and supportable forecasts that affect the collectability of the remaining cash flows over the contractual term of the financial assets. All of these estimates are susceptible to significant change. Based on the analysis of the ACL, the amount of the ACL is increased by the provision for credit losses and decreased by a recapture of credit losses and are charged against current period earnings. ​ The ACL is maintained at a level sufficient to provide for expected credit losses based on evaluating known and inherent risks in the loan portfolio and upon our continuing analysis of the factors underlying the quality of the loan portfolio. The ACL is comprised of a general component and a specific component. The general component establishes a reserve rate using historical life-of-loan default rates, current loan portfolio information, economic forecasts, and business cycle data. Statistical analysis determines life-of-loan default and loss rates for the quantitative component, while qualitative factors adjust expected loss rates for current and forecasted conditions. The qualitative factor methodology involves a blend of quantitative analysis and management judgment, reviewed quarterly. The specific component relates to loans that have been individually evaluated because all contractual amounts of principal and interest will not be paid as scheduled. Based on the individual analysis, an individual reserve may be established. The ACL is based upon factors and trends identified by us at the time financial statements are prepared. Although we use the best information available, future adjustments to the ACL may be necessary due to economic, operating, regulatory and other conditions beyond our control. While we believe the estimates and assumptions used in our determination of the adequacy of the ACL are reasonable, there can be no assurance that such estimates and assumptions will not be proven incorrect in the future, or that the actual amount of future provisions will not exceed the amount of past provisions or that any increased provisions that may be required will not adversely impact our financial condition and results of operations. For additional information see Item 1A. “Risk Factors – Risk Related to Our Lending Activities - Our ACL may prove to be insufficient to absorb losses in our loan portfolio. Future additions to our ACL, as well as charge-offs in excess of reserves, will reduce our earnings,” in this Form 10-K. 48 Table of Contents Fair Value Accounting and Measurement ​ We use fair value measurements to record certain financial assets and liabilities at their estimated fair value. A hierarchical disclosure framework associated with the level of pricing observability is utilized in measuring financial instruments at fair value. The degree of judgement utilized in measuring the fair value of financial instruments generally correlates to the level of pricing observability. Financial instruments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of pricing observability and a lesser degree of judgement utilized in measuring fair value. Conversely, financial instruments rarely traded or not quoted will generally have little or no pricing observability and a higher degree of judgement utilized in measuring fair value. Determining the fair value of financial instruments with unobservable inputs requires a significant amount of judgement. For more information regarding fair value accounting, see Note 14 of the Notes to Consolidated Financial Statements contained in Item 8 of this Form 10-K. ​ Goodwill Valuation ​ Goodwill is initially 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 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 if the recorded goodwill is impaired. If the fair value exceeds the carrying value, goodwill at the reporting unit level is not considered impaired and no additional analysis is necessary. If the carrying value of the reporting unit is greater than its fair value, the amount of impairment loss is measured as the amount by which the carrying value of the reporting unit exceeds its fair value, not to exceed the total amount of goodwill allocated to the 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 these assets 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, 2025. The goodwill impairment test estimates the fair value of the reporting unit utilizing the allocation of corporate value approach, the income approach, the whole bank transaction approach and the market approach in order to derive an enterprise value of the Company. The allocation of corporate value approach applies the aggregate market value of the Company and divides it among the reporting units. A key assumption in this approach is the control premium applied to the aggregate market value. A control premium is utilized as the value of a company from the perspective of a controlling interest is generally higher than the widely quoted market price per share. The Company used an expected control premium of 30%, which was based on comparable transactional history. The income approach uses a reporting unit’s projection of estimated operating results and cash flows that are discounted using a rate that reflects current market conditions. The projection uses management’s best estimates of economic and market conditions over the projected period including growth rates in loans and deposits, estimates of future expected changes in net interest margins and cash expenditures. Assumptions used by the Company in its discounted cash flow model (income approach) included an annual revenue growth rate that approximated 8.8%, a net interest margin that approximated 3.8% and a return on assets that ranged from 0.60% to 1.32% (average of 1.02%). In addition to utilizing the above projections of estimated operating results, key assumptions used to determine the fair value estimate under the income approach were the discount rate of 14.26% utilized for our cash flow estimates and a terminal value estimated at 1.6 times the ending book value of the reporting unit. The Company used a build-up approach in developing the discount rate that included: an assessment of the risk-free interest rate, the rate of return expected from publicly traded stocks, the industry the Company operates in and the size of the Company. The whole bank transaction approach estimates fair value by applying key financial variables in transactions involving acquisitions of similar institutions. In applying the whole bank transaction approach method, the Company identified transactions that occurred during the calendar 2025 and other relevant published data utilizing a multiple of 1.36 times price to book value. The market approach estimates fair value by applying tangible book value multiples to the reporting unit’s operating performance. The multiples are derived from comparable publicly traded companies with similar operating and investment characteristics of the reporting unit. In applying the market approach method, the Company selected four publicly traded comparable institutions. After selecting comparable institutions, the Company derived the fair value of the reporting unit by completing a comparative analysis of the relationship between their financial metrics listed above and their market values utilizing a market multiple of 1.0 times book value and a market multiple of 1.1 times tangible book value, due to comparable bank volatility and its belief that earnings multiples do not give meaningful results. The Company calculated a fair value of its reporting unit of $141.0 million using the corporate value approach, $199.2 million using the income 49 Table of Contents approach, $250.0 million using the whole bank transaction approach and $232.0 million using the market approach, with a final concluded value of $218.0 million, with ten percent weight given to the corporate value approach and thirty percent weight given to the whole bank transaction, market approach and income approach. The results of the Company’s test indicated that the reporting unit’s fair value was greater than its carrying value and therefore no impairment of goodwill exists.  ​ The Company also completed a qualitative assessment of goodwill as of March 31, 2026, and concluded that it is more likely than not that the fair value of the Bank (the reporting unit), exceeds its carrying value at that date. Accordingly, no goodwill impairment was recognized. However, 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, or (iii) significant adverse changes in the operating environment for the financial industry.  ​ Additionally, changes in circumstances at or after the measurement date, or changes in the assumptions and estimates used in assessing goodwill, could result in a partial or full impairment of goodwill. 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. For additional information concerning critical accounting policies, see Note 1 of the Notes to Consolidated Financial Statements contained in "Item 8. Financial Statements and Supplementary Data." and the following: Operating Strategy and Selected Financial Information Fiscal year 2026 marked the 102nd 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 and commercial business 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. In fiscal year 2021, the Company ceased originating one-to-four family residential real estate loans but continues to purchase such loans consistent with its asset/liability management objectives. At March 31, 2026, commercial and construction loans represented 88.6% 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 work-outs of classified assets and loan charge-offs. The Company’s approach to credit management uses well defined policies and procedures and disciplined underwriting criteria resulting in our strong asset quality and credit metrics 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 loans, which offer higher risk-adjusted returns, shorter maturities and more sensitivity to interest rate fluctuations, the Company intends to manage credit exposure through the use of experienced bankers in these areas and a conservative approach to its lending. Introduction of New Products and Services. The Company continuously reviews new products and services to provide its clients more financial options. All new technology and services are generally reviewed for business development and cost saving purposes. The Company continues to experience growth in client use of its online banking services, where the Bank provides a 50 Table of Contents 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 small to medium size businesses and households in the markets we serve. The Company intends to selectively add other products to further diversify revenue sources and to capture more of each 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 $908.1 million and $877.9 million at March 31, 2026 and March 31, 2025, respectively. The Company also offers a third-party identity theft product to its clients. The identity theft product assists our clients in monitoring their credit and includes an identity theft restoration service. Attracting Core Deposits and Other Deposit Products. The Company offers a variety of deposit products, including personal checking, savings, and money market accounts, which generally represent lower-cost and more stable sources of funding compared to certificates of deposit. These core deposits are less sensitive to interest rate fluctuations and play a key role in supporting the Company’s funding and liquidity strategy. To strengthen its funding base, the Company continues to prioritize the growth of core deposits over higher-cost funding sources, such as brokered deposits, FHLB advances, and FRB borrowings. This approach supports loan growth while helping to manage interest expense and reduce reliance on more volatile wholesale funding sources.  A key element of this strategy is enhancing and deepening client relationships. The Company believes its continued focus on relationship banking will support the expansion of both core deposits and locally sourced retail certificates of deposit. In particular, the Company seeks to increase demand deposits by building business banking relationships, supported by a suite of expanded product offerings tailored to meet the specific needs of its business clients. To further encourage growth in lower-cost deposits, the Company has invested in technology-based solutions designed to improve the client experience and support cash management needs. These include personal financial management tools, business cash management services, and remote deposit capture products, which allow the Company to effectively compete with financial institutions of all sizes. As of March 31, 2026, core branch deposits increased $25.2 million compared to March 31, 2025, reflecting the Company’s concentrated efforts to retain and grow deposits in light of the strong competition within its market area. Core branch deposits accounted for 98.4% of total deposits at March 31, 2026 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 seeking opportunities to build further relationships with its clients. 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. ​ Selected Financial Data: The following financial condition data as of March 31, 2026 and 2025 and operating data and key financial ratios for the fiscal years ended March 31, 2026, 2025, and 2024 have been derived from the Company’s audited consolidated financial statements. The information below is qualified in its entirety by the detailed information included elsewhere herein and should be read along with this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Item 8. “Financial Statements and Supplementary Data” included in this Form 10-K. 51 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​   ​ ​ ​ At March 31,  ​ ​ 2026   ​ ​ ​ 2025 ​   ​ ​ ​ (In thousands) FINANCIAL CONDITION DATA: ​   ​ ​   ​ ​ ​ ​ ​ ​ ​ ​ Total assets ​ $ 1,463,809 ​ $ 1,513,323 Loans receivable, net ​ 1,077,236 ​ 1,047,086 Investment securities available for sale ​ 154,768 ​ 119,436 Investment securities held to maturity ​ — ​ 203,079 Cash and cash equivalents ​ 116,866 ​ 29,414 Deposits ​ 1,254,185 ​ 1,232,328 FHLB advances ​ ​ 16,100 ​ ​ 76,400 Shareholders’ equity ​ 145,636 ​ 160,014 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   ​ ​ ​ Year Ended March 31,  ​   ​ ​ ​ 2026   ​ ​ ​ 2025   ​ ​ ​ 2024 ​   ​ ​ ​ (Dollars in thousands, except per share data) OPERATING DATA: ​   ​ ​   ​ ​   ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest and dividend income ​ $ 62,008 ​ $ 58,962 ​ $ 56,555 Interest expense ​ 21,660 ​ 22,618 ​ 18,469 Net interest income ​ 40,348 ​ 36,344 ​ 38,086 Provision for credit losses ​ 1,255 ​ 100 ​ — Net interest income after provision for credit losses ​ 39,093 ​ 36,244 ​ 38,086 Other non-interest income ​ 2,736 ​ 14,256 ​ 10,242 Non-interest expense ​ 47,663 ​ 44,262 ​ 43,727 (Loss) income before income taxes ​ (5,834) ​ 6,238 ​ 4,601 (Benefit) provision for income taxes ​ (1,493) ​ 1,335 ​ 802 Net (loss) income ​ $ (4,341) ​ $ 4,903 ​ $ 3,799 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Loss) earnings per share: ​   ​ ​   ​ ​   ​ Basic ​ $ (0.21) ​ $ 0.23 ​ $ 0.18 Diluted ​ (0.21) ​ 0.23 ​ 0.18 Dividends per share ​ 0.08 ​ 0.08 ​ 0.24 ​ 52 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​   ​ ​ ​ At or For the Years Ended March 31,  ​ ​   ​ ​ ​ 2026   ​ ​ ​ 2025   ​ ​ ​ 2024   ​ ​ ​ KEY FINANCIAL RATIOS: ​   ​   ​   ​ Performance Ratios: ​   ​   ​   ​ Return on average assets ​ (0.29) %   0.32 %   0.24 %   Return on average equity ​ (2.65) 3.09 2.43 Dividend payout ratio (1) ​ (38.10) 34.78 133.33 Interest rate spread ​ 2.27 1.88 2.00 Net interest margin ​ 2.86 2.54 2.56 Non-interest expense to average assets ​ 3.17 2.91 2.78 Efficiency ratio (2) ​ 110.63 87.47 90.48 Average equity to average assets ​ 10.87 10.43 9.91 ​ ​ ​ ​ ​ ​ ​ ​ Asset Quality Ratios: ​ ​ ​ ​ Allowance for credit losses to total loans at end of period ​ 1.40 1.45 1.50 Allowance for credit losses to nonperforming loans ​ 196.39 9,918.71 8,631.46 Net charge-offs (recoveries) to average outstanding loans during the period ​ 0.12 0.01 — ​ ​ ​ ​ ​ ​ ​ ​ Ratio of nonperforming assets to total assets ​ 0.53 0.01 0.01 Ratio of nonperforming loans to total loans ​ 0.71 0.01 0.02 ​ ​ ​ ​ ​ ​ ​ ​ Capital Ratios: ​ ​ ​ ​ Total capital to risk-weighted assets ​ 15.62 16.48 16.32 Tier 1 capital to risk-weighted assets ​ 14.37 15.23 15.06 Common equity tier 1 capital to risk-weighted assets ​ 14.37 15.23 15.06 Leverage ratio ​ 10.60 11.10 10.29 ​ (1) Dividends per share divided by diluted earnings per share. (2) Non-interest expense divided by the sum of net interest income and non-interest income. ​ ​ 53 Table of Contents Comparison of Financial Condition at March 31, 2026 and 2025 Cash and cash equivalents, including interest-earning deposits in other banks, totaled $116.9 million at March 31, 2026 compared to $29.4 million at March 31, 2025. The  increase reflects the proceeds received from the sale of investment securities during the fourth quarter of fiscal year 2026 that had not yet been fully redeployed into loans or investment securities as of year-end. Pending redeployment, these funds are invested in interest-earning deposits and other short-term instruments. The Company intends to deploy these funds into loans and investment securities in accordance with its asset/liability management objectives as market conditions and loan demand warrant. The Company's cash balances typically fluctuate based upon funding needs, deposit activity and investment securities activity. ​ Investment securities totaled $154.8 million and $322.5 million at March 31, 2026 and 2025, respectively. The decrease was primarily due to investment securities sales of $149.3 million in the fourth quarter of fiscal year 2026 in addition to normal pay downs, calls and maturities, partially offset by purchases of investment securities totaling $25.5 million. The sale of investment securities, while resulting in a pre-tax loss of $11.4 million, was undertaken to reposition the portfolio away from lower-yielding securities and improve the ongoing yield of the investment portfolio. Management estimates the economic loss will be recovered through improved portfolio earnings within approximately 3.5 years, although actual results will depend on market conditions and the yield at which proceeds are redeployed, and there can be no assurance that this estimate will prove accurate.  The Company did not make any purchases of investment securities during fiscal 2025, instead prioritizing deployment of available funds into its loan portfolio. For additional information on the Company’s investment securities, see Note 3 of the Notes to Consolidated Financial Statements contained in Item 8 of this Form 10-K. ​ Loans receivable, net, totaled $1.08 billion at March 31, 2026, compared to $1.05 billion at March 31, 2025, an increase of $30.2 million. The increase was primarily attributable to increases in commercial real estate loans of $19.4 million, other installment loans of $13.1 million, multi-family loans of $12.2 million and land loans of $4.5 million. These increases were partially offset by a decrease in commercial business loans of $13.1 million and real estate construction loans of $5.1 million. ​ The Company no longer funds one-to-four family mortgage loans but may occasionally purchase 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 $43.6 million at March 31, 2026 compared to $35.3 million at March 31, 2025, an increase of $8.3 million. This increase was primarily attributable to consumer loan purchases totaling $21.1 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 by other financial institutions outside the Company’s primary market area and are purchased with servicing retained by the seller. At March 31, 2026, the Company’s purchased SBA loan portfolio was $42.7 million compared to $47.4 million at March 31, 2025 ​ Deposits totaled $1.25 billion at March 31, 2026 compared to $1.23 billion at March 31,2025. While overall deposit levels remained stable, there was a shift in the composition of the deposits. Increases in interest checking of $31.4 million, certificates of deposit of $21.2 million and money market accounts of $6.1 million were partially offset by decreases in non-interest checking accounts of $22.0 million and regular savings accounts of $14.8 million. The migration away from lower- or non-interest-bearing accounts toward interest checking, time deposits and money market products is consistent with industry trends, as depositors seek to optimize returns on their funds. The Company had no wholesale-brokered deposits at March 31, 2026 and 2025. Core branch deposits accounted for 98.4% of total deposits at March 31, 2026 compared to 98.1% at March 31, 2025. The Company remains focused on building and retaining core deposit relationships through targeted client engagement strategies and competitive product offerings, rather than relying on wholesale funding sources. ​ Accrued expenses and other liabilities increased $3.3 million to $18.1 million at March 31, 2026 compared to $14.8 million at March 31, 2025. The increase was primarily due to an increase in outstanding balance in Trust sweep funds of $3.3 million at March 31, 2026, which was subsequently disbursed the following business day. ​ FHLB advances decreased $60.3 million to $16.1 million at March 31, 2026 compared to $76.4 million at March 31, 2025, as the Company used excess liquidity resulting from the sale of investment securities to pay down borrowings. FHLB advances at March 31, 2026 were comprised entirely of overnight advances. In contrast, FHLB advances at March 31, 2025 were comprised of overnight advances and short-term borrowings of $51.4 million and $25.0 million, respectively. While overall FHLB borrowing declined, the Company continued to strategically utilize available FHLB advances, particularly short-term advances, to support loan originations and manage liquidity in accordance with its asset/liability objectives.   ​ 54 Table of Contents Shareholders’ equity decreased $14.4 million to $145.6 million at March 31, 2026 from $160.0 million at March 31, 2025. The decrease was mainly attributable to the increase in the accumulated other comprehensive loss related to the change in unrealized holding losses on securities, net of tax, of $6.1 million, a net loss of $4.3 million, the repurchase of 514,009 shares of common stock totaling $2.7 million, and the payment of cash dividends totaling $1.7 million.   ​ Comparison of Operating Results for the Years Ended March 31, 2026 and 2025 Net Income (Loss). The Company reported a net loss of $4.3 million, or ($0.21) per diluted share, for the fiscal year ended March 31, 2026, compared to net income of $4.9 million, or $0.23 per diluted share, for the fiscal year ended March 31, 2025. The  net loss for the fiscal year ended March 31, 2026 was primarily due to the $11.4 million loss on sale of securities included in non-interest income, which resulted from the portfolio repositioning transaction completed in the fourth quarter of fiscal year 2026. Absent this transaction, the Company's underlying operating performance improved year over year, primarily reflecting an increase in net interest income of $4.0 million. Offsetting the improvement in net interest income were increases in non-interest expense of $3.4 million and provision for credit losses of $1.3 million. The increase in net interest income was primarily due to an increase in interest and fees on loans receivable of $4.4 million and a decrease in interest expense related to interest on borrowings of $2.4 million. 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 fiscal 2026 increased $4.0 million, or 11.0%, to $40.3 million compared to $36.3 million in fiscal 2025. The increase was due to an increase in interest and dividend income and a decrease in interest expense.  Net interest margin for the fiscal year ended March 31, 2026 was 2.86% compared to 2.54% for the prior fiscal year. The increase in the net interest margin was primarily attributable to both the higher average balance and yield on net loans and the decrease in the average balance and yield on FHLB advances. Interest and Dividend Income. Interest and dividend income increased $3.0 million to $62.0 million for the fiscal year ended March 31, 2026 from $59.0 million for the fiscal year ended March 31, 2025. The increase was primarily related to the increase in interest and fees on loans receivable due to the overall increase in average balance and yield on total net loans. Interest and fees on loans receivable increased $4.4 million to $55.0 million at March 31, 2026 compared to $50.6 million at March 31, 2025. The average balance of loans receivable increased $27.5 million to $1.07 billion compared to $1.04 billion at March 31, 2025. The average yield on loans increased 28 basis points to 5.13% at March 31, 2026 compared to 4.85% at March 31, 2025. Interest earned on investment securities decreased $1.2 million for the fiscal year ended March 31, 2026, compared to the prior fiscal year. The decrease was primarily the result of a $48.4 million decline in the average balance of investment securities to $321.6 million for fiscal year ended March 31, 2026, compared to $370.0 million for fiscal year ended March 31, 2025. This decline reflects, in part, the Company’s portfolio repositioning during the fourth quarter of fiscal 2026, which included the sale of approximately $149.3 million of lower-yielding book value investment securities. The remaining decrease in the investment portfolio resulted from normal paydowns and maturities. The average yield on investment securities was 1.87% for the fiscal year ended March 31, 2026 compared to 1.96% for the prior fiscal year. Interest Expense. Interest expense for the fiscal year ended March 31, 2026 totaled $21.7 million, a $958,000 or 4.2% decrease from $22.6 million for the fiscal year ended March 31, 2025. Interest expense on deposits increased $1.4 million for the fiscal year ended March 31, 2026, compared to the prior fiscal year, primarily due to higher average rates and balances on interest checking and money market accounts. The average rate paid on interest checking accounts increased 23 basis points to 1.23%, while the average balance increased $35.6 million compared to the prior fiscal year. The average rate paid on money market accounts increased 16 basis points to 2.02%, while the average balance increased $2.6 million to $226.7 million. Partially offsetting these increases, the average rate paid on certificates of deposit decreased 33 basis points to 3.45%, reflecting the repricing of higher-rate certificates at current market rates, while the average balance increased $18.7 million to $240.4 million, resulting in certificates of deposit interest expense that was essentially unchanged from the prior fiscal year. The average rate paid on all interest-bearing deposits increased eight basis points to 1.82% compared to 1.74% for the prior fiscal year. 55 Table of Contents Interest expense on borrowings decreased $2.4 million for the fiscal year ended March 31, 2026 compared to the prior fiscal year due primarily to both a decrease in the average balance of FHLB advances and lower rates on FHLB advances and junior subordinated debentures. The average balance of FHLB advances decreased $31.5 million to $67.5 million, reflecting reduced reliance on borrowings as deposit balances grew and securities sale proceeds provided additional liquidity. The average rate paid on FHLB advances decreased 76 basis points to 4.41% and the average rate paid on junior subordinated debentures decreased 93 basis points to 6.57%, both reflecting the decline in short-term market interest rates resulting from Federal Reserve rate reductions during the fiscal year. Provision for credit losses. The Company recorded a provision for credit losses of $1.3 million for the fiscal year ended March 31, 2026 compared to $100,000 for the fiscal year ended March 31, 2025. The provision recorded in fiscal 2026 primarily reflects growth in the loan portfolio and charge-offs recognized during the fiscal year. During the fourth quarter of fiscal year 2026, nonperforming loans increased approximately $7.6 million, primarily due to an increase in non-accrual commercial real estate loans of approximately $7.1 million. These loans are collateral dependent. The increase in nonperforming loans primarily reflects the circumstances of this specific borrower rather than broader weakness in the commercial real estate loan category.  Expected credit loss estimates incorporate a variety of qualitative and quantitative factors, including borrower-specific information, changes in internal risk ratings, projected delinquencies, and the anticipated effects of economic conditions on borrowers’ ability to repay. At March 31, 2026, the ACL totaled $15.2 million, or 1.40% of total loans, compared to $15.4 million, or 1.45% of total loans at March 31, 2025. The decline in the ACL balance reflects the $1.3 million of net charge-offs recognized during the fiscal year, partially offset by the provision recorded. The coverage ratio of ACL to nonperforming loans was 196% at March 31, 2026 compared to 9,900% at March 31, 2025, with the decline reflecting the significant increase in nonperforming loans during the fiscal year 2026 rather than any deterioration in the overall adequacy of the ACL. The Company continues to actively monitor the identified credit relationships and does not currently anticipate losses beyond amounts already reflected in the ACL. Non-Interest Income. Non-interest income decreased $11.5 million to $2.7 million for the fiscal year ended March 31, 2026 from $14.3 million for fiscal year 2025. The decrease was attributable to the $11.4 million loss on the sale of investment securities.  Other changes in non-interest income during the fiscal year ended March 31, 2026 compared to the same prior year period include an increase in fees and service charges of $269,000 due to higher non-sufficient fund charges and increases in asset management fees of $328,000 primarily due to increases in irrevocable trust fees of $159,000 and agency fees of $122,000. Other non-interest income decreased $552,000 for fiscal year 2026 compared to the prior fiscal year, primarily due to $844,000 in litigation settlement recoveries recognized in fiscal year 2025 that did not recur in fiscal year 2026, partially offset by $294,000 employee retention credit in the current fiscal year. Non-Interest Expense. Non-interest expense increased $3.4 million to $47.7 million for the year ended March 31, 2026 from $44.3 million for fiscal 2025. The increase was primarily due to higher salaries and employee benefits of $2.7 million, due to the expansion of our business banking teams and the filling of key positions aligned with our growth objectives. Other non-interest expense increased $792,000 compared to prior fiscal year, primarily due to a one-time business and occupation tax assessment of $248,000 and a decrease in fraud recoveries of $243,000. Data processing expense increased $280,000 for fiscal year 2026 compared to the prior fiscal year, reflecting continued investment in technology infrastructure. These increases were partially offset by a decrease in marketing expenses and professional services of $219,000 and $218,000, respectively.   Income Taxes. The Company recorded an income tax benefit of $1.5 million for the fiscal year ended March 31, 2026 compared to a provision for income taxes of $1.3 million for the fiscal year ended March 31, 2025. The tax benefit reflects the pre-tax loss of $5.8 million for fiscal year 2026, which was primarily driven by the $11.4 million pre-tax loss on the sale of investment securities.  The effective tax rate was (25.6%) for the fiscal year ended March 31, 2026, applied against a pre-tax loss, compared to an effective tax rate of 21.4% applied against pre-tax income for the fiscal year ended March 31, 2025. ​ The net deferred tax asset increased $3.5 million to $12.1 million at March 31, 2026, reflecting the tax effect of the current year pre-tax loss and the increase in unrealized losses in accumulated other comprehensive loss. Management evaluated the realizability of this asset and concluded that no valuation allowance was required, as it is more likely than not that the deferred tax asset will be fully realized based on projected future taxable income and available tax planning strategies. See “Note 10. Income Taxes” for further discussion of the Company’s income taxes. ​ Comparison of Operating Results for the Years Ended March 31, 2025 and 2024 See Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025, previously filed with the SEC. 56 Table of Contents Average Balance Sheet. The following table sets 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. Average balances for a period have been calculated using daily average balances during such period. Non-accruing loans were included in the average loan amounts outstanding. Loan fees, net, of $1.8 million, $1.4 million and $1.3 million were included in interest income for the years ended March 31, 2026, 2025 and 2024, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   ​ ​ ​ Years Ended March 31,  ​ ​ 2026 ​ 2025 ​ 2024 ​ ​   ​ ​ ​ Interest   ​ ​ ​   ​ ​ ​ Interest ​   ​ ​   ​ ​ ​ Interest ​   ​ ​ ​ Average ​ and ​ Yield/ ​ Average ​ and ​ Yield/ ​ Average ​ and ​ Yield/ ​   ​ ​ ​ Balance   ​ ​ ​ Dividends   ​ ​ ​ Cost   ​ ​ ​ Balance   ​ ​ ​ Dividends   ​ ​ ​ Cost   ​ ​ ​ Balance   ​ ​ ​ Dividends   ​ ​ ​ Cost ​ ​ (Dollars in thousands) Interest-earning assets: ​   ​ ​   ​ ​   ​ ​   ​ ​   ​   ​ ​   ​ ​   ​   ​ ​ Mortgage loans ​ $ 797,693 ​ $ 41,132 ​ 5.16 %   $ 780,947 ​ $ 37,882 ​ 4.85 %   $ 758,809 ​ $ 34,523 ​ 4.55 %   Non-mortgage loans ​ 274,208 ​ 13,885 ​ 5.06 ​ 263,423 ​ 12,739 ​ 4.84 ​ 252,611 ​ 11,508 ​ 4.56 ​ Total net loans (1) ​ 1,071,901 ​ 55,017 ​ 5.13 ​ 1,044,370 ​ 50,621 ​ 4.85 ​ 1,011,420 ​ 46,031 ​ 4.55 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment securities (2) ​ 321,616 ​ 6,027 ​ 1.87 ​ 370,027 ​ 7,260 ​ 1.96 ​ 461,055 ​ 9,315 ​ 2.02 ​ Interest-bearing deposits in other banks ​ 16,506 ​ 639 ​ 3.87 ​ 12,429 ​ 600 ​ 4.83 ​ 10,956 ​ 566 ​ 5.16 ​ Other earning assets ​ 4,779 ​ 406 ​ 8.50 ​ 6,244 ​ 563 ​ 9.02 ​ 8,571 ​ 726 ​ 8.47 ​ Total interest-earning assets ​ 1,414,802 ​ 62,089 ​ 4.39 ​ 1,433,070 ​ 59,044 ​ 4.12 ​ 1,492,002 ​ 56,638 ​ 3.80 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-interest-earning assets: ​   ​ ​   ​ ​   ​ ​   ​ ​   ​ ​   ​ ​   ​ ​   ​ ​   ​ ​ Office properties and equipment, net ​ 22,795 ​ ​ ​ ​ ​ ​ 23,198 ​ ​ ​ ​ ​ ​ 23,337 ​ ​ ​ ​ ​ ​ Other non-interest-earning assets ​ 67,237 ​ ​ ​ ​ ​ ​ 64,714 ​ ​ ​ ​ ​ ​ 60,044 ​ ​ ​ ​ ​ ​ Total assets ​ $ 1,504,834 ​ ​ ​ ​ ​ ​ $ 1,520,982 ​ ​ ​ ​ ​ ​ $ 1,575,383 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest-bearing liabilities: ​   ​ ​   ​   ​ ​   ​ ​   ​   ​ ​   ​ ​   ​   ​ ​ Savings accounts ​ $ 158,630 ​ $ 220 0.14 %   $ 175,102 ​ $ 170 0.10 %   $ 217,538 ​ $ 132 0.06 %   Interest checking accounts ​ 297,025 ​ 3,660 1.23 ​ 261,475 ​ 2,606 1.00 ​ 243,904 ​ 785 0.32 ​ Money market accounts ​ 226,712 ​ 4,569 2.02 ​ 224,076 ​ 4,162 1.86 ​ 233,749 ​ 2,860 1.22 ​ Certificates of deposit ​ 240,377 ​ 8,300 3.45 ​ 221,725 ​ 8,375 3.78 ​ 157,126 ​ 4,508 2.87 ​ Total interest-bearing deposits ​ 922,744 ​ 16,749 1.82 ​ 882,378 ​ 15,313 1.74 ​ 852,317 ​ 8,285 0.97 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Junior subordinated debentures ​ 27,132 ​ 1,783 6.57 ​ 27,045 ​ 2,029 7.50 ​ 26,959 ​ 2,109 7.82 ​ FHLB advances ​ ​ 67,538 ​ ​ 2,980 ​ 4.41 ​ ​ 99,020 ​ ​ 5,123 ​ 5.17 ​ ​ 146,555 ​ ​ 7,917 ​ 5.40 ​ Other interest-bearing liabilities ​ 2,074 ​ 148 7.14 ​ 2,147 ​ 153 7.13 ​ 2,211 ​ 158 7.15 ​ Total interest-bearing liabilities ​ 1,019,488 ​ 21,660 2.12 ​ 1,010,590 ​ 22,618 2.24 ​ 1,028,042 ​ 18,469 1.80 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-interest-bearing liabilities: ​   ​ ​   ​   ​ ​   ​ ​   ​   ​ ​   ​ ​   ​   ​ ​ Non-interest-bearing deposits ​ 308,606 ​ ​ ​ ​ ​ ​ 337,741 ​ ​ ​ ​ ​ ​ 376,694 ​ ​ ​ ​ ​ ​ Other liabilities ​ 13,139 ​ ​ ​ ​ ​ ​ 14,081 ​ ​ ​ ​ ​ ​ 14,510 ​ ​ ​ ​ ​ ​ Total liabilities ​ 1,341,233 ​ ​ ​ ​ ​ ​ 1,362,412 ​ ​ ​ ​ ​ ​ 1,419,246 ​ ​ ​ ​ ​ ​ Shareholders’ equity ​ 163,601 ​ ​ ​ ​ ​ ​ 158,570 ​ ​ ​ ​ ​ ​ 156,137 ​ ​ ​ ​ ​ ​ Total liabilities and shareholders’ equity ​ $ 1,504,834 ​ ​ ​ ​ ​ ​ $ 1,520,982 ​ ​ ​ ​ ​ ​ $ 1,575,383 ​ ​ ​ ​ ​ ​ Net interest income ​ ​ ​ ​ $ 40,429 ​ ​ ​ ​ ​ ​ $ 36,426 ​ ​ ​ ​ ​ ​ $ 38,169 ​ ​ ​ Interest rate spread ​ ​ ​ ​ 2.27 %   ​ ​ ​ 1.88 %   ​ ​ ​ 2.00 %   Net interest margin ​ ​ ​ ​ 2.86 %   ​ ​ ​ 2.54 %   ​ ​ ​ 2.56 %   Ratio of average interest-earning assets to average interest-bearing liabilities ​ ​ ​ ​ 138.78 %   ​ ​ ​ 141.81 %   ​ ​ ​ 145.13 %   Tax-Equivalent Adjustment (3) ​ ​ ​ ​ $ 81 ​ ​ ​ ​ ​ ​ $ 82 ​ ​ ​ ​ ​ ​ $ 83 ​ ​ ​ ​ (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 calculated based on a combined federal and state tax rate of 24% for all three years. ​ ​ 57 Table of Contents Rate/Volume Analysis The following table sets forth the effects of changing rates and volumes on net interest income of the Company for the fiscal year ended March 31, 2026 compared to the fiscal year ended March 31, 2025, and the fiscal year ended March 31, 2025 compared to the fiscal year ended March 31, 2024. Information is provided with respect to: (i) effects on interest income attributable to changes in volume (changes in volume multiplied by prior rate); (ii) effects on interest income attributable to changes in rate (changes in rate multiplied by prior volume); and (iii) changes in rate/volume (change in rate multiplied by change in volume). 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). The changes noted in the table below include tax equivalent adjustments, and as a result, will not agree to the amounts reflected on the Company’s consolidated statements of income (loss) for the categories that have been adjusted to reflect tax equivalent income. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31,  ​ ​ 2026 vs 2025 ​ 2025 vs. 2024 ​   ​ ​ ​ Increase (Decrease) Due to ​ ​ ​   ​ ​ ​ Increase (Decrease) Due to ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Increase  ​ ​ ​ ​ ​ ​ ​ Total  ​   ​ ​ ​ Volume   ​ ​ ​ Rate   ​ ​ ​ (Decrease)   ​ ​ ​ Volume   ​ ​ ​ Rate   ​ ​ ​ Increase Interest Income: ​   ​ ​   ​ ​   ​ ​   ​ ​   ​ ​   ​ Mortgage loans ​ $ 816 ​ $ 2,434 ​ $ 3,250 ​ $ 1,030 ​ $ 2,329 ​ $ 3,359 Non-mortgage loans ​ 543 ​ 603 ​ 1,146 ​ 506 ​ 725 ​ 1,231 Investment securities (1) ​ (912) ​ (320) ​ (1,232) ​ (1,786) ​ (269) ​ (2,055) Interest-earning deposits in other banks ​ 173 ​ (134) ​ 39 ​ 72 ​ (38) ​ 34 Other earning assets ​ (126) ​ (31) ​ (157) ​ (207) ​ 44 ​ (163) Total interest income ​ 494 ​ 2,552 ​ 3,046 ​ (385) ​ 2,791 ​ 2,406 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Expense: ​   ​ ​   ​ ​   ​ ​   ​ ​   ​ ​   ​ Regular savings accounts ​ (17) ​ 67 ​ 50 ​ (30) ​ 68 ​ 38 Interest checking accounts ​ 392 ​ 662 ​ 1,054 ​ 59 ​ 1,762 ​ 1,821 Money market accounts ​ 49 ​ 358 ​ 407 ​ (124) ​ 1,426 ​ 1,302 Certificates of deposit ​ 681 ​ (756) ​ (75) ​ 2,183 ​ 1,684 ​ 3,867 Junior subordinated debentures ​ ​ 7 ​ (253) ​ ​ (246) ​ ​ 7 ​ ​ (87) ​ ​ (80) FHLB advances ​ ​ (1,465) ​ (678) ​ ​ (2,143) ​ ​ (2,470) ​ ​ (324) ​ ​ (2,794) Other interest-bearing liabilities ​ (5) ​ — ​ (5) ​ (5) ​ — ​ (5) Total interest expense ​ (358) ​ (600) ​ (958) ​ (380) ​ 4,529 ​ 4,149 Net interest income ​ $ 852 ​ $ 3,152 ​ $ 4,004 ​ $ (5) ​ $ (1,738) ​ $ (1,743) ​ (1) Interest on municipal securities is presented on a fully tax-equivalent basis. Asset and Liability Management The Company’s principal financial objective is to achieve long-term profitability while reducing its exposure to fluctuating market interest rates. The Company has sought to reduce the exposure of its earnings to changes in market interest rates by attempting to manage the difference between asset and liability maturities and interest rates. The principal element in achieving this objective is to increase the interest rate sensitivity of the Company’s interest-earning assets and interest-bearing liabilities. Interest rate sensitivity increases by originating and purchasing portfolio loans with interest rates subject to periodic adjustment to market conditions and fixed rate loans with shorter terms to maturity. The Company relies on retail deposits as its primary source of funds, but also has access to FHLB advances, FRB borrowings, and other wholesale facilities, as needed. Management believes retail deposits reduce the effects of interest rate fluctuations because they generally represent a stable source of funds. As part of its interest rate risk management strategy, the Company promotes transaction accounts and certificates of deposit with terms up to ten years. The Company has adopted a strategy that is designed to maintain or improve the interest rate sensitivity of assets relative to its liabilities. The primary elements of this strategy involve: (i) originating adjustable rate loans; (ii) increasing commercial loans, consumer loans that are adjustable rate and other short-term loans as a portion of total net loans receivable because of their generally shorter terms and higher yields than real estate one-to-four family loans; (iii) matching asset and liability maturities; and (iv) investing in short-term securities. The strategy for liabilities has been to shorten the maturities for both deposits and borrowings. The Company’s longer-term objective is to increase the proportion of non-interest-bearing demand deposits, low 58 Table of Contents interest- bearing demand deposits, money market accounts, and savings deposits relative to certificates of deposit to reduce the Company’s overall cost of funds, however the deposit mix during fiscal year 2026 moved in the opposite direction as depositors sought higher-yielding products, consistent with broader industry trends. Consumer loans, such as home equity lines of credit and installment loans, commercial loans and construction loans typically have shorter terms and higher yields than real estate one-to-four family loans, and accordingly reduce the Company’s exposure to fluctuations in interest rates. Adjustable interest rate loans totaled $494.3 million or 45.25% of total loans at March 31, 2026, as compared to $477.8 million or 44.97%  of total loans at March 31, 2025. Although the Company has sought to originate adjustable rate loans, the ability to originate and purchase such loans depends to a great extent on market interest rates and borrowers’ preferences. Particularly in lower interest rate environments, borrowers often prefer to obtain fixed-rate loans. See Item 1. “Business - Lending Activities – Real Estate Construction “ and “- Lending Activities - Consumer Lending.” The Company may also invest in short-term to medium-term U.S. Government securities as well as mortgage-backed securities issued or guaranteed by U.S. Government agencies. At March 31, 2026, the combined investment portfolio of $154.8 million had an average life of 7.1 years, reflecting the composition of the repositioned portfolio following the investment securities sales completed during the fourth quarter of fiscal year 2026. Adjustable rate mortgage-backed securities totaled $1.8 million at March 31, 2026 compared to $2.2 million at March 31, 2025. See Item 1. “Business – Investment Activities” for additional information. Liquidity and Capital Resources Liquidity is essential to our business. The objective of the Bank’s liquidity management is 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. 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) asset/liability management program objectives. Excess liquidity is invested generally 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, proceeds from the sale of loans, maturing securities, FHLB advances and FRB borrowings. While maturities and scheduled amortization of loans and securities are a predictable source of funds, deposit flows and prepayment of mortgage loans and mortgage-backed securities are greatly influenced by general interest rates, economic conditions and competition. Management believes that its focus on core relationship deposits coupled with access to borrowing 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 and continuing operations, satisfy other financial commitments and take advantage of investment opportunities. Deposits increased $21.9 million during the fiscal year ended March 31, 2026, providing a stable funding base. The elevated level of cash and liquid assets at March 31, 2026 reflects securities sale proceeds that had not yet been fully redeployed into loans or investment securities as of year-end. At March 31, 2026 cash and cash equivalents and available for sale investment securities totaled $271.6 million, or 18.6% of total assets. Management believes that the Company’s securities portfolio is of high quality and generally marketable. The level of liquid assets is influenced by the Company’s operating, financing, lending, and investing activities during any given period. In addition to these primary sources of funds, the Bank has several secondary borrowing sources available to meet potential funding requirements, including FRB borrowings and FHLB advances. At March 31, 2026, the Bank had no advances from the FRB and maintained a credit facility with the FRB with available borrowing capacity of $225.7 million, subject to sufficient collateral. FHLB advances totaled $16.1 million at the same date, with additional borrowing capacity of $268.0 million, also subject to adequate collateral and stock investment. At March 31, 2026, the Bank had sufficient unpledged collateral to allow it to utilize its available borrowing capacity from the FRB and the FHLB. Borrowing capacity may, 59 Table of Contents however, fluctuate based on the quality and risk rating of pledged loan collateral, and counterparties may 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, the Company historically has not extensively relied on brokered deposits to fund its operations. At March 31, 2026 and 2025, the Bank had no wholesale brokered deposits. The Bank also participates in the CDARS and ICS deposit products, which allow the Company to accept deposits in excess of the FDIC insurance limit for a depositor and obtain “pass-through” insurance for the total deposit. The Bank’s CDARS and ICS balances were $30.2 million, or 2.4% of total deposits, and $36.0 million, or 2.9% of total deposits, at March 31, 2026 and 2025, respectively. The combination of all the Bank’s funding sources gives the Bank available liquidity of $968.9 million, or 66.2% of total assets at March 31, 2026. At March 31, 2026, the Company had total commitments of $131.5 million, which included commitments to extend credit of $7.2 million, unused lines of credit totaling $108.5 million, undisbursed construction loans totaling $14.2 million, and standby letters of credit totaling $1.6 million. For additional information regarding future financial commitments, see Note 16 of the Notes to Consolidated Financial Statements contained in Item 8 of this Form 10-K. The Company anticipates that it will have sufficient funds available to meet current loan commitments. Certificates of deposit that are scheduled to mature in less than one year from March 31, 2026 totaled $245.0 million. Historically, the Bank has been able to retain a significant amount of its deposits as they mature. Partially offsetting these cash outflows are scheduled loan maturities of less than one year totaling $54.7 million at March 31, 2026. The Company incurs capital expenditures on an ongoing basis to expand and improve its product offerings, enhance and modernize its technology infrastructure, and to introduce new technology-based products to compete effectively in its markets. The Company evaluates 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 its expected return on investment. The amount of capital investment is influenced by, among other things, current and projected demand for its services and products, cash flow generated by operating activities, cash required for other purposes and regulatory considerations. Based on its current capital allocation objectives, during fiscal 2027 the Company expects cash expenditures of approximately $2.2 million for capital investment in premises and equipment. Riverview, as a separate legal entity from the Bank, must provide for its own liquidity. Sources of capital and liquidity for Riverview include distributions from the Bank and the issuance of debt or equity securities. Dividends and other capital distributions from the Bank are subject to regulatory notice. 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. The current quarterly common stock dividend rate is $0.02 per share, as approved by the Board of Directors, which management believes is a dividend rate per share which enables the Company to balance our multiple objectives of managing and investing in the Bank and returning a substantial portion of the Company’s cash to its shareholders. Assuming continued payment during fiscal year 2027 at this rate of $0.02 per share, average total dividends paid each quarter would be approximately $411,000 based on the number of the Company’s outstanding shares at March 31, 2026. At March 31, 2026, Riverview had $3.7 million in cash to meet its liquidity needs. Bank holding companies and federally insured state-chartered banks are required to maintain minimum levels of regulatory capital.  At March 31, 2026, Riverview and the Bank were in compliance with all applicable capital requirements.  For additional information, see Note 12 of the Notes to Consolidated Financial Statements contained in Item 8 of this Form 10-K and Item 1. Business – Regulation and Supervision of the Bank. New Accounting Pronouncements For a discussion of new accounting pronouncements and their impact on the Company, see Note 1 of the Notes to Consolidated Financial Statements included in Item 8 of this Form 10-K. ​ 60 Table of Contents ​