Riverview Bancorp Reports Fiscal Fourth Quarter 2026 and Fiscal Year 2026 Results
Rhea-AI Summary
Riverview Bancorp (Nasdaq: RVSB) reported a fiscal Q4 2026 net loss of $8.0 million (or $0.39 per diluted share) and a fiscal 2026 net loss of $4.3 million, both including a strategic balance sheet optimization. Excluding the optimization, Q4 non-GAAP net income was $656,000 and fiscal 2026 non-GAAP net income was $4.4 million.
The company sold $149.3 million of securities for a pre-tax loss of $11.4 million, producing $137.9 million in cash proceeds. Management expects the optimization to add ~25 bps to NIM and about $0.13 to EPS annually once redeployed.
Positive
- Net interest margin increased 32 bps year-over-year to 2.86% for fiscal 2026
- Net interest income rose $4.0M to $40.3M for fiscal 2026
- Securities sales generated $137.9M cash proceeds to redeploy into higher yields
- Loans grew $30.0M year-over-year to $1.08B; deposits increased $21.9M year-over-year
Negative
- Pre-tax loss of $11.4M on sale of lower-yielding securities in Q4 2026
- Reported net loss of $8.0M in Q4 2026 and net loss of $4.3M for fiscal 2026
- Tangible book value per share declined to $5.76 at March 31, 2026
News Market Reaction – RVSB
In the Apr 28 session, RVSB declined 2.73%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jan 27 | Quarterly earnings | Positive | +1.8% | Reported Q3 2026 net income of $1.4M with higher NIM and loan growth. |
| Jul 29 | Quarterly earnings | Positive | -3.9% | Q1 2026 net income rose to $1.2M with stronger NIM and liquidity. |
| Apr 29 | Quarterly and annual earnings | Positive | +0.0% | Q4 2025 and FY 2025 earnings grew to $4.9M with solid credit quality. |
| Jan 30 | Quarterly earnings | Positive | -0.2% | Q3 2025 net income of $1.2M with NIM expansion and low NPAs. |
| Oct 24 | Quarterly earnings | Positive | +1.7% | Q2 2025 net income of $1.6M with loan and deposit growth and strong capital. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have generally been positive in tone but show mixed price reactions, with more instances of divergence than alignment between upbeat fundamentals and next-day price moves.
Over the past five earnings cycles, Riverview Bancorp has reported steady profitability with net income typically between $1.1–$1.6 million per quarter and ongoing net interest margin expansion from 2.46% to 2.96%. Asset quality metrics were consistently strong, with very low non‑performing assets. Capital remained solid, and the bank used buyback programs and dividends to return capital. Today’s release extends that track record but layers in the impact of the recent balance sheet optimization and related loss.
Key Terms
net interest margin financial
non-performing assets financial
held-to-maturity financial
available-for-sale financial
basis points financial
loan-to-value ratio financial
debt service coverage ratio financial
Federal Home Loan Bank financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Fiscal Fourth Quarter 2026 Comparison Highlights
| Net Interest Income and Net Interest Margin |
| Credit Quality |
| |
| Non-Interest Income and Non-Interest Expense |
| Shareholder Returns and Stock Activity |
| |
VANCOUVER, Wash., April 28, 2026 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) today reported net income excluding strategic balance sheet optimization (non-GAAP) of
For fiscal 2026, net income excluding balance sheet optimization (non-GAAP) was
On March 25, 2026, Riverview implemented a strategic balance sheet optimization that included the reclassification of its entire portfolio of held-to-maturity (“HTM”) securities to available-for-sale (“AFS”) securities. After the reclassification, Riverview sold
“The repositioning of our securities portfolio represents a deliberate deployment of excess capital that we expect to meaningfully enhance net interest margin and strengthen long-term earnings power. That expansion is already underway, our loan pipeline remains strong, and profitability is positioned to improve, driven by disciplined growth in our commercial and business banking segments. We are capturing quality opportunities across our markets, and we are confident these combined efforts are building lasting value for our shareholders,” stated Nicole Sherman, President and Chief Executive Officer. “We are now into the second year of our three-year strategic plan, and the momentum is accelerating. The commercial and industrial lending pipeline continues to grow, business banking is gaining traction, and our treasury management platforms have expanded to fit our clients’ needs. Our focus remains disciplined and our direction is clear.”
Franchise Footprint
Riverview holds a unique distinction as the only bank headquartered in Vancouver, Washington — putting us at the heart of one of the Pacific Northwest's most exciting growth stories. Clark County has transformed into a formidable economic center, and Vancouver itself has become a genuine destination, earning the #3 spot on moveBuddha's 2026 Moving Forecast of Most Popular Cities to Move to. The region's economy is broad and resilient, spanning health care and social assistance, construction, manufacturing, and professional and business services. Job growth and household incomes are trending upward in line with statewide performance, and persistent housing demand continues to push median home values higher. With a quality of life that draws new residents and a local economy built on solid fundamentals, we see a clear runway for deepening our community lending relationships and growing our deposit base.
Northwest Oregon represents another market where Riverview has established a meaningful presence, one defined by economic depth and long-term stability. The area's economy draws strength from a well-balanced mix of technology, advanced manufacturing, and consumer goods: anchored by globally recognized employers like Intel, Nike, and Columbia Sportswear, whose activity ripples throughout a vibrant ecosystem of local and mid-sized businesses. Above-average median household incomes and strong home values signal meaningful consumer purchasing power and sustained wealth creation across the region. The business climate here continues to attract innovation-driven and sustainability-focused enterprises, supported by well-developed infrastructure, efficient transportation networks, and a quality of life that makes the region an appealing place to both live and operate. Together, these attributes give Riverview a solid platform for growth throughout Oregon.
Income Statement Review
Riverview’s net interest income was
Riverview’s NIM was
As a result of the balance sheet optimization, investment securities decreased
Riverview’s yield on loans was
Deposit costs decreased to
Following the
Asset management fees were
Non-interest expense decreased to
Balance Sheet Review
Total loans increased
Undisbursed construction loans totaled
Looking ahead, loan repricing and maturities for fiscal year 2027 total
The office building loan portfolio totaled
Total deposits increased
FHLB advances decreased
Primarily as a result of the balance sheet optimization, shareholders’ equity was
Credit Quality
“Maintaining a strong loan portfolio remains our top priority, particularly as interest rate uncertainty and the overall economy continues to shape the environment,” said Robert Benke, EVP and Chief Credit Officer. “We did see an increase in nonperforming loans and net charge-offs during the quarter. This was driven by one hospitality borrower-specific circumstance rather than any broader weakness in that loan category. Overall credit quality metrics remain solid, and our team stays disciplined in monitoring trends and ensuring reserves reflect current conditions. Our lenders continue building the deep client relationships that give us early visibility and allow us to be a responsive partner to the businesses we serve.”
Non-performing loans totaled
Riverview recorded
Classified assets were
The allowance for credit losses was
Capital/Liquidity
Riverview continues to maintain strong capital levels in excess of the regulatory requirements to be categorized as “well capitalized” with a total risk-based capital ratio of
Riverview has approximately
The uninsured deposit ratio was
Riverview is taking a strategic approach to the use of excess capital in the reinvestment of the proceeds from the investment securities sale. Riverview expects to continue to reinvest the proceeds into a combination of higher-yielding bonds, which will be classified as available-for-sale at the time of purchase, support loan originations, pay down its Federal Home Loan Bank borrowings, or hold in cash. Deploying these funds into higher-yielding earning assets or paying down borrowings will inherently increase the net interest income of the Bank on a go-forward basis. Given Riverview’s strong capital levels, no additional capital was needed to support the balance sheet optimization.
Non-GAAP Financial Measures
In addition to results presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. Management has presented these non-GAAP financial measures in this earnings release because it believes that they provide useful and comparative information to assess trends in Riverview's core operations reflected in the current quarter's results and facilitate the comparison of our performance with the performance of our peers. However, these non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP. Where applicable, comparable earnings information using GAAP financial measures is also presented. Because not all companies use the same calculations, our presentation may not be comparable to other similarly titled measures as calculated by other companies. For a reconciliation of these non-GAAP financial measures, see the tables below.
| Tangible shareholders' equity to tangible assets and tangible book value per share: | |||||||||||||||||||||
| (Dollars in thousands) | March 31, 2026 | December 31, 2025 | March 31, 2025 | ||||||||||||||||||
| Shareholders' equity (GAAP) | $ | 145,636 | $ | 164,217 | $ | 160,014 | |||||||||||||||
| Exclude: Goodwill | (27,076 | ) | (27,076 | ) | (27,076 | ) | |||||||||||||||
| Exclude: Core deposit intangible, net | (77 | ) | (101 | ) | (171 | ) | |||||||||||||||
| Tangible shareholders' equity (non-GAAP) | $ | 118,483 | $ | 137,040 | $ | 132,767 | |||||||||||||||
| Total assets (GAAP) | $ | 1,463,809 | $ | 1,512,311 | $ | 1,513,323 | |||||||||||||||
| Exclude: Goodwill | (27,076 | ) | (27,076 | ) | (27,076 | ) | |||||||||||||||
| Exclude: Core deposit intangible, net | (77 | ) | (101 | ) | (171 | ) | |||||||||||||||
| Tangible assets (non-GAAP) | $ | 1,436,656 | $ | 1,485,134 | $ | 1,486,076 | |||||||||||||||
| Shareholders' equity to total assets (GAAP) | |||||||||||||||||||||
| Tangible common equity to tangible assets (non-GAAP) | |||||||||||||||||||||
| Shares outstanding | 20,564,719 | 20,710,901 | 20,976,200 | ||||||||||||||||||
| Book value per share (GAAP) | 7.08 | 7.93 | 7.63 | ||||||||||||||||||
| Tangible book value per share (non-GAAP) | 5.76 | 6.62 | 6.33 | ||||||||||||||||||
| Pre-tax, pre-provision income excluding balance sheet optimization | |||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||
| (Dollars in thousands) | March 31, 2026 | December 31, 2025 | March 31, 2025 | March 31, 2026 | March 31, 2025 | ||||||||||||||||
| Net income (loss) (GAAP) | $ | (8,042 | ) | $ | 1,377 | $ | 1,148 | $ | (4,341 | ) | $ | 4,903 | |||||||||
| Include: Provision (credit) for income taxes | (2,474 | ) | 363 | 314 | (1,493 | ) | 1,335 | ||||||||||||||
| Include: Provision for credit losses | 1,155 | 100 | - | 1,255 | 100 | ||||||||||||||||
| Exclude: Balance sheet optimization | 11,350 | - | - | 11,350 | - | ||||||||||||||||
| Pre-tax, pre-provision income (loss) (non-GAAP) | $ | 1,989 | $ | 1,840 | $ | 1,462 | $ | 6,771 | $ | 6,338 | |||||||||||
| Net income (loss) and earnings (loss) per share balance sheet optimization | |||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||
| (Dollars in thousands) | March 31, 2026 | December 31, 2025 | March 31, 2025 | March 31, 2026 | March 31, 2025 | ||||||||||||||||
| Net income (loss) (GAAP) | $ | (8,042 | ) | $ | 1,377 | $ | 1,148 | $ | (4,341 | ) | $ | 4,903 | |||||||||
| Exclude impact of securities loss restructure, net of tax | 8,698 | - | - | 8,698 | - | ||||||||||||||||
| Net income excluding securities restructure (non-GAAP) | $ | 656 | $ | 1,377 | $ | 1,148 | $ | 4,357 | $ | 4,903 | |||||||||||
| Basic earnings (loss) per share (GAAP) | $ | (0.39 | ) | $ | 0.07 | $ | 0.05 | $ | (0.21 | ) | $ | 0.23 | |||||||||
| Exclude impact of securities loss restructure, net of tax | 0.42 | - | - | 0.42 | - | ||||||||||||||||
| Basic earnings per share excluding securities restructure (non-GAAP) | $ | 0.03 | $ | 0.07 | $ | 0.05 | $ | 0.21 | $ | 0.23 | |||||||||||
| Diluted earnings (loss) per share (GAAP) | $ | (0.39 | ) | $ | 0.07 | $ | 0.05 | $ | (0.21 | ) | $ | 0.23 | |||||||||
| Exclude impact of securities loss restructure, net of tax | 0.42 | - | - | 0.42 | - | ||||||||||||||||
| Diluted earnings per share excluding securities restructure (non-GAAP) | $ | 0.03 | $ | 0.07 | $ | 0.05 | $ | 0.21 | $ | 0.23 | |||||||||||
| Non-interest income, excluding balance sheet optimization | |||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||
| (Dollars in thousands) | March 31, 2026 | December 31, 2025 | March 31, 2025 | March 31, 2026 | March 31, 2025 | ||||||||||||||||
| Non-interest income (GAAP) | $ | (8,034 | ) | $ | 3,504 | $ | 3,707 | $ | 2,736 | $ | 14,256 | ||||||||||
| Exclude impact of securities loss restructure, net of tax | 11,350 | - | - | 11,350 | - | ||||||||||||||||
| Non-interest income (non-GAAP) | $ | 3,316 | $ | 3,504 | $ | 3,707 | $ | 14,086 | $ | 14,256 | |||||||||||
| Return on average assets, return on average equity, return on average tangible equity excluding securities restructure | |||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2025 | March 31, 2026 | March 31, 2025 | |||||||||||||||||
| Net income excluding securities restructure (non-GAAP) | $ | 656 | $ | 1,377 | $ | 1,148 | $ | 4,357 | $ | 4,903 | |||||||||||
| Average assets | $ | 1,504,206 | $ | 1,508,741 | $ | 1,500,715 | $ | 1,504,834 | $ | 1,520,982 | |||||||||||
| Return on average assets (non-GAAP) | |||||||||||||||||||||
| Average equity | $ | 164,918 | $ | 164,496 | $ | 159,766 | $ | 163,601 | $ | 158,570 | |||||||||||
| Return on average equity (non-GAAP) | |||||||||||||||||||||
| Average tangible equity (non-GAAP) | $ | 137,750 | $ | 137,305 | $ | 132,506 | $ | 136,398 | $ | 131,271 | |||||||||||
| Return on average tangible equity (non-GAAP) | |||||||||||||||||||||
| Allowance for credit losses reconciliation, excluding Government Guaranteed loans | |||||||||||||||||||||
| (Dollars in thousands) | March 31, 2026 | December 31, 2025 | March 31, 2025 | ||||||||||||||||||
| Allowance for credit losses | $ | 15,248 | $ | 15,281 | $ | 15,374 | |||||||||||||||
| Loans receivable (GAAP) | $ | 1,092,484 | $ | 1,085,166 | $ | 1,062,460 | |||||||||||||||
| Exclude: Government Guaranteed loans | (42,670 | ) | (43,983 | ) | (47,373 | ) | |||||||||||||||
| Loans receivable excluding Government Guaranteed loans (non-GAAP) | $ | 1,049,814 | $ | 1,041,183 | $ | 1,015,087 | |||||||||||||||
| Allowance for credit losses to loans receivable (GAAP) | |||||||||||||||||||||
| Allowance for credit losses to loans receivable excluding Government Guaranteed loans (non-GAAP) | |||||||||||||||||||||
About Riverview
Riverview Bancorp, Inc. (www.riverviewbank.com) is headquartered in Vancouver, Washington – just north of Portland, Oregon, on the I-5 corridor. With assets of
“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements which include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions, future economic performance and projections of financial items. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by our forward-looking statements, including, but not limited to: potential adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company's business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession, the failure of the U.S. Congress to increase the debt ceiling, or slowed economic growth caused by increasing political instability from acts of war including Russia’s invasion of Ukraine, as well as supply chain disruptions, recent bank failures and any governmental or societal responses thereto; the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs and changes in the Company’s allowance for credit losses and provision for credit losses that may be impacted by deterioration in the housing and commercial real estate markets; changes in the levels of general interest rates, and the relative differences between short and long-term interest rates, deposit interest rates, the Company’s net interest margin and funding sources; the transition away from London Interbank Offered Rate toward new interest rate benchmarks; fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values in the Company’s market areas; secondary market conditions for loans and the Company’s ability to originate loans for sale and sell loans in the secondary market; results of examinations of the Bank by the Federal Deposit Insurance Corporation and the Washington State Department of Financial Institutions, Division of Banks, and of the Company by the Board of Governors of the Federal Reserve System, or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require the Company to increase its allowance for credit losses, write-down assets, reclassify its assets, change the Bank’s regulatory capital position or affect the Company’s ability to borrow funds or maintain or increase deposits, which could adversely affect its liquidity and earnings; legislative or regulatory changes that adversely affect the Company’s business including changes in banking, securities and tax law, and in regulatory policies and principles, or the interpretation of regulatory capital or other rules; the Company’s ability to attract and retain deposits; the unexpected outflow of uninsured deposits that may require us to sell investment securities at a loss; the Company’s ability to control operating costs and expenses; the use of estimates in determining fair value of certain of the Company’s assets, which estimates may prove to be incorrect and result in significant declines in valuation; difficulties in reducing risks associated with the loans on the Company’s consolidated balance sheet; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect the Company’s workforce and potential associated charges; disruptions, security breaches or other adverse events, failures or interruptions in or attacks on our information technology systems or on the third-party vendors who perform several of our critical processing functions; the Company’s ability to retain key members of its senior management team; costs and effects of litigation, including settlements and judgments; the Company’s ability to implement its business strategies; the Company's ability to successfully integrate any assets, liabilities, customers, systems, and management personnel it may acquire into its operations and the Company's ability to realize related revenue synergies and cost savings within expected time frames; future goodwill impairment due to changes in Riverview’s business, changes in market conditions, or other factors; increased competitive pressures among financial services companies; changes in consumer spending, borrowing and savings habits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; the Company’s ability to pay dividends on its common stock; the quality and composition of our securities portfolio and the impact of and adverse changes in the securities markets, including market liquidity; inability of key third-party providers to perform their obligations to us; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting standards; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, and other external events on our business; and other economic, competitive, governmental, regulatory, and technological factors affecting the Company’s operations, pricing, products and services, and the other risks described from time to time in our reports filed with and furnished to the U.S. Securities and Exchange Commission.
The Company cautions readers not to place undue reliance on any forward-looking statements. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to the Company. The Company does not undertake and specifically disclaims any obligation to revise any forward-looking statements included in this report or the reasons why actual results could differ from those contained in such statements, whether as a result of new information or to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for fiscal 2026 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us and could negatively affect the Company’s consolidated financial condition and consolidated results of operations as well as its stock price performance.
| RIVERVIEW BANCORP, INC. AND SUBSIDIARY | ||||||||||||
| Consolidated Balance Sheets | ||||||||||||
| (In thousands, except share data) (Unaudited) | March 31, 2026 | December 31, 2025 | March 31, 2025 | |||||||||
| ASSETS | ||||||||||||
| Cash and cash equivalents (including interest-earning accounts of | $ | 116,866 | $ | 28,641 | $ | 29,414 | ||||||
| Investment securities: | ||||||||||||
| Available for sale, at estimated fair value | 154,768 | 118,506 | 119,436 | |||||||||
| Held to maturity, at amortized cost | - | 183,079 | 203,079 | |||||||||
| Loans receivable (net of allowance for credit losses of | ||||||||||||
| 1,077,236 | 1,069,885 | 1,047,086 | ||||||||||
| Prepaid expenses and other assets | 13,153 | 11,997 | 12,523 | |||||||||
| Accrued interest receivable | 4,133 | 4,808 | 4,525 | |||||||||
| Federal Home Loan Bank ("FHLB") stock, at cost | 1,631 | 3,626 | 4,342 | |||||||||
| Premises and equipment, net | 20,918 | 21,406 | 22,304 | |||||||||
| Financing lease right-of-use assets | 1,048 | 1,067 | 1,125 | |||||||||
| Deferred income taxes, net | 12,124 | 7,583 | 8,625 | |||||||||
| Goodwill | 27,076 | 27,076 | 27,076 | |||||||||
| Core deposit intangible ("CDI"), net | 77 | 101 | 171 | |||||||||
| Bank owned life insurance ("BOLI") | 34,779 | 34,536 | 33,617 | |||||||||
| TOTAL ASSETS | $ | 1,463,809 | $ | 1,512,311 | $ | 1,513,323 | ||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||
| LIABILITIES: | ||||||||||||
| Deposits | $ | 1,254,185 | $ | 1,233,518 | $ | 1,232,328 | ||||||
| Accrued expenses and other liabilities | 18,082 | 24,565 | 14,777 | |||||||||
| Advance payments by borrowers for taxes and insurance | 607 | 313 | 614 | |||||||||
| FHLB advances | 16,100 | 60,500 | 27,091 | |||||||||
| Junior subordinated debentures | 27,179 | 27,157 | 76,400 | |||||||||
| Finance lease liability | 2,020 | 2,041 | 2,099 | |||||||||
| Total liabilities | 1,318,173 | 1,348,094 | 1,353,309 | |||||||||
| SHAREHOLDERS' EQUITY: | ||||||||||||
| Serial preferred stock, $.01 par value; 250,000 authorized, | ||||||||||||
| issued and outstanding, none | - | - | - | |||||||||
| Common stock, $.01 par value; 50,000,000 authorized, | ||||||||||||
| March 31, 2026 – 20,564,719 issued and outstanding; | ||||||||||||
| December 31, 2025 – 20,710,901 issued and outstanding; | 203 | 205 | 208 | |||||||||
| March 31, 2025 – 20,976,200 issued and outstanding; | ||||||||||||
| Additional paid-in capital | 51,112 | 51,850 | 53,392 | |||||||||
| Retained earnings | 113,713 | 122,167 | 119,717 | |||||||||
| Accumulated other comprehensive loss | (19,392 | ) | (10,005 | ) | (13,303 | ) | ||||||
| Total shareholders’ equity | 145,636 | 164,217 | 160,014 | |||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 1,463,809 | $ | 1,512,311 | $ | 1,513,323 | ||||||
| RIVERVIEW BANCORP, INC. AND SUBSIDIARY | ||||||||||||||
| Consolidated Statements of Income | ||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||
| (In thousands, except share data) (Unaudited) | March 31, 2026 | Dec. 31, 2025 | March 31, 2025 | March 31, 2026 | March 31, 2025 | |||||||||
| INTEREST INCOME: | ||||||||||||||
| Interest and fees on loans receivable | $ | 13,673 | $ | 14,325 | $ | 12,685 | $ | 55,017 | $ | 50,621 | ||||
| Interest on investment securities - taxable | 1,288 | 1,338 | 1,484 | 5,688 | 6,918 | |||||||||
| Interest on investment securities - nontaxable | 64 | 64 | 64 | 258 | 260 | |||||||||
| Other interest and dividends | 268 | 241 | 261 | 1,045 | 1,163 | |||||||||
| Total interest and dividend income | 15,293 | 15,968 | 14,494 | 62,008 | 58,962 | |||||||||
| INTEREST EXPENSE: | ||||||||||||||
| Interest on deposits | 4,247 | 4,368 | 3,910 | 16,749 | 15,313 | |||||||||
| Interest on borrowings | 865 | 1,055 | 1,391 | 4,911 | 7,305 | |||||||||
| Total interest expense | 5,112 | 5,423 | 5,301 | 21,660 | 22,618 | |||||||||
| Net interest income | 10,181 | 10,545 | 9,193 | 40,348 | 36,344 | |||||||||
| Provision for credit losses | 1,155 | 100 | - | 1,255 | 100 | |||||||||
| Net interest income after provision for credit losses | 9,026 | 10,445 | 9,193 | 39,093 | 36,244 | |||||||||
| NON-INTEREST INCOME: | ||||||||||||||
| Fees and service charges | 1,465 | 1,597 | 1,446 | 6,271 | 6,002 | |||||||||
| Asset management fees | 1,571 | 1,585 | 1,472 | 6,235 | 5,906 | |||||||||
| Income from BOLI | 243 | 231 | 226 | 986 | 941 | |||||||||
| BOLI death benefit in excess of cash surrender value | - | - | 261 | - | 261 | |||||||||
| Loss on sale of investment securities | (11,350 | ) | - | - | (11,350 | ) | - | |||||||
| Other, net | 37 | 91 | 302 | 594 | 1,146 | |||||||||
| Total non-interest income (loss), net | (8,034 | ) | 3,504 | 3,707 | 2,736 | 14,256 | ||||||||
| NON-INTEREST EXPENSE: | ||||||||||||||
| Salaries and employee benefits | 6,874 | 7,391 | 6,763 | 28,816 | 26,099 | |||||||||
| Occupancy and depreciation | 1,927 | 1,874 | 1,873 | 7,528 | 7,560 | |||||||||
| Data processing | 852 | 856 | 746 | 3,228 | 2,948 | |||||||||
| Amortization of CDI | 23 | 23 | 25 | 93 | 100 | |||||||||
| Advertising and marketing | 235 | 255 | 284 | 1,060 | 1,278 | |||||||||
| FDIC insurance premium | 170 | 166 | 170 | 671 | 688 | |||||||||
| State and local taxes | 324 | 351 | 265 | 1,160 | 1,042 | |||||||||
| Telecommunications | 53 | 53 | 62 | 202 | 215 | |||||||||
| Professional fees | 400 | 413 | 577 | 1,583 | 1,800 | |||||||||
| Other | 650 | 827 | 673 | 3,322 | 2,532 | |||||||||
| Total non-interest expense | 11,508 | 12,209 | 11,438 | 47,663 | 44,262 | |||||||||
| INCOME (LOSS) BEFORE INCOME TAXES | (10,516 | ) | 1,740 | 1,462 | (5,834 | ) | 6,238 | |||||||
| PROVISION FOR (BENEFIT OF) INCOME TAXES | (2,474 | ) | 363 | 314 | (1,493 | ) | 1,335 | |||||||
| NET INCOME (LOSS) | $ | (8,042 | ) | $ | 1,377 | $ | 1,148 | $ | (4,341 | ) | $ | 4,903 | ||
| Earnings (loss) per common share: | ||||||||||||||
| Basic | $ | (0.39 | ) | $ | 0.07 | $ | 0.05 | $ | (0.21 | ) | $ | 0.23 | ||
| Diluted | $ | (0.39 | ) | $ | 0.07 | $ | 0.05 | $ | (0.21 | ) | $ | 0.23 | ||
| Weighted average number of common shares outstanding: | ||||||||||||||
| Basic | 20,670,199 | 20,762,668 | 21,007,294 | 20,839,900 | 21,063,467 | |||||||||
| Diluted | 20,670,199 | 20,762,668 | 21,007,294 | 20,839,900 | 21,063,467 | |||||||||
| (Dollars in thousands) | At or for the three months ended | At or for the twelve months ended | |||||||||||||||||
| March 31, 2026 | Dec. 31, 2025 | March 31, 2025 | March 31, 2026 | March 31, 2025 | |||||||||||||||
| AVERAGE BALANCES | |||||||||||||||||||
| Average interest–earning assets | $ | 1,412,633 | $ | 1,417,625 | $ | 1,412,406 | $ | 1,414,802 | $ | 1,433,071 | |||||||||
| Average interest-bearing liabilities | 1,030,844 | 1,017,872 | 1,011,116 | 1,019,488 | 1,010,592 | ||||||||||||||
| Net average earning assets | 381,789 | 399,753 | 401,290 | 395,314 | 422,479 | ||||||||||||||
| Average loans | 1,083,614 | 1,080,560 | 1,047,718 | 1,071,901 | 1,044,370 | ||||||||||||||
| Average deposits | 1,254,645 | 1,247,682 | 1,219,130 | 1,231,350 | 1,220,120 | ||||||||||||||
| Average equity | 164,918 | 164,496 | 159,766 | 163,601 | 158,570 | ||||||||||||||
| Average tangible equity (non-GAAP) | 137,750 | 137,305 | 132,506 | 136,398 | 131,271 | ||||||||||||||
| ASSET QUALITY | March 31, 2026 | Dec. 31, 2025 | March 31, 2025 | ||||||||||||||||
| Non-performing loans | $ | 7,764 | $ | 1,129 | $ | 155 | |||||||||||||
| Non-performing loans to total loans | |||||||||||||||||||
| Non-performing assets | $ | 7,764 | $ | 1,129 | $ | 155 | |||||||||||||
| Non-performing assets to total assets | |||||||||||||||||||
| Net loan charge-offs (recoveries) in the quarter | $ | 1,105 | $ | 246 | $ | (22 | ) | ||||||||||||
| Net charge-offs (recoveries) in the quarter/average net loans | (0.01)% | ||||||||||||||||||
| Real estate/repossessed assets owned | $ | - | $ | - | $ | - | |||||||||||||
| Allowance for credit losses | $ | 15,248 | $ | 15,281 | $ | 15,374 | |||||||||||||
| Average interest-earning assets to average | |||||||||||||||||||
| interest-bearing liabilities | |||||||||||||||||||
| Allowance for credit losses to | |||||||||||||||||||
| non-performing loans | |||||||||||||||||||
| Allowance for credit losses to total loans | |||||||||||||||||||
| Shareholders’ equity to assets | |||||||||||||||||||
| CAPITAL RATIOS | |||||||||||||||||||
| Total capital (to risk weighted assets) | |||||||||||||||||||
| Tier 1 capital (to risk weighted assets) | |||||||||||||||||||
| Common equity tier 1 (to risk weighted assets) | |||||||||||||||||||
| Tier 1 capital (to average tangible assets) | |||||||||||||||||||
| Tangible common equity (to average tangible assets) (non-GAAP) | |||||||||||||||||||
| DEPOSIT MIX | March 31, 2026 | Dec. 31, 2025 | March 31, 2025 | ||||||||||||||||
| Interest checking | $ | 316,449 | $ | 319,242 | $ | 285,035 | |||||||||||||
| Regular savings | 153,490 | 157,581 | 168,287 | ||||||||||||||||
| Money market deposit accounts | 242,169 | 224,861 | 236,044 | ||||||||||||||||
| Non-interest checking | 293,458 | 291,207 | 315,503 | ||||||||||||||||
| Certificates of deposit | 248,619 | 240,627 | 227,459 | ||||||||||||||||
| Total deposits | $ | 1,254,185 | $ | 1,233,518 | $ | 1,232,328 | |||||||||||||
| COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS | |||||||||||||
| Other | Commercial | ||||||||||||
| Commercial | Real Estate | Real Estate | & Construction | ||||||||||
| Business | Mortgage | Construction | Total | ||||||||||
| March 31, 2026 | (Dollars in thousands) | ||||||||||||
| Commercial business | $ | 219,846 | $ | - | $ | - | $ | 219,846 | |||||
| Commercial construction | - | - | 13,619 | 13,619 | |||||||||
| Office buildings | - | 115,462 | - | 115,462 | |||||||||
| Warehouse/industrial | - | 118,292 | - | 118,292 | |||||||||
| Retail/shopping centers/strip malls | - | 90,388 | - | 90,388 | |||||||||
| Assisted living facilities | - | 343 | - | 343 | |||||||||
| Single purpose facilities | - | 287,149 | - | 287,149 | |||||||||
| Land | - | 9,143 | - | 9,143 | |||||||||
| Multi-family | - | 103,614 | - | 103,614 | |||||||||
| One-to-four family construction | - | - | 10,421 | 10,421 | |||||||||
| Total | $ | 219,846 | $ | 724,391 | $ | 24,040 | $ | 968,277 | |||||
| March 31, 2025 | (Dollars in thousands) | ||||||||||||
| Commercial business | $ | 232,935 | $ | - | $ | - | $ | 232,935 | |||||
| Commercial construction | - | - | 18,368 | 18,368 | |||||||||
| Office buildings | - | 110,949 | - | 110,949 | |||||||||
| Warehouse/industrial | - | 114,925 | - | 114,925 | |||||||||
| Retail/shopping centers/strip malls | - | 88,815 | - | 88,815 | |||||||||
| Assisted living facilities | - | 358 | - | 358 | |||||||||
| Single purpose facilities | - | 277,137 | - | 277,137 | |||||||||
| Land | - | 4,610 | - | 4,610 | |||||||||
| Multi-family | - | 91,452 | - | 91,452 | |||||||||
| One-to-four family construction | - | - | 10,814 | 10,814 | |||||||||
| Total | $ | 232,935 | $ | 688,246 | $ | 29,182 | $ | 950,363 | |||||
| LOAN MIX | March 31, 2026 | Dec. 31, 2025 | March 31, 2025 | ||||||||||
| Commercial and construction | (Dollars in thousands) | ||||||||||||
| Commercial business | $ | 219,846 | $ | 223,904 | $ | 232,935 | |||||||
| Other real estate mortgage | 724,391 | 706,051 | 688,246 | ||||||||||
| Real estate construction | 24,040 | 26,639 | 29,182 | ||||||||||
| Total commercial and construction | 968,277 | 956,594 | 950,363 | ||||||||||
| Consumer | |||||||||||||
| Real estate one-to-four family | 96,698 | 98,929 | 97,683 | ||||||||||
| Other installment | 27,509 | 29,643 | 14,414 | ||||||||||
| Total consumer | 124,207 | 128,572 | 112,097 | ||||||||||
| Total loans | 1,092,484 | 1,085,166 | 1,062,460 | ||||||||||
| Less: | |||||||||||||
| Allowance for credit losses | 15,248 | 15,281 | 15,374 | ||||||||||
| Loans receivable, net | $ | 1,077,236 | $ | 1,069,885 | $ | 1,047,086 | |||||||
| DETAIL OF NON-PERFORMING ASSETS | |||||||||||||
| Northwest | Southwest | ||||||||||||
| Oregon | Washington | Total | |||||||||||
| March 31, 2026 | (Dollars in thousands) | ||||||||||||
| Commercial business | $ | 125 | $ | 519 | $ | 644 | |||||||
| Commercial real estate | 7,077 | 36 | 7,113 | ||||||||||
| Consumer | - | 7 | 7 | ||||||||||
| Total non-performing assets | $ | 7,202 | $ | 562 | $ | 7,764 | |||||||
| At or for the three months ended | At or for the twelve months ended | |||||||||||||||||||
| SELECTED OPERATING DATA | March 31, 2026 | Dec. 31, 2025 | March 31, 2025 | March 31, 2026 | March 31, 2025 | |||||||||||||||
| Efficiency ratio (4) | ||||||||||||||||||||
| Coverage ratio (6) | ||||||||||||||||||||
| Return on average assets (1) | - | - | ||||||||||||||||||
| Return on average equity (1) | - | - | ||||||||||||||||||
| Return on average tangible equity (1) (non-GAAP) | - | - | ||||||||||||||||||
| NET INTEREST SPREAD | ||||||||||||||||||||
| Yield on loans | ||||||||||||||||||||
| Yield on investment securities | ||||||||||||||||||||
| Total yield on interest-earning assets | ||||||||||||||||||||
| Cost of interest-bearing deposits | ||||||||||||||||||||
| Cost of FHLB advances and other borrowings | ||||||||||||||||||||
| Total cost of interest-bearing liabilities | ||||||||||||||||||||
| Spread (7) | ||||||||||||||||||||
| Net interest margin | ||||||||||||||||||||
| PER SHARE DATA | ||||||||||||||||||||
| Basic earnings (loss) per share (2) | $ | (0.39 | ) | $ | 0.07 | $ | 0.05 | $ | (0.21 | ) | $ | 0.23 | ||||||||
| Diluted earnings (loss) per share (3) | (0.39 | ) | 0.07 | 0.05 | (0.21 | ) | 0.23 | |||||||||||||
| Book value per share (5) | 7.08 | 7.93 | 7.63 | 7.08 | 7.63 | |||||||||||||||
| Tangible book value per share (5) (non-GAAP) | 5.76 | 6.62 | 6.33 | 5.76 | 6.33 | |||||||||||||||
| Market price per share: | ||||||||||||||||||||
| High for the period | $ | 5.66 | $ | 5.56 | $ | 5.75 | $ | 6.40 | $ | 5.88 | ||||||||||
| Low for the period | 5.01 | 5.02 | 5.08 | 4.82 | 3.64 | |||||||||||||||
| Close for period end | 5.50 | 5.02 | 5.65 | 5.50 | 5.65 | |||||||||||||||
| Cash dividends declared per share | 0.0200 | 0.0200 | 0.0200 | 0.0800 | 0.0800 | |||||||||||||||
| Average number of shares outstanding: | ||||||||||||||||||||
| Basic (2) | 20,670,199 | 20,762,668 | 21,007,294 | 20,839,900 | 21,063,467 | |||||||||||||||
| Diluted (3) | 20,670,199 | 20,762,668 | 21,007,294 | 20,839,900 | 21,063,467 | |||||||||||||||
| (1) | Amounts for the periods shown are annualized. |
| (2) | Amounts exclude ESOP shares not committed to be released. |
| (3) | Amounts exclude ESOP shares not committed to be released and include common stock equivalents. |
| (4) | Non-interest expense divided by net interest income and non-interest income. |
| (5) | Amounts calculated based on shareholders’ equity and include ESOP shares not committed to be released. |
| (6) | Net interest income divided by non-interest expense. |
| (7) | Yield on interest-earning assets less cost of funds on interest-bearing liabilities. |
| Contact: | Nicole Sherman |
| David Lam | |
| Riverview Bancorp, Inc. 360-693-6650 |
