SEC Filing Document

Company: Forbright, Inc.
Ticker: 
CIK: 1925062
Filing Type: S-1
Document Type: S-1
Date Filed: 2026-05-15
Accession Number: 0001628280-26-035713
Exchange: 
SIC Code: 6022
SIC Description: State Commercial Banks
URL: https://www.sec.gov/Archives/edgar/data/1925062/000162828026035713/forbright-sx1publicflip.htm

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or the infrastructure project types represented greater than 2% of total loans as of March 31, 2026. Total loans were $5.8 billion as of March 31, 2026, an increase of $182.1 million, or approximately 3.2%, compared with $5.6 billion as of December 31, 2025. Total loans were $5.6 billion as of December 31, 2025, an increase of $1.3 billion, or approximately 31%, compared with $4.3 billion as of December 31, 2024. Loans as of March 31, 2026, December 31, 2025, and December 31, 2024, included $407.6 million, $379.7 million, and $316.5 million of loans held-for-sale, respectively. As of March 31, 2026, December 31, 2025, and December 31, 2024, total loans were 81.1%, 82.7%, and 77.0% of deposits, respectively, and 70.3%, 71.1%, and 59.1% of total assets, respectively. The following table presents loans held for investment at amortized cost, by loan type, as of March 31, 2026 and December 31, 2025:

March 31, 2026 December 31, 2025 Change
(dollars in thousands) Amount % of total loans Amount % of total loans $ %
Commercial Real Estate $	2,679,872 49.9	% $	2,528,996 48.4	% $	150,876 6.0	%
Commercial and Industrial 2,485,418 46.2	% 2,475,549 47.4	% 9,869 0.4	%
Consumer 211,247 3.9	% 217,689 4.2	% (6,442) (3.0)	%
Total loans held for investment at amortized cost $	5,376,537 100.0	% $	5,222,234 100.0	% $	154,303 3.0	%

As of March 31, 2026, total loans held for investment at amortized cost were $5.4 billion, an increase of $154.3 million, or 3.0%, compared to $5.2 billion as of December 31, 2025, primarily due to a $150.9 million increase in CRE loans, with net loan originations in healthcare finance and real estate finance. Commercial and Industrial loans also increased by $9.9 million, with net loan originations in lender finance and corporate finance, offset by net paydowns and pay-offs in healthcare finance.

The following table presents loans held for investment at amortized cost, by loan type, as of December 31, 2025 and 2024:

December 31,
2025 2024 Change
(dollars in thousands) Amount % of total loans Amount % of total loans $ %
Commercial Real Estate $	2,528,996 48.4	% $	1,730,883 43.7	% $	798,113 46.1	%
Commercial and Industrial 2,475,549 47.4	% 1,986,457 50.1	% 489,092 24.6	%
Consumer 217,689 4.2	% 246,633 6.2	% (28,944) (11.7)	%
Total loans held for investment at amortized cost $	5,222,234 100.0	% $	3,963,973 100.0	% $	1,258,261 31.7	%

As of December 31, 2025, total loans held for investment at amortized cost were $5.2 billion, an increase of $1.3 billion, or 31.7%, compared to $4.0 billion as of December 31, 2024, primarily due to a $798.1 million increase in CRE loans, with net loan originations in healthcare finance and real estate finance. Commercial and Industrial loans also increased by $489.1 million, with net loan originations in fund finance and lender finance. Loan growth during 2025 was driven by a strategic focus on deploying excess levels of liquidity.

The contractual maturity ranges of total loans held for investment in our loan portfolio and the amount of such loans with fixed interest rates and floating rates in each maturity range as of March 31, 2026 and December 31, 2025, are summarized in the following tables. Contractual maturities are based on contractual amounts outstanding and do not include deferred fees and costs or purchase discounts.

March 31, 2026
One Year Through Through Through After
(in thousands) or Less Five Years Ten Years Fifteen Years Fifteen Years Total
Variable rate loans:
Commercial Real Estate $	629,168 $	1,926,797 $	6,064 $	— $	— $	2,562,029
Commercial and Industrial 467,487 1,914,907 17,568 189 — 2,400,151
Consumer — 150 3,572 3,198 13,146 20,066
Total variable rate loans $	1,096,655 $	3,841,854 $	27,204 $	3,387 $	13,146 $	4,982,246
Fixed rate loans:
Commercial Real Estate $	61,597 $	45,157 $	149 $	— $	— $	106,903
Commercial and Industrial 7,739 71,242 23,023 1,600 15,508 119,112
Consumer 8 960 3,335 18,685 200,604 223,592
Total fixed rate loans $	69,344 $	117,359 $	26,507 $	20,285 $	216,112 $	449,607
Total loans held for investment $	1,165,999 $	3,959,213 $	53,711 $	23,672 $	229,258 $	5,431,853

December 31, 2025
One Year Through Through Through After
(in thousands) or Less Five Years Ten Years Fifteen Years Fifteen Years Total
Variable rate loans:
Commercial Real Estate $	651,129 $	1,751,862 $	8,537 $	— $	— $	2,411,528
Commercial and Industrial 448,331 1,919,264 2,986 — — 2,370,581
Consumer — 455 1,273 4,732 14,339 20,799
Total variable rate loans $	1,099,460 $	3,671,581 $	12,796 $	4,732 $	14,339 $	4,802,908
Fixed rate loans:
Commercial Real Estate $	94,191 $	32,451 $	1,453 $	— $	— $	128,095
Commercial and Industrial 1,860 73,381 25,867 1,692 12,772 115,572
Consumer 3 692 3,104 13,224 213,313 230,336
Total fixed rate loans $	96,054 $	106,524 $	30,424 $	14,916 $	226,085 $	474,003
Total loans held for investment $	1,195,514 $	3,778,105 $	43,220 $	19,648 $	240,424 $	5,276,911

ACL - Loans

We estimate an ACL - Loans for our loan portfolio held for investment at amortized cost which represents management’s expected credit losses over the expected contractual life of its loans. The estimate is based on both quantitative and qualitative components; each of which is subject to uncertainty.

The quantitative component, including the ACL on individually assessed loans, considers historical and recent loss performance, current portfolio composition, portfolio- and/or loan-specific asset quality data, and actual and forecasted economic conditions. The quantitative estimate is subject to inherent uncertainty given potential differences between actual economic conditions and projected economic conditions including United States macroeconomic indicators like the unemployment rate, home prices, and CRE prices. Variances between actual and projected economic indicators during the reasonable and supportable period could create differences between the ACL and actual credit losses incurred over the life of the loans. The economic environment during the reasonable and supportable period is scenario-weighted and utilizes scenario forecasts from a provider of macroeconomic scenario forecasts that are commonly used within the industry. Additionally, beyond the reasonable and supportable period, economic conditions and credit losses could vary from long-term historical averages. In addition to differences between forecasted economic conditions and actual economic conditions, the quantitative estimate assumes historical loss performance and credit quality metrics inform future expected credit losses. While historical correlations are a helpful starting point for modeling future expected losses, historically observed correlations can change and idiosyncratic events for borrowers can lead to credit losses that were not properly captured by the quantitative modeling.

The qualitative component of the ACL attempts to address the inherent uncertainty in the quantitative modeling and considers quantitative data where possible. The qualitative considerations align with the Interagency Policy Statement on ACL and consider input from an internal management committee. While an experienced and highly-informed committee provides input on qualitative factors, qualitative factors are inherently judgmental and subject to uncertainty.

The quantitative estimate component is sensitive to portfolio composition, changes in the forecasted economic variables, historical loss data, credit quality metrics including risk ratings, and changes in the contractual lives of loans. Qualitative estimates are sensitive to perceived risk in the economy not fully captured in the economic scenarios as well as factors deemed to potentially cause future loss performance to differ from historically observed performance that is not fully captured in the quantitative model.

The quantitative and qualitative components are subject to frequent independent review and challenge. While management estimates the ACL on its loan portfolio based on available information, the ACL may be inadequate to cover future losses given the uncertainty in the quantitative and qualitative components.

The following table provides detail activity in the ACL - Loans held for investment carried at amortized cost as of and for the three months ended March 31, 2026 and 2025 and as of and for the years ended December 31, 2025 and 2024. Allocation of a portion of the ACL - Loans to one category of loans does not preclude its availability to absorb losses in other categories:

As of and for the Three Months Ended As of and for the Years Ended