# EDGAR Filing Document

**Accession Number:** 0001641601
**File Stem:** 0001193125-26-290594
**Filing Date:** 2026-6
**Character Count:** 33994
**Document Hash:** a145ce9cb6d114cc6d3e29d3b26a3804
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-290594.hdr.sgml**: 20260630

**ACCESSION NUMBER**: 0001193125-26-290594

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260630

**DATE AS OF CHANGE**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** River Financial Corp
- **CENTRAL INDEX KEY:** 0001641601
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 461422125
- **STATE OF INCORPORATION:** AL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-205986
- **FILM NUMBER:** 261140793

**BUSINESS ADDRESS:**
- **STREET 1:** 2611 LEGENDS DRIVE
- **CITY:** PRATTVILLE
- **STATE:** AL
- **ZIP:** 36066
- **BUSINESS PHONE:** 334-290-1012

**MAIL ADDRESS:**
- **STREET 1:** 2611 LEGENDS DRIVE
- **CITY:** PRATTVILLE
- **STATE:** AL
- **ZIP:** 36066

?xml version='1.0' encoding='ASCII'? 11-K

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**____________________**

**FORM** 11-K

**____________________**

**(Mark One)**

** ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the Fiscal Year Ended** December 31**,** 2025

**OR**

** TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Commission file number: 333-205986**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Full title of the plan and the address of the plan, if different from that of the issuer named below:**

**River Bank & Trust 401(k) Employee Stock Ownership Plan**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:**

River Financial Corporation

**2611 Legends Drive**

**Prattville, Alabama 36066**

------

RIVER BANK AND TRUST

401(K) EMPLOYEE STOCK OWNERSHIP PLAN

FINANCIAL REPORT

DECEMBER 31, 2025

------

......................Contents

---

| | |
|:---|:---|
| [<u>Report of Independent Registered Public Accounting Firm</u>](#independent_auditors_report) | 1 - 2 |
| <u>Financial Statements</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Statements of Net Assets Available for Benefits</u>](#statements_of_net_assets) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Statement of Changes in Net Assets Available for Benefits</u>](#statement_of_changes_in_net_assets) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Notes to financial statements</u>](#notes_to_financial_statement) | 5 - 11 |
| [<u>Supplementary Information</u>](#supplemental_schedule) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Schedule H, Line 4i – Schedule of Assets (Held at End of Year)</u>](#schedule_h_line_4i_schedule) | 12 - 13 |

---

------

![img63896627_0.gif](img63896627_0.gif)

Independent Auditor's Report

# To the Plan Trustees
**River Bank and Trust 401(k) Employee Stock Ownership Plan**

**Opinion on the Financial Statements**

We have audited the accompanying financial statements of **River Bank and Trust 401(k) Employee Stock Ownership Plan** (the "Plan") as of December 31, 2025 and 2024, and the related statement of changes in net assets available for benefits for the year ended December 31, 2025, and the related notes to the financial statements (collectively referred to as the *financial statements*). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2025 and 2024, and the changes in net assets available for benefits for the year ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

------

**Supplemental Information**

The supplemental information contained in the accompanying schedule of assets (held at end of year) as of December 31, 2025 has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

![img63896627_1.jpg](img63896627_1.jpg)

We have served as the Plan's auditor since 2024.

Birmingham, Alabama

June 30, 2026

2000 SOUTHBRIDGE PARKWAY, SUITE 501 • BIRMINGHAM, ALABAMA 35209 • 205-445-2880 • FAX 205-445-2940 • www.mjcpa.com

*MEMBERS OF THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS*

------

**STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS**

**<u>DECEMBER 31, 2025 AND 2024</u>** 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Assets** |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $574862 | $633263 |
| &nbsp;&nbsp;Investments, at fair value | 17278999 | 16602167 |
| &nbsp;&nbsp;Common stock of River Financial Corporation, at fair value | 10854750 | 7221469 |
| &nbsp;&nbsp;&nbsp;**Total investments** | 28708611 | 24456899 |
| **Receivables** |  |  |
| &nbsp;&nbsp;True up match contribution receivable | 86212 | 96609 |
| &nbsp;&nbsp;Participant contribution receivable | 47186 | - |
| &nbsp;&nbsp;&nbsp;**Total receivables** | 133398 | 96609 |
| **Total assets** | 28842009 | 24553508 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;Distribution payable | 3640 | 4151 |
| **NET ASSETS AVAILABLE FOR BENEFITS** | $28838369 | $24549357 |
| **See accompanying notes to the financial statements.** |  |  |

---

------

**STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS**

**<u>DECEMBER 31, 2025</u>** 

---

| | |
|:---|:---|
| **Additions:** |  |
| &nbsp;&nbsp;**Additions to net assets attributed to:** |  |
| &nbsp;&nbsp;&nbsp;**Investment income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net appreciation in fair value of investments | $4855893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends | 317833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 5173726 |
| &nbsp;&nbsp;&nbsp;**Contributions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Participant | 1848232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employer | 1042649 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rollover | 325932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total contributions | 3216813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total additions | 8390539 |
| **Deductions:** |  |
| &nbsp;&nbsp;**Deductions from net assets attributed to:** |  |
| &nbsp;&nbsp;&nbsp;Benefit payments | 4090295 |
| &nbsp;&nbsp;&nbsp;Administrative expenses | 11232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deductions | 4101527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase | 4289012 |
| **Net assets available for benefits:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 24549357 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | $28838369 |
| **See accompanying notes to the financial statements.** |  |

---

------

Notes To Financial Statements

**NOTE 1. DESCRIPTION OF PLAN**

The following description of the River Bank and Trust (the "Company") 401(k) Employee Stock Ownership Plan (the "Plan") provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions.

**General**

The Plan sponsor, River Bank & Trust, a wholly-owned subsidiary of River Financial Corporation, (the Company), established the Plan effective as of June 1, 2006. The Plan is a defined contribution plan generally covering all full-time employees of the Company who are at least 18 years of age and have completed three months of service. The Plan trustees are responsible for oversight of the Plan. The trustees determine the appropriateness of the Plan's investment offerings and monitors investment performance. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended. The Plan includes Safe Harbor provisions under section 401(k) of the internal revenue code (IRC).

**Contributions**

Each year, participants may contribute up to 100% of pretax compensation (up to the Internal Revenue Service (IRS) maximum allowable amount), as defined by the Plan. Participants may also contribute, on an after-tax basis, Roth elective deferrals, subject to certain limitations. Additionally, each participant may elect to defer up to 90% of any cash bonus paid by the Company. Participants who have attained age 50 before the end of the Plan year are eligible to make catch-up contributions. Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans. Participants direct the investment of their contributions into various investment options offered by the Plan. The Company shall make a matching contribution of 100% of the participants' elective deferrals that are not in excess of 3% of compensation, as defined by the Plan, plus 50% of the participants' elective deferrals in excess of 3% of compensation up to a maximum of 5% of compensation. Employer discretionary contributions may be made at the option of the Company's Board of Directors. No discretionary contributions were made during the year. Contributions are subject to certain limitations.

The Company matching contribution and up to 50% of the participant's contribution, as elected by the participant, may be used to purchase common stock of the Company.

**Participant Accounts**

Each participant's account is credited with the participant's contributions and allocations of (a) shares of the Company common stock and (b) Plan earnings and charged with an allocation of administrative expenses. Allocations are based on participant deferral contributions, compensation, or account balances, as applicable and pursuant to the terms of the Plan. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account. Total shares of the Company common stock allocated to participant accounts as of December 31, 2025 and 2024 were 217,095 and 182,822, respectively.

**Vesting**

Participants are 100% vested in their deferral and employer matching contributions plus earnings thereon. Vesting in employer discretionary contributions is based on years of continuous service. A participant is 100% vested after three years of credited service.

------

**NOTE 1. DESCRIPTION OF PLAN (Continued)**

**Payment of Benefits**

Upon termination of service due to death, total or permanent disability, severance from employment, or financial hardship, a participant may elect to receive an amount equal to the vested interest in his or her account either in a lump sum, a direct rollover to an "eligible retirement plan" as defined by the IRC of 1986, as amended, or a combination thereof. The Plan also allows employees to withdraw vested balances starting at age 59 1/2. Distributions are subject to the applicable provisions of the Plan. All distributions are to be made in cash. In order to fund the liquidation of Company stock, a trustee will approve a transaction for the Plan to sell stock to the holding company, and the holding company will retain the shares as treasury stock. The number of shares sold is dependent on how many shares the terminated participant liquidated and is rounded up in the case of fractional shares.

**Put Option**

Under Federal income tax regulations, the Company stock that is held by the Plan and its participants and is not readily tradeable on an established market or is subject to trading limitations, includes a put option. The put option is the right to demand that the Company buy any shares of its stock distributed to participants for which there is no market. The put price is representative of the fair market value of the stock. The purpose of the put option is to ensure that the participant has the ability to ultimately obtain cash.

**Voting Rights**

Each participant is entitled to exercise voting rights attributable to the shares in his or her account and is notified by the trustees prior to the time that such rights are to be exercised. The trustees are not permitted to vote any allocated shares for which instructions have not been given by a participant. The trustees are required, however, to vote any unallocated shares on behalf of the collective best interest of Plan participants and beneficiaries.

**NOTE 2. SUMMARY OF ACCOUNTING POLICIES**

**Basis of Accounting**

The financial statements of the Plan have been prepared under the accrual basis of accounting.

**Payment of Benefits**

Benefits are recorded when paid.

**Use of Estimates**

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosures of contingent assets and liabilities. Actual results could differ from these estimates.

------

**NOTE 2. SUMMARY OF ACCOUNTING POLICIES (Continued)**

**Cash and Cash Equivalents**

For purposes of the financial statements, liquid instruments with an original maturity of three months or less are considered cash equivalents. The Plan's cash deposits in a financial institution may at times exceed federally insured limits. The Plan's management does not believe that the Plan is exposed to any significant credit risk in any such accounts.

**Investment Valuation and Income Recognition**

Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Plan's trustees determine the Plan's valuation policies utilizing information provided by the investment advisors. See Note 4 for discussion of fair value measurements.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation includes the Plan's gains and losses on investments bought and sold, as well as held during the year.

**Administrative Expenses**

Certain expenses of maintaining the Plan are paid directly by the Company and are excluded from these financial statements. Investment related expenses are included in net appreciation in fair value of investments.

**Subsequent Events**

The Plan has evaluated subsequent events through June 30, 2026, the date the financial statements were available to be issued.

------

**NOTE 3. FAIR VALUE MEASUREMENTS**

The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820 are described as follows:

**Level 1 –** Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.

**Level 2 –** Inputs to the valuation methodology include: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

**Level 3 –** Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The asset or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2025, and 2024.

***Interest-bearing cash****:* Because of the nature of these assets, carrying amounts approximate fair value.

***Mutual funds****:* Valued at the Net Asset Value (NAV) of shares held by the Plan at year end.

***Pooled separate accounts:*** Underlying holdings are primarily valued using market quotations or prices obtained from independent pricing sources. The accounts are not exchange traded.

***Company common stock:*** Valued at estimated fair value based upon an independent appraisal. The appraiser took into account the current financial condition of the Company, historical and projected earnings, economic outlook, market comparables, and applicable discounts and premiums.

***Common collective trusts:*** Valued at the Net Asset Value (NAV) of shares held by the Plan at year end. The NAV, as provided by the custodian, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the trusts less liabilities.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The appraisal of Company common stock was based upon income valuation techniques consistent with the prior years as illustrated in the following tables:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **2025** | **Fair Value** | **Valuation Technique** | **Unobservable Input** | **Rate Applied** |
| Company common stock | $10854750 | Discounted cash flow model | Weighted average cost of capital | 14.50% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **2024** | **Fair Value** | **Valuation Technique** | **Unobservable Input** | **Rate Applied** |
| Company common stock | $7221469 | Discounted cash flow model | Weighted average cost of capital | 14.00% |

---

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**NOTE 3. FAIR VALUE MEASUREMENTS (CONTINUED)**

The following tables set forth by level, within the fair value hierarchy, the Plan's assets at fair value as of December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment at Fair Value as of December 31, 2025** | **Investment at Fair Value as of December 31, 2025** | **Investment at Fair Value as of December 31, 2025** | **Investment at Fair Value as of December 31, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Interest-bearing cash | $574862 | $- | $- | $574862 |
| Mutual funds | 16098544 | - | - | 16098544 |
| Company common stock | - | - | 10854750 | 10854750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments measured at NAV: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common collective trusts (a) |  |  |  | 1180455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments at fair value | $16673406 | $- | $10854750 | $28708611 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment at Fair Value as of December 31, 2024** | **Investment at Fair Value as of December 31, 2024** | **Investment at Fair Value as of December 31, 2024** | **Investment at Fair Value as of December 31, 2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Interest-bearing cash | $633263 | $- | $- | $633263 |
| Pooled separate accounts | - | 16602167 | - | 16602167 |
| Company common stock | - | - | 7221469 | 7221469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments at fair value | $633263 | $16602167 | $7221469 | $24456899 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** In accordance with FASB ASC Subtopic 820-10, certain investments that were measured at NAV per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statements of net assets available for benefits.

The following table summarizes investments measured at fair value based on NAV per share as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2025** | **Fair Value** | **Fair Value** | **Unfunded Commitments** | **Redemption Frequency (if currently eligible)** |
| John Hancock Advisors |  |  |  |  |
| &nbsp;&nbsp;Stable Value Fund | $— | 1180455 | N/A | Daily |

---

The table below sets forth a summary of changes in the fair value of the Plan's Level 3 investment assets, which is the Company common stock, for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Balance, beginning of year | $7221469 | $6166568 |
| Unrealized gain | 2635386 | 611424 |
| Purchases | 1461472 | 1131911 |
| Sales | (297006) | (688434) |
| Distributions | (166571) | - |
| &nbsp;&nbsp;Balance, end of year | $10854750 | $7221469 |

---

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**NOTE 4. PARTY-IN-INTEREST TRANSACTIONS**

Certain Plan investments are units of investment funds, mutual funds and common collective trusts managed or sponsored by the John Hancock Life Insurance Company, the custodian, from January 1, 2025 through December 1, 2025, and Principal Trust Company, the custodian, for the period December 2, 2025 through December 31, 2025, as defined by the Plan; therefore, these transactions qualify as party-in-interest transactions.

The Plan's assets also consist of common stock of the Company, which are held by the trustees of the Plan. Company contributions are held and managed by the trustees, who invest cash received. Certain administrative and investment advisory services are performed by Raymond James FSA, Inc. and Wilshire Associates, Inc, who serve as the third party administrators of the Plan. These companies charge administrative expenses that consist primarily of accounting, investment advisory and brokerage fees to service the Plan; therefore, these transactions qualify as party-in-interest transactions. Fees paid by the Plan for these services were $11,232 for the year ended December 31, 2025. The Company pays directly any other fees related to Plan operations.

The Plan also invests in River Financial Corporation common stock and received dividends on these shares of $109,125 and $83,332 during the years ended December 31, 2025 and 2024, respectively. The purchases of River Financial Corporation common stock were $1,461,472 and $1,131,911 during the years ended December 31, 2025 and 2024, respectively. The sales of River Financial Corporation common stock were $297,006 and $688,434 during the years ended December 31, 2025 and 2024, respectively.

Investment in the Company's common stock represented approximately 37.8% and 29.5% of total assets as of December 31, 2025 and 2024, respectively.

**NOTE 5. PLAN TERMINATION**

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan, subject to the provisions of ERISA. In the event of Plan termination, participants will become 100% vested in their account balances.

**NOTE 6. TAX STATUS**

The Plan adopted a prototype non-standardized profit-sharing plan with a cash or deferral arrangement, which received a favorable opinion letter from the IRS on December 29, 2020, which stated that the Plan and related trust are designated in accordance with applicable sections of the IRC. The Plan has not received a determination letter specific to the plan itself. Although the Plan has been amended since receiving the determination letter, the plan administrator believes that the Plan is currently designated and is being operated in compliance with the applicable requirements of the IRC. Therefore, no provision for income taxes has been included in the Plan's financial statements.

Accounting principles generally accepted in the United States of America require plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan has filed Form 5500, which is the annual return for employee benefit plans, for all years through December 31, 2024. The plan administrator believes it is no longer subject to income tax examinations for years prior to 2022.

**NOTE 7. RISKS AND UNCERTAINTIES**

The Plan invests in various investment securities and Company common stock. Investment securities and Company common stock are exposed to various risks, such as interest rate, market, and credit risks. Due to the level of risk associated with such investments, it is at least reasonably possible that changes in the values of investments will occur in the near term, and such changes could materially affect participants' account balances and the amounts reported in the statements of net assets available for benefits.

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**Note 8. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500**

The following is a reconciliation of net assets available for benefits per the financial statements at December 31, 2025 and 2024 to the Form 5500:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Net assets available for benefits per the financial statements | $28838369 | $24549357 |
| True up match contribution receivable | - | (96609) |
| Net assets available for benefits per the Form 5500 | $28838369 | $24452748 |

---

The following is a reconciliation of net increase per the financial statements for the year ended December 31, 2025, to net income per the Form 5500:

---

| | |
|:---|:---|
|  | **2025** |
| Net increase per the financial statements | $4289012 |
| True up match contribution receivable – 2024 | 96609 |
| Net increase per the Form 5500 | $4385621 |

---

------

**SUPPLEMENTAL SCHEDULE**

RIVER BANK AND TRUST 401(k) EMPLOYEE STOCK OWNERSHIP PLAN

**(Plan Number** 001**, Sponsor EIN Number** 20-4303726**)**

**SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)**

**<u>DECEMBER 31, 2025</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(a)** | **(b)** | **Description of Investment** |  | **(e)** |
| **Party-in-** | **Identity of Issuer, Borrower,** | **(Maturity Date, Rate of Interest,** | **(d)** | **Current** |
| **Interest** | **Lessor or Similar Party** | **Collateral, Par or Maturity Value)** | **Cost** | **Value** |
| \* | Cash | Interest-bearing cash | \*\* | $574862 |
|  | Principal |  |  |  |
|  | American Funds 2070 Target Date | Mutual funds | \*\* | 49544 |
|  | American Funds 2065 Target Date | Mutual funds | \*\* | 154272 |
|  | American Funds 2060 Target Date | Mutual funds | \*\* | 374079 |
|  | American Funds 2055 Target Date | Mutual funds | \*\* | 950273 |
|  | American Funds 2050 Target Date | Mutual funds | \*\* | 2190778 |
|  | American Funds 2045 Target Date | Mutual funds | \*\* | 1746187 |
|  | American Funds 2040 Target Date | Mutual funds | \*\* | 2277754 |
|  | American Funds 2035 Target Date | Mutual funds | \*\* | 1963678 |
|  | American Funds 2030 Target Date | Mutual funds | \*\* | 2827719 |
|  | American Funds 2025 Target Date | Mutual funds | \*\* | 369049 |
|  | American Funds 2020 Target Date | Mutual funds | \*\* | 404305 |
|  | American Funds 2015 Target Date | Mutual funds | \*\* | 1128 |
|  | American Funds 2010 Target Date | Mutual funds | \*\* | 131369 |
|  | Bond Fund of America/The | Mutual funds | \*\* | 72261 |
|  | Federated Hermes Institutional HY Bond Fund | Mutual funds | \*\* | 1137 |
|  | JH Advisors, LLC Stable Value I6 Fund | Common collective trust | \*\* | 1180455 |
|  | AB Large Cap Growth Fund | Mutual funds | \*\* | 15373 |
|  | Columbia Select Small Cap Value Fund | Mutual funds | \*\* | 388 |
|  | DFA US Small Cap Growth Portfolio | Mutual funds | \*\* | 339 |
|  | DFA US Small Cap Portfolio | Mutual funds | \*\* | 89299 |
|  | Fidelity 500 Index Fund | Mutual funds | \*\* | 1205527 |
|  | Fidelity Mid Cap Index Fund | Mutual funds | \*\* | 150039 |
|  | Putname Large Cap Value Fund | Mutual funds | \*\* | 9206 |
|  | Hartford Schroders Int MultiCap Value Fund | Mutual funds | \*\* | 418 |
|  | New Perspective Fund | Mutual funds | \*\* | 70439 |
|  | New World Fund Inc | Mutual funds | \*\* | 918 |
|  | Vanguard Total Int Stock Index Fund | Mutual funds | \*\* | 158058 |
|  | American Funds US Government MM | Mutual funds | \*\* | 830245 |
|  | Black Rock Liquidity Fed Fund | Mutual funds | \*\* | 54762 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **\*** | River Financial Corporation |  |  |  |
|  | Allocated shares | 217,095 shares | $6233649 | 10854750 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Total investments |  |  | $28708611 |
|  | \* Party-In-Interest |  |  |  |
|  | \*\* Cost information is not provided as investments are participant directed. |  |  |  |

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**EXHIBIT INDEX**

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |

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[<u>23.1\*</u>](ck0001641601-ex23_1.htm)[<u>Consent of Mauldin & Jenkins, LLC</u>](ck0001641601-ex23_1.htm)

\*Filed herewith

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**Signatures**

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustee (or other persons who administer the Plan) has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

RIVER BANK & TRUST 401(k)

EMPLOYEE STOCK OWNERSHIP PLAN

Date: June 30, 2026 By: <u>/s/ James M. Stubbs</u> 

James M. Stubbs

*Chief Executive Officer*

(principal executive officer)

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## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in the Registration Statements on Forms S-8 (No. 333-205986) of River Financial Corporation of our report dated June 30, 2026 with respect to the statements of net assets available for benefits of River Bank & Trust 401(k) Employee Stock Ownership Plan as of December 31, 2025 and 2024, the related statement of changes in net assets available for benefits for the year ended December 31, 2025, and the related supplemental schedule as of December 31, 2025, which report appears in the December 31, 2025 annual report on Form 11-K of River Bank & Trust 401(k) Employee Stock Ownership Plan.

We have served as the Plan's auditor since 2024.

/s/ Mauldin & Jenkins, LLC

Birmingham, Alabama

June 30, 2026

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