# EDGAR Filing Document

**Accession Number:** 0001641601
**File Stem:** 0001193125-25-318886
**Filing Date:** 2025-12
**Character Count:** 37248
**Document Hash:** 4ccc6184f9f4bac13cc4e4d4c60a6113
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-318886.hdr.sgml**: 20251215

**ACCESSION NUMBER**: 0001193125-25-318886

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20251215

**DATE AS OF CHANGE**: 20251215

**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:** 251570952

**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,** 2024

**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**

------

Introduction

The River Bank & Trust 401(k) Employee Stock Ownership Plan (the "Plan") has been in existence more than one year. River Bank & Trust (the "Bank") is a wholly owned subsidiary of River Financial Corporation ("River Financial"). The common stock of River Financial has been issued under the Plan to employees under SEC Rule 147A because all employees of the Bank and River Financial have been residents of the State of Alabama. Commencing in January 2026, the Bank will have employees for the first time in another state, who may become eligible to participate in the Plan. In accordance with the U.S. Securities and Exchange Commission Division of Corporation Finance <u>Financial Reporting Manual</u> (updated August 22, 2025) the SEC states in Section 1512.4.d.2(ii) that if the plan has not previously been subject to the reporting requirements of Section 15(d), an annual report for the plan's latest fiscal year on Form 11-K is filed at the same time the Form S-8 is filed.

------

RIVER BANK AND TRUST

401(K) EMPLOYEE STOCK OWNERSHIP PLAN

FINANCIAL REPORT

DECEMBER 31, 2024

------

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 - 10 |
| [<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) | 11 - 12 |

---

------

![img260738354_0.jpg](img260738354_0.jpg)

Independent Auditor's Report

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

**Opinion**

We have audited the accompanying financial statements of **River Bank and Trust 401(k) Employee Stock Ownership Plan** (the "Plan") as of December 31, 2024 and 2023, and the related statement of changes in net assets available for benefits for the year ended December 31, 2024, 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, 2024 and 2023, and the changes in net assets available for benefits for the year ended December 31, 2024, 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, 2024 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.

![img260738354_1.jpg](img260738354_1.jpg)

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

Birmingham, Alabama

October 21, 2025

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, 2024 AND 2023</u>** 

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| **Assets** |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $633263 | $811460 |
| &nbsp;&nbsp;Investments, at fair value | 16602167 | 14104924 |
| &nbsp;&nbsp;Common stock of River Financial Corporation, at fair value | 7221469 | 6166568 |
| &nbsp;&nbsp;&nbsp;**Total investments** | 24456899 | 21082952 |
| **Receivables** |  |  |
| &nbsp;&nbsp;True up match contribution receivable | 96609 | 87265 |
| &nbsp;&nbsp;Employee contribution | - | 42589 |
| &nbsp;&nbsp;Other assets | - | 842 |
| &nbsp;&nbsp;&nbsp;**Total receivables** | 96609 | 130696 |
| **Total assets** | 24553508 | 21213648 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;Distribution payable | 4151 | 280768 |
| **NET ASSETS AVAILABLE FOR BENEFITS** | $24549357 | $20932880 |
| **See accompanying notes to the financial statements.** |  |  |

---

------

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

**<u>DECEMBER 31, 2024</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 | $2417607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends | 93334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 2510941 |
| &nbsp;&nbsp;&nbsp;**Contributions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee | 1633624 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employer | 963023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rollovers | 206806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total contributions | 2803453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total additions | 5314394 |
| **Deductions:** |  |
| &nbsp;&nbsp;**Deductions from net assets attributed to:** |  |
| &nbsp;&nbsp;&nbsp;Benefits paid to participants | 1696411 |
| &nbsp;&nbsp;&nbsp;Administrative expenses | 1506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deductions | 1697917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase | 3616477 |
| **Net assets available for benefits:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 20932880 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | $24549357 |
| **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 is a defined contribution plan covering all full-time employees of the Company who are at least 18 years of age and have completed three months of service. Employees are eligible for participation in the Plan on the first quarterly date occurring after three months of employment with the Company. The Plan is subject to the provisions of the Department of Labor's (DOL's) Rules and Regulations for Report and Disclosure under the Employee Retirement Income Security Act of 1974 (ERISA).

**Contributions**

Each year, participants may contribute up to 100% of pretax annual compensation, as defined in the Plan, subject to the statutory limitation of $23,000 for 2024. 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.

The Plan records employer and employee contributions receivable when compensation is earned. In accordance with ASC 326, *Financial Instruments - Credit Losses*, no allowance for credit losses has been recorded at December 31, 2024 and 2023, as employer and employee contributions receivable have never historically incurred losses and current conditions and supportable forecasts show zero risk of nonpayment.

**Participant Accounts**

Each participant's account is credited with the participant's contributions and Company matching contributions, as well as allocations of the Company common stock and Plan earnings. Participant accounts are charged with an allocation of administrative expenses that are paid by the Plan. Allocations are based on participant deferral contributions, compensation, or account balances, as defined by the Plan document. 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, 2024 and 2023 were 182,822 and 166,664, respectively.

**Vesting**

Participants are vested immediately in their deferral and employer matching contributions plus actual 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**

On termination of service due to death, disability, severance of employment, retirement, 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 Internal Revenue Code of 1986, as amended, or a combination thereof. The Plan also allows employees to withdraw vested balances starting at age 59 ½. 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 estimated 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**

If the Company maintains a registration-type class of common stock, each participant (or beneficiary) in the Plan is entitled to direct the manner in which shares of Company common stock that are allocated to their account and entitled to vote shall be voted. If the Company does not maintain a registration-type class of common stock, each participant (or beneficiary) shall have the right to direct the trustee as to the voting of shares of Company common stock allocated to their account only with respect to corporate matters that involve the approval or disapproval of a merger or consolidation, recapitalization, reclassification, liquidation, dissolution, or the sale of substantially all of the Company's assets (or similar transactions). In accordance with instructions from the Plan Administrator, the trustee shall vote any unallocated shares as well as allocated shares for which no timely voting direction is received from participants or beneficiaries.

A registration-type class of security means Company common stock that is either (i) a class of securities required to be registered under Section 12 of the Securities Exchange Act of 1934, or (ii) a class of securities that would be required to be so registered except for the exemption from registration provided under Section 12(g)(2)(H) of that Act.

**NOTE 2. SUMMARY OF ACCOUNTING POLICIES**

**Basis of Accounting**

The financial statements of the Plan are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The Financial Accounting Standards Board (FASB) provides authoritative guidance regarding U.S. GAAP through the Accounting Standards Codification (ASC) and related Accounting Standards Updates (ASUs).

**Payment of Benefits**

Benefits are recorded when paid.

------

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

**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 disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

**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 advisers. See Note 3 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, or depreciation, 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.

**Plan Amendment**

Effective December 1, 2023, the minimum age requirement was lowered from 21 to 18 years of age.

**Subsequent Events**

The Plan has evaluated subsequent events through October 21, 2025, the date the financial statements were available to be issued.

**NOTE 3.** FAIR VALUE MEASUREMENTS

FASB ASC 820, *Fair Value Measurements and Disclosures,* provides the framework for measuring fair value. That framework 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 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under this guidance 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.

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

**Level 2** – Inputs to the valuation methodology include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• quoted prices for similar assets or liabilities in active markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• quoted prices for identical or similar assets or liabilities in inactive markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inputs other than quoted prices that are observable for the asset or liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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, 2024, and 2023.

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

***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.

The preceding method described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although plan management believes its valuation method is appropriate and consistent with other market participants, the use of different methodologies or assumption 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:

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **2023** | **Fair Value** | **Valuation Technique** | **Unobservable Input** | **Rate Applied** |
| Company common stock | $6166568 | Discounted cash flow model | Weighted average cost of capital | 13.75% |

---

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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, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment at Fair Value as of December 31, 2023** | **Investment at Fair Value as of December 31, 2023** | **Investment at Fair Value as of December 31, 2023** | **Investment at Fair Value as of December 31, 2023** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Interest-bearing cash | $811460 | $- | $- | $811460 |
| Pooled separate accounts | - | 14104924 | - | 14104924 |
| Company common stock | - | - | 6166568 | 6166568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments at fair value | $811460 | $14104924 | $6166568 | $21082952 |

---

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 years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Balance, beginning of year | $6166568 | $5928635 |
| Unrealized gain (loss) | 611424 | (140517) |
| Purchases | 1131911 | 679626 |
| Sales | (688434) | (301176) |
| Balance, end of year | $7221469 | $6166568 |

---

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

Certain Plan investments are units of investment funds managed or sponsored by the John Hancock Life Insurance Company, the trustee 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 $10,976 for the year ended December 31, 2024 and are included in net appreciation in fair value of investments. The Company pays directly any other fees related to Plan operations.

Investment in the Company's common stock represented approximately 29.5% and 29.1% of total assets as of December 31, 2024 and 2023, 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 Internal Revenue Service (IRS) on December 29, 2020, which stated that the Plan and related trust are designated in accordance with applicable sections of the Internal Revenue Code (IRC). The Plan has not received a determination letter specific to the plan itself. Although the Plan has been amended since received the determination letter, the plan administrator believes that the Plan is currently designed 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, 2023. The plan administrator believes it is no longer subject to income tax examinations for years prior to 2021.

**NOTE 7. RISKS AND UNCERTAINTIES**

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

**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, 2024 and 2023 to the Form 5500:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Net assets available for benefits per the financial statements | $24549357 | $20932880 |
| True up match contribution receivable | (96609) | (87265) |
| Net assets available for benefits per the Form 5500 | $24452748 | $20845615 |

---

The following is a reconciliation of net increase per the financial statements for the year ended December 31, 2024, to net income per the Form 5500:

---

| | |
|:---|:---|
|  | **2024** |
| Net increase per the financial statements | $3616477 |
| True up match contribution receivable – 2024 | (96609) |
| True up match contribution receivable – 2023 | 87265 |
| Net increase per to Form 5500 | $3607133 |

---

------

**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, 2024</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 | \*\* | $633263 |
| \* | John Hancock: | Pooled separate account | \*\* | - |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds 2065 Target Date | Pooled separate account | \*\* | 208662 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds 2060 Target Date | Pooled separate account | \*\* | 583222 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds 2055 Target Date | Pooled separate account | \*\* | 610645 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds 2050 Target Date | Pooled separate account | \*\* | 1176657 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds 2045 Target Date | Pooled separate account | \*\* | 955198 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds 2040 Target Date | Pooled separate account | \*\* | 1296234 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds 2035 Target Date | Pooled separate account | \*\* | 1496636 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds 2030 Target Date | Pooled separate account | \*\* | 1742636 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds 2025 Target Date | Pooled separate account | \*\* | 60988 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds 2020 Target Date | Pooled separate account | \*\* | 79552 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds 2010 Target Date | Pooled separate account | \*\* | 19384 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds New World Funds | Pooled separate account | \*\* | 18248 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds Small Cap World | Pooled separate account | \*\* | 17760 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JH Multimanager Aggressive LS | Pooled separate account | \*\* | 588613 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JH Multimanager Growth LS | Pooled separate account | \*\* | 2565690 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JH Multimanager Balanced LS | Pooled separate account | \*\* | 1438971 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JH Multimanager Moderate LS | Pooled separate account | \*\* | 211094 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JH Multimanager Conservative LS | Pooled separate account | \*\* | 268414 |
|  | John Hancock Stable Value | Pooled separate account | \*\* | 906481 |
|  | John Hancock 500 Index Fund | Pooled separate account | \*\* | 750504 |
|  | Other: |  |  |  |
|  | Cohen & Steers Real Estate | Pooled separate account | \*\* | 16176 |
|  | Columbia Small Cap Value Fund | Pooled separate account | \*\* | 61257 |
|  | Fidelity Mid Cap Index Fund | Pooled separate account | \*\* | 141365 |
|  | DFA U.S. Small Cap Fund | Pooled separate account | \*\* | 58537 |
|  | Investco Discovery Mid Cap Growth | Pooled separate account | \*\* | 114585 |
|  | MFS Mid Cap Value Fund | Pooled separate account | \*\* | 35892 |
|  | IShares Gold Trust ETF | Pooled separate account | \*\* | 23127 |
|  | Putnam Small Cap Growth Fund | Pooled separate account | \*\* | 77595 |
|  | T. Rowe Price Health Science | Pooled separate account | \*\* | 10947 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AB Large Cap Growth Fund | Pooled separate account | \*\* | \*\* | 613472 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hartford Schroders Intl MCV | Pooled separate account | \*\* | \*\* | 37395 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Large Cap Value Fund | Pooled separate account | \*\* | \*\* | 177074 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard Total Intl Stock Idx | Pooled separate account | \*\* | \*\* | 62357 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds Bond Fund of America | Pooled separate account | \*\* | \*\* | 45976 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds New Perspective | Pooled separate account | \*\* | \*\* | 1140 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federated High Yield Bond | Pooled separate account | \*\* | \*\* | 129683 |
| **\*** | River Financial Corporation | Common stock | $— | 5098252 | 7221469 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Total investments |  |  |  | $24456899 |
|  | \* 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: December 15, 2025 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 this Registration Statement on Form S-8 (File No. 333-233387) of River Financial Corporation of our report dated October 21, 2025 relating to the financial statements and supplemental schedule of the River Bank & Trust 401(k) Employee Stock Ownership Plan which appear in this Form 11-K for the year ended December 31, 2024.

/s/ Mauldin & Jenkins, LLC

Birmingham, Alabama

December 15, 2025

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