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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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

The Company has 10 leases, all of which are currently classified as operating. The Company’s locations are deposit production offices, branches, and corporate office space, mostly located in the Washington, DC metro area. The headquarters lease, located in Chevy Chase, Maryland is considered to be critical to the Company’s operations. Some lease agreements include one or more options to renew, with renewal terms that can extend the original lease term from two to ten years. The Company currently does not believe it is reasonably certain it will exercise the renewal options for its leases, and therefore, the lease terms do not reflect any optional periods.

The following table provides information regarding the Company’s leases as of and for the years ended December 31, 2025 and 2024:

(dollars in thousands) December 31, 2025 December 31, 2024
Components of operating lease expense:
Long-term lease expense $	3,248 $	3,335
Short-term lease expense $	144 $	138
Supplemental cash flow information related to leases:
Operating cash flows from operating leases $	3,614 $	3,786
Right-of-use assets obtained in exchange for lease liabilities for new leases and lease modifications $	— $	697
Supplemental balance sheet information related to leases:
Operating lease right-of-use assets $	15,691 $	18,393
Operating lease liabilities $	20,077 $	23,150
Other information related to leases:
Weighted-average remaining lease term of operating leases 6.2 years 7.1 years
Weighted-average discount rate of operating leases 2.60	% 2.60	%

The following table presents the maturities of the Company’s operating lease liabilities as of December 31, 2025, for the years indicated:

(in thousands) Amount
Thereafter 4,122
Total minimum lease payments 21,755
Less: present value discount (1,678)
Operating lease liability $	20,077

NOTE 9 – DEPOSITS

Deposit balances as of December 31, 2025 and 2024, are presented in the following table:

(in thousands) December 31, 2025 December 31, 2024

Non-interest-bearing deposits $	372,444 $	258,242
Interest-bearing deposits:
Demand 275,259 269,320
Money market 1,206,544 895,605
Savings 3,500,532 2,342,327
Time deposits less than $250 thousand 1,242,892 1,484,872
Time deposits greater than $250 thousand 180,244 314,966
Total interest-bearing deposits 6,405,471 5,307,090
Total deposits $	6,777,915 $	5,565,332

As of December 31, 2025 and 2024, $14 thousand and $84 thousand, respectively, of demand deposit overdrafts were reclassified to loans. The related charge-offs and recoveries, if any, are reflected in the allowance for credit losses - loans.

The following table presents the maturities of time deposits as of December 31, 2025, for the years indicated:

(in thousands) Amount
Thereafter —
Total time deposits $	1,423,136

The Company’s time deposits of $250 thousand or greater represented 12.7% of total time deposits as of December 31, 2025, and are presented by maturity in the following table:

Months to Maturity
(in thousands) 3 or Less Over 3 to 6 Over 6 to 12 Over 12 Total
Time deposits greater than $250 thousand $	78,227 $	62,567 $	34,917 $	4,533 $	180,244

Deposits received in the ordinary course of business from related parties held as of December 31, 2025 and 2024, were $5.2 million and $7.1 million, respectively. See Note 19 – Related Party Transactions for more information.

NOTE 10 – BORROWED FUNDS

Subordinated Debt

In 2016, the Company issued $17.0 million of Fixed Rate Subordinated Notes (“2016 Fixed Rate Notes”). The 2016 Fixed Rate Notes are unsecured, mature on December 30, 2026 and pay interest of 7.0% semi-annually, in arrears. The Company redeemed the 2016 Fixed Rate Notes at par in 2025.

In 2016, the Company issued $7.0 million of Fixed to Floating Rate Subordinated Notes (“2016 Fixed to Floating Notes”). The 2016 Fixed to Floating Notes are unsecured, mature on December 30, 2026, and paid an initial interest of 6.5% semi-annually, in arrears. Beginning on December 30, 2021, the 2016 Fixed to Floating Notes

interest rate reset quarterly to an interest rate per annum equal to the three-month LIBOR plus 469.50 basis points, paid quarterly in arrears. If the three-month LIBOR was less than zero, the three-month LIBOR was deemed to be zero. Due to the cessation of LIBOR on June 30, 2023, the 2016 Fixed to Floating Notes interest rate resets quarterly to an interest rate per annum equal to the three-month Secured Overnight Financing Rate (“SOFR”) plus 495.70 basis points, paid quarterly in arrears. If the three-month SOFR is less than zero, the three-month SOFR shall be deemed to be zero. The SOFR-based interest rate became effective on October 1, 2023. The Company redeemed the 2016 Fixed to Floating Notes at par in 2025.

In 2019, the Company issued $25.0 million of Fixed to Floating Rate Subordinated Notes (“2019 Notes”). The 2019 Notes are unsecured, mature on December 1, 2029, and paid an initial interest of 5.75% semi-annually, in arrears. Beginning on December 1, 2024, the 2019 Notes interest rate resets quarterly to an interest rate per annum equal to the three-month SOFR plus 439 basis points, paid quarterly in arrears. If the three-month SOFR is less than zero, the three-month SOFR shall be deemed to be zero. The Company may redeem the 2019 Notes at par.

On December 22, 2021, the Company issued $125.0 million of Fixed to Floating Rate Subordinated Notes (“2021 Notes”). The 2021 Notes are unsecured, mature on January 1, 2032 and pay an initial interest of 4.00% semi-annually through January 1, 2027, in arrears. Beginning on January 1, 2027, through the earlier of maturity date or the early redemption date, the interest rate will adjust quarterly equal to the three-month term SOFR plus 289 basis points, paid quarterly in arrears. The 2021 Notes are non-callable for the first five years; the Company has the option to redeem the 2021 Notes at par value, after five years from the date of issuance. The 2021 Notes are classified as Green Bonds in alignment with the International Capital Markets Association’s Green Bond Principles (2021).

The Company also has $3.0 million of other subordinated debt that has a 30-year term (matures on April 7, 2033), has no principal amortization and is guaranteed by the Company. As of December 31, 2025, the other subordinated debt paid interest at the rate of SOFR plus 3.3%, which resets on a quarterly basis.

The Company’s subordinated debt requires it to comply with specific covenants related to capitalization adequacy, regulatory enforcement actions, nonperforming asset metrics, changes in key executive positions, and material changes in ownership. Additionally, in the event of default the Company’s subordinated debt contains certain restrictions and limitations on dividend payments and the Company’s ability to repurchase its common stock. The Company was in compliance with all relevant covenants as of December 31, 2025.

The following table provides information on subordinated debt as of December 31, 2025 and 2024:

(dollars in thousands) December 31, 2025 December 31, 2024

2016 Fixed Rate Notes, due in 2026, 7.00% $	— $	17,000

2016 Fixed to Floating Notes, due in 2026, 9.56% — 7,000

2019 Notes, due in 2029 (1) 25,000 25,000

2021 Notes, due in 2032, 4.00% 125,000 125,000

Other subordinated debt, due in 2033 (2) 3,000 3,000

Less: debt issuance costs and discounts (1,997) (2,474)
Total subordinated debt $	151,003 $	174,526

(1)Borrowings bore interest at an effective rate of 8.18% and 8.89% as of December 31, 2025 and 2024, respectively.

(2)Borrowings bore interest at an effective rate of 7.47% and 8.22% as of December 31, 2025 and 2024, respectively.

Other Borrowed Funds

As of December 31, 2025, the Company had a credit line with the FHLB (“FHLB Credit Line”) with a maximum borrowing capacity of $5.9 million, with no of borrowings outstanding and a remaining borrowing capacity of $5.9 million. In order to borrow under the FHLB Credit Line, the Company must secure the borrowings with qualifying assets. Under the terms of the FHLB Credit Line, the Company is required to maintain sufficient collateral to secure these borrowings. As of December 31, 2025, the Company pledged eligible 1-4 family first mortgages with a book value of $5.8 million, and eligible home equity loans with a book value of $3.0 million to