RIVERVIEW BANCORP INC

Previous wording

Critical accounting policies and estimates are discussed in our 2025 Form 10-K under Part II. Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates” and Part II. Item 8, “Note 1. Summary of Significant Accounting Policies” in the Notes to the Consolidated Financial Statements.” That discussion highlights estimates that the Company makes that involve uncertainty or potential for substantial change. There have not been any material changes in the Company’s critical accounting policies and estimates as compared to the disclosures contained in the Company’s 2025 Form 10-K.

Current wording

Critical accounting policies and estimates are discussed in our Annual Report on Form 10-K for the year ended March 31, 2025 (“2025 Form 10-K”) under Part II. Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates” and Part II. Item 8, “Note 1. Summary of Significant Accounting Policies” in the Notes to the Consolidated Financial Statements.” That discussion highlights estimates that the Company makes that involve uncertainty or potential for substantial change. There have not been any material changes in the Company’s critical accounting policies and estimates as compared to the disclosures contained in the Company’s 2025 Form 10-K.

Previous wording

The Company is engaged primarily in attracting deposits from the general public and using those funds within its primary market area to originate commercial business, commercial real estate, multi-family real estate, land, real estate construction, residential real estate and other consumer loans. In addition, the Company periodically purchases commercial business loans originated by a third party located outside the Company’s primary market area to supplement loan originations and diversify the commercial loan portfolio. The Company also purchases the guaranteed portion of SBA loans, originated by another financial institution and serviced by the seller, to further diversify the loan portfolio, supplement originations, and achieve higher yields than short-term investments. These SBA loans are also originated outside the Company’s primary market area. The Company’s loans receivable, net, totaled $1.05 billion at both September 30, 2025 and March 31, 2025.

Current wording

The Company is engaged primarily in attracting deposits from the general public and using those funds within its primary market area to originate commercial business, commercial real estate, multi-family real estate, land, real estate construction, residential real estate and other consumer loans. In addition, the Company periodically purchases commercial business loans originated by a third party located outside the Company’s primary market area to supplement loan originations and diversify the commercial loan portfolio. The Company also purchases the guaranteed portion of SBA loans, originated by another financial institution and serviced by the seller, to further diversify the loan portfolio, supplement originations, and achieve higher yields than short-term investments. These SBA loans are also originated outside the Company’s primary market area. The Company’s loans receivable, net, totaled $1.07 billion at December 31, 2025 compared to $1.05 billion at March 31, 2025.

Previous wording

Execution of our Business Plan. The Company remains focused on expanding its loan portfolio, particularly higher-yielding commercial and construction loans, and growing its core deposit base by deepening client relationships throughout its primary market areas. While residential real estate lending was historically a primary focus, the Company has diversified its loan portfolio in recent years through the strategic growth of its commercial and construction loan portfolios. At September 30, 2025, commercial and construction loans represented 88.7% of total loans. Commercial lending, including CRE, generally involves greater credit risk than residential lending. However, these risks are often compensated by higher interest margins and fee income, contributing to enhanced loan portfolio profitability. To support its growth and profitability objectives, the Company is committed to a relationship-based banking model designed to strengthen client loyalty, identify new lending opportunities, and improve client-level profitability through cross-selling deposit, treasury management, and other banking services. The Company continues to build its core deposit base by offering competitive products, enhancing digital banking capabilities, and prioritizing high-quality client service. Additionally, the Company seeks to expand its banking franchise through de novo branch development, selective acquisitions of branches or loan portfolios, and whole bank transactions that align with its strategic and financial goals.

Current wording

Execution of our Business Plan. The Company remains focused on expanding its loan portfolio, particularly higher-yielding commercial and construction loans, and growing its core deposit base by deepening client relationships throughout its primary market areas. While residential real estate lending was historically a primary focus, the Company has diversified its loan portfolio in recent years through the strategic growth of its commercial and construction loan portfolios. At December 31, 2025, commercial and construction loans represented 88.2% of total loans. Commercial lending, including CRE, generally involves greater credit risk than residential lending. However, these risks are often compensated by higher interest margins and fee income, contributing to enhanced loan portfolio profitability. To support its growth and profitability objectives, the Company is committed to a relationship-based banking model designed to strengthen client loyalty, identify new lending opportunities, and improve client-level profitability through cross-selling deposit, treasury management, and other banking services. The Company continues to build its core deposit base by offering competitive products, enhancing digital banking capabilities, and prioritizing high-quality client service. Additionally, the Company seeks to expand its banking franchise through de novo branch development, selective acquisitions of branches or loan portfolios, and whole bank transactions that align with its strategic and financial goals.

Previous wording

Maintaining Strong Asset Quality. The Company believes that strong asset quality is a key to long-term financial success. The Company has actively managed delinquent loans and nonperforming assets by aggressively pursuing the collection of consumer debts, marketing saleable properties upon foreclosure or repossession, and through workouts of classified assets and loan charge-offs. The Company’s approach to credit management uses well defined policies and procedures and disciplined underwriting criteria resulting in our strong asset quality and credit metrics in fiscal year 2026. Although the Company intends to prudently increase the percentage of its assets consisting of higher-yielding commercial real estate, real estate construction and commercial business and business banking loans, which offer higher risk-adjusted returns, shorter maturities and more sensitivity to interest rate fluctuations, the Company intends to manage credit exposure using experienced bankers in these areas and a conservative approach to its lending.

Current wording

Maintaining Strong Asset Quality. The Company believes that strong asset quality is a key to long-term financial success. The Company has actively managed delinquent loans and nonperforming assets by aggressively pursuing the collection of consumer debts, marketing saleable properties upon foreclosure or repossession, and through workouts of classified assets and loan charge-offs. The Company’s approach to credit management uses well defined policies and procedures and disciplined underwriting criteria resulting in our strong asset quality and credit metrics in fiscal year 2026. Although the Company intends to prudently increase the percentage of its assets consisting of higher-yielding commercial real estate, real estate construction and commercial business and business banking loans, which offer higher risk-adjusted

Previous wording

Introduction of New Products and Services. The Company continuously reviews new products and services to provide its clients with more financial options. All new technology and services are generally reviewed for business development and cost saving purposes. The Company continues to experience growth in client use of its online banking services, where the Bank provides a full array of traditional cash management products as well as online banking products including mobile banking, mobile deposit, bill pay, e-statements, and new deposit products. The products are tailored to meet the needs of businesses and households in the markets we serve. The Company intends to selectively add other products to further diversify revenue sources and to capture more of each client’s banking relationship by cross-selling loan and deposit products and additional services, including services provided through the Trust Company to increase its fee income. Assets under management by the Trust Company totaled $927.0 million and $877.9 million at September 30, 2025 and March 31, 2025, respectively. The Company also offers a third-party identity theft product to its clients. The identity theft product assists our clients in monitoring their credit and includes an identity theft restoration service.

Current wording

Introduction of New Products and Services. The Company continuously reviews new products and services to provide its clients with more financial options. All new technology and services are generally reviewed for business development and cost saving purposes. The Company continues to experience growth in client use of its online banking services, where the Bank provides a full array of traditional cash management products as well as online banking products including mobile banking, mobile deposit, bill pay, e-statements, and new deposit products. The products are tailored to meet the needs of businesses and households in the markets we serve. The Company intends to selectively add other products to further diversify revenue sources and to capture more of each client’s banking relationship by cross-selling loan and deposit products and additional services, including services provided through the Trust Company to increase its fee income. Assets under management by the Trust Company totaled $919.1 million and $877.9 million at December 31, 2025 and March 31, 2025, respectively.

Previous wording

Attracting Core Deposits and Other Deposit Products**.** The Company offers a variety of deposit products, including personal checking, savings, and money market accounts, which generally represent lower-cost and more stable sources of funding compared to certificates of deposit. These core deposits are less sensitive to interest rate fluctuations and play a key role in supporting the Company’s funding and liquidity strategy. To strengthen its funding base, the Company continues to prioritize the growth of core deposits over higher-cost funding sources, such as brokered deposits, FHLB advances, and FRB borrowings. This approach supports loan growth while helping to manage interest expense and reduce reliance on more volatile wholesale funding sources. A key element of this strategy is enhancing and deepening client relationships. The Company believes its continued focus on relationship banking will support the expansion of both core deposits and locally sourced retail certificates of deposit. In particular, the Company seeks to grow demand deposits by building business banking relationships, supported by a suite of expanded product offerings tailored to meet the specific needs of its business clients. To further encourage growth in lower-cost deposits, the Company has invested in technology-based solutions designed to improve the client experience and support cash management needs. These include personal financial management tools, business cash management services, and remote deposit capture products, which allow the Company to effectively compete with financial institutions of all sizes. As of September 30, 2025, core branch deposits decreased $8.5 million compared to March 31, 2025. Core branch deposits accounted for 97.1% of total deposits at September 30, 2025, compared to 98.1% at March 31, 2025.

Current wording

Attracting Core Deposits and Other Deposit Products**.** The Company offers a variety of deposit products, including personal checking, savings, and money market accounts, which generally represent lower-cost and more stable sources of funding compared to certificates of deposit. These core deposits are less sensitive to interest rate fluctuations and play a key role in supporting the Company’s funding and liquidity strategy. To strengthen its funding base, the Company continues to prioritize the growth of core deposits over higher-cost funding sources, such as brokered deposits, Federal Home Loan Bank (“FHLB”) advances, and Federal Reserve Bank of San Francisco (“FRB”) borrowings. This approach supports loan growth while helping to manage interest expense and reduce reliance on more volatile wholesale funding sources. A key element of this strategy is enhancing and deepening client relationships. The Company believes its continued focus on relationship banking will support the expansion of both core deposits and locally sourced retail certificates of deposit. In particular, the Company seeks to increase demand deposits by building business banking relationships, supported by a suite of expanded product offerings tailored to meet the specific needs of its business clients. To further encourage growth in lower-cost deposits, the Company has invested in technology-based solutions designed to improve the client experience and support cash management needs. These include personal financial management tools, business cash management services, and remote deposit capture products, which allow the Company to effectively compete with financial institutions of all sizes. As of December 31, 2025, core branch deposits remained unchanged from March 31, 2025, accounting for 98.0% of total deposits, compared to 98.1% at March 31, 2025.

Previous wording

Recruiting and Retaining Highly Competent Personnel with a Focus on Commercial Lending**.** The Company’s ability to continue to attract and retain banking professionals with strong community relationships and significant knowledge of its markets will be a key to its success. The Company believes that it enhances its market position and adds profitable growth opportunities by focusing on hiring and retaining experienced bankers focused on owner occupied commercial real estate and commercial lending, and the deposit balances that accompany these relationships. The Company emphasizes to its employees the importance of delivering exemplary client service and pursuing opportunities to deepen client relationship. The goal is to compete with other financial service providers by relying on the strength of the Company’s client service and relationship banking approach. The Company believes that one of its strengths is that its employees are also shareholders through the Company’s ESOP and 401(k) plans.

Current wording

Recruiting and Retaining Highly Competent Personnel with a Focus on Commercial Lending**.** The Company’s ability to continue to attract and retain banking professionals with strong community relationships and significant knowledge of its markets will be a key to its success. The Company believes that it enhances its market position and adds profitable growth opportunities by focusing on hiring and retaining experienced bankers focused on owner occupied commercial real estate and commercial lending, and the deposit balances that accompany these relationships. The Company emphasizes to its employees the importance of delivering exemplary client service and pursuing opportunities to deepen client relationships. The goal is to compete with other financial service providers by relying on the strength of the Company’s client service and relationship banking approach. The Company believes that one of its strengths is that its employees are also shareholders through the Company’s ESOP and 401(k) plans.

Previous wording

Cash and cash equivalents, including interest-earning deposits in other banks, totaled $32.8 million at September 30, 2025 compared to $29.4 million at March 31, 2025. The Company’s cash balances typically fluctuate based upon funding needs, deposit activity and investment securities activity. Based on the Company’s asset/liability management program and liquidity objectives, the Company may deploy excess cash to purchase investment securities depending on the rate environment and other considerations. As a part of this strategy, the Company may choose to invest in short-term certificates of deposit held for investment, all of which are fully insured by the Federal Deposit Insurance Corporation (the “FDIC”).

Current wording

Cash and cash equivalents, including interest-earning deposits in other banks, totaled $28.6 million at December 31, 2025 compared to $29.4 million at March 31, 2025. The Company’s cash balances typically fluctuate based upon funding needs, deposit activity and investment securities activity. Based on the Company’s asset/liability management program and liquidity objectives, the Company may deploy excess cash to purchase investment securities depending on the rate environment and other considerations. As a part of this strategy, the Company may choose to invest in short-term certificates of deposit held for investment, all of which are fully insured by the Federal Deposit Insurance Corporation (the “FDIC”).

Previous wording

Investment securities totaled $311.2 million and $322.5 million at September 30, 2025 and March 31, 2025, respectively. The decrease was due to normal pay downs, calls and maturities. The Company had no sales of investment securities during the six months ended September 30, 2025. The Company’s investment securities primarily consist of a combination of securities backed by government agencies (FHLMC, FNMA, SBA or GNMA). At September 30, 2025, the Company determined that none of its investment securities required an allowance for credit losses (“ACL”). For additional information on the Company’s investment securities, see Note 5 of the Notes to the Consolidated Financial Statements contained in Item 1 of this Form 10-Q.

Current wording

Investment securities totaled $301.6 million and $322.5 million at December 31, 2025 and March 31, 2025, respectively. The decrease was due to normal pay downs, calls and maturities. The Company had no sales of investment securities during the nine months ended December 31, 2025. The Company’s investment securities primarily consist of a combination of securities backed by government agencies (FHLMC, FNMA, SBA or GNMA). At December 31, 2025, the Company determined that none of its investment securities required an allowance for credit losses (“ACL”). For additional information on the Company’s investment securities, see Note 5 of the Notes to the Consolidated Financial Statements contained in Item 1 of this Form 10-Q.

Previous wording

The Company no longer funds one-to-four family mortgage loans; however, will from time to time purchase these loans consistent with its asset/liability objectives. Additionally, the Company purchases loans originated by third parties outside the Company’s primary market area to supplement originations and diversify the portfolio. Purchased loans totaled $40.5 million at September 30, 2025 compared to $35.3 million at March 31, 2025, an increase of $5.2 million. This increase was primarily attributable to consumer loan purchases totaling $10.5 million, partially offset by normal paydowns and payoffs. The Company also purchases the guaranteed portion of SBA loans to help portfolio diversification, supplement originations and generate higher yields than overnight cash or other short-term investments. These SBA loans are originated through other financial institution located outside the Company’s primary market area and are purchased with servicing retained by the seller. At September 30, 2025, the Company’s purchased SBA loan portfolio was $44.6 million compared to $47.4 million at March 31, 2025.

Current wording

The Company no longer funds one-to-four family mortgage loans but may occasionally purchase such loans consistent with its asset/liability objectives. Additionally, the Company purchases loans originated by third parties outside the Company’s primary market area to supplement originations and diversify the portfolio. Purchased loans totaled $47.0 million at December 31, 2025 compared to $35.3 million at March 31, 2025, an increase of $11.7 million. This increase was primarily attributable to consumer loan purchases totaling $20.8 million, partially offset by normal paydowns and payoffs. The Company also purchases the guaranteed portion of SBA loans to help portfolio diversification, supplement originations and generate higher yields than overnight cash or other short-term investments. These SBA loans are originated by other financial institutions outside the Company’s primary market area and are purchased with servicing retained by the seller. At December 31, 2025, the Company’s purchased SBA loan portfolio was $44.0 million compared to $47.4 million at March 31, 2025.

Previous wording

Deposits increased $4.1 million to $1.24 billion at September 30, 2025, compared to $1.23 billion at March 31, 2025 due to a concentrated effort by the Company to increase deposits through customer outreach and relationship-building initiatives, targeted promotions, etc. Certificates of deposit and interest bearing accounts increased $27.1million and $1.9 million, respectively. These increases were partially offset by decreases of $13.6 million in money market accounts and $11.7 million in regular savings accounts. The Company had no wholesale-brokered deposits at September 30, 2025 and March 31, 2025. Core branch deposits accounted for 97.1% of total deposits at September 30, 2025 compared to 98.1% at March 31, 2025. The Company plans to continue focusing on core deposits and on building client relationships rather than relying on wholesale funding sources.

Current wording

Deposits totaled $1.23 billion at both December 31, 2025 and March 31, 2025. While overall deposit levels remained stable, there was a shift in the composition of the deposits. Increases in interest checking of $34.2 million and certificates of deposit accounts of $13.2 million were partially offset by decreases in non-interest checking accounts of $24.3 million, money market accounts of $11.2 million, and regular savings accounts of $10.7 million. The migration away from lower- or non-interest-bearing accounts toward interest checking and time deposits products is consistent with industry trends, as depositors seek to optimize returns on their funds. The Company had no wholesale-brokered deposits at December 31, 2025 and March 31, 2025. Core branch deposits accounted for 98.0% of total deposits at December 31, 2025 compared to 98.1% at March 31, 2025. The Company plans to continue focusing on core deposits and on building client relationships rather than relying on wholesale funding sources.

Previous wording

Accrued expenses and other liabilities increased $12.5 million to $27.2 million at September 30, 2025 compared to $14.8 million at March 31, 2025. The increase was primarily due to an outstanding balance in Trust sweep funds of $12.4 million at September 30, 2025, which was subsequently disbursed the following business day.

Current wording

Accrued expenses and other liabilities increased $9.8 million to $24.6 million at December 31, 2025 compared to $14.8 million at March 31, 2025. The increase was primarily due to an outstanding balance in Trust sweep funds of $12.1 million at December 31, 2025, which was subsequently disbursed the following business day.

Previous wording

FHLB advances decreased $24.1 million to $52.3 million at September 30, 2025 compared to $76.4 million at March 31, 2025. FHLB advances at September 30, 2025 were comprised entirely of overnight advances. FHLB advances at March 31, 2025 were comprised of overnight advances and short-term borrowings of $51.4 million and $25.0 million, respectively. The decrease in advances primarily reflected scheduled repayments and reduced reliance on FHLB funding, as growth in deposits and loan repayments provided sufficient liquidity.

Current wording

FHLB advances decreased $15.9 million to $60.5 million at December 31, 2025 compared to $76.4 million at March 31, 2025. FHLB advances at December 31, 2025 were comprised entirely of overnight advances. FHLB advances at March 31, 2025 were comprised of overnight advances and short-term borrowings of $51.4 million and $25.0 million, respectively. The decrease in advances primarily reflected scheduled repayments and reduced reliance on FHLB funding, as growth in deposits and loan repayments provided sufficient liquidity.

Previous wording

Shareholders' equity increased $3.5 million to $163.5 million at September 30, 2025, compared to $160.0 million at March 31, 2025. The increase was mainly attributable to net income of $2.3 million and a decrease in the accumulated other comprehensive loss related to the change in unrealized holding losses on securities available for sale, net of tax, of $2.5 million for the six months ended September 30, 2025. These increases were partially offset by the payment of cash dividends of $838,000 and stock repurchases of $811,000.

Current wording

Shareholders' equity increased $4.2 million to $164.2 million at December 31, 2025, compared to $160.0 million at March 31, 2025. The increase was mainly attributable to net income of $3.7 million and a decrease in the accumulated other comprehensive loss related to the change in unrealized holding losses on securities available for sale, net of tax, of $3.3 million for the nine months ended December 31, 2025. These increases were partially offset by the payment of cash dividends of $1.3 million and stock repurchases of $2.0 million.

Previous wording

Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios of total and tier I capital to risk-weighted assets, core capital to total assets and tangible capital to tangible assets (set forth in the table below). Management believes the Bank met all capital adequacy requirements to which it was subject as of September 30, 2025.

Current wording

Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios of total and tier I capital to risk-weighted assets, core capital to total assets and tangible capital to tangible assets

Previous wording

The Company must maintain an adequate level of liquidity to ensure the availability of sufficient funds for loan originations, deposit withdrawals, continuing operations, satisfying other financial commitments, and taking advantage of investment opportunities. During the six months ended September 30, 2025, deposits remained relatively stable; however, the Bank utilized its funding sources primarily to support loan commitments and manage deposit withdrawals influenced by competitive and pricing pressures.

Current wording

The Company must maintain an adequate level of liquidity to ensure the availability of sufficient funds for loan originations, deposit withdrawals, continuing operations, satisfying other financial commitments, and taking advantage of investment opportunities. During the nine months ended December 31, 2025, deposits remained relatively stable; however, the Bank utilized its funding sources primarily to support loan commitments and manage deposit withdrawals influenced by competitive and pricing pressures.

Previous wording

At September 30, 2025, cash and cash equivalents and available for sale investment securities totaled $151.3 million, or 10.0% of total assets. Management believes that the Company’s securities portfolio is of high quality and therefore readily marketable. The levels of these assets depends on the Company’s operating, financing, lending, and investing activities during any given period. The Bank generally maintains sufficient cash and short-term investments to meet short-term liquidity needs; however, its primary liquidity management practice is to manage short-term borrowings, consistent with its asset/liability objectives. In addition to these primary sources of funds, the Bank has several secondary borrowing sources available, including FRB borrowings and FHLB advances. At September 30, 2025, the Bank had no advances outstanding with the FRB and maintained a credit facility with an available borrowing capacity of $288.5 million, subject to sufficient collateral. At September 30, 2025, the Bank had $52.3 million in outstanding FHLB advances and an additional borrowing capacity of $207.6 million, subject to sufficient collateral and stock investment. At September 30, 2025, the Bank had sufficient unpledged collateral to utilize its available borrowing capacity from both the FRB and the FHLB. Borrowing capacity may, however, fluctuate based on acceptability and risk rating of loan collateral, and counterparties could adjust discount rates applied to such collateral at their discretion.

Current wording

At December 31, 2025, cash and cash equivalents and available for sale investment securities totaled $147.1 million, or 9.73% of total assets. Management believes that the Company’s securities portfolio is of high quality and therefore readily marketable. The levels of these assets depend on the Company’s operating, financing, lending, and investing activities during any given period. The Bank generally maintains sufficient cash and short-term investments to meet short-term liquidity needs; however, its primary liquidity management practice is to manage short-term borrowings, consistent with its asset/liability objectives. In addition to these primary sources of funds, the Bank has several secondary borrowing sources available, including FRB borrowings and FHLB advances. At December 31, 2025, the Bank had no advances outstanding with the FRB and maintained a credit facility with an available borrowing capacity of $288.3 million, subject to sufficient collateral. At December 31, 2025, the Bank had $60.5 million in outstanding FHLB advances and an additional borrowing capacity of $227.2 million, subject to sufficient collateral and stock investment. At December 31, 2025, the Bank had sufficient unpledged collateral to utilize its available borrowing capacity from both the FRB and the FHLB. Borrowing capacity may, however, fluctuate based on acceptability and risk rating of loan collateral, and counterparties could adjust discount rates applied to such collateral at their discretion.

Previous wording

An additional source of wholesale funding includes brokered certificates of deposit. While the Company has utilized brokered deposits from time to time, historically it has not extensively relied on brokered deposits to fund its operations. At September 30, 2025 and March 31, 2025, the Bank had no wholesale brokered deposits. The Bank also participates in the Certificate of Deposit Account Registry Services (“CDARS”) and Insured Cash Sweep (“ICS”) deposit products, which allow the Company to accept deposits in excess of the FDIC insurance limit for depositors while obtaining “pass-through” insurance for total deposits. The Bank’s CDARS and ICS balances were $33.5 million, or 2.71% of total deposits, and $36.0 million, or 2.92% of total deposits, at September 30, 2025 and March 31, 2025, respectively. The combination of all the Bank’s funding sources gives the Bank available liquidity of $792.0 million, or 52.47% of total assets at September 30, 2025.

Current wording

An additional source of wholesale funding includes brokered certificates of deposit. While the Company has utilized brokered deposits from time to time, historically it has not extensively relied on brokered deposits to fund its operations. At December 31, 2025 and March 31, 2025, the Bank had no wholesale brokered deposits. The Bank also participates in the Certificate of Deposit Account Registry Services (“CDARS”) and Insured Cash Sweep (“ICS”) deposit products, which allow the Company to accept deposits in excess of the FDIC insurance limit for depositors while obtaining “pass-through” insurance for total deposits. The Bank’s CDARS and ICS balances were $33.1 million, or 2.68% of total deposits, and $36.0 million, or 2.92% of total deposits, at December 31, 2025 and March 31, 2025, respectively. The combination of all the Bank’s funding sources gives the Bank available liquidity of $858.3 million, or 56.75% of total assets at December 31, 2025.

Previous wording

At September 30, 2025, the Company had total commitments of $130.4 million, which included commitments to extend credit of $13.5 million, unused lines of credit of $91.3 million, undisbursed real estate construction loans of $24.0 million, and standby letters of credit of $1.6 million. The Company anticipates having sufficient funds available to meet these commitments. Certificates of deposit scheduled to mature in less than one year from September 30, 2025 totaled $250.3 million, and historically, the Bank has been able to retain a significant portion of maturing deposits. Offsetting these cash

Current wording

At December 31, 2025, the Company had total commitments of $152.8 million, which included commitments to extend credit of $34.0 million, unused lines of credit of $101.2 million, undisbursed real estate construction loans of $16.0 million, and standby letters of credit of $1.6 million. The Company anticipates having sufficient funds available to meet these commitments. Certificates of deposit scheduled to mature within one year from December 31, 2025 totaled $237.1 million, and historically, the Bank has retained a significant portion of maturing deposits. Offsetting these cash outflows are

Previous wording

outflows are scheduled maturities of loan and investment securities of $42.7 million and $11.0 million, respectively, within one year of September 30, 2025.

Current wording

scheduled maturities of loan and investment securities of $71.8 million and $13.5 million, respectively, within one year of December 31, 2025.

Previous wording

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

Current wording

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

Previous wording

Riverview Bancorp, Inc., as a separate legal entity from the Bank, must provide for its own liquidity. Sources of capital and liquidity for Riverview Bancorp, Inc. include dividends from the Bank, as well as the potential issuance of debt or equity securities. Dividends and other capital distributions from the Bank are subject to regulatory notice and may be subject to additional limitations depending on the Bank’s financial condition and applicable regulations. Management currently expects to continue the Company’s current practice of paying quarterly cash dividends on its common stock subject to the Board of Directors’ discretion to modify or terminate this practice at any time and for any reason without prior notice. As of September 30, 2025, the quarterly common stock dividend rate was $0.02 per share, as approved by the Board of Directors. Management believes this dividend rate appropriately balances the Company’s objectives of supporting investment in the Bank, while returning capital to shareholders. Assuming continued payment during fiscal 2026 at this rate of $0.02 per share, average total dividends paid each quarter would be approximately $419,000 based on the number of the Company’s outstanding shares as of September 30, 2025. At September 30, 2025, Riverview Bancorp, Inc. had $5.2 million in cash to meet its liquidity needs.

Current wording

Riverview Bancorp, Inc., as a separate legal entity from the Bank, must provide for its own liquidity. Sources of capital and liquidity for Riverview Bancorp, Inc. include dividends from the Bank, as well as the potential issuance of debt or equity securities. Dividends and other capital distributions from the Bank are subject to regulatory notice and may be subject to additional limitations depending on the Bank’s financial condition and applicable regulations. Management currently expects to continue the Company’s current practice of paying quarterly cash dividends on its common stock subject to the Board of Directors’ discretion to modify or terminate this practice at any time and for any reason without prior notice. As of December 31, 2025, the quarterly common stock dividend rate was $0.02 per share, as approved by the Board of Directors. Management believes this dividend rate appropriately balances the Company’s objectives of supporting investment in the Bank, while returning capital to shareholders. Assuming continued payment during fiscal 2026 at this rate of $0.02 per share, average total dividends paid each quarter would be approximately $414,000 based on the number of the Company’s outstanding shares as of December 31, 2025. At December 31, 2025, Riverview Bancorp, Inc. had $4.2 million in cash to meet its liquidity needs.

Previous wording

Nonperforming assets were $776,000 or 0.05% of total assets at September 30, 2025, compared to $155,000 or 0.01% of total assets at March 31, 2025. The Company had net recoveries totaling $53,000 for the six months ended September 30, 2025 compared to net charge-offs of $90,000 during fiscal 2025. The Company had no other real estate owned or foreclosed assets at September 30, 2025 or March 31, 2025.

Current wording

Nonperforming assets were $1.1 million or 0.07% of total assets at December 31, 2025, compared to $155,000 or 0.01% of total assets at March 31, 2025. The Company had net charge-offs totaling $193,000 for the nine months ended December 31, 2025, compared to $90,000 during fiscal 2025. The Company had no other real estate owned or foreclosed assets at December 31, 2025 or March 31, 2025.

Previous wording

The ACL for loans was $15.4 million or 1.44% of total loans at September 30, 2025, and $15.4 million or 1.45% of total loans at March 31, 2025. The Company did not record a provision for credit losses for the six months ended September 30, 2025, compared to $100,000 provision for the same period in the prior fiscal year. At September 30, 2025, the ACL provided coverage of more than 1,900% of nonperforming loans, compared to approximately 9,900% at March 31, 2025, reflecting continued asset quality strength and conservative reserve levels. The general valuation allowance on pooled, or collectively evaluated, loans was 1.42% at September 30, 2025 and 1.45% at March 31, 2025.

Current wording

The ACL for loans was $15.3 million or 1.41% of total loans at December 31, 2025, and $15.4 million or 1.45% of total loans at March 31, 2025. For the nine months ended December 31, 2025 and 2024, the Company recorded a provision for credit losses of $100,000. At December 31, 2025, the ACL provided coverage of more than 1,300% of nonperforming loans, compared to approximately 9,900% at March 31, 2025. The general valuation allowance on pooled, or collectively evaluated, loans was 1.41% at December 31, 2025 and 1.45% at March 31, 2025.

Previous wording

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

Current wording

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

Previous wording

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

Current wording

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

Previous wording

Comparison of Operating Results for the Three and Six Months Ended September 30, 2025 and 2024

Current wording

Comparison of Operating Results for the Three and Nine Months Ended December 31, 2025 and 2024

Previous wording

Net Income. Net income was $1.1 million, or $0.05 per diluted share, for the three months ended September 30, 2025, compared to $1.6 million, or $0.07 per diluted share, for the same period in the prior year. Net income for the six months ended September 30, 2025 and 2024 was $2.3 million, or $0.11 per diluted share, and $2.5 million, or $0.12 per diluted share, respectively. The decrease in net income for both the three- and six-month periods ended September 30, 2025, compared to the same periods in the prior year, was due to increases in non-interest expense of $1.5 million and $2.3 million, respectively. Net income was also impacted by an increase in interest on deposits of $506,000 and $832,000 for the three and six months ended September 30, 2025, respectively, partially offset by a decrease in interest expense on borrowings of $915,000 and $1.3 million for the same periods.

Current wording

Net Income. Net income was $1.4 million, or $0.07 per diluted share, for the three months ended December 31, 2025, compared to $1.2 million, or $0.06 per diluted share, for the same period in the prior year. Net income for the nine months ended December 31, 2025 and 2024 was $3.7 million, or $0.18 per diluted share, and $3.8 million, or $0.18 per diluted share, respectively. For the three months ended December 31, 2025, net income increased primarily as a result of an increase in net interest income, partially offset by an increase in non-interest expense. For the nine months ended December 31, 2025, net income was relatively unchanged compared to the prior year period, as the increase in net interest income was offset by higher operating expenses.

Previous wording

Net interest income for the three and six months ended September 30, 2025, was $9.8 million and $19.6 million, respectively, representing an increase of $839,000 and $1.9 million compared to the same periods in 2024. These increases were primarily due to increased interest and fees on loans receivable and a decrease in interest expense on borrowings. Net interest margin for the three and six months ended September 30, 2025 was 2.76% and 2.77%, respectively, compared to 2.46% for both periods in 2024. The increase in net interest margin primarily reflects higher yields on loans, partially offset by growth in average interest-earning assets.

Current wording

Net interest income for the three and nine months ended December 31, 2025, was $10.6 million and $30.2 million, respectively, representing an increase of $1.2 and $3.0 million compared to the same periods in 2024. These increases were primarily due to increased interest and fees on loans receivable and a decrease in interest expense on borrowings, partly offset by increased interest expense on deposits. Net interest margin for the three and nine months ended December 31, 2025 was 2.96% and 2.83%, respectively, compared to 2.60% and 2.51% for the three and nine months ended December 31, 2024, respectively.

Previous wording

Interest and Dividend Income. Interest and dividend income for the three and six months ended September 30, 2025 was $15.4 million and $30.7 million, compared to $14.9 million and $29.3 million for the same periods in the prior year, respectively. The increases were due to increases in interest income on loans receivable of $984,000 and $2.3 million, respectively, when compared to the same periods in 2024, due to both increases in the average balance of net loans and improved yields.

Current wording

Interest and Dividend Income. Interest and dividend income for the three and nine months ended December 31, 2025 was $16.0 million and $46.7 million, compared to $15.1 million and $44.5 million for the same periods in the prior year, respectively. The increases were due to increases in interest income on loans receivable of $1.1 million and $3.4 million, respectively, when compared to the same periods in 2024, due to higher average balance of net loans and improved yields.

Previous wording

The average yield on loans increased to 5.11% and 5.08% for the three and six months ended September 30, 2025, compared to 4.80% and 4.75% for the same periods in 2024. Mortgage loan yields rose to 5.13% and 5.09% for the three and six months ended September 30, 2025, up from 4.78% and 4.75% while non-mortgage loan yields increased to 5.06% and 5.04%, compared to 4.85% and 4.75% for the same periods last year. The average balance of net loans increased to $1.06 billion for both the three- and six -months periods, compared to $1.05 billion and $1.04 billion in the prior year. The average balance of mortgage loans increased $3.8 million and $11.0 million to $787.6 million and $789.4 million, respectively, for the three and six months ended September 30, 2025, while the average balance of non-mortgage loans increased $8.3 million and $12.6 million to $273.0 million and $272.4 million, respectively, compared to the same period last year.

Current wording

The average yield on loans increased to 5.26% and 5.14% for the three and nine months ended December 31, 2025, compared to 4.97% and 4.83% for the same periods in 2024. Mortgage loan yields rose to 5.33% and 5.17% for the three and nine months ended December 31, 2025, up from 5.00% and 4.83% while non-mortgage loan yields increased to 5.07% and 5.05%, compared to 4.90% and 4.80% for the same periods last year. The average balance of net loans increased to $1.08 billion and $1.07 billion for the three and nine month periods, compared to $1.05 billion and $1.04 billion in the prior year. The average balance of mortgage loans increased $16.0 million and $12.7 million to $803.4 million and $794.1 million, respectively, for the three and nine months ended December 31, 2025, while the average balance of non-mortgage loans increased $11.2 million and $12.1 million to $277.2 million and $274.0 million, respectively, compared to the same period last year.

Previous wording

Interest earned on investment securities decreased $480,000 and $785,000 for the three and six months ended September 30, 2025, compared to the same periods in the prior year, reflecting decreases in both the average balance of and yield earned on investment securities. The average balance of investment securities decreased $49.4 million and $51.7 million to $329.1 million and $333.1 million for the three and six months ended September 30, 2025, compared to $378.4 million and $384.8 million for the same periods in the prior year, respectively. The decrease in the average balance of investment securities was attributable to normal paydown activities. The average yield on investment securities was 1.78% and 1.94% for the three and six months ended September 30, 2025, compared to 2.05% and 2.08 % for the same periods in the prior year, consistent with the lower reinvestment rates and reduced balances.

Current wording

Interest earned on investment securities decreased $252,000 and $1.0 million for the three and nine months ended December 31, 2025, compared to the same periods in the prior year, as a result of decreases in both the average balance of and yield earned on investment securities. The average balance of investment securities decreased $45.9 million and $50.0 million to $318.3 million and $328.1 million for the three and nine months ended December 31, 2025, compared to $364.2 million and $377.9 million for the same periods in the prior year, respectively. The decrease in the average balance of investment securities was attributable to normal paydown activities. The average yield on investment securities was 1.77% and 1.88% for the three and nine months ended December 31, 2025, compared to 1.82% and 2.00% for the same periods in the prior year, consistent with the lower reinvestment rates and reduced balances.

Previous wording

Interest Expense. Interest expense totaled $5.6 million and $11.1 million for the three and six months ended September 30, 2025, compared to $6.0 million and $11.6 million for the three and six months ended September 30, 2024, respectively. The decreases were primarily due to decreases in interest expense on FHLB advances, due to both decreases in the average balance of FHLB advances and lower rates, partially offset by increases in interest expense on deposits.

Current wording

Interest Expense. Interest expense totaled $5.4 million and $16.5 million for the three and nine months ended December 31, 2025, compared to $5.7 million and $17.3 million for the three and nine months ended December 31, 2024, respectively. The decreases were primarily due to decreases in interest expense on FHLB advances, related to both decreases in the average balance of FHLB advances and lower rates, partially offset by increases in interest expense on deposits.

Previous wording

The average rate on money market accounts increased 17 and 27 basis points for the three and six months ended September 30, 2025, respectively, while the average balance increased $7.5 million and $13.8 million compared to the same periods in the prior year. The average rate on interest checking accounts increased 24 and 7 basis points, with the average balance increasing $26.9 million and $11.6 million for the same periods. Certificates of deposit experienced a decrease in average rates of 34 and 28 basis points, while the average balances increased $30.5 million and $28.0 million for the three and six months ended September 30, 2025, respectively, compared to the same periods the prior year.

Current wording

The average rate on interest checking accounts increased 32 basis points and 16 basis points for the three and nine months ended December 31, 2025, respectively, while the average balance increased $44.5 million and $22.6 million compared to the same periods in the prior year. Certificates of deposit experienced a decrease in average rates of 39 basis points and 32 basis points, while the average balances increased $10.9 million and $22.2 million for the three and nine months ended December 31, 2025, respectively, compared to the same periods the prior year.

Previous wording

Interest expense on borrowings decreased $914,000 and $1.3 million for the three and six months ended September 30, 2025, respectively, compared to the same periods in the prior year, primarily due to lower average balances and rates on FHLB advances. The average balance of FHLB advances was $63.3 million and $86.7 million for the three and six months ended September 30, 2025, respectively, compared to $114.5 million and $113.1 million for the same periods in the prior year. The average rate on FHLB advances declined to 4.57% and 4.58% for the three and six months ended September 30, 2025, respectively, compared to 5.44% and 5.52% for the same periods the prior year.

Current wording

Interest expense on borrowings decreased $583,000 and $1.9 million for the three and nine months ended December 31, 2025, respectively, compared to the same periods in the prior year, primarily due to lower average balances and rates on FHLB advances. The average balance of FHLB advances was $53.7 million and $75.7 million for the three and nine months ended December 31, 2025, respectively, compared to $90.4 million and $105.5 million for the same periods in the prior year. The average rate on FHLB advances declined to 4.25% and 4.50% for the three and nine months ended December 31, 2025, respectively, compared to 4.83% and 5.32% for the same periods the prior year.

Previous wording

The following table sets forth the effects of changing rates and volumes on net interest income of the Company for the three and six months ended September 30, 2025, compared to the three and six months ended September 30, 2024. Variances that were insignificant have been allocated based upon the percentage relationship of changes in volume and changes in rate to the total net change (in thousands).

Current wording

The following table sets forth the effects of changing rates and volumes on net interest income of the Company for the three and nine months ended December 31, 2025, compared to the three and nine months ended December 31, 2024. Variances that were insignificant have been allocated based upon the percentage relationship of changes in volume and changes in rate to the total net change (in thousands).

Previous wording

**Provision for Credit Losses.**The Company recorded no provision for credit losses for the three and six months ended September 30, 2025, compared to a provision for credit losses of $100,000 for the three and six months ended September 30, 2024. The lack of a provision in the current periods reflects management’s assumptions regarding the economic outlook, including the effects of local, national and global events. Expected loss estimates also incorporate client-specific information, changes in risk ratings, projected delinquencies, and the impact of economic conditions on borrowers' ability to repay.

Current wording

**Provision for Credit Losses.**The Company recorded a provision for credit losses of $100,000 for the three and nine months ended December 31, 2025, compared to no provision for credit losses for the three months ended December 31, 2024 and a $100,000 provision expense for the nine months ended December 31, 2024. The provision for credit losses recorded during the three months ended December 31, 2025, was primarily due to growth in the loan portfolio and provisioning related to a recent charge-off. The absence of a provision for credit losses during the three months ended December 31, 2024 reflected management’s assumptions related to the economic forecast at that time. Expected credit loss estimates consider a number of qualitative and quantitative factors, including borrower-specific information, changes in risk ratings, projected delinquency trends, and the impact of economic conditions on borrowers’ ability to repay.

Previous wording

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

Current wording

While management believes the estimates and assumptions used in determining the adequacy of the ACL are reasonable, there can be no assurance that such estimates and assumptions will not prove to be incorrect, or that future provisions will not exceed historical levels. Any increase in the ACL could have a material adverse effect on our financial condition and results of operations. Further deterioration in national or local economic conditions, such as those driven by inflation, recession, or slowed economic growth, could result in a material increase in the ACL. In addition, the ACL is subject to periodic regulatory review, and adjustments required by regulators could have a material adverse effect on the Company’s financial condition and results of operations.

Previous wording

Nonperforming loans were $776,000 at September 30, 2025, compared to $155,000 at March 31, 2025. The ratio of the ACL for loans to nonperforming loans exceeded 1,900% at September 30, 2025 compared to 9,900% at March 31, 2025.

Current wording

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

Previous wording

Non-Interest Income. Non-interest income was $3.8 million for both the three months ended September 30, 2025 and 2024, as changes within various income categories offset one another. For the six months ended September 30, 2025, non-interest income increased $58,000 to $7.3 million, compared to $7.2 million for the same period in the prior year. Fees and service charges increase $113,000 and $145,000 for the three and six months ended September 30, 2025, compared to the same periods the prior year, primarily attributable to fee income in connection with an employee retention credit partnership and ATM interchange fee income. Asset management fees increased $94,000 and $88,000, respectively, reflecting growth in assets under management. These increases were offset by a decrease in other non-interest income of $219,000 and $197,000 during the three and six months ended September 30, 2025, compared to the same periods the prior year, as the prior year included a $500,000 legal expense recovery related to a settled litigation matter, partially offset in the current year by a $294,000 employee retention credit.

Current wording

Non-Interest Income. Non-interest income increased $163,000 and $221,000 to $3.5 million and $10.8 million for the three and nine months ended December 31, 2025, respectively, compared to $3.3 million and $10.5 million for the same periods in the prior year. The increase for the three and nine months ended December 31, 2025, compared to the prior year was primarily due to increases of $142,000 and $230,000 in asset management fee income resulted from growth in total assets under management by the Trust Company. In addition, income from fees and service charges increased by $105,000 and $250,000 for the three and nine months ended December 31, 2025, respectively, compared to the same periods in the prior year primarily due to higher non-sufficient fund charges and increases in brokered loan fee income. Other non-interest income decreased for the three and nine months ended December 31, 2025, compared to the same periods in the prior year by $90,000 and $287,000, respectively. The decrease in other non-interest income for the nine months ended December 31, 2025, is largely attributable to a $500,000 legal expense recovery related to a settled litigation matter recorded in the prior year, partially offset by a $294,000 employee retention credit in the current year.