Retirement Plan – The Riverview Bancorp, Inc. Employees’ Savings and Profit Sharing Plan (the “Plan”) is a defined contribution profit-sharing plan incorporating the provisions of Section 401(k) of the Internal Revenue Code. Company expenses related to the Plan for the years ended March 31, 2026, 2025 and 2024 were $733,000, $553,000 and $509,000, respectively.

Directors’ and Executive Officers’ Deferred Compensation Plan (“Deferred Compensation Plan”) – The Deferred Compensation Plan is a nonqualified deferred compensation plan. Directors may elect to defer their monthly directors’ fees until retirement with no income tax payable by the director until retirement benefits are received. The President, and Executive and Senior Vice Presidents of the Company may also defer salary into the Deferred Compensation Plan. The Company accrues annual interest on the unfunded liability under the Deferred Compensation Plan based upon a formula relating to gross revenues, which was 4.01%, 3.71% and 3.33% for the years ended March 31, 2026, 2025 and 2024, respectively. The estimated liability under the Deferred Compensation Plan is accrued as earned by the participants. At March 31, 2026 and 2025, the Company’s aggregate liability under the Deferred Compensation Plan was $116,000 and $90,000, respectively, which is recorded in accrued expenses and other liabilities in the accompanying consolidated balance sheets.

Stock Option Plan – In July 2017, the shareholders of the Company approved the Riverview Bancorp, Inc. 2017 Equity Incentive Plan (“2017 Plan”). The 2017 Plan provides for the grant of incentive stock options, non-qualified stock options, restricted stock and restricted stock units. The Company reserved 1,800,000 shares of its common stock for issuance under the 2017 Plan. At March 31, 2026, there were 1,205,687 shares available for grant under the 2017 Plan.

The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes stock option valuation model. The fair value of all awards is amortized on a straight-line basis over the requisite service periods, which are generally the vesting periods. The expected life of options granted represents the period of time that they are expected to be outstanding. The expected life is determined based on historical experience with similar options, giving consideration to the contractual terms and vesting schedules. Expected volatility is estimated at the date of grant based on the historical volatility of the Company’s common stock. Expected dividends are based on dividend trends and the market value of the Company’s common

stock at the time of grant. The risk-free interest rate for periods within the contractual life of the options is based on the U.S. Treasury yield curve in effect at the time of the grant. There were no stock options granted under the 2017 Plan during the years ended March 31, 2026, 2025 and 2024. As of March 31, 2026 and 2025, there were no stock options outstanding.

The Company may grant restricted stock awards pursuant to the 2017 Plan on either a time-based or performance-based vesting schedule. Performance-based awards are subject to the attainment of predetermined performance metrics, and all or a portion of such awards may be cancelled if the applicable performance metrics are not achieved. For performance-based awards, stock-based compensation expense is recognized based on the probability of achieving the performance conditions over the requisite service period and is adjusted in subsequent periods if the probability assessment changes. The fair value of restricted stock awards is measured as the closing market price of the Company’s common stock on the grant date. Stock-based compensation expense is recognized on a straight-line basis over the requisite service period.

Stock-based compensation expense related to restricted stock awards was $431,000, $384,000, and $34,000 for the years ended March 31, 2026, 2025, and 2024, respectively. Unrecognized stock-based compensation expense related to unvested restricted stock awards was $754,000 and $1.1 million at March 31, 2026 and 2025, respectively, and is expected to be recognized over a weighted average remaining vesting period of 2.26 years and 2.46 years, respectively.

The following table presents the activity related to restricted stock for the years ended March 31, 2026 and 2025:


		Time Based					Performance Based					Total
		Number		Weighted			Number		Weighted			Number		Weighted
		of		Average			of		Average			of		Average
		Unvested		Grant Date			Unvested		Grant Date			Unvested		Grant Date
Year Ended March 31, 2026		Shares		Fair Value			Shares		Fair Value			Shares		Fair Value
Balance, beginning of period		155,034		$	5.74		125,169		$	5.66		280,203		$	5.71
Granted		46,256			5.15		100,217			5.15		146,473			5.15
Forfeited		(4,646)			5.35		(39,299)			5.65		(43,945)			5.62
Vested		(12,630)			5.70		(24,157)			5.59		(36,787)			5.62
Balance, end of period		184,014		$	5.61		161,930		$	5.36		345,944		$	5.49


		Time Based					Performance Based					Total
		Number		Weighted			Number		Weighted			Number		Weighted
		of		Average			of		Average			of		Average
		Unvested		Grant Date			Unvested		Grant Date			Unvested		Grant Date
Year Ended March 31, 2025		Shares		Fair Value			Shares		Fair Value			Shares		Fair Value
Balance, beginning of period		15,779		$	5.72		63,397		$	5.68		79,176		$	5.69
Granted		147,462			5.76		90,401			5.76		237,863			5.76
Forfeited		—			—		(14,075)			5.21		(14,075)			5.21
Vested		(8,207)			6.04		(14,554)			6.78		(22,761)			6.52
Balance, end of period		155,034		$	5.74		125,169		$	5.66		280,203		$	5.71

Employee Stock Ownership Plan - The Company sponsors an ESOP that covers all employees with at least one year and 1,000 hours of service who are over the age of 21. For each of the years ended March 31, 2026, 2025 and 2024, the Bank purchased 25,000 shares of common stock, on the open market and contributed such shares to the ESOP as a discretionary employer contribution. As of March 31, 2026, 2025 and 2024, all shares of common stock purchased for the ESOP have been allocated to participant accounts. The Company recorded employee benefits expense of $135,000, $135,000 and $150,000 for these contributions for the years ended March 31, 2026, 2025 and 2024, respectively, which represented the fair value of the related common stock on the date it was acquired. Shares held by the ESOP at March 31, 2026 and 2025 totaled 363,719 and 384,382, respectively.