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

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Word Count: 1490
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Document Content:

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

(in thousands) Commercial Real Estate Commercial and Industrial Consumer Total
Collateral type:
Real estate $	44,694 $	— $	352 $	45,046
Business assets — 10,252 — 10,252
Total $	44,694 $	10,252 $	352 $	55,298

See Note 1 – Significant Accounting Policies for more information on the Company’s accounting policy for modifications.

The following tables present by class and by type of modification, the recorded investment and financial effect of modification as of December 31, 2025 and 2024, in the Company’s loans that were both modified and experiencing financial difficulty during the years ended December 31, 2025 and 2024:

December 31, 2025

(dollars in thousands) Term Extension Total Modification to Loan Class Ratio Weighted-Average Term Extension

Commercial and Industrial $	292 $	292 0.01	% 12.0 months
Total $	292 $	292

December 31, 2024

(dollars in thousands) Term Extension Total Modification to Loan Class Ratio Weighted-Average Term Extension

Commercial and Industrial $	1,971 $	1,971 0.10	% 19.2 months
Total $	1,971 $	1,971

As of December 31, 2025 and 2024, there were no unfunded loan commitments on modifications for borrowers experiencing financial difficulty.

The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. As of December 31, 2025, all loans that were modified to borrowers experiencing financial difficulty were current. As of December 31, 2024, all loans that were modified to borrowers experiencing financial difficulty were current, but on non-accrual status.

During the year ended December 31, 2025, no loans to borrowers experiencing financial difficulty had a payment default in the twelve months subsequent to modification. During the year ended December 31, 2024, $67 thousand of Commercial and Industrial loans to borrowers experiencing financial difficulty had a payment default in the twelve months subsequent to modifications made in the form of a payment delay.

Other Real Estate Owned

The following table presents by class the recorded investment in the Company’s other real estate owned assets at fair value as of December 31, 2025 and 2024:

(in thousands) December 31, 2025 December 31, 2024
Balance at beginning of period $	25,476 $	—
Loans held for investment (at amortized cost) transferred to other real estate owned 1,665 27,355
Improvements 1,120 277

Sales (18,685) —
Valuation adjustments (847) (2,156)
Balance at end of period $	8,729 $	25,476

During the year ended December 31, 2025, the Company foreclosed on and transferred one Commercial Real Estate asset from loans held for investment at amortized cost to other real estate owned assets. During the year ended December 31, 2025, the Company sold three other real estate owned assets with a total carrying value of $18.7 million for proceeds of $19.1 million resulting in gains of $420 thousand, which is included in Other non-interest income in the Consolidated Statements of Income.

During the year ended December 31, 2024, the Company foreclosed on and transferred five Commercial Real Estate assets from loans held for investment at amortized cost to other real estate owned assets. There were no sales of other real estate owned assets during the year ended December 31, 2024.

During the years ended December 31, 2025 and 2024, the Company incurred a non-material amount of expense related to holding other real estate owned assets, which is included in Other non-interest expense in the Consolidated Statements of Income. Subsequent to foreclosure, the Company determined the fair values of certain of its other real estate owned assets had declined, at which time the Company recorded a valuation adjustment, which is included in Other non-interest income in the Consolidated Statements of Income. Other real estate owned assets are included with Other assets in the Consolidated Balance Sheet.

NOTE 6 – OTHER EARNING ASSETS

Financing Receivables Held-for-Sale at Lower of Cost or Fair Value

As of December 31, 2025, the Company had no financing receivables held-for-sale. As of December 31, 2024, the Company had $13.8 million of financing receivables held-for-sale. During the year ended December 31, 2025, the Company transferred $13.8 million of financing receivables held-for-sale to financing receivables held for investment, at amortized cost, and reversed a non-material amount of previously recognized net unrealized losses as a result of the transfer. The Company recognized a recovery of previously recognized unrealized losses related to financing receivables held-for-sale of $385 thousand for the year ended December 31, 2024. Unrealized losses related to financing receivables held-for-sale are included with Unrealized gains on loans and financing receivables, net in the Consolidated Statements of Income.

There were no sales of financing receivables held-for-sale during the years ended December 31, 2025 and 2024. There were no transfers between financing receivables held-for-sale and financing receivables held for investment, at amortized cost, during the year ended December 31, 2024.

Financing Receivables Held for Investment at Amortized Cost

As of December 31, 2025 and 2024, the Company had $42.8 million and $29.3 million, respectively, of financing receivables held for investment, at amortized cost, and net of allowance for credit losses. Total outstanding financing receivables held for investment, at amortized cost, are net of direct funding related income and costs of $180 thousand and $78 thousand as of December 31, 2025 and 2024, respectively.

The following table summarizes the activity in the allowance for credit losses for financing receivables held for investment, at amortized cost, for the years ended December 31, 2025 and 2024:

(in thousands) December 31, 2025 December 31, 2024
Balance at beginning of period $	74 $	75
Recovery of credit losses — (1)

Provision for credit losses - transfer of financing receivables from held-for-sale 34 —
Balance at end of period $	108 $	74

Equity Investments