River Financial Corporation reported significant financial growth in its latest 10-Q filing for the quarter ending September 30, 2024. The company’s total assets increased to $3.50 billion, up from $3.24 billion at the end of 2023, marking an 8.07% rise. This growth was primarily driven by a substantial increase in total deposits, which rose by $308.2 million to $3.04 billion, reflecting an 11.29% increase. The increase in deposits was largely attributed to growth in interest-bearing demand deposits and money market accounts.
The company’s net loans also saw a notable increase, rising to $2.39 billion from $2.21 billion, an 8.20% growth. This was supported by a 12.47% annualized growth rate in loans during the third quarter, amounting to an increase of $73.3 million. The composition of loans shifted, with residential real estate loans increasing to $885.7 million, while commercial real estate loans rose to $702.6 million.
In terms of profitability, River Financial reported net income of $8.7 million for Q3 2024, a 47.11% increase from $5.9 million in Q3 2023. For the nine months ended September 30, 2024, net income totaled $22.1 million, up from $18.6 million in the same period last year. The increase in net interest income was significant, rising to $24.0 million in Q3 2024 from $20.0 million in Q3 2023, reflecting a 19.62% increase. The net interest margin improved to 2.90%, up from 2.66% in the prior year.
However, noninterest income for the nine months decreased to $11.3 million from $15.2 million, primarily due to a $3.7 million award recognized in 2023 and a $1.4 million loss on sales of investment securities in 2024. Noninterest expenses increased by 2.44% to $46.5 million, driven by higher salaries and employee benefits.
The company’s stockholders’ equity rose to $233.3 million, a 17.62% increase from $198.3 million at the end of 2023. The retained earnings increased by $18.3 million during the first nine months of 2024. The effective tax rate for Q3 2024 was 24.6%, compared to 22.6% in Q3 2023.
Overall, River Financial Corporation demonstrated strong financial performance with significant increases in assets, loans, and profitability, despite some challenges in noninterest income.
About River Financial Corp
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