SEC Filing Document

Company: Forbright, Inc.
Ticker: 
CIK: 1925062
Filing Type: DRS/A
Document Type: DRS/A
Date Filed: 2026-04-08
Accession Number: 0001628279-26-000459
Exchange: 
SIC Code: 6022
SIC Description: State Commercial Banks
URL: https://www.sec.gov/Archives/edgar/data/1925062/000162827926000459/filename1.htm

Chunk 8 of 102
Word Count: 1456
Character Count: 9797

Document Content:

earnings and capital and liquidity requirements applicable to us and the Bank, regulatory constraints, and any other factors that our board of directors deems relevant in making such a determination. Our ability to pay dividends is subject to restrictions under applicable banking laws and regulations. In addition, dividends from the Bank are the principal source of funds for the payment of dividends on our stock. The Bank is subject to certain restrictions under banking laws and regulations that may limit its ability to pay dividends to us. Therefore, there can be no assurance that we will pay any dividends to holders of our Class A common stock or Class B common stock, or as to the amount of any such dividends. See “Dividend Policy.” Exchange Listing We intend to apply to list our shares of Class A common stock on the Nasdaq Global Select Market under the trading symbol “FRBT.”

Directed Share Program	At our request, the underwriters have reserved up to      % of the shares of our Class A common stock offered by this prospectus for sale at the initial public offering price through a directed share program to our directors, executive officers, certain employees and other designated persons. If purchased by these persons, these shares will not be subject to lock-up restrictions, except to the extent that the purchasers of such shares are otherwise subject to lock-up agreements as a result of their relationships with us. Pursuant to the underwriting agreement we will enter into with the underwriters, the sales will be made by       through a directed share program. The number of shares of our Class A common stock available for sale to the general public will be reduced to the extent these persons purchase the reserved shares. Any reserved shares of our Class A common stock that are not so purchased will be offered by the underwriters to the general public on the same terms as the other shares of Class A common stock offered by this prospectus. See “Underwriting—Directed Share Program”

Risk Factors	Investing in our Class A common stock involves risks. See the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” for a discussion of factors that you should carefully consider before making an investment decision with respect to the shares of our Class A common stock offered hereby.

The number of shares of our common stock to be outstanding immediately after this offering is based on                        shares of our common stock outstanding as of           , 2026 and reflects:

•          shares of Class A common stock issuable upon the vesting and settlement of restricted stock awards (“RSAs”) outstanding under the 2014 Plan as of              , 2026;

excludes:

•          shares of Class A common stock issuable upon the exercise of options outstanding under the 2014 Plan, with a weighted average strike price of $            per share; and

•          shares of Class A common stock reserved for issuance under the 2026 Plan.

Unless otherwise indicated, the information in this prospectus:

•assumes an initial public offering price of $           per share of Class A common stock, which is the midpoint of the estimated initial public offering price range set forth on the cover page of this prospectus;

•assumes no exercise by the underwriters of their option to purchase additional shares; and

•assumes the filing and effectiveness of our amended and restated certificate of incorporation (the “Amended Certificate of Incorporation”) and the adoption of our amended and restated bylaws (the “Amended Bylaws”), each of which will occur immediately prior to the completion of this offering.

SUMMARY HISTORICAL CONSOLIDATED FINANCIAL DATA AND OTHER INFORMATION

The following tables summarize the historical consolidated financial and operating information of the Company for the periods and as of the dates indicated.

The summary consolidated statements of operations data for the years ended December 31, 2025 and December 31, 2024 and the summary consolidated balance sheet data as of December 31, 2025 and December 31, 2024 have been derived from the audited financial statements of the Company included elsewhere in this prospectus. Historical results for any prior period are not necessarily indicative of results to be expected in any future period. You should read the summary consolidated financial and other data presented below in conjunction with the information included under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the financial statements and the related notes included elsewhere in this prospectus.

As of and for the year ended December 31,

Dollars in thousands except share and per share data 2025 2024

Consolidated Statements of Operations Data

Interest income $	516,640 $	501,155

Interest expense 253,624 271,599

Net interest income 263,016 229,556
Provision for/(recovery of) credit losses 24,011 (1,688)
Net interest income after provision for/(recovery of) credit losses 239,005 231,244

Non-interest income 70,776 23,113

Non-interest expense 208,624 199,990

Income before income taxes 101,157 54,367
Income tax expense 13,231 11,001

Net income 87,926 43,366

Other comprehensive income 3,467 1,398

Total comprehensive income $	91,393 $	44,764

Consolidated Balance Sheet Data
Cash, cash equivalents and restricted cash $	648,715 $	1,179,982
Investment securities available-for-sale, at fair value 1,254,887 1,471,468

Investment securities held-to-maturity, at amortized cost, net of allowance for credit losses of $110 and $161, respectively 48,834 52,525
Loans held-for-sale 379,662 316,484
Loans held for investment, at fair value 4,645 7,081
Loans held for investment, at amortized cost 5,222,234 3,963,973
Allowance for credit losses (52,986) (42,294)
Net loans held for investment, at amortized cost 5,169,248 3,921,679

Other earning assets, net 55,928 88,009
Deferred tax asset, net 153,314 40,181
Accrued interest receivable 55,155 35,525

Goodwill and other intangible assets, net 31,685 33,047
Other assets 87,233 104,953
Total assets $	7,889,306 $	7,250,934
Non-interest-bearing deposits $	372,444 $	258,242
Interest-bearing deposits 6,405,471 5,307,090
Total deposits 6,777,915 5,565,332
Subordinated debt, net 151,003 174,526
Other borrowings — 700,000
Total borrowed funds 151,003 874,526
Other liabilities 137,945 89,122
Total liabilities 7,066,863 6,528,980

As of and for the year ended December 31,

Dollars in thousands except share and per share data 2025 2024

Preferred stock, $0.001 par value per share; 5,000,000 shares authorized; no shares issued and outstanding — —

Common stock, $0.001 par value per share; 103,200,000 shares authorized; 40,680,611 and 40,243,916 shares issued and outstanding, respectively 41 40
Additional paid-in capital 490,550 481,455
Retained earnings 328,828 240,902
Accumulated other comprehensive income/(loss) 3,024 (443)
Total stockholders’ equity 822,443 721,954
Total liabilities and stockholders’ equity $	7,889,306 $	7,250,934

Per Share Data

Basic earnings per voting and non-voting common share $	2.18 $	1.08

Diluted earnings per voting and non-voting common share $	2.12 $	1.05
Weighted-average shares used to compute earnings per voting common share:
Basic 19,011,264 18,971,357
Diluted 20,171,833 20,001,805
Weighted-average shares used to compute earnings per non-voting common share, basic and diluted 21,242,551 21,242,551

Performance Ratios

Return on average total assets 1.22% 0.65%

Return on average stockholders’ equity 11.42% 6.28%

Return on average tangible common equity (1) 12.06% 6.76%
Yield on earning assets 7.38% 7.71%

Yield on interest-bearing liabilities 4.19% 4.83%

Spread 3.19% 2.88%

Net interest margin 3.76% 3.53%
Efficiency ratio 62.50% 79.15%

Credit Quality Ratios

Non-performing assets to total assets 1.05% 1.21%

Non-performing loans to total loans held for investment at amortized cost 1.30% 1.48%
Ratio of ACL - loans to total loans at amortized cost at period end 1.01% 1.07%

Net loan charge-offs to average total loans held for investment at amortized cost (0.28)% (0.92)%

Capital Ratios

Company:

Tier 1 leverage ratio 9.79% 10.56%
Total capital to risk-weighted assets ratio: 15.89% 17.52%
Tier 1 capital to risk-weighted assets ratio: 12.72% 14.08%

Common Equity Tier 1 to risk-weighted assets ratio 12.72% 14.08%

Bank:

Tier 1 leverage ratio 11.11% 11.92%
Total capital to risk-weighted assets ratio: 15.14% 16.38%
Tier 1 capital to risk-weighted assets ratio: 14.37% 15.91%
Common Equity Tier 1 to risk-weighted assets ratio 14.37% 15.91%

(1)See definitions of our non-GAAP measures and reconciliations to their most comparable GAAP metrics in “Non-GAAP Financial Measures.”

NON-GAAP FINANCIAL MEASURES

This prospectus contains “non-GAAP financial measures” within the meaning of Item 10(e) of Regulation S-K. Non-GAAP financial measures are financial measures that are not presented in accordance with GAAP. We use these non-GAAP financial measures in the internal evaluation of our performance and management of our business as well as to explain our results of operations to stockholders and the wider investment community. The following non-GAAP financial measures appear in this prospectus:

•Tangible common equity - We calculate tangible common equity by deducting goodwill and other intangible assets from stockholder’s equity.

•Tangible common equity per common share - We calculate tangible common equity per common share by dividing tangible common equity, as defined above, by our average common shares outstanding for the period, excluding the dilutive effect of outstanding stock options, and including the effect of outstanding shares from restricted stock awards.