Honestly not sure why it's so slow. Strange. Doesn't seem like I'd get much use out of this on my old 4 core, and that's what I made this on. Not sure what's up there. It's a very simple setup, and I made tons of river stuff with it in the past.
I know your order could probably be reversed. Start with valley, than banks, than river displacement. Valley map could probably be used here to just mask out the terrain shader.