Velarion · Company Intelligence
Compensation Brief
Fiscal year 2026 · Filings through 2026-09-25

RIVERVIEW BANCORP INC (RVSB)

CEO B. Nicole Sherman was paid $527,653 in fiscal year 2026, ↓ down 64.4% from fiscal year 2025 (SEC filing 0001041368-26-000012 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$527,653 ↓
B. Nicole Sherman total, FY2026
—
CEO pay percentile vs peers
—
CEO-to-median pay ratio
63.94%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- B. Nicole Sherman (President and Chief Executive Officer), FY2026 total compensation $527,653 (base salary $430,461) [exec_comp, SEC accession 0001041368-26-000012, filed 2026-07-17]

Answered within 24 hours, every figure cited to its SEC filing. If our database cannot answer your question, you are refunded automatically.

RVSB's next annual pay disclosure, estimated July 16, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2026

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
B. Nicole Sherman$430,461$0$42,498$0$0$0$54,694$527,653
President and Chief Executive Officer
C. Evan Sowers354,497034,999044,864022,735457,095
President and Chief Executive Officer of Riverview Trust Company
Daniel Cox339,304033,50100022,403395,208
Executive Vice President and Chief Operating Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2026 totalFY2025 totalFY2024 totalΔ FY2025→2026
B. Nicole Sherman$527,653$1,481,716—↓ −954,063
C. Evan Sowers457,095540,651419,500↓ −83,556
Daniel Cox395,208458,684403,949↓ −63,476

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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$527,653 B. Nicole Sherman total, FY2026

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Data as of September 25, 2026 · Source: 0001041368-26-000012 · Velarion Executive Compensation Database, deposited on Zenodo (doi:10.5281/zenodo.22283855).

Reports for RVSB

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Executive Compensation ReportThe free page is the headline figures. The report is every award, peer and vote combined into one document you can hand to a committee.$1,500 →Reverse Peer AnalysisThe free page is the one line. The analysis reads every company that names this one in its own peer group.$299 →Peer Teardown ReportThe free page is the headline. The teardown reads every company in the disclosed peer group on its own numbers.$199 →
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Companies that benchmark against RVSB
2 companies name RVSB as a compensation peer

Each company listed discloses RVSB in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named RVSB in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

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01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2026 total
Bess R. WillsIndependent Director$44,400
Bradley J. CarlsonIndependent Director$43,300
Gerald L. NiesChair of the Board$68,700
Jon L. GirodIndependent Director—
Kourosh N. ZamanizadehIndependent Director—
Larry A. HoffIndependent Director$45,500
Patricia W. EbyIndependent Director$48,800
Stacey A. GrahamIndependent Director$49,700
Valerie MorenoIndependent Director$44,000
02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2026 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Nierenberg Investment Management Company, LLCGreater-than-10% holder2026-07-22D5,000$5$26,250Common, indirectForm 4 ↗
Nierenberg Investment Management Company, LLCGreater-than-10% holder2026-07-23D5,000526,350Common, indirectForm 4 ↗
Nierenberg Investment Management Company, LLCGreater-than-10% holder2026-07-24D5,000526,450Common, indirectForm 4 ↗
Jon L. GirodDirector2026-07-31A2,000510,478CommonForm 4 ↗
Jon L. GirodDirector2026-08-03A1,00055,408CommonForm 4 ↗
Charmaine LightheartEVP/CRDEO2026-08-12A25051,327CommonForm 4 ↗
David LamEVP/CFO2026-08-17A1,00055,170CommonForm 4 ↗
Bradley J. CarlsonDirector2026-08-18A1,00055,070CommonForm 4 ↗
Robert BenkeEVP/CCO2026-08-20A1,00055,050CommonForm 4 ↗
Kourosh N. ZamanizadehDirector2026-09-14A1,80059,648CommonForm 4 ↗
Kourosh N. ZamanizadehDirector2026-09-14A1,80059,711CommonForm 4 ↗
Bess R. WillsDirector2026-09-15A2,000611,170CommonForm 4 ↗
Stacey A. GrahamDirector2026-09-16A1,75069,975CommonForm 4 ↗
B. Nicole ShermanDirector2026-09-17A1,765610,043CommonForm 4 ↗
Charmaine LightheartEVP/CRDEO2026-09-17A1006568CommonForm 4 ↗
Breanne D. AntichChief Technology Officer/EVP2026-09-23D97454,348CommonForm 4 ↗
Breanne D. AntichChief Technology Officer/EVP2026-09-24D66452,977CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2026

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Daniel CoxPRSU—————$33,501
C. Evan SowersPRSU—————34,999
B. Nicole ShermanPRSU—————42,498
03b

Vehicle mix — grant-date fair value by award type

Grant-level vehicle detail not disclosed.

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2026

ExecutiveAwardShares unvestedExercise priceMarket value unvested
C. Evan SowersPSU17,858—$98,219
Daniel CoxPSU17,059—93,825
B. Nicole ShermanPSU153,673—845,202
05

Incentive-plan design — the Compensation Discussion & Analysis

The purpose of our compensation policies and procedures is to attract, retain and motivate key executives of proven ability who are critical to our future success. We believe that our compensation policies and procedures are strongly aligned with the long-term interests of our shareholders. Our compensation programs are designed to balance short-term and long-term objectives, and to attract executive talent, retain a team of effective leaders and provide stability for Riverview. Our compensation program is guided by the philosophy that total executive compensation should vary based on achievement of corporate goals and objectives, and should closely align with Riverview s financial performance.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantAon McLagan
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-08-278,512,6014,800,546620,49063.94%Passed
20252025-08-289,117,6495,295,647663,60863.26%Passed
20242024-08-2813,643,1721,279,503737,57491.43%Passed
20242024-08-2813,643,1721,279,503737,57491.43%Passed
20232023-08-2312,763,0801,553,516788,25489.15%Passed
20222022-08-2413,298,950685,351670,03395.1%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-08-2763.94%a
20252025-08-2863.26%b
20242024-08-2891.43%c

a. Voting standard not stated in the filing.

b. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect on the proposal.”.

c. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect on the proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)—
CEO total compensation—
Median employee compensation—
08

Director compensation — fiscal year 2026

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Gerald L. NiesIndependent · Board Chair · Executive (Chair) · Technology · Senior Loan (Chair)$68,700$0$0—$0$68,700
Stacey A. GrahamIndependent · Nominating and Governance (Chair) · Technology · Nominating andGovernance (Chair)49,70000—049,700
Patricia W. EbyIndependent · Audit (Chair)48,80000—048,800
Larry A. HoffIndependent · Executive · Audit · Compensation (Chair) · ​Compensation (Chair)45,50000—045,500
Bess R. WillsIndependent · Executive · Nominating and Governance · Compensation44,40000—044,400
Valerie MorenoIndependent · Compensation · Technology (Chair)44,00000—044,000
Bradley J. CarlsonIndependent · Audit · Nominating and Governance · Technology · Not standing for re-election43,30000—043,300
Jon L. GirodIndependent · Partial-year service · Newly elected000—00
Kourosh N. ZamanizadehIndependent · Partial-year service · Newly elected000—00
B. Nicole ShermanEmployee director · Executive · Technology000—00
09

Board fee structure and ownership guideline

Annual cash retainer$20,000
Annual equity retainer—
Per board meeting fee$1,000
Committee chair fees (audit / comp / nom-gov)—
Stock ownership guideline—
09b

Total cost of the board

ComponentFY2026
Cash retainers and fees$344,400
Equity awards (grant-date value)$0
All other compensation$0
Total cost of the board$344,400

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1RIVERVIEW BANCORP INC2026B. Nicole Sherman$430,461$42,498$0$0$527,653

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10d

Frequently asked questions

Who was the highest-paid executive at RIVERVIEW BANCORP INC in fiscal 2026?
As disclosed, B. Nicole Sherman (President and Chief Executive Officer) was the highest-paid executive at RIVERVIEW BANCORP INC in fiscal 2026, with total compensation of $527,653.
How did shareholders vote on RIVERVIEW BANCORP INC's executive compensation?
As disclosed, 63.94% of shareholders supported RIVERVIEW BANCORP INC's executive compensation in the latest say-on-pay vote.
How much does RIVERVIEW BANCORP INC spend in total on board compensation for fiscal 2026?
As disclosed, RIVERVIEW BANCORP INC reported total board compensation of $344,400 for fiscal 2026.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, B. Nicole ShermanDEF 14A2026-07-170001041368-26-000012Section “Summary Compensation Table”. As printed: 527,653. Filing ↗machine: t41 · r6 · c14 · span 365682–365689
2Section 01, C. Evan SowersDEF 14A2026-07-170001041368-26-000012Section “Summary Compensation Table”. As printed: 457,095. Filing ↗machine: t41 · r12 · c14 · span 387930–387937
3Section 01, Daniel CoxDEF 14A2026-07-170001041368-26-000012Section “Summary Compensation Table”. As printed: 395,208. Filing ↗machine: t41 · r9 · c14 · span 376660–376667
4Section 03, Daniel Cox PRSUDEF 14A2026-07-170001041368-26-000012Section “E XECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t41 · r9 · c8 · span 375256–375262
5Section 03, C. Evan Sowers PRSUDEF 14A2026-07-170001041368-26-000012Section “E XECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t41 · r12 · c8 · span 386413–386419
6Section 03, B. Nicole Sherman PRSUDEF 14A2026-07-170001041368-26-000012Section “E XECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t41 · r6 · c8 · span 364164–364170
7Section 07, pay ratio10-K2026-06-120001041368-26-000007Section “CEO Pay Ratio”. As printed: —. Filing ↗
8Section 08, Gerald L. NiesDEF 14A2026-07-170001041368-26-000012Section “Director Compensation”. As printed: 68,700. Filing ↗machine: t39 · r3 · c2 · span 316422–316592
9Section 08, Stacey A. GrahamDEF 14A2026-07-170001041368-26-000012Section “Director Compensation”. As printed: 49,700. Filing ↗machine: t39 · r7 · c2 · span 323219–323389
10Section 08, Patricia W. EbyDEF 14A2026-07-170001041368-26-000012Section “Director Compensation”. As printed: 48,800. Filing ↗machine: t39 · r6 · c2 · span 321452–321622
11Section 08, Larry A. HoffDEF 14A2026-07-170001041368-26-000012Section “Director Compensation”. As printed: 45,500. Filing ↗machine: t39 · r9 · c2 · span 326616–326786
12Section 08, Bess R. WillsDEF 14A2026-07-170001041368-26-000012Section “Director Compensation”. As printed: 44,400. Filing ↗machine: t39 · r4 · c2 · span 318053–318223
13Section 08, Valerie MorenoDEF 14A2026-07-170001041368-26-000012Section “Director Compensation”. As printed: 44,000. Filing ↗machine: t39 · r8 · c2 · span 324852–325022
14Section 08, Bradley J. CarlsonDEF 14A2026-07-170001041368-26-000012Section “Director Compensation”. As printed: 43,300. Filing ↗machine: t39 · r5 · c2 · span 319819–319989
15Section 08, Jon L. GirodDEF 14A2026-07-170001041368-26-000012Section “Director Compensation”. As printed: 0. Filing ↗machine: t39 · r10 · c6 · span 328374–328375
16Section 08, Kourosh N. ZamanizadehDEF 14A2026-07-170001041368-26-000012Section “Director Compensation”. As printed: 0. Filing ↗machine: t39 · r11 · c6 · span 330153–330154
17Section 08, B. Nicole ShermanDEF 14A2026-07-170001041368-26-000012Section “Director Compensation”. As printed: 0. Filing ↗
18Section 02, Nierenberg Investment Management Company, LLC 2026-07-22Form 42026-07-240001013594-26-000773Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, Nierenberg Investment Management Company, LLC 2026-07-23Form 42026-07-240001013594-26-000773Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, Nierenberg Investment Management Company, LLC 2026-07-24Form 42026-07-240001013594-26-000773Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, Jon L. Girod 2026-07-31Form 42026-08-030002128637-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Jon L. Girod 2026-08-03Form 42026-08-050002128637-26-000007Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Charmaine Lightheart 2026-08-12Form 42026-08-130002050978-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, David Lam 2026-08-17Form 42026-08-180001713974-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Bradley J. Carlson 2026-08-18Form 42026-08-200001629292-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Robert Benke 2026-08-20Form 42026-08-240001991703-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Kourosh N. Zamanizadeh 2026-09-14Form 42026-09-150002128593-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Kourosh N. Zamanizadeh 2026-09-14Form 42026-09-150002128593-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Bess R. Wills 2026-09-15Form 42026-09-170001508267-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Stacey A. Graham 2026-09-16Form 42026-09-170001833500-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, B. Nicole Sherman 2026-09-17Form 42026-09-170001322325-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Charmaine Lightheart 2026-09-17Form 42026-09-170002050978-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Breanne D. Antich 2026-09-23Form 42026-09-250000939057-26-000239Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Breanne D. Antich 2026-09-24Form 42026-09-250000939057-26-000239Insider equity transaction reported since the proxy statement. Filing ↗
35Section 06, 2026 voteForm 8-K2026-09-020000939057-26-000222Item 5.07 · say-on-pay result. As reported: 63.94% (votes for as printed: 8,512,601). Filing ↗
36Section 06, 2025 voteForm 8-K2025-09-040000939057-25-000252Item 5.07 · say-on-pay result. As reported: 63.26% (votes for as printed: 9,117,649). Filing ↗
37Section 06, 2024 voteForm 8-K2024-09-030000939057-24-000249Item 5.07 · say-on-pay result. As reported: 91.43%. Filing ↗
38Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
39Section 09b board cost (computed)Computed——Cash 344,400 + equity 0 + all other 0 = 344,400, summed across the director compensation table rows.machine: formula: Σ = 344,400
40RIVERVIEW BANCORP INC (subject), Section 10b CEO totalDEF 14A2026-07-170001041368-26-000012CEO total compensation as printed in RIVERVIEW BANCORP INC's own proxy. As printed: 527,653. Filing ↗machine: t41 · r6 · c14 · span 365682–365689

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RVSB Peer Teardown Report