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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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

Consolidated Balance Sheet Data
Cash, cash equivalents and restricted cash $	866,136 $	1,201,524 $	648,715 $	1,179,982
Investment securities available-for-sale, at fair value 1,235,599 1,309,749 1,254,887 1,471,468
Investment securities held-to-maturity, at amortized cost, net of allowance for credit losses - investment securities of $110, $161, $110 and $161, respectively 48,834 52,528 48,834 52,525
Loans held-for-sale 407,594 322,925 379,662 316,484
Loans held for investment, at fair value 4,555 6,685 4,645 7,081
Loans held for investment, at amortized cost 5,376,537 4,138,042 5,222,234 3,963,973
Allowance for credit losses - loans (52,794) (46,868) (52,986) (42,294)
Net loans held for investment, at amortized cost 5,323,743 4,091,174 5,169,248 3,921,679

Other earning assets, net 50,690 82,194 55,928 88,009
Deferred tax asset, net 152,963 39,736 153,314 40,181
Accrued interest receivable 45,369 39,946 55,155 35,525

Goodwill and other intangible assets, net 31,402 32,706 31,685 33,047
Other assets 66,175 113,711 87,233 104,953
Total assets $	8,233,060 $	7,292,878 $	7,889,306 $	7,250,934
Non-interest-bearing deposits $	473,153 $	258,340 $	372,444 $	258,242

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
Interest-bearing deposits 6,665,055 5,499,641 6,405,471 5,307,090
Total deposits 7,138,208 5,757,981 6,777,915 5,565,332
Subordinated debt, net 151,092 174,630 151,003 174,526
Other borrowings — 550,000 — 700,000
Total borrowed funds 151,092 724,630 151,003 874,526
Other liabilities 112,565 73,908 137,945 89,122
Total liabilities 7,401,865 6,556,519 7,066,863 6,528,980

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; 40,847,557, 40,256,080 40,680,611 and 40,243,916 shares issued and outstanding, respectively 41 40 41 40
Additional paid-in capital 493,074 483,414 490,550 481,455
Retained earnings 340,460 252,029 328,828 240,902
Accumulated other comprehensive (loss)/income (2,380) 876 3,024 (443)
Total stockholders’ equity 831,195 736,359 822,443 721,954
Total liabilities and stockholders’ equity $	8,233,060 $	7,292,878 $	7,889,306 $	7,250,934

Per Share Data

Basic earnings per voting and non-voting common share $	0.29 $	0.28 $	2.18 $	1.08

Diluted earnings per voting and non-voting common share $	0.27 $	0.27 $	2.12 $	1.05
Weighted-average shares used to compute earnings per voting common share:
Basic 19,063,817 18,986,447 19,011,264 18,971,357
Diluted 21,188,692 20,273,878 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 21,242,551 21,242,551

Performance Ratios

Return on average total assets 0.59% 0.67% 1.22% 0.65%

Return on average stockholders’ equity 5.62% 6.05% 11.42% 6.28%

Return on average tangible common equity (1) 5.95% 6.47% 12.06% 6.76%
Yield on earning assets 6.44% 7.48% 7.38% 7.71%

Yield on interest-bearing liabilities 3.89% 4.27% 4.19% 4.83%

Spread 2.55% 3.21% 3.19% 2.88%

Net interest margin 3.10% 3.78% 3.76% 3.53%
Efficiency ratio 77.80% 68.77% 62.50% 79.15%

Credit Quality Ratios

Non-performing assets to total assets 1.11% 1.73% 1.05% 1.21%
Non-performing loans to total loans held for investment at amortized cost 1.38% 2.30% 1.30% 1.48%
ACL - Loans to total loans at amortized cost at period end 0.98% 1.13% 1.01% 1.07%
Net loan charge-offs to average total loans held for investment at amortized cost (0.32)% (0.39)% (0.28)% (0.92)%

Capital Ratios (2)

Company:

Tier 1 leverage ratio 8.92% 10.57% 9.79% 10.56%
Total capital to risk-weighted assets ratio: 14.68% 16.94% 15.89% 17.52%
Tier 1 capital to risk-weighted assets ratio: 11.47% 13.39% 12.72% 14.08%

Common Equity Tier 1 to risk-weighted assets ratio 11.47% 13.39% 12.72% 14.08%

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

Bank:

Tier 1 leverage ratio 10.19% 11.95% 11.11% 11.92%
Total capital to risk-weighted assets ratio: 14.01% 15.87% 15.14% 16.38%
Tier 1 capital to risk-weighted assets ratio: 13.11% 15.15% 14.37% 15.91%
Common Equity Tier 1 to risk-weighted assets ratio 13.11% 15.15% 14.37% 15.91%

(1)See definitions of our non-GAAP measures and reconciliations to their most comparable GAAP metrics in “Non-GAAP Financial Measures.”

(2)See “Management’s Discussion and Analysis of Results of Operations and Financial Condition—Liquidity and Capital Resources—Capital Resources” for discussion on an interpretation of the capital ratios that you should consider before making an investment decision with respect to the shares of our Class A common stock offered hereby.

NON-GAAP FINANCIAL MEASURES

This prospectus contains “non-GAAP financial measures” within the meaning of Item 10(e) of Regulation S-K. Non-GAAP financial measures are financial measures that are not presented in accordance with GAAP. We use these non-GAAP financial measures in the internal evaluation of our performance and management of our business as well as to explain our results of operations to stockholders and the wider investment community. The following non-GAAP financial measures appear in this prospectus:

•Tangible common equity - We calculate tangible common equity by deducting goodwill and other intangible assets from stockholder’s equity.

•Tangible common equity per common share - We calculate tangible common equity per common share by dividing tangible common equity, as defined above, by our average common shares outstanding for the period, excluding the dilutive effect of outstanding stock options, and including the effect of outstanding shares from restricted stock awards.

•Return on average tangible common equity - We calculate return on average tangible common equity by dividing net income for the period plus intangible asset amortization on an after-tax basis, by average tangible common equity over the same period. Adjusted net income, used for the calculation of return on average tangible common equity, is calculated by deducting the tax effected amount of intangible asset amortization from net income.

•Non-core gains/(losses) on sales of loans and investment securities, net - We calculate non-core gains/(losses) on sales of loans and investment securities, net by deducting gains from sales of loans to Alliance Partners from gains/(losses) on sales of loans and investment securities, net, as reported on the Consolidated Statements of Income.

•Core and non-core non-interest income - Core non-interest income equals total non-interest income less (a) non-core gains/(losses) on sales of loan and investment securities, net, (b) unrealized gains on loans and financing receivables, net, (c) charge-offs on loans carried at fair value and (d) other income. Non-core non-interest income equals total non-interest income less core non-interest income.

•Adjusted total revenue - We calculate adjusted total revenue by deducting non-core non-interest income from total revenue.

Our management believes that these non-GAAP financial measures and the information they provide are useful to investors because these measures allow investors to view our performance in the same manner our management evaluates performance. Although we believe these non-GAAP financial measures are useful in evaluating our performance, these non-GAAP financial measures should not be considered in isolation or as a substitution for the most directly comparable or other financial measures presented in this prospectus summary under GAAP. Additionally, the manner in which we calculate these non-GAAP financial measures may be different from how other companies financial measures with similar names.

The following tables provide a reconciliation of the above non-GAAP financial measures to their most directly comparable financial measure calculated in accordance with GAAP.

Non-GAAP Financial Measures Reconciliations

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

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

Tangible common equity

Stockholders’ equity (GAAP) $	831,195 $	736,359 $	822,443 $	721,954

Less:

Goodwill 18,519 18,519 18,519 18,519

Other intangible assets 12,883 14,187 13,166 14,528

Tangible common equity (non-GAAP) $	799,793 $	703,653 $	790,758 $	688,907
Total common shares outstanding 40,847,557 40,256,080 40,680,611 40,243,916
Stockholders’ equity per total common shares outstanding (GAAP) $	20.35 $	18.29 $	20.22 $	17.94
Tangible common equity per total common shares outstanding (non-GAAP) $	19.58 $	17.48 $	19.44 $	17.12

Return on average tangible common equity

Average stockholders equity (GAAP) $	839,162 $	746,169 $	769,876 $	690,283
Less:

Average goodwill 18,519 18,519 18,519 18,519

Average other intangible assets 13,069 14,410 13,897 15,237

Average tangible common equity (non-GAAP) $	807,574 $	713,240 $	737,460 $	656,527

Net income (GAAP) $	11,632 $	11,127 $	87,926 $	43,366

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