River Financial Corporation (Parent Company Only) Financial Information

12 Months Ended

Dec. 31, 2018

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

STATEMENTS OF FINANCIAL CONDITION

(in thousands)

	December 31,
	2018			2017
Assets
Cash	$	10,130		$	1,619
Investment in River Bank & Trust		128,452			93,593
Deferred income taxes		4			9
Other assets		180			91
Total assets	$	138,766		$	95,312
Liabilities
Note payable	$	26,963		$	5,357
Accrued expenses		327			6
Total liabilities		27,290			5,363
Common stock related to 401(k) Employee Stock Option Plan		1,371			950
Stockholders' equity
Common stock		5,692			5,114
Additional paid in capital		79,604			64,935
Retained earnings		29,460			22,388
Accumulated other comprehensive loss		(3,167	)		(2,116	)
Treasury stock, at cost		(113	)		(372	)
Common stock related to 401(k) Employee Stock Option Plan		(1,371	)		(950	)
Total stockholders' equity		110,105			88,999
Total equity		111,476			89,949
Total liabilities and stockholders' equity	$	138,766		$	95,312

STATEMENTS OF INCOME

(in thousands)

	Year Ended December 31,
	2018			2017
Cash dividends from River Bank & Trust	$	3,750		$	2,250
Other income		22			-
Total income		3,772			2,250
Interest expense - note payable		485			249
Legal and other professional fees		394			101
Data processing expense		77			4
Stockholders' meeting expense		12			11
Other expenses		61			10
Total expenses		1,029			375
Net income before tax benefit		2,743			1,875
Applicable income tax benefit		(182	)		(134	)
Net income before undistributed net income of River Bank & Trust		2,925			2,009
Equity in undistributed net income of River Bank & Trust		5,581			6,286
Net income	$	8,506		$	8,295

STATEMENTS OF CASH FLOWS

(in thousands)

	Year Ended December 31,
	2018			2017
Net income	$	8,506		$	8,295
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of River Bank & Trust		(5,581	)		(6,286	)
Deferred income tax		5			7
(Increase) decrease in operating assets and (decrease) increase in operating liabilities:
Other assets		(89	)		26
Accrued expenses and other liabilities		321			5
Net cash provided by operating activities		3,162			2,047
Cash Flows used for investing activities:
Net cash received in acquisition		241			-
Payments to Peoples Southern Bank shareholders		(24,497	)		-
Net cash used in investing activities		(24,256	)		-

Cash flow from financing activities:
Proceeds from note payable		27,000			-
Payments on note payable		(5,394	)		(1,071	)
Proceeds from exercise of common stock options and warrants		317			263
Proceeds from issuance of common stock		8,832			85
Purchase of treasury stock		(146	)		(579	)
Sale of treasury stock		430			281
Cash dividends		(1,434	)		(1,272	)
Net cash provided by (used in) financing activities		29,605			(2,293	)
Net change in cash		8,511			(246	)
Cash at beginning of year		1,619			1,865
Cash at end of year	$	10,130		$	1,619