River Financial Corp Files 2023 Annual Report (10-K)

TL;DR

<b>River Financial Corp has submitted its 2023 10-K annual report, detailing its financial performance and asset classifications.</b>

AI Summary

River Financial Corp (RVRF) filed a Annual Report (10-K) with the SEC on March 12, 2024. River Financial Corp filed its 10-K report for the fiscal year ending December 31, 2023. The filing includes data related to various financial assets, including mortgage receivables and loans receivable. Specific segments mentioned include Commercial Real Estate, Residential, and Consumer portfolios. The report details nonperforming financing receivables and their status (e.g., Substandard, Special Mention). Fair value measurements, particularly for Level 2 inputs, are disclosed for the fiscal year 2023.

Why It Matters

For investors and stakeholders tracking River Financial Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of River Financial Corp's financial health and operational status for the fiscal year 2023, crucial for investors and stakeholders to assess performance. The detailed breakdown of loan portfolios, including nonperforming assets and risk classifications, offers insights into the company's credit risk management and potential future challenges.

Risk Assessment

Risk Level: medium — River Financial Corp shows moderate risk based on this filing. The company operates in the banking sector, which is subject to significant regulatory oversight and economic fluctuations impacting loan performance and profitability, as evidenced by the detailed reporting of nonperforming assets and various loan portfolio segments.

Analyst Insight

Investors should review the detailed breakdown of loan portfolios and nonperforming assets within the 10-K to assess credit risk and potential impacts on future earnings.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period end date)
• 2024-03-12 — Filing Date (Date the 10-K was filed)
• 6022 — SIC Code (Standard Industrial Classification for State Commercial Banks)

Key Players & Entities

• River Financial Corp (company) — Filer of the 10-K report
• 2023-12-31 (date) — Fiscal year end date
• 2024-03-12 (date) — Filing date
• 6022 (sic_code) — Standard Industrial Classification for State Commercial Banks
• AL (state) — State of incorporation
• PSBBancshares Inc (company) — Mentioned in relation to core deposits

FAQ

Risk Factors

• Credit Risk [high — financial]: The company is exposed to credit risk through its financing receivables, including mortgage receivables and other loans, with specific classifications like Substandard and Special Mention indicating potential risks.
• Regulatory Environment [medium — regulatory]: As a commercial bank, River Financial Corp operates within a highly regulated industry, subject to oversight from various governmental bodies.
• Economic Conditions [medium — market]: Changes in economic conditions, interest rates, and the overall financial markets can impact the company's profitability and the value of its assets.

Industry Context

River Financial Corp operates within the State Commercial Banks industry (SIC 6022), a sector characterized by lending, deposit-taking, and providing financial services.

Regulatory Implications

As a commercial bank, River Financial Corp is subject to federal and state banking regulations designed to ensure financial stability and protect consumers.

What Investors Should Do

1. Analyze the detailed breakdown of loan portfolio segments (Commercial Real Estate, Residential, Consumer) for credit quality trends.
2. Review disclosures on nonperforming financing receivables and related allowances for potential credit losses.
3. Examine fair value measurements and disclosures, particularly Level 2 inputs, to understand asset valuation methodologies.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-12: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is the 10-K for the fiscal year ending December 31, 2023, providing a comprehensive annual update compared to previous filings.

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) — 7352KB
• 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) — 20KB
• img236285758_3.jpg (GRAPHIC) — 11KB
• 0000950170-24-029883.txt (&nbsp;) — 29212KB
• 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 104 Item 9A.

Controls and Procedures

Controls and Procedures 104 Item 9B. Other Information 105 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 105 PART III. 105 Item 10. Directors, Executive Officers and Corporate Governance 105 Item 11.

Executive Compensation

Executive Compensation 108 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 114 Item 13. Certain Relationships and Related Transactions and Director Independence 116 Item 14. Principal Accountant Fees and Services 116 Part IV. Item 15. Exhibit and Financial Statement Schedules 117 Item 16. Form 10-K Summary 119

Signatures

Signatures 120 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 filing on SEC EDGAR