What changed in this filing

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Item 1. Business

2026-06-12 compared with 2025-06-12 · 170 added, 155 removed, 659 unchanged (33% of the section changed)

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The Bank converted from a federally chartered savings bank to a Washington state-chartered commercial bank on April 28, 2021.

As a Washington state-chartered commercial bank, the Bank’s regulators are the WDFI and the FDIC, the insurer of its deposits.

As a Washington state-chartered commercial bank, the Bank’s regulators are the Washington State Department of Financial Institution, Divisions of Banks (“WDFI”) and the Federal Deposit Insurance Corporation (“FDIC”), the insurer of its deposits.

The Bank’s deposits are insured up to applicable limits by the FDIC.

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The Bank is also a member of the Federal Home Loan Bank of Des Moines (“FHLB”) which is one of the 11 regional banks in the Federal Home Loan Bank System (“FHLB System”).

As a progressive, community-oriented financial services company, the Company emphasizes local, personal service to residents and business of its primary market area.

The Company considers Clark, Klickitat and Skamania counties of Washington, and Multnomah, Washington and Marion counties of Oregon as its primary market area.

The Company is engaged predominantly in the business of attracting deposits from the general public and using such funds in 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.

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 includes focusing on five priorities which include being the employer of choice, profitable growth, digital experience, data empowerment and client experience.

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 “to be the preferred place to bank and work in the PNW” we focus on recruiting, investing in, and retaining top talent across all areas of Riverview.

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:

A chieving sustainable and well-managed expansion that enhances long-term financial health and competitive position focusing on increasing revenues, gaining market share, deepening relationships with existing clients, and acquiring new clients while enhancing profitability through effective cost management, prudent risk-taking, and strategic investments.

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:

Our commitment is to provide seamless, intuitive, and secure online interactions for our clients, leveraging leading technology to enhance user satisfaction by offering personalized services, easy access to banking solutions, and efficient digital transactions.

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:

Utilization of data for informed decision-making and personalized client experiences.

By effectively collecting, analyzing, and utilizing data, we gain valuable insights into client behavior and needs, market trends, and operational efficiencies.

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 client experience encompasses the entire journey and each interaction the client has with Riverview, from initial contact to ongoing relationship ensuring seamless, personalized, and high-quality experiences across all channels.

Our goal is to create a best-in-class banking experience that exceeds client expectations, building trust and advocacy within the community.

The Company targets the commercial banking client base in its primary market area for loan originations and deposit growth, specifically businesses, professionals and wealth building individuals.

In pursuit of these goals, the Company will seek to increase the loan portfolio consistent with its strategic plan and asset/liability and regulatory capital objectives, which includes growing or maintaining a significant amount of business banking, commercial business and commercial real estate loans in its loan portfolio which typically carry adjustable rates, higher yields and shorter terms, as well as higher credit risk, compared to traditional fixed-rate consumer real estate one-to-four family loans.

Our strategic plan also highlights increased emphasis on non-interest income, including improved fees for asset management through the Trust Company and deposit service charges.

The strategic plan is designed to enhance earnings, reduce interest rate risk and provide a more complete range of financial services to clients and the local communities the Company serves.

We believe we are well positioned to attract new clients and to increase our market share through our 17 branch locations, including, among others, 10 in Clark County, three in the Portland metropolitan area and three lending centers.

The Company conducts operations from its home office in Vancouver, Washington and 17 branch offices located in Camas, Washougal, Stevenson, White Salmon, Battle Ground, Goldendale, Ridgefield and Vancouver, Washington (six branch offices), and Portland, Gresham, Tualatin and Aumsville, Oregon.

The Trust Company has two locations, one in downtown Vancouver, Washington and one in Lake Oswego, Oregon, providing full-service brokerage activities, trust and asset management services.

Riverview Mortgage, a mortgage broker division of the Bank, originates mortgage loans for various mortgage companies predominantly in the Vancouver/Portland metropolitan areas, as well as for the Bank.

The Bank’s Business and Professional Banking Division, with two lending offices located in Vancouver and one in Portland, offers commercial and business banking services.

Vancouver is located in Clark County, Washington, which is just north of Portland, Oregon.

Many businesses are located in the Vancouver area because of the favorable tax structure and lower energy costs in Washington as compared to Oregon.

Companies located in the Vancouver area include:

Sharp Microelectronics, Hewlett Packard, Georgia Pacific, Underwriters Laboratory, TSMC Washington (formerly WaferTech), Barrett Business Services, PeaceHealth and Banfield Pet Hospitals, as well as several support industries.

In addition to this industry base, the Columbia River Gorge Scenic Area and the Portland metropolitan area are sources of tourism.

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.

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

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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 $28.0 million, which consisted of a multi-family loan of $16.8 million and a commercial real estate loan of $11.1 million, both of which were performing in accordance with their original payment terms at March 31, 2025.

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 .

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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 credit-worthiness of the borrower and secondarily on the underlying collateral provided by the borrower.

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, 2025, the Company had one commercial business loan for $37,000 on non-accrual status compared to one commercial business loan of $58,000 at March 31, 2024.

Other Real Estate Mortgage Lending.

The Company originates other 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, collectively referred to herein as the “other real estate mortgage loan portfolio”.

At March 31, 2025, the commercial real estate and multi-family real estate mortgage loan portfolios totaled $592.2 million and $91.5 million, or 55.7% and 8.6% of total loans, respectively.

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.

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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, 2025, the Company had two commercial real estate loans totaling $88,000 on non-accrual status compared to one commercial real estate loan totaling $79,000 at March 31, 2024.

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 Item 1A.

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Speculative construction loans are made to home builders and are termed “speculative” because the home builder does not have, at the time of loan origination, a signed contract with a home buyer who has a commitment for permanent financing with either the Company or another lender for the finished home.

The home buyer may be identified either during or after the construction period, with the risk that the builder will have to service the speculative construction loan and finance real estate taxes and other carrying costs of the completed home for a significant period after the completion of construction until a home buyer is identified.

The largest speculative construction loan at March 31, 2025 was a loan to finance the construction of a single family home of $695,000 that is secured by property located in the Company’s market area.

The average balance of loans in the speculative construction loan portfolio at March 31, 2025 was $373,000.

At March 31, 2025 and 2024, the Company had no speculative construction loans on non-accrual status.

Presold construction loans are made to homebuilders who, at the time of construction, have a signed contract with a home buyer who has a commitment for permanent financing for the finished home from the Company or another lender.

Presold construction loans are generally originated for a term of 12 months.

A home buyer may be identified during or after the construction period, creating the risk that the builder will be required to service the loan and fund property taxes and other carrying costs on the completed home for a significant period after the completion of construction until a home buyer is identified.

The largest speculative construction loan at March 31, 2026 was a $1.9 million loan to finance the construction of 22 single-family townhomes, secured by property located within the Company’s market area.

The average balance of loans in the speculative construction portfolio at March 31, 2026 was $579,000.

At both March 31, 2026 and 2025, the Company had no speculative construction loans on non-accrual status.

Presold construction loans are made to homebuilders who, at origination, have a signed contract with a homebuyer who has a commitment for permanent financing for the finished home from the Company or another lender.

These loans are generally originated with a term of 12 months.

At March 31, 2026 and 2025, presold construction loans totaled $1.3 million and $4.8 million, respectively.

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Speculative and presold construction

Unlike speculative and presold construction loans, custom construction loans are made directly to the homeowner.

Construction/permanent loans are originated to the homeowner rather than the homebuilder along with a commitment by the Company to originate a permanent loan to the homeowner to repay the construction loan at the completion of construction.

Custom construction loans are made directly to homeowners, unlike speculative and presold construction loans, which are made to homebuilders.

Construction/permanent loans are originated to the homeowner and include a commitment by the Company to originate a permanent mortgage loan upon completion of construction to repay the construction loan.

The construction phase of a construction/permanent loan generally lasts six to nine months.

At the completion of construction, the Company may either originate a fixed-rate mortgage loan or an adjustable rate mortgage (“ARM”) loan or use its mortgage brokerage capabilities to obtain permanent financing for the client with another lender.

For adjustable rate loans, the interest rates adjust on their first adjustment date.

See “Mortgage Brokerage” and “Mortgage Loan Servicing” below for more information.

Upon completion of construction, the Company may originate either a fixed-rate or adjustable-rate mortgage (“ARM”) loan, or may utilize its mortgage brokerage capabilities to arrange permanent financing for the client with another lender.

For ARM loans, interest rates adjust on the first scheduled adjustment date.

See “Mortgage Brokerage” and “Mortgage Loan Servicing” below for additional information.

At March 31, 2026, the Company had no construction/permanent loans.

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At March 31, 2026, commercial construction loans totaled $13.6 million, or 56.7% of total real estate construction loans, and 1.2% of total loans.

Borrowers may be the business owner/occupier of the building who intends to operate their business from the property upon construction, or non-owner developers.

The expected source of repayment of these loans is typically the sale or refinancing of the project upon completion of the construction phase.

Borrowers may be the business owner/occupier of the building who intend to operate their business from the completed property, as well as non-owner developers.

Repayment of these loans is typically expected from the sale or refinancing of the project upon completion of construction.

In certain circumstances, the Company may provide or commit to take-out financing upon construction.

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At March 31, 2026, the largest commercial construction loan had a balance of $6.6 million and was performing according to its original repayment terms.

The average balance of loans in the commercial construction loan portfolio at March 31, 2025 was $2.6 million.

At March 31, 2025 and 2024, the Company had no commercial construction loans on non-accrual status.

The average balance of loans in the commercial construction portfolio at March 31, 2026 was $2.3 million.

At both March 31, 2026 and 2025, the Company had no commercial construction loans on non-accrual status.

The Company has originated construction and land acquisition and development loans where a component of the cost of the project was the interest required to service the debt during the construction period of the loan, sometimes known as interest reserves.

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Consumer Lending.

Consumer loans totaled $112.1 million at March 31, 2025 and were comprised of $78.3 million of real estate one-to-four family loans, $18.9 million of home equity lines of credit, $373,000 of land loans to consumers for the future construction of one-to-four family homes and $14.4 million of other secured and unsecured consumer loans.

The majority of our real estate one-to-four family loans are located in the Company’s primary market area.

Underwriting standards require that real estate one-to-four family loans generally be owner occupied and that originated loan amounts not exceed 80% (95% with private mortgage insurance) of the lesser of current appraised value or cost of the underlying collateral.

Terms typically range from 15 to 30 years.

At March 31, 2025, the Company had one residential real estate loan of $30,000 on non-accrual status compared to one residential real estate loan of $36,000 at March 31, 2024.

All of these loans were secured by properties located in Oregon and Washington.

Consumer loans totaled $124.2 million at March 31, 2026.

Real estate one-to-four family loans totaled $96.7 million of consumer loans and consisted of $72.0 million of one-to-four family residential mortgage loans, $24.4 million of home equity lines of credit, and $335,000 of land loans to consumers for the future construction of one-to-four family homes.

The remainder of consumer lending consisted of other installment loans totaling $27.5 million, which include other secured and unsecured consumer loans.

The majority of the Company’s one-to-four family residential real estate loans are located within its primary market area.

Underwriting standards generally require that such loans be owner- occupied and that originated loan amounts not exceed 80% of the lesser of the appraised value or cost of the underlying collateral (95% when private mortgage insurance is obtained).

Loan terms typically range from 15 to 30 years.

At March 31, 2026, the Company had one residential real estate loan totaling $7,000 on non-accrual status, compared to one residential real estate loan totaling $30,000 at March 31, 2025.

The Company no longer originates real estate one-to-four family loans.

The Company also originates a variety of installment loans, including loans for debt consolidation and other purposes, automobile loans, boat loans and savings account loans.

At March 31, 2025 and 2024, the Company had no installment loans on non-accrual status.

Installment consumer loans generally entail greater risk than do residential mortgage loans, particularly in the case of consumer loans that are unsecured or secured by assets that depreciate rapidly, such as mobile homes, automobiles, boats and recreational vehicles.

The Company also originates a variety of installment loans, including loans for debt consolidation and other purposes, automobile loans, boat loans and savings account-secured loans.

At both March 31, 2026 and 2025, the Company had no installment loans on non-accrual status.

Installment consumer loans generally entail greater risk than residential mortgage loans, particularly in the case of consumer loans that are unsecured or secured by assets that depreciate rapidly, such as mobile homes, automobiles, boats and recreational vehicles.

In these cases, we face the risk that any collateral for a defaulted loan may not provide an adequate source of repayment of the outstanding loan balance.

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In general, during periods of rising interest rates, the volume of loans and the amount of loan fees generally decrease as a result of decreased mortgage loan demand.

Conversely, during periods of

falling interest rates, the volume of loans and the amount of loan fees generally increase as a result of the increased mortgage loan demand.

Conversely, during periods of falling interest rates, the volume of loans and the amount of loan fees generally increase as a result of the increased mortgage loan demand.

Mortgage Loan Servicing.

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Nonperforming Assets.

Nonperforming assets were $155,000 or 0.01% of total assets at March 31, 2025, compared to $178,000 or 0.01% of total assets at March 31, 2024.

The Company had net charge-offs totaling $90,000 during fiscal 2025 compared to a net recovery of $13,000 during fiscal 2024.

The Company had no other real estate owned or foreclosed assets at March 31, 2025 and 2024.

Loans are reviewed regularly and it is the Company’s general policy that when a loan is 90 days or more delinquent or when collection of principal or interest appears doubtful, it is placed on non-accrual status, at which time the accrual of interest ceases and a reserve for any unrecoverable accrued interest is established and charged against operations.

In general, payments received on non-accrual loans are applied to reduce the outstanding principal balance on a cash-basis method.

The Company continues to proactively manage its residential construction and land acquisition and development loan portfolios.

Nonperforming assets were $7.8 million or 0.53% of total assets at March 31, 2026, compared to $155,000 or 0.01% of total assets at March 31, 2025.

The Company had net charge-offs totaling $1.3 million during fiscal 2026 compared to net charge-offs of $90,000 during fiscal 2025.

Credit quality challenges were centered in commercial real estate which represented 93% of the Company’s nonperforming assets at March 31, 2026.

The increase was driven by one hospitality borrower-specific circumstance rather than any broader weakness in that loan category.

The Company is actively monitoring this relationship and working with the borrower to address performance issues.

The Company had one real estate owned property held at a zero cost basis at March 31, 2026.

The Company had no other real estate owned or foreclosed assets at March 31, 2025.

Loans are generally placed on nonaccrual status when they become 90 days past due or when collectability of principal or interest is otherwise doubtful.

Upon placement on nonaccrual status, interest accruals are discontinued and previously accrued but uncollectible interest is reversed against interest income.

Cash receipts on nonaccrual loans are generally applied to principal.

The Company proactively manages its residential construction and land acquisition and development loan portfolios.

At March 31, 2026, the Company’s residential construction and land acquisition and development loan portfolios were $10.4 million and $9.1 million, respectively, as compared to $10.8 million and $4.6 million, respectively, at March 31, 2025.

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Commercial real estate

SBA and USDA Government Guaranteed

At March 31, 2025, all of the Company’s nonperforming loans are to borrowers with properties located in Southwest Washington.

At that date, 60.8% of the Company’s nonperforming loans, totaling $94,000, were individually evaluated for a specific allowance of credit losses.

These loans were either charged down to the estimated fair value of the collateral, less estimated selling costs, or carried a specific reserve to reduce their net carrying value.

No specific reserves were recorded for these individually evaluated nonperforming loans as of March 31, 2025.

At March 31, 2025, the largest single nonperforming loan was a CRE loan with an outstanding balance of $57,000.

At March 31, 2026, all of the Company’s nonperforming loans are to borrowers with properties located in Northwest Oregon and Southwest Washington.

At that date, 97.1% of the Company’s nonperforming loans, totaling $7.5 million, were individually evaluated for a specific allowance of credit losses.

At March 31, 2026, no specific reserves were recorded on individually evaluated nonperforming loans, as these credits were either written down to estimated collateral value, net of estimated selling costs, or supported by existing collateral values and expected cash flows.

At March 31, 2026, the largest single nonperforming loan was a CRE loan with an outstanding balance of $4.3 million.

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

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Commercial real estate

Accruing loans which are contractually past due 90 days or more (1)

Total nonperforming loans

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Foregone interest on non-accrual loans

(1) Consists entirely of SBA and USDA government guaranteed loans at March 31, 2024.

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

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Commercial real estate

SBA and USDA Government Guaranteed

Total nonperforming assets

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Commercial real estate

SBA and USDA Government Guaranteed

Total nonperforming assets

At March 31, 2026 and 2025, loans delinquent 30 – 89 days were 0.60% and 0.38% of total loans, respectively.

At March 31, 2025, loans 30-89 days past due were comprised of SBA government guaranteed loans (which are included in commercial business), commercial business, CRE, and consumer loans.

The SBA government guaranteed loans comprise a substantial amount of the total loans 30-89 days past due at March 31, 2025.

At March 31, 2024, loans 30-89 days past due were comprised of commercial business and consumer loans.

At March 31, 2025, CRE loans 30-89 days past due were $242,000.

There were no CRE loans 30-89 days past at March 31, 2024.

At March 31, 2026 and 2025, loans 30-89 days past due were comprised of Small Business Administration (“SBA”) government guaranteed loans (which are included in commercial business), commercial business, CRE, and consumer loans.

At March 31, 2026, CRE loans 30-89 days past due were $4.1 million compared to $242,000 at March 31, 2025.

Commercial business loans 30-89 days past due were $2.3 million and $3.8 million for the fiscal years ended March 31, 2026 and 2025, respectively.

At March 31, 2026, CRE loans represented the largest portion of our loan portfolio at 56.0% of total loans, followed by commercial business loans, which represented 20.1% of total loans.

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Loans under bankruptcy protection with no payments received for four consecutive months are charged off.

The outstanding balance of a secured loan that is in excess of the net realizable value is generally charged-off if no payments are received for four to five consecutive months.

The outstanding balance of a secured loan that is in excess of the net

realizable value is generally charged off if no payments are received for four to five consecutive months.

However, charge-offs are postponed if alternative proposals to restructure, obtain additional guarantors, obtain additional assets as collateral or a potential sale of the underlying collateral would result in full repayment of the outstanding loan balance.

Once any other potential sources of repayment are exhausted, the impaired portion of the loan is charged-off.

Regardless of whether a loan is unsecured or collateralized, once an amount is determined to be a confirmed loan loss it is promptly charged-off.

Regardless of whether a loan is unsecured or collateralized, once an amount is determined to be a confirmed credit loss it is promptly charged off.

Asset Classification.

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Assets classified as loss are those considered uncollectible and of such little value that their continuance as assets without the establishment of a specific loss reserve is not warranted.

When the Company classifies problem assets as either substandard or doubtful, we may determine that the loan is impaired and establish a specific allowance in an amount we deem prudent to address the risk specifically or we may allow the loss to be addressed in the general allowance.

General allowances represent loss allowances which have been established to recognize the inherent risk associated with lending activities, but which, unlike specific allowances, have not been specifically allocated to particular problem assets.

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

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

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

At or For the Year

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General loss allowances

Specific loss allowances

Net charge-offs (recoveries)

All loans on non-accrual status as of March 31, 2026 were categorized as classified loans.

Classified loans at March 31, 2025 were comprised of three commercial business loans totaling $763,000, three commercial real estate loans totaling $2.1 million, three multi-family real estate loans totaling $66,000 and one one-to-four family real estate loan for $30,000.

The net increase in classified loans during the period was primarily due to the downgrades of two commercial real estate loans totaling $2.0 million, two commercial business loans totaling $725,000, and two multi-family real estate loans totaling $47,000.

These downgrades were offset by the payoffs of one commercial real estate of $520,000 and one multi-family loan for $8,000 along with paydowns of loans totaling $50,000.

Classified loans at March 31, 2026 were comprised of four commercial business loans totaling $645,000, seven commercial real estate loans totaling $11.8 million, seven multi-family real estate loans totaling $205,000 and one one-to-four family real estate loan for $7,000.

The net increase in classified loans during the period was primarily due to the downgrades of five commercial real estate loans totaling $9.9 million, five multi-family real estate loans totaling $151,000, one commercial business loan totaling $126,000, and one consumer loan totaling $7,000.

These downgrades were offset by a charge-off of one consumer loan for $30,000, the payoff of one multi-family loan for $9,000 along with paydowns of loans totaling $392,000.

The Company maintains an ACL to provide for expected credit losses inherent in the loan portfolio consistent with accounting principles generally accepted in the United States of America (“GAAP”) guidelines.

The adequacy of the ACL is evaluated monthly to maintain levels sufficient to provide for expected credit losses existing at the balance sheet date.

The adequacy of the ACL is evaluated quarterly to maintain levels sufficient to provide for expected credit losses existing at the balance sheet date.

For additional discussion of the Company’s methodology for assessing the appropriate level of the ACL see Item 7.

“Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates.”

The Company recorded a provision for credit losses of $100,000 for the fiscal year ended March 31, 2025 compared to no provision or recapture of credit losses for the fiscal year ended March 31, 2024.

The provision for credit losses for fiscal year ended March 31, 2025 was primarily due to growth in the loan portfolio.

The lack of a provision for credit losses for the fiscal year ended March 31, 2024 was primarily due to credit upgrades, payoffs of higher credit risk loans, updates to economic forecasts, changes in loan portfolio balances, composition, and characteristics.

The Company recorded a provision for credit losses of $1.3 million for the fiscal year ended March 31, 2026 compared to a $100,000 provision for credit loss for the fiscal year ended March 31, 2025.

The provision for credit losses for the fiscal year ended March 31, 2026 was primarily due to loan growth, net charge-offs recorded during the period, and credit migration within certain commercial real estate and commercial business relationships.

At March 31, 2026, the ACL was $15.2 million, or 1.40% of total loans, compared to $15.4 million, or 1.45% of total loans at March 31, 2025.

Net charge-offs totaled $90,000 for the fiscal year ended March 31, 2025, compared to net recoveries of $13,000 for the prior fiscal year.

Net charge-offs totaled $1.3 million for the fiscal year ended March 31, 2026, compared to net charge-offs of $90,000 for the prior fiscal year.

At March 31, 2026, the Company’s allowance for credit losses was more than sufficient to cover nonperforming loans, with a coverage ratio exceeding 196%, compared to 9,900% at the end of the prior fiscal year.

The Company’s general valuation allowance for pooled or “collectively evaluated” loans was 1.45% and 1.50% at March 31, 2025 and 2024, respectively.

Criticized loans, which are comprised of special mention loans, increased $11.8 million to $48.5 million at March 31, 2025 from $36.7 million at March 31, 2024.

These loans represented approximately 4.56% of the Company’s total loan portfolio as of March 31, 2025, compared to 3.58% at the prior year-end.

The net increase was mainly attributable to the downgrade of eight commercial real estate loans totaling $13.6 million, the largest of which was $3.7 million.

Four of these downgraded commercial real estate loans, totaling $8.6 million, were to a related borrower that the Company continues to monitor closely.

Criticized loans, which are comprised of special mention loans, decreased $6.2 million to $42.3 million at March 31, 2026 from $48.5 million at March 31, 2025.

These loans represented approximately 3.87% of the Company’s total loan portfolio as of March

31, 2026, compared to 4.56% at the prior year-end.

The net decrease was mainly attributable to normal loan paydowns, payoffs and the grade changes of three commercial real estate loans totaling $10.6 million, the largest of which was $5.2 million.

Two of these commercial real estate loans, totaling $8.0 million, were downgraded to classified loans, related to a borrower that the Company continues to monitor closely.

The criticized loan balance at March 31, 2026 also includes a $15.0 million CRE loan that was downgraded to special mention in fiscal year 2023.

The increases in the criticized loans balance at March 31, 2025 compared to March 31, 2024 were partially offset by normal loan paydowns, payoffs and grade changes totaling $2.2 million.

Classified loans increased $2.2 million to $2.9 million at March 31, 2025 compared to $723,000 at March 31, 2024.

The increase in classified loans is mainly due to the downgrade of $2.0 million CRE due to borrower cash flow deterioration.

The Company is actively monitoring this relationship and working with the borrower to address performance issues.

Classified loans increased $9.7 million to $12.7 million at March 31, 2026 compared to $2.9 million at March 31, 2025.

The increase in classified loans is mainly due to the previously mentioned downgrade of three CRE loans totaling $9.5 million to two different borrowers due to cash flow deterioration.

The Company is actively monitoring these relationships and working with the borrowers to address performance issues.

The increase in classified loans during fiscal 2026 reflects the migration of certain credits previously identified as special mention into substandard classification as part of the Company’s ongoing credit review process.

Management considers the ACL to be adequate at March 31, 2026 to cover expected credit losses inherent in the loan portfolio based on the assessment of various factors affecting the loan portfolio, and the Company believes it has established its existing ACL in accordance with GAAP.

However, a decline in national and local economic conditions (including a possible recession and continued inflationary pressures), results of examinations by the Company’s banking regulators, or other factors could result in a material increase in the ACL and may adversely affect the Company’s future financial condition and results of operations.

In addition, because future events affecting borrowers and collateral cannot be predicted with certainty, there can be no assurance that the existing ACL will be adequate or that substantial increases will not be necessary should the quality of any loans deteriorate or should collateral values decline as a result of the factors discussed elsewhere in this document.

The increase in nonperforming loans, classified loans, and net charge-offs during fiscal 2026 reflects the migration of several commercial real estate and commercial business credits into lower risk rating categories during the year.

These credits are primarily located within the Company’s primary market area and were downgraded based on borrower-specific cash flow deterioration and updated collateral assessments identified through the Company’s ongoing credit review process.

The Company believes these changes primarily reflect credit migration within specific borrower relationships rather than broad-based deterioration across the loan portfolio.

A significant portion of this migration was concentrated in the Company’s commercial real estate portfolio.

However, declines in national or local economic conditions, including a recessionary environment or continued inflationary pressures, changes in regulatory assessments, or other factors could result in a material increase in the ACL and adversely affect the Company’s financial condition and results of operations.

Because future events affecting borrowers and collateral cannot be predicted with certainty, there can be no assurance that the existing ACL will be sufficient, and increases to the ACL may be required if loan quality deteriorates or collateral values decline, including as a result of the factors discussed elsewhere in this report.

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

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At or For the Year Ended March 31,

ACL/ALLL as a percentage of total loans outstanding at period end

ACL as a percentage of total loans outstanding at period end

Total loans outstanding

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Total loans outstanding

ACL/ALLL as a percentage of non-accrual loans at period end

ACL as a percentage of non-accrual loans at period end

Total non-accrual loans

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Total average loans receivable, net

(1) The allowance for loan losses (“ALLL”) for fiscal year 2023 was calculated using the previous incurred loss methodology, which is not directly comparable to the CECL methodology which was used to calculate the ACL for fiscal years 2025 and 2024.

Investment Activities

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See Note 3 of the Notes to Consolidated Financial Statements contained in Item 8 of this Form 10-K for additional information.

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

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

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Total available for sale

Held to maturity:

Municipal securities

Agency securities

Residential MBS

Total held to maturity

(1) The weighted average yields are calculated by multiplying each amortized cost value by its yield and dividing the sum of these results by the total amortized cost values.

Yields on tax-exempt investments are not calculated on a fully tax equivalent basis.

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

fair value, which may be maturity, as well as other factors.

There was no ACL recorded for investment securities for the years ended March 31, 2026 and 2025, respectively.

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Certificates of deposit

Deposit accounts totaled $1.2 billion at both March 31, 2025 and March 31, 2024.

Deposit accounts totaled $1.3 billion at March 31, 2026 compared to $1.2 billion at March 31, 2025.

The Company did not have any wholesale-brokered deposits at March 31, 2026 and 2025.

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Although the Company did not originate any internet based deposits during the fiscal year ended March 31, 2026, the Company may do so in the future consistent with its asset/liability objectives.

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

and increasing or decreasing interest rate environments.

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

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The FHLB functions as a central reserve bank providing credit for member financial institutions.

As a member, the Bank is required to own capital stock in the FHLB and is authorized to apply for advances on the security of such stock and certain of its mortgage loans and other assets (primarily securities which are obligations of, or guaranteed by, the U.S.) provided certain standards related to credit-worthiness have been met.

The FHLB determines specific lines of credit for each member institution and the Bank has a line of credit with the FHLB equal to 45% of its total assets to the extent the Bank provides qualifying collateral and holds sufficient FHLB stock.

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Nicole Sherman is Chief Executive Officer and President of the Company since July 2024.

Sherman has over 30 years of banking experience at Executive leadership levels and has been in the State of Washington for over 20 years.

Sherman most recently served at Chief Operating Officer at Utah First Credit Union prior to joining the Company.

Prior to that, Ms.

Sherman was Chief Operating Officer at Numerica Credit Union for 3 years, Executive Vice President, Director of Retail Banking and Digital Integration of Columbia Bank for 10 years, and Executive Vice President, Chief Banking Officer at AmericanWest Bank for 7 years.

She began her career at Zions Bank where she served for 15 years in various senior leadership roles.

She has also led 11 successful mergers and acquisitions throughout her career.

Passionate about her community and industry, Ms.

Sherman serves on the Board of Directors for Greater Vancouver Chamber and Oregon Bankers Association.

Sherman holds a Bachelor of Science degree in business administration;

and in 2003, she was the first female instructor at Pacific Coast Banking Graduate School (PCBS) at the University of Washington, Foster School of Business.

Sherman has more than 30 years of executive banking experience, including more than 20 years in Washington.

Her banking career includes leadership roles as Executive Vice President, Director of Retail Banking and Digital Integration at Columbia Bank for 10 years, and Executive Vice President, Chief Banking Officer at AmericanWest Bank for seven years.

She began her career at Zions Bank, where she spent 15 years in senior leadership roles.

Sherman has led 11 successful mergers and acquisitions and serves on the boards of the Greater Vancouver Chamber and the Oregon Bankers Association.

She holds a Bachelor of Science in Business Administration and was the first female instructor at the Pacific Coast Banking Graduate School (PCBS) at the University of Washington, Foster School of Business where she has served on faculty since 2003.

Cox is Executive Vice President and Chief Operating Officer of the Company since July 2024.

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Benke is an active board member of the Washington State University – Vancouver MAP Program.

Michael Sventek is Executive Vice President and Chief Lending Officer of the Bank.

Sventek has over 32 years of experience in community banking, having most recently served as Commercial Banking Market Director for Umpqua Bank from April 2021 to March 2023.

Prior to that, he served as Commercial Banking President for BBVA USA.

Michael Sventek is Executive Vice President and Chief Lending Officer of the Bank, a position he has held since March 2023.

Sventek has over 30 years of experience in community banking.

Prior to joining the Bank, he served as Commercial Banking Market Director for Umpqua Bank from April 2021 to March 2023,and prior to that as Commercial Banking President for BBVA USA.

Throughout his career, Mr.

Sventek served as a highly visible finance leader for community banks and brings a vast amount of experience in commercial banking and lending.

Sventek graduated with a Bachelor of Science in Computer Science Engineering from Northern Arizona University and is a graduate of the PCBS.

Sventek has held senior commercial banking and lending leadership roles at community and regional financial institutions.

Sventek holds a Bachelor of Science in Computer Science Engineering from Northern Arizona University and is a graduate of the PCBS.

Charmaine Lightheart is Executive Vice President and Chief Retail and Digital Engagement Officer of the Bank.

Lightheart has 20 years of leadership experience in the banking industry, where she has served as a branch manager and leader of treasury management working her way to Regional Manager, Senior Vice President, and Director roles.

Lightheart has built her career at First Independent Bank, Sterling Bank, Heritage Bank and most recently, two years at Riverview Bank as Senior Vice President, Director of Retail Services.

Lightheart holds an MBA and is a graduate of the PCBS.

Evan Sowers is President and Chief Executive Officer of the Trust Company, a wholly-owned subsidiary of the Bank.

Sowers joined the Trust Company in 2022, after having spent twenty-two years working in trusts and investments.

Sowers was managing director of private banking and wealth management and led the region for a large trust company in the Midwest.

Sowers holds an MBA in Finance, Accounting and Investment Banking from Washington University and an undergraduate degree from the University of Missouri.

On April 28, 2021, the Bank converted from a federally chartered savings bank to a Washington state-chartered commercial bank.

As a Washington state-chartered commercial bank, the Bank’s regulators are the WDFI and the FDIC, rather than the OCC.

The Company converted from a Savings and Loan Holding Company to a Bank Holding Company and the Federal Reserve remained its primary federal regulator.

Lightheart has over 20 years of leadership experience in the banking industry, having progressed through branch management, treasury management, regional management and director-level roles.

Prior to her current appointment, she served in senior leadership positions at First Independent Bank, Sterling Bank, and Heritage Bank, and most recently as Senior Vice President and Director of Retail Services at the Bank.

Lightheart holds a Master of Business Administration and is a graduate of the PCBS.

Evan Sowers is President and Chief Executive Officer of the Trust Company, a wholly-owned subsidiary of the Bank, a position he has held since joining the Trust Company in 2022.

Prior to joining the Company, Mr.

Sowers spent 22 years in trust and investment management, most recently serving as Managing Director of Private Banking and Wealth Management for a regional trust company in the Midwest, where he held regional leadership responsibilities.

Sowers holds a Master of Business Administration with concentrations in Finance, Accounting, and Investment Banking from Washington University in St.

Louis and a Bachelor of Arts from the University of Missouri.

As a Washington state-chartered commercial bank, the Bank’s regulators are the WDFI and the FDIC.

The Company is a Bank Holding Company and the Federal Reserve is its primary federal regulator.

The following is a brief description of certain laws and regulations which are applicable to the Company and the Bank.

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The CBLR was established at 9% Tier 1 capital to total average assets, effective January 1, 2020.

Effective July 1, 2026, the federal banking agencies lowered the CBLR requirement from 9% to 8% Tier 1 capital to total average assets.

A qualifying institution may opt in and out of the community bank leverage ratio framework on its quarterly call report.

An institution that temporarily ceases to meet any qualifying criteria is provided with a two- quarter grace period to again achieve compliance.

Failure to meet the qualifying criteria within the grace period or maintain a leverage ratio of 8% or greater requires the institution to comply with the generally applicable capital requirements.

An institution that temporarily ceases to meet any qualifying criteria is provided with a four- quarter grace period to again achieve compliance.

Failure to meet the qualifying criteria within the grace period or maintain a leverage ratio greater than 7% requires the institution to comply with the generally applicable capital requirements.

The Bank has not elected to use the CBLR framework as of March 31, 2026.

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The Bank does not have any such instruments.

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

Because of the Bank’s

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

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

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In addition, all long-term advances are required to provide funds for residential home financing.

See Business – “Deposit Activities and Other

Sources of Funds – Borrowings.” As a member, the Bank is required to purchase and maintain stock in the FHLB.

At March 31, 2025, the Bank held $4.3 million in FHLB stock, which is comprised of $904,000 of membership stock and $3.4 million of activity stock from borrowing activities.

See Business – “Deposit Activities and Other Sources of Funds – Borrowings.” As a member, the Bank is required to purchase and maintain stock in the FHLB.

At March 31, 2026, the Bank held $1.6 million in FHLB stock, which is comprised of $906,000 of membership stock and $725,000 of activity

stock from borrowing activities.

At March 31, 2026, the Bank is in compliance with FHLB stock requirements.

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No institution may pay a dividend if it is in default on its federal deposit insurance assessment.

Total base assessment rates currently range from 2.5 to 32 basis points subject to certain adjustments for institutions considered a “Small Bank” like the Bank.

Total base assessment rates currently range from 2.5 to 32 basis points subject to certain adjustments for institutions based on size, risk classification and other factors.

The FDIC may increase or decrease the range of assessments uniformly, except that no adjustment can deviate more than two basis points from the base assessment rate without notice and comment rulemaking.

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Riverview and the Bank are separate and distinct legal entities.

The Bank is an affiliate of Riverview and any non-bank subsidiary of Riverview, federal laws strictly limit the ability of banks to engage in certain transactions with their affiliates.

The Bank is an affiliate of Riverview and federal laws strictly limit the ability of banks to engage in certain transactions with their affiliates.

Transactions deemed to be a “covered transaction” under Section 23A of the Federal Reserve Act between a bank and an affiliate are limited to 10% of a bank’s capital and surplus and, with respect to all affiliates, to an aggregate of 20% of a bank’s capital and surplus.

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Community Reinvestment Act.

The Bank is subject to the provisions of the Community Reinvestment Act of 1977 (“CRA”), which require the appropriate federal bank regulatory agency to assess a bank’s performance under the CRA in meeting the credit needs of the community serviced by the Bank, including low- and moderate-income neighborhoods.

The Bank is subject to the provisions of the Community Reinvestment Act of 1977 (“CRA”), which require the applicable federal bank regulatory agency to assess a bank’s performance under the CRA in meeting the credit needs of the community serviced by the Bank, including low- and moderate-income neighborhoods.

The regulatory agency’s assessment of the Bank’s record is made available to the public.

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Under Washington law, the Bank may not declare or pay a cash dividend on its capital stock if it would cause its net worth to be reduced below (1) the amount required for liquidation accounts or (2) the net worth requirements, if any, imposed by the Director of the WDFI.

In addition, dividends may not be declared or paid if the Bank is in default in payment of any assessments due to the FDIC.

In addition, dividends may not be declared or paid if the Bank is on default in payment of any assessments due to the FDIC.

Dividends on the Bank’s capital stock may not be paid in an aggregate amount greater than the aggregate retained earnings of the Bank, without the approval of the Director of the WDFI.

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Cybersecurity”.

Digital Assets and Emerging Technologies.

Federal banking regulators, including the FDIC, have issued guidance addressing banking organizations’ potential involvement in digital asset and other emerging technology–related activities.

Such guidance generally permits institutions to engage in permissible activities involving digital assets, provided that associated risks are appropriately identified and managed.

The Bank does not currently engage in material digital asset–related activities.

Other Consumer Protection Laws and Regulations.

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Riverview and any subsidiaries that it may control are considered “affiliates” within the meaning of the Federal Reserve Act, and transactions between the Bank and affiliates are subject to numerous restrictions.

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

With some exceptions, Riverview and its

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

Acquisitions.

The BHCA prohibits a bank holding company, with certain exceptions, from acquiring ownership or control of more than 5% of the voting shares of any company that is not a bank or bank holding company and from engaging in activities other than those of banking, managing or controlling banks, or providing services for its subsidiaries.

Under the BHCA, the Federal Reserve may approve the ownership of shares by a bank holding company in any company, the activities of which the Federal Reserve has determined to be so closely related to the business of banking or managing or controlling banks as to be a proper

incident thereto.

These activities include:

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A bank holding company, except for certain “well-capitalized” and highly rated bank holding companies, is required to give the Federal Reserve prior written notice of any purchase or redemption of its outstanding equity securities if the gross consideration for the purchase or redemption, when combined with the net consideration paid for all such purchases or redemptions during the preceding twelve months, is equal to 10% or more of its consolidated net worth.

The Federal Reserve may disapprove such a purchase or redemption if it determines that the proposal would constitute an unsafe or unsound practice or would violate any law, regulation, Federal Reserve order or any condition imposed by, or written agreement with, the Federal Reserve.

The Federal Reserve may disapprove such a purchase or redemption if it determines that the proposal would constitute an unsafe or unsound practice or

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

Federal Securities Laws.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business