$RVRF

River Financial Corp

CIK:0001641601|SEC Filings

Unaudited Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income:
Loans, including fees	$ 45,333	$ 41,466	$ 89,202	$ 81,442
Taxable securities	6,042	4,844	11,693	9,513
Nontaxable securities	679	420	1,304	808
Federal funds sold	311	176	614	357
Other interest income	753	1,408	1,420	2,407
Total interest income	53,118	48,314	104,233	94,527
Interest expense:
Deposits	17,041	16,879	33,431	33,285
Short-term borrowings	(0)	0	1	172
Federal Home Loan Bank advances	935	1,481	1,849	2,953
Subordinated debentures	738	418	1,207	831
Total interest expense	18,714	18,778	36,488	37,241
Net interest income	34,404	29,536	67,745	57,286
Provision for credit losses	2,013	1,686	4,026	3,372
Net interest income after provision for credit losses	32,391	27,850	63,719	53,914
Noninterest income:
Service charges and fees	2,575	2,225	5,007	4,359
Investment brokerage revenue	393	254	770	549
Mortgage operations	1,979	1,826	3,674	2,857
Bank owned life insurance income	473	408	930	816
Net loss on sales of investment securities	(99)	(99)	(91)	(3,498)
Other noninterest income	787	463	1,549	1,854
Total noninterest income	6,108	5,077	11,839	6,937
Noninterest expense:
Salaries and employee benefits	13,097	10,963	24,702	20,721
Occupancy expenses	1,210	1,037	2,422	2,059
Equipment rentals, depreciation, and maintenance	721	536	1,346	1,083
Telephone and communications	121	109	247	221
Advertising and business development	354	271	623	527
Data processing	1,152	1,096	2,264	2,225
Foreclosed assets, net	94	(41)	127	(27)
Federal deposit insurance and other regulatory assessments	574	729	1,276	1,507
Legal and other professional services	360	318	690	1,628
Other operating expenses	2,574	2,306	4,997	4,241
Total noninterest expense	20,257	17,324	38,694	34,185
Income before income taxes	18,242	15,603	36,864	26,666
Provision for income taxes	4,393	3,515	8,868	6,120
Net income	$ 13,849	$ 12,088	$ 27,996	$ 20,546
Basic net earnings per common share	$ 1.77	$ 1.56	$ 3.58	$ 2.65
Diluted net earnings per common share	$ 1.74	$ 1.54	3.53	2.63
Dividends per common share			$ 1	$ 0.54

Unaudited Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows From Operating Activities:
Net income	$ 27,996,000	$ 20,546,000
Adjustments to reconcile net income to net cash from operating activities:
Provision for credit losses	4,026,000	3,372,000
Provision for losses on foreclosed assets	70,000	15,000
Amortization of securities	651,000	926,000
Accretion of securities	(891,000)	(594,000)
Realized net loss on sales of securities available-for-sale	91,000	3,498,000
Accretion of discount on acquired loans	(3,000)	(5,000)
Accretion of deferred loan fees / costs	(3,183,000)	(3,083,000)
Amortization of core deposit intangible asset	158,000	213,000
Amortization of debt issuance costs	26,000	35,000
Stock-based compensation expense	590,000	577,000
Bank owned life insurance income	(930,000)	(816,000)
Depreciation and amortization of premises and equipment	1,819,000	1,616,000
Gain on sales of foreclosed assets	(12,000)	(52,000)
Deferred income tax benefit	(1,108,000)	(281,000)
(Increase) decrease in operating assets and (decrease) increase in operating liabilities:
Loans held-for-sale	(9,768,000)	539,000
Accrued interest receivable	(1,371,000)	10,000
Other assets	(1,124,000)	(553,000)
Accrued interest payable and other liabilities	397,000	506,000
Net cash from operating activities	17,434,000	26,469,000
Activity in securities available-for-sale:
Sales of securities available-for-sale	36,488,000	77,018,000
Maturities, payments, calls of securities available-for-sale	37,889,000	22,799,000
Purchases of securities available-for-sale	(134,676,000)	(98,223,000)
Activity in securities held-to-maturity:
Maturities, payments, calls of securities held-to-maturity	2,342,000	2,406,000
Loan principal originations, net	(125,878,000)	(78,020,000)
Proceeds from sale of foreclosed assets	57,000	432,000
Purchases of premises and equipment	(3,704,000)	(1,875,000)
(Purchase) redemption of restricted equity securities, net	(1,807,000)	2,394,000
Affordable housing tax credit investments, net of amortization	(4,207,000)	(9,347,000)
Purchase of bank owned life insurance	(750,000)
Net cash used for investing activities	(194,246,000)	(82,416,000)
Cash Flows From Financing Activities:
Net increase in deposits	177,894,000	155,298,000
Net decrease in securities sold under agreements to repurchase		(22,664,000)
Proceeds from Federal Home Loan Bank advances	75,000,000
Repayment of Federal Home Loan Bank advances	(40,000,000)	(55,000,000)
Proceeds from exercise of common stock options	1,075,000	192,000
Purchase of treasury stock	(1,491,000)	(379,000)
Sale of treasury stock	960,000	752,000
Cash dividends	(7,832,000)	(4,191,000)
Net cash from financing activities	205,606,000	74,008,000
Net Change In Cash And Cash Equivalents	28,794,000	18,061,000
Cash and Cash Equivalents At Beginning Of Period	128,523,000	185,744,000
Cash and Cash Equivalents At End Of Period	157,317,000	203,805,000
Cash Payments For:
Interest paid to depositors	33,546,000	33,511,000
Interest paid on borrowings	3,413,000	3,507,000
Income taxes	6,460,000	4,470,000
Non-cash investing and financing activities:
Transfer of loans to foreclosed assets	309,000	2,042,000
Restricted stock grant	$ 577,000	$ 3,156,000

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and due from banks	$ 45,843	$ 29,228
Interest-bearing deposits in banks	67,474	89,295
Federal funds sold	44,000	10,000
Cash and cash equivalents	157,317	128,523
Certificates of deposit in banks	2,968	2,968
Securities held-to-maturity, at amortized cost (fair value of $95,583 and $98,260, respectively)	114,922	117,208
Securities available-for-sale, at fair value (amortized cost of $731,514 and $670,980, respectively)	683,379	628,625
Loans held for sale	19,251	9,483
Loans, net of deferred fees and discounts	2,841,994	2,713,516
Less allowance for credit losses	(39,758)	(36,011)
Net loans	2,802,236	2,677,505
Premises and equipment, net	52,701	50,816
Accrued interest receivable	18,844	17,473
Bank owned life insurance	55,801	54,121
Foreclosed assets	1,731	1,537
Deferred income taxes, net	25,171	22,648
Core deposit intangible	375	533
Goodwill	27,817	27,817
Restricted equity securities, at cost	9,689	7,882
Affordable housing tax credit investments	34,837	30,630
Other assets	10,740	9,616
Total assets	4,017,779	3,787,385
Liabilities and Shareholders' Equity
Noninterest-bearing deposits	696,120	666,615
Interest-bearing deposits	2,808,897	2,660,508
Total deposits	3,505,017	3,327,123
Federal Home Loan Bank advances	135,000	100,000
Subordinated debentures, net of loan costs	39,659	39,633
Accrued interest payable and other liabilities	21,166	20,769
Total liabilities	3,700,842	3,487,525
Common stock related to 401(k) Employee Stock Ownership Plan	6,864	6,233
Stockholders' Equity
Common stock ($1 par value; 15,000,000 shares authorized; 7,879,841 and 7,798,639 shares issued; 7,816,249 and 7,745,983 shares outstanding at June 30, 2026 and December 31, 2025, respectively)	7,880	7,799
Additional paid-in capital	142,483	140,567
Retained earnings	209,895	189,731
Accumulated other comprehensive loss	(37,430)	(33,209)
Unvested restricted stock	(3,298)	(3,275)
Treasury stock at cost (63,592 and 52,656 shares, respectively)	(2,593)	(1,753)
Common stock related to 401(k) Employee Stock Ownership Plan	(6,864)	(6,233)
Total stockholders' equity	310,073	293,627
Total equity	316,937	299,860
Total liabilities and stockholders' equity	$ 4,017,779	$ 3,787,385