Evan Sowers
About Evan Sowers
President & CEO of Riverview Trust Company (a subsidiary of Riverview Bancorp, Inc.), with 22+ years across trusts, investments, and consumer/small business/commercial banking; previously led private banking and wealth management for a large Midwest trust company, with a focus on high‑net‑worth concierge service, financial planning, fiduciary advice, and tax efficiency . Education: MBA (Finance, Accounting, Investment Banking) from Washington University in St. Louis; undergraduate degree from the University of Missouri . Age: 47; location Vancouver, WA . FY2025 company net income was $4.903 million, with pay‑for‑performance outcomes adjusted by the compensation committee given leadership transition; asset quality and personal goals paid, while profitability and deposit growth did not .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Large Midwest Trust Company (unnamed) | Managing Director, Private Banking & Wealth Management; Regional Lead | Pre‑2022 | Led regional private banking/wealth teams; built concierge client experience across trust, lending, investments, and wealth management |
| Prior banking roles | Consumer, small business, commercial banking | Pre‑2022 | Cross‑functional banking foundation supporting holistic wealth solutions |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Charitable endeavors (various) | Volunteer/Supporter | Ongoing | Community engagement; client network development and brand positioning |
Fixed Compensation
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Base Salary ($) | 305,220 | 323,060 |
| Stock Awards ($) | 59,998 | 62,398 |
| Non‑Equity Incentive Plan Compensation ($) | 41,175 | 130,839 |
| Other Compensation ($) | 13,197 | 24,354 |
| Total Compensation ($) | 419,590 | 540,651 |
| Target Bonus % | Not disclosed | Not disclosed |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Notes |
|---|---|---|---|---|---|
| Profitability | 30% | Pre‑tax, pre‑provision income $7.8m | Company net income $4.9m vs minimum $5.1m | None | Minimum net income threshold not met; committee used discretion overall |
| Deposit Growth | 25% | +3% deposits | Not achieved | None | — |
| Asset Quality | 20% | Classified asset ratio 10% | Achieved | Full | — |
| Personal Goals | 25% | Individual business plan goals | Achieved | Full | Discretion used to retain talent amid leadership change |
Long‑term incentives are delivered under the 2017 Equity Incentive Plan, with time‑based and performance‑based restricted stock; FY2025 performance shares tied to EPS, with time‑based awards vesting ratably over three years and performance shares vesting ratably over two years after the performance period .
Equity Ownership & Alignment
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Beneficially Owned Shares (#) | 11,562 | 11,562 |
| Ownership (%) | <1% | <1% |
| Unvested RS/RSU (#) | 11,516 | 18,511 |
| Market Value of Unvested ($) | 54,356 | 104,587 |
| Stock Options Outstanding | None | None |
| Shares Pledged/Hedged | Hedging prohibited; no pledging disclosed | Hedging prohibited; no pledging disclosed |
Vesting schedule (as of March 31, 2025):
- 2,879 shares granted 7/7/2023 vest ratably over 3 years from grant date
- 8,637 shares vest 50% on 7/7/2025 and 50% on 7/7/2026
- 2,708 shares granted 12/30/2024 vest ratably over 3 years beginning 7/10/2025
- 8,125 shares vest 50% on 7/10/2026 and 50% on 7/10/2027
Insider trading controls:
- Pre‑clearance and open‑window trading required; hedging transactions prohibited for insiders .
Employment Terms
- Role: President & CEO, Riverview Trust Company (announced Dec. 8, 2022) .
- Employment agreement expiry: December 31, 2026; Change‑in‑Control (CIC) agreement expiry: December 31, 2025 .
- Severance (non‑CIC): Lump sum equal to 12 months base salary, 12 months’ life/medical/disability premiums, and any earned but unpaid incentive compensation; one‑year non‑compete/non‑solicit post‑termination .
- CIC severance (double trigger): Lump sum of 30 months base salary plus target annual incentive compensation; pro‑rated current‑year incentive; accelerated vesting to 100% of equity; 18 months continued benefits or cash equivalent, subject to 280G reduction if applicable .
- Potential payments (as of 3/31/2025): Disability $129,469; Termination w/o cause or for good reason $362,802; CIC $1,151,243; Equity Plans acceleration value $104,587 .
- Clawback: Compensation Recovery Policy adopted effective December 1, 2023, compliant with Exchange Act Rule 10D‑1 and Nasdaq Listing Rule 5608 .
Compensation Structure Analysis
- Year‑over‑year: Cash compensation rose on base salary ($305k→$323k) and a materially higher FY2025 non‑equity incentive payout ($41k→$131k), reflecting discretionary awards to retain executives amid leadership transitions .
- Equity mix: Steady grant values ($60k→$62k) with meaningful unvested balances and multi‑year vesting that align retention and shareholder interests .
- Pay‑for‑performance: Committee withheld payouts for profitability and deposit growth while paying asset quality and personal goals, and used discretion given net income below minimum threshold ($4.9m vs $5.1m) .
Performance & Track Record
- Company CAP vs performance: FY2025 compensation actually paid (non‑PEO average) $459,921 and net income $4,903,000 .
- Incentive metrics emphasize profitability, deposit growth, and asset quality, with asset quality and personal goals achieved in FY2025 .
- Executive experience: Sowers’ 22+ years across trust/wealth/private banking roles underpins execution in high‑net‑worth fiduciary services .
Investment Implications
- Alignment: Material unvested equity (18,511 shares; $104,587) and multi‑year vesting schedules strengthen retention and align incentives with shareholder outcomes .
- Retention/CIC: Robust double‑trigger CIC economics (30 months base + target incentive; 18 months benefits; accelerated vesting) reduce departure risk but raise potential change‑of‑control costs ($1.151m modeled value as of 3/31/2025) .
- Trading pressure: Multiple mid‑year vest events (July 2025–2027) could create periodic liquidity events; insider trading policy mitigates timing risks via pre‑clearance and open windows, with hedging prohibited .
- Pay discipline: FY2025 committee discretion rewarded asset quality/personal goals while withholding profitability/deposit growth payouts, signaling a balanced retention vs performance stance during leadership transition .