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STOCK PLAN AND STOCK-BASED COMPENSATION

6 Months Ended

Sep. 30, 2025

STOCK PLAN AND STOCK-BASED COMPENSATION

STOCK PLAN AND STOCK-BASED COMPENSATION

3. STOCK PLAN AND STOCK-BASED COMPENSATION

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 September 30, 2025, there were 1,189,564 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, considering 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 six months ended September 30, 2025 and 2024. As of September 30, 2025 and 2024, there were no stock options outstanding.

The Company may grant restricted stock pursuant to the 2017 Plan of which vesting can either be time based, or performance based. Performance based awards are subject to attaining certain performance metrics and all, or a portion of, the performance based awards can subsequently be cancelled for not attaining the predetermined performance metrics.

The fair value of restricted stock awards is equal to the fair value of the Company’s stock on the date of grant. The related stock-based compensation expense is recorded over the requisite service period.

Stock-based compensation related to restricted stock grants was $209,000 and $26,000 for the three months ended September 30, 2025 and 2024, respectively. Stock-based compensation related to restricted stock grants was $318,000 and $52,000 for the six months ended September 30, 2025 and 2024, respectively. The increase in the stock-based compensation expense was primarily due to the new grants issued during the three months ended September 30, 2025. The unrecognized stock-based compensation related to restricted stock was $1.4 million and $119,000 at September 30, 2025 and 2024, respectively. The weighted average vesting period for the restricted stock was 2.35 years and 0.94 years at September 30, 2025 and 2024, respectively.

The following tables present the activity related to restricted stock awards for the periods shown:


		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
Six Months Ended September 30, 2025		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		—			—		(27,822)			5.76		(27,822)			5.76
Vested		(12,630)			5.70		(23,470)			5.58		(36,100)			5.62
Balance, end of period		188,660		$	5.60		174,094		$	5.36		362,754		$	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
Six Months Ended September 30, 2024		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
Forfeited		—			—		(14,075)			5.21		(14,075)			5.21
Vested		(6,289)			5.84		(13,417)			6.54		(19,706)			6.32
Balance, end of period		9,490		$	5.64		35,905		$	5.54		45,395		$	5.57