RIVERVIEW BANCORP INC (RVSB) Business

Item 1.  Business

General

Riverview Bancorp, Inc., a Washington corporation, is the bank holding company of Riverview Bank. At March 31, 2026, the Company had total assets of $1.46 billion, total deposits of $1.25 billion and total shareholders’ equity of $145.6 million. The Company’s executive offices are located in Vancouver, Washington. The Bank has two subsidiaries, Riverview Trust Company (the “Trust Company”) and Riverview Services, Inc. (“Riverview Services”). The Trust Company is a trust and financial services company located in downtown Vancouver, Washington, and provides full-service brokerage activities, trust and asset management services. Riverview Services acts as a trustee for deeds of trust on mortgage loans granted by the Bank and receives a reconveyance fee for each deed of trust.

Substantially all of the Company’s business is conducted through the Bank, which until April 28, 2021, was a federal savings bank subject to extensive regulation by the Office of the Comptroller of the Currency (“OCC”). The Bank converted from a federally chartered savings bank to a Washington state-chartered commercial bank on April 28, 2021. As a Washington state-chartered commercial bank, the Bank’s regulators are the Washington State Department of Financial Institution, Divisions of Banks (“WDFI”) and the Federal Deposit Insurance Corporation (“FDIC”), the insurer of its deposits. The Bank’s deposits are insured up to applicable limits by the FDIC. The Federal Reserve remains the primary federal regulator for the Company. In connection with the Bank’s charter conversion, the Company converted from a Savings and Loan Holding Company to a Bank Holding Company. The Bank is also a member of the Federal Home Loan Bank of Des Moines (“FHLB”) which is one of the 11 regional banks in the Federal Home Loan Bank System (“FHLB System”).

As a progressive, community-oriented financial services company, the Company emphasizes local, personalized service to residents and businesses within its primary market area. The Company considers Clark, Klickitat and Skamania counties in Washington, and Multnomah, Washington and Marion counties in Oregon, to comprise its primary market area. The Company is engaged primarily in attracting deposits from the general public and using such funds within its primary market area to originate commercial business, commercial real estate, multi-family real estate, land, real estate construction, residential real estate and other consumer loans. The Company’s loans receivable, net, totaled $1.08 billion at March 31, 2026, compared to $1.05 billion at March 31, 2025.

The Company’s strategic plan focuses on five key priorities: employer of choice, profitable growth, digital experience, data empowerment and client experience.

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The Company targets commercial banking clients within its primary market area for loan originations and deposit growth, including businesses, professionals and wealth-building individuals. In pursuit of these objectives, the Company seeks to grow its loan portfolio in a manner consistent with its strategic plan, asset/liability management objectives and regulatory capital requirements. This strategy includes growing and maintaining a significant concentration of business banking, commercial business and commercial real estate loans, which generally carry adjustable rates, higher yields and shorter terms, as well as greater credit risk, than traditional fixed-rate real estate one-to-four family loans.

The Company’s strategic plan also emphasizes growth in non-interest income, including asset management fees generated through the Trust Company and deposit-related service charges. The strategic plan is intended to enhance earnings, reduce interest rate risk and provide a broader range of financial services to clients and the local communities the Company serves. The Company believes it is positioned to attract new clients and increase market share through its network of 17 branch locations, including 10 branches in Clark County, three branches in the Portland metropolitan area and three lending centers.

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Market Area

The Company conducts operations from its home office in Vancouver, Washington, and through a network of 17 branch offices serving communities throughout southwest Washington and northwest Oregon. The Company’s branch network includes offices located in Camas, Washougal, Stevenson, White Salmon, Battle Ground, Goldendale, Ridgefield and Vancouver, Washington, as well as Portland, Gresham, Tualatin and Aumsville, Oregon. Six of the Company’s branch offices are located in Vancouver, Washington. In addition, the Trust Company operates offices in downtown Vancouver, Washington and Lake Oswego, Oregon, providing brokerage, trust and asset management services. The Bank’s Business and Professional Banking Division operates two commercial lending offices in Vancouver and one in Portland and provides commercial and business banking services throughout the Company’s market area.

The Company’s primary market area consists principally of Clark County, Washington and the broader Portland-Vancouver-Hillsboro Metropolitan Statistical Area (“MSA”), which spans portions of southwest Washington and northwest Oregon. The Portland-Vancouver MSA is among the larger metropolitan markets in the Pacific Northwest and supports a diverse regional economy driven by technology, healthcare, manufacturing, professional services, transportation and trade. Management believes the region’s diversified employment base, population growth and ongoing commercial development have historically supported demand for commercial banking services, and commercial real estate,  multi-family lending and small business lending.

Clark County, Washington, which includes the City of Vancouver, has experienced population growth over the past decade, due in part to migration trends within the greater Portland metropolitan region. The Company believes the area has benefited from Washington’s tax structure, relative housing affordability compared to portions of the Portland metropolitan area, and continued commercial development activity. Population growth and business formation within Clark County have contributed to increased demand for commercial real estate, owner-occupied business properties, multifamily housing and commercial banking services, which collectively comprise significant portions of the Company’s lending activities.

Vancouver is located immediately north of Portland, Oregon along the Columbia River and serves as a regional economic center for southwest Washington.  The Vancouver-Clark County market includes employees operating in a broad range of industries, including technology, healthcare, manufacturing, logistics and professional services. Major employers and businesses located within the broader market area include: Sharp Microelectronics, ZoomInfo, Hewlett Packard, Georgia-Pacific, Underwriters Laboratories, TSMC Washington, Barrett Business Services, PeaceHealth and Banfield Pet Hospital, among others. The broader Portland metropolitan area includes additional major employers such as Adidas North America, Nike, Intel, Columbia Sportswear and Precision Castparts. Management believes the presence of these employers has contributed to the regional economic activity, commercial development and demand for banking services within the Company’s market area.

The Company also serves smaller communities in Skamania and Klickitat Counties in Washington through branch offices located in Stevenson, White Salmon and Goldendale. These markets have economic characteristics distinct from the urban core of the Portland-Vancouver metropolitan area and are more dependent upon agriculture, timber, tourism, outdoor recreation and small business activity. Lending activities within these communities are generally concentrated in small business lending, residential real estate and owner-occupied commercial properties. The Columbia River Gorge National Scenic Area contributes to tourism and service-sector employment throughout portions of this region.

Lending Activities

General.  At March 31, 2026, the Company’s net loans receivable totaled $1.08 billion, or 73.6% of total assets at that date. The principal lending activity of the Company is the origination of loans collateralized by commercial properties and commercial business loans. A substantial portion of the Company’s loan portfolio is secured by real estate, either as primary or secondary collateral, located in its primary market area. The Company’s lending activities are subject to the written, non-discriminatory, underwriting standards and loan origination procedures established by the Bank’s Board of Directors (“Board”) and management. The customary sources of loan originations are realtors, walk-in clients, referrals and existing clients. The Bank also uses commissioned loan brokers and print advertising to market its products and services. Loans are approved at various levels of management, depending upon the amount of the loan. Our current loan policy generally limits the maximum amount of loans we can make to one borrower to the greater of $500,000 or 15% of unimpaired capital and surplus (except for loans fully secured by certain readily marketable collateral, in which case this limit is increased to 25% of unimpaired capital and surplus). The regulatory limit of loans we can make to one borrower is 20% of total risk-based capital, or $34.8 million, at March 31, 2026. At this date, the Bank’s largest lending relationship with one borrower was $27.2 million, which consisted of a multi-family loan of $16.4

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million and a commercial real estate loan of $10.7 million, both of which were performing in accordance with their original payment terms at March 31, 2026.

Loan Portfolio Analysis.  The following table sets forth the composition of the Company’s loan portfolio by type of loan at the dates indicated (dollars in thousands):

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Loan Portfolio Composition. The following tables set forth the composition of the Company’s commercial and construction loan portfolio based on loan purpose at the dates indicated (in thousands):

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Commercial Business Lending. At March 31, 2026, the commercial business loan portfolio totaled $219.8 million, or 20.1% of total loans. Commercial business loans are typically secured by business equipment, accounts receivable, inventory or other property. The Company’s commercial business loans may be structured as term loans or as lines of credit. Commercial term loans are generally made to finance the purchase of assets and usually have maturities of five years or less. Commercial lines of credit are typically made for the purpose of providing working capital and usually have a term of one year or less. Lines of credit are made at variable rates of interest equal to a negotiated margin above an index rate and term loans are at either a variable or fixed rate. The Company also generally obtains personal guarantees from financially capable parties based on a review of personal financial statements.

Commercial business lending typically involves risks that are different from those associated with residential and commercial real estate lending. Although commercial business loans are often collateralized by equipment, inventory, accounts receivable or other business assets, the liquidation of collateral in the event of default is often an insufficient source of repayment because accounts receivable may be uncollectible and inventories may be obsolete or of limited use, among other things. Accordingly, the repayment of commercial business loans depends primarily on the cash flow and creditworthiness of the borrower and secondarily on the underlying collateral provided by the borrower. Additionally, the borrower’s cash flow may be unpredictable and collateral securing these loans may fluctuate in value. At March 31, 2026, the Company had four commercial business loans totaling $645,000 on non-accrual status compared to one commercial business loan for $37,000 at March 31, 2025.

Commercial Real Estate Mortgage Lending. The Company originates real estate mortgage loans secured by office buildings, warehouse/industrial, retail, assisted living facilities and single-purpose facilities (collectively “commercial real estate” or “CRE”) and land and multi-family loans primarily located in its market area. At March 31, 2026, the commercial real estate and multi-family real estate loan portfolios totaled $611.6 million and $103.6 million, or 56.0% and 9.5% of total loans, respectively. At March 31, 2026, owner occupied properties accounted for 25.6% and non-owner occupied properties accounted for 74.4% of the Company’s commercial real estate loans.

Commercial real estate and multi-family loans typically have higher loan balances, are more difficult to evaluate and monitor, and involve a higher degree of risk than residential one-to-four family loans. As a result, commercial real estate and multi-family loans are generally priced at a higher rate of interest than residential one-to-four family loans. Often payments on loans secured by commercial properties are dependent on the successful operation and management of the property securing the loan or business conducted on the property securing the loan; therefore, repayment of these loans may be affected by adverse conditions in the real estate market or the economy. Real estate lending is generally considered to be collateral based lending with loan amounts based on predetermined loan to collateral values and liquidation of the underlying real estate collateral being viewed as the primary source of repayment in the event of borrower default. The Company seeks to minimize these risks by generally limiting the maximum loan-to-value ratio to 80% and strictly scrutinizing the financial condition of the borrower, the quality of the collateral and the management of the property securing the loan. Loans are secured by first mortgages and often require specified debt service coverage (“DSC”) ratios depending on the characteristics of the collateral. The Company generally imposes a minimum DSC ratio of 1.20 for loans secured by income producing properties. Rates and other terms on such loans generally depend on our assessment of credit risk after considering such factors as the borrower’s financial condition and credit history, loan-to-value ratio, DSC ratio and other factors.

At March 31, 2026, the Company had four commercial real estate loans totaling $7.1 million on non-accrual status compared to two commercial real estate loans totaling $88,000 at March 31, 2025. The increase was driven by one hospitality borrower-specific circumstance rather than any broader weakness in that loan category.  The Company is actively monitoring this relationship and

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working with the borrower to address performance issues. For more information concerning risks related to commercial real estate loans, see Item 1A. “Risk Factors – Risks Related to Our Lending Activities – Commercial and multi-family real estate lending involves higher risks than one-to-four family real estate and other consumer lending, which exposes us to increased lending risks.”

Land loans represent loans made to developers for the purpose of acquiring raw land and/or for the subsequent development and sale of residential lots. Such loans typically finance land purchases and infrastructure development of properties (e.g., roads, utilities, etc.) with the aim of making improved lots ready for subsequent sales to consumers or builders for ultimate construction of residential units. The primary source of repayment is generally the cash flow from developer sale of lots or improved parcels of land, secondary sources and personal guarantees, which may provide an additional measure of security for such loans.

At March 31, 2026, land loans totaled $9.1 million, or 0.8% of total loans, compared to $4.6 million, or 0.4% of total loans at March 31, 2025. The largest land loan had an outstanding balance at March 31, 2026 of $3.5 million and was performing according to its original payment terms. At March 31, 2026, all of the land loans were secured by properties located in Washington and Oregon. At March 31, 2026 and 2025, the Company had no land loans on non-accrual status.

Real Estate Construction. The Company originates three types of residential construction loans: (i) speculative construction loans, (ii) custom/presold construction loans and (iii) construction/permanent loans. The Company also originates construction loans for the development of business properties and multi-family dwellings. All of the Company’s real estate construction loans were made on properties located in Washington and Oregon.

The composition of the Company’s construction loan portfolio, including undisbursed funds, was as follows at the dates indicated (dollars in thousands):

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(1) Includes undisbursed funds of $14.2 million and $16.6 million at March 31, 2026 and 2025, respectively.

Speculative construction loans are made to home builders and are termed “speculative” because the home builder does not have, at the time of loan origination, a signed contract with a home buyer who has a commitment for permanent financing with either the Company or another lender for the finished home. A home buyer may be identified during or after the construction period, creating the risk that the builder will be required to service the loan and fund property taxes and other carrying costs on the completed home for a significant period after the completion of construction until a home buyer is identified. The largest speculative construction loan at March 31, 2026 was a $1.9 million loan to finance the construction of 22 single-family townhomes, secured by property located within the Company’s market area. The average balance of loans in the speculative construction portfolio at March 31, 2026 was $579,000. At both March 31, 2026 and 2025, the Company had no speculative construction loans on non-accrual status.

Presold construction loans are made to homebuilders who, at origination, have a signed contract with a homebuyer who has a commitment for permanent financing for the finished home from the Company or another lender. These loans are generally originated with a term of 12 months. At March 31, 2026 and 2025, presold construction loans totaled $1.3 million and $4.8 million, respectively.

The composition of land and speculative/presold construction loans by geographical area is as follows at the dates indicated (in thousands):

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Custom construction loans are made directly to homeowners, unlike speculative and presold construction loans, which are made to homebuilders. Construction/permanent loans are originated to the homeowner and include a commitment by the Company to originate a permanent mortgage loan upon completion of construction to repay the construction loan. The construction phase of a construction/permanent loan generally lasts six to nine months. Upon completion of construction, the Company may originate either a fixed-rate or adjustable-rate mortgage (“ARM”) loan, or may utilize its mortgage brokerage capabilities to arrange permanent financing for the client with another lender. For ARM loans, interest rates adjust on the first scheduled adjustment date. See “Mortgage Brokerage” and “Mortgage Loan Servicing” below for additional information. At March 31, 2026, the Company had no construction/permanent loans.

The Company provides construction financing for non-residential business properties and multi-family dwellings. At March 31, 2026, commercial construction loans totaled $13.6 million, or 56.7% of total real estate construction loans, and 1.2% of total loans. Borrowers may be the business owner/occupier of the building who intend to operate their business from the completed property, as well as non-owner developers. Repayment of these loans is typically expected from the sale or refinancing of the project upon completion of construction. In certain circumstances, the Company may provide or commit to take-out financing upon construction. Take-out financing is subject to the project meeting specific underwriting guidelines. No assurance can be given that such take-out financing will be available upon project completion. These loans are secured by office buildings, retail rental space, mini storage facilities, assisted living facilities and multi-family dwellings located in the Company’s market area. At March 31, 2026, the largest commercial construction loan had a balance of $6.6 million and was performing according to its original repayment terms. The average balance of loans in the commercial construction portfolio at March 31, 2026 was $2.3 million. At both March 31, 2026 and 2025, the Company had no commercial construction loans on non-accrual status.

The Company has originated construction and land acquisition and development loans where a component of the cost of the project was the interest required to service the debt during the construction period of the loan, sometimes known as interest reserves. The Company allows disbursements of this interest component as long as the project is progressing as originally projected and if there has been no deterioration in the financial standing of the borrower or the underlying project. If the Company determines that there is such deterioration, or if the loan becomes nonperforming, the Company halts any disbursement of those funds identified for use in paying interest. In some cases, additional interest reserves may be taken by use of deposited funds or through credit lines secured by separate and additional collateral. For additional information concerning the risks related to construction lending, see Item 1A. “Risk Factors – Risks Related to our Lending Activities – Our real estate construction loans are based upon estimates of costs and the value of the completed project, and as with land loans may be more difficult to liquidate, if necessary.”

The Company intends to continue proactively managing its construction loan portfolio in fiscal year 2027, while selectively originating new construction loans to qualified borrowers.

Consumer Lending. Consumer loans totaled $124.2 million at March 31, 2026. Real estate one-to-four family loans totaled $96.7 million of consumer loans and consisted of $72.0 million of one-to-four family residential mortgage loans, $24.4 million of home equity lines of credit, and $335,000 of land loans to consumers for the future construction of one-to-four family homes. The remainder of consumer lending consisted of other installment loans totaling $27.5 million, which include other secured and unsecured consumer loans.

The majority of the Company’s one-to-four family residential real estate loans are located within its primary market area. Underwriting standards generally require that such loans be owner- occupied and that originated loan amounts not exceed 80% of the lesser of the appraised value or cost of the underlying collateral (95% when private mortgage insurance is obtained). Loan terms typically range from 15 to 30 years. At March 31, 2026, the Company had one residential real estate loan totaling $7,000 on non-accrual status, compared to one residential real estate loan totaling $30,000 at March 31, 2025. The Company no longer originates real estate one-to-four family loans.

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The Company also originates a variety of installment loans, including loans for debt consolidation and other purposes, automobile loans, boat loans and savings account-secured loans. At both March 31, 2026 and 2025, the Company had no installment loans on non-accrual status.

Installment consumer loans generally entail greater risk than residential mortgage loans, particularly in the case of consumer loans that are unsecured or secured by assets that depreciate rapidly, such as mobile homes, automobiles, boats and recreational vehicles. In these cases, we face the risk that any collateral for a defaulted loan may not provide an adequate source of repayment of the outstanding loan balance. Thus, the recovery and sale of such property could be insufficient to compensate us for the principal outstanding on these loans as a result of the greater likelihood of damage, loss or depreciation. The remaining deficiency often does not warrant further collection efforts against the borrower beyond obtaining a deficiency judgment. In addition, consumer loan collections are dependent on the borrower’s continuing financial stability and are more likely to be adversely affected by job loss, divorce, illness or personal bankruptcy. Furthermore, the application of various federal and state laws, including bankruptcy and insolvency laws, may limit our ability to recover on such loans.

Loan Maturity. The following table sets forth certain information at March 31, 2026 regarding the dollar amount of loans maturing in the loan portfolio based on their contractual terms to maturity, but does not include potential prepayments. Demand loans, loans having no stated schedule of repayments or stated maturity and overdrafts are reported as due in one year or less. Loan balances are reported net of deferred fees (in thousands):

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The following table sets forth the dollar amount of loans due after one year from March 31, 2026, which have fixed and adjustable interest rates (in thousands):

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Loan Commitments. The Company issues commitments to originate commercial, CRE, multi-family, land, construction, home equity and other installment loans, based on its existing underwriting criteria and conditioned upon the occurrence of certain events. Commitments are typically valid for up to 45 days and are subject to the Company’s standard terms and conditions. Collateral is not required to support these commitments. At March 31, 2026, the Company had outstanding commitments to originate loans of $7.2 million compared to $5.5 million at March 31, 2025.

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Mortgage Brokerage. The Company employs commissioned brokers who originate mortgage loans (including construction loans) for various mortgage companies. Loans brokered to mortgage companies are closed in the name of, and funded by, the purchasing mortgage company and are not originated as an asset of the Company. In return, the Company receives a fee ranging from 1.5% to 2.0% of the loan amount that it shares with the commissioned broker. Loans previously brokered to the Company are closed on the Company’s books and the commissioned broker receives a portion of the origination fee. Beginning in fiscal year 2021, the Company transitioned to a model where it no longer originates and sells mortgage loans to the Federal Home Loan Mortgage Company (“FHLMC”) as all mortgage loan originations are instead brokered to various third-party mortgage companies. The Company does, however, continue to service its existing FHLMC portfolio. Brokered loans totaled $36.4 million and $25.1 million as of March 31, 2026 and 2025, respectively. There were no loans brokered to the Company for the fiscal years ended March 31, 2026 and 2025. Gross fees of $261,000 and $201,000, including brokered loan fees, were earned in the fiscal years ended March 31, 2026 and 2025, respectively. The interest rate environment has a strong influence on the loan volume and amount of fees generated from the mortgage broker activity. In general, during periods of rising interest rates, the volume of loans and the amount of loan fees generally decrease as a result of decreased mortgage loan demand. Conversely, during periods of falling interest rates, the volume of loans and the amount of loan fees generally increase as a result of the increased mortgage loan demand.

Mortgage Loan Servicing.  The Company is a qualified servicer for the FHLMC. Prior to the fiscal year ended March 31, 2021, the Company typically sold its fixed-rate residential one-to-four family loans with original maturities of 15 years or more, as well as balloon mortgage loans, to the FHLMC as part of its asset/liability strategy. These loans were sold on a non-recourse basis, meaning that the FHLMC assumed the risk of loss in the event of foreclosure, and the Company retained no credit risk post-sale. Although the Company no longer sells loans to the FHLMC, it continues to service previously sold loans. In its servicing role, the Company collects borrower payments, manages escrow accounts, oversees foreclosure proceedings, and performs other servicing responsibilities. At March 31, 2026, total loans serviced for others were $53.2 million, of which $24.7 million were serviced for the FHLMC.

Nonperforming Assets. Nonperforming assets were $7.8 million or 0.53% of total assets at March 31, 2026, compared to $155,000 or 0.01% of total assets at March 31, 2025. The Company had net charge-offs totaling $1.3 million during fiscal 2026 compared to net charge-offs of $90,000 during fiscal 2025. Credit quality challenges were centered in commercial real estate which represented 93% of the Company’s nonperforming assets at March 31, 2026. The increase was driven by one hospitality borrower-specific circumstance rather than any broader weakness in that loan category. The Company is actively monitoring this relationship and working with the borrower to address performance issues.  The Company had one real estate owned property held at a zero cost basis at March 31, 2026. The Company had no other real estate owned or foreclosed assets at March 31, 2025.

Loans are generally placed on nonaccrual status when they become 90 days past due or when collectability of principal or interest is otherwise doubtful. Upon placement on nonaccrual status, interest accruals are discontinued and previously accrued but uncollectible interest is reversed against interest income. Cash receipts on nonaccrual loans are generally applied to principal.

The Company proactively manages its residential construction and land acquisition and development loan portfolios. At March 31, 2026, the Company’s residential construction and land acquisition and development loan portfolios were $10.4 million and $9.1 million, respectively, as compared to $10.8 million and $4.6 million, respectively, at March 31, 2025. At March 31, 2026 and 2025, there were no nonperforming loans in the residential construction loan portfolio or the land acquisition and development portfolio. For the years ended March 31, 2026 and 2025, there were no charge-offs or recoveries in the residential construction and land acquisition and development loan portfolios.

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

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At March 31, 2026, all of the Company’s nonperforming loans are to borrowers with properties located in Northwest Oregon and Southwest Washington. At that date, 97.1% of the Company’s nonperforming loans, totaling $7.5 million, were individually evaluated for a specific allowance of credit losses. At March 31, 2026, no specific reserves were recorded on individually evaluated nonperforming loans, as these credits were either written down to estimated collateral value, net of estimated selling costs, or supported by existing collateral values and expected cash flows. At March 31, 2026, the largest single nonperforming loan was a CRE loan with an outstanding balance of $4.3 million.

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

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

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At March 31, 2026 and 2025, loans delinquent 30 – 89 days were 0.60% and 0.38% of total loans, respectively. At March 31, 2026 and 2025, loans 30-89 days past due were comprised of Small Business Administration (“SBA”) government guaranteed loans (which are included in commercial business), commercial business, CRE, and consumer loans. At March 31, 2026, CRE loans 30-89 days past due were $4.1 million compared to $242,000 at March 31, 2025. Commercial business loans 30-89 days past due were $2.3 million and $3.8 million for the fiscal years ended March 31, 2026 and 2025, respectively.  At March 31, 2026, CRE loans represented the largest portion of our loan portfolio at 56.0% of total loans, followed by commercial business loans, which represented 20.1% of total loans.

In accordance with the Company’s policy guidelines, unsecured loans are generally charged off when no payments have been received for three consecutive months unless an alternative action plan is in effect. Consumer installment loans delinquent six months or more that have not received at least 75% of their required monthly payment in the last 90 days are charged off. In addition, loans discharged in bankruptcy proceedings are charged off. Loans under bankruptcy protection with no payments received for four consecutive months are charged off. The outstanding balance of a secured loan that is in excess of the net

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realizable value is generally charged off if no payments are received for four to five consecutive months. However, charge-offs are postponed if alternative proposals to restructure, obtain additional guarantors, obtain additional assets as collateral or a potential sale of the underlying collateral would result in full repayment of the outstanding loan balance. Once any other potential sources of repayment are exhausted, the impaired portion of the loan is charged-off. Regardless of whether a loan is unsecured or collateralized, once an amount is determined to be a confirmed credit loss it is promptly charged off.

Asset Classification. Federal regulations provide for the classification of lower quality loans and other assets (such as other real estate owned and repossessed property), debt and equity securities, as substandard, doubtful or loss. An asset is considered substandard if it is inadequately protected by the current net worth and pay capacity of the borrower or of any collateral pledged. Substandard assets have a well-defined weakness and include those characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Assets classified as doubtful have all the weaknesses inherent in those classified substandard with the additional characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions, and values. Assets classified as loss are those considered uncollectible and of such little value that their continuance as assets without the establishment of a specific loss reserve is not warranted.

When a problem asset is classified by us as a loss, we are required to charge off the asset in the period in which it is deemed uncollectible.

The aggregate amount of the Company’s classified loans, general loss allowances, specific loss allowances and net recoveries were as follows at the dates indicated (in thousands):

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All loans on non-accrual status as of March 31, 2026 were categorized as classified loans. Classified loans at March 31, 2026 were comprised of four commercial business loans totaling $645,000, seven commercial real estate loans totaling $11.8 million, seven multi-family real estate loans totaling $205,000 and one one-to-four family real estate loan for $7,000. The net increase in classified loans during the period was primarily due to the downgrades of five commercial real estate loans totaling $9.9 million, five multi-family real estate loans totaling $151,000, one commercial business loan totaling $126,000, and one consumer loan totaling $7,000. These downgrades were offset by a charge-off of one consumer loan for $30,000, the payoff of one multi-family loan for $9,000 along with paydowns of loans totaling $392,000.

ACL. The Company maintains an ACL to provide for expected credit losses inherent in the loan portfolio consistent with accounting principles generally accepted in the United States of America (“GAAP”) guidelines. The adequacy of the ACL is evaluated quarterly to maintain levels sufficient to provide for expected credit losses existing at the balance sheet date. For additional discussion of the Company’s methodology for assessing the appropriate level of the ACL see Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates.”

The Company recorded a provision for credit losses of $1.3 million for the fiscal year ended March 31, 2026 compared to a $100,000 provision for credit loss for the fiscal year ended March 31, 2025. The provision for credit losses for the fiscal year ended March 31, 2026 was primarily due to loan growth, net charge-offs recorded during the period, and credit migration within certain commercial real estate and commercial business relationships.

At March 31, 2026, the ACL was $15.2 million, or 1.40% of total loans, compared to $15.4 million, or 1.45% of total loans at March 31, 2025. Net charge-offs totaled $1.3 million for the fiscal year ended March 31, 2026, compared to net charge-offs of $90,000 for the prior fiscal year. At March 31, 2026, the Company’s allowance for credit losses was more than sufficient to cover nonperforming loans, with a coverage ratio exceeding 196%, compared to 9,900% at the end of the prior fiscal year.

Criticized loans, which are comprised of special mention loans, decreased $6.2 million to $42.3 million at March 31, 2026 from $48.5 million at March 31, 2025. These loans represented approximately 3.87% of the Company’s total loan portfolio as of March

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31, 2026, compared to 4.56% at the prior year-end. The net decrease was mainly attributable to normal loan paydowns, payoffs and the grade changes of three commercial real estate loans totaling $10.6 million, the largest of which was $5.2 million. Two of these commercial real estate loans, totaling $8.0 million, were downgraded to classified loans, related to a borrower that the Company continues to monitor closely. The criticized loan balance at March 31, 2026 also includes a $15.0 million CRE loan that was downgraded to special mention in fiscal year 2023.

Classified loans increased $9.7 million to $12.7 million at March 31, 2026 compared to $2.9 million at March 31, 2025. The increase in classified loans is mainly due to the previously mentioned downgrade of three CRE loans totaling $9.5 million to two different borrowers due to cash flow deterioration. The Company is actively monitoring these relationships and working with the borrowers to address performance issues. The increase in classified loans during fiscal 2026 reflects the migration of certain credits previously identified as special mention into substandard classification as part of the Company’s ongoing credit review process.

Management considers the ACL to be adequate at March 31, 2026 to cover expected credit losses inherent in the loan portfolio based on the assessment of various factors affecting the loan portfolio, and the Company believes it has established its existing ACL in accordance with GAAP. The increase in nonperforming loans, classified loans, and net charge-offs during fiscal 2026 reflects the migration of several commercial real estate and commercial business credits into lower risk rating categories during the year. These credits are primarily located within the Company’s primary market area and were downgraded based on borrower-specific cash flow deterioration and updated collateral assessments identified through the Company’s ongoing credit review process. The Company believes these changes primarily reflect credit migration within specific borrower relationships rather than broad-based deterioration across the loan portfolio. A significant portion of this migration was concentrated in the Company’s commercial real estate portfolio.

However, declines in national or local economic conditions, including a recessionary environment or continued inflationary pressures, changes in regulatory assessments, or other factors could result in a material increase in the ACL and adversely affect the Company’s financial condition and results of operations. Because future events affecting borrowers and collateral cannot be predicted with certainty, there can be no assurance that the existing ACL will be sufficient, and increases to the ACL may be required if loan quality deteriorates or collateral values decline, including as a result of the factors discussed elsewhere in this report.

The following table sets forth the breakdown of the ACL by loan category as of the dates indicated (dollars in thousands):

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The following table shows certain credit ratios at and for the periods indicated and each component of the ratio’s calculations.

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Investment Activities

The Board sets the investment policy of the Company. The Company’s investment objectives are: to provide and maintain liquidity within regulatory guidelines; to maintain a balance of high quality, diversified investments to minimize risk; to provide collateral for pledging requirements; to serve as a balance to earnings; and to optimize returns. The policy permits investment in various types of liquid assets (generally debt and asset-backed securities) permissible under applicable regulations, which includes U.S. Treasury obligations, securities of various federal agencies, “bank qualified” municipal bonds, certain certificates of deposit of insured banks, repurchase agreements, federal funds, real estate mortgage investment conduits (“REMICS”) and mortgage-backed securities (“MBS”), but does not permit investment in non-investment grade bonds. The policy also dictates the criteria for classifying investment securities into one of three categories: held to maturity, available for sale or trading. At March 31, 2026, no investment securities were held for trading purposes. At March 31, 2026, the Company’s investment portfolio consisted of solely debt securities and no equity securities. See Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates.”

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The Company primarily purchases agency securities and a combination of MBS backed by government agencies (FHLMC, Fannie Mae (“FNMA”), SBA or Ginnie Mae (“GNMA”)). FHLMC and FNMA securities are not backed by the full faith and credit of the U.S. government, while SBA and GNMA securities are backed by the full faith and credit of the U.S. government. At March 31, 2026, the Company owned no privately issued MBS. Our REMICS are MBS issued by FHLMC, FNMA and GNMA and our CRE MBS are issued by FNMA. The Company does not believe that it has any exposure to sub-prime lending in its investment securities portfolio. See Note 3 of the Notes to Consolidated Financial Statements contained in Item 8 of this Form 10-K for additional information.

In the fourth quarter of fiscal 2026, the Company reclassified its held to maturity securities portfolio to available for sale as part of a balance sheet repositioning strategy, resulting in no held to maturity securities at March 31, 2026.

The following table sets forth the investment securities portfolio and carrying values at the dates indicated (dollars in thousands):

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The following table sets forth the maturities and weighted average yields in the securities portfolio at March 31, 2026 (dollars in thousands):

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Management reviews investment securities quarterly to determine if an ACL is required, taking into consideration current market conditions, the extent and nature of changes in estimated fair value, issuer rating changes and trends, financial condition of the underlying issuers, current analysts’ evaluations, the Company’s ability and intent to hold investments until a recovery of estimated

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fair value, which may be maturity, as well as other factors. There was no ACL recorded for investment securities for the years ended March 31, 2026 and 2025, respectively. See Note 3 of the Notes to Consolidated Financial Statements in Item 8 of this Form 10-K for additional information regarding investment securities.

Deposit Activities and Other Sources of Funds

General. Deposits, loan repayments and loan sales are the major sources of the Company’s funds for lending and other investment purposes. Loan repayments are a relatively stable source of funds, while deposit inflows and outflows and loan prepayments are significantly influenced by general interest rates and money market conditions. Borrowings may be used on a short-term basis to compensate for reductions in the availability of funds from other sources. They may also be used on a longer-term basis for general business purposes.

Deposit Accounts. The Company attracts deposits from within its primary market area by offering a broad selection of deposit instruments, including demand deposits, negotiable order of withdrawal (“NOW”) accounts, money market accounts, savings accounts, certificates of deposit and retirement savings plans. The Company has focused on building client relationship deposits which include both business and consumer depositors. Deposit account terms vary according to, among other factors, the minimum balance required, the time periods the funds must remain on deposit and the interest rate. In determining the terms of its deposit accounts, the Company considers the rates offered by its competition, profitability to the Company, matching deposit and loan products and client preferences and concerns.

The following table sets forth the average balances and interest rates of deposit accounts held by the Company at the dates indicated (dollars in thousands):

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Deposit accounts totaled $1.3 billion at March 31, 2026 compared to $1.2 billion at March 31, 2025. The Company did not have any wholesale-brokered deposits at March 31, 2026 and 2025. The Company continues to focus on core deposits and growth generated by client relationships as opposed to obtaining deposits through the wholesale markets, although the Company continued to experience competition for client deposits within its market area during fiscal year 2026. Core branch deposits (comprised of demand, savings, interest checking accounts and certificates of deposit, excluding wholesale-brokered deposits, trust account deposits, Lawyer Trust Accounts (“IOLTA”), public funds, and internet-based deposits) at March 31, 2026 increased $18.5 million since March 31, 2025 reflecting the Company’s commitment to increasing core deposits through organic growth in client relationship. At March 31, 2026, the Company had $30.2 million, or 2.41% of total deposits, in Certificate of Deposit Account Registry Service (“CDARS”) and Insured Cash Sweep (“ICS”) deposits, which were gathered from clients within the Company’s primary market-area. CDARS and ICS deposits allow clients access to FDIC insurance on deposits exceeding the $250,000 FDIC insurance limit.

At March 31, 2026 and 2025, the Company also had $11.4 million and $14.4 million, respectively, in deposits from public entities located in the States of Washington and Oregon, all of which were fully covered by FDIC insurance or secured by pledged collateral. The Company is enrolled in an internet deposit listing service. Under this listing service, the Company may post certificates of deposit rates on an internet site where institutional investors have the ability to deposit funds with the Company. At March 31, 2026 and 2025, the Company did not have any deposits through this listing service as the Company chose not to utilize these internet-based deposits. Although the Company did not originate any internet based deposits during the fiscal year ended March 31, 2026, the Company may do so in the future consistent with its asset/liability objectives.

Deposit growth remains a key strategic focus for the Company and our ability to achieve deposit growth, particularly in core deposits, is subject to many risk factors including the effects of competitive pricing pressures, changing client deposit behavior,

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and increasing or decreasing interest rate environments. Adverse developments with respect to any of these risk factors could limit the Company’s ability to attract and retain deposits and could have a material negative impact on the Company’s future financial condition, results of operations and cash flows.

As of March 31, 2026 and 2025, approximately $354.2 million and $288.0 million, respectively, of our deposit portfolio was uninsured. The uninsured amounts are estimates based on the methodologies and assumptions used for the Bank’s regulatory reporting requirements. The following table presents the maturity period and amount of certificates of deposit greater than $250,000 at March 31, 2026 (dollars in thousands):

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For more information, see also Note 7 of the Notes to Consolidated Financial Statements contained in Item 8 of this Form 10-K.

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Borrowings. The Company relies upon advances from the FHLB and borrowings from the Federal Reserve Bank of San Francisco (“FRB”), as needed, to supplement its supply of lendable funds and to meet deposit withdrawal requirements. Advances from the FHLB and borrowings from the FRB are typically secured by the Bank’s commercial business loans, commercial real estate loans, one-to-four family real estate loans, and pledged securities. At March 31, 2026, the Bank had FHLB advances totaling $16.1 million and no FRB borrowings compared to $76.4 million in FHLB advances and no FRB borrowings at March 31, 2025.

The FHLB functions as a central reserve bank providing credit for member financial institutions. As a member, the Bank is required to own capital stock in the FHLB and is authorized to apply for advances on the security of such stock and certain of its mortgage loans and other assets (primarily securities which are obligations of, or guaranteed by, the U.S.) provided certain standards related to creditworthiness have been met. The FHLB determines specific lines of credit for each member institution and the Bank has a line of credit with the FHLB equal to 45% of its total assets to the extent the Bank provides qualifying collateral and holds sufficient FHLB stock. At March 31, 2026, the Bank had an available credit capacity of $679.5 million, subject to sufficient collateral and stock investment.

The Bank also has a borrowing arrangement with the FRB with an available credit facility of $225.7 million, subject to pledged collateral, as of March 31, 2026. The following table sets forth certain information concerning the Company’s borrowings for the periods indicated (dollars in thousands):

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At March 31, 2026, the Company had three wholly owned subsidiary grantor trusts totaling $27.2 million 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

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also be deferred and the Company may not pay cash dividends to the holders of shares of the Company’s common stock. The common securities issued by the grantor trusts are held by the Company, and the Company’s investment in the common securities of $836,000 at both March 31, 2026 and 2025 is included in prepaid expenses and other assets in the Consolidated Balance Sheets included in the Consolidated Financial Statements contained in Item 8 of this Form 10-K. For more information, see also Note 9 of the Notes to Consolidated Financial Statements contained in Item 8 of this Form 10-K.

Taxation

For details regarding the Company’s taxes, see Note 10 of the Notes to Consolidated Financial Statements contained in Item 8 of this Form 10-K.

Employees and Human Capital

As of March 31, 2026, the Company had 243 full-time equivalent employees, none of whom are represented by a collective bargaining unit. The Company believes its relationship with its employees is good.

To attract and retain talent, we strive to create an inclusive, safe and healthy workplace, with opportunities for our employees to grow and develop in their careers, supported by competitive compensation and benefits programs. Our workforce is comprised of approximately 61% women and 39% men, with 64% of our management roles held by women and 36% by men.  The average tenure of our employees is 6.8 years. The ethnicity of our workforce was 79% White, 6% Asian, 8% Hispanic or Latinx, 3% African American or Black, 2% two or more races, 1% American Indian or Alaskan Native, and 1% Native Hawaiian or Pacific Islander. Benefit programs include quarterly or annual incentive opportunities, a Company sponsored Employee Stock Ownership Plan (“ESOP”), a Company-matched 401(k) Plan, healthcare and insurance benefits, health savings and flexible spending accounts, paid time off, family leave, and employee assistance programs including educational reimbursement opportunities.

The Company recognizes that the skills and knowledge of its employees are critical to the success of the organization, and promotes training and continuing education as an ongoing function for its employees. The Bank’s compliance training program provides required annual training courses to assure that all employees know the rules applicable to their jobs.

Corporate Information

The Company’s principal executive offices are located at 900 Washington Street, Vancouver, Washington 98660. Its telephone number is (360) 693-6650. The Company maintains a website with the address www.riverviewbank.com. The information contained on the Company’s website is not included as a part of, or incorporated by reference into, this Annual Report on Form 10-K. Other than an investor’s own internet access charges, the Company makes available free of charge through its website the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and amendments to these reports, as soon as reasonably practicable after it has electronically filed such material with, or furnished such material to, the SEC. These reports are also available on the SEC's website at http://www.sec.gov.

Subsidiary Activities

Riverview has one operating subsidiary, the Bank. The Bank has two wholly-owned subsidiaries, Riverview Services and the Trust Company.

Riverview Services acts as a trustee for deeds of trust on mortgage loans granted by the Bank and receives a reconveyance fee for each deed of trust. Riverview Services had net income of $8,000 for the fiscal year ended March 31, 2026 and total assets of $1.4 million at March 31, 2026. Riverview Services’ operations are included in the Consolidated Financial Statements of the Company contained in Item 8 of this Form 10-K.

The Trust Company is an asset management company providing trust, estate planning and investment management services. The Trust Company had net income of $2.3 million for the fiscal year ended March 31, 2026 and total assets of $15.0 million at March 31, 2026. The Trust Company earns fees on the management of assets held in fiduciary or agency capacity. At March 31, 2026, total assets under management were $908.1 million. The Trust Company’s operations are included in the Consolidated Financial Statements of the Company contained in Item 8 of this Form 10-K.

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Information about our Executive Officers. The following table sets forth certain information regarding the executive officers of the Company and its subsidiaries:

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Nicole Sherman is Chief Executive Officer and President of the Company since July 2024. Ms. Sherman has more than 30 years of executive banking experience, including more than 20 years in Washington. Her banking career includes leadership roles as Executive Vice President, Director of Retail Banking and Digital Integration at Columbia Bank for 10 years, and Executive Vice President, Chief Banking Officer at AmericanWest Bank for seven years. She began her career at Zions Bank, where she spent 15 years in senior leadership roles. Ms. Sherman has led 11 successful mergers and acquisitions and serves on the boards of the Greater Vancouver Chamber and the Oregon Bankers Association. She holds a Bachelor of Science in Business Administration and was the first female instructor at the Pacific Coast Banking Graduate School (PCBS) at the University of Washington, Foster School of Business where she has served on faculty since 2003.

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Daniel D. Cox is Executive Vice President and Chief Operating Officer of the Company since July 2024. Mr. Cox joined the Bank in August 2002 and spent five years as a commercial lender and progressed through the credit administration function, most recently serving as Executive Vice President and Chief Credit Officer. Mr. Cox holds a Bachelor of Arts in Business Administration with a major emphasis in Finance from Washington State University and was an Honor Roll graduate of the PCBS. Mr. Cox is an active mentor in the local schools and was the Past Treasurer and Endowment Chair for the Washougal Schools Foundation and Past Board Member of Camas-Washougal Chamber of Commerce.

David Lam is Executive Vice President and Chief Financial Officer of the Company, positions he has held since July 2017. Prior to July 2017, Mr. Lam served as Senior Vice President and Controller of the Bank since 2008. He is responsible for accounting, SEC reporting and treasury functions for the Bank and the Company. Prior to joining Riverview, Mr. Lam spent ten years working in the public accounting sector advancing to the level of audit manager. Mr. Lam holds a Bachelor of Arts degree in business administration with an emphasis in accounting from Oregon State University. Mr. Lam is a certified public accountant (CPA), holds a chartered global management accountant designation and is a member of both the American Institute of CPAs and Oregon Society of CPAs.

Robert Benke is Executive Vice President and Chief Credit Officer of the Bank since September 2023. Previously, Mr. Benke was Senior Vice President/Senior Credit Administrator, a position he held since March 2016. Mr. Benke joined Riverview in July 2004 and spent five years as a commercial lender and progressed through the credit administration function starting in 2012 most recently serving as Senior Vice President of Credit Administration. He is responsible for credit administration related to the Bank’s commercial and consumer loan activities. He holds a Masters of Business Administration (MBA) from Washington State University, a Bachelor of Arts in Physics from Whitman College, and is a 2015 graduate of the PCBS. Mr. Benke is an active board member of the Washington State University – Vancouver MAP Program.

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Michael Sventek is Executive Vice President and Chief Lending Officer of the Bank, a position he has held since March 2023. Mr. Sventek has over 30 years of experience in community banking. Prior to joining the Bank, he served as Commercial Banking Market Director for Umpqua Bank from April 2021 to March 2023,and prior to that as Commercial Banking President for BBVA USA. Throughout his career, Mr. Sventek has held senior commercial banking and lending leadership roles at community and regional financial institutions. Mr. Sventek holds a Bachelor of Science in Computer Science Engineering from Northern Arizona University and is a graduate of the PCBS.

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Charmaine Lightheart is Executive Vice President and Chief Retail and Digital Engagement Officer of the Bank. Mrs. Lightheart has over 20 years of leadership experience in the banking industry, having progressed through branch management, treasury management, regional management and director-level roles. Prior to her current appointment, she served in senior leadership positions at First Independent Bank, Sterling Bank, and Heritage Bank, and most recently as Senior Vice President and Director of Retail Services at the Bank. Mrs. Lightheart holds a Master of Business Administration and is a graduate of the PCBS.

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Evan Sowers is President and Chief Executive Officer of the Trust Company, a wholly-owned subsidiary of the Bank, a position he has held since joining the Trust Company in 2022. Prior to joining the Company, Mr. Sowers spent 22 years in trust and investment management, most recently serving as Managing Director of Private Banking and Wealth Management for a regional trust company in the Midwest, where he held regional leadership responsibilities. Mr. Sowers holds a Master of Business Administration with concentrations in Finance, Accounting, and Investment Banking from Washington University in St. Louis and a Bachelor of Arts from the University of Missouri.

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REGULATION

General.

As a Washington state-chartered commercial bank, the Bank’s regulators are the WDFI and the FDIC. The Company is a Bank Holding Company and the Federal Reserve is its primary federal regulator.

The following is a brief description of certain laws and regulations which are applicable to the Company and the Bank. The description of these laws and regulations, as well as descriptions of laws and regulations contained elsewhere herein, does not purport to be complete and is qualified in its entirety by reference to the applicable laws and regulations.

Legislation is introduced from time to time in the United States Congress (“Congress”) or the Washington State Legislature that may affect the Company’s and Bank’s operations. In addition, the regulations governing the Company and the Bank may be amended from time to time by the WDFI, the FDIC, the Federal Reserve or the SEC, as appropriate. Any such legislation or regulatory changes in the future could have an adverse effect on our operations and financial condition. We cannot predict whether any such changes may occur.

The WDFI and FDIC have extensive enforcement authority over all Washington state-chartered commercial banks, including the Bank. The Federal Reserve has the same type of authority over Riverview.

Regulation and Supervision of the Bank

General. As a state-chartered commercial bank, the Bank is subject to applicable provisions of Washington state law and regulations of the WDFI in addition to federal law and regulations of the FDIC applicable to state banks that are not members of the Federal Reserve System. State law and regulations govern the Bank’s ability to take deposits and pay interest, to make loans on or invest in residential and other real estate, to make consumer loans, to invest in securities, to offer various banking services to its clients and to establish branch offices. Under state law, commercial banks in Washington also generally have all of the powers that national banks have under federal laws and regulations. The Bank is subject to periodic examination by and reporting requirements of the WDFI and FDIC.

Capital Requirements. Federally insured financial institutions, such as the Bank and their holding companies, are required to maintain a minimum level of regulatory capital. The Bank is subject to capital regulations adopted by the FDIC, which establish minimum required ratios for a common equity Tier 1 (“CET1”) capital to risk-based assets ratio, a Tier 1 capital to risk-based assets ratio, a total capital to risk-based assets ratio and a Tier 1 capital to total assets leverage ratio. The capital standards require the maintenance of the following minimum capital ratios: (i) a CET1 capital ratio of 4.5%; (ii) a Tier 1 capital ratio of 6%; (iii) a total capital ratio of 8%; and (iv) a Tier 1 leverage ratio of 4%. Consolidated regulatory capital requirements identical to those applicable to subsidiary banks generally apply to bank holding companies. However, the Federal Reserve has provided a “Small Bank Holding Company” exception to its consolidated capital requirements, and bank holding companies with less than $3.0 billion of consolidated assets are not subject to the consolidated holding company capital requirements unless otherwise directed by the Federal Reserve.

The Economic Growth, Regulatory Relief and Consumer Protection Act (“EGRRCPA”), enacted in May 2018, required the federal banking agencies, including the FDIC, to establish for institutions with assets of less than $10 billion a “community bank leverage ratio” or “CBLR” of between 8 to 10%. Institutions with capital meeting or exceeding the ratio and otherwise complying with the specified requirements (including off-balance sheet exposures of 25% or less of total assets and trading assets and liabilities of 5% or less of total assets) and electing the alternative framework are considered to comply with the applicable regulatory capital requirements, including the risk-based requirements. The CBLR was established at 9% Tier 1 capital to total average assets, effective January 1, 2020. Effective July 1, 2026, the federal banking agencies lowered the CBLR requirement from 9% to 8% Tier 1 capital to total average assets. A qualifying institution may opt in and out of the community bank leverage ratio framework on its quarterly call report. An institution that temporarily ceases to meet any qualifying criteria is provided with a four- quarter grace period to again achieve compliance. Failure to meet the qualifying criteria within the grace period or maintain a leverage ratio greater than 7% requires the institution to comply with the generally applicable capital requirements. The Bank has not elected to use the CBLR framework as of March 31, 2026.

Certain changes in what constitutes regulatory capital, including the phasing out of certain instruments as qualifying capital, are subject to transition periods, most of which have expired. The Bank does not have any such instruments. Because of the Bank’s

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asset size, the Bank elected to take a one-time option to permanently opt-out of the inclusion of unrealized gains and losses on available for sale debt and equity securities in its capital calculations.

The Bank also must maintain a capital conservation buffer consisting of additional CET1 capital greater than 2.5% of risk-weighted assets above the required minimum risk-based capital levels in order to avoid limitations on paying dividends, engaging in share repurchases, and paying discretionary bonuses.

In order to be considered well-capitalized under the prompt corrective action regulations described below, the Bank must maintain a CET1 risk-based ratio of 6.5%, a Tier 1 risk-based ratio of 8%, a total risk-based capital ratio of 10% and a leverage ratio of 5%, and the Bank must not be subject to an individualized order, directive or agreement under which its primary federal banking regulator requires it to maintain a specific capital level. As of March 31, 2026, the Bank met the requirements to be “well capitalized” and met the fully phased-in capital conservation buffer requirement. For a complete description of the Bank’s required and actual capital levels on March 31, 2026, see Note 12 of the Notes to Consolidated Financial Statements contained in Item 8 of this Form 10-K.

On April 1, 2023, the company adopted a new accounting standard for GAAP referred to as Current Expected Credit Loss (“CECL”) which requires FDIC-insured institutions and their holding companies (banking organizations) to recognize credit losses expected over the life of certain financial assets. CECL covers a broader range of assets than the prior method of recognizing credit losses and generally results in earlier recognition of credit losses. Upon adoption of CECL, a banking organization must record a one-time adjustment to its credit loss allowances as of the beginning of the fiscal year of adoption equal to the difference, if any, between the amount of credit loss allowances under the previous methodology and the amount required under CECL. For a banking organization, implementation of CECL may reduce retained earnings, and affect other items, in a manner that reduces its regulatory capital. The Company recorded a one-time adjustment to its allowance for credit losses of $42,000 with the adoption of CECL.

The federal banking regulators (the Federal Reserve, the OCC and the FDIC) have adopted a rule that gives a banking organization the option to phase in over a three-year period the day-one adverse effects of CECL on its regulatory capital. The Company elected this option.

Prompt Corrective Action. Federal statutes establish a supervisory framework for FDIC-insured institutions based on five capital categories: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized. An institution’s category generally depends upon where its capital levels are in relation to relevant capital measures, which include risk-based capital measures, a leverage ratio capital measure, and certain other factors. An institution that is not well capitalized is subject to certain restrictions on brokered deposits, including restrictions on the rates it can offer on its deposits generally. Any institution which is neither well capitalized nor adequately capitalized is considered under- capitalized. The previously referenced final rule establishing an elective “community bank leverage ratio” regulatory capital framework provides that a qualifying institution whose capital exceeds the CBLR and opts to use that framework will be considered “well capitalized” for purposes of prompt corrective action.

Undercapitalized institutions are subject to certain prompt corrective action requirements, regulatory controls and restrictions which become more extensive as an institution becomes more severely undercapitalized. Failure by the Bank to comply with applicable capital requirements would, if unremedied, result in progressively more severe restrictions on its activities and lead to enforcement actions, including, but not limited to, the issuance of a capital directive to ensure the maintenance of required capital levels and, ultimately, the appointment of the FDIC as receiver or conservator. Banking regulators will take prompt corrective action with respect to depository institutions that do not meet minimum capital requirements. Additionally, approval of any regulatory application filed for their review may be dependent on compliance with capital requirements.

Federal Home Loan Bank System. The Bank is a member of the FHLB Des Moines, which is one of 11 regional Federal Home Loan Banks that administer the home financing credit function of savings institutions, each of which serves as a reserve or central bank for its members within its assigned region. The FHLB is funded primarily from proceeds derived from the sale of consolidated obligations of the FHLB System. Loans or advances are made to members in accordance with policies and procedures established by the Board of Directors of the FHLB, which are subject to the oversight of the Federal Housing Finance Agency. All advances from the FHLB are required to be fully secured by sufficient collateral as determined by the FHLB. In addition, all long-term advances are required to provide funds for residential home financing. See Business – “Deposit Activities and Other Sources of Funds – Borrowings.” As a member, the Bank is required to purchase and maintain stock in the FHLB. At March 31, 2026, the Bank held $1.6 million in FHLB stock, which is comprised of $906,000 of membership stock and $725,000 of activity

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stock from borrowing activities. At March 31, 2026, the Bank is in compliance with FHLB stock requirements. During the fiscal year ended March 31, 2026, the Bank redeemed $2,300 of FHLB membership stock at par due to the decrease in the Bank’s consolidated assets at December 31, 2025 as compared to December 31, 2024.

The FHLB continues to contribute to low- and moderately-priced housing programs through direct loans or interest subsidies on advances targeted for community investment and low- and moderate-income housing projects. These contributions have adversely affected the level of FHLB dividends paid and could continue to do so in the future. These contributions could also have an adverse effect on the value of FHLB stock in the future. A reduction in the value of the Bank’s FHLB stock may result in a decrease in net income and possibly capital.

Insurance of Accounts and Regulation by the FDIC. The Bank’s deposits are insured up to $250,000 per separately insured deposit ownership right or category by the Deposit Insurance Fund (“DIF”) of the FDIC. As the insurer, the FDIC imposes deposit insurance premiums and is authorized to conduct examinations of, and to require reporting by, FDIC-insured institutions. The FDIC assesses deposit insurance premiums quarterly on each FDIC-insured institution applied to its deposit base, which is their average consolidated total assets minus its Tier 1 capital. No institution may pay a dividend if it is in default on its federal deposit insurance assessment. Total base assessment rates currently range from 2.5 to 32 basis points subject to certain adjustments for institutions based on size, risk classification and other factors. The FDIC may increase or decrease the range of assessments uniformly, except that no adjustment can deviate more than two basis points from the base assessment rate without notice and comment rulemaking.

A significant increase in insurance premiums or a special assessment levied by the FDIC could likely have an adverse effect on the operating expenses and results of operations of the Bank. There can be no prediction as to what changes in insurance assessment rates may be made in the future. For the fiscal year ended March 31, 2026, the Bank’s FDIC deposit insurance premiums totaled $671,000.

The FDIC also may prohibit any insured institution from engaging in any activity the FDIC determines by regulation or order to pose a serious risk to the DIF. The FDIC also has the authority to take enforcement actions against banks and savings associations. Management is not aware of any existing circumstances which would result in termination of the Bank’s deposit insurance.

Activities and Investments of Insured State-Chartered Financial Institutions. Federal law generally limits the activities and equity investments of FDIC-insured, state-chartered banks to those that are permissible for national banks. An insured state bank is not prohibited from, among other things, (1) acquiring or retaining a majority interest in a subsidiary, (2) investing as a limited partner in a partnership the sole purpose of which is direct or indirect investment in the acquisition, rehabilitation or new construction of a qualified housing project, provided that such limited partnership investments may not exceed 2% of the bank’s total assets, (3) acquiring up to 10% of the voting stock of a company that solely provides or reinsures directors’, trustees’ and officers’ liability insurance coverage or bankers’ blanket bond group insurance coverage for insured depository institutions and (4) acquiring or retaining the voting shares of a depository institution owned by another FDIC-insured institution if certain requirements are met.

Washington State has enacted a law regarding financial institution parity. Primarily, the law affords Washington state-chartered commercial banks the same powers as Washington state-chartered savings banks and provides that Washington state-chartered commercial banks may exercise any of the powers that the Federal Reserve has determined to be closely related to the business of banking and the powers of national banks, subject to the approval of the Director of the WDFI in certain situations. Finally, the law provides additional flexibility for Washington state-chartered commercial and savings banks with respect to interest rates on loans and other extensions of credit. Specifically, they may charge the maximum interest rate allowable for loans and other extensions of credit by federally-chartered financial institutions to Washington residents.

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Transactions with Affiliates. Riverview and the Bank are separate and distinct legal entities. The Bank is an affiliate of Riverview and federal laws strictly limit the ability of banks to engage in certain transactions with their affiliates. Transactions deemed to be a “covered transaction” under Section 23A of the Federal Reserve Act between a bank and an affiliate are limited to 10% of a bank’s capital and surplus and, with respect to all affiliates, to an aggregate of 20% of a bank’s capital and surplus. Further, covered transactions that are loans and extensions of credit generally are required to be secured by eligible collateral in specified amounts. Federal law also requires that covered transactions and certain other transactions listed in Section 23B of the Federal Reserve Act between a bank and its affiliates be on terms as favorable to a bank as transactions with non-affiliates.

Community Reinvestment Act. The Bank is subject to the provisions of the Community Reinvestment Act of 1977 (“CRA”), which require the applicable federal bank regulatory agency to assess a bank’s performance under the CRA in meeting the credit needs of the community serviced by the Bank, including low- and moderate-income neighborhoods. The regulatory agency’s assessment of the Bank’s record is made available to the public. Further, a bank’s CRA performance must be considered in connection with a bank’s application, to among other things, establish a new branch office that will accept deposits, relocate an existing office or merge or consolidate with, or acquire the assets or assume the liabilities of, a federally regulated financial institution. An unsatisfactory rating may be the basis for denial of certain applications. The Bank received a “satisfactory” rating during its most recent CRA examination.

Dividends. The amount of dividends payable by the Bank to Riverview depends upon the Bank’s earnings and capital position, and is limited by federal and state laws, regulations and policies. Under Washington law, the Bank may not declare or pay a cash dividend on its capital stock if it would cause its net worth to be reduced below (1) the amount required for liquidation accounts or (2) the net worth requirements, if any, imposed by the Director of the WDFI. In addition, dividends may not be declared or paid if the Bank is on default in payment of any assessments due to the FDIC. Dividends on the Bank’s capital stock may not be paid in an aggregate amount greater than the aggregate retained earnings of the Bank, without the approval of the Director of the WDFI.

The amount of dividends actually paid during any one period is affected by the Bank’s policy of maintaining a strong capital position. Federal law further restricts dividends payable by an institution that does not meet the capital conservation buffer requirement and provides that no insured depository institution may pay a cash dividend if it would cause the institution to be “undercapitalized,” as defined in the prompt corrective action regulations. Moreover, the federal bank regulatory agencies also have the general authority to limit the dividends paid by insured banks if such payments are deemed to constitute an unsafe and unsound practice.

Standards for Safety and Soundness. Each federal banking agency, including the FDIC, has adopted guidelines establishing general standards relating to internal controls, information and internal audit systems; loan documentation; credit underwriting; interest rate risk exposure; asset growth; asset quality; earnings; and compensation, fees and benefits. In general, the guidelines require, among other things, appropriate systems and practices to identify and manage the risks and exposures specified in the guidelines. The guidelines prohibit excessive compensation as an unsafe and unsound practice and describe compensation as excessive when the amounts paid are unreasonable or disproportionate to the services performed by an executive officer, employee, director, or principal shareholder. If the FDIC determines that an institution fails to meet any of these guidelines, it may require an institution to submit to the FDIC an acceptable plan to achieve compliance. Management of the Bank is not aware of any conditions relating to these safety and soundness standards which would require submission of a plan of compliance.

Federal Reserve System. The Federal Reserve requires all depository institutions to maintain reserves at specified levels against their transaction accounts, primarily checking accounts. At March 31, 2026, the Bank was not required to maintain any reserve balances.

The Bank is authorized to borrow from the Federal Reserve Bank of San Francisco’s “discount window.” An eligible institution need not exhaust other sources of funds before going to the discount window, nor are there restrictions on the purposes for which the institution can use primary credit. At March 31, 2026, the Bank had no outstanding borrowings from the Federal Reserve.

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Commercial Real Estate Lending Concentrations. The federal banking agencies have issued guidance on sound risk management practices for concentrations in commercial real estate lending. The particular focus is on exposure to commercial real estate loans that are dependent on the cash flow from the real estate held as collateral and that are likely to be sensitive to conditions in the commercial real estate market (as opposed to real estate collateral held as a secondary source of repayment or as an abundance of caution). The purpose of the guidance is not to limit a bank’s commercial real estate lending but to guide banks in developing risk management practices and capital levels commensurate with the level and nature of real estate concentrations. The guidance directs the FDIC and other federal bank regulatory agencies to focus their supervisory resources on institutions that may have significant commercial real estate loan concentration risk. A bank that has experienced rapid growth in commercial real estate lending, has notable exposure to a specific type of commercial real estate loan, or is approaching or exceeding the following supervisory criteria may be identified for further supervisory analysis with respect to real estate concentration risk:

The guidance provides that the strength of an institution’s lending and risk management practices with respect to such concentrations will be taken into account in supervisory guidance on evaluation of capital adequacy.

Environmental Issues Associated with Real Estate Lending. The Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”), is a federal statute that generally imposes strict liability on all prior and present “owners and operators” of sites containing hazardous waste. However, Congress acted to protect secured creditors by providing that the term “owner and operator” excludes a person whose ownership is limited to protecting its security interest in the site. Since the enactment of the CERCLA, this “secured creditor exemption” has been the subject of judicial interpretations which have left open the possibility that lenders could be liable for cleanup costs on contaminated property that they hold as collateral for a loan. To the extent that legal uncertainty exists in this area, all creditors, including the Bank, that have made loans secured by properties with potentially hazardous waste contamination (such as petroleum contamination) could be subject to liability for cleanup costs, which could substantially exceed the value of the collateral property.

Anti-Money Laundering and Customer Identification. The Bank is subject to the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “USA PATRIOT Act”). The USA PATRIOT Act grants federal agencies expanded powers to combat terrorism through enhanced domestic security measures, increased surveillance authority, expanded information sharing, and strengthened anti-money laundering (“AML”) requirements. Among its provisions, the USA PATRIOT Act encourages information sharing among financial institutions, regulatory agencies, and law enforcement authorities. It also imposes specific obligations on a wide range of financial institutions, including banks, broker-dealers, credit unions, money services businesses, and entities registered under the Commodity Exchange Act, to establish and maintain procedures for verifying the identity of clients seeking to open new accounts, pursuant to the Act’s Customer Identification Program requirements. Additionally, federal banking regulators are required to consider a financial institution’s record in complying with AML obligations, including those under the USA PATRIOT Act, when evaluating applications under the Bank Holding Company Act and the Bank Merger Act.

Privacy Standards and Cybersecurity. The Gramm-Leach-Bliley Financial Services Modernization Act of 1999 modernized the financial services industry by establishing a comprehensive framework to permit affiliations among commercial banks, insurance companies, securities firms and other financial service providers.  Federal banking agencies, including the FDIC, have adopted guidelines for establishing information security standards and cybersecurity programs for implementing safeguards under the supervision of the board of directors. These guidelines, along with related regulatory materials, increasingly focus on risk management and processes related to information technology and the use of third parties in the provision of financial services. These regulations require the Bank to disclose its privacy policy, including informing consumers of its information sharing practices and informing consumers of their rights to opt out of certain practices. In addition, Washington State and other federal and state cybersecurity and data privacy laws and regulations may expose the Bank to risk and result in certain risk management costs. In addition, on November 18, 2021, the federal banking agencies announced the adoption of a final rule providing for new notification requirements for banking organizations and their service providers for significant cybersecurity incidents. Specifically, the new rule requires a banking organization to notify its primary federal regulator as soon as possible, and no later than 36 hours after, the banking organization determines that a “computer-security incident” rising to the level of a “notification incident” has occurred. Notification is required for incidents that have materially affected or are reasonably likely to materially affect the viability of a banking organization’s operations, its ability to deliver banking products and services, or the stability of the financial

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sector. Service providers are required under the rule to notify affected banking organization clients as soon as possible when the provider determines that it has experienced a computer-security incident that has materially affected or is reasonably likely to materially affect the banking organization’s clients for four or more hours. Compliance with the new rule was required by May 1, 2022. Non-compliance with federal or similar state privacy and cybersecurity laws and regulations could lead to substantial regulatory imposed fines and penalties, damages from private causes of action and/or reputational harm. Please see “Item 1C. Cybersecurity”.

Digital Assets and Emerging Technologies. Federal banking regulators, including the FDIC, have issued guidance addressing banking organizations’ potential involvement in digital asset and other emerging technology–related activities. Such guidance generally permits institutions to engage in permissible activities involving digital assets, provided that associated risks are appropriately identified and managed. The Bank does not currently engage in material digital asset–related activities.

Other Consumer Protection Laws and Regulations. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”) established the Consumer Financial Protection Bureau (“CFPB”) and granted it broad authority to regulate, supervise, and enforce federal consumer financial protection laws. Although the Bank, as an institution with assets under $10 billion, is generally supervised for consumer compliance by the Federal Deposit Insurance Corporation (“FDIC”), the CFPB’s regulations and guidance continue to shape the federal consumer protection framework applicable to the Bank. Recent reports indicated changes in the operational posture of the CFPB, including temporary suspension of certain rulemaking and enforcement activities, office closures, and leadership transitions. These developments may affect the timing or implementation of consumer financial regulations, and the long-term impact on the CFPB’s activities remains to be seen.

The Bank is also subject to a broad range of federal and state consumer protection laws, including, but not limited to, the Truth in Lending Act, Equal Credit Opportunity Act, Fair Credit Reporting Act, Real Estate Settlement Procedures Act, Electronic Fund Transfer Act, and laws prohibiting unfair, deceptive, or abusive acts or practices. These laws govern the Bank’s interactions with consumers across nearly all products and services. Noncompliance can result in enforcement actions, civil monetary penalties, and reputational harm.

The Bank continues to monitor regulatory developments and remains committed to complying with applicable consumer protection requirements.

Regulation and Supervision of Riverview Bancorp, Inc.

General. Riverview as sole shareholder of the Bank, is a bank holding company registered with the Federal Reserve. Bank holding companies are subject to comprehensive regulation by the Federal Reserve under the Bank Holding Company Act of 1956, as amended (“BHCA”), and the regulations of the Federal Reserve. Accordingly, Riverview is required to file semi-annual reports with the Federal Reserve and provide additional information as the Federal Reserve may require. The Federal Reserve may examine Riverview, and any of its subsidiaries, and charge Riverview for the cost of the examination. The Federal Reserve also has extensive enforcement authority over bank holding companies, including, among other things, the ability to assess civil money penalties, to issue cease and desist or removal orders and to require that a holding company divest subsidiaries (including its bank subsidiaries). In general, enforcement actions may be initiated for violations of law and regulations and unsafe or unsound practices. Riverview, as a public company, is also required to file certain reports and otherwise comply with the rules and regulations of the SEC. See “Federal Securities Laws” below.

The Bank Holding Company Act. Under the BHCA, Riverview is supervised by the Federal Reserve. The Federal Reserve has a policy that a bank holding company is required to serve as a source of financial and managerial strength to its subsidiary bank and may not conduct its operations in an unsafe or unsound manner. In addition, the Dodd-Frank Act and earlier Federal Reserve policy provide that a bank holding company should serve as a source of strength to its subsidiary bank by having the ability to provide financial assistance to its subsidiary bank during periods of financial distress to the bank. A bank holding company’s failure to meet its obligation to serve as a source of strength to its subsidiary bank will generally be considered by the Federal Reserve to be an unsafe and unsound banking practice or a violation of the Federal Reserve’s regulations or both. No regulations have yet been proposed by the Federal Reserve to implement the source of strength provisions required by the Dodd-Frank Act. Riverview and any subsidiaries that it may control are considered “affiliates” within the meaning of the Federal Reserve Act, and transactions between the Bank and affiliates are subject to numerous restrictions. With some exceptions, Riverview and its

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subsidiaries are prohibited from tying the provision of various services, such as extensions of credit, to other services offered by Riverview or by its affiliates.

Acquisitions.  The BHCA prohibits a bank holding company, with certain exceptions, from acquiring ownership or control of more than 5% of the voting shares of any company that is not a bank or bank holding company and from engaging in activities other than those of banking, managing or controlling banks, or providing services for its subsidiaries. Under the BHCA, the Federal Reserve may approve the ownership of shares by a bank holding company in any company, the activities of which the Federal Reserve has determined to be so closely related to the business of banking or managing or controlling banks as to be a proper incident thereto. These activities include: operating a savings institution, mortgage company, finance company, credit card company or factoring company; performing certain data processing operations; providing certain investment and financial advice; underwriting and acting as an insurance agent for certain types of credit-related insurance; leasing property on a full-payout, non-operating basis; selling money orders, travelers’ checks and U.S. Savings Bonds; real estate and personal property appraising; providing tax planning and preparation services; and, subject to certain limitations, providing securities brokerage services for clients. The Federal Reserve must approve the acquisition (or acquisition of control) of a bank or other FDIC-insured depository institution by a bank holding company, and the appropriate federal banking regulator must approve a bank’s acquisition (or acquisition of control) of another bank or other FDIC-insured institution.

Acquisition of Control of a Bank Holding Company. Under federal law, a notice or application must be submitted to the appropriate federal banking regulator if any person (including a company), or group acting in concert, seeks to acquire “control” of a bank holding company. An acquisition of control can occur upon the acquisition of 10% or more of the voting stock of a bank holding company or as otherwise defined by federal regulations. In considering such a notice or application, the Federal Reserve takes into consideration certain factors, including the financial and managerial resources of the acquirer and the anti-trust effects of the acquisition. Any company that acquires control becomes subject to regulation as a bank holding company. Depending on circumstances, a notice or application may be required to be filed with appropriate state banking regulators and may be subject to their approval or non-objection.

Regulatory Capital Requirements. As discussed above, pursuant to the “Small Bank Holding Company” exception, effective August 30, 2018, bank holding companies with less than $3 billion in consolidated assets were generally no longer subject to the Federal Reserve’s capital regulations, which are generally the same as the capital regulations applicable to the Bank. At the time of this change, Riverview was considered “well capitalized” as defined for a bank holding company with a total risk-based capital ratio of 10.0% or more and a Tier 1 risk-based capital ratio of 8.0% or more, and was not subject to an individualized order, directive or agreement under which the Federal Reserve requires it to maintain a specific capital level.

Restrictions on Dividends. The Federal Reserve has issued a policy statement on the payment of cash dividends by bank holding companies which expresses its view that a bank holding company must maintain an adequate capital position and generally should not pay cash dividends unless the company’s net income for the past year is sufficient to fully fund the cash dividends and that the prospective rate of earnings appears consistent with the company’s capital needs, asset quality, and overall financial condition. The Federal Reserve policy statement also indicates that it would be inappropriate for a company experiencing serious financial problems to borrow funds to pay dividends. Under Washington corporate law, Riverview generally may not pay dividends if after that payment it would not be able to pay its liabilities as they become due in the usual course of business, or its total assets would be less than its total liabilities. The capital conservation buffer requirement may also limit or preclude dividends payable by the Company. For additional information, see Item 1.A. “Risk Factors – Risks Related to Regulatory and Compliance Matters – Non-compliance with the USA PATRIOT Act, Bank Secrecy Act, or other laws and regulations could result in fines or sanctions and limit our ability to get regulatory approval of acquisitions” in this report.

Stock Repurchases. A bank holding company, except for certain “well-capitalized” and highly rated bank holding companies, is required to give the Federal Reserve prior written notice of any purchase or redemption of its outstanding equity securities if the gross consideration for the purchase or redemption, when combined with the net consideration paid for all such purchases or redemptions during the preceding twelve months, is equal to 10% or more of its consolidated net worth. The Federal Reserve may disapprove such a purchase or redemption if it determines that the proposal would constitute an unsafe or unsound practice or

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would violate any law, regulation, Federal Reserve order or any condition imposed by, or written agreement with, the Federal Reserve.

Federal Securities Laws. Riverview’s common stock is registered with the SEC under Section 12(b) of the Securities Exchange Act of 1934, as amended (“Exchange Act”). The Company is subject to information, proxy solicitation, insider trading restrictions and other requirements under the Exchange Act.

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