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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March 31, 2026 March 31, 2025 December 31, 2025 December 31, 2024 Tangible common equity Stockholders’ equity (GAAP) $ 831,195 $ 736,359 $ 822,443 $ 721,954 Less: Goodwill 18,519 18,519 18,519 18,519 Other intangible assets 12,883 14,187 13,166 14,528 Tangible common equity (non-GAAP) $ 799,793 $ 703,653 $ 790,758 $ 688,907 Total common shares outstanding 40,847,557 40,256,080 40,680,611 40,243,916 Stockholders’ equity per total common shares outstanding (GAAP) $ 20.35 $ 18.29 $ 20.22 $ 17.94 Tangible common equity per total common shares outstanding (non-GAAP) $ 19.58 $ 17.48 $ 19.44 $ 17.12 Return on average tangible common equity Average stockholders equity (GAAP) $ 839,162 $ 746,169 $ 769,876 $ 690,283 Less: Average goodwill 18,519 18,519 18,519 18,519 Average other intangible assets 13,069 14,410 13,897 15,237 Average tangible common equity (non-GAAP) $ 807,574 $ 713,240 $ 737,460 $ 656,527 Net income (GAAP) $ 11,632 $ 11,127 $ 87,926 $ 43,366 Add:

Intangible asset amortization, net of tax 210 254 1,009 1,018

Adjusted net income (non-GAAP) $	11,842 $	11,381 $	88,935 $	44,384

Return on average stockholders’ equity (GAAP) 5.62	% 6.05	% 11.42	% 6.28	%

Return on average tangible common equity (non-GAAP) 5.95	% 6.47	% 12.06	% 6.76	%

Non-core gains/(losses) on sales of loans and investment securities, net

(Losses)/gains on sales of loans and investment securities, net (GAAP) $	(34) $	1,826 $	12,579 $	(11,563)

Less:

Gains on sales of loans by Alliance Partners 253 398 2,026 3,246

Non-core (losses)/gains on sales of loans and investment securities, net (non-GAAP) $	(287) $	1,428 $	10,553 $	(14,809)

Core and non-core non-interest income

Non-interest income (GAAP) $	15,584 $	14,055 $	70,776 $	23,113

Less:

Non-core (losses)/gains on sales of loans and investment securities, net (non-GAAP) (287) 1,428 10,553 (14,809)

Unrealized (losses)/gains on loans and financing receivables, net (1,335) 1,863 6,574 3,012

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

(dollars in thousands, except per share data) March 31, 2026 March 31, 2025 December 31, 2025 December 31, 2024

Charge-offs on loans carried at fair value — — — (3,330)

Other (included in other non-interest income) (756) 98 139 (311)

Core non-interest income (non-GAAP) $	17,962 $	10,666 $	53,510 $	38,551

Non-core non-interest income (non-GAAP) $	(2,378) $	3,389 $	17,266 $	(15,438)

Adjusted Total Revenue

Net interest income $	59,558 $	61,060 $	263,016 $	229,556

Non-interest income 15,584 14,055 70,776 23,113

Total Revenue (GAAP) $	75,142 $	75,115 $	333,792 $	252,669

Less:

Non-core non-interest income (non-GAAP) (2,378) 3,389 17,266 (15,438)

Adjusted total revenue (non-GAAP) $	77,520 $	71,726 $	316,526 $	268,107

Non-interest income to total revenue (GAAP) 20.7	% 18.7	% 21.2	% 9.1	%
Core non-interest income to adjusted total revenue (non-GAAP) 23.2	% 14.9	% 16.9	% 14.4	%

RISK FACTORS

Investing in our Class A common stock involves a high degree of risk. You should consider and read carefully all of the risks and uncertainties described below, as well as other information included in this prospectus, including our consolidated financial statements and related notes and results of operations appearing elsewhere in this prospectus, before making an investment decision with respect to the Class A common stock offered hereby. The risks described below are not the only ones we face. The occurrence of any of the following risks or additional risks and uncertainties not presently known to us or that we currently believe to be immaterial could materially and adversely affect our business, financial conditions or results of operations. In such case, the trading price of our Class A common stock could decline, and you may lose some or all of your original investment.

Risks Related to Our Operations

Our future success is dependent on our ability to compete effectively in a highly competitive industry.

We compete for attracting deposits, making loans and conducting other financing initiatives. In addition to our many competitors in the banking sector, our principal non-bank competitors are private credit funds, credit unions, and savings and loan associations, including large national financial institutions. We also compete with fintech companies, consumer financial companies, and other non-bank providers of financial services. Many of our competitors are larger than us, have more resources, greater brand recognition, and more extensive and established footprints than we do and may be able to attract customers and consumers more effectively than we can. Because of their scale, many of these competitors can be more aggressive than we can on loan and deposit pricing, and may better afford and make broader use of media advertising, support services and technology than we do. Also, many of our non-bank competitors have fewer regulatory constraints and may have lower cost structures. We compete with these other financial institutions both in attracting deposits, making loans and other financing initiatives. We expect competition to continue to increase as a result of legislative, regulatory and technological changes, the continuing trend of consolidation in the financial services industry and the emergence of alternative providers of traditional banking products and services. Our profitability in large part depends upon our continued ability to compete successfully with traditional and new financial services providers, some of which maintain a physical presence and others of which maintain only a virtual presence. An increase in competition could require us to increase the rates we pay on deposits and/or lower the rates that we offer on loans, which could reduce our profitability.

The process of eliminating banks as intermediaries, known as “disintermediation,” could result in the loss of fee income, as well as the loss of customer deposits and the related income generated from those deposits. Consumers can maintain funds that would have historically been held as bank deposits in brokerage accounts or mutual funds. Consumers can also complete transactions such as paying bills and/or transferring funds directly without the assistance of banks. In addition, the emergence, adoption and evolution of new technologies that do not require intermediation, including distributed ledgers such as digital assets and blockchains, as well as advances in robotic process automation and AI, could significantly affect the competition for financial services. For example, growth in cryptocurrency and DeFi could reduce traditional banking deposits and income streams, challenging our ability to attract and retain consumers. A substantial shift of consumer deposits to these alternative products could adversely affect our liquidity position, funding costs, and overall financial stability. Regulatory uncertainty regarding cryptocurrency and DeFi could further complicate our strategic decisions, increase compliance costs, and potentially expose us to reputational and operational risks.

Furthermore, we operate in a highly competitive industry that could become even more competitive as a result of continued industry consolidation. This consolidation may produce larger, better capitalized and more diversified companies that are capable of offering a wider array of financial products and services at more competitive prices due to cost savings and shared resources.

Our profitability in large part depends upon our continued ability to compete successfully with traditional and new financial services providers. Our ability to compete successfully depends on a number of factors, including, among other things: (i) the ability to develop, maintain and build long-term customer relationships based on top quality service and high ethical standards; (ii) the scope, relevance and pricing of products and services offered to meet customer needs and demands; (iii) the rate at which we introduce new products and services relative to our

competitors; and (iv) consumer satisfaction with our level of service. Failure to perform in any of these areas could significantly weaken our competitive position, which could adversely affect our growth and profitability, which, in turn, could have a material adverse effect on our business, financial condition and results of operations.

The middle-market businesses which we target may have fewer resources to weather adverse business developments, which may impair a borrower’s ability to repay a loan.

Our primary lending strategy is to serve the banking and financial services needs of middle-market businesses. These businesses generally have fewer financial resources in terms of capital or borrowing capacity than larger entities, frequently have smaller market shares than such competition, may be more vulnerable to economic downturns, often need substantial additional capital to expand or compete, and may experience substantial volatility in operating results, any of which may impair their ability as a borrower to repay a loan.