David Lam
About David Lam
David Lam is Executive Vice President and Chief Financial Officer of Riverview Bancorp, Inc. (RVSB) since July 2017. He is 48 years old, a CPA with a Chartered Global Management Accountant designation, and oversees accounting, SEC reporting and treasury; prior roles include SVP & Controller (2008–2017) and a decade in public accounting advancing to audit manager . Company net income improved to $4.9 million in FY2025 from $3.8 million in FY2024 (FY2023 was $18.1 million) as the board exercised discretion on incentive payouts amid leadership transition .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Riverview Bancorp, Inc. | EVP & Chief Financial Officer | 2017–present | Responsible for accounting, SEC reporting and treasury; senior finance leadership |
| Riverview Bank | SVP & Controller | 2008–2017 | Led controllership functions, supporting public company reporting |
| Public Accounting (multiple firms) | Audit Manager (progressed over 10 years) | ≈1998–2008 | Advanced to audit manager; foundational SEC/reporting experience |
External Roles
| Organization | Role | Years |
|---|---|---|
| American Institute of CPAs | Member (CPA) | Ongoing |
| Oregon Society of CPAs | Member | Ongoing |
| CGMA (AICPA/CIMA) | Chartered Global Management Accountant designation | Ongoing |
Fixed Compensation
| Metric | FY2023 | FY2024 |
|---|---|---|
| Base salary ($) | $245,540 | $252,514 |
| Stock awards ($) (grant-date fair value) | $48,658 | $49,636 |
| Non‑equity incentive ($) | $87,623 | $17,030 |
| All other compensation ($) | $21,772 | $22,009 |
| Total ($) | $403,593 | $341,189 |
| All other comp detail (FY2024) | ESOP $2,900; 401(k) $12,299; Life insurance $810; Car allowance $6,000 |
Performance Compensation
| Plan Year | Metric | Weighting | Target | Actual/Payout |
|---|---|---|---|---|
| FY2024 (annual bonus plan) | Profitability (pre‑tax, pre‑provision net income) | 30% | $13 million | Committee discretion; asset quality goal exceeded and paid; profitability, deposit growth did not pay; overall incentives paid to retain talent amid leadership changes |
| FY2024 (annual bonus plan) | Asset quality (classified asset ratio) | 15% | 10% classified asset ratio | Full payout in this category |
| FY2024 (annual bonus plan) | Deposit growth | 15% | 15% deposit growth | No payout |
| FY2024 (annual bonus plan) | Efficiency | 15% | 65% efficiency ratio | Not indicated as paid; discretion focused on asset quality |
| FY2024 (annual bonus plan) | Personal goals | 25% | Individual business plan goals | Payout applied with discretion |
| FY2025 (annual bonus plan) | Profitability (pre‑tax, pre‑provision net income) | 30% | $7.8 million | No payout; committee exercised discretion to award incentives overall due to leadership change |
| FY2025 (annual bonus plan) | Deposit growth | 25% | 3% deposit growth | No payout |
| FY2025 (annual bonus plan) | Asset quality | 20% | Classified asset ratio of 10% | Full payout |
| FY2025 (annual bonus plan) | Personal goals | 25% | Individual business plan goals | Full payout |
| Long‑term incentives | Performance shares | — | EPS based goal (fiscal years 2024/2025) | Performance shares vest ratably over two years post‑performance period |
Equity Ownership & Alignment
| Metric | FY2024 | FY2025 |
|---|---|---|
| Beneficial ownership (shares) | 76,346 | 76,346 |
| Ownership as % of shares outstanding | ≈0.36% (76,346 / 21,111,041) | ≈0.36% (76,346 / 20,976,198) |
| Unvested RSUs/RS (units) | 19,690 | Not listed as NEO; outstanding awards table did not include Lam in 2025 |
| Options (exercisable/unexercisable) | None outstanding for NEOs | None outstanding for NEOs |
| Shares pledged as collateral | Not disclosed | Not disclosed |
| Hedging policy | Company prohibits insider hedging of RVSB equity | Company prohibits insider hedging of RVSB equity |
Vesting schedule (as disclosed at March 31, 2024):
- 1,681 shares granted on July 9, 2021, vest ratably over 3 years from grant date .
- 5,042 shares vest 50% on July 9, 2023 and 50% on July 9, 2024 .
- 1,931 shares granted on July 8, 2022, vest ratably over 3 years from grant date .
- 5,793 shares vest 50% on July 8, 2024 and 50% on July 8, 2025 .
- 2,382 shares granted on July 7, 2023, vest ratably over 3 years from grant date .
- 7,145 shares vest 50% on July 7, 2025 and 50% on July 7, 2026 .
- Market value of unvested stock at 3/28/2024 price $4.72: $92,937 .
Employment Terms
| Term | Detail |
|---|---|
| Employment agreement | In place for Lam as NEO in FY2024; agreements expired Dec 31, 2024 with annual renewal provisions |
| Change‑in‑control agreement | In place for Lam in FY2024; double‑trigger; severance includes 30 months of base salary and target annual incentive, prorated incentive for year of termination, any unpaid prior incentive, and 100% vesting acceleration; COBRA coverage; subject to Section 280G reduction |
| Severance (without cause / good reason) | 12 months of base salary; 12 months employer‑paid premiums for life/medical/disability; any unpaid prior incentive; 1‑year non‑compete post‑termination |
| Disability | Lump sum equal to 4 months base salary; continued benefits (life/medical/dental/disability) up to 12 months, earlier if re‑employed or death |
| Potential payments (illustrative @ 3/31/2024) | Disability $95,474; Termination w/o cause or good reason $267,350; CIC qualifying termination $852,942; Equity plans $92,937 |
| Clawback policy | Adopted Dec 1, 2023 under Exchange Act Rule 10D‑1/Nasdaq Rule 5608; applies to current/former executive officers |
| Hedging & insider trading | Hedging prohibited; trades limited to open windows with pre‑clearance; additional restrictions for directors/executives |
| Non‑compete / non‑solicit | 1‑year non‑compete and non‑solicit provisions post‑termination (Lam’s FY2024 agreements) |
Investment Implications
- Alignment and ownership: Lam’s stake (~0.36%) and ongoing RSU vesting indicate moderate skin‑in‑the‑game; notable vesting dates (July 8, 2025; July 7, 2025/2026) could create event‑driven liquidity needs or selling pressure around those windows .
- Incentive design discipline: Annual plans tie to profitability, deposit growth, asset quality, and personal goals; the committee granted discretionary payouts in FY2024 and FY2025 despite missing minimum net income thresholds, which may weaken pay‑for‑performance signaling but reflects retention priorities during leadership changes .
- Change‑of‑control economics: Lam’s FY2024 CIC terms (30 months of salary+target bonus, full equity acceleration, COBRA; Section 280G cutback) imply meaningful protection; potential dilution to shareholders if a transaction triggers broad executive CIC payouts .
- Risk backdrop: Company‑level CRE concentration (321% of total capital) raises cyclical risk; asset quality remained strong (nonperforming assets ~0.01% of assets in FY2025), but incentive metrics appropriately include asset quality safeguards .
Overall: Lam’s compensation and equity incentives blend time‑based and performance‑based elements with clear vesting schedules and robust CIC protections. Discretionary annual bonuses during periods of underperformance present a governance trade‑off between retention and strict pay‑for‑performance alignment .