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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the amount and timing of future cash flows and estimated discount rates based on observable inputs (Level 2) or unobservable inputs (Level 3). Present value techniques used in estimating the fair value of many of the Company's financial instruments are significantly affected by the assumptions used. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate cash settlement of the instrument. Additionally, the accompanying estimates of fair values are only representative of the fair values of the individual financial assets and liabilities and should not be considered an indication of the fair value of the Company. Management utilizes internal models used in asset liability management to determine the fair values disclosed below. The estimated fair values of the Company’s financial instruments were as follows as of December 31, 2025 and 2024: December 31, 2025

(in thousands) Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3)
Financial assets:
Cash, cash equivalents and restricted cash $	648,715 $	648,715 $	648,715 $	— $	—
Investment securities available-for-sale, at fair value 1,254,887 1,254,887 958,347 291,065 5,475
Investment securities held-to-maturity, at amortized cost 48,834 50,475 — 34,936 15,539
Loans held-for-sale, at fair value 62,251 62,251 — — 62,251
Loans held-for-sale, at lower of cost or fair value 317,411 317,411 — — 317,411
Loans held for investment, at fair value 4,645 4,645 — — 4,645
Loans held for investment, at amortized cost 5,169,248 5,213,899 — — 5,213,899

Other earning assets 55,928 54,023 — — 54,023
Accrued interest receivable 55,155 55,155 55,155 — —
Financial liabilities:
Time deposits $	1,423,136 $	1,431,710 $	— $	1,431,710 $	—
Other deposits 5,354,779 5,354,779 5,354,779 — —

Subordinated debt, net 151,003 146,547 — 146,547 —

December 31, 2024

(in thousands) Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3)
Financial assets:
Cash, cash equivalents and restricted cash $	1,179,982 $	1,179,982 $	1,179,982 $	— $	—
Investment securities available-for-sale, at fair value 1,471,468 1,471,468 1,340,622 125,381 5,465
Investment securities held-to-maturity, at amortized cost 52,525 53,752 — 35,684 18,068
Loans held-for-sale, at fair value 108,575 108,575 — — 108,575
Loans held-for-sale, at lower of cost or fair value 207,909 207,909 — — 207,909
Loans held for investment, at fair value 7,081 7,081 — — 7,081
Loans held for investment, at amortized cost 3,921,679 3,924,133 — — 3,924,133

Other earning assets 88,009 86,329 — — 86,329
Accrued interest receivable 35,525 35,525 35,525 — —
Financial liabilities:
Time deposits $	1,799,838 $	1,803,848 $	— $	1,803,848 $	—
Other deposits 3,765,494 3,765,494 3,765,494 — —

Subordinated debt, net 174,526 154,307 — 154,307 —
Other borrowings 700,000 700,000 700,000 — —

NOTE 22 – PARENT COMPANY FINANCIAL STATEMENTS

Financial statements for the Parent as of and for the years ended December 31, 2025 and 2024:

Balance Sheets

(in thousands, except share and per share amounts) December 31, 2025 December 31, 2024
ASSETS
Cash, due from banks and restricted cash $	— $	71,414
Interest-bearing deposits with banks 24,017 742
Cash, cash equivalents and restricted cash 24,017 72,156
Loans held for investment, at amortized cost 1,555 15,415

Allowance for credit losses - loans — (144)
Net loans held for investment, at amortized cost 1,555 15,271

Deferred tax asset, net — 3,607
Accrued interest receivable — 100
Investment in subsidiaries 923,060 812,495
Other assets 29,311 21,167

Total assets $	977,943 $	924,796
LIABILITIES

Subordinated debt, net $	151,003 $	174,526

Deferred tax liability, net 1,841 —
Other liabilities 2,656 28,316
Total liabilities 155,500 202,842
STOCKHOLDERS’ EQUITY

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 $	977,943 $	924,796

Statements of Income

(in thousands) December 31, 2025 December 31, 2024
INTEREST INCOME
Interest income $	1,369 $	1,736
Interest expense 8,822 9,029
Net interest expense (7,453) (7,293)
Recovery of credit losses (144) (76)
Net interest expense after recovery of credit losses (7,309) (7,217)
NON-INTEREST INCOME AND EXPENSE
Other (loss)/income, net (91) 10
Other expense 5,495 6,563
Total non-interest expense (5,586) (6,553)
Loss before income tax expense/(benefit) and equity in undistributed income of subsidiary (12,895) (13,770)
Income tax expense/(benefit) 89 (2,202)
Loss before undistributed income of subsidiary (12,984) (11,568)
Equity in undistributed income of subsidiary 100,910 54,934
Net income $	87,926 $	43,366

Statements of Cash Flows

(in thousands) December 31, 2025 December 31, 2024
OPERATING ACTIVITIES
Net income $	87,926 $	43,366
Adjustments to reconcile net income to net cash used in operating activities
Equity in undistributed income of subsidiary (100,910) (54,934)
Recovery of credit losses (144) (76)

Deferred income taxes, net 5,448 (564)
Stock-based compensation 2,557 3,588
Net change in assets and liabilities:
Accrued interest receivable 100 75
Other assets (5,095) (10,823)
Other liabilities (25,185) 18,432
Net cash used in operating activities (35,303) (936)
INVESTING ACTIVITIES
Net decrease in loans held for investment, at amortized cost 13,872 3,736
Other (3,063) (2,839)
Net cash provided by investing activities 10,809 897
FINANCING ACTIVITIES

Repayments of subordinated debt (24,000) —
Proceeds from exercise of stock options under employee stock plans 1,170 705
Shares withheld for tax withholding and exercise of stock options and restricted shares (815) (751)
Net cash used in financing activities (23,645) (46)
Net decrease in cash, cash equivalents and restricted cash (48,139) (85)
Beginning cash, cash equivalents and restricted cash 72,156 72,241
Ending cash, cash equivalents and restricted cash $	24,017 $	72,156

Shares

Class A Common Stock

PRELIMINARY PROSPECTUS

Goldman Sachs & Co. LLC J.P. Morgan

PART II

INFORMATION NOT REQUIRED IN PROSPECTUS

Item 13. Other Expenses of Issuance and Distribution.

The following table sets forth all costs and expenses, other than the underwriting discounts and commissions payable by us, in connection with the offer and sale of the securities being registered. All amounts shown are estimates except for the SEC registration fee and the Financial Industry Regulatory Authority, Inc. (FINRA) filing fee.

Amount To Be Paid

Registration fee	$                   *

FINRA filing fee	*

Listing fees	*

Printing and engraving expenses	*

Legal fees and expenses	*

Accounting fees and expenses	*

Transfer agent and registrar fees and expense	*

Miscellaneous	*

Total	$                   *

*To be provided by amendment.

Item 14. Indemnification of Directors and Officers.

Section 145 of the DGCL authorizes a court to award, or a corporation’s board of directors to grant, indemnity to directors and officers under certain circumstances and subject to certain limitations. The terms of Section 145 of the DGCL are sufficiently broad to permit indemnification under certain circumstances for liabilities, including reimbursement of expenses incurred, arising under the Securities Act.

The Registrant’s amended and restated certificate of incorporation will provide that its directors and officers will not be personally liable to the Registrant or its stockholders for monetary damages for any breach of fiduciary duty as a director or officer, except to the extent such exemption from liability or limitation is not permitted under the DGCL, as may be amended, or for liability:

•for any breach of the director’s or officer’s duty of loyalty to the Registrant or its stockholders;

•for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law;

•in the case of a director, pursuant to Section 174 of the DGCL;

•for any transaction from which the director derived an improper personal benefit; or

•in the case of an officer, in any action by or in the right of the Registrant.

The Registrant’s amended and restated bylaws will provide that the Registrant must indemnify its directors and officers to the fullest extent permitted by law. The Registrant will also be expressly authorized to advance certain expenses (including attorneys’ fees) to its directors and officers and carry directors’ and officers’ insurance providing for indemnification of its directors and officers for some liabilities.

Prior to the completion of this offering, the Registrant will enter into indemnification agreements with each of its directors and officers that will provide for, among other things, indemnification to the fullest extent permitted by law against any and all expenses, judgments, fines, penalties, and amounts paid in settlement (with the Registrant’s

consent) of any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative. The indemnification agreements will also provide for the advancement or payment of all expenses to the Registrant’s directors and officers and for reimbursement of such advanced expenses to the Registrant if it is found that such director or officer is not entitled to such indemnification under applicable law.