NASDAQ: RVSB

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

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

- Employer of choice: Riverview’s vision is “to be the preferred place to bank and work in the Pacific Northwest.” The Company focuses on recruiting, developing, and retaining talent across all areas of the organization.

- Profitable growth: The Company seeks to achieve sustainable, well-managed growth that enhances long-term financial performance and competitive position by increasing revenues, deepening existing client relationships, attracting new clients, and maintaining disciplined expense management and prudent risk-management practices.

- Digital experience: The Company seeks to provide seamless, intuitive and secure digital banking capabilities designed to enhance client engagement through personalized services, convenient access to banking solutions and efficient transaction processing.

- Data empowerment: The Company utilizes data analytics to support informed decision-making, improve operational efficiencies and enhance client experiences through greater insight into client needs and market trends.

- Client experience: The Company focuses on delivering consistent, personalized and high-quality service across all client interactions in order to strengthen relationships and build trust within the communities it serves.

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

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

Market Area

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

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

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

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

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

Lending Activities

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

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

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

​ ​ ​

At March 31,

​ ​ ​

Amount

​ ​ ​

Percent

​ ​ ​

Amount

​ ​ ​

Percent

​ ​ ​

Commercial and construction:

Commercial business

$

219,846

20.12

%

$

232,935

21.92

%

Commercial real estate

611,634

55.99

592,185

55.74

Land

9,143

0.84

4,610

0.43

Multi-family

103,614

9.48

91,451

8.61

Real estate construction

24,040

2.20

29,182

2.75

Total commercial and construction

968,277

88.63

950,363

89.45

Consumer:

Real estate one-to-four family

96,698

8.85

97,683

9.19

Other installment

27,509

2.52

14,414

1.36

Total consumer

124,207

11.37

112,097

10.55

Total loans

1,092,484

100.00

%

1,062,460

100.00

%

Less:

Allowance for credit losses ("ACL")

15,248

15,374

Total loans receivable, net

$

1,077,236

$

1,047,086

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

Commercial Business

Commercial Real Estate Mortgage

Real Estate Construction

Commercial and Construction Total

March 31, 2026

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

—

—

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

​ ​ ​

Commercial business

​ ​ ​

$

232,935

$

—

$

—

$

232,935

Commercial construction

—

—

18,368

18,368

Office buildings

—

110,949

—

110,949

Warehouse/industrial

—

114,926

—

114,926

Retail/shopping centers/strip malls

—

88,815

—

88,815

Assisted living facilities

—

—

Single purpose facilities

—

277,137

—

277,137

Land

—

4,610

—

4,610

Multi-family

—

91,451

—

91,451

One-to-four family construction

—

—

10,814

10,814

Total

$

232,935

$

688,246

$

29,182

$

950,363

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

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

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

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

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

working with the borrower to address performance issues. For more information concerning risks related to commercial real estate loans, see