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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of Class A common stock sold by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. 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 from this offering by approximately $ million, assuming that the assumed initial public offering price remains the same, and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. We will not receive any proceeds from the sale of shares of Class A common stock by the selling stockholders. The selling stockholders will bear the underwriting commissions and discounts, if any, attributable to their sale of our Class A common stock, and we will bear the remaining expenses. DIVIDEND POLICY

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, or necessarily at all. 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.

In addition, the terms of our debt agreements currently limit our ability to pay dividends and future agreements governing our indebtedness may similarly limit our ability to pay dividends.

Under Delaware law, dividends to holders of our common stock may be payable only out of surplus, which is calculated as our net assets less our liabilities and our capital, or, if we have no surplus, out of our net profits for the fiscal year in which the dividend is declared and/or the preceding fiscal year.

Our ability to pay dividends is subject to restrictions under applicable banking laws and regulations. See “Supervision and Regulation.”

Because we are a bank holding company and do not engage directly in business activities of a material nature, our ability to pay dividends to our stockholders depends, in large part, upon our receipt of dividends from the Bank, which is also subject to numerous limitations on the payment of dividends under federal and state banking laws, regulations and policies. See “Supervision and Regulation.”

CAPITALIZATION

The following table sets forth the cash and cash equivalents and capitalization as of March 31, 2026:

•on an actual basis; and

•on an as adjusted basis after giving effect to the sale by us of           shares of Class A common stock in this offering at an assumed initial public offering price of $          per share (which is the midpoint of the price range set forth on the cover of this prospectus), and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, as if they had occurred on March 31, 2026.

The following table is derived from and should be read together with the sections of this prospectus entitled “Use of Proceeds,” “Summary Historical Consolidated Financial Data and Other Information,” “Management’s Discussion and Analysis of Results of Operations and Financial Condition” and our consolidated financial statements and accompanying notes included elsewhere in this prospectus.

As of March 31, 2026

Actual As Adjusted (1)
(dollars in thousands)

Cash and cash equivalents	$	866,136 $

Liabilities:

Non-interest-bearing deposits	$	473,153

Interest-bearing deposits	6,665,055

Total deposits	7,138,208 —

Subordinated debt, net	151,092

Other liabilities	112,565

Total liabilities	7,401,865 —

Stockholders’ Equity:

Preferred stock, $0.001 par value per share,           shares authorized, no shares issued and outstanding, actual;           shares authorized, no shares issued and outstanding, as adjusted	—

Class A common stock, $0.001 par value per share, no shares authorized, issued and outstanding, actual;           shares authorized and           shares issued and outstanding as adjusted	20

Class B common stock, $0.001 par value per share,            shares authorized, issued and outstanding, actual;           shares authorized and            shares issued and outstanding, as adjusted	21

Additional paid-in capital	493,074

Retained earnings	340,460

Accumulated other comprehensive income	(2,380)

Total stockholders’ equity	831,195 —

Total capitalization	$	8,233,060 $	—

(1)A $1.00 increase (decrease) in the assumed initial public offering price of $          per share, which is the midpoint of the estimated initial public offering price range we show on the cover of this prospectus, would increase (decrease) the as adjusted amount of each of cash and cash equivalents, additional paid-in capital, total stockholders’ equity and total capitalization by approximately $          million each, assuming that the number of shares offered by us, which we show on the cover of this prospectus, remains the same and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. We may also increase or decrease the number of shares of Class A common stock we are offering. Each increase (decrease) of 1,000,000 shares of Class A common stock at the assumed initial public offering price of $          per share, which is the midpoint of the estimated initial public offering price range we show on the cover of this prospectus, would increase (decrease) the as adjusted amount of each of cash and cash equivalents, additional paid-in capital, total stockholders’ equity and total capitalization by approximately $          million each, after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

DILUTION

If you invest in our Class A common stock in this offering, you will experience immediate and substantial dilution in the net tangible book value per share of our Class A common stock upon the completion of this offering.

Our net tangible book value as of March 31, 2026, was approximately $      million, or approximately $      per share. Our net tangible book value per share is determined by dividing our net tangible book value (tangible assets less total liabilities) by the total number of shares of common stock outstanding immediately prior to the closing of this offering, including shares of both our Class A common stock and Class B common stock. Our as adjusted net tangible book value per share of common stock represents our as adjusted net tangible book value, after giving further effect to our issuance and sale of Class A common stock in this offering, divided by the number of shares of common stock outstanding immediately after giving effect to the closing of this offering.

After giving effect to our sale of            shares of Class A common stock and the selling stockholders’ sale of            shares of Class A common stock in this offering at an assumed initial public offering price of $            per share (the midpoint of the price range set forth on the cover page of this prospectus), and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, our as adjusted net tangible book value as of March 31, 2026, would have been approximately $          million, or approximately $          per share. This represents an immediate increase in the net tangible book value of $          per share to existing stockholders and an immediate dilution (i.e., the difference between this offering price and the as adjusted net tangible book value after this offering) to new investors participating in this offering of $          per share, which includes the number of shares of Class A common stock underlying the total number of shares of Class B common stock outstanding.

The following table illustrates the per share dilution to new investors participating in this offering:

Assumed initial public offering price per share $

Net tangible book value per share as of March 31, 2026	$

Increase per share attributable to new investors in this offering

As adjusted net tangible book value per share

Dilution per share to new investors in this offering (1) $

(1)Dilution is determined by subtracting as adjusted net tangible book value per share from the initial public offering price paid by a new investor.