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River Financial Corp (RVRF0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes detailed financial statements for the year, showing an increase in total assets to $3.58 billion from $3.24 billion at the end of the previous year. The increase is attributed to growth in net loans and cash equivalents.
Total deposits increased to $3.07 billion, up from $2.73 billion the previous year, driven by organic growth. Noninterest-bearing deposits saw a slight increase, while interest-bearing deposits saw a significant rise.
Net income for the year was reported at $31.3 million, up from $26.7 million in the previous year. This increase was primarily due to higher net interest income, which rose to $94.4 million from $79.3 million.
The company reported a provision for credit losses of $5.8 million, slightly up from $5.2 million in the previous year. The allowance for credit losses was $32.1 million at year-end, consistent with the prior year's percentage of total loans.
Noninterest income decreased to $15.4 million from $20.6 million, largely due to losses on the sale of investment securities and a decrease in Community Development Financial Institution award grants.
Noninterest expenses increased to $62.9 million from $61.1 million, with the largest expense being salaries and employee benefits.
River Financial Corp's capital ratios remained strong, with a total risk-based capital ratio of 13.15% and a Tier 1 risk-based capital ratio of 11.90%, both above regulatory requirements.
The company does not anticipate cash dividend payments to common stockholders in the near future.
The filing also includes details on the company's compliance with various regulatory requirements, including those related to the Bank Secrecy Act and anti-money laundering efforts.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the River Financial Corp annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.