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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December 31, 2024 (in thousands) Commercial Real Estate Commercial and Industrial Consumer Total Past due loans: 30 - 59 days past due $ — $ 1,369 $ 1,851 $ 3,220 60 - 89 days past due 576 1,023 895 2,494 90 or more days past due — — — — Total past due loans 576 2,392 2,746 5,714 Current loans 1,685,613 1,971,276 242,765 3,899,654 Total $ 1,686,189 $ 1,973,668 $ 245,511 $ 3,905,368 The following tables present by class and by collateral type, the recorded investment of collateral-dependent loans where the borrower is experiencing financial difficulty as of December 31, 2025 and 2024, for which repayment is expected to be provided substantially through the operation or sale of the collateral: December 31, 2025 (in thousands) Commercial Real Estate Consumer Total Collateral type: Real estate $ 49,494 $ 188 $ 49,682 Total $ 49,494 $ 188 $ 49,682 December 31, 2024

(in thousands) Commercial Real Estate Commercial and Industrial Consumer Total
Collateral type:
Real estate $	44,694 $	— $	352 $	45,046
Business assets — 10,252 — 10,252
Total $	44,694 $	10,252 $	352 $	55,298

See Note 1 – Significant Accounting Policies for more information on the Company’s accounting policy for modifications.

The following tables present by class and by type of modification, the recorded investment and financial effect of modification as of December 31, 2025 and 2024, in the Company’s loans that were both modified and experiencing financial difficulty during the years ended December 31, 2025 and 2024:

December 31, 2025

(dollars in thousands) Term Extension Total Modification to Loan Class Ratio Weighted-Average Term Extension

Commercial and Industrial $	292 $	292 0.01	% 12.0 months
Total $	292 $	292

December 31, 2024

(dollars in thousands) Term Extension Total Modification to Loan Class Ratio Weighted-Average Term Extension

Commercial and Industrial $	1,971 $	1,971 0.10	% 19.2 months
Total $	1,971 $	1,971

As of December 31, 2025 and 2024, there were no unfunded loan commitments on modifications for borrowers experiencing financial difficulty.

The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. As of December 31, 2025, all loans that were modified to borrowers experiencing financial difficulty were current. As of December 31, 2024, all loans that were modified to borrowers experiencing financial difficulty were current, but on non-accrual status.

During the year ended December 31, 2025, no loans to borrowers experiencing financial difficulty had a payment default in the twelve months subsequent to modification. During the year ended December 31, 2024, $67 thousand of Commercial and Industrial loans to borrowers experiencing financial difficulty had a payment default in the twelve months subsequent to modifications made in the form of a payment delay.

Other Real Estate Owned

The following table presents by class the recorded investment in the Company’s other real estate owned assets at fair value as of December 31, 2025 and 2024:

(in thousands) December 31, 2025 December 31, 2024
Balance at beginning of period $	25,476 $	—
Loans held for investment (at amortized cost) transferred to other real estate owned 1,665 27,355
Improvements 1,120 277

Sales (18,685) —
Valuation adjustments (847) (2,156)
Balance at end of period $	8,729 $	25,476

During the year ended December 31, 2025, the Company foreclosed on and transferred one Commercial Real Estate asset from loans held for investment at amortized cost to other real estate owned assets. During the year ended December 31, 2025, the Company sold three other real estate owned assets with a total carrying value of $18.7 million for proceeds of $19.1 million resulting in gains of $420 thousand, which is included in Other non-interest income in the Consolidated Statements of Income.

During the year ended December 31, 2024, the Company foreclosed on and transferred five Commercial Real Estate assets from loans held for investment at amortized cost to other real estate owned assets. There were no sales of other real estate owned assets during the year ended December 31, 2024.

During the years ended December 31, 2025 and 2024, the Company incurred a non-material amount of expense related to holding other real estate owned assets, which is included in Other non-interest expense in the Consolidated Statements of Income. Subsequent to foreclosure, the Company determined the fair values of certain of its other real estate owned assets had declined, at which time the Company recorded a valuation adjustment, which is included in Other non-interest income in the Consolidated Statements of Income. Other real estate owned assets are included with Other assets in the Consolidated Balance Sheet.

NOTE 6 – OTHER EARNING ASSETS

Financing Receivables Held-for-Sale at Lower of Cost or Fair Value

As of December 31, 2025, the Company had no financing receivables held-for-sale. As of December 31, 2024, the Company had $13.8 million of financing receivables held-for-sale. During the year ended December 31, 2025, the Company transferred $13.8 million of financing receivables held-for-sale to financing receivables held for investment, at amortized cost, and reversed a non-material amount of previously recognized net unrealized losses as a result of the transfer. The Company recognized a recovery of previously recognized unrealized losses related to financing receivables held-for-sale of $385 thousand for the year ended December 31, 2024. Unrealized losses related to financing receivables held-for-sale are included with Unrealized gains on loans and financing receivables, net in the Consolidated Statements of Income.

There were no sales of financing receivables held-for-sale during the years ended December 31, 2025 and 2024. There were no transfers between financing receivables held-for-sale and financing receivables held for investment, at amortized cost, during the year ended December 31, 2024.

Financing Receivables Held for Investment at Amortized Cost

As of December 31, 2025 and 2024, the Company had $42.8 million and $29.3 million, respectively, of financing receivables held for investment, at amortized cost, and net of allowance for credit losses. Total outstanding financing receivables held for investment, at amortized cost, are net of direct funding related income and costs of $180 thousand and $78 thousand as of December 31, 2025 and 2024, respectively.

The following table summarizes the activity in the allowance for credit losses for financing receivables held for investment, at amortized cost, for the years ended December 31, 2025 and 2024:

(in thousands) December 31, 2025 December 31, 2024
Balance at beginning of period $	74 $	75
Recovery of credit losses — (1)

Provision for credit losses - transfer of financing receivables from held-for-sale 34 —
Balance at end of period $	108 $	74

Equity Investments

The Company holds equity investments for various business purposes. As of December 31, 2025 and 2024, the Company had $13.1 million and $44.8 million, respectively, of equity investments, which are included with Other earning assets in the Consolidated Balance Sheets. During the year ended December 31, 2025, the Company had net sales of $33.0 million of FHLB common stock in coordination with the net repayment of outstanding FHLB advances. As of December 31, 2024, the majority of equity investments was comprised of FHLB common stock purchased in connection with securing FHLB advances. See Note 10 – Borrowed Funds for more information on the outstanding FHLB advances.

NOTE 7 – GOODWILL AND OTHER INTANGIBLE ASSETS

The following tables summarize the gross carrying amount and accumulated amortization, by type of amortizing other intangible asset, and the carrying amount of non-amortizing other intangible assets and goodwill, which are included in Goodwill and other intangible assets, net in the Consolidated Balance Sheets, as of December 31, 2025 and 2024:

December 31, 2025
(dollars in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount
Amortizing intangible assets:
Core deposit intangible $	1,491 $	(1,491) $	—
Customer relationship intangibles 18,742 (7,690) 11,052
Other 399 (399) —
Total amortizing intangible assets $	20,632 $	(9,580) $	11,052
Indefinite life intangible asset 2,114
Total intangible assets 13,166
Goodwill 18,519
Total goodwill and intangible assets, net $	31,685

December 31, 2024
(dollars in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount
Amortizing intangible assets:
Core deposit intangible $	1,491 $	(1,342) $	149
Customer relationship intangibles 18,742 (6,557) 12,185
Other 399 (319) 80
Total amortizing intangible assets $	20,632 $	(8,218) $	12,414
Indefinite life intangible asset 2,114
Total intangible assets 14,528
Goodwill 18,519
Total goodwill and intangible assets, net $	33,047

The following table presents the estimated future amortization expense for amortizing intangible assets, which is included in Other non-interest expense in the Consolidated Statements of Income, as of December 31, 2025:

(in thousands) Amount
Thereafter 5,717
Total amortizing intangible assets $	11,052

NOTE 8 – LEASES