SEC Filing Document

Company: Forbright, Inc.
Ticker: 
CIK: 1925062
Filing Type: DRS
Document Type: DRS
Date Filed: 2026-02-13
Accession Number: 0001628279-26-000183
Exchange: 
SIC Code: 6022
SIC Description: State Commercial Banks
URL: https://www.sec.gov/Archives/edgar/data/1925062/000162827926000183/filename1.htm

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the SEC’s website. We also maintain a website at www.forbrightbank.com at which, following the completion of this offering, you may access our SEC filings free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. The information contained in, or that can be accessed through, our website is not incorporated by reference in, and is not part of, this prospectus. We intend to furnish our stockholders with annual reports containing consolidated financial statements audited by our independent registered accounting firm. FORBRIGHT, INC. AND SUBSIDIARIES Table of Contents Section Page Report of Independent Registered Public Accounting Firm F-2 Consolidated Financial Statements Consolidated Balance Sheet F-3 Consolidated Statement of Income F-4 Consolidated Statement of Comprehensive Income F-5 Consolidated Statement of Changes in Stockholders’ Equity F-6 Consolidated Statement of Cash Flows F-7 Notes to Consolidated Financial Statements F-9 Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of Forbright, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheet of Forbright, Inc. and subsidiaries (the Company) as of December 31, 2024, the related consolidated statements of income, comprehensive income, changes in stockholders’ equity and cash flows for the year then ended, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024, and the results of its operations and its cash flows for the year then ended in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States) and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the Company’s auditor since 2021.

Tysons, Virginia

February 13, 2026

FORBRIGHT, INC. AND SUBSIDIARIES

Consolidated Balance Sheet

(dollars in thousands, except share and per share amounts) December 31, 2024
ASSETS
Cash, due from banks and restricted cash $	28,199
Interest-bearing deposits with banks 1,151,783
Cash, cash equivalents and restricted cash 1,179,982
Investment securities available-for-sale, at fair value 1,471,468

Investment securities held-to-maturity, at amortized cost, net of allowance for credit losses of $161 52,525
Loans held-for-sale 316,484
Loans held for investment, at fair value 7,081
Loans held for investment, at amortized cost 3,963,973
Allowance for credit losses (42,294)
Net loans held for investment, at amortized cost 3,921,679
Financing receivables held-for-sale, at lower of cost or fair value 13,835

Financing receivables held for investment, at amortized cost, net of allowance for credit losses of $74 29,332
Deferred tax asset, net 40,181
Accrued interest receivable 35,525
Other assets 182,842

Total assets $	7,250,934
LIABILITIES
Non-interest-bearing deposits $	258,242

Interest-bearing deposits 5,307,090
Total deposits 5,565,332

Subordinated debt, net 174,526
Other borrowings 700,000
Total borrowed funds 874,526
Other liabilities 89,122
Total liabilities 6,528,980
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; 40,243,916 shares issued and outstanding 40
Additional paid-in capital 481,455
Retained earnings 240,902
Accumulated other comprehensive loss (443)
Total stockholders’ equity 721,954

Total liabilities and stockholders’ equity $	7,250,934

See notes to the consolidated financial statements

FORBRIGHT, INC. AND SUBSIDIARIES

Consolidated Statement of Income

Year Ended
(dollars in thousands, except share and per share amounts) December 31, 2024
INTEREST INCOME
Loans held for investment $	332,852
Loans held-for-sale 38,592
Deposits with banks 54,953

Interest and dividends on securities 72,021
Interest on financing receivables 2,737
Total interest income 501,155
INTEREST EXPENSE
Deposits 259,779

Subordinated debt, net 9,029
Other borrowings 2,791
Total interest expense 271,599
Net interest income 229,556
Recovery of credit losses (1,688)
Net interest income after recovery of credit losses 231,244
NON-INTEREST INCOME
Losses on sales of loans and financing receivables, net (11,563)
Investment advisory fees 19,385
Unrealized gains on loans and financing receivables, net 3,012
Write-downs on loans carried at fair value (3,330)
Other non-interest income 15,609
Total non-interest income 23,113
NON-INTEREST EXPENSE
Compensation and benefits 110,356
Professional fees 20,809
Information technology 22,267
FDIC premium 9,967
Occupancy expense 5,034
Other non-interest expense 31,557
Total non-interest expense 199,990
Income before income taxes 54,367
Income tax expense 11,001

Net income $	43,366
Basic earnings per voting common share $	1.08
Basic earnings per non-voting common share $	1.08
Diluted earnings per voting common share $	1.05
Diluted earnings per non-voting common share $	1.05
Weighted-average shares used to compute earnings per voting common share:
Basic 18,971,357
Diluted 20,001,805
Weighted-average shares used to compute earnings per non-voting common share, basic and diluted 21,242,551

See notes to the consolidated financial statements

FORBRIGHT, INC. AND SUBSIDIARIES

Consolidated Statement of Comprehensive Income

Year Ended
(in thousands) December 31, 2024
Net income $	43,366
Other comprehensive income:
Net change in unrealized gain on investments available-for-sale 2,103
Related income tax effect (528)
Reclassification of gain on investments available-for-sale to income (236)
Related income tax effect 59
Total other comprehensive income, net 1,398
Total comprehensive income $	44,764

See notes to the consolidated financial statements

FORBRIGHT, INC. AND SUBSIDIARIES

Consolidated Statement of Changes in Stockholders’ Equity

Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Total
(dollars in thousands) Shares Amount

Balance as of December 31, 2023 40,217,037 $	40 $	473,890 $	197,536 $	(1,841) $	669,625
Net income — — — 43,366 — 43,366
Other comprehensive income, net of tax — — — — 1,398 1,398
Total other comprehensive income 44,764
Exercise of stock options 63,000 — 705 — — 705
Stock-based compensation 9,000 — 7,611 — — 7,611
Shares withheld for tax withholding and exercise of stock options and restricted shares (45,121) — (751) — — (751)

Balance as of December 31, 2024 40,243,916 $	40 $	481,455 $	240,902 $	(443) $	721,954

See notes to the consolidated financial statements

FORBRIGHT, INC. AND SUBSIDIARIES

Consolidated Statement of Cash Flows