RVSB

Riverview Bancorp is a small Pacific-Northwest thrift whose earnings have collapsed over five years — net income fell from $21.8M (FY2022) to $18.1M, $3.8M, $4.9M, and now a -$4.34M loss in FY2026, a 188.5% YoY swing into the red. Diluted EPS is -$0.21 and return on equity is -3.0%. This is not a one-quarter wobble; it is a sustained, multi-year compression that has finally tipped negative, and the 10-K leans heavily on the allowance for credit losses (ACL) as a critical estimate, warning that 'future additions to our ACL, as well as charge-offs in excess of reserves, will reduce our earnings' — credit costs are the most likely culprit behind the swing.

The offset is balance-sheet resilience and a cheap price. Stockholders' equity is $146M against 20.3M shares, putting book value near $7.19 versus a $5.33 stock — roughly 0.74x book. Liabilities/equity of 9.05x is unremarkable for a bank, cash ballooned +297% to $117M, operating cash flow rose 46% to $12.0M, and management is still returning capital (dividends $1.67M, buybacks $2.72M). So this is a bank that is bleeding accounting earnings but is liquid, adequately capitalized, and trading at a meaningful discount to book — the classic 'cheap but broken' profile.