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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advances. As of December 31, 2025 and 2024, there were no holdings of investment securities available-for-sale of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity. Information pertaining to investment securities available-for-sale with gross unrealized losses as of December 31, 2025 and 2024, aggregated by investment category and length of time that individual securities have been in a continuous loss position, are presented in the following tables: December 31, 2025 12 Months or Less 12 Months or More Total (in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses U.S. Treasury and government agencies $ — $ — $ — $ — $ — $ — Commercial agency mortgage-backed 59,754 (237) 8,901 (285) 68,655 (522) Residential agency mortgage-backed 49,759 (170) 719 (92) 50,478 (262) Municipal bonds 1,978 (13) 5,541 (883) 7,519 (896)

Other 93 — 12,666 (738) 12,759 (738)
Total $	111,584 $	(420) $	27,827 $	(1,998) $	139,411 $	(2,418)
December 31, 2024
12 Months or Less 12 Months or More Total
(in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses
U.S. Treasury and government agencies $	494,497 $	(463) $	— $	— $	494,497 $	(463)
Commercial agency mortgage-backed 19,571 (548) — — 19,571 (548)
Residential agency mortgage-backed 12,992 (214) 3,180 (155) 16,172 (369)
Municipal bonds 1,929 (61) 5,259 (1,173) 7,188 (1,234)

Other 3,088 (99) 11,489 (679) 14,577 (778)
Total $	532,077 $	(1,385) $	19,928 $	(2,007) $	552,005 $	(3,392)

The Company individually evaluates its investment securities available-for-sale for credit losses. As of December 31, 2025 and 2024, the Company determined no portion of the unrealized losses on its investment securities available-for-sale was due to credit factors. Unrealized losses on investment securities available-for-sale due to factors other than credit are largely due to the nature of the investments. Therefore, no allowance for credit losses was recorded as of December 31, 2025 or 2024. Additionally, the Company has the intent and ability to hold its investment securities available-for-sale for a period of time sufficient to allow for any anticipated recovery. See Note 1 – Significant Accounting Policies for more information on the Company’s accounting policy for the allowance for credit losses - investment securities.

Investment Securities Held-to-Maturity

Investment securities held-to-maturity as of December 31, 2025 and 2024, consisted of the following securities:

December 31, 2025
(in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value
Municipal bonds $	31,200 $	3,736 $	— $	34,936

Other 17,744 482 (2,687) 15,539
Total investment securities held-to-maturity $	48,944 $	4,218 $	(2,687) $	50,475
Allowance for credit losses (110)
Total investment securities held-to-maturity, net of allowance for credit losses $	48,834
December 31, 2024
(in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value
Municipal bonds $	31,690 $	3,994 $	— $	35,684

Other 20,996 496 (3,424) 18,068
Total investment securities held-to-maturity $	52,686 $	4,490 $	(3,424) $	53,752
Allowance for credit losses (161)
Total investment securities held-to-maturity, net of allowance for credit losses $	52,525

The tables above exclude accrued interest receivables of $1.7 million and $168 thousand as of December 31, 2025 and 2024, respectively.

Expected maturities of investment securities held-to-maturity may differ from contractual maturities because issuers may have the right to call or prepay obligations without penalties. The amortized cost and fair value of investment securities held-to-maturity as of December 31, 2025 and 2024, by contractual maturity, are presented in the following table:

December 31, 2025 December 31, 2024
(in thousands) Amortized Cost Fair Value Amortized Cost Fair Value
Municipal bonds:
One year or less $	— $	— $	— $	—
One to five years 31,200 34,936 31,690 35,684
Five to ten years — — — —
After ten years — — — —

Other:
One year or less — — — —
One to five years — — — —
Five to ten years — — — —
After ten years 17,744 15,539 20,996 18,068
Total $	48,944 $	50,475 $	52,686 $	53,752

As of December 31, 2025 and 2024, there were no investment securities held-to-maturity of any one issuer in an amount greater than 10% of stockholders’ equity.

There were no sales of investment securities held-to-maturity or transfers of investment securities available-for-sale to investment securities held-to-maturity during the year ended December 31, 2025 and 2024.

Information pertaining to investment securities held-to-maturity with gross unrealized losses as of December 31, 2025 and 2024, aggregated by investment category and length of time that individual securities have been in a continuous loss position, are presented in the following tables:

December 31, 2025

12 Months or Less 12 Months or More Total
(in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses

Other $	— $	— $	14,032 $	(2,687) $	14,032 $	(2,687)
Total $	— $	— $	14,032 $	(2,687) $	14,032 $	(2,687)
December 31, 2024
12 Months or Less 12 Months or More Total
(in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses

Other $	752 $	(248) $	15,794 $	(3,176) $	16,546 $	(3,424)
Total $	752 $	(248) $	15,794 $	(3,176) $	16,546 $	(3,424)

The Company collectively evaluates its investment securities held-to-maturity for credit losses. As of December 31, 2025 and 2024, the Company recorded an allowance for credit losses on its investment securities held-to-maturity. See Note 1 – Significant Accounting Policies for more information on the Company’s accounting policy for the allowance for credit losses.

The following tables summarize the activity in the allowance for credit losses for investment securities held-to-maturity for the years ended December 31, 2025 and 2024:

December 31, 2025

(in thousands) Municipal bonds Other Total
Balance at beginning of period $	109 $	52 $	161
Recovery of credit losses (43) (8) (51)
Balance at end of period $	66 $	44 $	110

December 31, 2024

(in thousands) Municipal bonds Other Total
Balance at beginning of period $	155 $	55 $	210
Recovery of credit losses (46) (3) (49)
Balance at end of period $	109 $	52 $	161

NOTE 4 – LOANS

The Company holds loans in three separate categories: loans held-for-sale (including loans at fair value and lower of cost or fair value), loans held for investment at fair value, and loans held for investment at amortized cost. In the ordinary course of business to execute overall portfolio management strategies, when the intentions of the Company’s ability and interest with respect to loans change, the Company will transfer loans between loans held-for-sale and loans held for investment.

The Company manages its exposure to credit losses by evaluating credit risk in the loan categories described below. The Company’s ACL – Loans methodology is developed and documented based on the loan types discussed within these categories. Descriptions of the loan categories are:

•Commercial Real Estate - Commercial real estate loans are primarily secured by various types of real estate including healthcare facilities, office, retail, warehouse, industrial, multi-family properties, residential real estate (for commercial purposes), and other commercial real estate properties and are made to owners of such properties. This category includes owner-occupied and investment (non owner-occupied) properties including construction loans. The repayment of loans secured by owner-occupied properties is dependent on cash flow from the successful operation of the business which owns the property. The repayment of loans secured by investment properties is dependent upon the operation (net operating income) or sale of the property. Both property types may be subject to adverse conditions in the commercial real estate market or in the general economy.

•Commercial and Industrial - Within this category, there is further distinction among lender finance and fund finance loans, healthcare asset based-loans, and corporate loans (which are typically cash flow loans, including leveraged loans). The market area for these loans is national with geographic diversification. This loan category also includes the Company’s sustainable finance related lending products, which include nationally originated loans and commercial solar loans, and unsecured small business loans purchased through technology enabled lender platforms. Of primary concern in commercial and industrial lending is the borrower’s creditworthiness and ability to successfully generate cash flow from their business to service the debt.