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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by us shares (or shares if the underwriters exercise their option to purchase additional shares of Class A common stock in full). Class A common stock offered by the selling stockholders shares Option to purchase additional shares of Class A common stock The underwriters have an option to purchase up to an aggregate of additional shares of Class A common stock, from us and the selling stockholders, in each case, at the initial public offering price, less underwriting discounts and commissions. The underwriters can exercise this option at any time within 30 days from the date of this prospectus. In the event the underwriters do not exercise their option to purchase additional shares in full, the underwriters will first purchase shares from the selling stockholders, with any remaining shares being sold by us. We will not receive any proceeds from any sales of shares by the selling stockholders. See “Underwriting.”

Shares of Class A common stock to be outstanding after this offering shares of Class A common stock (or           shares if the underwriters exercise their option to purchase additional shares of Class A common stock in full).

Shares of Class B common stock to be outstanding after this offering shares of Class B common stock.

Total Class A common stock and Class B common stock to be outstanding upon the completion of this offering shares (or           shares if the underwriters exercise their option to purchase additional shares of Class A common stock in full).

Use of Proceeds Assuming an initial public offering price of $          per share (the midpoint of the price range set forth on the cover page of this prospectus), we estimate that the net proceeds to us from this offering of Class A common stock, after deducting underwriting discounts and commissions and estimated offering expenses payable by us, will be approximately $          , or approximately $          if the underwriters’ option to purchase additional shares of Class A common stock is exercised in full. We will not receive any proceeds from the sale of shares of Class A common stock by the selling stockholders. We intend to use the net proceeds to us from this offering for general corporate purposes. Our management will have broad discretion in the application of the net proceeds from this offering to us, and investors will be relying on the judgment of our management regarding the application of the proceeds. Each $1.00 increase (decrease) in the assumed initial public offering price per share would increase (decrease) our net proceeds by approximately $           million. Similarly, each increase (decrease) of 1,000,000 shares in the number of shares of Class A common stock offered by us would increase (decrease) the net proceeds to us by approximately $      million. See “Use of Proceeds.”

Voting Each holder of our Class A common stock is entitled to one vote for each share on all matters submitted to a vote of stockholders, except as otherwise required by law and subject to the rights and preferences of the holders of any outstanding shares of our preferred stock. Our Class B common stock is non-voting with certain limited exceptions. See “Description of Capital Stock.”

Dividends Holders of our common stock are only entitled to receive dividends when, as and if declared by our board of directors out of funds legally available for dividends. We do not intend to pay dividends on our Class A common stock or Class B common stock in the near term. Instead, we anticipate that all of our future earnings will be retained to support our operations and to finance the growth and development of our business. Any future determination relating to our dividend policy will be at the sole discretion of our board of directors and will depend on many factors, including the financial condition, 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 have applied to list our shares of Class A common stock on the Nasdaq Global Select Market under the trading symbol “FRBT.”

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 March 31, 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;

• shares of Class A common stock issued upon the conversion of shares of Class B common stock subsequent to March 31, 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. The summary consolidated statements of operations data for the three months ended March 31, 2026 and March 31, 2025 and the summary consolidated balance sheet data as of March 31, 2026 and March 31, 2025 have been derived from the unaudited financial statements and records of the of the Company. In the opinion of management, such information contains all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for such periods. Historical results for any prior period are not necessarily indicative of results to be expected in any future period. The below summary of consolidated financial and other data presented should be read in conjunction with the information included under the heading “Management’s Discussion and Analysis of Results of Operations and Financial Condition” and the consolidated financial statements and the related notes included elsewhere in this prospectus.

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

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

Consolidated Statements of Operations Data

Interest income $	123,755 $	120,896 $	516,640 $	501,155

Interest expense 64,197 59,836 253,624 271,599

Net interest income 59,558 61,060 263,016 229,556
Provision for/(recovery of) credit losses 3,473 8,459 24,011 (1,688)
Net interest income after provision for/(recovery of) credit losses 56,085 52,601 239,005 231,244

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

Non-interest expense 58,457 51,660 208,624 199,990

Income before income taxes 13,212 14,996 101,157 54,367
Income tax expense 1,580 3,869 13,231 11,001

Net income 11,632 11,127 87,926 43,366

Other comprehensive (loss)/income, net (5,404) 1,319 3,467 1,398

Total comprehensive income $	6,228 $	12,446 $	91,393 $	44,764