RVSB
Riverview Bancorp, Inc.Riverview Bancorp, Inc., a bank holding company for Riverview Community Bank that provides commercial banking services to small and medium size businesses, professionals, and wealth building individuals. It offers a range of deposit products, including demand deposits, negotiable order of withdrawal accounts, money market accounts, savings accounts, certificates of deposit, and retirement savings plans. The company also provides commercial business, commercial and residential real estate, multi-
2-Year Price History
Quarterly Financials & Projections
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est | 2028-Q3 | 21.0 | 3.0 | -- | 1.9 | -- | 1.6 | -0.3 | 52.7 | -- | -- | -- | -- | -- |
| Est | 2028-Q2 | 20.8 | 2.9 | -- | 1.9 | -- | 1.9 | -0.3 | 51.2 | -- | -- | -- | -- | -- |
| Est | 2028-Q1 | 20.2 | 2.7 | -- | 1.7 | -- | 1.1 | -0.2 | 49.3 | -- | -- | -- | -- | -- |
| Est | 2027-Q4 | 20.5 | 2.7 | -- | 1.7 | -- | 1.4 | -0.2 | 48.2 | -- | -- | -- | -- | -- |
| Est | 2027-Q3 | 20.3 | 2.5 | -- | 1.6 | -- | 1.2 | -0.2 | 46.7 | -- | -- | -- | -- | -- |
| Est | 2027-Q2 | 20.0 | 2.4 | -- | 1.6 | -- | 1.6 | -0.3 | 45.5 | -- | -- | -- | -- | -- |
| Est | 2027-Q1 | 19.5 | 2.2 | -- | 1.4 | -- | 0.8 | -0.2 | 43.9 | -- | -- | -- | -- | -- |
| Est | 2026-Q4 | 19.8 | 2.1 | -- | 1.5 | -- | 1.0 | -0.2 | 43.2 | -- | -- | -- | -- | -- |
| Act | 2026-Q3 | 19.5 | 1.7 | 1.7 | 1.4 | -0.5 | -0.7 | -0.2 | 42.2 | 89.7 | 20.8 | 4.1% | 0.3x | 18.2x |
| Act | 2026-Q2 | 19.2 | 2.2 | 1.4 | 1.1 | 16.8 | 16.4 | -0.4 | 43.8 | 81.5 | 21.0 | 3.5% | 0.4x | 16.6x |
| Act | 2026-Q1 | 18.8 | 2.4 | 1.6 | 1.2 | -0.7 | -0.8 | -0.1 | 46.5 | 131.7 | 21.0 | 2.8% | 0.4x | 20.9x |
| Act | 2025-Q4 | 18.2 | 2.4 | 1.5 | 1.2 | -0.1 | -0.2 | -0.1 | 43.5 | 105.6 | 21.0 | 3.1% | 0.4x | 19.2x |
| Act | 2025-Q3 | 18.5 | 2.4 | 1.6 | 1.2 | 2.2 | 1.9 | -0.3 | 46.6 | 113.7 | 21.0 | 3.1% | 0.4x | 41.8x |
| Act | 2025-Q2 | 18.8 | 2.8 | 2.0 | 1.6 | 0.8 | -1.4 | -2.2 | 163.9 | 131.5 | 21.1 | 3.5% | 0.5x | 13.1x |
| Act | 2025-Q1 | 17.8 | 2.0 | 1.2 | 1.0 | 5.4 | 5.3 | -0.1 | 165.2 | 142.7 | 21.1 | 2.1% | 0.4x | 15.1x |
| Act | 2024-Q4 | 14.8 | -3.2 | -4.1 | -3.0 | -7.9 | -9.7 | -1.8 | 166.8 | 117.5 | 21.1 | -7.5% | -0.6x | 11.7x |
| Act | 2024-Q3 | 17.3 | 2.5 | 1.8 | 1.5 | 10.1 | 9.7 | -0.3 | 234.0 | 186.2 | 21.1 | 2.5% | 0.5x | 4.5x |
| Act | 2024-Q2 | 17.4 | 3.8 | 3.2 | 2.5 | 1.5 | 0.1 | -1.4 | 224.8 | 172.3 | 21.2 | 4.7% | 0.9x | 2.8x |
| Act | 2024-Q1 | 17.2 | 4.3 | 3.7 | 2.8 | 9.1 | 7.0 | -2.1 | 234.3 | 165.2 | 21.1 | 5.5% | 1.2x | 1.8x |
| Act | 2023-Q4 | 16.9 | 4.7 | 4.1 | 3.0 | -1.4 | -1.9 | -0.5 | 233.8 | 152.9 | 21.4 | 6.0% | 2.2x | 2.9x |
| Act | 2023-Q3 | 17.4 | 7.4 | 6.8 | 5.2 | 6.2 | 2.9 | -3.3 | 236.3 | 61.4 | 21.5 | 20.4% | 10.0x | -- |
| Act | 2023-Q2 | 17.2 | 7.4 | 6.8 | 5.2 | 5.0 | 4.1 | -0.9 | 328.1 | 29.1 | 21.6 | 31.3% | 11.3x | -- |
| Act | 2023-Q1 | 16.3 | 6.8 | 6.0 | 4.7 | 3.8 | 3.5 | -0.3 | 323.8 | 29.1 | 22.0 | 25.0% | 12.8x | -- |
| Act | 2022-Q4 | 15.4 | 6.3 | 5.4 | 4.1 | 6.5 | 6.2 | -0.2 | 407.5 | 29.1 | 22.2 | 21.2% | 13.0x | -- |
| Act | 2022-Q3 | 15.7 | 8.1 | 7.2 | 5.5 | 1.8 | 0.1 | -1.6 | 422.4 | 29.1 | 22.2 | 26.0% | 16.4x | -- |
| Act | 2022-Q2 | 16.0 | 9.3 | 8.4 | 6.4 | 7.1 | 6.1 | -0.9 | 646.6 | 29.1 | 22.2 | 31.3% | 15.8x | -- |
| Act | 2022-Q1 | 15.5 | 8.2 | 7.3 | 5.8 | 1.2 | 0.7 | -0.5 | 603.8 | 29.1 | 22.4 | 28.7% | 12.9x | -- |
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 7.01 | — | 50.8% | 32 | — | — | 6.4× | 2.2× |
| 2023 | 6.09 | +8.5% | 38.9% | 26 | 1.4× | 4.2× | 6.5× | 1.7× |
| 2024 | 5.64 | -1.6% | 11.0% | 7 | 6.8× | 7.0× | 26.2× | 1.5× |
| 2025 | 5.00 | +9.6% | 13.1% | 10 | 18.2× | 31.3× | 22.8× | 1.5× |
| TTM | 5.61 | +8.4% | 11.5% | 9 | 0.0× | 0.0× | 0.0× | 0.0× |
| 2027E | 5.61 | +6.1% | 0.1% | 0 | 0.0× | 0.0× | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
AI Analysis
LLM Evaluations
Riverview Bancorp is a small Pacific Northwest community bank with a loyal customer base and a valuable trust business, but it is fundamentally hampered by a bloated cost structure (87% efficiency ratio), razor-thin interest coverage (0.3-0.4x), heavy CRE concentration, and $22M in hidden HTM losses that erode economic book value. Trading at ~22x earnings vs. an 11.8x industry average, the stock is priced for a turnaround that the cost structure and competitive dynamics make unlikely to deliver. The recent earnings beat was encouraging, but at $108M market cap the valuation already reflects significant optimism relative to the bank's sub-4% ROIC and structural margin challenges. Better risk-adjusted opportunities exist elsewhere in the regional bank space.
Valuation & Metrics
Market Stats
TTM Financial Snapshot
DCF Fair Value Estimate
Forward Outlook & Risk
Short Interest
Options
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $2.00 | $2.40/$4.80 | 0 | --/$0.35 | 3 |
| $3.00 | $1.45/$3.80 | 0 | --/$0.35 | 0 |
| $4.00 | $0.45/$2.80 | 0 | --/$1.20 | 0 |
| $5.00 | $0.25/$1.00 | 0 | --/$1.30 | 0 |
| $6.00 | --/$1.85 | 0 | --/$1.70 | 0 |
| $7.00 | --/$1.75 | 0 | $0.20/$2.60 | 0 |
| $8.00 | --/$1.75 | 0 | $2.00/$3.20 | 0 |
| $9.00 | --/$1.75 | 0 | $2.80/$4.00 | 0 |
Forward Projections & Estimates
Employees
Institutional Ownership
Headline & net flow
In Q1 2026 so far (quarter still filing), institutions are roughly balanced — bought 2.9% of float, sold 3.1%.
Ownership composition
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $13.1M | $4.89 | +$169K | +$4.7M | -0.2% | $5.69T |
| Nierenberg Investment Management Company, Inc. | $11.2M | $4.90 | +$0 | +$2.2M | -2.0% | $201M |
| DIMENSIONAL FUND ADVISORS LPPassive | $7.3M | $5.79 | +$87K | −$150K | -0.4% | $480.92B |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $5.9M | $5.99 | −$54K | −$210K | -0.2% | $113.45B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $4.9M | $5.50 | +$4.9M | +$4.9M | — | $4.04T |
| AMERIPRISE FINANCIAL INC | $4.9M | $5.67 | −$103K | −$316K | -0.1% | $430.96B |
| Pacific Ridge Capital Partners, LLC | $4.2M | $5.34 | +$174K | −$36K | -0.7% | $462M |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $3.2M | $5.45 | +$0 | +$2.7M | +0.1% | $184.72B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $2.5M | $5.38 | −$73K | +$1.3M | +2.3% | $1.61T |
| ESSEX INVESTMENT MANAGEMENT CO LLC | $2.1M | $5.44 | +$57K | +$2.1M | +0.0% | $632M |
| RENAISSANCE TECHNOLOGIES LLC | $1.8M | $5.40 | +$306K | +$765K | +1.2% | $63.91B |
| ACADIAN ASSET MANAGEMENT LLC | $1.6M | $5.68 | −$237K | −$66K | -0.5% | $70.48B |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $1.5M | $5.13 | +$0 | +$148K | -2.3% | $4.93B |
| STATE STREET CORPPassive | $1.3M | $5.54 | +$2K | +$968K | -0.2% | $2.89T |
| GOLDMAN SACHS GROUP INC | $1.1M | $5.45 | +$455K | +$961K | -0.2% | $760.93B |
| VANGUARD FIDUCIARY TRUST COPassive | $839K | $5.50 | +$839K | +$839K | — | $395.83B |
| NORTHERN TRUST CORPPassive | $812K | $5.45 | +$80K | +$599K | -0.2% | $755.34B |
| BANK OF AMERICA CORP /DE/ | $723K | $5.64 | +$72K | +$284K | -0.1% | $1.36T |
| Empowered Funds, LLC | $706K | $4.94 | +$0 | +$148K | +0.2% | $15.64B |
| SEI INVESTMENTS CO | $702K | $5.26 | +$366K | +$702K | -0.4% | $108.06B |
Trading behavior
▸ Compare to holder-profile behavior (across all their stocks)
Biggest decreases this quarter
New buyers this quarter
Top-5 holders · 54.4%
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
Analyst Coverage
| Quarter | Revenue | EBITDA | Net Inc | EPS | EPS Range | # Analysts |
|---|---|---|---|---|---|---|
| 2024 Q4 | 13M | 3M | 1M | $0.04 | $0.04 – $0.04 | 1 |
| 2025 Q1 | 12M | 3M | 1M | $0.03 | $0.03 – $0.03 | 1 |
| 2025 Q2 | 13M | 3M | 1M | $0.05 | $0.05 – $0.05 | 1 |
| 2025 Q3 | 14M | 3M | 1M | $0.06 | $0.06 – $0.06 | 1 |
| 2025 Q4 | 14M | 3M | 1M | $0.04 | $0.04 – $0.04 | 1 |
| 2026 Q1 | 14M | 3M | 1M | $0.05 | $0.05 – $0.05 | 1 |
| 2026 Q2 | 15M | 3M | 1M | $0.07 | $0.07 – $0.07 | 1 |
| 2026 Q3 | 15M | 3M | 2M | $0.08 | $0.08 – $0.08 | 1 |
| 2026 Q4 | 16M | 3M | 2M | $0.09 | $0.09 – $0.09 | 1 |
| 2027 Q1 | 16M | 3M | 2M | $0.08 | $0.08 – $0.08 | 1 |
Corporate
Executive Compensation (2023-2025)
Insider Trading (last 12mo)
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-08 | BUY | Benke Robert | officer: EVP/CCO | 4,000 | $5.44 | $22K | $261K |
| 2026-05-07 | BUY | Sherman Nicole | director, officer: President/CEO | 1,800 | $5.49 | $10K | $904K |
| 2026-05-05 | BUY | Hoff Larry | director | 1,920 | $5.21 | $10K | $73K |
| 2026-05-04 | BUY | Cox Daniel D | officer: EVP/COO | 1,000 | $5.22 | $5K | $365K |
| 2026-03-05 | BUY | Lightheart Charmaine | officer: EVP/CRDEO | 325 | $5.36 | $2K | $80K |
| 2026-02-18 | BUY | Wills Bessie Ross | director | 3,000 | $5.39 | $16K | $259K |
| 2025-12-05 | BUY | Sherman Nicole | director, officer: President/CEO | 975 | $5.12 | $5K | $961K |
| 2025-09-12 | BUY | Lam David | officer: EVP/CFO | 1,000 | $4.93 | $5K | $356K |
| 2025-08-26 | BUY | Sherman Nicole | director, officer: President/CEO | 1,475 | $5.04 | $7K | $816K |
| 2025-08-18 | BUY | Carlson Bradley | director | 1,000 | $4.97 | $5K | $111K |
| 2025-08-07 | BUY | Lightheart Charmaine | officer: EVP/CRDEO | 508 | $4.92 | $2K | $37K |
| 2025-08-04 | BUY | Benke Robert | officer: EVP/CCO | 4,000 | $4.85 | $19K | $200K |
| 2025-08-04 | BUY | Carlson Bradley | director | 1,000 | $4.82 | $5K | $103K |
| 2025-06-11 | BUY | Sowers Courtney Evan | officer: PRESIDENT/CEO - TRUST CO. | 196 | $5.44 | $1K | $107K |
| 2025-06-04 | BUY | Cox Daniel D | officer: EVP/COO | 560 | $5.35 | $3K | $369K |
| 2025-06-03 | BUY | Lightheart Charmaine | officer: EVP/CRDEO | 445 | $5.43 | $2K | $38K |
| 2025-05-30 | BUY | Lightheart Charmaine | officer: EVP/CRDEO | 53 | $5.58 | $296 | $36K |
Order Flow (FINRA, ~3w lag)
Revenue Breakdown
Revenue Segments
| Asset management fees. | $1.6M | +10% |
| Debit card and ATM fees | $0.7M | -3% |
| Deposit related fees | $0.6M | +13% |
| Other, net | $0.2M | -27% |
| Loan related fees | $0.2M | +57% |
Filing Risk Analysis
Filing Risk Scores
Riverview Bancorp, Inc.: Routine Administrative Filing Lacks Material Financial Substance
Counter-Thesis
Counter-Thesis & Recent News
In early 2026, Riverview Bancorp reported a significant Q3 earnings beat, posting an EPS of $0.07 against a $0.04 consensus estimate. Revenue rose 10.4% year-over-year to $14.05 million. Management demonstrated confidence in the stock's valuation by authorizing a $4.0 million share repurchase program (approximately 3.8% of shares outstanding) and maintaining its $0.02 quarterly cash dividend. Furthermore, the stock recently signaled a technical trend reversal by crossing above its 200-day moving average of $5.21 in March 2026 (Sources: MarketBeat, Intellectia.AI).
The short thesis typically focuses on a bloated cost structure and high valuation relative to peers. The bank's efficiency ratio remains near 87%, meaning nearly 90% of revenue is consumed by operating expenses. Additionally, the stock trades at a premium P/E of roughly 22x, significantly higher than the industry average of 11.8x, despite a historical 5-year trend of declining earnings (Source: Simply Wall St).
Internal efficiency is the primary concern; the high cost-to-income ratio (86.9% in Q3 2026) leaves little margin for error if revenue growth stalls. There are also reports from employees regarding 'bad upper management' and 'mistakes' at the executive level as the bank attempts to grow at an aggressive, potentially unrealistic rate (Source: Indeed Employee Reviews, Simply Wall St).
The bank is struggling with a deposit mix shift where customers are migrating from low-cost accounts to higher-yielding CDs and money market accounts, increasing interest expenses. Externally, the bank faces pressure from large loan payoffs which have recently led to a slight contraction in the total loan portfolio despite new production (Source: Fintool, SmartAsset).
Customer sentiment remains a strong pillar of the long case. Riverview has been named 'Best Bank' in the Portland-Vancouver area for 11 consecutive years. It maintains a solid 4.1/5 rating on WalletHub, with customers frequently praising localized, 'extra mile' service at branches, particularly in resolving fraud issues and providing a personal touch that larger national competitors lack (Sources: WalletHub, Intellectia.AI).