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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Document Content:

possibility that the Company will sustain some loss if the deficiencies are not corrected. Loss potential, which exists in the aggregate amount of Substandard assets, does not have to exist in individual assets classified Substandard. •Doubtful - Assets in this category have all the weaknesses inherent in one classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full on the basis of currently existing facts, conditions and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonably specific pending factors which may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined. The Company periodically reviews and, if necessary, updates the credit quality indicator assigned to each of its loans on a case-by-case basis. Loans Held for Investment at Amortized Cost

The following tables present by class, credit quality and year of origination, the recorded investment in the Company’s loans held for investment at amortized cost as of and for the years ended December 31, 2025 and 2024:

December 31, 2025

Loans Held for Investment at Amortized Cost by Year of Origination
(in thousands) 2025 2024 2023 2022 2021 Prior Revolving Loans Revolving Loans Converted to Term Total
Commercial Real Estate:
Acceptable risk (or better) $	1,226,416 $	284,180 $	56,976 $	238,490 $	174,345 $	94,808 $	— $	— $	2,075,215
Higher risk — 101,977 — 136,724 130,391 16,425 982 — 386,499
Special mention — — — — — — — — —
Substandard — — — 40,420 26,862 — — — 67,282
Doubtful — — — — — — — — —
Total $	1,226,416 $	386,157 $	56,976 $	415,634 $	331,598 $	111,233 $	982 $	— $	2,528,996
Gross charge-offs $	— $	— $	— $	— $	— $	— $	— $	— $	—

Commercial and Industrial:
Acceptable risk (or better) $	205,677 $	173,813 $	53,566 $	123,425 $	17,225 $	888 $	1,825,313 $	— $	2,399,907
Higher risk 144 139 — 21,312 519 — 33,000 — 55,114
Special mention — — — — 1 — — — 1
Substandard 1,431 — 12,452 701 486 2,136 781 — 17,987
Doubtful — 2,540 — — — — — — 2,540
Total $	207,252 $	176,492 $	66,018 $	145,438 $	18,231 $	3,024 $	1,859,094 $	— $	2,475,549
Gross charge-offs $	— $	1,632 $	171 $	5,493 $	78 $	— $	— $	— $	7,374
Consumer:
Acceptable risk (or better) $	— $	1,243 $	483 $	60,909 $	131,188 $	16,681 $	— $	— $	210,504
Higher risk — — — 178 249 4,901 — — 5,328
Special mention — — — — — — — — —
Substandard — — — 665 977 215 — — 1,857
Doubtful — — — — — — — — —
Total $	— $	1,243 $	483 $	61,752 $	132,414 $	21,797 $	— $	— $	217,689
Gross charge-offs $	— $	— $	— $	3,063 $	4,907 $	70 $	— $	— $	8,040
Total loans $	1,433,668 $	563,892 $	123,477 $	622,824 $	482,243 $	136,054 $	1,860,076 $	— $	5,222,234
Total gross charge-offs $	— $	1,632 $	171 $	8,556 $	4,985 $	70 $	— $	— $	15,414

December 31, 2024

Loans Held for Investment at Amortized Cost by Year of Origination
(in thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Total
Commercial Real Estate:
Acceptable risk (or better) $	344,616 $	55,947 $	446,340 $	200,407 $	96,717 $	16,460 $	1,863 $	— $	1,162,350
Higher risk 53,090 — 131,739 174,673 42,394 10,623 998 — 413,517
Special mention 7,034 — — 66,847 24,744 4,537 — — 103,162
Substandard — — 7,160 44,694 — — — — 51,854
Doubtful — — — — — — — — —
Total $	404,740 $	55,947 $	585,239 $	486,621 $	163,855 $	31,620 $	2,861 $	— $	1,730,883
Gross charge-offs $	— $	— $	2,714 $	13,509 $	272 $	— $	— $	— $	16,495

Commercial and Industrial:
Acceptable risk (or better) $	217,395 $	84,794 $	295,022 $	50,384 $	1,440 $	1,070 $	1,159,501 $	— $	1,809,606
Higher risk 485 40,085 40,321 534 — 2,282 25,519 — 109,226
Special mention 67 — 181 302 — — 1,776 — 2,326
Substandard 63 19 19,652 26,292 — — 17,121 — 63,147
Doubtful 2,152 — — — — — — — 2,152
Total $	220,162 $	124,898 $	355,176 $	77,512 $	1,440 $	3,352 $	1,203,917 $	— $	1,986,457
Gross charge-offs $	— $	378 $	6,221 $	750 $	— $	10 $	— $	— $	7,359
Consumer:
Acceptable risk (or better) $	1,173 $	1,127 $	68,805 $	147,667 $	10,268 $	10,851 $	89 $	— $	239,980
Higher risk — — 183 249 652 4,446 1 — 5,531
Special mention — — — — — — — — —
Substandard — — 275 487 — 352 8 — 1,122
Doubtful — — — — — — — — —
Total $	1,173 $	1,127 $	69,263 $	148,403 $	10,920 $	15,649 $	98 $	— $	246,633
Gross charge-offs $	— $	— $	5,175 $	5,928 $	68 $	31 $	1,176 $	— $	12,378
Total loans $	626,075 $	181,972 $	1,009,678 $	712,536 $	176,215 $	50,621 $	1,206,876 $	— $	3,963,973
Total gross charge-offs $	— $	378 $	14,110 $	20,187 $	340 $	41 $	1,176 $	— $	36,232

The following tables present information on loans held for investment at amortized cost on non-accrual status and loans 90 days or more past due and still accruing as of December 31, 2025 and 2024:

December 31, 2025

(in thousands) Commercial Real Estate Commercial and Industrial Consumer Total
Loans 90 days or more past due and still accruing $	— $	— $	— $	—
Non-accrual loans with no allowance for credit losses $	60,361 $	116 $	1,857 $	62,334
Non-accrual loans $	60,361 $	5,484 $	1,857 $	67,702
Contractual Interest Income on Non-accrual Loans while on Non-accrual Status $	4,812 $	916 $	1,663 $	7,391

December 31, 2024

(in thousands) Commercial Real Estate Commercial and Industrial Consumer Total
Loans 90 days or more past due and still accruing $	— $	— $	— $	—
Non-accrual loans with no allowance for credit losses $	44,694 $	12,692 $	— $	57,386
Non-accrual loans $	44,694 $	12,789 $	1,122 $	58,605
Contractual Interest Income on Non-accrual Loans while on Non-accrual Status $	3,555 $	1,480 $	1,154 $	6,189

No interest income was recognized on non-accrual loans while on non-accrual status for the years ended December 31, 2025 and 2024. At the time a loan is designated as non-accrual, the Company reverses any related accrued interest from interest income. During the years ended December 31, 2025 and 2024, the Company reversed $341 thousand and $1.7 million, respectively, of accrued interest from interest income related to loans designated as non-accrual.

The following tables present by class, an aging analysis and the recorded investments in past due loans, excluding non-accrual loans, held for investment at amortized cost as of December 31, 2025 and 2024:

December 31, 2025

(in thousands) Commercial Real Estate Commercial and Industrial Consumer Total
Past due loans:
30 - 59 days past due $	32,412 $	42,487 $	2,297 $	77,196
60 - 89 days past due — 122 1,092 1,214
90 or more days past due — — — —
Total past due loans 32,412 42,609 3,389 78,410
Current loans 2,436,223 2,427,456 212,443 5,076,122
Total $	2,468,635 $	2,470,065 $	215,832 $	5,154,532

December 31, 2024

(in thousands) Commercial Real Estate Commercial and Industrial Consumer Total
Past due loans:
30 - 59 days past due $	— $	1,369 $	1,851 $	3,220
60 - 89 days past due 576 1,023 895 2,494
90 or more days past due — — — —
Total past due loans 576 2,392 2,746 5,714
Current loans 1,685,613 1,971,276 242,765 3,899,654
Total $	1,686,189 $	1,973,668 $	245,511 $	3,905,368

The following tables present by class and by collateral type, the recorded investment of collateral-dependent loans where the borrower is experiencing financial difficulty as of December 31, 2025 and 2024, for which repayment is expected to be provided substantially through the operation or sale of the collateral:

December 31, 2025
(in thousands) Commercial Real Estate Consumer Total
Collateral type:
Real estate $	49,494 $	188 $	49,682
Total $	49,494 $	188 $	49,682

December 31, 2024