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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Word Count: 1399
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the financial statements. We believe that our audits provide a reasonable basis for our opinion. /s/ Ernst & Young LLP We have served as the Company’s auditor since 2021. Tysons, Virginia April 8, 2026 FORBRIGHT, INC. AND SUBSIDIARIES Consolidated Balance Sheets (dollars in thousands, except per share amounts) December 31, 2025 December 31, 2024 ASSETS Cash, due from banks and restricted cash $ 18,241 $ 28,199 Interest-bearing deposits with banks 630,474 1,151,783 Cash, cash equivalents and restricted cash 648,715 1,179,982 Investment securities available-for-sale, at fair value 1,254,887 1,471,468 Investment securities held-to-maturity, at amortized cost, net of allowance for credit losses - investment securities of $110 and $161, respectively 48,834 52,525 Loans held-for-sale 379,662 316,484 Loans held for investment, at fair value 4,645 7,081 Loans held for investment, at amortized cost 5,222,234 3,963,973 Allowance for credit losses - loans (52,986) (42,294) Net loans held for investment, at amortized cost 5,169,248 3,921,679

Other earning assets, net 55,928 88,009
Deferred tax asset, net 153,314 40,181
Accrued interest receivable 55,155 35,525
Goodwill and other intangible assets, net 31,685 33,047
Other assets 87,233 104,953

Total assets $	7,889,306 $	7,250,934
LIABILITIES
Non-interest-bearing deposits $	372,444 $	258,242
Interest-bearing deposits 6,405,471 5,307,090
Total deposits 6,777,915 5,565,332
Subordinated debt, net 151,003 174,526
Other borrowings — 700,000
Total borrowed funds 151,003 874,526
Other liabilities 137,945 89,122
Total liabilities 7,066,863 6,528,980

Off-balance sheet commitments (Note 13)
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:

Voting Common stock, 19,438,060 and 19,001,365 shares issued and outstanding, respectively 20 19

Non-voting common stock, 21,242,551 shares issued and outstanding, respectively 21 21
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 $	7,889,306 $	7,250,934

See notes to the consolidated financial statements

FORBRIGHT, INC. AND SUBSIDIARIES

Consolidated Statements of Income

For the Years Ended December 31,

(dollars in thousands, except per share amounts) 2025 2024
INTEREST INCOME
Loans held for investment $	384,944 $	332,852
Loans held-for-sale 38,034 38,592
Deposits with banks 28,601 54,953
Interest on investment securities 61,723 71,493
Interest and dividends on other earning assets 3,338 3,265
Total interest income 516,640 501,155
INTEREST EXPENSE
Deposits 243,403 259,779

Subordinated debt, net 8,822 9,029
Other borrowings 1,399 2,791
Total interest expense 253,624 271,599
Net interest income 263,016 229,556
Provision for/(recovery of) credit losses 24,011 (1,688)
Net interest income after provision for/(recovery of) credit losses 239,005 231,244
NON-INTEREST INCOME
Investment advisory fees 16,190 19,385
Fee income on loans 8,367 9,031
Gains/(losses) on sales of loans and investment securities, net 12,579 (11,563)
Unrealized gains on loans and financing receivables, net 6,574 3,012
Charge-offs on loans carried at fair value — (3,330)
Other non-interest income 27,066 6,578
Total non-interest income 70,776 23,113
NON-INTEREST EXPENSE
Compensation and benefits 127,112 110,356
Information technology 26,918 22,267
Professional fees 15,891 20,809
Loan administration and servicing 8,495 6,153
Advertising and marketing 6,244 9,913
FDIC insurance 5,032 9,967
Other non-interest expense 18,932 20,525
Total non-interest expense 208,624 199,990
Income before income taxes 101,157 54,367
Income tax expense 13,231 11,001
Net income $	87,926 $	43,366

Basic earnings per voting and non-voting common share $	2.18 $	1.08

Diluted earnings per voting and non-voting common share $	2.12 $	1.05
Weighted-average shares used to compute earnings per voting common share:
Basic 19,011,264 18,971,357
Diluted 20,171,833 20,001,805
Weighted-average shares used to compute earnings per non-voting common share, basic and diluted 21,242,551 21,242,551

See notes to the consolidated financial statements

FORBRIGHT, INC. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income

For the Years Ended December 31,
(in thousands) 2025 2024
Net income $	87,926 $	43,366
Other comprehensive income:
Net change in unrealized gain on investment securities available-for-sale 5,865 2,103
Related income tax effect (1,511) (528)
Reclassification of gain on investment securities available-for-sale to income (1,194) (236)
Related income tax effect 307 59
Total other comprehensive income, net 3,467 1,398
Total comprehensive income $	91,393 $	44,764

See notes to the consolidated financial statements

FORBRIGHT, INC. AND SUBSIDIARIES

Consolidated Statements of Changes in Stockholders’ Equity

Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive (loss)/income 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
Net income — — — 87,926 — 87,926
Other comprehensive income, net of tax — — — — 3,467 3,467
Total other comprehensive income 91,393
Exercise of stock options 100,700 — 1,169 — — 1,169
Stock-based compensation 383,022 1 8,741 — — 8,742
Shares withheld for tax withholding and exercise of stock options and restricted shares (47,027) — (815) — — (815)

Balance as of December 31, 2025 40,680,611 $	41 $	490,550 $	328,828 $	3,024 $	822,443

See notes to the consolidated financial statements

FORBRIGHT, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

Year Ended
(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)/provided by operating activities:
Depreciation and intangible asset amortization 8,491 6,723

Provision for/(recovery of) credit losses 24,011 (1,688)

Accretion of net discounts on investment securities, net (17,710) (31,134)

Amortization of deferred fees and costs on loans, net (32,941) (18,469)

(Increase)/decrease in loans originated for sale, net (44,793) 90,161

(Gains)/losses on sales of loans and investment securities, net (12,579) 11,563
Stock-based compensation 8,742 7,611
Deferred income taxes 20,947 4,115
Other 329 3,330
Net change in assets and liabilities:
Accrued interest receivable (19,630) 3,492
Other assets 1,768 2,817
Other liabilities (23,015) 1,002

Net cash (used in)/provided by operating activities 1,546 122,889
INVESTING ACTIVITIES

Net (increase)/decrease in loans held for investment, at amortized cost (1,311,351) 1,252
Net decrease in loans held for investment, at fair value 2,305 19,426
Purchase of investment securities available-for-sale (1,659,456) (1,689,349)
Proceeds, maturities, prepayments and calls of securities available-for-sale 1,899,611 1,105,193
Proceeds, maturities, prepayments and calls of securities held-to-maturity 3,742 783

Proceeds from sales of other real estate owned 19,105 —

Proceeds from/(purchase of) Federal Home Loan Bank of Atlanta stock, net 32,952 (31,074)
Other (8,658) (12,379)
Net cash used in investing activities (1,021,750) (606,148)
FINANCING ACTIVITIES

Net increase/(decrease) in deposits 1,212,583 (276,653)
Repayment of subordinated debt (24,000) —
Proceeds from other borrowings 1,180,000 2,205,100
Repayments of other borrowings (1,880,000) (1,555,100)
Proceeds from exercise of stock options under employee stock plans 1,169 705
Shares withheld for tax withholding and exercise of stock options and restricted shares (815) (751)
Net cash provided by financing activities 488,937 373,301
Net decrease in cash, cash equivalents and restricted cash (531,267) (109,958)
Beginning cash, cash equivalents and restricted cash 1,179,982 1,289,940
Ending cash, cash equivalents and restricted cash $	648,715 $	1,179,982

See notes to the consolidated financial statements

FORBRIGHT, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows - (continued)

Year Ended
(in thousands) December 31, 2025 December 31, 2024
Supplemental cash flow disclosures:
Interest payments $	254,292 $	266,306

Income tax payments, net of refunds of $730 and $2,270, respectively $	8,611 $	8,929
Noncash investing activity:

Extinguishment of loans held for investment (at amortized cost) in exchange for non-cash consideration $	68,620 $	—

Loans held for investment (at fair value) transferred to loans held-for-sale $	85 $	—
Loans held for investment (at amortized cost) transferred to loans held-for-sale, net $	— $	11,536
Loans held for investment (at fair value) transferred to loans held-for-sale, net $	— $	8,338
Loans held for investment (at amortized cost) transferred to other real estate owned $	1,665 $	27,355

Financing receivables held-for-sale (at lower of cost or fair value) transferred to financing receivables held for investment (at amortized cost) $	13,830 $	—
Right-of-use assets obtained in exchange for lease liabilities $	— $	697

See notes to the consolidated financial statements

FORBRIGHT, INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations