River Financial Corp Files 10-K/A Amendment

TL;DR

<b>River Financial Corp has filed an amendment to its 2023 10-K, providing updated financial details and disclosures.</b>

AI Summary

River Financial Corp (RVRF) filed a Amended Annual Report (10-K/A) with the SEC on March 13, 2024. River Financial Corp filed an amendment to its 10-K for the fiscal year ending December 31, 2023. The filing includes data related to mortgage receivables, including those not past due and those greater than 90 days past due as of December 31, 2023. Specific segments like Residential Portfolio and Commercial Real Estate are detailed in relation to mortgage receivables. Fair value measurements for various assets, including USTreasury Securities and Mortgage Backed Securities, are provided for December 31, 2023. The company also disclosed information on impaired loans and commitments to extend credit as of December 31, 2023.

Why It Matters

For investors and stakeholders tracking River Financial Corp, this filing contains several important signals. This amendment provides crucial updated financial data for investors and analysts to assess the company's performance and risk exposure for the fiscal year 2023. The detailed disclosures on loan portfolios and fair value measurements are essential for understanding the company's asset quality and market valuation.

Risk Assessment

Risk Level: medium — River Financial Corp shows moderate risk based on this filing. The filing is an amendment to a 10-K, indicating potential prior omissions or necessary corrections, which could suggest underlying issues or a need for greater scrutiny of the company's financial reporting.

Analyst Insight

Review the specific changes and additions in this 10-K/A filing to understand the reasons for the amendment and their impact on River Financial Corp's financial health.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-03-13 — Filing Date (FILED AS OF DATE)
• 2022-12-31 — Prior Year End (Data point context)
• 2023-12-31 — Mortgage Receivables Not Past Due (us-gaap:FinancialAssetNotPastDueMember)
• 2023-12-31 — Mortgage Receivables >90 Days Past Due (us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember)
• 2023-12-31 — USTreasury Securities Fair Value (Level 2) (us-gaap:USTreasurySecuritiesMember)
• 2023-12-31 — Mortgage Backed Securities Fair Value (us-gaap:MortgageBackedSecuritiesMember)
• 2023-12-31 — Commitments to Extend Credit (us-gaap:CommitmentsToExtendCreditMember)

Key Players & Entities

• River Financial Corp (company) — FILER
• 2023-12-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-03-13 (date) — FILED AS OF DATE
• AL (location) — STATE OF INCORPORATION
• 6022 (industry_code) — STANDARD INDUSTRIAL CLASSIFICATION
• 461422125 (tax_id) — IRS NUMBER
• 334-290-1012 (phone_number) — BUSINESS PHONE
• River Financial Corporation (company) — Name in data

FAQ

Risk Factors

• Credit Risk [medium — financial]: The company is exposed to credit risk, particularly through its commitments to extend credit, as of December 31, 2023.

Key Financial Figures

• $34.51 — e registrant, based on a stock price of $34.51 per share of Common Stock, was $ 163.5
• $1.00 — March 1, 2024 Common stock, par value $1.00 per share 7,667,055 shares Auditor
• $3.24 b — cember 31, 2023, we had total assets of $3.24 billion, total loans of $2.24 billion, to
• $2.24 b — assets of $3.24 billion, total loans of $2.24 billion, total deposits of $2.73 billion,
• $2.73 b — ans of $2.24 billion, total deposits of $2.73 billion, and total shareholders' equity o
• $198.3 million — lion, and total shareholders' equity of $198.3 million. We operate our banking business thro
• $250,000 — s. Certificates of deposit in excess of $250,000 are held primarily by customers in our
• $1.7 b — n portfolio, constituting approximately $1.7 billion, or 76.6%, of total loans, net of
• $95.5 m — home equity lines of credit constituted $95.5 million, or 4.3% of our loan portfolio.
• $375.0 m — ercial and industrial loans constituted $375.0 million, or 17.0% of our loan portfolio,
• $55.6 m — rable goods. Consumer loans constituted $55.6 million, or 2.5% of our loan portfolio, a

Filing Documents

• ck0001641601-20231231.htm (10-K/A) — 7364KB
• ck0001641601-ex19_1.htm (EX-19.1) — 78KB
• ck0001641601-ex23_1.htm (EX-23.1) — 4KB
• ck0001641601-ex31_1.htm (EX-31.1) — 16KB
• ck0001641601-ex31_2.htm (EX-31.2) — 15KB
• ck0001641601-ex32_1.htm (EX-32.1) — 16KB
• img180798809_0.jpg (GRAPHIC) — 11KB
• img180798809_1.jpg (GRAPHIC) — 20KB
• img236285758_0.jpg (GRAPHIC) — 71KB
• img236285758_1.jpg (GRAPHIC) — 78KB
• img236285758_2.jpg (GRAPHIC) — 22KB
• img236285758_3.jpg (GRAPHIC) — 11KB
• img236285758_4.jpg (GRAPHIC) — 22KB
• 0000950170-24-030321.txt (&nbsp;) — 29288KB
• ck0001641601-20231231.xsd (EX-101.SCH) — 2409KB
• ck0001641601-20231231_htm.xml (XML) — 7640KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments 28 Item 1C. Cybersecurity 28 Item 2.

Properties

Properties 30 Item 3.

Legal Proceedings

Legal Proceedings 32 Item 4. Mine Safety Disclosure 32 PART II. 33 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 33 Item 6.

Selected Financial Data

Selected Financial Data 35 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 37 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 57 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 57 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 106 Item 9A.

Controls and Procedures

Controls and Procedures 106 Item 9B. Other Information 107 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 107 PART III. 107 Item 10. Directors, Executive Officers and Corporate Governance 107 Item 11.

Executive Compensation

Executive Compensation 110 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 116 Item 13. Certain Relationships and Related Transactions and Director Independence 118 Item 14. Principal Accountant Fees and Services 118 Part IV. Item 15. Exhibit and Financial Statement Schedules 119 Item 16. Form 10-K Summary 121

Signatures

Signatures 122 i GENE RAL Unless the context otherwise indicates or requires, in this Annual Report on Form 10-K to "River," "RFC," the "Company," "we," "us" and "our" refer to River Financial Corporation, an Alabama corporation, as well as our wholly-owned subsidiary bank, River Bank and Trust, an Alabama Banking Corporation, which we may sometimes refer to as "RB&T" and the "Bank". On October 28, 2015, the Company's Registration Statement on Form S-4 (File No. 333-205986) became effective, and the Company became subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act") under Section 15(d). FORWARD-LOOKIN G STATEMENTS This Annual Report on Form 10-K contains forward-looking statements that reflect our current views with respect to, among other things, future events and financial performance, which involve substantial risks and uncertainties. Certain statements made in this Annual Report on Form 10-K are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Exchange Act. Forward-looking statements are not historical facts and include any statement that, without limitation, may predict, forecast, indicate or imply future results, performance or achievements instead of historical or current facts and may contain words like "anticipates," "approximately," "believes," "budget," "can," "could," "continues," "contemplates," "estimates," "expects," "forecast," "intends," "may," "might," "objective," "outlook," "predicts," "probably," "plans," "potential," "project," "seeks," "shall," "should," "target," "will," or the negative of these terms and other words, phrases, or expressions with similar meaning. Any forward-looking statements contained in this Annual Report on Form 10-K are based upon our historical performance and on our current plans, estimates and expectations in light of information currently avail

Business

Item 1. Business. Overview We are a bank holding company headquartered in Prattville, Alabama. River Bank & Trust was formed as an Alabama banking corporation in March 2006. In November 2012, River Financial Corporation was formed as an Alabama corporation and all the common shares of River Bank & Trust were exchanged for common shares of River Financial Corporation and River Bank & Trust became the wholly owned subsidiary of River Financial Corporation. We operate one subsidiary bank, River Bank & Trust. Through the Bank, we provide a broad array of financial services to businesses, business owners, and professionals. We operate 23 full-service banking offices, located in Montgomery, Prattville, Millbrook, Wetumpka, Auburn, Opelika, Alexander City, Dothan, Enterprise, Daphne, Clanton, Mobile, Gadsden, Decatur, Saraland, and Huntsville, Alabama. We also have one loan production office in Florence, Alabama. Our market areas generally include the Montgomery, Auburn-Opelika, Gadsden, Dothan, Mobile, Huntsville, and Birmingham Metropolitan Statistical Areas. As of December 31, 2023, we had total assets of $3.24 billion, total loans of $2.24 billion, total deposits of $2.73 billion, and total shareholders' equity of $198.3 million. We operate our banking business through 24 offices, including the loan production office in Florence, across six regions in Alabama. Those regions are designated as "River" (including Montgomery, with six offices), "East Alabama" (including Auburn, Opelika and Gadsden with five offices), "Coastal" (including Mobile and Baldwin County with four offices), "Wiregrass" (including Dothan in the Southeast corner of the state with three offices), "North Alabama" (including Decatur, Huntsville, and Florence with three offices), and "Birmingham (including Birmingham with one office and Clanton in the central part of the state with two offices). See "Properties" below. Our Products and Services Through our Bank, we engage in the business o

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View this 10-K/A filing on SEC EDGAR