River Financial Corporation (Parent Company Only) Financial Information

12 Months Ended

Dec. 31, 2023

(17) River Financial Corporation (Parent Company Only) Financial Information

STATEMENTS OF FINANCIAL CONDITION

(in thousands)


	December 31,
	2023			2022
Assets
Cash	$	4,206		$	2,425
Investment in River Bank & Trust		239,185			175,694
Deferred income taxes		16			18
Other assets		-			23
Total assets	$	243,407		$	178,160
Liabilities
Subordinated debentures, net of loan costs		39,492			39,419
Accrued expenses		568			555
Other liabilities		526			-
Total liabilities		40,586			39,974
Common stock related to 401(k) Employee Stock Option Plan		4,483			4,160
Stockholders' equity
Common stock		7,670			6,666
Additional paid in capital		137,017			104,294
Retained earnings		124,333			100,826
Accumulated other comprehensive loss		(64,003	)		(71,564	)
Unvested restricted stock		(1,700	)		(1,730	)
Treasury stock, at cost		(496	)		(306	)
Common stock related to 401(k) Employee Stock Option Plan		(4,483	)		(4,160	)
Total stockholders' equity		198,338			134,026
Total equity		202,821			138,186
Total liabilities and stockholders' equity	$	243,407		$	178,160

STATEMENTS OF INCOME

(in thousands)


	Year Ended December 31,
	2023			2022
Other income	$	719		$	-
Total income		719			-
Interest expense - note payable		520			-
Interest expense - subordinated debentures		1,669			1,679
Legal and other professional fees		137			104
Data processing expense		1			5
Stockholders' meeting expense		32			27
Other expenses		324			290
Total expenses		2,683			2,105
Net loss before tax benefit		(1,964	)		(2,105	)
Applicable income tax benefit		(491	)		(526	)
Net loss before undistributed net income of River Bank & Trust		(1,473	)		(1,579	)
Equity in undistributed net income of River Bank & Trust		28,212			29,508
Net income	$	26,739		$	27,929

STATEMENTS OF CASH FLOWS

(in thousands)


	Year Ended December 31,
	2023			2022
Net income	$	26,739		$	27,929
Adjustments to reconcile net income to net cash used for operating activities:
Equity in undistributed net income of River Bank & Trust		(28,212	)		(29,508	)
Deferred income tax		2			27
Amortization of debt issuance costs		73			75
(Increase) decrease in operating assets and (decrease) increase in operating liabilities:
Other assets		23			(23	)
Accrued expenses and other liabilities		539			6
Net cash used for operating activities		(836	)		(1,494	)
Cash Flows used for investing activities:
Capital contribution to bank subsidiary		(27,218	)		(1,500	)
Net cash used for investing activities		(27,218	)		(1,500	)
Cash flow (used for) from financing activities:
Proceeds from issuance of line of credit		12,000			-
Repayment of line of credit		(12,000	)		-
Proceeds from exercise of stock options		354			574
Proceeds from issuance of common stock		32,930			-
Purchase of treasury stock		(1,080	)		(1,365	)
Sale of treasury stock		839			1,134
Cash dividends		(3,208	)		(2,918	)
Net cash (used for) from financing activities		29,835			(2,575	)
Net change in cash		1,781			(5,569	)
Cash at beginning of year		2,425			7,994
Cash at end of year	$	4,206		$	2,425